Investor Who Timed Market (3 Times!) Says Now May Be Bottom
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Home prices are dropping in many parts of the country. Here's how real estate investors should react.

If you've been waiting for home prices to come down before making your next investment, well, that time is coming soon if it's not already here. So get prepared. With Zillow, Redfin, and a lot of other reputable forecasters now predicting price drops in the second half of 2025, there are going to be big opportunities to buy investment properties, which you've all been anticipating and waiting for for a long time.

But you need to buy the right way in this kind of market. You don't want to be catching a falling knife. And today we'll tell you how. What's up, everyone? I'm Dave Meyer, head of real estate investing at BiggerPockets. This podcast is devoted to helping you reach financial freedom through real estate. Today, we are talking about a shift in the housing market that's happening right now. Home prices are expected to fall on a national basis about 1% year over year.

But this isn't a crash, and it's not even necessarily a large correction. But it is still significant because home prices have been rising pretty consistently since 2012. If you're one of those people who's been sitting around and waiting for prices to drop before buying a rental property, now's the time because it's happening.

This is a new dynamic in the market. And because of that, I want to break down how investors should invest when there are fewer bidding wars, when sellers are dropping prices and homes are sitting on the market for longer durations.

And to help me break it all down, I'm joined today by an investor who has seen every possible type of market probably more than once. Welcome back to the show, Brian Burke. Dave, thanks for having me again. I'm excited to have you here, Brian, because the fact that we're going into a correction

It seems a little less obvious what to do and I certainly have my own opinions, but let's just start with yours. How would you approach a correction and how would you start thinking about it in the residential real estate space? Well, I'm the kind that I always like to buy as you're coming out of a bottoming process as opposed to when you're going into a bottoming process.

Having said that, if you're investing your own money and you have a long-term horizon and you can get cash flow, buying at a lower basis is always a good thing. And today is a lower basis than you may have seen a year ago in a lot of markets. So it might be wise to

to get into the business now if you have a long-term horizon. If you're thinking like, oh, I'm gonna buy something, rent it out and sell it in one to two years and make all kinds of appreciation, I think you're mistiming that opportunity. I'll tell you like a goal that I set when the market was kind of similar to now. It was around 1999 and 2000

And I set a goal, I thought like, okay, prices are coming down a little bit. If I could buy one house a year for the rest of my life, I would be way ahead of anybody else I've ever met in my entire life. Even though prices may come down, we may have a future crash, which actually did happen. Like seven years later, there was a crash.

But I thought if I could do that, I would set myself up for life. And in order to do that, you had to buy stuff at kind of a discount to market value, which means really fishing for fixers and things where you can add value. And the other piece was it had to have cash flow because

You've got to be able to hold on to it no matter what. If you're buying a rental house and you have to take $200 a month out of your pocket from your other earnings to keep it afloat, it's difficult to survive those conditions long term. And it's impossible to scale under that model because you'll just flat out run out of money.

I'm glad you said that because I was actually writing an outline for another episode about just tactically things that you could do in this kind of market. And those were literally the two things, three things I wrote down were cash flow. And it has to be real cash flow. We talk about that a lot on the show, not the fake social media cash flow, actual take into account maintenance repairs, CapEx, turnover costs, all that stuff, actual cash flow. We're really not coming out of pocket.

That has to be true. And value add has to be the way that you add appreciation right now, because if you're not getting the quote unquote market appreciation where macroeconomics are basically doing the work for you, you have to do the work yourself during this time. And I guess the third thing I would say just for me personally is like focusing on tax policy.

Optimization, too, which is still a good thing and still works really well in this type of climate, at least in my opinion. Is there anything else on that list you would add to? No, those actually really are, especially in the single family space, duplex, triplex, small multi space. Those really are the key factors is having that cash flow. If you think about the real estate investing environment is like a body of water.

right? And if the body of water is carrying you downstream and you're trying to get downstream, all you have to do is throw your boat in the water, hop in and enjoy the ride, right? And so that's an appreciating market. And then you have markets that are stagnant markets. That's like throwing your boat in a lake. You toss the boat in, you sit in it, and you kind of really don't go anywhere. You don't go forwards, backwards or nothing unless you could row a few times and maybe gain a little bit and then you'll have some momentum that'll carry you for a few more yards.

