Cell dwelling parks are arguably prone to be one in every of, if not the, hottest funding lessons in 2020. Tons of recent and skilled buyers are leaping on board to reap the benefits of this beforehand misunderstood funding.
Why? As a result of cellular dwelling parks have confirmed to be one of many highest yielding and dependable investments—particularly when in comparison with similar-kind investments (i.e., self-storage and multifamily properties).
That stated, in earlier years (particularly pre-2018), the cellular dwelling park area was a lot much less investor-populated. Metrics had been far completely different than people who we’re seeing right now. That will help you navigate right now’s cellular dwelling park market—so you may reap the benefits of this thrilling asset class, too—I’d prefer to share with you:
- How cellular dwelling parks modified my life
- Why cellular dwelling parks are getting a lot consideration
- What the cellular dwelling parks area appeared like previous to 2018
- What has modified post-2018
Let’s dig in.
How Investing in Cell Dwelling Parks Modified My Life
I excitingly (and humbly) achieved financial freedom by means of cellular dwelling park investing in a mere 2.5 years. At present, I even have time freedom and placement freedom (Monetary + Time + Location Freedoms = True Freedom).
I’ve a lot gratitude for this asset class. It’s been a catalyst for me to stay a self-designed, free life-style as I increase my generational legacy of wealth, consequently serving to many others alongside the way in which.
I wasn’t at all times a cellular dwelling park investor, although. In truth, I was a blue-collared employee—a metal fabricator/welder to be exact. I grew up “Down Below” (in Australia). On the age of 17, I used to be at a crossroads. From what I noticed on the time, I had two selections:
- Full highschool, proceed to college, then transfer on and get a J.O.B.
- Get a job as a blue-collared employee.
(Later I came upon I had an abundance of selections inside my attain that on the time I used to be not aware about.)
Deciding was simple for me, because the considered persevering with education was daunting. I foresaw excessive boredom and dissatisfaction if I selected that route. It’s not that I didn’t like schooling; in truth, I’m obsessive about development and schooling. I simply wasn’t a fan of conventional education, which I felt held me again from my creativity and full capabilities.
I wasn’t enthusiastic about choice No. 2, both. Nonetheless, it appeared the much less of two evils, so I selected one of many top-paying blue-collared professions: metal fabrication and welding.
For the following 17 years, I used to be dissatisfied with the profession path I’d chosen. And the extra time went on, the extra my dissatisfaction elevated. But, it was (on the time) one of the best ways I knew to become profitable, so I stored on alongside that path, working my means up “the ladder.”
Quick ahead a number of years deep into this occupation, I used to be so bodily, mentally, and spiritually burnt out, that an alternate profession alternative was the one factor that would result in feeling happy once more (for me and for my spouse!).
Within the land of alternatives, I explored the highest 3 ways to become profitable:
- Inventory market
- Proudly owning a enterprise
- Actual property
Belief me, as a person who’s traveled to over 60 international locations and owned companies on three continents, I can truthfully and confidently say that the USA of America supplies such ample alternatives and low boundaries of entry in actual property and enterprise that, as an expat, it’s like a child touchdown in a sweet store of endless provides!
It’s simple for me to see why foreigners persistently come to the U.S. and crush it. I’m now a U.S. citizen and happy with it!
After attempting my hand in any respect three money-making alternatives, I discovered I used to be spinning plates and having mediocre success. It turned very clear that actual property was the most suitable choice for a lot of causes. However there have been so some ways to become profitable in actual property, it was difficult to know the place to begin.
I knew I needed to laser concentrate on one asset class, and one asset class solely, if I used to be to have the very best chance of success. So, I checked out as many actual property funding varieties as doable, together with real-life revenue and loss statements for every of the primary asset lessons, and observed an unfair benefit that cellular dwelling parks had over different asset lessons.
Associated: Real Estate Investment Showdown: Mobile Home Parks vs. Apartment Buildings
Because of the incomparably excessive money stream whereas proudly owning a cellular dwelling park and disproportionally giant fairness payouts on the finish of a cellular dwelling park funding cycle, it turned clear in a short time that any such investing was a sensible transfer.
Moreover, I had a dialogue with my mother-in-law, who had firsthand expertise as a cellular dwelling park tenant. She proceeded to inform me she owned her cellular dwelling within the park, and no matter her possession of that dwelling, nonetheless needed to pay $1,000 a month in lot hire to the park proprietor/landlord. (This was a California-based park, therefore the excessive lot hire.)
