What if you could sell a property, walk away with a massive gain, and pay zero taxes on it — legally? That's the power of the 1031 exchange, and Dave Foster has spent his career showing investors how to use it to build the kind of wealth most people never thought possible.

Dave joins Neil and Clint to break down the mechanics behind this powerful tax-deferral strategy, starting with his own unlikely story of living aboard a sailboat with his family — a lifestyle made possible by the financial freedom that smart tax planning creates. He covers the "Four Ds" that drive most exchange decisions, the overlooked potential of reverse exchanges, and a strategy for converting an investment property into a primary residence that could eliminate capital gains taxes entirely. He also explains how the step-up in basis makes the 1031 exchange one of the most powerful generational wealth tools available to real estate investors today.

Timestamps

[00:03:05] How Dave used 1031 exchanges to convert investment properties into primary residences to generate tax-free profits

[00:06:05] Overview of primary residence capital gains tax exemption rules

[00:09:02] How Dave leveraged 1031 exchanges to fund an early retirement on a sailboat

[00:19:35] Dave explains the "4 D's" of 1031 investing - Deferred, Delay, Defer, Dodge

[00:23:12] Using 1031 exchanges to relocate and purchase undervalued properties

[00:27:18] Converting 1031 investment properties into primary residences

[00:31:37] Hacking 1031 exchanges to invest in syndications

[00:37:25] Paying some tax to invest in syndications with 1031 proceeds

[00:39:57] Overview of reverse 1031 exchanges

[00:44:13] Advanced strategies for improving 1031 exchange properties

Key Takeaways

• 1031 exchanges allow real estate investors to defer capital gains taxes by selling one investment property and reinvesting the proceeds into another
• When timed strategically, 1031 exchanges can be used to convert investment properties into primary residences to generate tax-free profits
• Portfolios can be built up substantially over time by continually deferring taxes through 1031 investing
• Towards the end of one's career, 1031 exchange properties can be converted into primary residences to eliminate deferred tax liabilities
• Reverse 1031 exchanges enable investors to secure replacement properties before selling relinquished properties
• With proper planning, 1031 exchange proceeds can be invested into real estate syndications

Resources & Social Media

Dave Foster's Book: Lifetime Tax Free Wealth

Dave's Website: The1031Investor.com

Dave's YouTube Channel: The 1031 Investor

Follow Us On Social Media

YouTube: Truly Passive Income

TikTok: @trulypassiveincome

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Twitter: @trulypassive

Download Our FREE Passive Investor Toolkit

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If you're a real estate investor looking to substantially increase your returns, you need to listen carefully to this episode.

You'll learn innovative ways to defer or even eliminate capital gains taxes so you can supercharge your investing. This is an episode you can't afford to miss if you want to build a sizable passive income portfolio and generate generational wealth.

I couldn't be better. It is so good to be with you guys today.

Yeah, finally. We've been fighting a lot of technical difficulties and finally nice to be you.

Know how we finally delayed long enough. Yes, the book came out.

So yeah, perfect, perfect timing.

Very strategic. We did that.

Wait a second, Dave, was this all part of your plan the whole time?

Specialist who thinks ahead for strategic advantages.

Also apparently a world round hacker who can cause communications issues. So all right now. All right, Dave, so for we're going to spend a little bit of time at the low level here.

Yeah.

And in the middle, by doing the right process, you get to indefinitely defer paying the tax that you normally would have on the profit. So that deferred tax becomes more buying power for you.

And as you go through your investing career, the deferred tax gets higher and higher, but so do the returns that shortening for your benefit. And that's the whole purpose. You know, it started out, it's been a statute for over 100 years. Who knew, right?

And originally it was designed to help our cash strapped farmers. As our country was moving into the liner maker business era, they wanted to see the farming industry growing.

But the problem was that if a farmer, a young small farmer, sold his property to go buy a bigger farm, many times the tax that he had to pay on the profits would not allow him to buy the next farm. So the IRS put this into code so that they would be able to use the tax dollars to buy the new farm.

Now all of a sudden that young person wants to become a farmer, could afford to buy the first one. And it just becomes this sequencing thing.

So throughout your life as a real estate investor, you can sell and buy investment real estate and continue to use the deferred tax for your lifetime actually and beyond. We can talk about that as well. So it's really a form of compounding interest.

Gotcha.

I want to make sure we get into some how questions about the nuts and bolts of how it, it goes down and how you do what you do. But I think one thing that's really important here is early on in this interview, I want people to hear about some real world application.

