Welcome to our latest episode. Today, we’re thrilled to have Dan French, Managing Director, joining us to share his journey and expertise in scaling a multifamily real estate investment company to new heights. With a significant role in growing a real estate portfolio that managed over $2 billion in assets and returned more than $1 billion to investors, Dan offers invaluable insights into the strategies that have driven this success. He discusses the current market landscape, his approach to scaling operations, and the importance of timing in making strategic investment decisions.
In this engaging conversation, Dan delves into the process of managing over 15,000 apartment units, the challenges and opportunities in high-growth markets like Austin and Dallas, and the importance of strong property management in scaling a real estate business. He also explores the impact of market corrections on valuations, the strategic use of debt and equity financing, and how his firm is positioning itself for future growth in the multifamily sector.
If you’re looking to understand the dynamics of scaling a multifamily real estate business or want actionable insights into navigating today’s market, this episode is for you. Tune in now to learn from Dan’s wealth of experience and discover how to apply these strategies to your own real estate ventures.
HIGHLIGHTS OF THE EPISODE
00:19 – Introduction and welcome
01:00 – Dan’s background and journey into real estate
02:45 – Scaling a $2B multifamily real estate investment company
05:00 – Lessons learned from selling $1.5B in assets
08:00 – Current market outlook and identifying scaling opportunities
10:00 – Focus on key markets: Florida and Texas
11:45 – The role of property management in scaling success
15:00 – Market corrections and their impact on valuations
18:00 – Capital raising strategies in a competitive environment
21:00 – Strategic use of debt and equity to fuel growth
25:00 – Balancing risk and reward with assumable debt
29:00 – Final thoughts and how to get in touch with Dan
If you found this episode substantial and want to dig deeper into real estate, or maybe you want to discover better investment opportunities, be sure to check out www.tempofunding.com.
CONNECTING WITH THE GUEST
Website: https://www.atxacquisitions.com/
Linkedin: https://www.linkedin.com/in/dan-j-french/
Full Transcript:
Intro: Welcome to the BigMikeFund Podcast, where you’ll learn about advanced wealth building strategies from real estate investing to creating massive ROI and secure retirement profits. So pour yourself a cup of coffee, grab a notepad, and lean in. Because Big Mike has got the mic, starting now.
Mike Zlotnik: Welcome to the BigMikeFund Podcast. I’m the Big Mike, Mike Zlotnik, and today it is my pleasure and a privilege to welcome Dan French. Hi, Dan. Welcome. Hey, big Mike, good to be on. Thank you for coming on a podcast. Dan has orchestrated over 2 billion in essence in the management as part of the ATX acquisitions as a managing director. He’s also a leader of the residential property.
It’s a RESPROP, if I’m saying it correctly. Yes. A real estate private equity and property management firm, where he has overseen the operation of staggering 15, 000 plus apartments and properties. Welcome one more time. Tell us a little bit about you, your family. Both you and I went to the same college SUNY Binghamton years ago.
You’re a little older. Younger than me, but it was a great school and tell us where you live, family. Let’s, let’s cover that first.
Dan French: Well, thanks again for having me on, Mike. And yeah, my family is I have four kids, so I’m very blessed there. And actually, it’s my son’s birthday today. He is my youngest guy father.
Happy birthday to your son. Yeah, yeah. I celebrated with him a couple different times already and we’ll celebrate again tonight, but but yeah, I have four kids, three more girls. So I have a 10-year-old, an 8-year-old, a 6-year-old. And my, I got my boy. He is, he’s my, my fourth and like I said, he’s five.
So yeah, I live in Austin, Texas. And really, one of the reasons I got involved in real estate 20 years ago and back in like, oh, four was because I wanted to have a big family and. And I wasn’t married at the time. I was, I was young and I felt that real estate was a great way to create future wealth.
So that’s what really had me say yes to a partnership that was proposed to me by my still business partner after 20 years. I’m still with the same person. His name is Pete Rex. Someone I grew up with. And really he approached me to go into, into business with him. And we started buying small deals pre great financial crisis, thought we’re really smart for a couple of years.
And of course it looked like we were, but then you know, we were part of this whole meltdown, you know, we, we, we did a lot of things that we would never do. And we learned a lot from the experiences we powered through it. And between 2011 and 2019, that’s when we bought 2 billion of, of total asset value.
So, so roughly 17, 000 apartments focusing on Florida and Texas. And, and the end of that story we’re kind of the pivot point in that story is that in 2019, very frothy market cap rates had compressed quite a bit. So we, we felt compelled to be become net sellers. So we sold 1. 5 billion of the 2 billion.
And then it was deal by deal, not in a portfolio sale. So we executed that between 2019, mostly in 2020. And and we sat on our hands for a little while. And now that’s why we feel compelled that this is now actually a new buying opportunity because of what’s happened with the Fed raising interest rates to, you know, from, from a historical standpoint, so fast, so rapidly.
