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In this episode, host Toby Mathis, Esq., welcomes returning guest Chris Streit to break down the truth about cost segregation studies — when they work, when they don’t, and who should consider one. Chris explains how cost seg studies accelerate depreciation by separating a property’s components into shorter-lived assets, enabling large year-one deductions under bonus depreciation rules. They walk through a real-world example of a $500,000 duplex to illustrate potential tax savings, and discuss who qualifies to use those losses — including real estate professionals versus passive investors.
The conversation also covers the best and worst property types for cost seg, how to use studies to offset rental income across a portfolio, and whether you can apply a study retroactively after a tax year has ended. Chris shares critical red flags to watch for when hiring a cost seg firm, including improper land valuation, lack of site visits, and insufficient substantiation — all of which can expose investors to serious IRS risk. Tune in for expert, no-nonsense guidance on one of real estate’s most powerful — and misunderstood — tax strategies.
Highlights/Topics:
- 00:00 Intro – Bonus depreciation and year one write-offs
- 04:01 Who should consider a cost seg study
- 06:06 Example 500K duplex breakdown
- 10:00 Real estate professional versus passive investors
- 14:19 Best versus worst property types for cost seg
- 18:25 Red flags and bad cost seg providers
- 22:08 Importance of site visits and proper substantiation
- 25:20 The biggest mistake real estate investors make
- 27:32 How to get started with a cost seg study
- Share this with business owners you know
Resources:
CSA Partners (Chris Streit’s company — cost segregation specialists): https://csap.com/
Request a FREE Cost Segregation Benefit Analysis: https://aba.link/594e87
Anderson Advisors Free Workshop (asset protection & business structure): https://aba.link/7gdd
Full Episode Transcript:
[00:00.00] Intro: [00:11.92] Hey guys, Toby Mathis here. And today we’re going to dive into the truth about cost seg studies. When they work, when they don’t, who should consider them, who shouldn’t. I brought in an expert, long time friend now, and he’s been a guest numerous times on my channel, but the CEO of CSA partners, which is a cost seg company. That’s all they do. Chris Streit. Welcome, Chris. [00:35.08] Chris: Thanks, Toby. Always, always a pleasure and always a good conversation for sure. [00:39.36] Toby: Well, let’s not waste any time. Let’s dive right on in. For somebody who’s new, what exactly is a cost seg study and why does it create such a big tax movement for some taxpayers? [00:52.28] Chris: Sure. Yeah, I think there’s a ton of information out there and sometimes Google and AI can do well, but also send you on the wrong path. Just to break it down very clearly, to begin, anybody who’s buying a commercial property or residential property, it’s going to be used for some type of commercial use where it’s going to generate income. [01:09.40] That asset, that property is looked at as the IRS is one single big item that you can deduct flat every single year based on what you’re into it for, what you pay for it essentially. But we all know, having been in homes and also been people who invest in properties, that we’re not just replacing one big unit, we’re replacing multiple pieces that make up that unit. The reality is it’s thousands of assets all brought into one to make your property. [01:35.84] A cost segregation segregates those things out into the cost, the worth or the value of those, which the IRS allows and allows you to deduct them based on different lives. One big asset, sure, it’s going to last 30 years, but the microwave, the floors, cabinets, those have different lives and the IRS, as long as you can show those and separate them, you can pull that depreciation forward by reclassifying those as having different lives versus what the standard and default is. [02:08.88] Toby: Yeah. Now, most people, they think cost seg studies and immediately thinking of real estate and a lot of them have been told that residential real estate is what, 27 and a half years, you write something for the non-residential 39 years. [02:23.88] And what you’re saying is you take certain pieces of that building and maybe it’s a much shorter lifespan. [02:31.00] Maybe it’s five years, maybe it’s seven years, maybe it’s 15 years. [02:35.84] But then there’s other rules, right? [02:37.36] We had the one big beautiful bill that came out and said, hey, just write it all off in [02:40.52] year one if it’s under 20 years, right? [02:44.80] Chris: You already as an investor, taxpayer, you are given the benefit of depreciation, but you get the benefit of it on a time scale which tracks the entire life of the property versus the acceleration of all the things that have a much shorter life. The reason this exists for people who are listening to this right now is because the government wants people to invest in properties. [03:10.66] They want to create places for people to live and they know the first year or two are the hardest things. With the new one big beautiful bill, even though we’re accelerating things from 27 and a half or 39 to five, seven and 15, the benefit is all year one. The government’s saying, look, we’re going to allow you this tax haven to get your property going by giving you a loss before the property even goes. [03:35.14] It’s a major cashflow benefit which allows for investment and beautification and strengthening of the investments that you make, but also continued