181 Discover The Income Potential of Reg A+ Funds on Passive Accredited Investor Show
Join the Carolina Capital team LIVE every Thursday at 1:00 PM Eastern for the Passive Accredited Investor Show!
This week, Heather Dreves, Director of Funding at Secured Investment Corp joins Bill Fairman, Wendy Sweet & Jonathan Davis to discuss Reg-A+ Funds.
Heather is a tenured employee that has worked in the Private Money Industry for over 15 years and held her series 63 license.
She has been directly involved in the sale of over $75MM in Trust Deed Mortgages and raised over $10MM in Secured Investment Corps High Yield Equity Funds.
Heather has had experience in assisting underwriting, managing the Cogo and Servicing team in addition to Investor Relations.
0:01 – Introduction: “Are you unsure about what a fund is and how it works?“
1:09 – Wednesday with Wendy: https://calendly.com/wendysweet/wednesdays-with-wendy?month=2021-10
1:51 – Today’s guest: Heather Dreves, Director of Funding at Secured Investment Corp
3:15 – The Secured Investment Corp
4:00 – How Heather Dreves started in the real estate funding industry
6:57 – What is Reg A+ fund?
9:31 – What are the difference between the Reg A+ fund and other funds?
12:04 – Importance of credible fund managers
14:53 – Is Reg A+ fund open-ended?
17:37 – What is Compound Interest?
19:31 – Putting your money in a fund is a retirement account
24:08 – Do you offer appreciation benefits?
Carolina Capital is a hard money lender serving the needs of the “Real Estate Investor” and the “Small Builder” borrower who is striving to build wealth and generate income for themselves and their families. We offer “hard money rehab loans” and “Ground-up Construction Loans” for investors only in NC, SC, GA, VA, and TN (some areas of FL, as well).
As part of our business practices, we also serve as consultants for investors guiding them to network with other investors and educating them in locating and structuring transactions. Rarely, if ever, will you find a hard money lender willing to invest in your success like Carolina Capital Management.
Listen to our Podcast: https://thealternativeinvestor.libsyn.com/
YouTube Channel: https://www.youtube.com/channel/UCYzCFOvEt2n9TchgECLwpww
Jonathan Davis (00:01):
Hi everyone. Are you unsure about what a fund is and how it works? Well, we do a dive into the fun and the world of funds just after this.
Jonathan Davis (00:25):
Hi everyone. I’m Jonathan with Carolina Capital. This is the Passive Accredited Investor Show. And, I guess, well, we are a lender in the Southeast. So if you are a borrower, go to CarolinaHardMoney.com and click on the borrower tab. We’d love to talk to you about some lending opportunities. If you are an accredited investor and you would like passive returns, go to CarolinaHardMoney.com and click on the investor tab. Don’t forget to subscribe, like, share, hit the bell, all those fun things that you get to do and I know very little about, and you know, other than that, don’t forget about Wednesdays with Wendy.
Jonathan Davis (01:25):
Wendy is gracious enough to give up one day a week, 30 minutes per person to talk about all things that are real estate. If you have any questions or thoughts, anything that you want to do, that’s like real estate related. You would behoove you to book a time with her and talk that through with her. And then let’s see, what else do we have here? We have a wonderful guest, a friend of mine Heather Dreves from Secured Investment Corp. We are going to talk about funds. It’s going to be fun, I promise! Let’s bring Heather out.
Heather Dreves (02:09):
Well, thank you for having me, Jonathan.
Jonathan Davis (02:12):
Absolutely. Absolutely. It’s my pleasure. How have you been what’s what’s going on?
