Tax Strategies for Real Estate Investors with Ted Lanzaro

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Ted Lanzaro  0:00  

active investor can deduct up to $25,000 a year of their rental losses against their ordinary income.

Taylor   0:07  

What's going on passive wealth listeners. Thanks for tuning in. I'm your host Taylor load. Today our guest is Ted Lanzaro from Lanzaro CPA. Today, we're going to talk about some of the tax advantages that are out there for real estate investors that you can use to reduce your tax bill at the end of the year while growing your passive income. These are the things that they don't tell you about in school that h&r block isn't telling you about and they can advise you about to reduce that tax bill. 

You really need to get a qualified CPA on your team and today's lessons from Ted are really going to show you what a good CPA can do for you and how they can help you build your strategy to reduce your tax bill while growing your income. I learned a lot recording this interview. 

I'm sure you're going to learn a lot less I've gone back at the back a few times. And listen, there are many detailed advantages to real estate investing from a taxation standpoint that I wasn't taking advantage of, and you might not be taking advantage of that we cover in this interview. So here we go. We're going to help you reduce your tax bill. this coming year with these taxation strategies from Ted lands RO from lands are a CPA.

Ted Lanzaro  1:25  

Here we go. Hey, Taylor, thanks for having me on, man. Appreciate it.

Taylor   1:29  

Love talking taxes, big expense for real estate investors and busy professionals out there all around. Can you give us your background as a tax professional tax advisor, all that stuff, introduce us to Ted? Yeah, sure.

Ted Lanzaro  1:47  

You know,

Ted Lanzaro  1:50  

I started in, in tax coming out of college and I joined a firm and I was working basically in the real estate State Department working with developers and and and syndicators and stuff. And kind of just doing the tack doing the tax stuff learning because it was first few years I was I was in the business. 

And got to a point where I was about 10 years in, and a friend of mine came to me and he said, Hey, he's like you really need to read this book. We're having lunch, like, you need to read this book. And you know, and he handed me a copy of Rich Dad Poor Dad

Ted Lanzaro  2:32  

And so I I was reading this book, and I said I was talking to my buddy, and I said I said, I've got a lot of clients who are who are doing this they make pretty good money. I mean I think you're right, we should probably get into it. Right. And so we decided we were going to be real estate investors. Right. And we were we were doing pretty good. You know, we all had the we had we had both of us had careers and stuff, and we ended up taking a third partner, another buddy of ours that we went to high school. And, and the first day we went out, we bought three houses in Fort Lauderdale, Florida, and had no idea what the hell we were doing contracts out of we're going to rent these we're going to fix them up and rent them out. Right? And so that's what we did we fixed them up and we rented them out and you know, no systems No, yeah, just by the heels of your pants learned as you go kind of deal and we got them rented and hey, they were cash flow and you know, and then as we went along, we started picking up a few more few more properties, and I started going through real estate investment clubs, right. And, and just networking with other real estate investors as part of my strategy to buy more properties and learn more right. 

And somebody found out I was a CPA and they said, Hey you should come and do a, like a seminar for all our real estate investors and talking about the tax laws, talking about things you're using. In your business and it's a great you know, I would love to do that you know I'd never done it before and the first time I did it I got on my knees knocking reading off reading off the slides on my power it out and you know that turned into that was you know maybe that was 2002 2003 and it turned into basically a niche that I've been you know went out turned you know at 1.2 thousand two I went out on my own and started just servicing my own real estate investing clients and investing myself and kind of you know, I'm you know, kind of build myself as the CPA who's also an investor and turned out to be a pretty nice marketing niche and now looking you know, now 17 years later I can walk into any room full of any any number of real estate investors and, and without Any kind of PowerPoint or anything, just sit down and say, Okay, let's talk real estate and taxation specifically. 

So back about 2015, I decided to take some of that all the knowledge that I've been using and actually put it into a book. So I wrote a book called The tax smart landlord, and it's 39 tax strategies for real estate investors. And now I use it as sort of my cornerstone of my practice and the thing that I use when I go to when I go to speaking events and that sort of thing I give away I give away the book to investors.

Taylor   5:40  

Nice, that is quite the giveaway. And taxes are just for the average person taxes are one of our biggest if not our biggest expense, especially a high earning person that's paying the highest marginal rate at their w two. 