investment. It’s a really, really smart thing. We can’t always say that about the government, but they did a really good job here. [03:47.96] Toby: Yeah. Sometimes they let us carry them back to whenever we’re in peril and you hear about a loss carry back like our president Trump used back in the day. Then we had during COVID sometimes they do that too. Not only do you get a huge deduction now, but sometimes you can wipe out taxes in previous years. Not right now, but sometimes they do. Let’s do this. Who is a cost segregation best for? Who is the avatar for a cost segregation study? [04:15.72] Chris: It’s two-pronged. The first step is, are you somebody who owns a property that generates income? Is this an investment property? I’m looking at the property to say, does this property have enough money into it? Did you pay enough for it that you can deduct from what you paid for it? If I’m somebody who maybe owns an Airbnb or a short-term rental or a long-term rental or a commercial property, a retail strip, all of those things qualify as assets. [04:42.36] If you own those, the first answer is yes. Now the second layer is it gets a little bit more into the IRS minutia of who you are specifically and what your tax situation is. Because depending on whether or not you’re considered a real estate professional, who’s somebody who basically is dedicated to this, doesn’t have W2 income doing something else. [05:03.88] Then you are able to take those losses and take those against your income and they’re right there and they’re available to be used. Other folks, it’s going to be a matter of, well, what’s the income that I have on this property, the passive income, because my other is my primary. If you have this income from this property, this deduction can be used to offset the income, to basically be giving you to a degree a tax-free revenue stream. [05:28.00] Two-part answers. First is, do you own properties that generate revenue that are considered as investment properties? If so, then those are worth looking at for cost segregation. Then if there’s a deduction able to be achieved from those properties, what is your personal tax status? That’s something myself and Toby’s team can help determine as well. [05:49.76] Toby: Let’s go through an example. You’re saying real estate. I’m assuming then that cost-stake studies aren’t, cost-stake studies aren’t for like a business owner that doesn’t own the real estate. That’s not something you’re diving into. [06:03.04] Chris: Correct. It’s going to be somebody who does have ownership of the real estate. Now, if the business owner has a different entity and has the real estate, then maybe. But yes, you need to own the real estate to be able to take the deduction. [06:13.80] Toby: Real estate investors, now, let’s just walk through a scenario. Let’s say that I bought a duplex for $500,000. What am I looking at? Make this real for me. Let’s just use that as an example. What does the cost-stake study do for me for something like a half million dollar property? [06:33.16] Chris: Yeah. That’s one that you see a lot of because that amount is something that’s probably eligible for a lot of real estate investors. They could all jump into that scenario right there. So $500,000 home, you put that amount into it. The first thing you need to look at when determining this is pulling out the land. Land even though a part of real estate cannot be depreciated. [06:55.20] That’s one of the key things to remember is to say, okay, what’s left over after land? Because that’s where I can start to figure out my loss and my deduction is going to be. Let’s just say $100,000 of this half million dollar purchase is land. That means you have $400,000 to work with that you have into the property that are eligible for a deduction. [07:13.96] With a duplex, what we see inside of duplex is you do have a lot of those properties that have a shorter life. The things that have a lot of improvements that I’m going to have flooring that could be removed without causing damage, cabinets, appliances, that might generate somewhere. I would say conservatively and confidently about a 30% of that $400,000 would be able to be accelerated. [07:36.12] With the 100% bonus, that would be year one. That would be a $400,000, 30%, $120,000 of a deduction. If you’re somebody who sits at a 37% tax bracket, that is roughly $50,000 in a tax benefit that you get, which could be used to market the property, improve the property, buy another property and do the same thing all over again. [08:04.26] Toby: I want to say this to folks out there that sometimes you can use the loss, sometimes you can’t, right? You don’t lose it, but let’s say that I did that with the half million dollar property. You said it was about $120,000. If that’s a positive cashflow property, if it’s making $20,000 a year, what I’ve effectively done is said for the next six years, you’re not going to pay tax on any of that income. [08:29.08] I’m going to get $20,000 a year that I’m putting in my pocket and my tax return is going to say zero because I’m using that cost seg study to offset that. Even if I can’t, like we hear about short term rental loopholes and you hear about real estate professional and everybody’s like, wipe out your W2 income. [08:48.72] Sometimes you just don’t want to pay tax on the on the rents that you’re generating or you want to offset other rents. In that particular case, that would make a pretty big difference. Which leads us to another simple question, which is, all right, so I’ve done the cost seg study.What’s the difference between getting that study done and being able to actually use that loss?
