Wealth Management Strategies for Real Estate Professionals from Henry Silva

Wealth Advisor Henry Silva reveals how CRE owners and brokers avoid costly tax pitfalls. Hear about a costly lesson from a CRE transaction, the “Freedom Fund” framework for variable income, and smart entity setups that keep more in your pocket. Practical, tactical, and made for dealmakers.

Ready to explore how wealth management strategies can benefit your commercial real estate practice and clients? Connect with Henry Silva on LinkedIn or at henry.silva@apollonwealth.com to continue the conversation.

Apollon Wealth Management, LLC (Apollon) is an investment advisor registered with the SEC. This content is for informational purposes only and does not constitute investment, financial, tax or legal advice. It is not a recommendation or solicitation to buy or sell any security. Investing involves risk, and clients should carefully consider their own investment objectives and never rely on any single chart, graph, or marketing piece to make decisions. Past performance is not indicative of future results. When information is sourced from third-parties, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. Opinions are subject to change as market conditions evolve. Please consult a licensed professional before making investment, tax, or legal decisions.

Thanks for joining us on CRE Cafecito, the CCIM Miami Podcast where deals, insights, and Miami flavor come together.

For more information on CCIM Miami District please visit:

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You can find Ruben the Cuban on LinkedIn.

Chapters

• 1:20 Introduction to Henry Silva
• 4:20 From Banking to Wealth Management
• 9:50 Partnership with CCIM Miami
• 14:30 How Advisors Support Commercial Brokers
• 20:20 Financial Planning for Real Estate Professionals
• 24:40 Case Study: The $2 Million Tax Mistake
• 29:20 Miami Market Outlook and Closing Thoughts

Transcript

Speaker 1: 0:40

Welcome, welcome, welcome to another episode of CRE Commercial Real Estate Cafecito Time from Miami, CCIM. Today we have Henry Silva with Apollon. Wealth is a fabulous member of our board and a very active member in the wealth community working with different commercial real estate folks. And, Henry, thank you very much for being here today. We're excited to talk to you. Yeah, Ruben, I'm so commercial real estate folks and, anyway, thank you very much for being here today.

Speaker 1: 1:06

We're excited to talk to you. Yeah, ruben, I'm so excited to be here. Well, that's awesome, that's awesome. I'd like to also thank you for sponsoring today's episode and again for all your support. That CCIM, miami District. And well, you know, as we get to talk, before we kind of get into the meats and bones, I always like to go back a little bit and and let uh, let the audience know a little bit about who you are, a little bit about where you came from. So, uh, let's, let's go back and give us a little background. You know a young henry, absolutely absolutely well.

Speaker 2: 1:38

again, thank you so much for the opportunity. I do want to kind of expand on the whole CCIM partnership because it's been huge for me. I've been involved with CCIM now for about four years. I'll share a little bit about how I kind of stumbled into CCIM, but the organization overall has been amazing and it's been a huge value add to what I provide to my clients. So, ruben Tracy, the entire CCIM team, thank you so much for everything you guys do and for the opportunity to be involved To share a little bit about myself. I was born in North Bergen, new Jersey. Oh, new Jersey, all right, yeah. So I was born in North Bergen, new Jersey, but I relocated to Florida when I was by the age of one, so even though I was born in.

Speaker 2: 2:19

New Jersey. I consider myself a Florida boy. I grew up across many different counties in Florida. I was in Broward County, West Palm, Tampa, Florida and now here in Miami-Dade. Like I mentioned, I graduated from the University of South Florida. I was a very active student. I was the senator for the College of Arts and Sciences at USF. I was also involved in Greek life. I was part of a Latin fraternity, Lambda Theta Phi, Latin Fraternity Incorporated, and so that's a fast version of a little bit of my background.

Speaker 1: 2:53

Yeah, no, awesome, awesome. And you, you always knew you wanted to go into, like the financial service type industry or Great question.

Speaker 2: 3:02

So while I was at USF, I was working at this major bank and I initially wanted to go to law school. Okay, so you know, I was studying, getting you know, preparing for the LSATs. I had just graduated Six months later. I, you know, I passed or not passed. I took the LSATs. I got pretty good scores. As soon as I got, I got accepted to one of these law schools in Deland, at Stetson, and I got the letter in the mail saying hey, congratulations, you're in. You need to reserve your seat. Here's the bill for what this financial expense is going to be.

