083. From Full-time Leader to Full-time Investor with Jens Nielsen

Connect with the host:

LinkedIn: https://www.linkedin.com/in/brandon-e-jenkins/

Website: https://www.birchprosper.com/

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About the guest:

Jens Nielsen is a co-founder and Managing Member of Incrementum Equity Partners, where he oversees the company’s acquisition analysis, business-development activities and asset management. He has over 25 years of experience in computer system management and organizational leadership. Prior to forming Incrementum Equity Partners with Jason Pero, Mr. Nielsen was founder and principal of Open Doors Capital, a private real estate investment firm that have purchased over 2,000 apartment units since 2016 at a value of over $150M. 

Connect with Jens Nielsen: 

Email: jens@incrementumequity.com

Website: https://incrementumequity.com/

LinkedIn: https://www.linkedin.com/in/jens-nielsen-multi-family-real-estate-coach/

Episode Highlights:

✔️ Leveraging technical skills as an investor

✔️ Transitioning from W-2 to being a fulltime investor

✔️ Building broker relationships

✔️ Finding partners to fill your skill gaps

✔️ Adding  value to experienced operators

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💡 Interested in learning more about opportunities to partner in deals as a passive investor? 

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Transcript

SPEAKER_01 0:05

Have you ever thought about your 9 to 5 as being an asset? People ask me all the time, what does it take to transition to being a full-time real estate investor? But you might not realize you're building the very skills that you would need to be an investor on your job every day. So ignore the crowd that's overly negative about having a W-2 and think of it as an asset. That way, if and when you're ready to make the shift to investing full-time, then you will have built up some highly valuable skills. Our guest for today has done that very thing. So we're sitting down with Jens Milson, co-founder of Incrementum Equity. Um, you know, some some really valuable information being shared in this discussion, including how to build broker relationships, how to add value to experienced operators, and how to find partners that fill your skill gaps. Okay, so I'll see you in time.

SPEAKER_00 1:03

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SPEAKER_01 2:11

What would you do if you had the freedom to pursue the things you enjoy the most? How incredible would it feel to have the resources to pursue your passions fully and live life on your terms? This is Brandon Jenkins, host of the Capital Stack Podcast and principal of Birch Prosper. You might have heard that 90% of the world's wealthiest people attribute their wealth to real estate investing. Well, guess what? It's true. Investing in real property continues to be the greatest generator of wealth all over the world. So join us each week on the Capital Stack Podcast to hear about how commercial real estate group investment opportunities can help you reach true financial freedom and give you your time back. Hello, what's up, everyone, and welcome back to the Capital Stack. So if you've been listening to this show for some time, then you know that there are a few professions that I um frequently say are um lend themselves very, very well to uh to this space, so uh or professional backgrounds that lend themselves very well to the real estate investing, really and the overall investing space, in my opinion. And one of them tends to be um IT professionals who are who are trained in a corporate uh corporate environment, professional environment, and then sort of bring some of that skill set over into uh this business. I think there are a lot of pieces um on the professional side that that and training and things like that that lend themselves well to the space. So our guest for today has uh has done just that. He has a wealth of experience and background in IT, but he also has an exhaustive and extensive background in the investment space. Our guest for today is Jens Nielsen. How are you doing today, Jens?

SPEAKER_02 3:45

I'm doing well, Brandon.

SPEAKER_01 3:47

Thank you so much for the opportunity to speak to you and your guests today. Absolutely. Thank you so much for being here. So, Jens is a co-founder and managing member of Incrementum Equity Partners, a firm who's passionate about sourcing and vetting key investments for smart investors. So you have to love that mission. He brings over 25 years of experience in computer systems management and organizational leadership to his firm, where he oversees acquisition analysis, business development, and asset management. See, I told you that computer systems and IT background lends itself very well to the space. Prior to forming Incrementum Equity Partners, Mr. Nielsen was founder and principal of Open Doors Capital. So you, I'm sure you probably heard that name before, a private real estate investment firm that has purchased over 2,000 units since 2016 at a value of over$150 million. So with that, welcome to the show. Uh Jens, very, very happy to have you here. Why don't you share just a little bit of your background and your journey and kind of what got you to this space?