So there's a big upside and in having a taxes strategy. Now granted, there's a lot of there's a lot of other ways a lot of things we could talk about here today, I wanted to make sure we covered the few things. Let's start with the real estate professional designation. How can people use that? What is it? How can investors use it? And who can benefit from that?

Ted Lanzaro  6:18  

Sure. So there's essentially so and this is the this is the sort of the starting point of the book also, which is there's basically three kinds of investors. So there's passive investors, those would be like your limited partners in a kind of a syndication deal, right? No, they're just putting money in they have no control over decision making or anything. They're passive investors. Then you have active investor. 

So an active investor would be somebody who owns his own properties and is actively managing them right and and then you have the real estate professional designation. So a passive investor is only allowed to get to zero on Far as deducting losses, so they, they cannot deduct losses from their rental properties against the ordinary income, their earned income, right? The best they can do is to get to zero. Now, an active investor can deduct up to $25,000 a year of their rental losses against their ordinary income. Now, typically those losses aren't actual cash dollars out of their pocket. 

Typically they're they're based on the depreciation deduction on the property. So the whole reason everybody wants to invest in real estate right is it's a great tax shelter, you can actually put cash in your pocket and have net income before depreciation, cash flow before depreciation and then have that depreciation deduction. 

Basically offset the income but you still get the money in your pocket. So a lot of times it creates a loss and you can use that loss to offset or new income if you're an active investor up to $25,000. Now, that advantage disappears once your adjusted gross income exceeds $150,000 a year. So if you're a high income professional, right, then and you own rental properties, let's say you make $250,000 a year, you don't get to take that $25,000 deduction, you get what's called phased out of that option. Now, you don't lose it and passive investors don't lose it either. Okay, basically it accumulates is what's called a passive loss carryover. Okay? And you can use your passive loss carry overs. In one of two scenarios. 

One, you have other passive income to offset that income, right. So if I've got a carryover from last year of $5,000, and this year I have passive income of $5,000. Well, I could net the carryover against that and pay and have zero taxable income. When I sell the property, I get all of the accumulated losses. Right? 

So if a passive loss or if it's a passive investor in a syndication has carry over losses, they get to take those losses when the property sold, okay? Now, it's a completely different story for a real estate professional. To be a real estate professional, you have to have 750 hours of real estate related business time that could be managing your properties. You could be you could be a developer, you could be a real estate broker. There's a whole bunch of you'd be a property manager. There's a whole bunch of real estate based professions that qualify right? And you has to be more than half of all of the other work activities that you do. So I have people who come to me they say, Well, I want to be a real I want you to classify me as a real estate. Real estate professional. Well, ways that you got a 40 hour week job So in order for you to be a real estate professional, you're working 2080 hours at your job every year, you have to be working 2081 hours in real estate. You're a busy guy, where do you sleep? Right? You know. So typically the people that qualify as real estate professionals are going to be the people who are legit in the real estate business. You know, right there, the professional syndicators. They're the developers, they're the brokers. And what that means is when you're when you qualify as a real estate professional, then you can take unlimited losses, from your rental properties against your ordinary income. And I'll just give you an example. I have a client who's a real estate broker, and there was a year where he made like $300,000 in real estate brokerage commissions. But he also had a $50,000 rental loss from from a cost segregation study on a property that he did that he bought that year, while he was able to use that $50,000 against his $300,000 of income and only pay tax on $250,000. That's about a $15,000 break in that bracket tax break and that bracket in Connecticut where we have state income tax right. So. So that'll kind of give you the idea of kind of the power of that strategy.

Taylor   11:20  

Yeah. You mentioned the state income tax, that the important clarification is how does this apply to federal versus state income taxes? I mean, does it depend on your state to some states now recognize this is across the board? How does that all work? Yeah, it's

Ted Lanzaro  11:38  

actually across the board. To my to my knowledge, all states kind of follow the federal rules on that specific area real estate professional.

Taylor   11:50  

Hmm, wow. And something that is always a tough question when we're trying to find the right person. For our Team is how do we find a CPA that really understands real estate investing? Like, what's the best way to go about that if we don't have a CPA yet? like yourself? How do we get one? How do we find the best one? Maybe in our area or our specific classes?