I know that you got into this because you were doing this on your own, with your own investment properties and it allowed you and your family to live on a sailboat and travel for years apparently. Right? Tell me a little bit about kind of your projects, the way that it, it affected your life in that way and allowed you to do that.

You know, sometimes it is. You've seen this accessory posterior where it says sometimes the whole purpose of your life is to serve as a warning for others.

You all are learning from my mistake. We were trying to get off the corporate train when we had our first child and we wanted to, we realized time was the commodity.

But you guys do this, realize this too. The whole idea of passive income is because it frees up your time and time is so precious.

And we knew that we wanted to do something with our time, the other to spend time spending with our kids as we're having them. So we decided, well, what the heck, real estate sounds like, let's do it. So. Ready, fire. Aim.

Dave went and bought a duplex, fixed it up, sold it, made a ton of money. And I'm thinking, oh, yeah, sailboat, here we go. Till my accountant re informed me that I had a silent partner on the deal named Knuckles, and.

And Uncle Sam actually made more money than I. And that's when I realized, this is not going to work.

You guys familiar with the primary residence rules?

A little bit.

Why don't you give us. Why don't you give us the high level?

This is the best. It's the best investment. It's the best gift from the IRS ever.

All you got to do is buy a house, move into it, live in it for at least two out of the five years prior to selling it, and you, if you're married, get to take the first $500,000 of profit tax free. You know how often you can do that? Once every two years. Now, statistically, they tell us that we typically will move 8 to 10 times in our life.

So if you or your listeners do nothing other than buy a house, live in it, and when you're ready to move, sell it, you're going to generate eight to 10 opportunities to take up to $500,000 of profit, tax free. Pretty cool, huh?

What we did, and this is things we teach in the book, things that we help our clients with, is we found a way to marry those two concepts so that every time we sold our primary residence, we would not just get another primary, we would convert one of our investment properties into our new primary residence. And so what that meant was that every time we sold our primary residence, we were getting to take. At that time, you could take all of the profit.

Now you can only prorate it, but it's still a good deal. We were able to take all of that deferred tax and turn that into tax free. And so in order to get a sailboat, you Gotta sailboat water.

There ain't a lot of coastline in Denver. So we moved our portfolio to Connecticut.

Number one, we never saw the sun. And number two, Long Island Sound never got warm. So that was not going to be the place.

And we raised our four children on that boat for 10 years and paid for that with my private clients and with the money from our portfolio of vacation rentals that we attend 31 into. That's a real world application. And I gotta tell you, I do it again in a heartbeat.

That's a, that's amazing. I love that story. Thank you first of all for your willingness to share your story.

Secondly, for your willingness to share your knowledge with everybody that you help.

I mean I've got a couple people that I've sent your direction just in the last couple weeks that, that I know it like what you do have is the potential, just like it did for you to significantly change the financial trajectory of people's lives.

And it affects the amount of time that they get to spend with their children, the amount of time they get to spend with their spouse and fulfilling their, their higher purpose or whatever that that looks like for them.

That's, that's the whole point of truly passive income is having a lifestyle that you can afford and get your time back by having income produced by real estate. And this is just. It throws gasoline on that fire, it supercharges it.

So I want to ask a follow up question in terms of, make sure I understand this correctly.

First part of the question is, is there any stipulation is that how often? If you do it like, is it a long term rental or short term rental?

If it's a short term rental, are there a certain number of weeks a year that it has to be rented out and then what's the period of time for it to be a rental before you move into it as your primary?

And it gets fuzzy because the actual wording is that you are selling property that you have held with the intent of holding it for investment use and you replace that buying a property that you also intend to use for investment use. So the keyword is not a statutory holding period. The keyword is intent. But you have to be able to demonstrate that intent.

So let's look at this as a spectrum. A property that you want to convert you.

And by the way, any type of investment property will work short term, long term, commercial, whatever, can all be interchanged. But let's say this is why it works great for later in life. Because let's say I'm living in Cincinnati and I want to retire in Sarasota, Florida.

Well, if the afternoon that I buy it, the movie man is backed up with my stuff and I changed my driver's license immediately and my kids start school there and all of that. Did I buy a property I intended to use for investment? Answer is no, that's not going to fly.

Here's the opposite end of the spectrum, and that is that in revenue procedure. This is so boring.

The reality is probably somewhere in the middle for each person. A lot of people feel comfortable anything more than a year.