[09:12.16] Chris: Sure. I like the example that you gave of the person who might have income and that income for the next five or six years will have no tax to it. The only other similar type of investment I think could do something like that would be municipal bond, but their ratings are going down a little bit more and the yield is not nearly as high as what it could be on real estate from an income standpoint, but also an appreciation standpoint. [09:34.04] The folks who could use it, so yes, if you do have active income, passive income coming in from these properties, whether or not you have this short term in a loophole or real estate professional status, that loss that could be done and achieved in year one is like a piggy bank of losses that you get to use year in and year out until it’s gone. [09:54.00] You don’t have to use it all that year. It’s right there for you to be used. Now for those folks who are sending in that real estate professional status, meaning they are, that is the primary role that they have. They’re spending the appropriate amount of hours, in addition, which is 750, in addition to having a role specifically aligned to real estate. [10:14.60] Those folks get to offset all other types of income associated with the losses achieved from a cost segregation. Those are really the two primary distinct groups of people. Do I do real estate for most of my job? If so, this loss goes to all the income that I have. If I don’t, then I can only apply it to the income for my real estate and other passive income that I have within my portfolio. [10:40.32] Toby: I think that’s really important, that last statement. Real estate professional status is, guys, it’s 469, it’s not rocket science, but there are some tests, 750 hours, more than 50% of your personal service time, plus you materially participate on your rental activity. If you’re doing the short term around a loophole, its material participation and average use seven days or less, and you can unlock some of these losses. [11:03.40] For a lot of people, that’s not realistic. And I have plenty of videos that I’ve done on those topics. But what you said at the last part is these passive losses from this building can be used on your other passive activities. There should be a bell going off in some of your heads. I have other rental properties, maybe I’ve depreciated the heck out of them, and I have income every year. [11:26.20] I live in this world, right? I have a whole bunch of rental properties, and every now and again, it pops off, and I have a surprise year where I just have too much income, and the cost seg study is something that you can keep in your back pocket to offset that. And this is what I really want to get to, Chris. [11:43.44] Let’s say that last year, I did really well in my rental properties, and I didn’t realize I had so much profit, and I’ve depreciated my properties to the point where I’m not really getting to offset much. I have multiple properties, and now I’m sitting on a bunch of rental income. I’m sitting on my schedule E, and it’s showing $50,000. Is it too late for me to do a cost seg study? Even though the year is over, could I still go back in time and get a cost seg study done to offset that income? [12:15.60] Chris: Well, so depending on what’s tax year end, the answer is yes, essentially. The way that works is even if the property is dated, or even if you’ve owned it for a while and you haven’t done a cost segregation on it, you could still do that today and apply it to the current live and active tax year, which usually extends to September or October. [12:36.08] It might still be out there without having to amend or return. The IRS makes it very, very simple. It is not a red flag. It doesn’t put a target on your back to gain the depreciation that you have not taken yet. That is 100% out there. But the other thing, Toby, and the example that you described is if the tax year is still open and maybe you have cost segregated all your properties and all that depreciation has been used and now you have this big bill. [13:00.00] You could buy a property now and then take the depreciation on that to apply that against the income from these other properties. Because with the big beautiful bill and 100% bonus, that benefit will all be pulled forward to now. Your pain might only be temporary and then it will be met with a positive in the end when these things cancel each other out and wash. [13:24.24] Toby: Yeah, there’s an old adage that if you’re paying too much in taxes, you don’t own enough real estate. This is where it becomes real, like, yeah, if you’re in a situation where you’re a long time landowner, you’re an investor, landlord, you’ve got a bunch of properties, but you’ve depreciated them. You’ve had them like me, I’ve had properties close to 25 years longer. [13:45.32] You can continue to put improvements on them and write those things off. And for the most part, yeah, you’ve depreciated them pretty aggressively, but you have that income coming. Then it’s sometimes buying the new property, doing a cost segue on a credit and big loss in the first year to wipe out that income. [14:02.52] You end up in a situation where yeah, you’re kind of in a, I need to buy more real estate and you’re like, but I don’t really want to buy more real estate, but it saves you so much in tax, the government’s incentivizing you to do it. It’s kind of crazy not to sometimes.Let’s do this. What types of properties in your experience produce the best results for cost segregations and then flip it on its head and say which one’s usually disappointing? [14:28.28] Chris: Sure. The things that are going to contribute to a good cost segregation, I’ll give some examples of properties as well, are those that you see a lot of improvements occurring.Just the example that we had a second ago, the duplex, we know inside of a duplex, there’s typically a lot of improvements inside of that.