Heather Dreves (02:18):
Things are good. I mean, we’re, we’re located up in north Idaho, so this is a beautiful time of year where we’re from. We have really beautiful fall seasons but the sad thing is we all know what’s right around the corner, so we’ll probably have snow and late October, early November. So we all try to get in the last bit of late summer, early fall that we can, but things are good. We’re super busy, you know, within our company. And we’ve got a lot of exciting things going on. We’re really starting to scale and grow. So that’s really exciting, especially when it comes to the correlation with the funds and that’s, you know what, you and I are going to talk more about today, but that’s always beneficial to our funds when you know, everything’s firing on all cylinders. That’s how our funds make money. And that’s how we’re able to give our, our investors, the yields that they’ve learned to expect.
Jonathan Davis (03:15):
Yup. Well, before we dive into, into the funds, what are you seeing in your markets? Now I know you lend, you all lend pretty much nationally, right?
Heather Dreves (03:25):
Yeah. We’re so we diversify our funds, meaning that 75% of our fund balances is held in loans that we originate and those are nationwide and then the other 25% of the fund balance is actually held in real estate assets, but that’s only in our local markets. So that’s specifically Spokane Washington in Coeur d’Alene Idaho. And
Jonathan Davis (03:46):
Those are in hot areas right now.
Heather Dreves (03:48):
They’re terrible. I tell people it’s terrible here, but people keep moving. Nobody’s listening. We say we have bears and lots of bugs.
Jonathan Davis (03:58):
Oh yeah, that’s great. That’s great. So, um, you know, can you tell me a little bit about and tell it the viewers here a little bit about you? You’ve been doing this for a while, but I love to hear your story real quick.
Heather Dreves (04:12):
Yeah, well, I mean, I kind of got lucky enough to fall into this industry by chance. I got into this industry, gosh, over 18, 19 years ago, really starting from the ground up as a loan officer’s assistance. I worked in the escrow department assisted a licensed closer service notes. At one time held my securities license because we were selling our paper, the liens of the trustees and then got into the fund management side of things 10 years ago. So, um, it was this natural progression. Really, just knew somebody in the industry. All I really knew about a mortgage was that I had one but quickly realized that there was just so much opportunity, whether it was, you know, from the investor side of things and working with clients or myself and my family that are looking to passively invest or working with the clients that were more the passive side, where they were, or the active side, where they were actually going out, you know, finding the real estate deals, looking for funding, um, to help finish up their projects. So just really enjoy the opportunity to, to really help both sides be successful and create wealth for themselves.
Jonathan Davis (05:22):
Absolutely. Yeah. I just, I actually had a conversation with someone this morning who asked me, they’re like, how did you get into this? You know, same thing as you it’s like, we just fell into it. It, you know, you fall into something, you’re given, you’re handed an opportunity and you’re, you’re actually pretty good at it.
Heather Dreves (05:41):
Yeah. It was eyeopening. I had no idea that this world was out there and I don’t think a lot of people do. I think it’s more commonly, you know, no one about now because you know, so many people like yourself are putting on podcasts. Self-directed IRA, custodians talking about it, but you know, 15 years ago I had never even heard of it. I didn’t even know there was private money out there. So I’m excited that it’s out there and people are talking about it and understanding that it’s a good option outside of your more traditional investment opportunities.
Jonathan Davis (06:13):
For sure. Yeah. Most of my family still thinks I’m a real estate agent.
Heather Dreves (06:16):
My family has my immediate family knows what I do, but I literally had my brother-in-law this summer coming to town and now I’ve been married 25 years. I’ve known him for over. He goes, what exactly do you do? Really? You’re asking me that now.
Jonathan Davis (06:33):
Yeah. I had a, of my aunts, you know, asked me, well, you know, this particular market, what do you think? What do you think I can list the house for? And all of a sudden I’m like, I don’t know, I’m not a real estate agent in that market and I’m not a real estate agent at all.
Heather Dreves (06:51):
So funny. I get the same thing.
Jonathan Davis (06:56):
Yeah. So I know that your all’s Reg A Plus fund is fairly new. Am I mistaken in that?
