Carrie Cook is the President of Ignite Funding. With over 15 years of experience in private lending, Carrie has funded over $1.5B and is committed to continued growth and preservation of investor capital. In this episode, Carrie discusses her underwriting process, structuring investor-friendly terms, and the benefits of investing in a trustee vs. a fund.
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TRANSCRIPT
Slocomb Reed: Best Ever listeners, welcome to the best real estate investing advice ever show. I'm Slocomb Reed, and I'm here with Carrie Cook. Carrie is joining us from Las Vegas. She's the president of Ignite Funding, with over 15 years experience in private lending. Since leading the company, Carrie has funded over 1,5 billion dollars, and is committed to continued growth and preservation of investor capital. They are a licensed mortgage broker in Nevada and Arizona, they focus on Nevada, Arizona, Texas, Colorado and Utah. They are currently servicing over $350 million in loans, 60% of that in the commercial space, 40% residential. Carrie, can you tell us a little bit more about your background and what you're currently focused on?
Carrie Cook: Sure. I'm an operator; my background actually didn't start in real estate. It started in community relations, if you can believe that. That's where my background really is, in working with nonprofit organizations. I have been able to couple that knowledge and leadership and operational into real estate. And I know that may seem a little bit odd and a little bit of a stretch, but when you are a really good operator of businesses - especially myself, I happened to get into real estate in 2006, the perfect/not perfect time, because I think we all know what happened two years later... But because of my strong leadership skills and crisis communication, I was able to lead our company through that catastrophic time, and bring us out on the other end.
So real estate for me is something I live, eat and breathe now, being an operator of an organization that offers investments, specifically real estate investments. So this is all I do now, so I'm very narrow minded, but ultimately, I am an operator of the overall structure of putting borrowers and investors together.
Slocomb Reed: Nice. 350 million in service currently, and you do a lot of residential as well as a lot of commercial. Is there an average loan size for you all?
Carrie Cook: Our average loan size each year seems to ratchet up a little bit more. I would say the average or our sweet spot is between 3 and 5 million. We're funding between 25 and 40 million a month depending upon what the desires or needs of our borrowers are, coupled with what our capital fundraising capabilities are.
Slocomb Reed: What is it exactly that you are funding? Are you funding acquisition of value-add deals where the capital is going to be deployed for five to seven years? Is it primarily ground-up construction? What is it that you're looking for in a borrower?
Carrie Cook: Well, it's all over the board. We are at our core an asset-based lender. So although the borrower is important to us, and their longevity in the field in which they operate is important to us, at the end of the day, the asset value is what we really focus our attention on. So unlike banks, we're focusing on what that asset is going to look like should we have to take it back through foreclosure; we kind of coined a phrase, loan to own... Not that we want to own the assets, but we need to make sure that we have enough equity or skin in the game so that if we do have to take the assets back, we're able to recapture that capital for our investors.
So as far as the type of investor and the types of loans that we are offering, it's really all over the place. I like to coin ourselves as not being the one-trick pony... So I know many times when you interview individuals, you probably hear they focus on multifamily, they focus on apartments, they focus on senior living... They have a strategic focus. My strategic focus is not to be strategic. And again, this is because I've lived through '08, I've lived through the mistakes that we've made in the past, and I vowed not to repeat those same mistakes.
So we are all over the place. Acquisition to us could look like the acquisition of land for a masterplan community, it could look like an acquisition of value-add for commercial, it could look like an acquisition of value-add for storage facilities that have 30,000 square-foot expansion plans on top of what they've already acquired... So acquisition can be both sides, both residential and commercial. Each community drives something different. So the different communities that we lend in, depending upon what the needs are of that community, is really what we're focusing our attention on.
On the development side of things, it's pretty self-explanatory. You're taking the residential through the development phases, and you're taking commercial through the development phases, depending upon what those happen to be. And then the construction side of things - again, it's a very obvious one right now; we are not focused on the low entry level homes and home builders, we're more focused on the high end, because those are still being purchased for cash, non issue with interest rate increases... And on the commercial side of things, we are doing some construction, but the construction typically is TI improvements, just improving the property to get the quality at tenants in place. So a lot, there's a lot that we're doing in a lot of different areas, depending upon what that particular macro and micro of those areas are demanding.
