Building Long-Term Wealth Through Turnkey Real Estate Investing With Lindsay Davis

In this episode of The Same Day Podcast, host Yoni Schmidt sits down with Lindsay Davis, CEO of Spartan Invest, to discuss building long-term wealth through turnkey real estate investing. They explore how Spartan sources and renovates high-yield properties, why investor education and reserves are critical, and what makes a market worth investing in. Lindsay also gives advice on avoiding common pitfalls and setting clear financial goals.

Building Long-Term Wealth Through Turnkey Real Estate Investing With Lindsay Davis

Lindsay Davis is the CEO of Spartan Invest, a full-service real estate investment firm specializing in turnkey rental properties across Alabama, Tennessee, and Georgia. Under her leadership, Spartan Invest has been named to the Inc. 5000 list of Fastest-Growing Companies for eight consecutive years since 2013. She has co-founded multiple companies and brands, generating nearly $50 million in combined revenue and managing a portfolio of over 1,800 rental properties. Lindsay has been recognized as one of Inc. Magazine‘s Top 200 Female Founders and honored with awards including International Woman of the Year and Female Executive of the Year by the Stevie Awards.

Here’s a glimpse of what you’ll learn:

• [2:17] Lindsay Davis explains Spartan Invest’s turnkey model for out-of-state investors
• [7:07] Spartan’s “3 M’s” framework for renovation decisions
• [10:36] Why Spartan analyzes over 300 properties weekly to find viable investments
• [11:50] The importance of rent-based pricing and the 60/40 owner-tenant rule
• [14:52] What target returns do Spartan investors expect in the current market?
• [16:40] How Spartan’s vertically integrated model aligns construction and management
• [20:58] Why Spartan avoids syndications and sells directly to individual investors
• [24:28] Lindsay addresses misconceptions about passive income and real estate risks
• [31:57] How Spartan handles maintenance payments without merging investor funds
• [43:24] A breakdown of Spartan’s property management fees and aligned incentives

In this episode…

With market dynamics shifting, interest rates fluctuating, and tenants becoming more selective, investors face more complexity than ever. How can investors succeed in turnkey real estate without getting burned?

According to Lindsay Davis, a seasoned real estate investor and leader in the turnkey property space, success starts with a long-term mindset and operational discipline. Real estate is not a get-rich-quick strategy; it requires clear goals, strategic planning, and the right partners to manage risk. Spartan Invest’s model emphasizes consistency, transparency, and full control over every stage of the investment cycle. From renovation standards to property selection and tenant management, Lindsay maintains that aligning incentives and minimizing unknowns helps investors generate reliable cash flow and scale sustainably.

Resources mentioned in this episode:

• Yonatan Schmidt on LinkedIn
• Mat Zalk on LinkedIn
• Keyrenter Property Management
• Keyrenter Property Management in Tulsa | Oklahoma City | Arkansas
• Keyrenter Property Management email address: [email protected]
• Lindsay Davis on LinkedIn
• Spartan Invest
• “Investing in St. Louis Real Estate: Market Trends and Opportunities With Jason Jaboor” on The Same Day Podcast
• “Using the All-In-One Loan Strategy To Pay off Properties in Half the Time With Miles Thompson” on The Same Day Podcast
• “Invest Like a Pro in Oklahoma” with Joshua Heintz on The Same Day Podcast
• We Buy Houses
• Atlas Rental Property
• Mark Cunningham on LinkedIn
• Grace Property Management
• AppFolio
• Lior Abramovich on LinkedIn
• Sagi Medina on LinkedIn
• Blanket Homes

Quotable Moments

• “Our rule of thumb — we call it our three M’s — is will the tenant pay more, is it a safety must, and will it keep maintenance down?” 
• “Real estate is not a get rich quick scheme. It is not. You are in this for the long haul.” 
• “Your asset is in the hands of someone else performing under contract, but there is always going to be risk.” 
• “It is better to get a $10 increase and keep a good tenant than drive them away.” 
• “Clearly define why you want to get started, because that objective will carry you through the overwhelm.” 

Action Steps

1. Define a clear investment goal before buying a property: Establishing your “why” helps you stay focused and align financial decisions over time.
2. Maintain six months of reserves per property: Having adequate financial backup protects you from unexpected vacancies, repairs, or tenant issues.
3. Use a renovation framework like the “three M’s”: Standardizing upgrades based on tenant value, safety, and maintenance helps preserve asset quality and investor returns.
4. Prioritize long-term tenant retention over short-term rent gains: Keeping reliable tenants reduces turnover costs, vacancies, and maintenance wear from frequent move-ins.
5. Partner with vertically integrated turnkey providers: Choosing firms that manage everything in-house increases accountability and streamlines the investment experience.

Sponsor for this episode…

Keyrenter Property Management:

This episode is brought to you by Keyrenter Property Management.

Keyrenter Property Management is a full-service property management company that helps clients buy, renovate, and operate real estate assets.

The team helps clients build wealth while taking the headache out of property management.

That’s why, no matter what rental you have — single-family homes, condos, townhomes, or apartments — they can give you the management solutions you need.

To learn more about their services, go to https://keyrenterpmc.com/ or send them an email at [email protected].

Episode Transcript

Intro 00:05

Welcome to The Same Day Podcast, where we discuss driving incremental business growth and other topics related to real estate, property management and entrepreneurship. Now to the show at hand.

Yonatan Schmidt 00:20

Hi there. Yoni Schmidt here, hosting today’s episode of The Same Day Podcast where we connect with top leaders and entrepreneurs, business owners, and the likes. Past guests include Jason Jaboor, former colleague of ours Miles Thompson, investor and lender, and Joshua Heintz from LendingOne, along with many, many others. Today’s episode is brought to you by Keyrenter Property Management. At Keyrenter Property Management, we are just like Lindsay’s firm, a full service property management company helping our clients buy, renovate and operate real estate assets.

We help our clients build wealth while taking the headache out of property management As a whole. That’s why no matter what asset you have, give us a call. Go to keyrenterpmc.com or email us at [email protected]. Today’s guest is a powerhouse in the world of real estate investing. Please welcome Lindsay Davis, the CEO of Spartan Invest. 