Ted Lanzaro  12:20  

Yeah I mean, it's not it's not easy to do, I think in a lot of areas, and especially if there's real estate investment clubs, you'll find that there's a CPA or two who are working those, those clubs and so then it becomes, well, one, do you have real estate knowledge to are you actually an investor? So I'm an active investor. I mean, so what I bring to the table with my clients is not just tax acumen and knowledge of the tax laws is really some real estate, but also the the investor knowledge of Hey, wait a second, why do you even want to buy that property? You know, that's that sort of thing? 

Or have you thought about this? You know, I mean, I could walk through, I could walk through a building and estimate the repair costs probably to within 5%. There's not a lot of CPE as you can do that. Right. So it's really about a lot of it is about are you invest together. The other thing I would ask my CPA is, Are you are you proactive? You know, or are you just going to throw my numbers on on my, on my tax return at the end at the end of the year? So my client, so I had a guy call me the other day, and I work nationwide, by the way, so I had a guy up in Canada. Can I have a guy call me from Fort Lauderdale, right? And he says, I want to you know, I want to talk to you about my taxes for next year. 

He's like, I still haven't gotten my taxes done. For 2018. I had no idea how much I'm money. I'm going to hell. Right. But I know I made a lot of money. Like Well, here's the thing. Let's start with this in my office, you would have known what you owed in November. Okay, because we would have actually done a projection based on your based on your numbers. 

And I would have told you Hey, Taylor based on the numbers you just gave me, you're going to have $15,000. But if we do this, this and this before the end of the year, you can get that down to say $1,000. And that's the really important part of being proactive, is that almost all good tax strategies have to be implemented before the end of the year. 

And so it's the same thing with 1031 exchanges, for example, you can't sell your property, and then in April, call your CPA and say, Oh, I want to do a 1031 exchange on that doesn't work like that. You have to, you have to know you're going to do the exchange before you ever actually closed on the property. So it's those kind of proactive things, those bad What I would be looking for, I'd be looking for somebody who knows real estate, who is an investor and how's a proactive approach?

Taylor   15:09  

Hmm, that's very, very helpful. That's something that I've seen with you mentioned depreciation and tracking that is something that I've seen with some folks is they don't really seem maybe their bookkeeping really not up to snuff or they're not sure how to actually track their depreciation over time or or what they've claimed so to speak or what they've depreciated off and where they stand on their, their taxable basis. What do you recommend as the best way to you know, to track all of those numbers is it especially now as you know, technology gets more integrated with our businesses? It What are you recommending for your clients as far as their bookkeeping In that regard,

Ted Lanzaro  16:01  

yeah I mean, look, here's the here's the thing, the bookkeeping is extremely important. And and so what I we get we start with, hey, you've got to have a good bookkeeping system. And so let's get you set up correctly, right? And then as part of the bookkeeping that we're doing, we're also giving them a depreciation schedule. And that depreciation schedule is going to have all of that information on it. So that when we,

Ted Lanzaro  16:35  

every year, we can tell them hey, look,

Ted Lanzaro  16:41  

here's your depreciation adjustment for the year. And this is the numbers we're going to put into your system. And so that you know how much accumulated depreciation you have for that period of time and that will allow you to basically be strategic about when you are trying to say, when you are trying to when you're when you're thinking about selling a property, you're able to basically calculate the gain and sell the property. Right. 

So you have to know those numbers in order to be able to calculate the gain on the sale. And so that's where knowing all that stuff, having a good record keeping system comes into play and in the talks about smart landlord book we talked about the first couple chapters are all about the importance of record keeping because

Ted Lanzaro  17:40  

it's sort of the foundation

Ted Lanzaro  17:44  

of being proactive, being strategically proactive about your taxes, just like a foundation supports a house, right and you wouldn't build a house on quicksand. Build your tax strategy on crappy Records. So really starts the people who keep good records are our most of most of my clients, I keep your records are not leaving money on the table. And most people who don't keep good records, I guarantee you, they'll leave money on it.

Taylor   18:17  

So there's the bottom line, keep good tax records, because if you're not, you're probably leaving money on the table. Now, something that is important if we're if we're all talking about depreciation and capital gains and all that people always want to know about the 1031 exchange. 

So for the folks out there who don't know, the basics of a 1031 exchange, can you give us a quick overview of what a 1031 is?