The nationwide common for reasonably priced housing cellular houses runs round $250-$300 a month). At my mother-in-law’s, I ran outdoors and counted over 100 houses in that neighborhood and shortly did the maths:
100 x $1,000 = $100,000 a month in income
I used to be bought and determined to go all-in. I turned totally obsessive about cellular dwelling parks, studying each ebook and taking each class on the subject that I might.
As soon as dedicated to and educated on this asset class, I dove in—it took three months to get my first park underneath contract. On the time, I had a unfavourable web price, unseasoned credit score (as I hadn’t been within the U.S. lengthy sufficient to construct stable credit score), and a mere $2,000 within the financial institution.
So, I used the facility of syndication. Syndication is bringing buyers and their capital into the deal, whereas offering these buyers a chance to be a part of a deal they might in any other case not have the time, assets, or expertise to be concerned in.
I had the present lender rollover the mortgage from the sellers to us, the patrons; three months later, the deal closed.
As soon as I noticed what I’d created from nothing through cellular dwelling park investing, I used to be downright hooked on this asset class. I continued to increase my cellular dwelling park portfolio, and as talked about, attained monetary freedom 2.5 years after buying my first park.
Enthusiastic about this asset class, I wished to share this hidden information with others, so that they too might take benefit.
Earlier than I began significantly pursuing monetary freedom, I truthfully didn’t comprehend it was doable—and definitely not really easy. For this reason I really feel it’s my obligation to evangelise the gospel of monetary freedom and the way it’s so doable, even for many who suppose it’s not.
Beginning Out as a Cell Dwelling Park Investor
Previous to 2018, I used to be one of many solely cellular dwelling park (MHP) buyers at any given real estate meetup or networking occasion. After I disclosed my most well-liked asset class, I acquired a standard response, “MHPs are worthwhile? I assumed they had been all dumps?”
However in early 2018, that modified. The cat was formally out of the bag that MHP investing was extremely worthwhile, confirmed, sustainable, dependable, and repeatable. Unexpectedly, there have been a number of MHP buyers within the room.
The dialogue modified to, “Yeah, I’ve heard MHPs are money cows,” or, “Me, too. I’m pursuing [or I own] MHPs.”
This large inflow of recent MHP buyers has modified the enjoying area—not essentially for the more serious although—leading to a handful of essential changes that MHP buyers have to make to stay worthwhile.
Earlier than I dig deeper into evaluating MHPs pre-2018 versus post-2018, I feel it’s necessary to cowl why MHPs are getting a lot consideration, basically.
I’d like to notice, there are typically two lessons of cellular dwelling parks:
- NOT reasonably priced housing: As an alternative these are four- to five-star MHPs that individuals select to stay in for non-financial causes. These parks are sometimes gated and even guarded communities which have paved streets with curbed gutters, plus facilities reminiscent of swimming pools or neighborhood occasion facilities. Lot rents are sometimes above $500 a month.
- Inexpensive housing: These are MHPs that individuals stay in largely attributable to financial causes. These parks are three stars or much less, with little to no facilities. These make up the vast majority of MHPs in America, and that is the kind of MHP that I’ll be referring to for the remainder of this text.
For my part, the candy spot in MHPs is shopping for two- to three-star parks and turning them into three- to four-star parks. In fact, I’m open to purchasing four-star. We simply don’t see that many engaging offers in that sector.
Why Cell Dwelling Parks are Getting So A lot Consideration
1. Provide & Demand
The demand for reasonably priced housing is arguably the very best want in the actual property sector in 2020. In 2018, 38.1 million folks lived in poverty within the U.S., which is a poverty rate of 11.8 percent. Low revenue was calculated as 200 % of the poverty price—these numbers too are daunting.
Regardless of the place you get your numbers, these points are of epidemic proportions—a major problem we can’t flip a blind eye to. This, matched with the low provide of cellular dwelling park stock (roughly 45,000 parks), creates an ever-expanding provide and demand in favor of cellular dwelling park house owners. Plus, this quantity decreases 12 months over 12 months attributable to extra MHPs being closed down and changed by excessive rises than MHPs being constructed.