And it’s, it’s causing a lot of owners to, to be under the gun. And we feel like we can scoop up great deals at a great basis. So brand new firm, ATX Acquisitions, same founder, myself, I’m still with him, Pete, Pete Rex, same founder, same, a lot of the same team, but, but different firm. And, but going after a new buying opportunity, that’s the key.
Mike Zlotnik: Yeah, I appreciate that, that great overview. Well, God bless your family. You, you have three girls and a boy. I have the same setup, so it’s a great idea. And they also grow the oldest. So no way. Yeah. It happens sometimes if you, if you have enough kids, you, you, you, you meet enough people with similar configuration, but that’s the
Dan French: range of your, of your group.
Mike Zlotnik: My, my, my oldest is is 24 and they all the way to 12. But the oldest of girls and, and the youngest boy, so I, I certainly can appreciate that. And the story that, that you have makes a lot of sense. I, I concur with your opinion completely that now we entering a period of time where the market is near the bottom and we are likely going to see Great opportunities ahead.
So folks who are who are shy, they can miss a great ride on a formal basis, although there’s a lot of fear, uncertainty, doubt, concerns. So let me just ask a couple of questions. So you exited largest part of your portfolio in 2019. Was it one year or multi year sale? And then the second question is how, how things are faring on, on things that you kept, have you seen difficult deals?
Have you, and again, again, this is not put anyone to the test. Have you seen some deals going south and, and just curious what’s been your experience and, and we’ll talk about the forward outlook and the opportunities on that front.
Dan French: Yeah. So that was like I said, we didn’t, we didn’t package it up as a portfolio.
We, we felt like we can maximize disposition value by doing it one by one, which which is more work, you know, but, but basically, you know, brokers are happy to help you sell deals. And, and we, we had a wonderful team that was, that was really focused on maximizing you know, sale price. There’s a whole host of things you can do around all that. So we executed that over probably 18 months. All told and and it went very well. I mean, perfect timing, right? Would have been like, oh, well, you know, crystal ball, perfect crystal ball. You would have held to right before the rates increased because there was a, there was again another run up. But who could have really foreseen that?
It was really hard to foresee that. Like, we, we had already felt that cap rates had compressed. To historical lows based on where we thought assets should trade based on intrinsic value, right? And then, and then just kept ramping up and up and up in this crazy environment of zero interest rates. So, so that was hard to foresee and we’d rather have a good night’s sleep for, for ourselves and for our LPs than try to, you know, Be like perfect market timers.
We want to be downside protected. So I think it all worked out pretty well. And, and then in between, you know, going through COVID as an operations team was, was difficult. And you asked how the assets have performed that we’ve held. The ones that we’ve held onto tended to be in like jewel locations.
Locations that we never wanted to, you know, we want to have ultra long term hold mindset on those. Example 1 of the is in Miami on Biscayne Boulevard. It’s a 400 unit deal. I think it’s kind of a bulletproof asset because that that market is. You know, even though it has challenges with supply and everything that that deal has done very well from an occupancy standpoint and even being able to push rents and in ways that you don’t see like in Austin with the supply problems that we’ve seen in Austin.
So anyway, we, we really kind of like focused on the best possible locations that, that we thought could be bulletproof. For long term hold.
Mike Zlotnik: Yeah, sounds good. It’s kind of funny to solve. Austin is one of the markets I’ve seen a lot of oversupply. Most folks haven’t really, we’re prepared for it. But when you oversupply the market, the same, by the way, happened in storage.
Kind of interesting observation. Multiple, storage is even worse than multi family. You can oversupply. But let’s go through on a forward basis. So What’s a forward outlook now? What are you doing? Are you seeing great deals? Today you’re still waiting for these opportunities. And what kind of variations, corrections have you seen from the peak from the markets where you’re looking at?
And just, just, just to confirm, you’re operating mostly where in Florida and Texas? And what subsidies? Obviously Miami and Austin. That’s what I heard. Any other markets?
Dan French: That’s right, Mike. So we are focused on, on Florida and Texas, but within Texas, let’s start there. We, we love Austin. You know, we are, we’re called ATX acquisitions because of Austin, Texas. And and, and I do think right now people are shorting Austin. And, and I think that’s, that’s very temporary because they’re worried about supply and that’s a valid concern. But if you talk to old real estate people, old hands and real estate in, in, in Austin, it’s like, Hey, just wait a little bit.
Okay. And the absorption is going to come because job growth is as crazy as dynamic economy and the population growth is still going. So right now it’s an, it’s an imbalance, but that’s temporary in my view. So in Texas, we focus on Austin and I’m actually physically in Dallas right now. So we, we love DFW.
Unfortunately I think a lot of people do. So we, we prefer to be contrarian and, and picking up deals where other people don’t see it. So DFW is very competitive. We’re bidding on a deal right now and in a very core location and it had 60 tours just to put that into perspective. So a lot of deals don’t, don’t get even half of that.
So very competitive. That’s a mid rise building that we’re, that we’re in the mix on probably will be in best and final. So anyway, that’s Texas, right? DFW. Austin, I’m not really that bullish on San Antonio, not that bullish on Houston. So we kind of avoid those markets for now. And then in Florida, we’d love Jacksonville still again, pick your spot.