Slocomb Reed: Carrie, what I really want to ask is what types of terms you are offering to your borrowers... Let me ask it this way, though - how is it that you are marrying safety for the people investing in you and your funds with offering competitive terms to borrowers?
Carrie Cook: Well, first and foremost, we don't offer funds. All of our investments are multi-beneficiary lending. So our investors are listed on the exhibit A as having a prorated ownership of the asset itself. So just to make sure that we're clear on that; we do not offer funds at all. So our investments are directly in the investments themselves. As far as our terms, most of our terms are a nine-month with a nine-month extension. And we do offer our investments -- if there is a nine-month with a nine-month extension, we'll offer it 18 months, because our borrowers have the ability to take that extension without additional approval needed. So that's just how we write the loans to them to begin with.
The interest rate that our borrowers are paying is typically 12%, is the all-in interest rate, which - obviously, with what's going on with the market and interest rate increases, that gap is closing on us... But we're also offering the same investments or same funding options to our borrowers at 12%, when they could also get 2% money. So we haven't increased our interest rates yet. I'm not saying we won't, I'm just saying that I don't lead with fear, so I'm kind of waiting to see how some things shake out before we make any moves there... But again, typically, terms are nine months, nine month extensions, they're paying two points origination, 12% interest on their loans.
Slocomb Reed: From my own points of comparison, that's 12 and 2. 12 points, 2% origination, and then upon the additional nine-month extension is there an additional two points?
Carrie Cook: It depends on the borrower, it depends on longevity; it could be 1% to 2%. Or it could be prorated. We work with our borrowers -- relationship is very, very important to us. So every situation is a little bit different, depending upon what the borrower's needs are. Sometimes borrowers only need a month of their nine-month extension. I'm only going to charge them for a month of that. If it's a newer borrower, I may not do that, and just feel out the relationship. But once that relationship is established, we tend to be way on the side of a stronger relationship and gouging our borrowers.
Slocomb Reed: Carrie, I'm primarily an owner-operator in Cincinnati, Ohio, but I've worn a lot of real estate investing hats here. I'm also a residential real estate agent who works with a lot of investors... 12 and 2% right now it's fairly competitive. Just on Thursday I was at a Real Estate Investor Association meeting talking with a bunch of private or hard money lenders, and 12 and 2% would be the lowest of the offerings available to investors at that meet up. Most were at 12 and 4%, and one guy was at 15 and 5%. So 12 and 2% seems very competitive right now. Along these questions, I do want to ask what your underwriting process looks like in terms of what is your due diligence on the asset and the borrower, but also, how long does it typically take you all to fund?
Carrie Cook: Due diligence. Well, that obviously can vary depending upon the asset type, the location. Our due diligence process is quite rigorous, but it's quickly done, quickly assessed. There is ironically only one gentleman that does all of our underwriting for as; he leads that. His name is Pat Vassar. And his review process is different, obviously, depending upon the asset class. Some of his review process - and I won't go into intimate little details, but the vast majority of his review process is understanding the asset itself, what the intent is with that asset. Are we are acquiring something that's a value-add? What does that look like? What's it going to cost? Working with the borrower on a budget; what does that budget look like? How much money they're going to need initially; are they going to want it all up front? What are the acquisition costs, the loan to value, what we're going to lend, maybe it's loan to cost that we're looking at... We're not huge on appraisals, and I apologize if I'm insulting anybody out there that does this professionally... But that has not been a very good gauge for us historically. So we do use broker price opinions. Typically, when you're asking somebody to sell an asset, you're gonna get a more realistic as-is value, which is what we'd like to lend against, to make sure that we're mitigating that risk for our investors.
But then also working with the borrower; we have been in situations before - we're not just a lender. We do collect on our assets if need be. So we're looking at this kind of multifold, as to ensuring that we actually have potential buyers for the projects that we're underwriting. That's really, really important to us, making sure that it fits into our overarching plan. So a lot goes into it. A lot of factors that we're looking at, depending upon the asset, like I said. Dirt's a little bit easier, right? Dirt is kind of quick; no pun intended, it's down and dirty, it goes a little faster, you can assess that value based on what they plan on building on it... Or maybe future, how they plan on changing the use of that land, could also play a big factor in that. What the chances are that they're actually going to be able to make that change; working with municipalities, finding out those details... It's art and science when it comes to real estate... So everything's deployed, as we look into that.