Put merely, in case you purchase the fitting park in the fitting market, your cellphone ought to be ringing off the hook with certified candidates wanting to maneuver into your park. Moreover, with higher-than-ever curiosity in cellular dwelling park purchases, MHPs have gotten simpler and simpler to promote, which helps together with your exit technique.
2. Annual Lot Hire Will increase
It’s anticipated within the cellular dwelling park area that lot rents will improve yearly. It’s frequent to see upticks of 5 to fifteen % for annual lot hire (and cellular dwelling hire for brand new tenants), and generally you’ll want to extend rents as much as or exceeding 20 % to get near market rents (significantly if the sellers didn’t elevate rents to match the market).
If cap rates and occupancy stayed the identical, simply by merely elevating rents every year for three-plus years, park house owners can create good-looking income at refinance or sale with little effort. If cap charges additional compress, and in case your occupancy will increase together with the elevated rents, then you might have leveraged the formulation for enormous potential cellular dwelling park income.
Associated: Why You Shouldn’t Rule Out Investing in Mobile Home Parks
3. Recession Resistant
Cell dwelling parks are positioned in an fascinating place inside the actual property sector. Cell houses are sometimes essentially the most reasonably priced sort of housing. The nationwide common lot rents run round $250-$300 per lot monthly, with trash pickup included. I like to make use of $300 as a extra conservative common, as rents are persistently trending upward.
Relying on the setup of every park, tenants might also have to pay for utilities (fuel, electrical, water, sewer, and many others.). Let’s be extremely conservative and say that with utility bills included, $300 expands as much as $500 a month.
What if we expertise some sort of monetary meltdown or correction sooner or later? (Or right now?!)
Give it some thought. In that state of affairs, when you may not afford $500 a month in hire, the place are you going to go? Sadly, you’d be led to stay with household or pals, or maybe you’d sleep in a automobile, or god forbid—you’d be homeless. Level being, there not many choices in case you can’t afford to stay in a cellular dwelling park.
Have a look at this case from a macro standpoint, and the place are the individuals who personal homes or condos or hire property going to go? Properly, if they’ll’t afford the place they’re now, they transfer down the housing rung, one or two notches.
MHPs are primarily the underside housing rung, so meaning the compression of everybody shifting down from above leads to much more elevated demand for cellular houses with a concurrently dwindling provide.
MHPs already carry out nicely, and in a recession, they sometimes carry out higher. That is one thing to take into heavy consideration given the present and near-future state of the economic system. Attributable to this, I do know a complete area of interest of buyers which can be geared towards recession-resistant investments solely.
4. Stability
Being that we’re within the reasonably priced housing sectors and that the majority tenants stay in cellular dwelling parks for monetary causes, the price to maneuver a cellular dwelling is often increased than the monetary capabilities of the house owner. Subsequently, as soon as a cellular house is positioned in a cellular dwelling park, it sometimes stays there.
If a house owner wants to maneuver, they most of the time promote their dwelling to a different authorised tenant, go away their cellular dwelling on the park, and purchase a brand new one at their subsequent location.
5. Traditionally Sturdy Money Movement
MHPs have gained the nickname over time of “money cows” as a result of excessive money stream that has traditionally been produced within the cellular dwelling park area. That is what caught my consideration from day one.
If you’re shopping for stabilized parks (roughly 70 % tenant occupancy and above), it’s virtually anticipated to have stable money stream straight out of the gate. Operators in comparable asset lessons (self-storage or multifamily) typically supply “most well-liked returns” to buyers, alongside the traces of say 6 to eight % ROI yearly.
This isn’t a assure to buyers however extra of an “I owe you” and declaration that buyers will receives a commission earlier than the operators receives a commission. If the popular return (typically abbreviated as “pref”) isn’t met in any given 12 months, then it rolls over and provides to the following 12 months in a cumulative means.
For instance, if a particular funding provides an 8 % pref however for some motive solely 2 % of that pref was met this 12 months, then the remaining 6 % rolls over and provides on to the following 12 months’s pref. This accumulates 12 months on 12 months, then at a sale occasion, buyers receives a commission their pref in full earlier than different income are break up between them and the operators.
Related setups exist within the MHP area, though it’s a lot simpler and extra frequent to not solely hit the pref every year however to additionally exceed it as a result of excessive money stream.