[14:45.48] And typically those duplex as well probably have a yard that has other elements that make it an attractive candidate as well. Here’s why, the improvements are things that are most likely things that could be removed from the property without causing material damage, which should be the light bulb in your head that says that’s something that could be accelerated.15:05.68] And also land improvements, which is anything in your yard and other structures that are on top of that land, those are 15-year property, but because of 100% bonus, they all go to year one. Everything’s essentially year one. Properties that have large land plots that have those improvements on there and then properties of a lot of improvements.
[15:26.78] Homes, typically very good. Manufacturing facilities, retail facilities, also restaurants, if you’re a medical professional and own your own building as part of your practice, those have a lot of improvements on them. Gas stations are fantastic. Even something you might not think, but these temporary home or motor home type places, those are typically all 15-year property, there’s one big pot of land with a lot of improvements on it, which means it all goes to year one. [15:54.98] Those are some of the examples of the good candidates. When we say good candidates, we’re talking typically over 25%, sometimes closer to 40% of what you have in it will be able to be eligible for accelerated depreciation. Now the converse of that is properties that don’t have a lot of improvements, that don’t have a lot of land, those become less attractive, even though they could still be good candidates. [16:18.50] But if you’re going into it thinking, I’m going to get 30%, you might be upset to find, well, it’s a log cabin, the log cabin, the subfloor is exposed, so that can’t be removed. The logs on the outside are the same as the wall on the inside, and all of those elements start to begin to contribute to just ticking away. [16:35.44] To that end, maybe if it’s a condo, say, in a really, really wealthy beach area where you have marble tiles and there’s no land, it’s just basically the couple of rooms and a high rise. You don’t have the land improvements, you also have a lot of property that might not necessarily be short life because it is similar to, well, it’s things that if they were removed, they would cause material damage.Warehouses also, those are big boxes, but usually the money’s higher. If you only get 12% or 13% or 15%, it still moves the needle for the investor, it’s just not 30%. [17:12.68] Toby: I still remember I had a client that bought a, I think it was a mobile home park and he was doing, it was just the pads. I think his cost seg study came through, and it was a really high percentage, I’m tempted to say as high as 90%, because it was all land improvement. And he wrote the, he thought he was going to write off like a third of it and he ended up writing off just a huge chunk. Is that reality? [17:34.80] Chris: It is. I think I know that one example you’re talking about, but yeah, I think it was a little over 80% with it ended up being, and if you could imagine them, it’s because the mobile home park lays all this asphalt, it has all these additional elements, which are just to make sure a mobile home could sit on it. [17:49.08] And there were also, if you are a mobile home investor, there are a lot of things that were still movable, they had a hitch on them. Those were all five-year property as well. So yeah, it just created a massive deduction in that case, which you want to not assume, you want to look at every detail. [18:03.72] Toby: Kind of crazy when you think about it, you buy a million dollar property, you get an $800,000 deduction depending on your tax bracket. And whether you can use it, that becomes like a pretty big one. Let’s talk about shifting gears. Let’s talk about red flags, because there’s so many people out there talking about cost segs. [18:21.56] There’s a bunch of knuckleheads out there misrepresenting what it is, and then you have these companies that kind of do the churn and burn, this little software thing. What are the red flags that you see in the industry? And what would you say to somebody, if it was your brother who was an investor, what would you tell them to look out for? [18:38.28] Chris: Sure. I think one of the things that qualifies to do this for us a little bit more is we do about 5,000 of these a year. We do, since there’s such a big volume, we do get to see the IRS more than most people do specifically for cost seg. It ends up being about 4 to 5 a year, so 1 in 1,000, which stands about the right percentage. [18:57.84] A couple of things to be wary of if you’re going down this path is with bonus depreciation being back, but also being here about five, six, seven, eight years ago, there’s a lot of things that popped up. There’s a lot of search engine optimization groups that have operations in Turkey that can just take your information and give you a report. [19:15.76] Here’s the thing to understand foundationally. You don’t need a cost segregation report to take a deduction. You don’t need one. You can just take it, but it exposes you to a ton of risk because there’s nothing to substantiate the claim that you’re making on your tax form. Any claim that