Ted Lanzaro  18:47  

it's basically a way of deferring the capital gains on the sale of a property. Okay. And if I think it's the it's probably The best wealth producing tax strategy there is because it allows you to trade up from trade from one property to another without paying the capital gains. And to the extent that you can avoid paying the capital gains tax, then you have more money in your pocket to be able to invest in us build wealth, so works really great in my rising markets, right? So let's say so I had a guy and over a period of I have a client who over a period of about 10 years, purchased a whole bunch of small units, right? So maybe he bought up maybe he had like 150 doors, he bought over 10 years, right? And so now, the market starts to go up a little bit, right? So he decides, you know what, I'm going to sell those, those properties. And at the time, those properties This is This goes back a little ways, but at the time, those properties were worth about $2 million. 

Okay, so now The way the 1031 exchange works, so he sold them all to one investor. So he sold $2 million with the properties. Now he's got to go out and buy another $2 million property or some other properties up to $2 million. And the way that the way the 1031 exchange works is you hire a person called the Qualified Intermediary, who at closing, hold your money, right. And now you have 45 days to identify the properties you're going to purchase at 180 days to close on them. And if you do that, then you're able to defer the capital gains on the sale of the property. So in this case, he deferred the capital gain on the sale of his hundred and 50 doors. 

What he did was he went out and he bought a shopping center was right on the main road, down in South Florida where I lived, and he spent it was little run down and he spent the next year, fixing it up and then putting Kevin's into it. Every time you drive by we drive by all the time, every time you drive by the, the beyond the main road there he was out there on working on something on the roof, paving whatever he was doing right. 

And after about a year, about a year, he had the property all fixed up. He had some good tenants in there. And he turned around and this is again, it's a this is a fast we were in a fast rising market at the time. So he turns around, and he sells the property for three and a half million dollars. Right, right. And he makes, he makes he had put about a half a million into a buffer to put another half million into it. 

So even had a million dollar cap, okay, now, he had a he had a million dollar capital gain on his other properties, too. So now he's got $2 million of capital gains. So when he sold that when he sold that, the shopping center for three and a half billion, he in theory should have paid taxes on $2 billion of capital gains, but he did another exchange and what he did was he went and he bought Six buildings in Texas that he leased to Auto Zone. 

Okay, so now he's got six triple triple net lease is right. And all he has to do is collect it now All he does is collect the check, does he have to manage the property anymore? So every month he was getting a check for like 40 grand right net after they paid all the expenses of the mortgage whenever the that he had on the property. And so he went from and that those properties are worth like $5 million, right? So he went from having about a million dollars in real estate to having about $5 million in real estate in like four and a half years and never paid a dime and capital gains tax. 

And that's why I say it's a really great wealth generating strategy. Right now, here's the kicker on that right here. lives in. He lives in Florida snow, right? Florida doesn't have. So the the estate tax in the United States now is the limit is high, pretty high. I don't even know what the number is, but it's not 5,000,005 million, you can gift your property to your kids. And there's no estate tax ramifications of that. And there's no estate tax in the state of Florida, right. So now, when he dies, okay, his kids will get a step up in the basis of those properties up to the fair market value

Ted Lanzaro  23:34  

at the time of the sale, or at the time of his death, right. So he dies, his kids get the properties, they get a step up to fair market value. Now their cost basis is whatever those properties are worth. So they turn around and sell them the next day, literally, there is no capital gain. So it's I mean, think about that it's a it's a way to literally create not only create wealth, but create generational wealth.

Taylor   24:01  

Yeah, that's pretty awesome. And the compounded with the benefits of triple net properties where it's like you said he's just, he's just pretty much collecting a check. 

I mean that, especially if they have a commercial lease and he he has long term debt on those properties. I mean, he's more or less on Easy Street at that point. He can go sit on the beach if he wants at least till he passes away. So, pretty good to be his kids, though.

Ted Lanzaro  24:30  

Something I've seen was when he was 45 when he did that, by the way, so he had a long way to go.

Taylor   24:35  

Those kids are still pretty young.

Ted Lanzaro  24:37  

Yeah, he's, he's still around and his kids his kids were, his kids were young at the time. I'm sure they're, they're probably they're mid 20s. Now, but you know, he's still around and he's in you know, that that that's the power of it. He worked his butt off from you know, in his mid 20s up until about the time he was 40. And and then he was just able to retire with pretty pretty incredible amount of Passive Income every month.