Heather Dreves (07:04):
No, we, it is new. That is correct. It’s just a little over a couple years old and, you know, to kind of back up the time clock. When I came on board here 10 years ago, I had previously worked for another private money lender and dealt with investor relations, mainly selling paper, selling trust deeds. And so when I came on board, that was really the business model, right? We had all these borrowers and real estate investors that had great deals. They needed funding. I knew a lot of investors that like to passively invest in paper or trustees or notes. And so we would partner them. Right? We would get the deal through underwriting. I’d start dialing for dollars is what I called it. Which you’ve probably done. And it’s clunky. And you know, on one side of it, you got a broker in a bar we’re breathing down your neck because they’re ready to close.
Heather Dreves (07:53):
And then on the other side of it, you’re trying to herd cats and get this investor that’s, you know, verbally committed to it. And maybe they’re using IRA funds and it takes time to move it around. So we started exploring the option to open an fund. And at the time, the only type of funds you could open was a 506 C fund, which was for accredited investors only. And we have a fund that does that, and it’s a great fund, but we always, as a team felt like we ha we were doing a disservice to everybody. Like we didn’t feel it was right for only high net worth wealthy people to be able to have that opportunity to invest and get great yields. And so when securities laws change, you know, four or five, four years back, and the regulation a opportunity, you know, came available, we decided to jump all over it. And I will tell you, our regulation, a fund is a lot more work to manage than our accredited investor fund, but we feel a sense of satisfaction and, feel like we are providing a really good opportunity to all these investors out there that aren’t necessarily accredited now, not to say that I don’t have, I have accredited investors into that fund. Some high net worth individuals don’t want to prove that they’re accredited and maybe they don’t have the minimum, you know, so there’s all these different reasons. So three years ago we started going through the process and it’s a pretty lengthy process. It takes about a year and it’s very expensive to open up a regulation, a fund. And so we jumped in with both feet and opened up what we call the circle of wealth fund three.
Jonathan Davis (09:28):
Okay. Yeah. Wow. So we have a question here from Glenn, he’s asking, can you explain the difference between a reggae fund and the other types? So besides accepting accredited or non-accredited investors, are there other differences?
Heather Dreves (09:43):
Well with our funds, the accredited investor fund is technically an exempt fund because you’re only allowing high net worth individuals. We make them prove that they are an accredited investor. And they have to qualify one of two ways. They can either qualify having a million dollars in assets, excluding their primary residence, or they can qualify through their income. So if it’s through their income, it’s $200,000 a year as an individual for the past two consecutive years or 300 as a married couple. Outside of that regulation A fund or regulation A plus fund, I should say. You don’t have to prove that you’re accredited, but the maximum you can invest. So they do cap it because the securities and exchange is looking out for people that are non-accredited is they say that the maximum that one individual can invest is either going to be 10% of their estimated income or 10% of their assets. So those are your biggest differences, but as far as the way that the two funds are managed within our organization, they are managed the same. They both have 75% of their fund balance and the loans we originate and then also 25% of their balance in the real estate, in our local market. So those are your biggest differences and then of course, minimums are different.
Jonathan Davis (10:59):
I was going to say the minimum was probably a big qualify
Heather Dreves (11:03):
It’s a huge difference. And, you know, we went back and forth on this. I was not a proponent of setting a minimum at a thousand dollars because it is a small dollar amount. However, I have to say a lot of people really like that because even if they have more than a thousand, I mean, this is a relationship, right? You know, I tell people, yes, you’re investing in the fund and the types of yields, but more than anything, you’re investing in our company and Secured Investment Corp. And that is the type of relationship that takes time. And so a lot of people like the fact that they can start with a thousand dollars, you know, maybe wait, you know, a quarter to see how it’s working for them. And they typically come back and invest more. And then, you know, for your people that really have small dollar balances, like small IRAs or really old 401ks, that’s a really good opportunity to get those types of accounts that are more, you know, typically smaller balances to work. So our minimum on that fund is a thousand dollars where the other one is 50,000.