SPEAKER_02 4:45

Yeah, absolutely. So as people may notice, I have a little bit of an accent that my name is kind of Scandinavian. So I grew up in Denmark, left there in my early 20s to go to London, England with my, it was actually in telecommunication, kind of the intersection of telecommunication and IT. London, England in the early 90s, and then on to the United States and kind of the mid-late 90s, where I first settled on the East Coast, um, you know, obviously working in IT as that was booming, then slowly migrated west, first to New Mexico, then to Colorado, but still stayed in the IT business until about, you know, seven, eight years ago, I realized that I had another 20 some years of work ahead of me for working for somebody else. I was like, man, this, I don't want to do this. And I felt like I didn't want to go out and start some sort of IT company. And then I kind of stumbled on real estate, you know, starting out in smaller forplexes, smaller properties that me and my wife were able to buy, and then did, you know, scaled up a little bit, did a joint venture, did a few other smaller deals, and then, you know, got got into the syndication space uh in 2019. Um, held on to my job for a while, but have now for almost two and a half years been doing this full time. And I moved back to to New Mexico. So now I live in Santa Fe, New Mexico, but I do this full-time basically, you know, acquiring apartments, raising money, asset management, all these different things.

SPEAKER_01 6:21

Absolutely. And and thanks for sharing that background. And you've you've traveled quite a bit, you know, which is good, gives you exposure to different perspectives and backgrounds and everything else. Right. And so let's talk a bit then about that initial transition. Um, so when you you mentioned that you stumbled into real estate, can you maybe dig in on that just a just a little bit? What what what sort of uh introduced you to it and what made you what you know what sort of interested you or piqued your interest uh in the business?

SPEAKER_02 6:47

Yeah, it was funny. I I had like for years been like trying to find some other way to start making some money, and nothing really made any sense. Everything just looked like another job. And I distinctly recall uh picking up um apartment uh investing, I think it was called by Brandon Turner from Bigger Pockets. I picked up that book on Audible and I put my headphones in and went took the dogs for a walk. And by the time I came back, you know, an hour later, I was like so excited, like, man, I told my wife, this is this is the path, right? This is what we need to do. And uh so that that kind of totally you know lit the light bulb there. But I didn't really know what to do, right? So I was like, who do I know in this business? And I went and connected with my friend who lived in the same town who had been investing for a while. And he's like, did the back of the napkin kind of like this is how you do it. And he made me some introductions to a broker uh in Albuquerque, New Mexico. And within a few months, I had actually purchased my first four plex.

SPEAKER_01 7:48

So I just like, well, let's try, let's see how this actually works, you know. Yeah, that you know something that's that's impressive uh for a couple of reasons. One is, I mean, you took pretty immediate action, you know. You have a lot of people who um even when they have that first thing that sort of clicks in and they say that uh this is what I need to do, this is the solution that I've been looking for. I mean, you have some people who will take years and years and years and and risk that, you know, um, paralysis, analysis or not analysis, paralysis, and never some never do anything, or at the very least, take a very, very long time before they do anything. And so I applaud you for taking action, you know. And so I think that that, in my opinion, that's what one point that I like to highlight as well is you know, take take in some information. You actually you did the right way. You took some information in, you got connected, you you know, you you you spoke with some folks who've done it before, and then you moved right into it. Um, so I think that's incredible. Uh and actually on the topic of of brokers, um, I know you you had a post uh not too long ago on LinkedIn where you had some tips on submitting offers, I think, to brokers. And so I think that's a something that uh, you know, that's very interesting here, that where you talked about um how investors can get better better deals from brokers, um, even if they haven't had a ton of experience. And can you kind of share just a little bit maybe about your your thoughts on that, how to best communicate with a broker so that they actually send you deals that make sense for your criteria?

SPEAKER_02 9:13

Yeah, I mean, you know, be kind of communicate, right? Don't just send them an email and say, hey, Mr. Broker, I'm looking for a deal, and then never, never talk to them again or reply to any email. So it's basically it's an email followed by a phone call, ideally like a visit to that market to start building that really those relationships, right? Because they need to know who you are, they need to know that you're serious, you're willing to make the trip there. And then when they start sending you stuff on the right and said, okay, you know, I like this is what I like about this deal. This is what doesn't really work for me. So unless, you know, we can, unless there's some adjustments in the price or other things, it's not really gonna work for me. Or, you know, if it does work and said, okay, you know, I'm willing to submit an LOI at this price, just communicate with them and and and just be honest and open and you know, because they're they're humans too. Obviously, they have a product to sell, especially right now when it's a tougher market, they're probably gonna be more interested in listening to you than maybe they were a year or two ago, right?

