Joe Fairless

Just to pull the equity out so you get a new deal.

Exactly.

Or just sell after the couple of years, whenever you realize that value, increase valuation.

Uh, when you add up all the rents, $105,000, um, that, that would be, uh, gross potential income.

Yeah.

Yeah.

I mean, on average, you're going to look at about 250 to $300 per unit per year.

Yeah, it's...

A little complicated and I'll just say it as simply as I can because I know we're limited for time, but we did a master lease with option to purchase because there's a large prepayment penalty on the property and upwards to almost a million dollars.

And the loan wasn't very desirable to assume because it was 6.19%.

Therefore, we did a master lease on it and we took over the existing note, which allowed us to take control of the property, get all the income from it, but also pay all the expenses as well as pay the mortgage payment, but then get the principal pay down on the mortgage as well, which nets out to be about $15,000 a month that we're paying down and getting equity in the property.

Great.

Yeah.

I'm the only... I believe, unless someone lets me know otherwise, that I'm the longest running daily real estate podcast out there.

It was launched daily.

It was launched... I don't know the exact date.

Let's say September 2014.

Are you happy with that?

Well, you know, I am happy, but I'm not content.

What's it costing you to produce per month?