Jonathan Davis (12:04):
Yeah. 50. Now I think you hit the nail on the head when you said trust. I mean, one of the things when you’re a fund manager and you’ve done it any length of time, you realize you are not selling a pref plus a, you know, a split above that pref to people you are selling yourself and your track record, and you’re selling that trust factor. So, and you all been doing this for how long, you said 10 years?
Heather Dreves (12:26):
We’ve managed funds for 10 years. Yeah. We’ve had three funds. Our first fund was written as a five-year fund. So technically we had to wind it down after five years and so what we did was we opened up our second fund before that fund wound down. So a lot of the people, you know, that we’re in. Yup.That they just rolled over into the second fund. And so that was a good opportunity for them. But, you know, I tell people you’re investing in us and our team and the team that we’ve put together here, which I’d like to take all the credit for it and say, it’s me, but it’s not. I mean, we have a massive team behind us from an acquisition team to an origination team, underwriting, servicing, accounting. I mean it takes a tribe to run these funds and, um, you know, I think that’s important to understand.
Jonathan Davis (13:14):
Yeah, absolutely. And, you know, that’s, that’s one of the things that, it’s one of the tenants that we live by here is we do what’s best for our investors even to our own detriment. And we have the battle scars to prove it. And I know for a fact that you and Leon will share that exact same sentiment.
Heather Dreves (13:35):
Well, and that’s why we align ourselves with people like you, you know, we want to be associating ourselves with good operators and, you know, as well as I do, if you weren’t doing that, you know, you would not have a fund anymore. And you know, it doesn’t always go as planned. It’s not a perfect, you know, formula, but you know, if you have the right team behind you to react and pivot, when these challenges come up, you will be as successful fund manager. And you will be able to continue to give those yields, but being open and transparent with fund members and investors is also really important. It’s something I preach to my team. It’s like, Hey, I don’t care if it’s good or bad news, you have to be transparent with them. And I can’t tell you one investor, that’s not understanding when there has been a challenge, but when you start not communicating, not being transparent, that’s when you’re going to be in some big problems.
Jonathan Davis (14:32):
When you have the perspective from the lending side, when a borrower where does that, I mean, where does your mind immediately go when a borrower ghost you or goes dark, we all think the worst. I mean, that’s just human nature.
Heather Dreves (14:48):
Yeah, no, I we’re on the same weight length as you guys.
Jonathan Davis (14:53):
So is your Reg A Plus fund, is it open-ended or does it have an end date?
Heather Dreves (15:00):
It is open-ended, um, it, yeah, it’s, open-ended. It’s got a $10 million cap. So once we hit that, then as a fund management team, we’ll decide what we’re going to do next. We could, as we can extend it. But right now it’s wide open. It’s a pretty easy process to, the nice thing about our regulation a fund is that it’s an online platform, which I think is great because I don’t know about you. I don’t even go into stores anymore. I would so much prefer to do everything off, which I don’t know if that’s a good thing or a bad thing, at least to spend money. I have to physically go somewhere. Now. It’s like, oh, well, I’ll just get on the internet. But the investment process is really easy. It’s actually on an online platform. And what a lot of our clients do is they’ll put it in growth mode. Meaning that they will take their earnings and they will reinvest them. And the online platform is really nice for that because they can actually log on there and they can see, oh, great. I earned, you know, 9% last month, that’s an annualized yield, but they can see their reinvestments going into there and they can keep track of that. They can even go add additional contributions on that online platform. So I really liked that. We’re to transition the other fund over to that, but we’ve been so old school, you know, DocuSign, here’s your sub agreement but fund three is very easy to navigate through.
Jonathan Davis (16:20):
And can you, what’s that website for that? If they, if someone wants to reach out and get more information, what is that website?