Now, the borrower in the asset itself - our feet touch, every single thing that we lend on. So that's why we primarily lend on the Western part of the United States, because it's easy for us to get to and see. We do not rely on a Google map or somebody telling us what it is, or how great it is, or traffic count, or any of that - I hate to say, we call, crap on that. But we really do. We get out there, we get our hands dirty, we're looking at it from a whole lot of different perspectives.
The borrower's themselves - that's kind of a fun little art. Sometimes Pat and I, we laugh a lot, but one of us is the art and science, the other one has the psychology behind it... We obviously don't want to lend with the intent of acquiring the asset. That's not our goal here. So we do need to know about the borrower, we need to understand what they've done in the past, where they're headed, how they're diversified in their revenue streams that they have coming in... We're a hard money lender, right? We're not cheap. So we need to make sure they can pay their bills. So there's a lot that goes into it. I know it's a long-winded question, and maybe not super-specific, but we would need to have a specific project to really be able to break that apart for you and get into the weeds. I think that gives you what you're looking for.
Slocomb Reed: It does, yes. And am I remembering that you said your average loan is between 3 and 5 million?
Carrie Cook: Approximately, yeah.
Slocomb Reed: Gotcha. So two points on 3 to 5 million is 62. $100,000 in upfront, which gives you a budget for doing your due diligence and getting those boots on the ground literally, as well as figuratively. That makes a lot of sense. Carrie, the point of comparison for the vast majority of our Best Ever listeners is apartment syndication. And the vast majority of our listeners are engaged in apartment syndication. Most of those are passive investors. And it's mostly value-add syndication, the three to seven-year hold period, the eight-ish percent preferred return with an IRR recently in the mid to high teens, if all of those things mean something to you... Speaking to passive investors who are considering being more of a debt investor than an equity investor currently - I'm not asking you directly to make your pitch here, but what is it that these opportunities look like for the passive investors who work with you to lend on these deals?
Carrie Cook: Passive investing for us is quite simple. Investors are completing a application, very basic information. They're investing through trusts, LLCs, qualified funds, through self-directed IRAs, 401-K plans, cash, joint accounts with their spouses or significant others... Once they've set up their account, we have investments available throughout the month, every month, and they are actually selecting what interests them the most. You had mentioned apartment complexes, and that's the focus of your program... We also lend on those. We may be lending on the acquisition of the land. We also do do some value-add conversions from hotels to apartment complexes as well.
So the investor is selecting the investment that's most interesting to them. Although we are charging the borrower 12%, our average return to our investors is about 10.2%. It really just depends on how much I'm willing to give away on the servicing side. Occasionally, we will do perk loans. We have a new borrower, we may charge a higher interest rate, therefore it's being pushed on to our investors as a higher interest rate... They are filling out paperwork related to the disclosure of the investment that they have selected. Once that disclosure has been completed, funds are sent our direction. The funds then are utilized to close the investment, and the next month, each month thereafter, on the 15th, they are receiving their pro rata amount of interest that they earn on that loan, processed in whichever way they choose, whether it's ACH or check... And we move through the duration of that loan. When that loan pays off, the capital is returned to our investors, and our investors select another investment to be on.
Most of our investors are on 8 to 12 projects at a time, so that they have a whole portfolio of diversification with us, in all different asset types, asset classes, locations and borrowers. So we do provide a one-stop investment location for investors to diversify their portfolio.
Slocomb Reed: Carrie, I'd like to draw a point of comparison here for you to reflect Ignite Funding and the investment opportunities with Ignite funding off of. I know this is not what you do, because you've already explained that, but I recently interviewed a another hard money lender for the Best Ever show that has similar 12 and 2% pricing for borrowers, and they are structured as a fund. When you invest with that hard money lender, you are joining the fund and a small piece of everything that they do. As a fund, they offer a 9% return. Now, I'm not familiar with all the specifics of how it's registered with the SEC, and all of those things... Not my business. I was the interviewer, not the interviewee. But the idea was - invest in this fund, you're getting a 9% return. And the way that the operator of that fund kept that going was keeping the capital deployed at 12%, and effectively keeping the fees for themselves on top of that.
So you talk about the 12% interest that you typically charge, and the fees on top of that, but also you have significant expenses associated with the diligence that you're doing on these loans and the vetting of these loans. But you're not a fund. So your investors are selecting individual loans, doing their own some due diligence doc signing and vetting, and then I imagine that the results your investors experience are loan-dependent, unlike the fund that I was just mentioning. Can you talk about how that has played out in your experience over 15 years?
