082 - Expert Advice for Younger Physicians Looking to Invest in Multifamily Properties to Generate Wealth & Avoid Burnout In Medical Practice

Ever wondered how physicians can diversify their income through real estate without increasing stress?

Join us in this guest episode on the Independent Physicians Blueprint podcast as we delve into a fascinating discussion with Randy Langenderfer, a seasoned multi-state real estate investor. Discover how Randy transitioned from healthcare compliance to mastering the art of real estate investment, helping physicians navigate financial freedom beyond clinical practice.

In this episode, you'll learn:

• Strategies to balance debt and cash in real estate investments.
• The advantages of non-recourse loans in multifamily real estate.
• Key insights on starting with single-family homes and scaling to large apartment complexes.

Ready to unlock the potential of real estate investing as a physician? Tune in now to gain actionable advice and transform your financial future!

Subscribe now to The Independent Physician's Blueprint and take the first step toward financial freedom while maintaining your medical practice!

Randy’s contact information - https://www.linkedin.com/in/randy-langenderfer/

Free webinar -  https://www.invest-ark.com/webinar/

Website - https://www.invest-ark.com/

Discover how medical graduates, junior doctors, and young physicians can navigate residency training programs, surgical residency, and locum tenens to increase income, enjoy independent practice, decrease stress, achieve financial freedom, and retire early, while maintaining patient satisfaction and exploring physician side gigs to tackle medical school loans.

Transcript

Coach JPMD (00:00.066)
By the end of this episode, you will learn real estate investment tips that no one teaches us physicians so that you can win financially without having to work hard at it. Welcome back to another episode where I help younger physicians decrease stress and increase income by transitioning from corporate to independent practices, even without any business experience. In this episode, you'll discover three things. Number one, the benefits of self -directed IRAs and solo 401ks that really no one teaches us doctors. 

Number two, how physicians can invest in real estate through private placement offerings and benefit from generating wealth and potentially saving tons in taxes. Number three, one of the most important qualities to possess for success in real estate investing. So today we have a conversation with Randy Langenderfer who was a compliance officer for large healthcare systems and dealt with physicians a lot.

and now is a real estate investor who loves multifamily property. So here we go. So we're here with Randy Langenderfer, here to talk about real estate on the Independent Physicians Blueprint, where we teach and help physicians ditch corporate medicine and corporate controls to decrease burnout and decrease stress and generate wealth in this crazy world that we're living in. So Randy, thank you for coming on the podcast.

It's a pleasure to have you. Like I was saying, when we first met, it was as if I could have hit record and with the knowledge that you were, you were given with real estate and what you've done in your past and how you've helped and actually worked with physicians on a different side before going into real estate. So tell me a little bit about yourself and tell our audience what you do. 

Thanks Dr. Pierre. It's a pleasure to be here today. I really want to thank you for the opportunity to be in front of the, your audience and, so Randy Langenderfer for Houston, Texas. My wife always says when I get in these podcasts, I don't talk about my personal life. So I am a husband of many years. I have four adult children and five grandchildren. My kids are spread all over the country from Asheville, North Carolina, Cleveland, Ohio, Seattle, Washington. And we have a special needs son that lives with us here at home in Houston. So yeah, and my journey. My journey really started, I've been probably one of those guys that created a lot of headache for you guys. My last, last stop was as the chief compliance officer at the Baylor College of Medicine in Houston, Texas, a large life sciences organization that's got physicians and research and education. spent time in, in Ohio is where I am from.

I started at ProMedica Health Systems in Toledo, Ohio, large integrated delivery system today. Moved on and built another shop at University Hospitals Health Systems in Cleveland, Ohio. Was there for about a little over a decade or more. Kind of like physicians, I got fed up with healthcare and got out of healthcare for a while, for five years in a private equity company.

Carlisle based company called from Goodyear tire and rubber called Bayons. And like a lot of physicians got wake up one day and you wonder, am I kind of doing? Why am I doing this? I'm consciously competent at my job, but not something I really love anymore. It's a good income. It's a great income. But so I started looking for other things and that's what got me into real estate.

So what were you doing in all the health systems? Was it always compliance? Was it always a C -suite? I'm an old dog. started, yeah, I started in at Paramedica Health Systems and I actually started an audit shop there and I lived through the evolution of HMOs and physicians practices. And so I really kind of learned the business from the bottom up of going in and auditing those practices and auditing.

the insurance company on behalf of the corporate entity, ProMedica, also lived through the evolution and the beginning of the compliance generation. so that was in the early days when nobody wanted to be a compliance officer. So they pointed me, I guess, I don't know necessarily why, but I got appointed as the compliance officer. so, yeah, I spent most of my career in the compliance.