Speaker 2: 3:40

Right around that time was around the time I got my first I had to start paying back my student loans for USF and I remember just seeing the number and I just didn't know how I was going to pay that back while also going to school and paying on taking on this new bill. So, because of the financial part or that aspect of it scared me. I realized immediately that maybe legal was in the field for me, but I really enjoyed working with people. I always wanted to help. Again, at the time I was working at this major bank and I said there's no better place to grow than from where I'm at here. So let me just test it out, see where, see how far I can grow, and see if I like it and go from there. It wasn't, you know, it wasn't, I guess, linear from the very beginning, but I did start off as a banker over in Tampa Florida.

Speaker 1: 4:27

So you moved to Miami and you're establishing yourself Now. How did you go from like the banking side to like the I guess, the wealth side?

Speaker 2: 4:37

Yeah, so that's a great question. So I relocated to Miami in 2014 and I had zero professional contacts here. My closest relative, my aunts they live in Broward County, which is about is, you know, about 45 minutes to an hour away. So that was it. I didn't have any professional contacts here. I was starting off completely fresh.

Speaker 2: 5:00

I started in North Miami at this branch, and near our branch was this industrial park, and that industrial park was an incredible training ground for me because I got to meet so many business owners and I got to see how they, how these entrepreneurs, were thinking, how they were growing their business when they were reaching out to us for lending because they needed to grow, whether it was to hire or bigger facilities, things, everything that comes with, you know, growing their business. I got to see firsthand those challenges and, you know, I made it a mission as soon as I relocated here and I saw that opportunity to go, you know, with our business bankers and learning more about these businesses, their operations, and that's kind of what shaped me into the advisor that I'm in now. So, as I mentioned, I started off on the retail side in banking, but from there, within the same firm, I grew into the private banking position. So I was with the private bank here in South Florida. We worked with high net worth and ultra high net worth families. Here in South Florida, we worked with high net worth and ultra high net worth families. I was there for a short time and then I transitioned over into the wire house space, which at another major law, at another major financial firm.

Speaker 2: 6:14

But I realized that what I wanted to build was a practice that could go deeper, with clients not just focusing on the investments but developing the financial plan for them. So financial plans sometimes people can you know their eyes may glaze over. It's a term that's often used, but for me, a big turning point in my career was when I was on the retail side and I had this client who had a huge impact on my career. He was he and a few others were the reasons why I had so many doors open and opportunities to continue growing. This was a large business client. His business was doing amazing. It was growing rapidly, but personally he was in a tough spot. So he was going through a divorce. Because of the divorce, it forced him to sell a portion of his business. He had to start dividing the assets that he had between he and his wife and you know, because of that he was facing a massive estate tax problem.

Speaker 2: 7:15

So, sitting in that retail side, in that banker role, I was very limited on how I can help him. At the end of the day, it was just investments that I had access to. But I realized my clients, the ones that are one, opening doors and allowing me to learn and grow. I couldn't help them and I wanted to and you know I wanted to focus on everything. So it was the tax, the tax questions and their pain points and how I can help their estate planning, their cashflow, the legacy he had two younger kids. So I wanted to figure out how I can put myself in a position to help my clients who were going through not just the bad, the good. But it meant looking beyond just the investments, and so that's kind of how I, that's what really drove me towards the wealth advisory space and that's eventually how I found a Paul and wealth and how I joined them Nice.

Speaker 1: 8:08

Nice, so it's. It's that what I'm hearing is the thread they're wanting to help, cause it sounds like you had the always that and we'll get into that a little bit later. Also, how you helping out, you know, brokers and so forth, not just with the clients, but as brokers or commercial professional, commercial real estate professionals themselves.

Speaker 2: 8:27

Right.

Speaker 1: 8:28

So let's talk a little bit. You know now that you're a pollen and you have this part of health. There's, I guess, two sides to to to the, the wealth management advisory side that you provide for, like people like myself and other, just brokers or like aside from the personal we'll get to that in a second helping or working with clients, because obviously you saw some value in CCIM and part of what CCIM platform brings is a lot of professionals that are in commercial real estate and you're able to help them or help us with our clients. So how do you see that role, kind of working together with your advisory side?