No problem. And then there's markets where you're just rowing upstream. You throw your boat in the water, you got to go upstream and you got to paddle like hell to get anywhere. And that's kind of what these markets are. I mean, it doesn't mean that, you know, it's not a navigable waterway. It just means that you have to work harder to get to your destination. And which, which,

Of those, do you think we're in right now? And where do you think we're heading residential market-wise over the next couple of years? I think we're in a mild upstream situation. I mean, you're not in like Whitewater Rapids trying to paddle up like a 2008, 7, 8, 9.

But you've got a little bit of current against you right now. And that's fine. Work hard. Find a really good deal. Fix it up. Make it worth more. Have some real cash flow, as you said. Don't forget about things like water heater replacements and furnaces that break down and just all that kind of stuff.

And you can not only succeed in this business, you can scale. And part of this is setting yourself up for what will come. I mean, I read something really interesting the other day that I think really rings true to this situation. When you talk about you don't make your money in buy and wait, you make your money by being positioned. And that's really what today would be, is getting positioned

So that when the market does make a move, you have assets that move along with it. Otherwise, you know, you're out of the game and you're just waiting on the sidelines and you're watching everybody else pass you by. Right. Because right now, using your analogy, we could put our boat in the water and even if it's

you know, a little bit more difficult than it would be if the current was going in our favor, then at least you have your boat in the water. So when the current comes back, you're not going to miss, you're not going to miss it. Because if you sit around and wait, there's the chance that you would miss it. Yeah. Eventually a rainstorm comes and fills that river with water, right? The water starts running and it's going somewhere and it's going to take you someplace. And that's, that's what happens in the real estate market. You know, things change.

And the market starts appreciating. And, you know, if you had a goal where you said, all right, even if it's a modest goal, like I'm going to buy one rental house a year and three years from now, the market just takes off. You'd have three rental houses that would go up substantially in value and could make you extraordinarily wealthy. I mean, it only took...

two rental properties for me that appreciated in value to do a 1031 exchange into a 16 unit apartment building. And then that went up in value and so on and so on and sparked my multifamily career into over 4,000 units and hundreds of millions of dollars in real estate. It only takes a spark to light the fuse.

But if you don't have a fuse, then the spark is lighting nothing. Right. I think a lot about COVID in these types of scenarios, right? Because no one knew COVID was going to happen. But if you had boats in the water in 2018, 2019, which people don't remember this, people were starting to say that the housing market was overpriced. The Fed started raising rates in 2018. People were saying it was the end of the cycle. Right.

No one knew that, you know, we were going to have three years of some of the fastest appreciation ever in the history of asset prices in this country. And that that's just the having sort of the humility to admit that you don't know when the market is going to do these things. But saying you trust you.

you sort of have to just have this trust in the long-term outcome, that there are going to be these periods of growth. And over time, the averages will prevail, which is 3% or 4% appreciation a year. You just don't know exactly which years those are going to come and how intense those years they might be. Yeah. And that's just why I talk about being positioned, right? Because if you have an asset base,

When that market makes that move, you're participating in the move, not watching it from the sidelines. You know the old saying that there's people that make what happens, there's people that watch what happens, and there's people that wonder what the hell happened, right? So you want to be the one that makes it happen.

I do want to talk a little bit more about sort of the strategy here and why people shouldn't necessarily wait, because I can imagine people are listening to this and thinking, yeah, this all makes sense. But I could just wait another year or two more years and be a little bit more sure about my decision. I admit I have those own thoughts myself. So I'd love to get your take on this, Brian, but we do have to take a quick break. We'll be right back.

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Welcome back to the BiggerPockets podcast. I'm here with Brian Burke. Before the break, I was hoping to turn our conversation to market timing because we are sort of just talking about this right now and why people should considering dipping your toes and putting your boat in the water to continue Brian's analogy. But I imagine there are a lot of people, myself included, who sometimes think, you know, I'll just sit this year out 2025. It's too uncertain. And

Is it the time to do that? Because one of my favorite Brian Burke quotes is, there's a time to buy, there's a time to sell, and there's a time to sit on the beach. Is now a time to buy or is it time to sit on the beach? Well, I've been sitting on the beach for three and a half years. It sounds lovely. It is quite lovely. I've spent my share of time out there and we haven't bought any real estate at

all in three and a half years until I had a closing last week on some skilled nursing facilities because that's a strategy we've pivoted into. But in the multi-family space, single family space, I've been out. I think sitting on the sidelines has been the right choice for me. And I've managed to time a lot of market cycles and get in and get out at the right time. So I'm very thankful for maybe some luck

But really, what I don't see in the single family and small multifamily space is I don't see a...