Under her leadership, Spartan has become a premier turnkey real estate investment company providing single family investment properties across Alabama, Tennessee and Georgia. With a deep commitment to quality, transparency and customer satisfaction, Lindsay has helped investors nationwide achieve long term success through passive income and wealth building strategies. Lindsay brings not only years of experience in the investment management space, but also a reputation for innovation and excellence in turnkey operations, leasing and property management. From sourcing and renovating homes to ensuring long term tenant placement and streamlined investor reporting, she and her team do it all so you can focus on building your financial future. Welcome to the show, Lindsay, and thank you for being here. 

I’m very excited to dig into what you do because it’s what we do.

Lindsay Davis 02:04

Absolutely. Yeah. Thank you so much for having me. I’m excited to be here.

Yonatan Schmidt 02:09

So let’s just start, you know, with what originally drew you to the world of real estate investing and how did Spartan Invest, you know, come to be.

Lindsay Davis 02:17

Yeah. So well Spartan Invest so basically very high level. What we do like you said, we’re we’re full service turnkey. So we’ll purchase properties, renovate them to our standards, continue to manage them. We’ll place tenants, handle maintenance move outs, etc..

And then we’ll sell those properties to investors primarily living in areas where it doesn’t necessarily make sense. The numbers don’t work. I know you talk a lot about like, hey, buy where it makes sense, not necessarily where you live, which is which is great advice. So that’s who we cater to. Our goal is to be as hands off as possible for those for our investor clients. 

Now how we got started. It’s funny. So me and my business partner, you know, we we met, we had our very first corporate jobs together out of college and started doing some. And this was back in 2009 and ten when the market, there was a ton of foreclosures. There was a lot of opportunity. 

I’m sure a lot of real estate investors right now are looking back, being like, man, coulda, woulda, shoulda at that time. But there were a ton of foreclosures. And so we had purchased a couple off the foreclosure steps, sold the very first one. Of course, it didn’t fly off the shelf and there wasn’t a bidding war, but still saw the margins and like, okay, this is this is something. So then he leaves our the corporate job. 

I continue to help with them and then I leave. We move from Tuscaloosa to downtown Birmingham just for more opportunity. And we were flipping. We were just your your BR method. Hey, we were doing HGTV staging houses. 

And in 2010 and 11, if you’re a two man team and you go through a bad quarter, you don’t make any money. You know, that’s that’s it. You don’t get a paycheck. We were struggling to make sure that we hit the volume and the margins to kind of start this business, because we wanted to grow it. So in a panic, we we went out and purchased a handful like 25 very, very cheap rental properties. 

We didn’t do a ton of renovations to them, but we put some tenants in there and started to manage them. And the residual income and the rental income that we were seeing from those properties was paying our overhead. It was covering our expenses and helping us pay for those just necessary costs to to keep afloat and keep the lights on. And that’s when around 20 1213, that was the light bulb. It’s like, hey, this is the value that we see in real estate. 

This is the real estate that we need to be focusing on and selling. So we just made a hard shift towards the rental property space. We knew all of the, you know, the player. We knew the market very well. We knew we already had a contractor base in place. 

All of those things we had already kind of figured out and and just made a hard line to the turnkey and started the property management company as well. And then in 2019, we started offering new construction. And so that is also a service that we have. We also have a new construction company now that we started a couple of years later that will build for owner occupants, but primarily for investor clients who are wanting a little bit more diversity. So we still have some renovated properties and new construction as well.

Yonatan Schmidt 05:29

And BTR is, for those who are not familiar, built to rent is the term awesome. Wow, that’s super exciting. You mentioned something earlier on saying, you know, we renovate to our standards, right? And I just before we kind of dig into the questions that I have here, I wanted to, you know, maybe take the conversation in that direction. You know, Standards is a big thing in the world of property management and the world of real estate investments.

You know, oftentimes I find that I’m having conversations with owners who say, well, why do you have this list of minimum standards? Why do we even need this? And they don’t necessarily see how, you know, having minimum standards and keeping and maintaining those standards is directly correlated to our ability, our property managers ability to place long term highly qualified and, and, and, you know, good tenants, good residents in their properties. Right. Because if a property doesn’t meet those standards, someone’s going to live there for a year and they’re going to say, well, everything is falling apart and I’m going to move and you’re going to have, you know, vacancy costs and repair costs, make ready costs, so on and so forth. 

And it’s going to be hard to lease that property. And when you when I find that when we do have, you know, properties that meet those standards, you know, it’s easier to place tenants, they stay for longer and they enjoy the property, right? They have quiet enjoyment of the property that they’re living in. So talk to me about what you’re seeing in your markets in terms of standards. And what other things do you think are, you know, the reasons those are so important?

Lindsay Davis 07:07

Yeah, that’s a great point. And you’re absolutely right. And that there is a certain quality that you have to hit, and there’s some certain renovations that you want to do to protect your asset and your investment in your now you can go overboard, you can over renovate a rental property. And that that’s a hard line to walk. So our rule of thumb we call it our three M’s.

And so this is the question that we ask when we’re deciding on what to do with every single property. Is that will the tenant pay more for whatever renovation? Are we going to knock out a wall? Are we adding a bathroom? What kind of value is that going to add to that particular property? 

Then we ask, is it a safety must? Is it something that we have to box check whether it be a stair handrail or anything like that. We’ve got to make sure that we’re checking those in and providing safe and habitable homes for families. And then is it going to keep the long term maintenance of the property down? And that, I mean, safety is very important, but the long term maintenance and what we offer to our investors, that’s crucial. 

So we’re we’re sending scopes of every single property. We do sewer scopes and scopes from the house to the septic tank because plumbing is inevitable. If you’ve got that, that’s the silent killer, right? Because it’s underground and you don’t always know. So we’re scoping out, trying to make sure that we see absolutely anything that could be an issue further down. 

And we’re hitting that on the front end, making sure that every breaker box is 200 amp. There’s no new knob and tube cloth wiring. If the roof is older than five years old, we’re going to go ahead and replace that. If the HVAC is older than five years old, we’re replacing that. Every property gets a brand new water heater. 

It doesn’t matter if it’s new. We’re installing a new water heater And then we do granite countertops, a luxury vinyl tile or luxury vinyl plank flooring throughout. Now we will put ceramic tile in the bathrooms. Sometimes the kitchen. It kind of really depends on the layout of of the house, how that transition looks. 

But sometimes in the kitchen and we’re painting every house the exact same color. Every house has the same granite. The cabinets have the same color. I would like to say all the flooring was the same, but Covid really threw a monkey wrench in that. We we had our flooring that we were putting in everything. 