Speaker 2: 9:09

So you know, as I mentioned a lot of, when I relocated to Miami, I went all in on private business owners. Well, I don't know if it's unique to Miami, but a lot of our business owners here also own their commercial real estate property. They're not renting and leasing their owning. And one of the biggest transactions that a business owner will go through is their own personal transition, if they're lucky, their own business transition. So if they're lucky enough, they get to decide when they are going to retire and going to pass the business on to the next person. They can choose who that succession will go to. Will it go to a family? Will it go to a younger generation professional that's involved in the business that's ready to take over, a younger generation professional that's involved in the business that's ready to take over? Or are they going to sell completely to a third party? Or, if they're unlucky and if they didn't plan and there's a premature death, that decision is made for them, right?

Speaker 2: 10:16

So the transition of every business is something that every business owner will go through. But in that process, you know, if they're transitioning their business, there's also another aspect of it, which is their real estate, and that is how I started to realize the need to partner with a broker who understood what we could do and who could understand the value that we could bring to that relationship so that we can grow together. And that's how I slowly started to see the opportunity on the real estate space and then eventually that led me into CCIM and building the partnerships that I have with you guys now.

Speaker 1: 10:48

Oh, awesome, awesome. So yeah, that's interesting because on the real estate, on the transactional side, we're saying, hey, people usually like to transaction or sell One or two reasons. They're either trying to be opportunistic and like, hey, there's a hot market time to sell, or something like that, or I need to liquidate because I have to do something, you know, take an opportunity to to do something else, right, uh, or there's a problem, you know, a death in the family or some big life altering type of a situation where they have to transact and get out. But that other side of the of, or that's part of the equation of the all the wealth management stuff, because when you're looking at just the real estate, here's the value, here's what you get and, yeah, you may have some a long term, you know, you know some.

Speaker 1: 11:38

There's always a taxing implication of when you sell, absolutely Depending on when you bought and what kind of depreciations you took, and all that yada, yada, yada that comes along with that. But there's a lot more to the impact of that business owner or that property owner when you do that. And then that's where, obviously, you know, your expertise comes in in a in a super, super way. Yeah, absolutely, absolutely, wow, wow. So that's that's, that's that's great. I think a lot of us, we, we, I would say we, I would say we've failed. But we, we don't see that or don't always, you know, look at it holistically, of the client's needs, on a holistic basis, and so I think that's obviously, you know, a good opportunity to work together on some of those projects, and especially when those needs come up.

Speaker 2: 12:30

And that's such a great point because, in my case right, we do a lot of tax planning but we're not the CPAs. We partner with our clients. Cpas to you know, we can take the conversation a little bit further because we understand the tax planning, but at the end of the day we still need the CPA to sign off on everything. Same with estate planning. We can model out scenarios in the event of the sale of a business or a real estate, the impact that it can have on someone's estate, but we're not the estate planning attorneys and we still need to partner with them to be able to draft the right documents and make sure everything looks good.

Speaker 2: 13:10

But for the commercial real estate broker, you don't have to know everything that impacts the client's wealth. If you partner with the right wealth advisor, they can kind of cover for you, Just like for us, when we're looking at the sale of a business and looking at the client's taxes, we're bringing in that expert who does understand the taxes so they can help us bring everything together. And the same thing for the commercial realtors. You don't have to know everything, but understand that there's more than just the sale of that property that's going to have an impact on the client's wealth and bringing in that right person, bringing in the right advisor, make sure that you know everything looks good and it goes according to the client's wishes.

Speaker 1: 13:56

Yeah, yeah, that's absolutely Now there's. There's a another side, like I said, it was. You know, I'm sure there's more than two sides, but the two points I kind of want to talk about a little bit today is is the actual broker? Because the broker, with time, will start obviously, hopefully get accumulating some wealth, start putting together, you know, once you get some activity going and so forth.

Speaker 1: 14:19

And the idea of, I would say, of most people in commercial real estate that I know of and I know I've been through it, is that we want to also then start buying some properties and so forth. We all work well, the majority of us work on a 1099 independent contractor type of platform, whether it's our own business as far as like, oh you know, abc Realty or brokerage, or we work for one of the other firm or partner with a boutique firm, but we are in that. So there's a lot of strategies and so forth that we think we know, but again, we don't know everything. And on our previous conversation I definitely saw that passion that you had to help the commercial real estate professional go through and be able to kind of prepare for a long-term planning or work management.