And don't forget that part about the statute where it says not counting the number of days you stay in it while you're working on it.

And I can think of a couple people whose names will not be mentioned who have to go down and spend six months a year in their investment property because the automatic sprinkler system is so glitchy. It's all about what you can defend.

Yeah, that's right. I would paint one square foot a day for six months.

I tell people, bring a can of paint down with you and if you've got electrical problems, just bring a hammer.

Gotcha.

Got it. Man, that's powerful. Very powerful. Let me ask you a follow up question. Well, it's a little bit off topic.

If I've got a partner in an llc, the LLC has to be the same person on the new property, which means that partner and I have to carry forward. Is there a way to decouple that or that's the way it is?

Yeah, possibly. It all depends. How's that for a great answer?

So, but by the way, before I answer that, don't forget to make me come back and talk about the 2 out of 5 rule after conversion. Okay, I totally let that slip on the last one. So the IRS requires that the taxpayer be the same from the old property to the new property.

So in your case, you and your partner have an llc because that's a multi member llc, it files a tax return. So the LLC is the actual taxpayer. The IRS doesn't know where the deed is. The IRS knows what tax return is reporting that property.

So in your case, yeah, the LLC would have to sell and the LLC would have to buy. Unless you dissolve the LLC and distributed the property into each of your names as tenants in common.

Now, each one of you own a piece of real estate. You can sell yours and go your way, they could sell theirs and go their way. That's what's called a drop and swap.

It's not always been in favor of the IRS, but over the last 10 to 15 years, it's actually becoming more and more favorable to them. And it's one of those things where we discuss with, you know, your accountant the pluses and minuses of that.

But that's a great way to decouple when the LLC is the actual taxpayer. Now, for probably the majority of people out there, they're the only members of their llc, and the LLC has chosen to be taxed as a sole proprietor.

So let's think about that. What tax return is reporting the activity of the property? It's their personal return, isn't it?

So if they sell as the LLC and buy as themselves, we're not changing the tax return. Are we the same taxpayer? And so that's what's key. That's why these.

So, yeah, perfectly fine to get rid of that LLC and then go and buy your new property.

And then when you sell, you get to prorate the game between the period you lived in it. That's tax free. The period it was a rental, you pay tax on it, and you also have to recapture depreciation.

So my guy rented it for two years, then he moved into it. He lived in it for three, then he sold it. Did he own it for five years? Yep. Did he live in it for two out of the previous life? Yep.

So he got 60% of the gain tax free. He stroked a check for 40% of the gain in tax. But that's still better than sacking groceries or delivering pizzas, right?

His retirement job, which included a W2 portion, basically where he had to pay some tax. His retirement job, making coffee and sitting on the back deck watching the Waves come in. Now, Clinton, where do you think he moved.

To another.

To the condo next door.

It was that far. He moved about 30ft.

I gotta think that his neighbors are gonna get pretty tired of this after a while if he's asking them to help.

But the whole idea is he turned a massive gain into three little bits of taxable gain and a whole bunch of tax free gain simply by having Runway enough and being able to do that. And that's. This kind of takes us into just philosophically because I know there's a lot of people saying, dave, that's into the road stuff.

How do I get there? Come on. I got one little rental property. It doesn't have that much gain in it. It's only got, you know, a hundred thousand dollars of gain.

Well, that's probably 20 to $25,000 of tax.

And then you start making that work for you by compounding it and getting the compounding of appreciation, compounding diversification and those types of things.

And all of a sudden, at the end of your life, you're living on a hundred thousand dollars a year of the government's money, not even starting your own. And so we tell people, don't worry about it at the start. Just like everything compounding builds as it goes.

And it may not start out as much, but by keeping it compounding, that's what it's going. So we talk about. You guys ready for a test? No, let's. Let's play Neil versus Clint. All right, here we go. It's the finals right here, Madison Square.

You want to be able to get some tax that is deferred that you can use for your benefit. So that's where it all starts. All right, who's going to go first?

Me.

I'll go first.

Oh, you go first.

I beat you to it.

All right, question. What's the second D of TF31 investing?

Dispose.

Clint, the board's open for you. What do you think?

Well, I was gonna say delay, but that's basically the same thing. As defer, But I'll go with delay.

All right. I'm actually gonna give that to you because it is. There you go. All right. And we got someone on the board, and here's why.