Carrie Cook: Yeah. I've been in the fund environment before, and here's what I would say to individuals. Yes, it is much easier to manage a fund than it is to manage trust deed investments, where individuals are taking a pro rata percent of ownership in an investment. Many would even say that I'm crazy for managing this company the way that I do, because when it comes to funding a loan, all of the T's have to be crossed and I's have to be dotted and funds have to be in from potentially 50 different people to close a loan. And in a fund environment, it's much easier. You raise money, raise money, raise money, you've got $10 million sitting on the sidelines, you know what your 9% bounty is for your investors, you could push that out, you could have legacy issues in there... You can cover up things. I can't cover up anything. I also don't charge my investors to invest with us. I charg nothing. So if they're investing $10,000, $10,000 is going into the deal, and they're getting paid interest on $10,000. I choose to do it this way, not because it's harder, but because I believe it's in the best interest of the investor, to not have to depend on people, but to be able to depend on the value of the asset should the people go away. They still own the asset.
So the way that we have done it is not everybody's favorite way, and not the way most people like to manage it, but if managed well, and if you have very few losses to your investors... We have to be transparent, because when something goes into default, everybody knows about it that's on that loan. There's no hiding behind the scenes. So we are different. We're definitely different in the way that we structure things. We can only operate in states that allow us to lend in this fashion, that do not have overarching securities rules around them. We stay out of the states that do, because we believe in marketing an investment that truly is a collateralized investment. Investing in funds is not collateralized. Investing in trust deeds is.
Slocomb Reed: Can you explain that a little bit further?
Carrie Cook: When you invest in a fund, you are purchasing a share or membership interest. That fund, for all intents and purposes, is a business. If that business is run poorly, the funds that are in that fund are gone, no matter what asset they're in. If the individuals who are managing that fund manage it poorly - culd it go into bankruptcy? Absolutely. Could a receiver be put in place? Absolutely. Could the receiver potentially absorb whatever returns would go to investors? Absolutely.
When you invest in a trust deed, you own that collateral. So if Ignite Funding goes away, every investor that's associated with that collateral will have to give permission to sell that investment. We're taking the people out and we're putting the ownership in. So it's a little bit different as far as what truly is collateralized investing. Granted, a fund does have collateralized investments within it, but the fund is the people that you're investing in. The collateral, how they manage it - that's up to the people. That's not up to you as the investor. When you give your funds to that fund itself, that fund manager, you have to depend on them managing that very well. Most fund managers do a very good job. Most do. So I'm not here to say don't invest in funds; I invest in real estate funds. I'm just saying that a truly collateralized investment is when you are on the exhibit of that recorded deed as having ownership in that collateral.
Break: [00:23:13.23]
Slocomb Reed: Last question here, Carrie, before we move on... You said you average a 10.2% return to these investors. With a fund model, you know exactly what your return is going to be. How is it that the return varies with these products?
Carrie Cook: So unlike a fund, which would have a hold period of three to five years - let's give an example... For three to five years, you're going to earn that 9% steady, that's why you see a 9% return. With trust deed investing you may be investing in one project at 11% and another project at 12% and another project at 10%, and all of them are paying off at different times. How you reinvest those funds, and when you reinvest those funds are going to determine what your average return on your investment looks like with us. So it will vary. If you're not astute enough to get those funds reinvested quickly - we're obviously going to reach out to you to try to move you in that direction, but ultimately, the decision is yours to make, where a fund - that's captured capital. That's how I would refer to that. So that 9% is very steady. Trust deed investing - it can be higher, but it takes the investor being very astute to making sure that those funds are deployed at all times. Also, duration of time. So if it's a 12% loan, for the simple math, and it only goes for nine months, you're earning 9%, you're not earning 12%.
Slocomb Reed: Assuming you don't redeploy the capital, yeah; that makes sense, when you're talking annualized. You are offering investors different rates of return on different loans... Why is that? How do you determine the return that's being offered on a loan?