I’m going to the touch on pressured appreciation beneath, which will increase each fairness and money stream.
6. Massive Potential Fairness Payouts at Sale of Asset
MHPs have traditionally had excessive buy caps within the double-digit vary. As time has progressed, cap charges have compressed. This implies those that bought at 15 % caps might later promote at 12 % caps; those that bought at 12 % caps, might later promote at 9 % caps; and so forth.
It’s getting more difficult to satisfy the identical equitable income as earlier years as a result of latest cap price compression, though with the fitting cellular dwelling park investing marketing strategy, and by leveraging pressured appreciation, there are nonetheless loads of income available within the cellular dwelling park sector.
7. Enticing Financing Choices
Mortgage default charges within the cellular dwelling and cellular dwelling park areas are traditionally decrease than most different asset lessons. Fannie and Freddie knew this and jumped on board to supply distinctive financing packages for three-star-plus MHPs.
Fannie even provides 30-year mounted price choices with their Manufactured Housing (Mobile Home Park) Loan Program. As well as, many different industrial lenders have aggressive financing choices with 4 to five % rates of interest, as much as 80 % LTVs, and 30-year amortization with 5, seven, 10, and 15-year balloons.
The parks that bigger industrial lenders gained’t contact (i.e., $2 million buy value and fewer) may be financed by smaller native banks. Wanting any of the above financing choices, many park sellers are open to carrying some or the entire financing for cheap—and generally extraordinarily favorable—phrases to the park purchaser.
There are additionally bridge loans for in any other case “un-financeable” parks that may assist get an unsightly deal throughout the end line whilst you make the mandatory enhancements to make the park extra financeable. (That is excellent for actually low occupancy parks as you improve occupancy to a extra fascinating quantity.)
8. Warren Buffet’s Acquisition of Clayton Properties
Clayton Properties is the most important builder of manufactured housing and modular houses within the U.S. In 2002, Clayton earned a revenue of $1.2 billion, and in 2003 Warren Buffet’s Berkshire Hathaway Inc. purchased Clayton Homes for $1.7 billion.
4 years later in 2007, Clayton Properties’ income was $3.66 billion. Sufficient stated.
Warren Buffet makes extremely calculated (and traditionally sensible) funding choices. It was solely pure that many others joined ship shortly after.
9. twenty first Mortgage CASH Program
A consequent impact of Berkshire Hathaway shopping for Clayton Properties was the introduction of Clayton Properties teaming up with twenty first Mortgage to introduce the “CASH” program. This program offered an avenue for park house owners to get their palms on new Clayton cellular houses and to have them transported to the park proprietor’s neighborhood (though transportation prices are the duty of the park proprietor).
Upon arrival, the park proprietor has a sure timeframe the place he can market the house on the market, after which ship park-screened candidates to twenty first Mortgage for financing. Basically, this implies tenants get their dwelling financed, and the park proprietor barely fronts something out of pocket whereas getting a $40,000-plus new cellular dwelling of their neighborhood and a brand new paying tenant. In the meantime, dwelling repairs and upkeep are the duty of the house owner (not the park), twenty first Mortgage will get to finance a plethora of cellular houses, and the park proprietor avoids the legalities that had been launched with chattel loans after the 2008 monetary meltdown.
In fact, a park proprietor has to have some pores and skin within the recreation, so we primarily assure or backstop the mortgage and take over the monetary duty if a tenant defaults whereas we discover one other tenant. This has been a recreation changer for park house owners and is a win-win-win for everybody concerned.
Though there have been earlier makes an attempt on the identical sort of construction, the CASH program was launched in an ideal time of want and has been an enormous success since. As time has progressed, twenty first Mortgage now will do the identical construction with many of the main cellular dwelling producers, which makes this setup doable for a lot of park house owners nationwide.
There are similar-type packages obtainable with different lenders, too.
This common enterprise mannequin doesn’t work in all markets, as not all markets can assist the monetary necessities of tenants to pay the wanted month-to-month funds to make these packages work. However for almost all of markets it really works in, that is actually a serious bonus to the park proprietor.
10. Pressured Appreciation
Cell dwelling park house owners have the benefit of filling vacant cellular dwelling park areas with new or used houses, then filling these houses with certified tenants. Moreover, in some circumstances, new heaps may be added to current parks to additional improve occupancy.