And then it was like, well, you can’t get it for six months. So we had to kind of pivot that way. But again, making sure that every property looks identical is going to play to the the long term maintenance as well. So when our property management has to go out there and repair something, or if the tenant vacates moves out, we’ve got to go in there and do we already know the the colors? We already know the paint colors. 

If we have to repaint a kitchen cabinet or if a door falls off, anything like that, we already have that, those supplies. So we’re checking those boxes and trying to make these properties as durable as possible for tenants. Now you’re in property management. So you know that some will find a way, some will find a way. And some things are, you know, some main maintenance issues are inevitable. 

But we’re trying to do all of those things on the front end to keep that risk down.

Yonatan Schmidt 10:10

So you heard it here. Three M’s. Will the tenant pay more? Is it a safety must and will it keep deferred maintenance down? Yes.

Those are the three answers.

Lindsay Davis 10:21

Yep. That’s our rule of thumb.

Yonatan Schmidt 10:22

Love it. Okay, so you know, I found it. You know, I found something very impressive about you. And I guess Spartan reviews over 300 properties. Is that is that weekly?

Lindsay Davis 10:36

Yeah. So we have a rather large acquisitions team going out there trying to source properties. And so we have deals from wholesalers. We have a lot of relationships with wholesalers. They’ll send us a ton of deals.

We have real estate agents that we partner with. We also own the license to. webuyhouses.com for central Alabama and Chattanooga and then parts of North Alabama as well. So if you want to sell your house, if you’re an owner occupant, we put a lot of effort into marketing that. And and then we also chase closures and those in bulk. 

And a lot of times I mean, you know, we’ll look at 50 foreclosures. We’ll analyze those online if they’re occupied we don’t purchase them. So that eliminates a lot of them as well. So we may not be going into 300 homes, but yes, we are looking at around that volume each week. And you know, during Covid it’s it it went down a lot. 

But just the sheer number with the foreclosure moratoriums. But yes, that’s that’s the bulk of our analysis is looking at those foreclosures.

Yonatan Schmidt 11:43

Yeah. And so how do you determine what makes it into the 1% that, you know, you’ll end up purchasing?

Lindsay Davis 11:50

So all of our properties are sold based on what we can get for rent. We are selling rental properties. We’re selling rental investments to our clients. So everything that we do is based on what that property is going to rent for. Now we also check the comparables because the property has to appraise.

Right. Most of our investors are using their financing their property, their their leveraging and purchasing multiple properties. So we’ve got to make sure that it checks that comparable box as well and that you’re not ever underwater. However, our resale value is based on what that property is going to rent for. So that is that’s our main criteria. 

Now we have a couple of other criterias because, you know, you’re we’re more on the other suburbs on the outskirts of your metro areas. We’re targeting families that want to live mainly on the outskirts of Huntsville and Birmingham. Same with Chattanooga. All of our markets. That’s where we’re targeting. 

So those particular areas, we also look at school districts. We look at crime rates. But our biggest one of our biggest rule of thumbs is what we call the 6040 split. And that’s a breakdown of your owner occupant versus tenants overall population. And and what we see is that if you get too far in the 80, like if you’re an 80, 20, if it’s 80% tenant occupied a couple of things. 

The crime rate tends to be a great deal higher. You’re lacking more of your owner occupants to keep and maintain the level of the neighborhood that you would want in the event that you need to resell. And so there’s a couple of issues there. And a lot of times in those 80 to 90% tenants, you have to rent the property. Section eight there is you’re you’re kind of limited there. 

And so we never want to pigeonhole investors. We want to hey, if you want to accept section eight you’re more than welcome to. We do work with we do work with their offices. However, that’s not a necessity. And if you get in that 80% kind of little areas, little nooks, that that can be a problem. 

And the same with the 80% to 90% owner occupant. No investor is going to be able to compete with the owner occupant and what they’re willing to pay for that property to get their family and their children in a good home. The numbers just very rarely work. Yeah. When you’re when you’re looking at investment properties. 

So again, that’s that’s a little bit too far on the other side. So that’s that’s kind of our, our rule of thumb when we’re looking at which areas to to target and what kind of meets that criteria is like what that property is going to rent for.

Yonatan Schmidt 14:22

Yeah. And and in today’s market and today’s interest rate environment, you know, economic environment, which, you know, I’ll just state this for our listeners, June 19th of 2025. You know, what kind of required rate of return are you seeing your investors wanting from you when they come out and they purchase a property is a is a five cap is, you know, 5% cash on cash enough. What are what are your investors telling you today?

Lindsay Davis 14:52

So since majority of our investors are financing the first year or so, we are looking at around 9 to 10.5% now, cash on cash like cash equity. They are looking at about six and a half to 7%. And that’s just the that just speaks to the overwhelming affordability, your low barrier to entry into our markets. And as far as price points and that you’re able to get a little bit closer to the 1%. Now the 1% I know that that’s been talked about over and over and over again, and that has been long forgotten since the days of two and a half to 3% interest rates you’re not going to get.

But on average, we’re about at that rent to sale price ratio. We sit at about 0.8 is where where our investors tend to lie. Now the interest rate environment has been extremely challenging. So baked into that sale price, we do a new construction buy down. It’s a forward commitment that started being offered. 

I know that that’s pretty common right now, and that we’re buying the interest rate in bulk up front, down to 5.5%. So if you’re purchasing a property with Spartan, that’s the interest rate that you’re going to be able to get. And that’s not an arm. That’s a 30 year conventional basic note. It’s not a balloon or anything like that.

Yonatan Schmidt 16:16

Yeah that’s great. Makes it a lot more affordable in the long term.

Lindsay Davis 16:21

Absolutely.

Yonatan Schmidt 16:21

A lot of money on interest and makes a ton of sense, especially when you’re buying to hold it and you don’t plan on selling anytime soon. Tell us a little bit about what makes Spartan Investments model, you know, different from other turnkey providers. How do you differentiate?

Lindsay Davis 16:40

That’s a really great question, and I think we talk about that a good bit in the differences of what turned what we see as turnkey and what other people might define as turnkey, because a property that’s purchased and renovated, that’s ready for a tenant is still technically turnkey. Now, whether you place the tenant in there or not. And then that property, if you’re partnered with a property management company. And so it’s not necessarily the same company. And where I feel like we differ is that our property management company is two floors below me right now.