Heather Dreves (16:28):
So they can go to SecuredInvestmentCorp.com no plural in there. SecuredInvestmentCorp.com. They can even schedule an appointment with myself and my team members, if they want to talk more about it, I get a lot of questions. Like, you know, you mentioned IRAs or 401ks. I’ve got my IRA with my credit union, just for clarification. We’re not a custodian. But what I can do is give you, and you guys probably do this for your clients, is you, you figure out real quick, who are good custodians and who are not as great. And so I think it’s helpful to help our clients, you know, Hey, here’s a, here’s a company you can call. They’re going to advise you and help you get that money rolled over, or like old 401ks. That’s really common too. You know I have people every day call, I’ve got like 10 grand in mine. I don’t think I ever did anything with it. They can roll those over. So my point is you can go to the website, you can schedule an appointment with us, or if you’re just ready to get more information and move forward, you’re just going to click right on circle of wealth fund three, and you can walk through the process. It probably takes literally 10 minutes to walk through it. So it’s pretty quick and easy.
Jonathan Davis (17:35):
Oh, that’s great. Now you touched on, you know, compound interest when Heather said that you can reinvest, basically you’re taking your original principle and whatever you earn on it, you’re compounding back. And then that becomes your new principal amount at which earns interest as well. And I consider that the eighth wonder of the world. Compound interest. If, you know, if you know, taken advantage of that, it’s infinite returns.
Heather Dreves (18:05):
And it really juices your yields. I mean, I ran a couple of calculations for a client the other day, cause they were not sure they just wanted to get their earnings paid out. I said, well, here do the math. And it was almost a half a percent more if they were to just reinvest their earnings, you know, and it everybody’s in a different stage in their life. Right? You know, you may have millennials that are just getting started and you know, which is great. Like I wish I would have started this in my twenties. You know, like, where was this? How come nobody told me about this. But you know, for that type of a client that doesn’t need the cashflow reinvesting your earnings and putting in growth mode is the only way to go, especially with IRAs because those custodians are so fee heavy.
Heather Dreves (18:45):
You know, you have monies going back and forth and they’re charging you transaction fees. Or, you know, I deal with a lot of people that are retired, they sold their practice or their business, or, you know, they’re looking to replace their income. Then they’re obviously looking more on the cashflow side of things. And that’s an option too. I mean, you can get you’re on fund three, which is the Regulation A Plus fund, earnings are calculated every month and paid out. On the accredited investor fund that’s on a quarterly basis, but either fund has the options to reinvest. So it really just depends. And the other really neat thing is you can change it. So maybe you set it now and you don’t need cashflow, but in a year or two, you want to plan for the future. You can always switch it. It’s very easy to do.
Jonathan Davis (19:31):
I mean, it, honestly, you need to think of it as, I mean, it like putting your money into a fund, especially an open-ended one is a retirement account. So it’s the same thing you want to build it in the early years, you want to build it up and then you can use it as a distribution later down the road. I mean, these are the things that a lot of people don’t get taught. We don’t teach, we don’t teach people how to use and I’ll use air quotes for alternative investing or alternative assets to subsidize their living. And it is fantastic. I mean, oh yeah. Like I just left the Collective Genius and I mean, I was telling, I was telling someone, I forgot who it was. But I was like, I’m might be the poorest person in that room. If I’m not, I’m definitely like top, you know, one of the three poorest people that room. And I love it because everyone there is utilizing real estate to make a difference in their lives and their communities. And it’s not a secret. Everyone can do it. And funds are a fantastic way to diversify your risk and really get in the action.