Speaker 1: 15:14

I think it hits home also for yourself because your wife's in the industry as well, so you kind of have co-pilot view of what that world kind of looks like. So, talk a little bit about that and what do you see there and how you can help out Well.

Speaker 2: 15:30

As you mentioned my wife Ashley. She is a residential realtor here in Miami Florida and she's been in the real estate industry for about eight years. So I've seen firsthand and I've lived firsthand what the experience is of living with a realtor, whether it's commercial or residential, the ups and downs of the industry, the fact that you can work as hard as you can but sometimes there's factors out of your control that can completely derail things. I remember during COVID, you know, my wife had so many listings and so many pending deals to be closed and COVID stopped everything.

Speaker 1: 16:08

Wow.

Speaker 2: 16:09

You know. So, again, I live with a realtor. I know firsthand what it's like and it's so tough for a realtor to think long-term right. As you mentioned, realtors are 1099 employees, so they're constantly focused on their business. They're prospecting, they're building their pipelines, they're showing their properties, they're negotiating the deals. But once that deal closes, if you don't have another one lined up, you're effectively unemployed and that's why it's so hard to think long-term, because you don't know when that next deal is going to come or when it's going to close.

Speaker 2: 16:45

So the biggest issue, or the biggest challenge, is there's so many great brokerages out there and they're going to help you with your business, help you with you know, the sales aspect, everything to grow your business. They're going to be there to help you, but they're not going to look out for you and your own long-term goals. They're not going to set up a 401k like your traditional W-2 employee may have when they're working at a you know, at a corporate job. But that all of that is up. All of that is left to the individual, to that broker.

Speaker 2: 17:19

Again, I know how hard it is to do everything that the realtors do to grow their business. Where are they going to find time to focus on their own cashflow, to focus on their own retirement planning, to focus on taxes, to making sure that they're structured properly. It's a real challenge and most realtors if you've made it past that five-year mark, you're doing good or you have a process that allows you to make a living from real estate. But from there you got to start thinking long-term because if you don't, the money that you do make that goes really quickly Taxes, marketing and everything else lifestyle and if you're not thinking long-term, that's a huge challenge that I think you know, that I've seen many realtors and brokers kind of ignore.

Speaker 1: 18:09

Right, right, and you know, without going into I think I saw one of your presentations one time you talked about, you know, speaking of the ups and downs, how you can help in the planning for the not just ups, because obviously the ups is the easy part Everybody's cash flowing but when you have the cycle turns and the cycle goes down, and then how do you bring some stability or try to at least minimize the ups and downs with planning?

Speaker 2: 18:37

Yeah, look, it's it. It's nothing earth shattering, right, it's just planning. Like I mentioned, once you've reached that five-year mark, you understand what it takes to grow your business. It doesn't mean that just because you reached the five-year mark, all the deals are going to come to you. You still have to go out there and grow it, but with proper planning.

Speaker 2: 18:56

I think one of the biggest things that many tend to ignore is a strong cash flow plan. Many brokers have their account that they set aside for taxes because they know that they have to pay their taxes either quarterly or at the end of the year. So many people understand the thought of an emergency fund, a fund in the event of a car breaks down. You have some money set aside to be able to fix the vehicle or whatever kind of emergency may come up. But what I like to talk to my wife about, and what we've established and what I recommend a lot of realtors look into, is first establish and you can call it whatever. Whatever we can call it a freedom fund, but it's thinking beyond emergencies and thinking about making sure that you have enough cashflow from your deals. You pay yourself a salary. You don't live off of that deal If you close a hundred thousand dollars deal in February, you have to make it as if you're still a you know. Whatever amount of salary you want to pay yourself, and pay yourself every single month. Anything beyond that, you want to start putting it in the right buckets. You can't put a lot of money into the long-term bucket yet.

Speaker 2: 20:06

What we want to do is make sure that this Freedom Fund is funded so that when deals take longer to close or deals fall through, you can still make sure that the lifestyle, the lifestyle spending and your lifestyle expenses are covered. That's, that's the foundation, because without that you really it doesn't. It doesn't matter whether you're structured 1099 and LLC and S Corp. It doesn't really matter how you're structured if you don't have the foundation right. Right, so you know.