We are separate companies but same ownership. And that’s hey, if there’s something going on with a property that was just purchased by an investor, my director of maintenance is going right to my construction manager and saying, hey, you guys need to get back out here and fix this. And so all of our incentives are aligned to make sure that the investor is set up for success, because at the end of the day, We’re still on the hook. Long term, you know, the proper. I mean, you’re in property management. 

You know that. That is where the money is made. It’s not necessarily on the front end. You know, you you want to do all of the due diligence you can, but your property management team and the performance of the property management company or the rental itself, that’s all where the money can be made. And so having that all in house, having everybody on the same page as far as what the goal is, is really how we differentiate ourselves and all of our markets, we are the boots on the ground. 

It is our team that’s going in analyzing the properties and determining what the rent’s going to be. And it’s not. We’re not remote in any shape or form in our in any of our markets.

Yonatan Schmidt 18:21

Yeah. Which I’ve been seeing kind of like this has been popping up more and more. I see these AI companies, these AI property management companies who are, you know, in a different state entirely, trying to manage remote, so boots on the ground is extremely important. I would tend to agree with that, and I personally would not hire a property manager that does not have boots on the ground. You know, that’s interesting what you’re saying, that, you know, you’re in the same building.

You want to make sure that you’re doing right by the investor. This is a long term relationship. So you’re right.

Lindsay Davis 18:56

We’re not.

Yonatan Schmidt 18:57

No one’s making a ton of money off $150, you know, a month, right? Right. That’s not where the the, the money is made. But, you know, the property management company still needs to pay employees, still needs to pay insurance and a whole bunch of other things, compliance and legal. And so having, I guess, the construction company two floors above, right to where you can go, go to that director of maintenance and say, hey, go fix this issue that you just, you know, you guys just fix this or replace this hot water heater.

And there’s an issue with it is a huge benefit. You mentioned hot water heaters earlier and you said that you’re replacing every single one of them, even though even even if it’s a new one. Could you tell us why you do that?

Lindsay Davis 19:43

Well, from our experience. And so we do need to we do switch everything to electric. And that’s, that’s just kind of a tenant demand. And that a lot of times if the heat we do that with the HVAC as well and that will we’ll move that to electric heat. So obviously if it’s gas brand new it’s gone.

But water heaters and installation, they just don’t last as long as they used to. Now call me crazy, but I think it’s like most appliances. And if you’re able to get sometimes we’ll get properties with a 25 year old water heater. And that thing still works perfectly fine. But at the end of the day, even if it’s brand new, the life expectancy of that new water heater is minimal. 

And so and we didn’t control the installation, we didn’t control any of that. And since we offer maintenance warranties as well. We’re also doing these renovations to protect our bottom line. At the end of the day. So we’re going to go ahead and check that box on the front end too.

Yonatan Schmidt 20:42

Got it. That makes sense. Interesting. I also read somewhere that Spartan does not do Syndications you direct sell into individual investors? Is that true?

And if so, why is that an important decision that you made for your business?

Lindsay Davis 20:58

That is true, and I think a couple of reasons. It’s because we want to. Well, one, you know, our passion is creating the same thing that that we’re doing as well. Me and my husband are purchasing rental property and having Atlas Rental Property manage it. We’ve bought some from Spartan.

We’ve bought some before we started Spartan. So we’re doing the same thing and that we’re trying to set up our retirement based on passive income. So we’re we’re providing that as a service. And there’s so many people that don’t necessarily have the time or have the ability to devote all the energy to know all the due diligence to do. And I think real estate is proven time and time again to be the best vehicle for passive income and financial freedom. 

I think everybody knows that the data on that, and that can be proven ten times over with the syndications and institutional large buyers. I also am hesitant about ever having all of our eggs in one basket. And same with the property management company. So we have 2200 doors under management. And our average portfolio is three properties. 

So the likelihood of one client saying, I’m going to go find another property management company and it crippling our team is very rare. So that’s it’s just a little bit more stable in the long term.

Yonatan Schmidt 22:26

Yeah. Mark Cunningham from Grace Property Management in Colorado. Calls them Bill, the big fish who will try to change your business by telling you how to, you know, whatever, collect, rent through this system and do this through that system. And yeah, it creates a a stronger base, I guess for, for you. I don’t personally syndicate.

I also there’s only one business partner that I buy real estate with. All the rest of it is on my own. And the reason is because I’m fine putting my own money at risk. But I don’t want to be responsible for putting other people’s money at risk. And, you know, real estate is a winning and also strategically losing business if you know how to do it right, to defer or eliminate your taxes. 

Right. So, right. That’s one of those one of those kind of secret hacks that, you know, you you should talk to your CPA about.

Lindsay Davis 23:21

Well, and you lose control of your, of your asset. You know, if you’re the if you’re the the sole owner of your property and something happens and that happens, life happens. People get divorced, people become sick and need to liquidate. If you’re in a REIT, you don’t have that authority. You don’t have that capability to to make those moves as quickly as you might like or you might need to.

So I mean, it’s just a protection for our company. It’s a protection for investors as well. And I love Mark Cunningham. He’s yeah. We’re big fans of Mark here at Spartan.

Yonatan Schmidt 23:57

Yeah love it. He’s great.

Lindsay Davis 23:59

He is great.

Yonatan Schmidt 24:00

I had to I had the privilege of meeting him in Austin and having dinner at a at a conference down there. And he’s he’s a great guy. Let’s talk a little bit about misconceptions that investors and property owners have about property management and turnkey real estate. What are you seeing in your market? What are the big misconceptions that people have about, you know, property managers and turnkey real estate.

Lindsay Davis 24:28

Well, I think over the last few years, you know, real estate is especially your turnkey model. I mean, it’s blown up, whereas, you know, 20 years ago it was still relatively unknown. Not that rental properties haven’t been a thing for centuries, but the turnkey concept. And I think there’s been a lot of discussion on the benefits of real estate. And those are all accurate and true.

I’m not here to say that don’t purchase real estate, but I do think that a lot of myths come from not being transparent on potential risks. And it is not a get rich quick scheme. It is not. You are in this for the long haul. Start early, start young. 

Start purchasing. Make the move to do that. However, don’t buy a property. And unfortunately we’ve had investors do this is that they’ll buy a couple of properties and then go quit their job. And it’s like, you can’t do that. 

You have to have that reserve. You have to, you know, get your properties paid off and you’ll see the benefits if if you’re doing it correctly. But, you know, we’ve had a lot of investors get burned that way by thinking, okay, well, I’m going to cashflow. Everybody says they can just quit your W2. And so I’m going to buy a couple properties and do just that. 