2008 style crash ahead of us. Now I will say that some markets have suffered dramatically. I was talking to a friend of mine who's a home builder in Austin, Texas, and he's told me that prices there are down over 30% from their peak. And he said they may have another 20% down leg to go.

which would mean nearly a 50% price. 20% down? Yeah, still. Wow. Is this just because rents are falling or is the absorption really low? It's both. Rents are falling, absorption low, construction was high, the inward migration has slowed down to an extent. And so all of those factors colliding

And happening right after a massive run up in prices post-COVID has contributed to this slide of prices. And that's a pretty massive slide. And it's almost as deep as what we saw in the 2008, 2009 era. But most of that move is behind us.

So you could wait it out in some markets if you still see that the market is falling. I'm not opposed at all to waiting it out or picking another market and buying somewhere where the bottoming is maybe a little bit more mature and it's getting some, its legs underneath and starting to stand up a little bit.

There's no problem at all in waiting. The risk that you have in waiting, of course, is if the market does move in a positive direction and you don't have an asset base that you've built, you're going to miss

some of that move. And for some people, that's an intolerable risk. They're like, I don't want to miss any of it. Other people, you know, they're more risk averse, may say, you know, I'll give up a little bit of upside for a little more certainty of lack of downside. So waiting a year or so may be totally fine. Yeah.

A lot of people, though, are just waiting for lower interest rates. And frankly, when lower interest rates come, that's probably going to cause a rebounding in pricing. And you could always buy now and refinance then. I know. That's kind of the thing, right? It's like they're...

is an element of market timing that is appealing, but also it's just the affordability. It's harder for people to buy right now with interest rates and since prices haven't really corrected. And it sounds like we have a similar opinion here that probably a correction is in order, but a crash, unlikely, just...

I've talked about a lot on the show, but just as a reminder, when you look at mortgage delinquency rates and the fact that people have so much equity in their houses, there are a lot of buffers against a crash that still exists today. And corrections, like the one we might see over the next year or so, are normal parts of the cycle.

But previous times when we've had these types of corrections, we weren't at 40-year lows of affordability. So that's sort of the challenge here is I think people perhaps are waiting because they think things will get more affordable. But to your point, that might not materialize. If we have a decline in mortgage rates, then we might see prices go back up and that would offset any benefit to affordability that comes from lower mortgage rates. So this is kind of why I think

Yeah, I mean, I agree with that for.

the largest part of that, but I would add to that that it's okay to introduce some elements of market timing to that cadence. There are times when it's obvious that prices have gotten too high and that might be a good time to curb your buying back. And there are times when it's obvious that the market is falling and you don't want to catch a falling knife and it's okay to sit on the beach.

And then there are times when it's much less clear exactly where the next move is going to be. And, you know, I think, you know, do you have to buy right now to get at the bottom? No, probably not. You know, if you wanted to sit on the beach another six months and, you know, and then dip your toes in, I think that's fine.

perfectly reasonable. There's nothing wrong with that at all. Would I say you want to wait five years? I think you'll miss some of the upside. I totally agree. And that, you know, you used my word here, upside, because I think that is what I've been

Talking to our audience here in the BiggerPockets podcast about recently and pretty much throughout the year is that the way I think about deals right now is looking for base hits that can – that are positioned, like you said, to capture the maximum amount of upside when the market turns around. And I think –

There are deals that I could do that fit those criteria today. There might be more of them in three months or six months. I don't know. But I'm taking the approach that I'm going to keep my eyes open and know those criteria that I'm looking for. Like you said, it has to have cash flow. It has to have some value add opportunity. And if you listen to the show, you've heard some of the other upside or has Brian called it sort of like positions that you can take to help you

maximize or realize that. But at least the way I'm seeing deals right now is I'm starting to see those deals far more today than I have in a year or two, at least. I don't know how much you look at the residential market, but-

I just feel like we're starting to see the tides turn and tip in the favor of better deal flow. And I don't see why you wouldn't at least keep your eyes open and start looking at those deals today. I think you nailed it with that statement right there is keeping your eyes open and looking for deals because right now in the single family market and in fact, multifamily too right now, transaction velocity is way down.