you ever make has to be substantiated. That’s the first piece. [19:36.36] Know what you’re buying is the substantiation. Then breaking that piece down and simplifying the red flags, the very first thing that anybody should be doing if they’re even considering cost segregation, if you went to buy firms, put in your property address, got something back before you buy, is to start to really scrutinize what’s the land value. And here’s why. [19:55.64] The IRS, while they’ve had upswings and audits and downswings and audits, and where we’re sitting right now in Q1 of 2026, people might be saying, “Oh, the IRS is decimated. There’s no agents out there.” Not true. They are still very focused on collecting for the treasury. When it comes to cost segregation, what they’ve done is found ways to make their staff more efficient. [20:17.32] And by more efficient, that means identifying where people have taken things they shouldn’t and then calling them back, which could ruin a real estate portfolio. The first thing is land. Land is something that if we had 1,000 people in a room on one single property, they could not agree on the land value of that property. It’s incredibly subjective, and the IRS knows this. [20:36.64] To attempt to apply uniformity across all the taxpayers across the country, they have to figure out what the value of land is for your property to make sure you’re not depreciating too much because it’s in the investor’s best interest and the cost seg firm’s best interest to say, “So much of this is depreciable, so you should do it.” You need an objective view of what your land is because that’s the thing that we’ve seen have done wrong. It is the easiest thing for the IRS to deny. [21:06.40] Because the first question they ask is substantiate your basis, which basically means perform this mathematics for me. What’d you pay for it? What’d you subtract in land? Where did you get that land value? What they’re doing is going to the county appraisal district. There’s thousands of county appraisal districts across this country. [21:23.32] Hardly any of them talk to each other. There’s this jurisdictional merging. The IRS is using the CAD to determine your land value. And even if you had an appraisal, this is what they’re going to do, and they will not even have a dialogue with you on this land value. We see in the industry, a lot of 80/20, just apply 20% to real estate, 15% to land, that is a major, major exposure for you. [21:48.68] If it’s called the question, it will be lost in less than three minutes. It sounds like doomsday, but I would tell you this is the common practice in the industry to just take a land value and then leave it up to the person who buys the cost seg report to fight for themselves. Look at your land value. Ask the firm who’s performing the analysis for you. [22:08.72] What did they do to calculate land value and what are they using, are they abiding by the audit guidelines? If they can’t talk to you about that, I would run. No deduction is worth your reputation with the IRS. Number two is to make sure that they’re performing a site visit. Now, since COVID, site visits do not need to be actual boots on the ground. [22:29.72] They can be remote. 70% of the ones that we do are remote and live. There’s an agent on the phone walking through with somebody. It does make our service a lot more cost friendly, but it still needs to be somebody who’s live, who understands real estate. It can’t be somebody overseas logging in with you and doing this. [22:48.04] It needs to be something really here, who understands the IRS and what they’re going to be asking for, because the second question they’re going to ask is, was there a site visit? There are firms right now who can give you a report in 30 minutes with no site visit. That should terrify you. Definitely, land value is not being done, but there’s no site visit. [23:03.84] The reason for the site visit goes back to something I said earlier, it’s substantiation. Did you walk the property? Did you actually identify the assets that you’re claiming a deduction? We record all of that. We have photos of that. These are questions you should ask. Talk to me about your substantiation, what goes behind it. [23:19.12] Then the third also ties to substantiation is what are you using to determine the value? Meaning, cost seg for the most part is not dealt for new construction. New construction is what we often think it’s mostly for. If you own a property that already has existed, I have to identify the asset, then I have to identify the value of the asset. [23:37.36] The most common used tool for that is RS means. RS means is a tool used for estimators in construction to determine what it would cost to put in crown molding, to put in carpet. Identification of the asset, capturing that through some type of visual, and then truing it up to a current version of an acceptable cost methodology that the IRS accepts. Those are the three proof points. [24:00.78] Those are the three red flags that they’re not happening. The deduction is worth nothing, definitely not worth even if it’s only $1,000, it’s not worth it at all. Watch out for those things, ask for them, spend your money wisely because I talk a lot about risk. The other thing to mention is you can say anything you want in