And then they have a and everything goes well at first. And then let’s say the tenant moves out or goes into eviction in the third year. And then they’re like, well what am I going to do? I’ve got to pay my mortgage. It’s like, well, you hopefully you have that reserve set up. 

You know, those are the risks. So I think understanding what real estate actually is and knowing that it’s not it’s not the get rich quick. And even if your property is brand new, even if it’s new construction house, even if it’s done, if it’s had a full renovation, there can still be maintenance. And most of the maintenance that we see from our properties that have been newly renovated, it’s a lot of times it’s tenant caused. Yeah. 

And and that’s going to happen. You’re your asset. Your investment is in the hands of someone else performing at a certain level under contract, right under a lease, but it’s still based on that person performing. So there is always going to be a risk with that. And that’s no different than the stock market. 

All of these companies are led by people that can make massive, incorrect decisions that can negatively impact your retirement. Yeah, but you don’t you don’t go buy stock in Disney. And then when they have a CEO change you, you you’re like, oh, well I guess I’m out. You know, I guess I guess I can’t, I can’t pay my bills anymore. So it’s just I think that so much conversation has been around all the benefits of real estate and the passive income that you can get from it without understanding the parameters in which to do it.

Yonatan Schmidt 27:13

Yeah. So don’t quit your job if you buy two rentals.

Lindsay Davis 27:16

Yes. Please don’t. Please.

Yonatan Schmidt 27:19

Interesting. Yeah. And you know, our our our leases are written up in a way where some certain items, small items that are less than $100, usually would tend to fall to the responsibility of the tenant. Right. We’re not coming in and replacing light bulbs once you’ve lived there for two years, or if the door handle, you know, for your primary bedroom or the bathroom fell off, right.

We’re we’re not coming in and doing those kind of repairs, but things that are over $100 are the responsibility of the owner. Let’s talk a little bit about maintenance, because you mentioned the word reserves. And you know, we always have this conversation with owners. What what in your opinion should a owner have in reserves for, you know, maintenance and vacancy and any other contingency that you can think of? How much you know, from a percentage perspective, from a from a monetary perspective, should owners keep in reserves?

Lindsay Davis 28:17

That’s a good question. And there’s a lot of information out there that kind of differs on. Okay, well, you need to have at least 10% of the sale price tucked away or you need to budget, you know, or at least $5,000 per property. I would venture to say, I think you should probably look at it like a job, and that always have six months worth of your expenses in reserves. So if your tenant goes into eviction, you’re still able to pay your mortgage for the, you know, the at least the six months or etcetera, etcetera.

So I think there’s a couple of different ways to look about, but I think of easy $5,000 is is a good mark to set aside on the just in case. Now, one thing that we do do a little differently, I say a little differently. It’s very different for the clients that purchase with Spartan is that if you do have a maintenance bill, whatever it is, we pay for it and then allow your tenant to pay it back. So if you’re so like, let’s say that something happened and we had to go, you know, replace a toilet or, or whatever it would be, let’s say it’s $300 or let’s say something worse happened and it was a $1,500 repair. We would go ahead and pay that vendor on your behalf. 

You would obviously know about it because if it’s over $500, you get notified. But we would go ahead and pay that vendor and let you go negative for that month. And then once the tenant paid their rent the next month, we would get reimbursed. And so that’s also another benefit of partnering with kind of companies that that do what we do is that there’s a little bit more security. But that’s not everybody that is not common in property management companies. 

So if you’re buying elsewhere, always, always, always have that reserve.

Yonatan Schmidt 30:07

Yeah. Yeah I mean I would go as far as arguing, you know, $5,000 may not even be enough unless of course, you are buying a brand new turnkey property that has no AC, right? But if you’re buying a property that may need a new AC in the next five, ten years, three years, then you could be looking at 12, 14, 18, 20, $40,000, depending on how many condensers you need to set and how many furnaces you need to set, what the condition of the ductwork is. And so on and so forth.

Lindsay Davis 30:37

Yeah, that’s a really good point.

Yonatan Schmidt 30:38

So that’s interesting. What what the other thing I find interesting is you mentioned that Spartan will pay that bill on your behalf, but it’s not Atlas, the property management company, because I’m assuming and I don’t know the rules in Alabama, but the rules in Oklahoma and Arkansas and Kansas and Saint Louis, you know, in Missouri, they you know, they’re pretty strict about your property manager going into a negative on the owner’s behalf. We’re not allowed by the local real estate commissions to act as a bank because, you know, as you may know, I don’t know what system you’re using, but if you’re using, say, AppFolio. Tenants are paying rent and it’s all funneled into a rent trust account. And it’s all being held in.

Our software knows how to then distribute the money to the correct owners. Right. But if we go into a negative for one owner, it’s essentially like if it’s too far below that negative or below that rent payment that the tenant pays every month, then all of a sudden it’s like you’re robbing Peter to pay Paul.

Lindsay Davis 31:40

Right.

Yonatan Schmidt 31:41

Right. Not necessarily. Not necessarily. So you have to have some, you know, contingencies and reserves, but, you know, it’s it could be, you know, risky business. And so we don’t allow our, our owners to go into, you know, massive negatives with us for that reason.

Lindsay Davis 31:57

Right. And same in Alabama. And it’s the biggest issue with the Alabama Real Estate Commission is the co-mingling of funds. Just like you said, you’re robbing Peter to pay Paul and you cannot do that. So all anything that is paid on behalf of the owner is from the company’s operation accounts.

It is not from rental escrow accounts, it’s from a separate account to make sure that we meet that criteria and that, hey, look, they can they can be in the negative, but no funds from other investors were ever used on behalf. It is strictly the money that the company has that has, you know, either been profit or what have you, or capital that we’ve contributed. And and that’s what’s used. Absolutely. Yes. 

It is the same, same here.

Yonatan Schmidt 32:38

That’s impressive that it’s you know, it’s Spartan that’s paying that and not Atlas basically on your end. So it’s an important and important note for our listeners is make sure you’re reading your property management agreements, and you’re not just signing them without reading them, because in many cases you may be imposed. There may be an imposed financing fee if you do go into a negative, because, again, we’re not allowed to act as a bank. We’re not a bank. We are a property management company.

Lindsay Davis 33:07

Absolutely.

Yonatan Schmidt 33:08

Shifting gears a little bit and changing subjects. Let’s talk about trends in, And, you know, Birmingham, Huntsville, Chattanooga. I’ve only ever been to Chattanooga once. And that was when I was in 2015, when I graduated college. And I was on my way to the Orange Bowl and I was driving to Miami to watch you play Alabama.