Coach JPMD (04:45.11)
internal audit, cybersecurity, all those things that from a governance perspective, fast forward to today, I'm actually on the board of directors for SUMA Healthcare in Akron, Ohio. So I have been there for a long period of time and there was another whole podcast where in the process of selling that to a for -profit entity, which has been a... So SUMA Healthcare is a nonprofit? SUMA Healthcare is a large nonprofit in Akron, Ohio.

So how does a nonprofit sell to a fore -private? They have to change the corporation? What are the tax implications of that? Well, the tax implications for the... I've intrigued you. The tax implications for the buyer are huge. And so what happens is very simply is who owns a health system? Well, nobody. The community does. They're for community involvement. So the buyer is a large venture capital firm. It's in the news, so I'm not saying anything. They will buy the health system.

They will create a large community health foundation that will fund into perpetuity. any kind of thing that the foundation wants to fund dealing with health or mental health, the physical health, putting kids back to school, et cetera. And yes, they change the tax structure to a for -profit. So they will start paying real estate taxes on all of the real estate holdings. And so that's a huge win for the community because you're

putting more dollars into the local community to fund schools, et cetera, et cetera. So it's hated by physicians and most of the people to go for profit, but that's another whole story. I can talk about that one if you want, but. Yeah, it's interesting because it's going to kind of lead into what you do. in my mind, I'm thinking, okay, that private equity is going to be buying the real estate and buying the whole kit and caboodle. They're going to be dictating

the rent that they're going to be receiving for those properties that they're supposed to buying. right. So can't is there a fair market for that or is it, do they have to whatever the market will bear? Well, you know, a lot of those tenants are physicians, right? They're leasing their facilities to physicians. so in a nonprofit world, you're aware of the stark regulations where providers cannot benefit physicians for their

Coach JPMD (07:11.924)
And admit admissions. So in a for -profit world though, that kind of changes a lot. yeah, they can increase the rents very easily if they want to. It really doesn't behoove them to jack them up out of the sky because the physicians are still their tenants and or they're admitting profile. So there's a lot to be said there for having some self -control, I guess. Yeah, that's interesting.

So now you do real estate. you went from being a compliance officer in the healthcare systems to a real estate, multi -state real estate. So I started, my wake up call was when I was working for the, I call it my aha moment, is when I was working for the private equity firm, actually in Akron, Ohio at the time.

I left healthcare I said, because, I thought I was going to get rich by going to a private equity firm and getting a bunch of stock options and all that stuff. And by the way, that didn't pan out either. But 2008, 2009 came the great recession. Private equity companies are great financial engineers. And so I was really at the, I was really afraid I was going to get laid off, not because of any performance issues I had done just because the economics.

executive making a really good buck, blah, blah, blah. And so I started to look. So the idea of passive income was, or another income passive would be the preferred because I really didn't see I could start something making as much as I did in corporate world. So I looked at franchises, I looked at buying businesses and they were all, they were all had their pluses and minuses, but I really landed on real estate at the time.

I had a brother -in -law who was a very well -educated guy who worked for a large banking system. He brought me into it and we flipped houses. We became hard money lenders. For your audience, means we lent money to a group. I was living in Cleveland, Ohio. We lent money to a group in South Florida in Dade County, Miami area. They would buy the houses. They would make renovations. They would sell the house and we would get a percentage of interest.

Coach JPMD (09:33.87)
we were making 12 % on our money. So that's what a hard money lender does. And so that's where I got the, the juices flowing because I could, the concept of passive income, I could maintain my day job and my income while building a passive income stream on the side is what really got me into it. So were you, so if I could ask a personal question at that time, were you borrowing money to do that or you're using your own monies? I was using my own money. And so I was,

I was, as I'm, so I'm a finance, MBA and the CPA and I broke all the rules that a most traditional financial advice, it would tell you is I, I borrowed from my, IRA to fund. So there's another venue there, another whole probably show about self -directed IRAs and how you can use your money and physicians should really consider a solo 401k, where you can put up to 60 K a year into that.

And there's a lot of advantages to that for a physician to do that, especially as you're growing your practice. Yeah. That's if you own your practice, but if you're an employee, if you're hospital employed. That's correct. Well, a lot of times though, physicians, heard you on your side gigs, physicians are going to have a separate LLC or a company where they consult or they moonlight through. And they could do their solo 401k through that entity.