Taylor   25:02  

Nice. I like that. So one of the questions I've seen asked a lot recently because I'm coming from the syndication world is can you 1031 us at 1031 exchange us sell properties, then buy limited partner shares in syndicated real estate is that possible?

Ted Lanzaro  25:25  

It is possible. Yeah, it's definitely possible. The mechanics are a little bit harder, right? For for a couple of reasons. You know, one it'll A lot of it depends on the size of the sale you just had, right? So the bigger the sale the harder it's going to be to find a syndication that can accommodate you know, if you if you if you just sold in this case, let's say you sold that three and a half million dollar property, he's gonna have a hard time finding a syndication that he can he can drop three and a half million dollars into because you've got a you've got to cover the sales price of the previous property right. But it definitely can be done. And it's, and it's a strategy that smaller investors who have who want to get out of from, from being active to being passive is definitely use of if you're, if you're got an active investor who owns a small some small multi families, for example, right? 

And you're like, Man, I'm tired of this, I want to stay in real estate, I like that. I like the cash flow without the without the taxes, maybe then your strategy is sell your active properties and then use that smaller amount of money to get into syndication that is set up in such a way as to accept and $31 Hmm,

Taylor   26:44  

yeah, yeah, that's a good point. Okay. Well, that's a that's probably a question we'll have to get into a lot more deeply on another show. As it sounds like it's fairly complicated, but it is good to know that, that it's possible mechanics of it. Though we're going to be a little bit difficult. So right now we're going to take a quick break for our sponsor 10. I got three questions I asked every guest on the show. Are you ready? Sure, shoot. First one, what is the best investment in real estate that you ever made

Ted Lanzaro  27:18  

in real estate? So

Ted Lanzaro  27:21  

I, when we were down when I lived in down in South Florida, I was working with a couple of buddies of ours. And there was this house, we should drive by all the time, and it was vacant and we knew it was vacant. It had like weeds on the monster family house, right just like overgrown bushes and everything. 

So we actually I went to the courthouse and I found out who owned it and we sent them a letter. And we got a phone call. Dad, are you want to buy that house? It's my uncle's house. You know, I live in California. You know, typical life. You know, like, almost like a dream scenario, right? I live in California if you guys want the house just make me an offer. 

So we knew the house is probably worth about 250 $260,000 fixed up. So we offered them $120,000. Right? And we bought the house and we started fixing it up, right? We have put just a little bit of work that perfect i can i was there the day that these guys were basically power washing the roof. And cleaning up cleaning it up. And then we're going to paint it wipe, and a car pulls up in this lady gets out. And she says to me, oh, wow, what are you doing with this house? Like, oh we had just cleaned up the yard too. So she said, what do you do with this house? And I said, well, we're going to fix it up. We're going to sell it. And she's like, Oh, do you mind if I go and take a look at it? 

I'm like, Well it's not really fixed up yet but you know, be my guest right? And she walked you know, she walked through the house or whatever. She came out. And this has to be perfect for him. I'll give you $250,000 the way it is. Wow. Really? Where do we sign up for that? You know what, two days later we had a signed contract. And we sold we sold the house. Right? So again, it gets even better. Because a few weeks after that, we had a call from a guy who sold us the house. 

And he's like just so you know, I have another house, right down the street from that house. That was my aunt's house. And it's basically the same condition, which you guys by any chance be interested in buying that one? Yeah, we would. We would be interested to buy that one. We ended up buying that one and fixing it up and flipping that one but we had to do the work on that one, unfortunately. But yeah, that was that was that was the funniest that the probably the best deal we ever did.

Taylor   29:55  

Wow. Yeah, that's a great one. I like that on the other side of that. What is The worst investment that you've made in real estate.

Ted Lanzaro  30:04  

I think the worst, worst investment was one we didn't actually do. So we got a lead on a house and it was in Vero Beach, Florida. And that was about two hours north of us. And it was one of my partner sisters lift up that way, and he's like, yo, the sky and my neighbor wants to sell his house and it'd be really nice, it was fixed up and it's six houses from the beach right where I live, you guys should come up and take a look at it. 

We went up and took a look at it. And we could see there was definitely potential rising market, probably an after repair value of about 500 600 505 50 $600,000 depending on what you did to it. And the guy wanted, like $225,000 and I said, Oh, man, we were gonna have to put maybe 100 grand into it. I was like, Guys, this is a no brainer. We have to do this and I had one partner who would do anything. And I had one partner who didn't want to do anything. Right and I was sort of the mediator, right? Well, unfortunately, we let our partner partner, very conservative partner who, how are we going to manage it? 

