Excellent David! You are a good dude and very humble. I have followed bigger pockets these last 3 years and it inspired me to have acquired, 2 homes, a Tri plex and 2 four plex’s and I am currently in escrow on another property and I own my main home. All due to taking action. 5 years ago my credit sucked back then, I was in debt and I had student loans. I cleaned up all of those problems and that was 5 years ago. Now I am building a small portfolio. I also plan to pay off 3 properties in the next 3 years. If I can do it anyone can do it! Get to work fellas and start your new life!
Using your home as collateral on investment properties is a major risk. I know people who did this and were WIPE OUT when the government screwed landlords with the ''renters protection.'' Losing an income property sucks, losing your home is catastrophic.
David I Love the macroeconomics stuff , also , love the way you explain and simplify real estate. break it down for us newbies . Thank you we definitely appreciate it
David, regarding the chair swiveling comment, you made a great point about having to think about what to say, and being able to say it in an informative yet easy-to-understand way, while also getting it across in an engaging and even entertaining way, without flubbing your words, getting side-tracked or losing your train of thought. That’s SUPER difficult to do, and there’s very few people who can do that, but you do it very well. Kudos to you!
Thanks for answering my question, David! You’re right tho I wasn’t crazy about your answers. I was able to get a line of credit in the works on one of the properties. It is with the lender that has the first position, small local bank.
What would you do if you were in my shoes!? I purchased a 10 acre farm in central Fl in early 21 for 460k, put 20% down and currently owe 349k on it. When I purchased the property 6 acres of it was wooded, I cleared that wooded land, planted grass, put more paddocks in, made it beautiful and it just so happens to be 4 miles from something called the World Equestrian Center which has made the properties in that area sky rocket. I have a 2.5% interest rate on it, monthly mortgage is $1,518. I currently have the entire farm rented out (annual rental, they pay all expenses) for 6,885 a month. The one year rental is over Feb 8th 2024 and my tenant just signed a new annual lease for $7,350 a month. The farm is now worth over a million dollars. so I have about 650k equity in it. Id like to tap into that equity however as you know getting a HELOC on a rental is very difficult. Selling a property with a 2.5% interest rate that is producing 5x its mortgage just seems dumb. What do I do!?
Awesome story I actually wanted to buy land in central Florida to have a “gateway” from the city , any tips ? What type of loan did you use or was it cash buy?
Hi there! I just stumbled onto your channel and absolutely enjoyed how you approach each question and the concrete examples that you use to elucidate the underlaying economic concept(s). I’d like to know how I can ask a question of my own. Thanks!
Hey David, I know insurance is not a fun topic to discuss, but what is enough insurance for each property, when's it good to get an umbrella, commercial vs residential, and where should it be held under as far as the LLC for the property or under personal name? We've got our trifecta of our trust, management LLC and individual LLCs per property as that's what we are comfortable with. We have 6 LTR with strong cashflow and continue to grow! Thanks, David!
David, this was so helpful! Hearing you troubleshoot and strategize people’s very specific situations is so instructive. I liked learning about the four kinds of equity, the 3 criteria for whether to buy or not, and I was happy and sad to have my commercial property dreams dashed preemptively when you outlined all the problems with it, especially early in one’s investing career. 😂
Gas station sushi! 😂 That’s also the perfect analogy for committing to a less-than-reciprocal, less-than-satisfying, less-than-reasonable relationship.
2nd Question: Yikes that’s not a good investment. Love that. CashFlow, Equity, Headache value. EXACTLY. This investment would be a headache. No sometimes when you are hungry, you make a bad financial choice.
And this is how many people went into bankruptcy in 2008. Concept sounds smart and definitely a good pitch for a real estate broker like yourself. But highly dangerous and most people will get burned. Borrowing equity at these giant interest rates and buying more negative cash flow is a lose lose situation.
2008 was Interest only loans and never explained to the borrowers correctly. The ninja loans had people walking into properties they couldn't afford. The smart people bought multi units and those same people are millionaires today
I think you need to be careful with leverage. That being said, I bought 18 units in 2017 and sold my 12 unit property that had 8 storage units for almost double what I paid for it. I was retiring and with that property, I felt overextended. So I sold it and bought into 2 DSTs that created a monthly income stream. I felt it was Gods direction by using my husbands advice. At the time I bought the property, I used my HELOC on my paid off home as a down payment for that property. I was working full time making 6 figures and it didn’t seem like I was overleveraged at that time. I sold it in 2022 May.