I'm looking at some statistics that covers a variety of single family markets, probably about 30 or 40 markets. And on average,

versus 2019, transaction velocity is down 25.5%. Since last year, it's down 4.3%. So kind of that hole, there's fewer sellers, but there's also fewer buyers. So there's just less transaction velocity taking place. And this is single family statistics that I'm looking at. And so that means

When you have these lower transaction volumes, you have more sellers that find themselves in positions where they have to sell. For one reason or another, life happens and there are situations where people have to sell. And that means their price has to meet the market and stimulate the demand because the demand isn't there on its own. And what that spells is lower pricing and more better terms, the ability to negotiate

more things in your favor than you would have had when somebody could list their house for sale at 8 a.m. and be an escrow by noon. There's no deals to be had in those kinds of markets, and we've been in one of those kinds of markets for quite some time, and that tide has shifted. So if you think prices are going to come down a little bit more, my question would be,

Is it possible to buy at that lower price today by finding the right deal in the right spot from the right seller in the right situation where you can then go in and make improvements to that property and bring its value up right away? And, you know, then you don't have to wait for the price to come down. You can kind of create that now. Completely agree. This idea of buying now.

at a discount to recent comps is always a great idea. You always want to do it. But reality is in a strong seller's market like we've been, that is super hard to do. Yeah, good luck. We'll just wait and get 17 more offers tomorrow. Absolutely. And that's why so many people have turned to off-market deals or direct-to-seller marketing over the last couple of years because that was the only way you could buy at a discount.

I think that's changing. I noticed I just bought a house, primary residence I'm going to renovate two weeks ago. I definitely bought it probably 10 percent below what it would have sold for six months ago. And I I think that this is happening all over the place. You're seeing things sit on the market longer and not everyone's going to be able to do that. So I think that that's the key thing. You can't go in and assume that every seller is going to budge on their price.

one, ever, or two, at the point that you contact them. It's sort of like you have to have the right seller at the right time to be able to negotiate those things. But the number of sellers that are going to be willing to at least have these conversations is going up and is probably going to continue going up. And that, to me, is a big opportunity. As you go into sort of these softer markets,

If you're paying attention and know your market really well, there are likely certain subsections of the market, certain price bands, certain asset classes, certain neighborhoods that are going to see the biggest declines. Like here in Washington State, in the Seattle area, like anything that's, you know, around the median home price and lower is doing great. You know, that's still really good. Anything that's actually super luxury, according to some agents I've talked to, still doing well. It's that like,

you know,

between the median home price and like, I have so much money, it doesn't matter. That's really getting hurt right now. I think this is probably happening in a lot of markets, but that will recover. So I think it's just a matter of like looking for these areas of weakness. There's still great houses that are going to be in demand again. But like, if you can find those areas of weakness and secure assets that are just really good long-term assets, assets that you're going to be proud of and excited

excited to own for 10 to 20 years like this to me. And that's just my strategy. It's a good time to do that. Yeah, it's absolutely true. And it goes right back to what we talked about at the opening of the show about being positioned and positioning yourself in the market and doing it with smart acquisitions and

and buying at a good basis and making sure that you have that cash flow because as long as you do if the market comes down another 5 percent it kinda doesn't matter I mean if you buy a dividend stock do you really care you know that's going in your IRA account you're gonna hold it for 50 years do you really care that the value of the stock went down 5 percent if you're still getting your dividend you really kinda don't because over time that value is gonna go up

And so if you're a smaller, newer investor just trying to break into this industry or trying to grow a very small portfolio into a little bit larger one, smart acquisitions with positive cash flow at a really good basis is never a bad idea except in the face of imminent market crash. And I don't think that we're there.

So we've talked about buying and holding on to your properties, but I want to ask you about the third part of the Brian Burke saying about there's a time to buy, there's a time to sell, there's a time to sit on the beach. I want to talk to you a little bit about selling, but we do have to take a quick break. We'll be right back.

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Welcome back to the BiggerPockets podcast. I'm here with Brian Burke. Brian, you've talked to us about acquisition strategy, buying good long-term cash flowing assets. I totally agree that this is the time to start looking for these things. You got to be able to separate the wheat from the chaff. I don't really understand what that analogy means, to be honest. Signal through the noise, whatever you want to call it. Find the good stuff among a lot of junk that might be in the market.