Heather Dreves (20:45):
Well, and you don’t, you’re not, hands-on, you’re not one, you’re not dealing with tenants and toilets and rehabbing houses. I’ve done both. I’m just here to tell everybody it is not as glamorous as it looks on TV. I was like, what, what the heck? I thought this was supposed to be like Chip and Joanna, my husband and I almost got a divorce. We made great money, but I don’t ever want to do it again. And yeah. And then the other thing is there’s lots of options with trustees and buying paper, and we sell tons of paper, but I am very transparent with our investors, especially new people. It’s like, here’s the deal. You want to buy a trustee, I will sell you a trustee, but I want you to understand exactly what you’re getting into because people don’t tell them, you know, Hey, there’s no guarantee that guy’s going to pay. And if he doesn’t pay, I’m going to guarantee you, you’re going to have to start foreclosure, foreclosure cost money. You don’t have the cashflow coming in. And for some people like, honestly, buying trustees through your IRA is a great opportunity because if you foreclose and take that property back and sell it, all that profit goes back into your IRA tax deferred. So you just have to look at your strategy and how active you want to be. I mean, I work with so many people that are just professionals. They have full-time jobs. I like, I don’t want the headache. I don’t want servicing calling me telling them why they didn’t pay. But then on the other side of it, I have people that really like that. So that’s what’s nice about the funds is because it is the same asset. It’s the same thing as the trustees, it’s just, we’re managing it and we’re doing all the heavy lifting for them and they don’t have the headache of it.
Jonathan Davis (22:15):
And, and it’s not just one trustee. It’s hundreds of them. You guys shot it. You know, when someone doesn’t pay, you don’t feel that in
Heather Dreves (22:28):
It’s a lot less painful.
Jonathan Davis (22:29):
You don’t feel it. You might go from a, you know, you might lose one basis, point or two basis points on, on your potential yield. If someone doesn’t pay with the trustee, you lose all of it. It’s not there. So yeah. I mean, that’s the same thing. Some people want to be active. They like playing the game and that’s great, but a fund is a great way to set back and, you know, and let someone who you trust, run the show and do it well and make you money. It’s, it’s a great way to do that.
Heather Dreves (23:02):
Well, the other thing is, you’re not, you don’t have undeployed capital either. The worst time in an investor’s life is when they get paid back because they’re like, oh my God, I’ve got to find somewhere else to put this. And you and I have done deals together. It takes time. You know, it may take a week or two that money’s sitting there undeployed where in a fund environment, like your guys’s in ours, that money is just constantly out there working and you don’t have that. So that’s another big selling point with a lot of our clients is I don’t, you know, it’s great that borrowers pay off, but then it’s a big hassle. When you got to find a new trustee, your money has to go back to your IRA custodian. Then we have to request it back. You know, that could be a 2, 3 week turnaround.
Jonathan Davis (23:45):
Yeah. And there’s no, like, if one pays off, there’s no guarantee that you have one available at that time to sell them. I mean, you know, this. The way the fund works, we either have too many deals and not enough money or the complete opposite. So, you know, if you hit us at the wrong time, we, you know, we don’t have anything to sell you. I do want to ask you on a, you said 25% is real estate owned inside the fund. So do you all offer some like a depreciation benefit to your fund that were,
Heather Dreves (24:19):
Yeah, no, that’s a good question. And I’ve had a lot of people recently asked me that. Right now and historically, no, because the assets we buy are social short-term in nature. I mean, our focus has been buying single family, one to four units and fixing and flipping them because the whole business model of our fund is just that cashflow is just constantly turning over. So right now it does not offer any benefit of depreciation because we don’t hold the assets long enough. We might. You know, sometime in the future, do a syndication or create another fund where we hold assets, where there’s that opportunity. Because I have had a lot of people ask me, you know, it’s funny you have some investors are like, I want the highest yields I can. And then you’ve got high net worth people that are like, no, I you’re paying me too much. My yields are too high and I’m going, okay, that shouldn’t be a terror. So again, it kind of goes back to the, the individual’s appetite, their tax situation, their strategy. Right now our funds do not offer any depreciation. And I don’t see that in the near future, if we were able to offer that, it’s probably going to be in another fund environment or a syndication of some kind.
Jonathan Davis (25:33):
I mean, you normally see it with, you know, with, with real estate that you hold for more than a year, uh, you know, you’re right with the short-term stuff. It probably would be too onerous. And honestly, it wouldn’t be that much depreciation.