Carrie Cook: Well, first-time borrowers will typically pay a higher interest rate, right out of the gate. So in those particular cases, I don't keep a higher servicing amount, I'm passing that on to investors. So that's where you could potentially see a higher interest rate. The second is Ignite Funding lives and breathes by our investors, and from time to time, I will give them higher interest rates to show our appreciation for their continued support in our business, and the people that operate it. So we call them perk loans. So in December - December is a time of giving, it's the time that we reflect... So during the month of December, there were some 11%, 11.5% loans. Sometimes I give it all away, because sometimes you really do have to pump pretty hard to get a capital raise to be able to close out a month. So sometimes you give it away, and that's okay; that is completely okay. What we commit to, we fund. So the interest rate increases is really determined by whether or not they're a new borrower, and how much we want or need to retain as far as revenue. So we have the ability to ebb and flow with that and be quite nimble.
Slocomb Reed: Your baseline is to offer 10%?
Carrie Cook: That's our baseline.
Slocomb Reed: Gotcha. Typically, right now, we would go in to the lightning round, and I have some rapid-fire questions for you. We're still going to do that, but I want to modify it... We often have a question along, what's the biggest mistake you've made, what's the most money you've ever lost on a deal... I want to merge that with this kind of line of questioning about the procedures around your loans. combining two questions, what's the most money you've ever lost? And how is it that you operate when a loan fails? What I'd like to hear here is an example of a time when you had to take the real estate from the borrower, and what resulted from that. But please don't give us the rosiest, shiniest story. Tell us one of the tough ones.
Carrie Cook: Yeah, absolutely. Not a problem. Well, first and foremost, again, trust deed investing - you don't have a choice. I have to be very transparent. So you will find every single default we've ever had on our website. You'll also know exactly when I foreclosed on it, you're going to know what the value was that we underwrote it, you're going to know the value at which we sold it, you're gonna know any interest that you received on it, and any losses.
So when it comes to a borrower not making their payments, the biggest risk in trust deed investing is a borrower not making their payment. During the duration of a loan, we are out monitoring those investments. So we're looking to make sure that the borrower is actually doing what they said they're going to do with the funds. And many of our loans are trenched loans, similar to commercial lending. So we are providing them financing throughout the duration of the loan. So we monitor that very closely. But when the borrower doesn't make their payments, we have to react very quickly. And it turns into a game of chess; not checkers, chess. We're talking millions of dollars, and investors that are depending on us securing their asset. So immediately, what we do is we get permission from our investors to be able to file a notice of default. Ignite Funding, under the regulations that we fall under, we are required to get 51% of the majority loan amount to provide us direction on what we can and can't do.
Now. We communicate with the investors what the situation is that we're in, and our communication tends to be very specific as to what is truly in their best interest, because we're in it day in and day out. We know exactly what's going on. Initially, we will get their permission to be able to file a notice of default, and foreclose on the property. It doesn't mean we're automatically going to move to that approach right away. It depends on what's going on with the asset. Again, it's a game of chess. So you may not want to file that notice of default if they are in the throes of refinancing that loan with another lender. [unintelligible 00:30:20.03] you just blew your wad.
So we're very cautious in how we take back these properties, when we take back these properties... But let's go into what -- I don't want to say the biggest mistake, but the biggest loss of money that our investors have seen in a 10-year period. And this, again, is all disclosed on our website. In 2019 we had a borrower that was in Utah, and we probably shouldn't name the borrower... They're not around anymore, so it probably doesn't matter. But I'm not going to name the borrower. If you were an investor with us, chances are you had a loan with them. We had approximately $14 million in loans outstanding to them. They were a home builder. And I would call them more of a high-end home builder. Unfortunately, they grew a little too big for their britches, a little too fast. And they hired a CFO that was not exactly utilizing the construction control dollars for their intended projects. And when you start robbing Peter to pay Paul, it catches up with you really fast. And we found ourselves in a situation where we were taking back partially completed homes. Some of the homes - they were all over the board as far as where they were; some were in framing, some were closed up... It was all over the board. In non-judicial states, it takes approximately four months to foreclose on properties, because you have to follow whatever the state rules are for foreclosure. And, boy, the timing couldn't have been worse. We were coming into winter, and we had these partially completed homes that were, quite frankly, getting destroyed by the conditions that we were facing. We obviously can't go in until we have foreclosed on the property and taken possession of those assets, because borrowers do have the ability to cure the loan.
So as tough as it was, we were sitting on the sidelines, watching the deterioration of these assets occur, knowing that the funds that were deployed for the intended use are no longer. We found ourselves in a situation where Ignite Funding stepped in with its capital, even though we had zero ownership in any of these assets... I do not believe in doing a capital call if the company has the financial strength to step in, and secure the assets on behalf of our investors. So we do do that, with the intent to be repaid when we dispose or sell the assets.