And so, so what are the, what are the administrative costs for that? I mean, I know this is a real estate, we're talking about real estate now, it's part of real estate. It's all part of real estate. the administrative costs vary from the firm you hire. Anywhere's it's not expensive. There's an, there's an annual fee. You, you, it is, it is totally legal. It is within IRA IRS regulations. It's a burden to do administratively, a hassle to fill out.

paperwork and stuff. But look, if you're a physician, you can put 60 K a year and a separate IRA that from your consulting business, that's attractive. it 401k or is it an IRA? 401k and IRA are the same thing, just different tax regulation, just different sections of the code. But yes, it's an IRA. They're called solo 401ks.

Coach JPMD (11:55.65)
somebody contacts me, can connect them with several different operators that will do that for them to help them set it up. But, you know, for the physician who has a good income stream and passive income stream, that's an option for you too. You can put it in a solo 401k, then you can invest in whatever you want to invest it in. Cryptocurrency, gold, real estate.

whatever it's, it's really a creative way. If you don't want to use your spendable income now. Caution, you are using your retirement money. So the traditional financial person would not advise you to do that. Yeah. And, and I'm just asking because of that's what you did. And I had not heard that you can actually direct your own investments within a retirement account. so there's a little hack for your audience. Yes.

There's two ones, self -directed IRA or what's referred to as SD IRA. You can Google that and you can hear or solo 401k. Contact me afterwards if you want to talk more about it. I'm happy to give you some guidance. But yeah, you can put your retirement money. Now, as you said, can't as an employee, I can't move my employer sponsored plan to a self -directed IRA.

So you've either got to have a former employee, like when I left my former employers, that's what I did. I moved my 401Ks from my former employer to the self -directed IRA. Gotcha. That's interesting. Yeah. It's a great tool. So you started off with flipping houses or funding flipping houses to, to how long did you do that for? So hard money lender, you know, I was living through the

Great recession of 2008 2009. So I got involved in that and probably 2010 or so, you know and was doing that for a couple of years and then and then I Didn't have anywhere near the income from that to step away from my day job. So that's when I moved to Houston, Texas with the Baylor College of Medicine because I needed that that income and I continued to do that for probably three years

Coach JPMD (14:14.124)
And then when I came to Houston, I got involved in one of the educational arms here. The first one was called Lifestyles Unlimited, where they taught you both how to do single family and multifamily. And I really fell in love with multifamily. And I fell in love with multifamily because I learned that another thing that physicians want to know is you can buy large apartment buildings with a non -recourse loan.

versus if I'm buying houses, that's a recourse loan. what that means is recourse just means the bank you put up assets when you take a loan out to buy a house. If you default in your primary residence, the bank could come after you for your personal assets, your car, your house, your bank accounts, whatever. A non -recourse loan is that that it's set up and says the only thing the bank can come after in the very worst case is the asset itself.

So if I buy a hundred unit apartment building for 15 million bucks and the bottom drops out and it fails, they can, lose my investment, but they can't come after me for my personal assets, my house, my cars, my savings accounts, et cetera. And so that was key to me because I had attained some assets and I didn't want to lose them. And yeah. And even if it's protected in an LLC, how does that work? Absolutely. Because it's just a,

funding that the government does through their, they want to encourage, you know, Kamala Harris is out now saying we want to do four or 3 million new units when she gets, if she gets present. And so the government wants to promote housing and homeownership in America. And so, it's different than if you're by a warehouse or a strip center or an office or those are not, those are recourse loans.

you're personally liable, but multifamily, anything bigger than a five unit property is you can get non recourse debt on. That's huge for physicians too. So you're not gambling all your future income and any other investments you've had. Yeah. Yeah. So, so what would you say if someone says that you should buy your investments cash, you should save up and buy cash investments in real estate?