What would you say is the best recommendation to get into real estate for someone who only owns a PPOR and works full time 50 hours a week? My residence is 3bd 1 bath, bought it for 210k about a year and a half ago at a 3.25% interest with conventional loan
Worry for loss of cash flow is the problem. Especially in a falling market lol. The interest rate is a huge reason. I agree bigger and better, but that only works if your not already in a premium location. The idea of not selling for inflation is understandable when is like... 1-2%. But they went up 4% this year and it's still climbing. Curious about Rolling his properties into a trust and then pulling a loan off the portfolio. Is their something their?
I love love love your content and appreciate the information you provide. It's simple, easy to digest, seemingly honest and the chair swival isn't annoying at all😂. But I have to say that my favorite is the pettiness between you and Brandon 🤷♀️
I need to know if this is financing that I need to use or not (line of credit), I'm gonna be ramping my revenue ASAP as a new contractor installing windows and doors, I've got a property I'll buy in the immediate future, Is it blow or no show? please let me know why otherwise thank you.
Hello there david, first of all, want to say thank you for the amazing content...... i bout my first home 1year ago, right now it has around 124k equity, i want to buy an investment property, can not get a HELOC since i'm close to my DTI max cuz some other debt (credit cards), what is a better way to go about it, thanks in advance, yimy perez
I actually was able to get my banker to approve a line of credit on some land that I own and have a good bit of equity in. They’re in the first position and they’re a local bank in Sherman. For now it’s hold the duplexes and single fam home. I’m just getting that line of credit tee’d up in case a smoking deal comes along!
Was able to get a local bank to give a line of credit agains the equity in some land I have. This question was posed a while ago. I don’t think I’m going to tap into the equity on the duplexes and single fam rentals for now.
Hello I am in the Bay Area and would like to attend some meetups so please let me know where can I look for them and get connected . Thanks a lot for sharing so much information about RE , totally appreciated.
Well to be fair, they say residential is in a correction not a crash. They also are careful to note that each market has nuance so become an expert on what is taking place in your target market. They say commercial is in a bit more trouble because of the debt service. It’s difficult to flesh out every detail when responding to people’s questions. They probably assume you have been listening a while and have heard these principles if you are a person who is writing a question on the podcast.. it is not a cookie cutter market right now. There is not a one size fits all or an easy checklist to just follow..JS
This was kinda my issue. My interest rate is 0.851% and my mortgage payment with property taxes and insurance is $900 monthly. My tenant pays 2k currently and is in a month to month. The house is in a wonderful neighborhood, close to Dallas maverick arena, 27 minutes from cowboys stadium and 30 minutes from Texas Rangers Field. I owe 96,740 and it is worth roughy 375k-390k. It makes sense to cash out refinance and buy a few more properties. I can get like 3000/monthly in rent when the tenant leaves. I am also in the process building 2 houses.
From all the macroeconomics arguments here, the only one that is truth is that interest rates doesn’t control inflation at all. The rest are myths that needs to be debunked and I can explain it. Kudos ;)
Can you please shed some light on investing in real estate properties when the dollar is collapsing? I know invest in GOLD but should I take money out of my equity line of credit to invest in rental properties during this crazy time?
Loved your podcast, but my situation was not covered..... I own my 5 unit rental property (that I reside in) and and wonder how I can extract some equity from it? Thank you for your expertise.
If you have a loan on it, wouldn't you just take a cash out refi? Or if you own free and clear, take out a mortgage on it, getting it all in cash. Either way there's no tax because its not considered income. However this being a 5 unit, it would be a commercial loan.
@@localone1597 I asked the lender ( JPMC, who had my mortgage that I paid off ) and they told me that they don't "do that". I have excellent credit, no debt, income from the house and a full time job, so I am not sure where or how to proceed. I REALLY want to do another property, but I'm not savvy re financing. Btw, I could very easily convert into a four unit.
@@localone1597 oh, I own it free and clear and a smaller comp on the same block sold easily for 500k and new buildings across the street sold for 750k.
Loved your comment about the news. All 3 of those outlets you mention are awful and have contributed to the tearing apart of our country. They are so toxic and people blinding take the opinions they spew as fact. Think for yourself!!