So as you're growing your portfolio, you can take advantage of every other opportunity that's there to sell residential and buy commercial, to sell raw land and buy industrial, to sell single family and buy multi family, to sell a large asset and purchase many small assets wherever you're gonna make the most money. We talk a lot about holes in the market. And I tell you, I've got. They're actually not on my Christmas card list because I'm just bitter anymore.

But I got a whole lot of people in the Bay Area of San Francisco that kept saying, dave, I want to sell the Bay. I'm gonna go buy in Austin. Austin's so treasury, but I think something's gonna happen.

And along the way, all you're doing is just deferring the tax. All right, so Clint's on the board. Neil, it's your turn. What do you think the third D is?

I have no idea.

The board's open for Clint.

I'm. I'm gonna guess diversify.

That's a good word, but it's too many syllables for me. Deferred. Defer.

Again, I'm picking up the reason why is that as you move through your career, you not only want to change types and locations, but your energy level changes, doesn't it?

It exists to use differently to your Advantage as you're going through your real estate lifestyle. And that's one thing that we spend a lot of time talking about in the book, is how to use it.

I'm going to go with defer.

Neil, did you see the smile? Are you ready? That's so wrong. Fourth D is actually die. Okay, now I know, right? It's not my favorite dodge. Dodge ain't no dodging death.

But you can dodge the taxation because when you die, your heirs inherit the crap. And what is called a step up in basis, which means all of that deferred tax over your lifetime disappears with your death.

You don't pay it, your estate doesn't pay it, your heirs don't pay it. And what an incredible legacy that is to give to your children to be able to start over and do the same thing with no tax hanging over their head.

So you simply defer, defer, defer, and then die. And you'll have, you'll have done a great achievement in your life.

That makes a lot of sense. It's like you said that now you're talking about generational wealth, right?

This is, this is powerful stuff that has potential to affect people that aren't even a twinkle in your grandkids eye yet. You know, you're talking about way down the line here. Along the way you mentioned something that you made me realize.

So my wife and I moved, we moved three times the first six years of our marriage. Every two years we did the same thing, right?

We were trading up get, we closed on one of our properties after we lived there for two years in one day, right? And we were just kind of trading up. Trading up.

And that allowed us to, when we relocated to Wilmington, to have a nest egg to start buying multifamily Airbnb properties and things of that nature. So I certainly understand the value of that.

It's a great way to say it. Off ramp.

Someday you're kicking the can down the road, but someday you gotta pay, you know, essentially. Yeah, exactly. That you're going to pay the piper.

The idea that I've always thought was, well, the idea is to get into a property you want to hold long term, whether it's a mobile home park or a multifamily apartment building or syndication, self storage that you're going to keep forever and get to the point where it's creating passive income and that tax liability goes away. But really what you're talking about is you do have an off ramp.

If you have a little bit of foresight and say, where do I want to live two years from now or five years from now or a year from now, where do I want to live and do I have funds that are in properties right now that I can use to get there?

I love that it's an off ramp for that money and gets rid of that liability and you can use it to be in a place where you want to be and living your life.

It's incentive to get, pushes people farther up the investment ladder.

And I was mentioning something about a property that we had to sell and you gave us a great suggestion that was said, don't buy a property, buy two properties.

So you're going to have some equity tied up in it, depending on what your LTV is.

But assuming it's 80% on both of those properties, in that scenario of that million dollars, you've got 20%, you know, 200 grand locked up over here on one investment property that hopefully is cash flowing, you got 200 grand locked up in another property, or actually 160 because it'd be 20% of that. But did you get the other $640,000 back in your pocket? That is liquid that you can turn around. It's another essentially off ramp. Right. So.

And it also allows you to, to move. Let's say you were that guy in California, right. And you want to move to Austin. But everything in Austin is a lot less expensive.

You know that. Yeah, I mean, well said. Now let's pour a little gasoline on that, shall we? Because it's little tweaks that make all the difference in the world.

So the example of selling a larger asset and breaking that into two purchases, one for cash and one with debt, which lets you do a cash out refinance.

That other property now has deadline, but shortly thereafter, a year or so you're going to sell that to go buy a short term rental someplace where you would like to vacation. And you're going to do that with second home finance money because you can. The IRS doesn't care what the source of the funds is and buy the house.

With second home financing, the requirements are generally only that the property be 100 miles from where you live and that you agree to use it at least two weeks here for personal use. None of that contradicts its use for investment as a tip to do on replacement.