We lost. I’m very disappointed.

Lindsay Davis 33:33

But sorry about that.

Yonatan Schmidt 33:36

But Chattanooga was really cool and I really enjoyed it. So tell us a little bit about the trends that you’re seeing 2025 2026 into the future three, five, ten years. What’s on the horizon? I mean, as a property management company, you have to stay, you know, abreast of all the things that are happening, city planning and, you know, growth and path of expansion. What are you seeing and why should people come to your area to invest in real estate?

Lindsay Davis 34:03

Well, you know, I think that a couple of things. So where we’re seeing trends right now on the on the purchasing side on inventory side. So you we have consistently seen a trend of younger generations turning more to rentals versus owner occupants. Now that started with the millennial generation in and of itself. Like we started that trend basically because we were becoming adults when the, you know, oh 7 to 0 nine recession, we saw what it did to the economy.

Maybe we were in college and graduating. I was graduating at, like, I think probably the worst time. I graduated in oh seven and that in December of oh seven. So it was like I got my first job and then everything blew up and we ended up having to like, close the plant that I was at and turn it into a branch. And so you, we’ve the millennial generation experienced that hardship because of property ownership. 

So that trend was already in place. And now you’ve got the trend of your younger generations just not being able to afford it. So we are seeing that consistently move in where we’re not necessarily a home ownership nation. Now a lot of countries are not. A lot of countries are primarily investor owned and having offering rental properties. 

But the United States has been primarily a home ownership. That’s been part of our goal as a country. So we’ve seen that that trend. And then, of course, the inventory shortages that started after the recession, there was a five years new construction just almost essentially halted. It became like a third of the total volume that it used to be. 

As our population grows, we did not sustain the level of new construction needed. So there’s been a mass of that. Now, as of what, let’s say, the last 3 or 4 months, we have seen that shift of is it a buyer’s market, is it a seller’s market? And your markets across the country that saw your 15, 20%, 30% appreciation, where every all everybody was putting all of their money. Those particular markets have now shifted more to it’s it’s more of a buyer’s market versus a seller’s market. 

And we have not seen that yet in our markets. The now in Florida. Absolutely. When I say the southeast I’m not including Florida. Florida has has definitely seen a lot of different trends.

Yonatan Schmidt 36:28

It’s its own thing right now with condos and insurance. And I can’t even wrap my head around insurance. And I have a around Florida. I have a cousin who’s working there as a broker. It’s very difficult.

Lindsay Davis 36:41

Yeah. Absolutely. Absolutely. So yeah, Florida is its own beast. And Atlanta has seen some of that shift.

But overall the southeast has maintained it being either a seller market or we’re moving more into it’s just more of a normal market to where that’s not you know, it’s not a bidding war. There are some more negotiations. We’ve also seen a trend of rents stabilizing. And so if you are in property management and investors need to hear this, please do not push your rents too high. Yeah, it’s it is better to keep your property occupied with a with a paying tenant than it is to try to get an additional 150 to $200 more in rent because Zillow told you you could, because what’s going to happen is like as inflation does not come down, it is remained high. 

Inflationary periods do tend to drive evictions. So you want to make sure that you’re not overpricing your market in in rentals. So that’s one thing that we’ve definitely had to be cognizant of, of saying, hey, look, we’ve been seeing these rental increases, but we got to take it way back. We’ve got and like I said, all of our decisions, all of our purchasing decisions come from what the property is going to rent for. So we have to make sure that we’re getting that correct. 

Yeah.

Yonatan Schmidt 37:56

Thank you for mentioning that. The A in Zillow I keep reminding investors stands for accuracy right. So the A and Zillow stands for accuracy. and you know Zillow. As much as I love Zillow and, you know, we rely on Zillow a ton.

And frankly, 90, 95% of our tenant pools end up coming through Zillow Network.

Lindsay Davis 38:17

Absolutely.

Yonatan Schmidt 38:18

So it’s an important driver for success to to our business. You know, the the the reality is that it only takes into account quantitative metrics rather than qualitative metrics. It’s not going to know how to differentiate the granite that you put in your property versus the laminate or Formica or whatnot. Right. Or the tile that’s, you know, 30, 40 years old.

So thank you for mentioning that. That’s an important piece of the puzzle. And yeah, you know, if you’re trying to push your rents too much, we’re not in the Covid times today. And in certain instances, you know, you’ve enjoyed a high level of rental income for the last 2 or 3 years. But recognize that because you’ve pushed it 10% during the time. 

During Covid times, right? You may not have more room to increase your rents this year.

Lindsay Davis 39:15

Correct. Right.

Yonatan Schmidt 39:15

Right. So a nominal increase of, you know, 30, 40, $50 a month will likely, you know, keep the tenant. But you have to be careful and really look at, you know, where are what what else is in the market. What else is around you. And what what’s being offered to residents because you may lose them if you try to push it too much.

People are sensitive. It’s I don’t know what the exact like price elasticity of demand is for rentals. I bet it differs in each market. But, you know, small increases in rent could theoretically cause people to, you know, just say, okay, I’m going somewhere else.

Lindsay Davis 39:57

Right. And it is. And our big push is like, hey, we are trying to keep your property cash flowing so your rate of return stays elevated, right? That that is our goal to provide to you. So it is better to get a $10 increase and keep a good tenant if that tenant has been paying every month.

And hey, if they pay after the fifth, you get the late fee. Anyway, that’s one thing that I hear investors get frustrated. They’re like, well, they pay. They pay at the end of the month, every month. It’s like, well, they paid the late fee and you get the late fee. 

So that’s a win. You know, keep those keep those tenants, keep the tenants that are paying that you are that are maintaining your property, that are keeping a low maintenance, do not drive them away because it could work out very negatively. You’re going to have to handle a turn on that. So when that tenant vacates, you’re going to have to spend money to get that property ready. And then you’re gambling on who’s going to move in next. 

And no matter how much due diligence you do on the front end on screening tenants, there is always the possibility that something is going to happen. So please, yes, it is so crucial to try to always keep good tenants.

Yonatan Schmidt 41:06

Yeah. And do the cost benefit analysis of the vacancy which will likely be. Yes. Could be it could be between the make ready and you know the time that it gets to, to to show the property and get it at least could be 8% of the year. Right.

So it could be 30 days.