At rather a lot hire of $300 a month, 30 % working bills, and a market cap price of 8 %, this implies every new lot that’s stuffed with a house and certified paying tenant provides $31,500 of total worth to the park.
$300 (lot hire) x 12 (months) x .7 (working revenue) / .08 (cap price) = $31,500 (new stuffed lot worth)
Match this with the low price to park house owners with the CASH program, and multiply this by as many heaps as you may fill in your park, and also you’ve created a low-risk/high-reward strategy to improve your park’s worth.
(Extra on this later as we dig into how pressured appreciation may be among the finest ways in your worthwhile cellular dwelling park investing marketing strategy in right now’s market.)
Associated: 5 Strategies to Add Mobile Homes to Existing Mobile Home Parks
11. Part 8 Vouchers Used Towards Buy of Cell Properties
For these of you unfamiliar with Part 8, primarily the federal government pays a landlord hire on behalf of low-income tenants. This has been used to pay hire within the condo and cellular dwelling park area previously, though now Part 8 will pay towards the acquisition of a cellular dwelling.
It is a win-win for the park proprietor and for Part 8 tenants.
12. Confirmed Monitor File
MHPs had been as soon as largely considered by means of the “trailer park” lens. We’re all accustomed to the stigma that got here with that—from “Trailer Park Boys” to the stereotype of slums/slumlords to Jerry Springer company to what was depicted within the present “Cops.”
As well as, MHPs had been seemingly a wildcard funding due to the shortage of stable historic knowledge. As a flip takes roughly three to seven years, it took some time to create a stable, rinse and repeat technique of profitable cellular dwelling park investing. But all of the whereas, cellular dwelling park buyers had been bringing in excessive money stream and enormous fairness payouts, fixing up and enhancing parks nationwide.
And by 2003, as talked about, there was sufficient of a monitor file for Warren Buffet to hitch the cellular dwelling business. Not too lengthy after got here the twenty first Mortgage CASH program, Fannie and Freddie financing, Part 8 cellular dwelling buy potential, and quite a few giant institutional patrons.
Consequently, many buyers from different asset lessons have jumped the fence to hitch the MHP investing craze.
In abstract, mix all of the above, and you’re confronted with one abundantly engaging asset class. A single cellular dwelling park might change your life financially. Two or extra MHPs might make you financially free. And 5 or extra couldn’t solely change your life financially, but additionally change the monetary lifetime of your descendants for generations to return.
No marvel cellular dwelling parks are prone to be the most popular asset class in 2020!
Cell Dwelling Park Investing Previous to 2018
A few years in the past, cellular dwelling park investing was just like the wild, wild west. MHPs had been comparatively simple to get your palms on. It was frequent that there would solely be one purchaser placing a suggestion in or negotiating to buy a particular park.
It was a purchaser’s market. You can purchase a park for as much as and exceeding a 15 % buy cap price. Earnest cash deposits had been so small, they hardly even counted. Lots of the parks had been within the want {of professional} administration and required a lot love and a focus to enhance curb attraction and NOI.
There weren’t as many cellular dwelling park financing choices, so vendor financing was not unusual. The folks promoting cellular dwelling parks had been mothers and pops that typically lacked tight operations and correct bookkeeping, giving skilled park patrons the higher hand in buy and negotiations.
Principally, cellular dwelling parks had been ample, patrons had been few, and there have been many well-priced MHPs in want of bodily and monetary enchancment—all of which had been doable to seasoned, financially advantaged park patrons.
I joined the MHP sector in 2015 once I bought my first park. At the moment, it was nonetheless frequent to search out good value-add cellular dwelling parks within the 10 to 12 % buy cap price vary. However by late 2017, it was getting exhausting to search out any first rate cellular dwelling parks for a 9 percent-plus buy cap price. And post-2018, even high-risk, low-quality cellular dwelling parks started to commerce for lower than an 8 % buy cap price.
These “good” occasions (previous to 2018) gained the cellular dwelling park business the eye that it has right now, with the rinse and repeat advantages of park possession. Since 2018, the cellular dwelling park enjoying area has modified. Let’s take an extra have a look at how and why.
Cell Dwelling Park Investing From 2018 to Now
As beforehand talked about, momentum constructed over time as giant establishments jumped on board the MHP funding practice. Warren Buffet was an enormous contributor as Berkshire Hathaway bought Clayton Properties again in 2003, then later launched the CASH program, offering tremendous engaging cellular dwelling financing choices for park house owners and park tenants. Many comparable packages had been to observe.