But when you sell that property and buy the vacation rental with second Home money you're buying it with lower down. So you can again bifurcate that and go buy two properties. And second, home financing is also usually cheaper interest as well.

You were able to cash out, refinance and get into a passive syndication you like. You were able to again move into two more properties and get advantageous financing for each one of them.

Twelve months, three properties and a syndication investment plan. I mean, I don't know how impatient you got to be. That's pretty fast.

Yeah, yeah.

That's unbelievable.

Wow.

I'm glad you brought up, I'm glad you brought up the syndication finally, because that's, you know, we've been talking a lot of sort of individual property, individual investment properties. Sort of active, a little more on the active side so far.

Right.

So the reason it's not that simple is that by its nature, the temporary one exchange has to be a sale of actual real estate followed by a purchase of actual real estate. And probably 98 of the syndications out there, what you're buying is not real estate.

They're selling to you a membership interest in an entity that owns real estate, not real estate itself. And so that doesn't qualify, but there's ways we can make it work.

There are some syndications and you just have to search that will allow you to buy a tenant in common interest in the real estate itself so that you end up owning part of the real estate, the syndication of part of the real estate, and then they enfold you into the terms and the performer of the operation. Now that takes a bit of paperwork on their side. So typically it's a little more expensive to get into those they usually require.

Okay, but that's exactly what you're doing is buying a membership interest in an entity that owns real estate. Now these are very unsexy investments. You know, a lot of the most of the syndications out there, you get waterfalls, you get some nice returns.

With a dst, everybody receives the same.

Because they're large institutional assets, the returns sometimes are not as great, but they do fit this need and that is that they allow you to go from active to absolute passive management. And depending on what your needs are in terms of return, they'll work perfectly.

Now the last way to get into syndications is to simply bite the bullet at basic tax if you really, really want to be there. I almost gag saying that, but it'll work.

Remember, whether it's one day or 20 years, as long as you can keep that tax deferred, you're going to generate the compounding event. When you finally decide to sell it and pay the tax, you still made a bunch of money off of that tax and nobody ever went broke paying tax on profits.

It just feels like it. So you can't find anything you want. You don't like the DST route, you want to go into syndications, pay a little bit of tax.

But if you kept that tax deferred for 10 years prior to that, it was still to your benefit.

Well, I again I think your, the method that you've mentioned beforehand, which is to buy, buy a property for cash or you know, as little debt as possible, or buy two properties and one for cash and use the cash out refi to then invest is it is much more advantageous and flexible.

Absolutely. It's funny you, you mentioned how everybody always says you're kicking the can down the road. Right. I get so I hear it all the time too.

And my follow up question always wants to be. So you don't believe in IRAs or 401ks or Roth? Well, now I've got those. What's the purpose of those? To defer tax and let the tax work for me.

You can defer it to anything else. You can eliminate it upon death.

Yeah, that's a great point.

If they're using a vehicle like that for their retirement savings, essentially it's the same concept, but at some point in time they force you to use that and start paying it. The reality is that's not the case with the strategy you've laid out there.

All right. That's huge, man. I love it.

All right, I want to shift gears here for just a second. Can you explain to us what a reverse exchange is, or have you already done that?

A reverse exchange does not change that order. It just allows you to have control of your new property.

And the way that we do that is you find, you know, the perfect property you want to buy, but your old property hasn't sold yet. We form an entity called the Exchange accommodating Title Owner, and that entity takes title to the new property.

First of all, they're very complex, so interpret that as expensive. They'll add 8 to 15 thousand dollars to the price of a regular exchange.

And a regular exchange is probably under a thousand, so they're pretty expensive. Secondly, and probably more importantly, the financing component, because you have to provide the financing. Now, if you got cash, no problem.

But if you're having to borrow money to purchase the property, that lender is going to be asked to lend the money, not to you, but to us. And the entity that we set up is an unseasoned LLC with no history.

So they're being asked to loan to an unseasoned LLC secured by you, but you're not a member of the llc.

So it's squirrely enough that a conventional lender cannot do, has to be a portfolio lender, like a local community bank that keeps their loans in portfolio, or a private lender, a relative or Like I said, your own cash resources. But these can be used if it's just a timing issue.

They can also be used if you say, sold a property for 500 and you found the perfect property you wanted to buy for 300, but it needed 200,000 of improvements.

We could take title to that and hold it and use your exchange account so that you can improve the property so that within that 180 day period, now that property is worth 500,000, the 300,000 cost plus 200,000 in improvements. And so your sale of 500,000 buys a property for 500,000. But what's that property really worth?