Coach JPMD (16:43.65)
There's nothing wrong with that strategy. I think everybody's individual is different. That would be what I would refer to as the Dave Ramsey strategy. If you've heard of Dave Ramsey, he is against debt in any fashion. I think my personal life is I'm pretty against debt myself, but I think real estate debt is good debt.

because it tends to appreciate as long as you can cashflow it. And I think, you know, for the physician, if you're, if you're buying your own building that you're going to practice in, that's, that's, that's different. perhaps maybe, but if you're going to invest in like deals, what I'm doing, I certainly wouldn't encourage leverage for that. I know people to do it, but I wouldn't encourage it. That's just my conservative nature. Sure. I've got a

I've got a really good friend who has leveraged her primary principal residence, a vacation home and everything. And she takes the funding from that and rolls it into other investments. You know, she says, it's just arbitrage. She pays 4%. She makes 7%. Yeah. So it depends on the spread. If you can make that spread. with interest rates being so high, are you seeing higher interest rates now because of inflation and what we're seeing with the

of heads and their interest rates on the commercial side? Absolutely. Absolutely. there's a lot of a lot of hurt in the market right now, because anybody that bought a large commercial multifamily property in 2020, 21 or 22 bottom on variable rate debt. And those debts are those notes are becoming due now. So there's a lot of hurt in the industry. But it's also a time of

you know, when others are fearful, according to Warren Buffett, you should be greedy. Yeah, there's, there's a great buying opportunities out there today because of that. And so what would you say to the person that how would you be able to mitigate that interest rate increase? Are you able to increase the rents for those multifamily units? Or it's hard to do that. Let me, let me hold that thought for just a second. let me explain to your audience the difference between

Coach JPMD (19:05.356)
multifamily apartments and commercial and single family real estate. Neither one of them bad single family like your home, wherever that's at the value of that home is based upon the comps of the neighborhood. Right. So if you live in the nicest home and a, I should say an average home in a nice neighborhood, you get the benefit of that. And conversely, if it's a nice home and a bad neighborhood, you get punished for it. Commercial real estate is different. It's, it's, it's a cash flowing

enterprise. So the value of the property is determined by how much cash it generates. And we refer to that as the net operating income. So it's really simply income minus expenses. So in commercial real estate, if I can increase the NOI, the net operating income, by either raising rents or lowering expenses, I've forced appreciation into the property. I've forced appreciation property. So I bought it

and I've grown the rents or decreased the expenses or both, I've forced appreciation by the NOI being greater. And it's a multiple of the NOI that creates the market value. So I think the answer to your question was, is the way we try to see there, there's two kinds of investments. Either you're doing a yield play where you're buying it just for a constant cashflow.

or what's called a value add deal where you're buying a property and just like it's like fixing up a home versus buying a new home. A value add is fixing, buying an apartment building that needs repairs, needs renovation outside, inside both. You make those renovations and you raise the rent. So that's called a value add deal. A yield play is one where, you know, it's a newer property, doesn't need to be done. It's maybe just mismanaged and you're going to manage it different.

And you're going to provide the investors a five, six, seven, 8 % yield a year. over a period of time. So what's considered a good NOI? And I guess the NOI is similar to a cap rate. Well, so I love it. We're getting into obviously an astute position. The value of the property is the NOI over the cap rate. That's how commercial real estate is developed. So your audience may ask,

Coach JPMD (21:32.694)
Again, what's a cap rate? The cap rate varies from market to market. And it really is what an average investor would pay for a return in that market. So what an average investor would pay for a return in that market. So that varies from Cleveland, Ohio to Houston, Texas or Tampa, Florida. And that rate is somewhat

creative in nature, but not really. It's somewhat. think about it. If I have a brand new apartment building, it's lower risk that has, you know, everybody wants to live in a new apartment building. So I'm going to expect a lower return and something like that. I'm going to expect four or 5%. I'm just throwing out the number. That's what you'd get from a REIT. But on older asset, let's say one that's built in the nineties, that's more of a C -class property.

Investors would expect a higher return. So, you know, they want to see in the general

Key performance indicator in real estate is internal rate of return or IRR. So we look to create my company Investark. We try to create opportunities that will provide investors a 6 to 8 % cash on cash yield every year and an internal rate of return of high teens over a five or six year period. So you're getting the advantages of a quarterly or monthly cashflow.

plus the backend appreciation is what we're targeting there. Yeah. And so what are the typical exits for, for, say a physician who owns a property like that, and let's say they own a multifamily or even a commercial property that they're practicing in. Do they look at a 10 year horizon, 15, 20 year? I think first of all, every investor physician and otherwise, but most I've known a lot of physicians spend a lot of time in the, they're very busy individuals.