a proposal, but I can promise you if you’re not doing land value right, substantiating the value, and then also doing a site visit, you’re going to miss percentages. You’re not going to achieve a higher deduction anyway, let alone exposing yourself to risk. [24:31.48] Toby: I’ll say that from my experience, because I don’t do cut side studies. That’s not what Anderson does, but we work with investors that do, and I can see the different types of reports that get done out there. People sell themselves short when they’re doing the cheapy report. It’s a smaller percentage because they don’t want to have to sit there and try to defend themselves. [24:51.56] If anything, they’re sandbagging it and it’s costing you money. You’re paying somebody to cost you money, which is like a weird thing to think about. As opposed to do it right, you get the biggest benefit, the juice is usually worth the squeeze, which I’m going to ask you one last question, which is, what is one thing you wish every real estate investor knew about cost seg studies before they contemplated doing one? [25:17.36] Chris: Sure. Well, I think it transitions well into what we were just describing, is that any position that you take, a cost segregation or even claiming a dependent requires a degree of substantiation and is a risk exposure. Cost segregation on itself is not an exposure to risk any more than any other claim that you make. [25:39.24] But the thing to understand is that if you are doing it, you can back up the claim. Cost segregation is an excellent example and as you’re going in to just think, if you have blinders on and you’re thinking deduction, deduction, deduction, deduction, but you’re not thinking about the protection and the ability to substantiate the deduction, that’s like claiming you have 20 dependents and you only have two. The best example I can think about this, I actually learned this recently and I’m stealing it from somebody. [26:05.24] But I had no idea where this term came from, but the term right hand man, I think it applies really, really well to people who do your taxes and the specialty tax providers who help them. The right hand man term came from feudal days with fighting with swords and shields and right being the dominant hand, that was your attack hand. It was very aggressive. [26:27.32] It’s the thing that you’re using to go out and attack, but it was the exposed side of you, the left hand had the shield. The person on your right hand was your protector while you were being offensive. When you think about the firms, you want to be aggressive. You want to take the appropriate stances, but you have to have somebody who is shielding you from the attacks that come forward while also allowing you to make sure that your attacks are precise and maximize the output that you’re attending to. [26:56.76] If you’re thinking about cost seg, the one thing, think about this, who is at your right hand? Because you’re going to get aggressive. You’re going to make a claim, but who’s shielding you? And that’s the most important thing I think you should think about as you leave this video and think about yourself for cost segregation. [27:09.88] Toby: Well, I really appreciate it. I think you hit the, I might steal that right hand, man, for sure. If somebody’s contemplating doing a cost say, what’s the best steps that they can do to see whether or not it makes sense? Because I know you guys do kind of a, you can just type it in and you can get an analysis done and it doesn’t cost anything if you use one of our affiliate links. Can we put that in the show notes and is that a good place to start or what should somebody do? [27:37.60] Chris: I think that is the absolute best place to start. We’ll have that in the show notes. And what this calculation does is we start by just giving you a feasibility because you kind of got to go in stages. And the first step is, is this even worth it? If you’ve owned the property for 30 years, no, but hey, let me just check. [27:51.56] If it looks good on paper for starters, like within three or four seconds, then we ask you to say, all right, I would like to request a land value. We do the land value before engaging, but just starting to get the number. Then if it looks good, go in and begin to pursue the land value, which usually takes another call at four to six hours because you have to go and invalidate it. [28:10.36] But just starting, go to the calculator, look at, look at your property and see if the economics are there. If they are, then research a little bit more and then see if those economics follow through. If those economics, most importantly, will be protected should you choose to move forward with it. [28:24.08] Toby: Perfect. I appreciate it. We have comments for Chris, put it in there. We try to share them out and say, hey, Chris, people are asking questions and his staff and him are both really good about coming in and answering questions. Feel free to put things in the comments below. If you know anybody who’s in real estate, like and share this with them. I mean, if you know anybody that’s contemplating a cost segue or that has talked about it, share this type of video with them, because this is the truth about cost segues. Thanks, Chris. [28:51.92] Chris: Thank you, Toby [29:21.92] Outro