Speaker 2: 20:35

After you know level one and getting that right cash flow, you want to make sure that you're working with your CPA and a wealth advisor to see if it makes sense for you to be structured accurately from a tax perspective One of the things that we often see and it's very common because, again, we're so focused on growing our business that we don't have time to focus on the actual details of the business, especially from a tax perspective. We'll have many top performing realtors or brokers that are still 1099, that they're still registered as an LLC but haven't elected an S-corp designation, and so through that process, they're essentially paying more in taxes. Not to derail the conversation and get into the numbers, but once you've reached a certain threshold, once you've reached a certain duration in the industry, once you're making a certain amount, then you want to start talking to your CPA and your partners to see if your current structure makes sense and if it doesn't, what does make sense and how we can, you know, prepare for for what's to come.

Speaker 1: 21:46

Finding the right advice is paramount, and especially as you grow and so forth. We touched on, you know, the working with the client. We talked about, you know, helping out the actual professional. I would say one of the myths, if you will, that are out there about what's management a lot of time with brokers here. They're afraid that they're going to lose their client. They're like, oh, he's here because brokerage traditionally has been a very much. You keep your cards close to your chest and you don't want to share too much and as soon as you start sharing clients, you're going to lose control of the deal, going to lose control of the relationship. And every broker likes to think that they're in control of the relationship. But if you build a good relationship, it doesn't matter. People obviously have relationships with a lot of people. What would you say to like you know? Hey, I'm afraid to talk to Henry because he's going to take my client.

Speaker 2: 22:36

Look, that is not a hypothetical. I actually heard that many times, you know, as I got involved with CCIM. Some would be like, oh you know, I don't want to work with this guy because he could jeopardize my deal, he could take my client, we want to use these assets and invest in another commercial property, and he's going to tell them to put it into some type of investment. I think you know that we can't I can't speak for all advisors, right, but you have to one find the right advisor who understands your type of business and your type of client. I'll I'll share a case study, a scenario that actually happened a few years ago, two years ago, and then we can kind of bring it back to why it's important to bring in an advisor. So back in 2024, early 2024, I was introduced. It was a broker was telling me about a client and they were kind of testing me out to see, hey, like what would you do? Is there really something that you can help with? And so this family that this realtor was helping. They had a hotel in Miami, florida. They were selling for about 11 million bucks, they were gentrifying the whole area. The guy knew sooner or later it's going to be the right time to sell. So let me get out now. They sold the property for about 11 million bucks.

Speaker 2: 23:56

The realtor did an amazing job getting it sold, but I wasn't brought in until after the close. I was told about it, but the introduction to the client wasn't made until after the deal was closed. This couple that sold the hotel they didn't have any kids. There was a charity that they cared about deeply and they supported both financially and with their time. Had I been introduced earlier to this client, we could have looked at a bunch of different strategies to help minimize the eventual tax impact on that Things from 1031 exchanges investing into a Delaware statutory trust, into a DST exploring what a donor advice fund could do because they were so charitably inclined. There was so many things that we could have brought to the table and had a conversation about. The deal was closed in December and I wasn't brought in until January, so the timing was just terrible. Anything that we could introduce was completely gone. The client ended up paying about $2 million in taxes. Had we been introduced, had we explored some of these strategies, there was a significant amount of taxes that we could have saved the client.

Speaker 2: 25:14

Now, the biggest reason why I wasn't brought in earlier. I don't want to jeopardize this deal. We're almost at the finish line. He's going to come in and say don't do this. Potentially.

Speaker 2: 25:24

There was a lot of misconceptions about what I could do about the real estate sale and what I would say is I am an expert in the wealth planning aspect. The commercial realtor is the expert in the real estate deal and I am never going to cross that bridge. They know that space better than I do. I know I'm the expert in the wealth planning and I can model out what tax impacts we'll have on a client's plan on the sale of a business or a real estate. I can model what the estate impact could be, but I'm not the estate planning or the CPA expert. We still have to bring those in and I think, if anything, we have done a good job of understanding what role we play in a client's life, but we also know that we're not everything. We have to bring in those experts.

Speaker 2: 26:13

So you know my plea to you, know the commercial realtor community. I don't. I'm not here to jeopardize the deal. If anything, I'm going to make you look like a hero. Wow, if anything, you know going through a detailed process. Having someone look at their taxes from the lens of their overall wealth, and not just the sale of this property, could potentially save them so much in taxes. And who gets the? Who gets the? The, the, the recognition for all that? It's the realtor who made that introduction. Absolutely.