Lindsay Davis 41:21

Is it worth it.

Yonatan Schmidt 41:22

Right. Is it worth it right? Yeah. So those are all great points to make for investors. Let’s, I guess, talk a little bit about before we go into your advice, which I’m eager to learn, I want to talk about, you know, objections in the world of property management and fees.

Right. Which is a big topic of discussion. People are always, you know, pushing back on fees. You know, I I’m of the opinion and this is what we do at key renter. You know full transparency. 

What you see is what you get. I love AppFolio. I call them the Rolls Royce of property management software as a service. And there’s a reason why they’re a multi-billion dollar company that’s traded on the New York Stock Exchange. I mean, I really, you know, with all their faults and their challenges and, you know, the fact that they are an accounting and accounting software, at their essence, they are probably, again, I call them the Rolls-Royce of property management software as a service. 

And I’ve used a whole bunch of systems. And I love AppFolio plus, because if you’re an owner, you can log into your portal. It looks almost like a bank account. You have your statements, you have your reports, you have your you know, you have your occupancy, your cash in, your cash out. And you know, there are other ancillary services and softwares like blankethomes.com that can help investors understand, you know, the the return on their properties and on their investments without actually living in spreadsheets, which I used to do. 

And now we use Blanket. And you know, a lot of our clients have access to it. So shout out to Lior Abramovich and Sagi Medina from Blanket Homes, the CEO and CTO. You know, and I’d like to know what your thoughts are on, you know, what are the objections that you’re noticing in the market, in the property management world? And tell us a little bit about your fees. 

Like let’s compare a little bit and see, you know what. What do property management fee fees look like in Alabama versus Oklahoma.

Lindsay Davis 43:24

So and it varies from property manager to property manager. Like there’s some property management companies out there that’ll do just a flat fee based. And so it’s like you’re going to pay no matter what the rent is. You’re going to pay X. And if we have to do if we have to do an eviction, it’s going to cost this.

And if we have to do this, you know, and so again it can vary so much from just company to company and definitely state to state. Our basic fees I mean we charge a 9% property management fee. We charge a one month leasing fee, but that’s for a two year lease. So if we’re only able to sign the tenant on for one year. It’s going to be half that. 

Now again, our whole property management company is built to support Spartan Invest clients. So if we let’s say we can’t get a property rented within 60 days, then that leasing fee gets cut in half. No matter how long it takes or no, no matter how long the tenant signs on. So there’s a couple of differences. That’s pretty rare that we can’t get a property rented. 

But it does happen. So we put those protections in place and then other fees we charge. If there is a vendor that we coordinate on the maintenance side for, for clients, we’ll charge an admin fee on to that bill. But it does cap at a certain amount. Now if we have a team, we have a maintenance team internal and we have a move out team. 

So no fees are charged at all if we’re able to handle the repair. And that’s the goal, is that we want to because we’re able to build at a lower rate than most, you know, your handymen and contractors. So we we don’t add that fee on. And and then if let’s say that the tenant pays late, the late fee, we keep half of it. And if a tenant goes into eviction or if they’re late and we have to post an eviction notice on on their door, that’s a $30 service charge that the state requires. 

Hey, we have to serve them this form before we can start the eviction process. But and and then renewals. We have a renewal fee as well. So when that vacancy is coming up, we’re reaching out at least 150 to 120 days before the lease expires. And trying to set that up for clients, it’s $500. 

If we’re able to sign an additional two years and then it’s $250 if we just get them for a year, and then I think it’s $100 for six months. So those are basically our fees. But again, we don’t charge a property management fee. We don’t charge that 9% unless your property is rented and cash flowing. So we could still be handling that eviction. 

And we’re still putting in all of the man hours, but we’re not getting paid. So our incentives are 100% aligned to make sure that we get either the tenant out as soon as possible so we can start making money again. And and the investor can as well.

Yonatan Schmidt 46:20

Yeah. Don’t hire property management company that charges you the management fee when the home is vacant. That is absurd. It sounds like it’s pretty similar. I mean, our fees also depending on the size of the of the portfolio and I would imagine and I actually know that of the almost 3000 doors that we manage, the numbers break down very similarly to yours, where it’s about three doors per owner.

So, you know, our management fees, depending on the size of the portfolio, they range from about 7 to 10%. There is a there is a in the Oklahoma market, there is a $695 flat rate leasing fee for a one year lease. And there is a flat rate renewal fee of $495, again for a one year lease, and we also require a $300 property reserve account to be held with us. I do want to touch about renewal fees, which is where I get a lot of pushback sometimes from owners who say, you know, well, aren’t you just sending them a lease and they’re signing it and you’re signing it? And the answer is no. 

There’s a lot of work and effort and overhead that goes into it, right? We have to reach out. We’re reaching out to the owner first to let them know their lease is expiring, and that they’re at an X amount of dollars. In terms of rent, we’re suggesting a new rent that typically, you know, a nominal increase anywhere from 3 to 6% depending on the situation on the market. But we’re running rental analysis, which is hard costs for us. 

Then, you know, we’re asking for the owner to give us approval to renew the lease because their plans may change. Right. They may want to make it a short term rental, or they’re moving in, or they’re selling the property, or they are doing something else with it. And so we need to make sure that their plans have not changed. Right. 

Then we have to say they approve it. Right. Best case scenario, we have to turn around and start the whole dialogue and conversation with the tenants about 60 days before the lease expires, so that we know whether or not we are putting the house back on the market roughly 60 days before the house is vacant to start the pre-leasing and, you know, get ahead of the ball right and get ahead of the game. Or, you know, we’re we’re we are signing a new lease and then we have to, you know, go go through a back and forth with the tenants that owners don’t necessarily see emails, calls, communications, answering questions, potentially negotiating. Well, I’ll renew the lease if you come clean. 

My carpet or I’ll renew the lease if you if you do this right, a little quid pro quo kind of situation which then requires more communication and more time, and more hard labor and costs. From an HR perspective, in a human resource perspective where we’re, you know, calling the owner and saying, hey, your tenant will renew the lease. Happy days. But they want new blinds. So would you make a $250 investment to, you know, get $600 more a year because we’re going to increase the rent by $50. 

Is that a good return? My perspective is yes, absolutely.

Lindsay Davis 49:14

Yes.

Yonatan Schmidt 49:14

Do that every day.

Lindsay Davis 49:16

Every day. All day. Yeah. No. Same.