SPEAKER_01 10:15

Yeah, yeah, you're right. I mean, that's that's a great point, right? That's um one thing that I share with people is look, with this is a time where um it can be difficult to find deals. Um, but because the transactional volume is low, this is a great time to sort of get your foothold in the marketplace because there are a lot of people who are more eager, just like you said, more eager to have conversations with people who maybe don't have the experience. Now's a great time. Reach out and say, hey, listen, you know, I've been watching the market, want to come meet you, want to, you know, have a quick quick bite to eat or coffee, and we can talk about what I'm looking for. Um, that's something that, you know, I I firmly believe that we'll never get to the point where you can forego or just kind of bypass that step. It's a necessary step, but it's one that you don't want to bypass. You know, it's one that I think is very important. Relationship building um is, in my opinion, the key to this business. Um, so it's very important. You know, so so let's talk then a bit uh about um transferable skill sets, right? I like to talk about that a lot as well. Um, you know, and so I've already mentioned, right, that with your background, I think it lends itself very well to the space. But um, so do you have you found that your that your background in leadership and technical roles has that helped you as an entrepreneur and as an investor?

SPEAKER_02 11:28

Absolutely, right? So this is one of the things when I work with any of my coaching clients, I always tell them that don't check your skills at the door, right? When you enter this new business, make sure that you leverage what you have in doing in your W-2 job if you if you enjoy it, if you're good at it. So, you know, having been in the IT space for so long, I mean, that's that's all about creating systems, project plans, implementing and and measuring the output of what you're doing to see if it if it helped or if you did the right thing or not, right? So it's that iterated process of of slow information, slow um tweaks and then kind of see how that impacted the the bottom line, right? So it's a lot of those things, right? So I tend to be the guy that that runs all the meetings, that creates the to-do list and so forth. So, you know, and I like, I like, you know, I'm I love still to work on spreadsheets and analyze numbers and so forth, right? It is a little bit different dealing with people and it's dealing with computers because the lead time is a little bit longer and you may not always uh kind of see the the outcome until it's either, you know, either until you're a few weeks or a month down the road, right? But but it's it's just I think it's you know, but also the other thing you have to think about, you know, somebody like me who's considering himself an analytical, maybe a little bit on the introverted spectrum of things. Um I have a partner who is very um extroverted, right? He loves going out there, talking to brokers and all these things, which I'm not really a fan of, you know. Uh so that helps a lot too. So we can definitely get into like partnerships and how that's important in this business as well.

SPEAKER_01 13:10

Absolutely. And I mean, this is even a great point to segue into it because I so you because you mentioned that you started off on the lower unit count, I think, with Quadplexes and um and and in a sort of that range and now scaling up to larger properties. One thing I like to tell people is that when when going from it's I think it's a good thing that you know to start off on that side, I start off as a single family investor as well. And um, but making the shift can be difficult because you wear all the hats on that side, then you go from there to working in a team. Um, but if you have professional, you know, a professional background or corporate background, you're used to multifunctional teams. You're very much used to and accustomed to working alongside different um groups a lot of times that you you you don't spend very much time with unless it's around the project. Um, so you know, I think that's important. And we could definitely talk about partnerships, the impact that that has made on your business, why it's important to do what you did, which is to have a partner who has a uh strength in an area that you're not so strong in. So so let's let's talk a bit about that then. How were you able to find your partners? Because that's another thing that people need to understand.

SPEAKER_02 14:16

Yeah, and again, right, I think this is this is definitely a big uh mindset shift, you know, in in most corporate environment, even school, you're kind of taught to, you know, you evaluate it by who you how you do yourself. And it's all about, you know, that one star and uh or that one expert and so forth. And I kind of operated that like that initially, but I realized it was just holding me back, right? I could only do so much. Um so I did, you know, I would go to somebody's real estate conference. There was there was a lot of them out there, and I was going to this one conference in like early 2019, and I just randomly sat next to this this guy and we started talking and we hung out afterwards and had some you know food and a few drinks, and and he was starting to he he had done one small syndication and was getting ready to do his second one. And I was like, man, I really want to help, I really want to, you know, help you. What can I do? And and the partnership kind of formed that way that I was willing to offer some some underwriting, help with some capital raising and a few other things that really added some value to to him. So we did that deal and then led to you know friendship, and then I think we've done 20 deals together now, something like that. So and we formed you know incrementum uh equity partners, that is our new business. That we are, I mean, we've you know, we're putting a ring on it if you'll have to work together for so long.