In this particular case, we had about 19 different homes that were in various stages of construction. I only have so much capital that I can spend, I'm only going to put the company out there so far... We ended up closing out at about $12 million returned to our investors, which was a painful experience for us, because we had never lost any investor capital before... But you can't make something appear that is gone. So of the homes that we were able to complete, we were able to return our investor capital, and in some cases even getting them more money. But there were situations where we were not able to complete the homes; specifically those that were in the framing stages, we just couldn't deploy that much capital, so we did sell some of those assets as is. And as you know, everybody wants to build it the way they want to build it, and everybody builds better than everybody else... So our investors did receive some losses during that period of time, to the tune of $1.82 million, when all was said and done. That one was brutal. That was a tough one for us. So that is the only time that our investors have lost money with us since 2011, but it's an experience that you have to go through to really understand how much strength you have in putting your capital on the table, hoping that that is going to come back to you.
Slocomb Reed: Yeah, that sounds like a rough one, for sure. All at all though, I will say, I'm not personally a passive investor looking to fund debt deals, but being that I'm coming from the active side of investing, I like the idea that I'm able to select more particularly the deals that I'm investing in, and the baseline 10% return as well. Are you ready for an abbreviated lightning round?
Carrie Cook: Okay, let's do it.
Slocomb Reed: Great. What is the best ever book you've recently read?
Carrie Cook: Okay. You might not like the answer to this, but not only do I run Ignite Funding, I also run two other companies, and I'm a mother and I'm a wife, so I don't have time to read books... But I write. I write about all my life experiences, all my investment experiences on my blog, highheelboss.com. So although I may not take the time to read, I do take the time to write about my experiences. So probably not what you expected for an answer, but if I told you the last book I read, I don't think your listeners that would appreciate it much. [laughs]
Slocomb Reed: What is your best ever way to give back?
Carrie Cook: I'm a mentor. One of the things that I really pride myself in is mentoring, both for-profit organizations and nonprofit organizations. I'm currently doing that with a nonprofit organization here in Las Vegas that really just needs some guidance and restructuring... So I take a lot of pride in mentoring people and companies. I do a lot of charitable work, but honestly, I don't talk a whole lot about it. I do a lot of donating to local schools, maybe more specifically, my son's school, I've set up an endowment there for teachers to be able to utilize resources that I'm able to provide. I'm not able to provide time, but I am able to provide resources, so that when teachers identify a student in the classroom that is in need of something, things that we don't think about on the daily basis, of toothbrushes and the little things, just the basic things, they're able to utilize that endowment to be able to give the students what it is exactly that they need. So those are probably my way of giving back, as much time as I possibly can.
Slocomb Reed: That's awesome. Carrie, what is your best ever advice?
Carrie Cook: Oh, my gosh... Do your due diligence. Don't invest in somebody or something that you know nothing about. If you don't take the time to do the research, then you're the only ones to blame if you lose your money. Take the time to do that. And as an investor, I can't preface this enough - make sure that you're investing with companies, organizations or people that really believe in what they do. If they are just out there for the quick grab of originating loans, there's a reason why they're only originating loans, and not servicing the loans and not collecting on the loans. Because they don't believe in what they're doing. Really work with people that have and understand all aspects of real estate investing, if this is specifically what you're looking to invest in. And I don't care what it is you're looking to invest in, really do your due diligence, and understand what it is you're investing in.
Slocomb Reed: Last question, where can people get in touch with you?
Carrie Cook: The best place to get in touch with me is call me on my cell phone. I'm just kidding. Don't do that. [laughs] Best place to get a hold of me is probably go to our website, IgniteFunding.com. It's probably the best location. All of our contact information is there. You can schedule consultations, you can reach out to me directly, my contact information's there on the team page. You can always email me at ccook [at] IgniteFunding.com if you just have some specific questions you'd like me to address.
Slocomb Reed: Those links are in the show notes. Carrie, thank you. Best Ever listeners, thank you as well for tuning in. If you've gained value from this episode, please do subscribe to our show. Leave us a five star review and share this episode with a friend you know we can add value to through our conversation today. Thank you, and have a best ever day.
Carrie Cook: Thanks. You too.
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