And we’re in the exact same scenario as well. Like we’re reaching out to the investor at 150 days and saying, hey, look, this is what, this is what we’re going to try to get you. And then we’re also doing like a breakdown for the investor of what that how that tenant has performed. It’s like, yeah, they’ve been they’ve been late but they’ve not gone into eviction. You know, because going in, going late and going into eviction are two completely different things. 

And so they’ve they’ve taken care of the property. You’ve had minimal maintenance. We do annual home inspections that he’s like, hey, your last home inspection. When we walked the property, the property was in really good condition. So yes, we’re putting all of that information to put it in front of the investor and say, okay, Mr.. 

Mister, what do you want to do? Before we reach out to to the tenant to start that negotiation process. So yeah, there’s a lot of moving pieces for the, the renewal. And like you said, you know, things can change. What if they want to sell the property. 

What if they want to, you know, turn it into a short term or etc., etc. those are all things that we need to work on and know ahead of time that all fall into the renewal process. So yeah, absolutely. You know, and I think it depends every, you know, every time we have a lot of pushback about people upset that we keep half of the late fee. You know, and as a we keep.

Yonatan Schmidt 50:41

We keep 75% of it.

Lindsay Davis 50:43

Oh really. Yeah.

Yonatan Schmidt 50:44

So I mean people.

Lindsay Davis 50:45

Because work goes into.

Yonatan Schmidt 50:46

Collecting.

Lindsay Davis 50:47

The, the the past due rent. Yeah. And that the 9% just doesn’t cover and and it’s more money to the investor with no additional work. However it is a lot of overhead for us. Constant and constant communication with the tenants being like, hey, where are you with this?

Where are you trying to keep them out of eviction? So that’s probably the biggest one that we see investors push back on us for.

Yonatan Schmidt 51:10

Yeah. And when the tenants yelling at you or your property manager on the phone because there is a $75 late fee and you can’t just hang up on them, right? You can’t just.

Lindsay Davis 51:18

Say.

Yonatan Schmidt 51:18

Okay, well, I’m done. Bye. Right. This isn’t I don’t know, I don’t know. I don’t want to diss any company that has done this to me where they’re like, okay, this conversation is over.

I can’t help you anymore. So see ya. You know, there’s a lot of there’s a there’s time and effort that goes into it. And so it’s not just as easy as, you know, you put a charge on someone’s account, right. And they’re going to, you know, happily just go pay it happily.

Lindsay Davis 51:43

Just pay it for you. Yeah, absolutely. There’s a lot more work.

Yonatan Schmidt 51:46

If that was the case, we’d flip it and say, you take 75% of it and we’ll take 25. But there is a lot of effort and work and time and hard human resource costs that go into collecting these late fees that I wish people knew about. Lindsay, we’re almost at the top of the hour, and it feels like we’ve been talking for ten minutes.

Lindsay Davis 52:06

I know it’s been great.

Yonatan Schmidt 52:08

So I’ll leave you with one last question for our listeners. But if someone is just starting out and they feel overwhelmed, you know, what’s the one piece of advice that you would give them to, you know, build momentum?

Lindsay Davis 52:23

Oh, that’s a really, really good question as far as your your brand new investors. And that would be, oh man, I have a lot because I feel like the go to advice is, hey, make sure you’re doing your due diligence and you know who you’re who you’re getting into bed with, who you’re getting into business with. Make sure you know the company or the agent or whoever you’re choosing to use, and that’s you need to do all of that. But it can be overwhelming because there are so many good markets out there. There are so many companies out there that do what we do, what you do, or similar to what you do and what I do.

So you know that that can be a massive amount of information. And how do you decipher and know for sure which way to go. And so that needs to happen, and that can be overwhelming. But it’s something that you you definitely need to do. So I would probably say my advice would be to clearly define why. 

Why do you want to get started if you’re starting out and you’re like, oh man, this is so overwhelming, you’re never going to be able to get through the muddy waters way through the whatever that saying is, you’re never going to be able to get to the other side of all of the due diligence. If you don’t have a clear objective and you need to say, I want to buy, like even me and my husband when we first started buying and this is what I do every day. All day is look at properties and talk about real estate and talk about rental properties. And we still have a very clear why. And that, hey, by the time I turn 50, I would like to have the option to leave my job. 

And so how do you get there? I need to buy two properties a year and pay off one a year. And so that has been very clearly defined. And we just make sure we check that box now. Yeah. 

There have been years where it’s like okay we just had the third kid. So we’re going to have to hang tight on that one. We’re not going to buy a property this year. But we were very clear on what the reasoning was for wanting to do this. And I think that that is that’s what you’ve got to have very defined before you can before you can start, you know, all of the research and all of the necessary due diligence that is required.

Yonatan Schmidt 54:36

Yeah. Love that. And definitely, you know, use the one stop shops that have, you know, the the investing piece. Aam to it. The construction piece.

Aam to it. The property management figure it out because they want a long term relationship with you.

Lindsay Davis 54:53

Absolutely.

Yonatan Schmidt 54:54

It is not a real estate agent who is selling you an investment property. Taking the commission and then flying away you know magically into the sunset with, you know the hard-earned money that you know, you spent on buying a property. This is a this is a going concern for them. They want to make sure that, you know, you’re left with good taste in your mouth and that, you know, you want to continue to build and grow your portfolio. So, you know, we do the same.

We do, you know, very similar things at Keyrenter PMC as Spartan Invest, you know, with the construction arm and the property management in the investment arm, we can help with analyzing the rent and the and the investment itself, just like Lindsay and her team can do, find you suitable investment properties. And the great thing is that we’re both in different markets, so we’re not competing with each other, But, you know, definitely use the one stop shop because yes, we want to have long term relationships. It’s not about, you know, the short gratification of one commission check and then we’re gone. We want to do a good job for you into the future. So I love this. 

Love what you’re doing. This was a very insightful, enlightening, educational conversation. I appreciate your time. Thank you so much for being here.

Lindsay Davis 56:05

And thank you so much for having me on. If you want to hear more or learn more, just visit us online. Obviously it’s spartaninvest.com, so we’re pretty easy to find if you want to know, but.

Yonatan Schmidt 56:16

That’ll be down below.

Lindsay Davis 56:16

So yes. Awesome. Yeah.

Yonatan Schmidt 56:18

Click the link. spartaninvest.com.

Lindsay Davis 56:21

Yeah. If you don’t want to do all of the work. Yes. Thank you so much.

Outro 56:31

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