SPEAKER_01 15:40

So yeah, I like that. I mean, yeah, and you know, it's it's funny that um there's two things that they already stand out um with that to me is one, uh I think it's vitally important for someone who's um getting in this industry to attend those conferences. It can be easy to um to view them as almost sort of secondary or tertiary in terms of the on the list of things that need to be done. I think it's important because if if for no other reason, then you can find partnerships, which look at exactly what happened to you. I mean, and so if you decided instead to say, uh, you know what, I'm gonna stay home, not gonna go, you know, it's not my thing, then who knows what would have happened. I'm sure you still would have had success, but not in and you know, it wouldn't have looked like it does now. Maybe it would look different uh differently. So I tell that to people all the time is just that, you know, hey, going to conferences is an incredible um thing, I think that needs to be done. I myself am in introvert at times. And so what I do is to go with the plan, you know, I go with and do some intentional networking is kind of what I call it, um, which is very important, you know. And the other thing that that I think stands out uh about that story is um, you know, that you all were sort of able to come together and build the relationship because again, talking about how things will grow over time. And so so let's talk then about increment um a little bit here, right? Because it's because you've gone from with open doors, had a a focus market kind of in with Ohio, Pennsylvania, I forgot a few other markets. Um, so let's talk about incrementum equity. What's what was it formed for? What's sort of the mission of the the company?

SPEAKER_02 17:14

Yeah, basically it's it's it's just a continuing evolution of what you know we have been doing already. So I mean the market are still the same, Western Pennsylvania, I see upstate New York, we've done a deal, uh Cleveland, Ohio, um, down into Oklahoma, um, you know, a few deals here in in New Mexico as well, right? But it's really just we want to just kind of really get much better at our at our marketing, our you know, putting our name out there to an investors as a as a joint group that look that looks kind of professional on the surface as well as in execution, right? So that was kind of the that was the intention there. Because, you know, I feel like most successful investors out there that are raising money and stuff have some sort of brand that they're focused on, and that's ours, right? And we want to, you know, we're really focused on that. You know, if if I look at my list of investors, the ones that have invested multiple times are, you know, doctors and lawyers and business owners, right? And I love to connect with more of those types of people because then you acquire an investor one time and they keep quote unquote coming back, right? That's really important. So you don't have to, so it's not 50k once and done type thing because that and you keep reacquiring investors. So we're trying to focus up on that and we'll put some you know events together. We already run a small, a small uh mastermind more for active investors, but we also want to try to create, you know, intentional investor appreciation or other ways to really attract that that right uh avatar investor for us.

SPEAKER_01 18:52

Yeah, sure, sure. I mean, I think you know, reliable capital, repeatable, reliable capital, and even larger source of capital, you know, um take takes work and it's and it's very important to have. So it sounds like you guys are definitely on the right track to establish that. I like that you said that you have a brand that you that you've built because that's that's the way to do it. People need to, I mean, it's obviously they want they want to understand kind of you know you as a person as well, but it is important, I think, to have a brand that you stand by and um I think it helps people identify a bit with with with what's going on and with the project uh or the company. Yeah, um, so I do have to ask, um, you know, in terms of your market focus, uh, you know, any particular reason why those markets are where you focus? I know that, I mean, you know, people who are not active in those markets might not realize it, but you can find deals that are at an eight cap or even north of that, depending on which where you find what you're looking for. So um maybe share some details as to why why that particular market and what's your focus there.