Hi everyone !!😃I have a dilemma, my husband want to sell our house $180k equity to pay $75 debt and apply for FHA $20k down payment get a duplex , Hight interest now days,in Myrtle Beach,SC, Airbnb one side and live in the other one. 🤷🏼♀️.. so if the duplex need to get fix it will $30k…we will have some cash left . But we need to find new jobs there.. He is a contractor and he can move the company there find clients.. Do you guys think this is a good idea??? Any input I will appreciated ! Thank you !
This is a great question, and you might find an answer if you post this in our Short Term Rental & Airbnb Investing Forum found here! : www.biggerpockets.com/forums/530
That's exactly what I was thinking. DG's advice looks in the rear view mirror and he knows it. I think David wants the best for people and he is overly optimistic so that people take action (which is correct in the right environment). But his words are dangerous right now in this environment. He should point this out.
I like this option too! I was able to tee up a line of credit on some land I have in case a smoking deal comes along. Im not going to sell and not going to refi. It makes no sense to do either of those right now.
Excellent David! You are a good dude and very humble. I have followed bigger pockets these last 3 years and it inspired me to have acquired, 2 homes, a Tri plex and 2 four plex’s and I am currently in escrow on another property and I own my main home. All due to taking action. 5 years ago my credit sucked back then, I was in debt and I had student loans. I cleaned up all of those problems and that was 5 years ago. Now I am building a small portfolio. I also plan to pay off 3 properties in the next 3 years. If I can do it anyone can do it! Get to work fellas and start your new life!
Any recommendations about how to learn how to do this? Sources beyond Bigger pockets… thank you! And congratulations 🎉
How much do you make?
Using your home as collateral on investment properties is a major risk.
I know people who did this and were WIPE OUT when the government screwed landlords with the ''renters protection.''
Losing an income property sucks, losing your home is catastrophic.
Yeah definitely sucks, thats why reserves are always mandatory
2+ years of non payment and eviction moratorium. Your saying 2 years of reserves??
@@camcam3087 sorry but I doubt the majority of people went 2 years without paying but if that's the case better screening
@@adrielaraujo2604 in some states like CA some people did go for 2 years not paying rent thanks to the Governor. This is during Covid 20-21
I'm sure that landlords got a break on mortgage payments. I could file for mortgage forbearance with my loan servicer if I wanted to.
David I Love the macroeconomics stuff , also , love the way you explain and simplify real estate. break it down for us newbies . Thank you we definitely appreciate it
David, regarding the chair swiveling comment, you made a great point about having to think about what to say, and being able to say it in an informative yet easy-to-understand way, while also getting it across in an engaging and even entertaining way, without flubbing your words, getting side-tracked or losing your train of thought. That’s SUPER difficult to do, and there’s very few people who can do that, but you do it very well. Kudos to you!
Thank you David! Another great episode and I learned a ton about real estate. Thank you for being honest and transparent. I love watching your shows 😊
Thanks for answering my question, David! You’re right tho I wasn’t crazy about your answers.
I was able to get a line of credit in the works on one of the properties. It is with the lender that has the first position, small local bank.
What would you do if you were in my shoes!? I purchased a 10 acre farm in central Fl in early 21 for 460k, put 20% down and currently owe 349k on it. When I purchased the property 6 acres of it was wooded, I cleared that wooded land, planted grass, put more paddocks in, made it beautiful and it just so happens to be 4 miles from something called the World Equestrian Center which has made the properties in that area sky rocket. I have a 2.5% interest rate on it, monthly mortgage is $1,518. I currently have the entire farm rented out (annual rental, they pay all expenses) for 6,885 a month. The one year rental is over Feb 8th 2024 and my tenant just signed a new annual lease for $7,350 a month. The farm is now worth over a million dollars. so I have about 650k equity in it. Id like to tap into that equity however as you know getting a HELOC on a rental is very difficult. Selling a property with a 2.5% interest rate that is producing 5x its mortgage just seems dumb. What do I do!?
Awesome story I actually wanted to buy land in central Florida to have a “gateway” from the city , any tips ? What type of loan did you use or was it cash buy?
Hi there! I just stumbled onto your channel and absolutely enjoyed how you approach each question and the concrete examples that you use to elucidate the underlaying economic concept(s). I’d like to know how I can ask a question of my own. Thanks!