You got it for three and with the 200,000 improvements, it could be worth six or seven or eight immediately. That's where that situ.

The $200,000 in forced appreciation that you're putting into that property, Are they looking at your invoices of the money that you spent or are they looking at the forced appreciation that comes when you get an appraisal on the back end?

It'll be the invoices if you're ever asked. It's not something that's reported, but we can, you can't make phantom appreciation, although you get it.

So it's going to be the actual cost of the property plus the actual cost of the improvements. And that's what you get to count towards your 231.

Let me ask a question in this situation. So the scenario is I've got an investment property that I'm selling.

I found the other property that's absolutely perfect that I'm going to buy it, I'm going to use it as an investment property for a year or two, but probably end up living there as my primary in the long run. So I'm trying to offer some of that cash.

So because of that, I care a lot about the property that I'm picking because eventually I want to live there too, right? So I find the perfect property before my other investment property has sold.

So we go ahead and we go under contract with it and I, my job is we've got to close that. But because we obviously don't have proceeds from the sale of the other property, I've got to come up with the cash, right?

So it's, it's a 401k loan or it's personal cash. It's private money, hard money, family money. Chances are it's probably expensive money, but this is the property that I want. I'm willing.

Do I have 180 days to do $51,000 worth of renovations to that property, or is the whole thing thrown out?

Because, remember, you don't own the property. We own the property. So all of a sudden, a swimming pool comes into play. Doesn't.

Yep, it sure does.

Now, check this out.

Let's use the example that we did before, where you're selling for five, and let's say it was all cash, and you find that perfect retirement property for 300, and it needs a second story and a swimming pool and all kinds of fun stuff that's going to close first. So we take title to it. Thirty days later, your old property closes. Now, remember, we borrowed 300,000 from you.

You've got exchange money of 500,000 sitting in your account. So we're going to borrow 200,000 more from you from your exchange account, and that's going to improve the property.

We're getting into the deep cuts here.

Yeah, we are.

This is.

Yeah.

These are veteran moves.

Yeah. And I also. The thought that was going through my head before we got into this Was that. Oh, can I. You know, because you're always dealing with a.

But that's essentially what you're doing. But you're just doing it. You're. You can't do that. The IRS says no, you already own it.

And I'm the world's worst manager, so you better make sure that the finishes are exactly what you want.

Yeah.

Because I'm not flying down to check.

Yeah, yeah, yeah.

It, you should be.

And if you are, there is certainly nuance when it comes to the timeline and identifying properties.

But I think there's a whole nother level of nuance that we've uncovered here that you have potential to really do some pretty big, significant things that have massive value shifts over time. I would say what I'm hearing is you definitely need to read the book and understand it.

I've talked to several different sponsors that do this, but now we're. We're getting down in. These are veteran moves. Right. We're getting into the deep stuff.

So at this point in time, I think that choosing to do it is probably just as important as to who you choose to do it with, because it has significant implications.

Anybody can hang out their shingle, get a fancy website, do this, do it. But I thought I was writing a book on average and 30 exchanges. As I got to the end of it, I realized that's not what I'd written.

It's almost like the T shirt I saw at Key west, where the front said, you know, a good lawyer knows the law. The back of the shirt said, a great lawyer knows the judge. That's what this is.

Sometimes I feel like a one arm paper hanger, but I think that's the workload. Yeah, that's exactly right. Strategy is really what's key to maximize the benefit from these.

Make you more money. Hey, we love vanilla as well.

All right, well, listen, I. Do you have any more questions, Clinton?

I don't think so.

This is.

It's fantastic. This is my favorite interview that we've done so far, and I knew it would be. I've been every interview. Not the ones with you, Neil. We were.

I was really looking forward to this, and I was really upset.

We had the technical issues the first time around, but frankly, it gave me more time to just think about how this was going to go and what we're going to uncover. I knew there was going to be a lot that I learned that I didn't know. I didn't know it was going to be this much.

So I just appreciate your willingness to share, but, no, I don't think anything else is needed here. I'm looking forward to going back and listening to this, honestly.

If somebody wants to find out more about you and reach out to you, what would be the best way for them to do that?

All right. Well, it's been great talking to you, Dave. Really enjoyed this.

My pleasure. Thanks for having me.

Thank you so much for listening and watching the Truly Passive Income podcast.

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