SPEAKER_02 19:47

Yeah, so it kind of started out with my partner living in uh you know western Pennsylvania, uh northwestern Pennsylvania. So he had already been buying stuff there, and we sort of just kind of slotted into his network, his his infrastructure. I mean, we are kind of vertically integrated in the sense that there's property management, there is rehab, there is uh capex and everything else built into the same company. So it just seemed natural to expand there. Um, you know, yes, I mean, Erie Pennsylvania may people not may not be very uh familiar with it, but it's a great cash flowing market, as you said, right? We buy stuff at a high cap rate. Yeah, we don't expect people's money to double in two years like they did in Phoenix or other places like that. But we also are buying stuff at a reasonable price, cash flowed for many years, and just slowly increasing people's wealth, right? And that's really the model that we're working for. Uh you know, so we have a lot of people like, yeah, I love it because it it sends you get a check every quarter and there's no hassle, right? So that's kind of the target. Um, but you know, you know, uh at Cleveland, uh, we're doing a deal, 186-unit deal there at 52k a door. I mean, that's a pretty good price. Uh you know, obviously we're gonna put some money into it, but there's definitely great opportunities if you know where it'll look, buy in the right areas and have the right team.

SPEAKER_01 21:09

Yeah, absolutely. I mean, I would even argue that it's one of those markets where it still makes sense, right? I mean, because some of these other markets that um are more a little more popular, you know, especially some of the key markets in the Sunbelt, um, you know, it's gone from that 50 something a door to now 200 a door over a relatively short amount of time. Um, so there's an argument to be made that says, well, you know, sure, even though you get some nice upside on on the exit um during the hold, it it can be a little more challenging than say a property that's in the deal in the deal on the focus, uh, the market where you guys are right now. Um, and so and it and again, just like you said, it requires that specialty, that focus, and that network um there that's been established, which you guys are leveraging. So I think that's incredible. Um, so so let's talk right about infrastructure because that's another piece that I think is important, and especially in being able to ship. From uh your time at Open Door, then out to the new company that you all have launched and started. And so infrastructure-wise, anything there that has sort of enabled you to scale up then to the new focus that you guys have in incrementum equity.

SPEAKER_02 22:17

I believe that you know having in-house management is is really a key because you can control your cost. You know, the my partner is also the owner of the property management company. He initially started just to run his own his own properties, but that way you have that built in. There's a lot of accountability there. And then now, you know, all our all our rehab is done by his wife and and her team. So therefore, it's also, you know, very close to the business, you know, with these different businesses. So I mean, I get it, not everybody can do that and so forth, but it's a unique way of of really having everything so tightly integrated. I mean, property management, it's a it's not a very, it's a business that is very hard and it's a low margin business, but if if done well, it that's a huge part of your success, right? So we do that, and you know, uh, you know, and then we also obviously run our asset management slightly separate from that because that's not really part of the property management business, but we really you know structure that and before we do a deal, we make sure we identify who is responsible for different areas using kind of that uh enterprise operating system model and so and EOS model and so forth, right? Because you can't just go out there and buy a deal and say, Oh, now we're driving. You gotta have some plans in place.

SPEAKER_01 23:42

Yeah, for sure. So there, and there's some people who make the mista make the mistake of doing just that, right? I mean, they just instead of having things um sort of sorted out and organized ahead of time. I mean, so I think that's very important as well. And so on on the New Mexico um side with those properties, um, any any key differences there strategically or or um organizationally, what's uh what are some of the differences?

SPEAKER_02 24:03

Yeah, so there obviously those are properties owned either just by me and my wife or with a couple of JV partners. I will say there, that was actually my one of my first mentors, he owns the property management company there. So I have a very good relationship with him. But I have to just kind of you know manage well, he's also a partner with me in one of the deals, right? So that helps as well. So I think the more tightly integrated you can become with the property management company, that helps and stay on top of them, right? Keep keep them accountable to what you want to see to happen and so forth. Um, but it's just that's more, you know, standard PM company doing it. But I've I had them for so long that they're very low, what do you call it? Uh requires low uh hands-on right now. They're just kind of doing their thing. So that's running, that's running really well. And then some of the stuff in Oklahoma, you know, we do have third-party management there. But we did actually go in, and one of our partners on that deal um started a kind of construction company and he went in and did a lot of the rehab. And now they're actually going to hire somebody to to be that on-site manager. We don't need a full-time one. But so again, right, just being a little bit creative to control your cost, to getting, you know, people that are closer to the to the owners that tends to help on managing cost.

SPEAKER_01 25:27

Yeah, yeah, absolutely. I mean, and that's that's that's getting more and more critical um as we get deeper into this this current market that that we're in. Um, really, you know, um, so uh one any advice, I guess, that you might give, which out of curiosity to someone who's looking to find and build a partnership, um, you know, but they're looking for someone who can fill some of the gaps that they have. Like, what's we need general advice that you might offer someone?