Financing choices are ample and are so significantly better than earlier than—it’s thrilling. Part 8 is on board to assist low-income tenants buy cellular houses, and there’s a ton of historic knowledge exhibiting the epic monitor file of this asset class.
All of the whereas, cap charges had already compressed in different asset lessons. It was clear that when evaluating different property like self-storage or multifamily to similarly-priced cellular dwelling parks, MHPs proved to be far superior in monetary achieve—particularly when matched with the elevated stability of MHPs.
It was inevitable that when the cat was out of the bag (for certain by 2018), many new buyers could be becoming a member of this scorching asset class and plenty of skilled buyers would soar ship from their earlier asset class to be a part of the epic cellular dwelling park motion.
It might have develop into clear by now, cellular dwelling park buy cap charges have compressed and consequently resulted in increased buy-in costs for cellular dwelling park house owners right now and fewer revenue unfold on the desk for future exits. Though that is partially true and in reality MHP buy costs are increased than they’ve ever been traditionally, there’s nonetheless meat on the bone for buyers to hitch this asset class—so long as they’re conscious of learn how to efficiently consider, buy, and function MHPs within the present market.
Regardless of the latest improve in costs, there are benefits now that didn’t exist previously. As talked about, ample and engaging financing choices assist improve the unfold between financing rates of interest and buy cap charges. It is a big benefit, as financing phrases had been considerably much less favorable earlier than this asset class was confirmed to be sustainably profitable.
Part 8 vouchers to buy cellular houses is a big recreation changer, as nicely. Greater high quality of cellular dwelling parks and cellular dwelling park administration, increased than ever and persistently rising lot rents, increased than ever demand for reasonably priced housing, and lower than ever mobile home park inventory all assist park house owners in right now’s market.
If you’re a park proprietor, you’ve probably taken benefit of the cap price compression lately and massively profited from this market shift. I’ve undoubtedly been benefiting from this shift and, in a single case, been lucky sufficient to see over 57 % annual returns to buyers concerned in my offers (an accumulation of money stream and fairness for a park we owned for somewhat over 4 years).
I’d like to notice that enormous personal fairness funds and enormous institutional patrons largely concentrate on the four- to five-star parks (not reasonably priced housing), so they aren’t an excessive amount of of our competitors within the reasonably priced housing cellular dwelling park area. New competitors is made up of newbie buyers wanting to purchase into the cellular dwelling park area and seasoned buyers from different asset lessons leaping ship to hitch the worthwhile MHP area.
Abstract
So, by now, you’re in all probability considering “OK, I get it. This MHP gig appears to be completely worthwhile. However how do I revenue with these latest market modifications?” And, “If there’s extra competitors than ever within the MHP area, why are you sharing how we are able to finest revenue given the present MHP market situations?”
The solutions are easy:
- I see it as my moral obligation as a cellular dwelling park investing educator to assist level out among the predominant methods new MHP buyers can decrease pitfalls and maximize income.
- I actually consider we stay in a world of abundance, and there are greater than sufficient MHPs for us all to revenue from.
- If new MHP buyers incorrectly consider and overpay for MHPs, this may artificially drive up MHP buy costs and additional compress cap charges, making it tougher for MHP offers to pencil out.
Concerning my latter level, I’ve already seen this occur within the area. Newbies have are available in uneducated, or utilizing analysis strategies from different asset lessons, then overpaid and underperformed solely to deliver those self same parks again available on the market after shedding their hard-earned money and anticipating patrons to pay unreasonable costs to cut back the ache of their loss.
To fully remove that from taking place is not possible, but in case you are studying this and wanting to interrupt into the MHP area, I’m glad you’re going to get to know some necessary ins and outs to profitability—earlier than you are taking down your first or subsequent park.
I’m assuming by now you perceive cellular dwelling park investing on no less than a barely deeper degree. Now that you just’ve nailed down the fundamentals of this asset class, as occasions and circumstances change, we too want to maneuver with or—even higher—keep forward of the sport. As with all actual property, the important thing to success is listening to the economic system, the market, and housing tendencies and adjusting accordingly.
Feedback? Questions?
Let’s talk about beneath!