0:15
4:47 Money is Energy
13:50
36:01 Real Estate as a Store a Value
David! Your comparisons and analogies are awesome! Thanks for the information and most importantly thanks for your ability to communicate well!
Comfort & Profit are at opposite ends of the spectrum. Facts.
That was so good. Hope everyone caught that nugget. The problem is people want to take residential plan and try to take that into commercial.
The macro economics segment of this is was incredible, thank you!
Awesome video David! You guys are going to help me change my life
Hey David, I know insurance is not a fun topic to discuss, but what is enough insurance for each property, when's it good to get an umbrella, commercial vs residential, and where should it be held under as far as the LLC for the property or under personal name? We've got our trifecta of our trust, management LLC and individual LLCs per property as that's what we are comfortable with. We have 6 LTR with strong cashflow and continue to grow! Thanks, David!
Love me some David. I really appreciate the content you bring daily. I’ve learned so much
David, this was so helpful! Hearing you troubleshoot and strategize people’s very specific situations is so instructive. I liked learning about the four kinds of equity, the 3 criteria for whether to buy or not, and I was happy and sad to have my commercial property dreams dashed preemptively when you outlined all the problems with it, especially early in one’s investing career. 😂
I just bought your book today bro. I'm digesting chapeter 1 and two right now and repeating both to get into the mindset of whats to happen. Thanks
Gas station sushi! 😂 That’s also the perfect analogy for committing to a less-than-reciprocal, less-than-satisfying, less-than-reasonable relationship.
Thanks for the great podcast! Personally I love hearing about the macroeconomic news and how that affects REI. Keep it coming!
Thank you, David! Iam glad I found your channel very inspiring, and I learned a lot about real estate.
Real Estate is what you do with the money you already made. Yes!!! 💯
David is really doing some great topics lately thanks for this!! I’m a huge fan all over again!
Maybe dont take equity out of your home right now 🙏
2nd Question: Yikes that’s not a good investment. Love that. CashFlow, Equity, Headache value. EXACTLY. This investment would be a headache. No sometimes when you are hungry, you make a bad financial choice.
The velocity of money also plays a part in inflation.
Thus raising rates artificially will slow the velocity. Also destroys demand.
Hello, what is your opinion about trust section 643b, in purpose to save on capital gain taxes?
Remember, if you take out a home equity loan on a rental property (with equity), the interest on the second rental home would not be deductible.
With tracing to investment use it can be deducted.
HELOC is what you should do, get 80 percent of your equity and pay off your home any extra you invest
And this is how many people went into bankruptcy in 2008. Concept sounds smart and definitely a good pitch for a real estate broker like yourself. But highly dangerous and most people will get burned. Borrowing equity at these giant interest rates and buying more negative cash flow is a lose lose situation.
Were you highly leveraged in your properties??
No 2008 was predatory lending then people panicked and sold at a loss
2008 was Interest only loans and never explained to the borrowers correctly. The ninja loans had people walking into properties they couldn't afford. The smart people bought multi units and those same people are millionaires today
Scared money makes no money.
I think you need to be careful with leverage. That being said, I bought 18 units in 2017 and sold my 12 unit property that had 8 storage units for almost double what I paid for it. I was retiring and with that property, I felt overextended. So I sold it and bought into 2 DSTs that created a monthly income stream. I felt it was Gods direction by using my husbands advice. At the time I bought the property, I used my HELOC on my paid off home as a down payment for that property. I was working full time making 6 figures and it didn’t seem like I was overleveraged at that time. I sold it in 2022 May.
Hey David great advice man. Appreciate you sharing the knowledge
Hi David, thanks for this great episode. I think "On the market podcast" would be a good suggestion when you answered Jordan's question.
It’s not healthy to stop working. Great point. Build wealth different from creating wealth.
Great teaching sir , love the way you explain every question
Thanks, David. Could you please talk about FHA loans in detail? The requirements, limitations, loopholes, tips, etc.
And by the way, I live in SoCal.
The description of yourself using celebrities was priceless and spot on. LMAO. Love what you guys do. Thank you!
Love that last tidbit about PORTFOLIO ARCHITECTURE!