SPEAKER_02 25:51

Um, I mean, go to conferences, right? I mean, this is that definitely that's one thing. Just go around and start talking to people. Don't try to talk to 50 people like you have an intention around, like, okay, I'm a really good deal finder, but I need somebody to help with the asset management. Then just talk around and find those people, right? Or vice versa. But also have an intention once you come back and say, oh, I spoke to, you know, three different people. I need to reach out to them. I need to stay in touch with them and see where that takes. That's one thing. Go to local meetups. I've started a couple of different meetups in different cities I've lived in. Yeah, go to meetups or RIA meetings and start meeting people there, right? Get out of your comfort zone, get out of your house, get out in front of your computer because that's where the magic happens. Even if you are a little bit introverted, it's fine. Everybody else is, and everybody feels a little nervous when they show up. You know, um, see what value you have because sometimes you know you see a very quote-unquote experienced person. Well, you know, if you are very good at creating content or a website, or you can raise money, you can add value to an experienced operator already. I mean, we just partnered with a guy who is a CPA and he left one of the big four CPA companies to come work with us, and he's literally saving our lives when it comes to managing our finances and everything else, right? So there's, but now he's a general partner because he offered that incredibly valuable skill to us, right?

SPEAKER_01 27:17

I like that you said that, right? It's it's the more it's it's interesting, the more experienced someone um is, I think the more opportunity someone who has less experience can come in and fill some of the gaps that they that they no longer have the time to spend focusing on. You know, so I mean you made a good point there. It could be anything from branding to sort of sourcing deals, underwriting deals, or things that they now have less time to spend on because they're they're making sure they focus on investors or or some of the higher level stuff. And so there's really never um a slot that can't be filled with some value that someone could bring to the table. So I like that. Um, so Ian, let's someone who's listened to this and uh they like everything that you're saying, they're they're they're ready to take action just like you did. What's something that they might um or a piece of advice that you might give them, some actionable tip to help them get started today?

SPEAKER_02 28:06

Yeah, assuming this is somebody who's never done a deal before, I mean, I think a couple of things, right? It has to start with some level of education. Make sure you get educated. That could be as simple as reading some books, listening to some podcasts like yours, going to some events. And if you're ready to take it to the next level, I I truly believe having a coach, accountability partner, a mentor, something like that also really helps to kind of be that because it's easy to talk yourself out of taking action, you know. You know, that was one of the, you know, as I I had done a few deals by myself, but I didn't really know how to scale. And I joined one of these coaching programs and it helped me grow to that next level. So I would definitely say that. That's number one. And then number two is like try to find one or two people that you can potentially partner with because then it creates some excitement. It's fun to work with other people, you know. And then don't be afraid, call brokers on the right deals, all those different things, right? Just kind of take some action. It may be imperfect initially, but over time it it builds to something.

SPEAKER_01 29:07

Yeah, absolutely. And I love the partnering one as well. And I like to call it partnering up. You know, you partner up with somebody, but that has a that's at a higher level uh than you, and you'll naturally sort of be able to pick up on things and then rise up to that uh to that level. So that's incredible. Um, Jens, uh, you know, we're we're getting right here kind of at close, but I really, really appreciate the value and the and everything that you added and shared um here. And so for those who are looking to sort of contact you or reach out to you, um, how can they do so?

SPEAKER_02 29:37

Yeah, so I mean, kind of old school. I mean, the best way to is my email, it's Jens J-E-N is at incrementume equity.com. And maybe you put it in the show notes so people know how to spell that. That's our website, that's our brand, you know, and you can go on our website, incrementumequity.com and you know, connect with us there, sign up for our investor list and so forth.

SPEAKER_01 29:58

I definitely will add that to the show notes. And you know what? Old school works. So I think that's a good way to do it. All right. Well, listen uh again, Jens, really, really appreciate um your time and the value that you've added to the show, to the list to myself. So thank you very much. Absolutely, Brandon. It was a lot of fun. Thanks again. As always, thank you so much for tuning in to the show today, brought to you by Bridge Prosper. If you enjoyed today's episode and you'd like to learn more about commercial real estate investing, please like, subscribe, and share. And we'll see you again next week. I'm Brandon Jenkins, and this is the Capital Stack, where we help you learn, apply, and prosper.