Speaker 1: 26:50

Oh you know.

Speaker 2: 26:50

Again, I think it's important to create partnerships. It's very important to vet these advisors, because not every advisor is created equal. We have some advisors at my firm alone. We're based in South Carolina. We have advisors across the country and we have some amazing advisors who specialize working only with physicians. We have some advisors who specialize only working with tech executives, because their pay, their tax situation, their estate situation it's so complex and it's so unique that could I help? Absolutely. But you're better off in the hands of someone who understands your world completely, right, right For us, for my team and I. That's that private business owner space and through that, because I've worked with so many private business owners who've sold real estate and I live with someone at home who's a realtor, I also understand the realtor space, and so it's so important to make sure that you're working with someone who understands that so that you're getting the right advice.

Speaker 1: 27:56

Wow. Well, it's unfortunate for the situation of that seller and you could have helped out with that. But hopefully somebody out there is listening and that word gets out that it's better to be on the front end to plan versus post-transaction, and then you're very limited with what can be done. Absolutely Well, henry, before we wrap up, I know you've been in Florida for a while, been in Miami here for a long time. You're you're in this any. You know what's your crystal ball, kind of saying. I know you're not on the commercial real estate as a practitioner per se, but you see quite a bit. I'm sure there's a lot of talks going out there about where the winds are blowing. So what's your crystal ball?

Speaker 2: 28:43

Yeah. So we live in Miami and it's one of the hottest markets right now. We have so many different types of industries relocating to Miami tech companies, financial firms we are so close to you know Latin America and all the trade that comes from that. There's no better time right now than for Miami to you know it's a lot of opportunity coming here in our community. So bringing it back to you know, the realtors I think the biggest opportunity is creating those partnerships. You know there's going to be so many different, there's so many things that we may not know, but creating those right partnerships and learning about what's going on in other industries and seeing how that can, how we can bring it back to what we do, just helps.

Speaker 2: 29:31

When I started, you know, joining CCIM and coming to excuse me, when I started, coming to the luncheons and I would hear you know unique things happening in Miami, for example, sers, the Structural Integrity Reserve Study, and after everything that happened with the Champlain Towers, we, you guys, had you hosted a lunch and we had attorneys there who went into the details, the contracts and everything going on and I was able to use those talking points when my clients who lived in Maine but had real estate in Florida and weren't here full time, concerned about what's going to happen and how the assessments are going to come up, I was able to at least take the conversation a little bit further, understand where the changes were going and say, listen, you need to speak to your realtor, you need to speak to someone who understands it a little bit deeper and, I guess, express why it was so important to do so.

Speaker 2: 30:24

Had I not been part of the CCIM and learning what's going on, I may overlook those things and they may not think that owning that property in Miami or South Florida is so bad and you know, they miss out on a lot of opportunities. So, because Miami is growing, because it's such a hot market right now, so many, you know, so many things happening here, I think it's more important than ever to reach out to other partners and create those relationships and, you know, learn what's going on so we can help each other grow.

Speaker 1: 30:55

There it is. There it is Creating relationships. I think it's one of the beautiful things about the CCIM community. We're very much about working or playing, playing in the playing nice in the sandbox with other brokers, with professionals like yourself attorneys, architects. We are all part of this team to provide the best service and the best advice for, for the client, and that's really what we're trying to do. So, henry, thank you so very, very much. How can people get in touch with you? I'm sure there's people going to have some questions. Yeah, I don't know if you can share a you know email or whatever. Yeah, no, I'd be happy to you know.

Speaker 2: 31:30

I'd be happy to share my email. It's henrysilva at apollonwealthcom. I'm also on LinkedIn, trying to get more active on LinkedIn, but you can find me there as well, henry Silva, and you know our website, apollonwealthmanagementcom. You can check us out there, learn a little bit more about us and, you know, hopefully we can connect soon.

Speaker 1: 31:51

Absolutely. I'll make sure to include all that in the show notes and so you can connect again. Thank you for being here. Thank you for a pollen wealth for being the sponsor of this episode. Really look forward to continued working on the CCIM board and and being part of the Miami CCIM family. Thank you very much and we'll talk soon. Thank you so much, Ruben. Thank you, Thank you.