Macro resources: Barry Habib, Lyn Alden, jim Richards, Blockworks Macro
*Jim Richard’s
*Jim Rickards…you can find some of their interviews on RUclips university 👍
Thanks for sharing! Liked the jet ski vs battleship analogy 👍🏻
What would you say is the best recommendation to get into real estate for someone who only owns a PPOR and works full time 50 hours a week? My residence is 3bd 1 bath, bought it for 210k about a year and a half ago at a 3.25% interest with conventional loan
Well, in 08 I purchased a duplex in 08 for less than a price of a used car. Now it's worth more than a new BMW.. Timing is everything.
Worry for loss of cash flow is the problem. Especially in a falling market lol. The interest rate is a huge reason. I agree bigger and better, but that only works if your not already in a premium location. The idea of not selling for inflation is understandable when is like... 1-2%. But they went up 4% this year and it's still climbing.
Curious about Rolling his properties into a trust and then pulling a loan off the portfolio. Is their something their?
I love love love your content and appreciate the information you provide. It's simple, easy to digest, seemingly honest and the chair swival isn't annoying at all😂. But I have to say that my favorite is the pettiness between you and Brandon 🤷♀️
Great podcast. Love to hear more about economy the fed.
The chair swivel really helps be focus!!! Swivel-on!
any thoughts on rent control/“stabilization”?
hearing more about it daily
Hey DG this was amazing! I'd love to learn more about Macro Economics, I follow George Gammon as well.
I need to know if this is financing that I need to use or not (line of credit), I'm gonna be ramping my revenue ASAP as a new contractor installing windows and doors, I've got a property I'll buy in the immediate future, Is it blow or no show? please let me know why otherwise thank you.
How do I start watching from episode 1 to current
Hello there david, first of all, want to say thank you for the amazing content...... i bout my first home 1year ago, right now it has around 124k equity, i want to buy an investment property, can not get a HELOC since i'm close to my DTI max cuz some other debt (credit cards), what is a better way to go about it, thanks in advance, yimy perez
Gas station sushi! Lol. The GREATEST analogy I've ever heard.
I definitely come here for the metaphors that i can steal and apply to my employees
Ahh for Cory Mills. I have a HELOC in process right now through a credit union. So they are offering it. Shop around
Which CU? What’s max LTV?
I actually was able to get my banker to approve a line of credit on some land that I own and have a good bit of equity in. They’re in the first position and they’re a local bank in Sherman. For now it’s hold the duplexes and single fam home. I’m just getting that line of credit tee’d up in case a smoking deal comes along!
Hey David, new to the channel, just subscribed. good stuff
"Residential Real Estate" purchased by a corporation to rent to residents will pay commercial property taxes 20%+.
You have to see money differently
How can I do this in New York? Prices here are nuts!
Thank you for your great program.
I don't think market is down in CA. Still the numbers don't work
Amazing knowledge free knowledge 🙌🏽 stay blessed!
If you were to choose between Michigan or Colorado, which state would you choose?
Gas Station Sushi!! I'm done already 🤣
Corey from the first question, call Figure lending
Was able to get a local bank to give a line of credit agains the equity in some land I have. This question was posed a while ago. I don’t think I’m going to tap into the equity on the duplexes and single fam rentals for now.
And to clarify, they were already in a first position
Relate wealth building to fitness. So good
Non steroid wealth builder. Love it!!!!
Love the gas station sushi correlation, very nice…
❤ your answers about the chair 😂
Great info as always ❤
what if you dont want to sell because of interest rates and its cash flowing 1k a month?
When the deal goes wrong, it’s extra wrong.
Good view.... thanks for share... Share N Build
More shows like this and long format 🎉
Hello
I am in the Bay Area and would like to attend some meetups so please let me know where can I look for them and get connected .
Thanks a lot for sharing so much information about RE , totally appreciated.
Love this channel!!!
Can't get a HELOC in Texas, unless it's on your primary residence.
Love the economics talk!