He had a million, how are we going to do this? And how we're going to do that questions, right. And so we know what we did. We didn't do it, we passed on it, right. So now maybe eight, nine months later, I'm at a real estate investor club meeting and I'm talking to a rehabber that I know up and up in that area. And he's like, Man, you should see this deal I just sold and he's telling me about it. And, sure enough, it's six houses from the beach and you start showing me pictures and I start laughing. He's like, why he's like, I've seen that house. I said, What did you sell it for? He said, six and a quarter. He says, I made almost $300,000 on it. And I was

Ted Lanzaro  31:52  

son of a gun, right?

Ted Lanzaro  31:55  

My partner got an earphone when I got home that day yeah, he got he got a All the way on, dummy. But anyway, that was probably the worst the worst deal we didn't do. You know, basically that was that was probably our worst

Taylor   32:11  

could have been a serious serious home run. That is. That is a big bummer. My favorite question have these three is what is the most important lesson that you've learned in real estate investing?

Ted Lanzaro  32:26  

I think the most important lesson that I've learned in real estate investing is is to be disciplined, right and to not chase deals. I'm a CPA, so I am to some extent conservative when I when I look at houses and look at numbers, look at properties. So when I go out to if I were to do a flip on a house, if it looks broken, its broken, and I price it, right. 

You know, if I was doing a big syndication deal I'd be the guy on the team who was was trying to figure out well, what happens if we lose 5% of the tenants? What happens if we lose 10% of the tenants? What happens if we need a new roof? You know, right? So I'm always looking at the scenario so. 

So I think as an investor, you have to realize that you're going to look at a lot of properties to find that good one that really is a good investment. And not to you know, not to try to not try to make everything a deal, right? You know, a deal you'll you'll know a deal when you see it, you don't have to try to create a deal. If you have to try to create a deal. It's probably not what you know. And so don't go around chasing shiny objects stick to a disciplined approach.

Taylor   33:49  

Interesting. I appreciate that. I hear from a lot of very successful people. Don't go chasing those shiny objects. I've heard that advice so many times and once I started taking it myself, everything Everything got better. So they'll go chasing shiny objects and don't try to turn everything into a deal. I like I like all of that. So So Ted, thank you for joining us today. Talk about US tax strategy stuff and where can folks get in touch with you give us the name of the book, again, all that good stuff so they can go out there and hopefully get themselves a copy.

Ted Lanzaro  34:23  

Great. So the name of the book is the tax smart landlord. It's available on my website for free you can download a copy on the website is www.lanzarocpa.com. That's LanzaroCPA.com. Also you can become my friend on Facebook. Ted Lanzaro, and I distribute a lot of information supplementary to the book. We do a lot of videos will probably take like a podcast like this and cut it up into chunks and distributed over a period of time. 

So we do a lot of we give away a lot of free information so you can you can like the tax smart landlord on Facebook, you can like Lanzaro CPA on Facebook and get access to all of that information. And if you'd like to call me and talk real estate and talk taxes, My phone number is 203-922-1742. And I work nationally we use zoom to do teleconferences and stuff where we do tax planning teleconferences you know face to face. So it's we've got a cool setup.

Taylor   35:40  

Yeah, that is pretty cool. And you know, be prepared to get a lot of calls from the passive wealth army out there. That's all I can all I can say given out the number like that. That's very generous of you. Very generous. Yeah,

Ted Lanzaro  35:53  

no, you know what, I want to talk to people it's a people business and I certainly don't mind you know,

Taylor   36:03  

Awesome. Well, once again, thank you for joining us today. I certainly appreciate all the knowledge and all of your time and all the awesomeness you share with us.

Ted Lanzaro  36:13  

Thanks, Taylor. Appreciate it, man. Thank you so much.

Taylor   36:15  

Everybody out there. Thank you for tuning in. If you're enjoying the show, please leave us a rating and review on iTunes is a big help helps other people learn about the show. And if you know someone out there that could use a little bit more passive wealth in their lives. Please share the show with them and bring them into our tribe. Thank you for tuning in. Once again, I hope you have a great rest of your day and a great week and we will talk to you on the next one. Take care Bye

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