Coach JPMD (23:36.206)
and they're very detailed oriented. They're scientists. And that's great. But I think they first have to decide, do they want to be an active investor or a passive investor? So an active investor is the one who goes out and finds the apartment building to buy, to run. I don't think the average physician has the time to run an apartment building. So they got to find a property manager at a minimum. But active versus passive, and the illustration we give all the time is,

The put it this way, the airplane, the pilot in the front of the plane is the active investor or the, he's the one that has to worry about the weather, the ground control, the safety of his passengers, the mechanics of the airplane versus the person in the back of the pilot plane is the limited partner or the investor who's sitting there reading their favorite book and sipping their favorite beverage and enjoying the ride.

So first, people got to decide what they want to do. And then it's a matter of what they want to be active or passive. And I think I would encourage most physicians to start out in the passive world investing in other people's deals. And then there's, as you know, Dr. Pierre, there's a plethora. There's four different classes of commercial real estate. There's office buildings, there's industrial parks, there's retail, and there's multifamily.

I don't really want to invest myself today in office or retail products. That's me. Other people may. I like, I invest some of my own money in industrial warehouses because that's a very growing trend. I, my day job today is after leaving the medicine world, I do full -time real estate and look for deals to apartment buildings to buy and put investors together to buy them.

very simply and give them a healthy return. yeah. So that's the investment arc. That's the Invest Ark That's the Invest Ark that's, that's the company that you have. So I didn't actually realize that you actually do that as would you be considered a REIT or a private. So I'm a private equity firm. I'm a private equity firm, small boutique private equity firm versus a REIT. And so your savvy physician might say,

Coach JPMD (26:01.57)
Why would I do something like a private placement offer? Why not just put it in a REIT? Well, that's a possibility. The difference I would say is the wealthy people generally invest in private placement offerings. Donald Trump didn't create, and whatever you like him or you don't like him, but from a real estate perspective, he's a very successful individual and he invested in a lot and others invested in these private placement offerings that I'm because you share much more of the upside than a REIT.

On a REIT, you don't get the tax benefits of a K1, you're a shareholder. So from a tax perspective, it's better and it's more closely tied to the stock market. And then lastly, you have to really look for a multifamily because there's so many different kinds of REITs. Majority them will focus in industrial or office or retail.

I was involved in REITs long ago and they, you they bought large office buildings across America. So it's not bad. Yeah. Just be aware of the investor to know what you're getting into. Yeah. And for those that don't know what REIT stands for, it's a real estate investment trust. Correct. Is that right? So, it's a different, different type of investment, mainly in real estate. So, you've given some, a lot of good nuggets today. and, you know, some of the, some of the went pretty deep and if

If we want to find out more about your company, how do we get in touch with you? Yeah. So I actually have another plug. If I could just for a second, I'll give you that information, but I've started myself and another partner started an educational arm. So if there's a physician out there that really wants to perhaps buy an apartment building, how would they do that? Or perhaps there's a physician out there that wants to be a, they just want to be a passive investor. They just want to get in the game and learn limits. So

We've started an educational arm called, it's very affordable, multifamilymaestros .com. It's all one word. Multifamilymaestros, all one word, .com. So that's one way you can get a hold of me. There's a discovery call on there. And my syndication business is invest -ark. Invest -ark .com. You can certainly find me there.

Coach JPMD (28:25.618)
And I'm on all the social medias, LinkedIn, Facebook. Happy to And we'll add all those handles to the show notes. I just wanted to hear if there's other things that you were doing. And obviously, I didn't realize that you had the course. Well, I'm educational. And there's a third leg of me today that's doing development work. another friend and I want to eventually build apartment buildings.

And we're starting out small with the proof of concept. we're building a few houses here in Houston to start a development that's that's probably down the road. really, three phases to my world after leaving the corporate is apartment syndications, education and development work is where I'm really spending a lot of my time. And would you would you suggest to physicians that they should stick to their own market? So let's say

You're in Houston, you have physicians in Houston that want to do this syndication work. What do you recommend? when you buy stocks, do you just look at companies in your own area? No. So I would say the answer to that is where's your comfort zone? Where's your comfort zone? So I think where I would suggest people invest with those they know, like, and trust. So before you invest any penny at all, talk to people, educate yourself.

more before you throw the dollars at something. If it's not me, it's somebody else. There's other people like me out there and educate yourself. I started out, you know, I was living in Cleveland, Ohio, flipping houses in Dade County, Florida. OK, I was going to I was going to ask you that if you had lived in Miami. No, I was living in Cleveland, Ohio. And to your point, we were flipping houses in Dade County, Miami, Florida.

When I got into multifamily, I was living in Houston, Texas, and my first two properties were about 150 miles away in Beaumont and Port Arthur, Texas, about 150 miles due east of Houston. Those are my investments. so if you only look in your area, you may know that area, but it's also just a very limited fishing pond. makes sense.