Thank you David moneybags
So should I be taking equity out of my home now or waiting for the crash that you guys said couldn't happen that you now say is coming?? 🤣🤣🤣🤣🤣
Well to be fair, they say residential is in a correction not a crash. They also are careful to note that each market has nuance so become an expert on what is taking place in your target market. They say commercial is in a bit more trouble because of the debt service. It’s difficult to flesh out every detail when responding to people’s questions. They probably assume you have been listening a while and have heard these principles if you are a person who is writing a question on the podcast.. it is not a cookie cutter market right now. There is not a one size fits all or an easy checklist to just follow..JS
This was kinda my issue. My interest rate is 0.851% and my mortgage payment with property taxes and insurance is $900 monthly. My tenant pays 2k currently and is in a month to month. The house is in a wonderful neighborhood, close to Dallas maverick arena, 27 minutes from cowboys stadium and 30 minutes from Texas Rangers Field. I owe 96,740 and it is worth roughy 375k-390k. It makes sense to cash out refinance and buy a few more properties. I can get like 3000/monthly in rent when the tenant leaves. I am also in the process building 2 houses.
Yeah I would probably keep this setup as well.
Portfolio engineering 💯
From all the macroeconomics arguments here, the only one that is truth is that interest rates doesn’t control inflation at all. The rest are myths that needs to be debunked and I can explain it. Kudos ;)
Haha you definitely do not look like Shrek! You Rock! Thank you for the info!
What’s your daily real estate fitness David ?
This is so good.
I’m in debt and want to go in more debt at bad levels 🎉! Ok 👌 makes great idea a bad idea
Do you do meet ups in the Bay Area?
"Store of energy" reminds me of Bitcoin :)
Except you dont live in a bitcoin 🤣
@@KN-cool umm, yeah, I know, it's a different asset class...
Real Estate, Bitcoin and stocks are my go to asset classes.
Can you please shed some light on investing in real estate properties when the dollar is collapsing? I know invest in GOLD but should I take money out of my equity line of credit to invest in rental properties during this crazy time?
Gold? Lmfao gold is worthless
I am looking for a PML on this 9 unit 115,000 at 13%… anyone?
Loved your podcast, but my situation was not covered..... I own my 5 unit rental property (that I reside in) and and wonder how I can extract some equity from it? Thank you for your expertise.
If you have a loan on it, wouldn't you just take a cash out refi? Or if you own free and clear, take out a mortgage on it, getting it all in cash. Either way there's no tax because its not considered income. However this being a 5 unit, it would be a commercial loan.
@@localone1597 I asked the lender ( JPMC, who had my mortgage that I paid off ) and they told me that they don't "do that". I have excellent credit, no debt, income from the house and a full time job, so I am not sure where or how to proceed. I REALLY want to do another property, but I'm not savvy re financing. Btw, I could very easily convert into a four unit.
@@localone1597 oh, I own it free and clear and a smaller comp on the same block sold easily for 500k and new buildings across the street sold for 750k.
@@victorward3590 I'd call around until I find someone that does
@@SigFigNewton yes, I am able to find tenants
EXACTLY: a hard NO!!!!!
Great information! Thank you, David.
$300k a year! I would kill for that much money, you sir, are already wealthy
Banks are not going to lend even if you have equaty, because they know all propertys will not have that equaty for long.
The whole reason for a 1031 is not to pay taxes, I would think you would know that?
Loved your comment about the news. All 3 of those outlets you mention are awful and have contributed to the tearing apart of our country. They are so toxic and people blinding take the opinions they spew as fact. Think for yourself!!
Epic 👍👊🏽💪🏾
That’s good. You don’t want bad players
Hellllz no don't buy anything for 3-6 months, be smart get some price discovery and see what happens in banking
Hi everyone !!😃I have a dilemma, my husband want to sell our house $180k equity to pay $75 debt and apply for FHA $20k down payment get a duplex , Hight interest now days,in Myrtle Beach,SC, Airbnb one side and live in the other one. 🤷🏼♀️.. so if the duplex need to get fix it will $30k…we will have some cash left . But we need to find new jobs there.. He is a contractor and he can move the company there find clients..
Do you guys think this is a good idea???
Any input I will appreciated ! Thank you !
This is a great question, and you might find an answer if you post this in our Short Term Rental & Airbnb Investing Forum found here! : www.biggerpockets.com/forums/530
Great show but didn’t really talk about the title of show.
Can I give Corey better advice? just sit on your hands and build a cash position
That's exactly what I was thinking. DG's advice looks in the rear view mirror and he knows it. I think David wants the best for people and he is overly optimistic so that people take action (which is correct in the right environment). But his words are dangerous right now in this environment. He should point this out.
I like this option too!
I was able to tee up a line of credit on some land I have in case a smoking deal comes along. Im not going to sell and not going to refi. It makes no sense to do either of those right now.