Heather Dreves (25:45):
Yeah. And, but here’s the thing markets are shifting, you know, it’s still a hot market here, but it’s not what it was three months ago. I can tell you that. And you know, we have hard winters here too, so we will, we have seen our market cool off. It’s still good. I mean, we’re not seeing values, go down. Things are taking a little longer to sell, but it was also the end of summer. Everybody’s taking vacations, trying to get kids back in school. I think, you know, historically things start to pick up again in September. But if we do see values start to decline because our values here are just insane. Like we just sold our primary residence and I was like, I couldn’t even believe what we sold it for.
Jonathan Davis (26:27):
I can’t remember if it was Utah or Idaho, but one of the two saw the highest appreciation for real estate
Heather Dreves (26:35):
It’s Idaho. Yeah. Mainly Boise market which is farther south than us. But Coeur D’Alene Idaho is a resort town that everybody in the world has heard about. It was in the wall street journal is a number one place to move. And we’re all like, oh my God, no, don’t tell people that. But the point is, is that we might start to hold some rentals, you know if we see markets decline and just cashflow and because when values go up that high and then they start to drop there’s also. So what’s happened here is a lot of people that are from here originally have started selling their homes. And now they have nowhere to go because prices are so high, they made a ton of money, but they can’t buy it. They can’t replace what they sold. Now, there’s this huge demand for rental markets too. So, you know, as a fund management team, that’s the neat thing is we can pivot like, yeah. So what we, you know, for the last seven years have fixed and flipped and that’s been a really good juice to our yield. But it’s not to say that we might not find that, you know, holding some rentals and cashflowing, those might be more beneficial and profitable for the fund. Um, but again, they’ll always be single family, one to four units.
Jonathan Davis (27:48):
Absolutely. Yeah. That you, you know, what markets, you know, or what asset class to be. And, you know, if you fix and flip and you’re getting a 14 to 16% return, I mean, with good levels, low enough buy in costs, good levels of rent and depreciation, you can probably achieve close to that if not hit that as well. So both are good strategies for sure.
Heather Dreves (28:15):
Yeah. Well, it’s exciting times to be in.
Jonathan Davis (28:19):
Absolutely. Can we throw her website up there again, Secured Investment. Thank you very much. So guys, if you want to get in contact with Heather or someone from her team, talk about a couple of funds that they have. I have, you know, through, through our company here at Carolina Capital, we have bought loans from Heather. We have done deals with Heather. I couldn’t vouch for her anymore than, than doing business with her. So thank you very much, Heather, for your time and your expertise on all this.
Heather Dreves (28:53):
Yeah. I appreciate it. Those are really kind words. And we feel the same way about you guys. You know, we’ve worked together for a really long time and I love the fact that we kind of do the same thing, but don’t feel like we’re in competition with each other. And, you know, um, I think it really boils down to just taking care of the client and finding what’s the best product for them, whether that’s with you or us or someone else. So we’d love to talk with anybody more if they have questions. I have a lot of clients that love the Regulation A Plus fund for their kids, like younger, young adults that are just getting started because it is such a low minimum. So that’s something to kind of think about too on that one.
Jonathan Davis (29:29):
Excellent. Yep. Excellent. All right guys. Well thanks for watching. We are Carolina Capital Management. That is CarolinaHardMoney.com. Check out our website. And if you would like to borrow money, hit the borrower tab, if you would like to be a passive investor in our fund, and you’re accredited at the investor tab. Also don’t forget to subscribe, like share, hit the bell, all those fun things. I still don’t know what hit the bell is.
New Speaker (29:59):
Yeah, what is that?
New Speaker (29:59):
I don’t know. Can someone tried to explain it to me.
New Speaker (30:03):
You ask Bill.
New Speaker (30:03):
Yeah. I don’t know what it is, but I think it has something to do with YouTube. Maybe. I don’t know. But yeah. Thanks again for watching and we’ll see you next week.