But what about selling? Because, you know, if we're entering a correction, I can imagine that it's tempting for people to sell. I'll tell you a little bit about what I'm doing. But how do you think about selling some or all of your portfolio in a time like this? Well, I think a lot of it really depends on what your portfolio composition is and what your goals are. If you have properties that you bought 20 years ago and they've gone up in value three or four Xs,

and you've got low leverage on them, your return on equity is probably extraordinarily low. And in that case, you need to increase your return on equity by either refinancing and taking cash out that you can reinvest, which isn't really a great idea when you have 7% or 8% interest rates,

or you need to sell and roll that capital into something that's earning you a higher return. So in that instance, I could get behind the concept of selling. If you've got property that isn't really worth much more than you paid for it, or maybe a little bit more, and you think that you wanna harvest some of that,

This probably isn't really the best time to do that unless you absolutely had to. Our mutual friend and my co-author on Real Estate by the Numbers, Jay Scott, came on the show and he said something that convinced me to sell a property. He said, in this kind of market, look at your portfolio. And if there's a property that you don't want to own for the next three to five years, just sell it now. And I thought that was pretty good advice. I'm curious what you think about that. But I had this one property that...

It's been a good deal, but I think it's kind of like maxed out. We've done the renovation. We've stabilized it. There's a lot of equity in it, like you said. And it's not getting me the best return on equity. And in the market that I own this property in, it's still hot. It's in the Midwest. It's one of these markets where things are still up. And I'm kind of like...

I'm going to sell this thing, not because it's a bad deal, but because I think better deals are starting to materialize and I want to reposition my capital. I'm not taking money out of real estate. I'm selling something to put it back into real estate. What do you make of that kind of approach?

Well, what I make of it is in part, then you're making an arbitrage play, right? Where you had a lower price property, you've improved, you've kind of gotten all the extra value out of it that you can, and you're selling to harvest that value and play that, you know, capture the arbitrage to reinvest the proceeds elsewhere, which fits into the same category or a similar category to the one I mentioned where, you know, you've got a property that's appreciated, you've got a lot of equity and you've got a low return on equity. Uh,

I think that that fits no matter what. If you have something that you've really kind of sucked the life out of and you can roll that into something else that you can buy it at a discount, let's say, and repeat the process. I'm a big believer in, you know,

buy, improve, sell, and then buy back down again, improve and sell. You can leverage your gains that way tremendously. I think that's really good advice. The other kind of piece of that advice is the pain in the ass factor where you have this property that's just a total thorn in your side. Maybe it requires, you know, one property requires three times more of your time than like 10 others combined. That's a really good candidate for offloading

as well. But those are, I think, the main reasons why you would take that advice and sell is to improve your return on equity, play more arbitrage, or just simplify your life a little. Yeah. The pain in the ass thing is really kind of important. I think it's nice and freeing to

to curate your portfolio from time to time and just focus on the ones that you really want to own. As a long-term buy and hold investor, I think as my career has gone on, I've really just

come to love the properties that are low maintenance, even if they earn a little bit lower returns. I just think I'm at this point in my career, and I think most people get to this point in their career where they're willing to trade a little bit of cash flow, a little bit of upside for that peace of mind. And this could be a good time to start to make a couple of those moves right now.

Wait a minute. I thought investing in real estate was all about having less work and less things to do so that you could live the lifestyle of freedom. Are you saying that some of the properties actually require your time and effort and work? No, I've never – I have never worked on any of my properties, Brian. It's just like – it's like opening Robin Hood and putting my money in an index fund.

No, there are always properties. Like there's always a property that's a pain in the butt. And it always seems – there always seems to be one in your portfolio. I don't have a huge portfolio. I have a modest one. But there always seems to be one or two that are squawking a little bit. Well, no.

Well, never forget the life's too short factor. You know, you just don't have time for the ones that are a real pain. Slough those off, redeploy the capital into another asset that's going to be less of a pain for you. And ultimately, you'll be happier and live a more well-balanced life. And I think that has to play a role in this all, too.

All right. Well, that's super helpful. I want I want to go back to just a couple of other topics about risk mitigation. So the cash flow thing, you know, you said we talked a little bit about not wanting to catch the falling nice. So you mentioned buying below market value, right? That when you can do that, that's great. Cash flow. Great value add another way to mitigate risk.