Coach JPMD (30:48.514)
makes sense. The point of it is, is the I would encourage a physician who has spendable income more so than a majority of the population, really pause and think, do you want to be an active investor owning the property yourselves? Or do you want to work with someone to do it and learn a business and then maybe branch out entirely up to you? It's great advice. So I was doing some things at the end of last season.

the rapid fire questions, one word answers. And I to know if you wanted to participate in that today before we end our choice. Well, you always have a choice. Sure. No, I'd love to participate. I'm just pulling your chain a little bit. I know. I know. So what's your favorite movie? Favorite movie. I don't see a lot. I don't see a lot of movies. I mean, I'm going to say I've seen some contemporary ones like Sound of Freedom and The Sound of Hope.

But Rocky is right up there for a long term one, man. I know it's a golden oldie, but I love the storyline. fine. Actually, one of my favorite movies is Seven. I don't if you ever watch that movie with the Seven Sins, basically with Brad Pitt, I think, and with the other guy. That was a fascinating movie. Cool. Favorite car. Favorite what? Favorite car. Mustang. Last book you read.

The Clash of the Cultures by John Bogle. sitting behind me here. It's a fascinating read about investing versus speculation. And it's focused on the mutual fund industry, but there's a takeaway for your audience. Speculation versus investing. What's the difference? The speculation is somebody that just gives money, throws money at a mutual fund.

Investing is what I think we do in real estate as you learn an asset class, you understand the risk, you try to mitigate the risk and you invest.

Coach JPMD (32:57.358)
Interesting. Favorite vacation spot? Myrtle Beach. I'm sorry, Hilton Head, Hilton Head, Hilton Head, North Carolina. Right. It's going to get a little harder. Best real estate deal to date? Best real estate deal to date is my second limited partnership, one which I invested $50 ,000 and 4X to my return in just about two years.

That isn't going to happen very often anymore.

a spiritual habit that you practice? Yeah, well, thanks. That's a good one. I haven't been asked, but I'm a person of faith. And so I try to have a quiet time, devotions every morning and reflection about what I'm going to do that day. that's my daily routine and starting out that way every day. Awesome. So Mindy Pelt, a podcaster that my wife listens to all the time, and she asks her guests, what do you think would be your superpower?

something that you'd say, that's me. That's what I do well. I think, yeah, I've been asked that question before and I always struggle with that one because I'm, I'm, you know, I will say I'm, I'm an, I'm an inch wide and a mile deep. so I think I'm, I think I have a lot of different, interest and skills. I would say my superpower, my super power is persistence and, steadfastness stay in the game, start.

keep at it. What time do you wake up? I'm out of the corporate world these days. So not as early as I used to. Anywhere is between six and seven. Okay. One thing that your wife loves about you. You know, it's love. It's funny because I've been married a long time, as I said to begin with and opposites do attract right. Especially in a married situation. So I'm the type A and she's not

Coach JPMD (34:59.712)
And so I think that she has learned to appreciate my planning and my organizational skills. I think she would readily say she does not possess those skills nor do I possess her gift with children and her patients. so last question, who's going to be the next president? Ooh, that's controversial there. It used to be, you didn't talk about politics and religion, but,

I don't know. think we're a greatly divided country these days. It's very sad to me personally to see the divisive nature. I will tell you, I don't know. I'm going to take the cop out. But what I do hope is that we have a divided Congress so that one party doesn't control the executive branch and the congressional branch. I think when we've gotten in trouble,

given our divisive nature today is when one party has all three branches and can roll legislation through. So I would say that I'm a registered Republican, but I hope that we have a divided Congress so that there is some checks and balances in our democracy. I asked that question to someone else on the podcast and he told me none of the above. If you know, I saw that movie, forgot the name of the movie, but it was in Richard Pryor.

was going to be president was running to be president. He was a nobody. Hey, none of the above. Well, there's some guy that actually changed his name to something like that. as a candidate, I remember recently hearing to get to be on a write in. None of it. So when somebody writes in none of the above or, or, whatever that he would get the vote. So, I don't know. Awesome. Well, thank you for this conversation. We really appreciate you coming on the independent physicians blueprint podcast where we help physicians understand the business of medicine and hope to really practice powerfully and build wealth that I think we deserve to build. So thank you again. My pleasure. It's really been a pleasure, Dr. Pierre. You have a great day. You too. Bye bye.