What about leverage right now and using debt? Would you adjust your strategy at all in how you financed acquisitions? Well, not in the single family space. I've always been a big believer on single family of doing 30-year fixed rate debt because it's the most incredible financing available for any investment known in this universe that I'm aware of. There's nothing better than the 30-year fully amortizing fixed rate mortgage. And I don't think I would change that.

my strategy of using that for, uh,

for my rental properties, unless you're using a 15-year. That I like even better. Just left overall interest, even though it will perhaps, it will lower your cash flow. It will lower your cash flow, but it sets you up for retirement. So what I did when I first bought my rental properties, I did them all on 30-year fixed. And then about four or five years later, I refinanced them all on 15-year fixed. And within a couple of years from now, almost all of them will be paid off.

I've got in September, I've got my first one that I'm going to own free and clear and just fully amortized off of regular debt amortization. And it's going to be incredible cash flow at a time in life when I need it more. I mean, when you're younger, yeah, you need the cash flow, of course. But when you're older, you just don't want to work for it as much. So you're trying to ease into retirement. So I think that makes a big difference. But I think leverage is...

A double-edged sword. Leverage, on one hand, I treat it like a loaded weapon, right? A loaded weapon can save your life or end your life, depending upon how you use it. And so this, in the financial sense, is very similar in that too much or the wrong type of leverage can destroy your investment program. You know, you can lose properties in foreclosure, or you could become upside down and find yourself...

sucking up all of your earned income and floating your rental properties. You just don't want to put yourself in that situation. But it can also amplify your returns and give you some incredible results. So I think if you can use...

more leverage and still have positive cash flow, real positive cash flow, then that is a real winner if you can pull that off. Now, it's always a bit of a balancing act and it's hard to do that unless you get at a really, really good price. That makes a lot of sense. Would you put

more money down, even if you were going to use these things to make it cash flow, because that was sort of the core pillar of your risk mitigation strategy, if you're in that position. Yeah, if you're in that position, great. You know, if you've got a lot of capital already, then this is an investment strategy for you. And in that case, I would consider thinking about diversifying into passive income strategies, you know, maybe, you know, depending on the strategy, maybe not right now, but

I would at least set money aside for more passive income opportunities through syndications and stuff if you have a lot of wide capital base. Maybe do some personal investing in the hard assets themselves as well to augment that strategy. But most newer investors or starting out real estate investors don't have a lot of cash to put a lot of big down payments down on a lot of real estate. Maybe a little bit, but not a lot.

So I was a big believer in using a lot more leverage, you know, and what I would do is I would just buy really under value and then I would use a lot of leverage. And then if you look at loan to market value, it was pretty darn good. But loan to purchase price was pretty darn aggressive. And as a as a beginning investor, that strategy worked really, really well for me.

Yeah, I think that's an excellent strategy and one that could probably work really well. But you obviously have to be in a position to be able to do that. So, Brian, I think it sounds like we're sort of in the same –

have a similar point here, but just to, just to recap for our audience here, number one, it still can be a good time to buy, but there are risks right now. And it makes sense to be looking for deals because there are going to be opportunities, but you need to sort of focus on some of these risk mitigation strategies, which are cashflow, you know, being able to buy in great assets, like, you know, really being disciplined on your acquisition and,

Third was to look for value add opportunities. And then, of course, being reasonable with your debt and your financing also makes sense. Did I miss anything there? No, just also, I think the only other thing is pay attention to the broader

market. You know, read the news of what's going on. Pay attention to the events that affect real estate and use that to guide your decision making. And that might mean where you invest, what type of property you invest in or when you make those investments or how you structure them. Don't just blindly go out and just buy anything you can get your hands on anywhere you can find it at any price that you can get it for.

be disciplined and recognize that this is a business that carries risk. And I will tell you, it is a lot easier to lose a million dollars than it is to make a million dollars. So if you're really paying attention and you treat this business with respect, it will be very good to you over the long term. Well said.

All right. Well, thank you so much for joining us again, Brian. We really appreciate your insights and your time. Thanks for having me here again. And thank you all so much for listening to this episode of the BiggerPockets podcast. I'm Dave Meyer. We'll see you next time. Thank you all for listening to the BiggerPockets Real Estate Podcast.

Make sure you get all our new episodes by subscribing on YouTube, Apple, Spotify, or any other podcast platform. Our new episodes come out Monday, Wednesday, and Friday. I'm the host and executive producer of the show, Dave Meyer. The show is produced by Ian Kay. Copywriting is by Calico Content, and editing is by Exodus Media. If you'd like to learn more about real estate investing or to sign up for our free newsletter, please visit www.biggerpockets.com. The content of

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