But we have a deal that’s closing there in two weeks and then love Tampa and, and South Florida broadly like Naples all the way to Miami. Orlando we’re open to, but you know, I haven’t found, I haven’t seen a lot of deals that I’m excited about there in Orlando. So let me pause there.
Mike Zlotnik: Yeah, I got you. How do you manage properties? So, you know, remotely you, you’re Austin based or maybe Austin Dallas how do you manage is one of the biggest challenges. I mean, multifamilies property management and remote property management has been a challenge for many operators. It’s not an easy exercise. So do you, do you have big feet in the ground in each market?
Do you do in house property management versus outsourced?
Dan French: Yeah, no, it’s a great point, Mike. And so how we’re set up is I think somewhat unique. So like I said, I described the, that firm that bought 2 billion in asset value. When, when it came down to, after you sold at 1. 5 billion, your unit count that you were managing, right, because it was vertically integrated, it was all of our property management only served assets that we had ownership stake in.
So we pivoted that, that firm. And now it serves third party owners. So grew back from, let’s say at its bottom, it was at 3500 units, which was small compared to where we were. We grew it back up to 15, 000 now. So we have boots on the ground all throughout Texas, all throughout Florida 15, 000 and put it into perspective is, is not quite the top 50 in the U.
S., but the top 50 cutoff would be like 35, 000 units. Sorry, maybe in a couple of years.
Mike Zlotnik: 50, 000 units is pretty sizable. It’s sizable,
Dan French: yeah.
Mike Zlotnik: It can operate pretty well in a few markets.
Dan French: So how we are set up now, even though that’s technically an affiliate company of ATX Acquisitions, right? Like, same ownership, same founder, right?
Pete, my business partner. I have a business interest in both companies. But ATX, Utilizes res prop because we, we feel like they’re best in class property management for our deals in Florida and Texas. We think they’re an amazing group, right? Because we built them. And so that that gives us boots on the ground and it allows ATX acquisitions to be focused more on the investment.
And allocation capital allocation side and let and then respond. Manages all the construction and property management market intelligence. Thanks. You know, comp set Intel and that’s what they do. So we rightly have a third party relationship with them and affiliate relationship, but it works out really, really well.
Mike Zlotnik: Yeah. It makes sense. So it sounds like it’s in, in house, but on the field of company type of, and it makes a lot of sense. So you, you talked about the deal in Dallas that you’re bidding on and you’re seeing pretty competitive bidding. Yeah. So, let me take a step back. What we’ve talked about is cap rate where compressed to unbelievable point, have they expanded to what degree?
First of all, just what are you seeing out there as far as let’s call it DFW market. And then Austin, just curious, what and then are you looking for distressed seller situations, or are you looking for competitor deals? It’s kind of one of those, the different strategies. If you feel you’re looking for a top asset, then you’re bidding against a bunch of people, and are you really getting a deep discount or maybe the, the play on that asset is very different versus trying to pick up distressed seller situations that, that they’ve, you know, basically they’re, they’re, they’re squeezed by the floating rate debt or whatever it is.
Dan French: For sure. Well, I do think that coming off the height of where asset value was in our target markets, we’re seeing anywhere from 20 to 30 percent off of those prices. Right. So, and, and that, that to me makes a lot of sense because the debt, this
Mike Zlotnik: is both, but that was for more from Austin are 20 to 30% down on evaluation relative to the peak. Right.
Dan French: Yeah. And it depends. Like I think class a pricing has not seen, that’s probably where you’re at 20%, right? Class C you’re at 30%. And then there’s reasons for that because. One of them is that famously, I think these, these sort of like newer groups, syndicator groups that were brand new to the game, they came in and, and they, there was more of them.
So they bid up pricing and their entry point was class C, you know, cause that’s where they were competitive. That’s the, they were, you know, cheaper deals or purchase price was lower. So they got in, they crowded into that space. They pushed up temporarily the pricing and now it’s come back to earth and it’s hit class C harder. Does that make sense? That’s what I see.
Mike Zlotnik: Of course.
Dan French: And then the class a buyer set is more durable. Although I do think institutions are still on the sidelines. Maybe they’re starting to come back in, but there’s a lot more people still excited to, you know, get a brand new, maybe it’s 2022 delivery, 2023, that buyer set is more it’s still there, you know, because you’ve been talking about a 70 million plus deal, a small syndicated group was not doing that anyway.
Mike Zlotnik: Yeah, of course, that’s so how you’re raising capital today, which you just described is a phenomenon where the class C and smaller asset prices fallen greater than the, the better assets for simple reason that they are raising equity. It’s kind of a difficult and these mom and pop operators, well, maybe some of them are not even mom and pop some grown to be.
Significant, but most of the capital has come from individual investors and a lot of folks are shying shying away from, from rising, writing fresh checks because they, they’re losing their shirt, many of the deals. Right. So I’m just curious how you’re raising capital for your deals today. And, and have you transacted at all this year? Are you looking to transact? I’m just curious.
Dan French: Yeah. So when we raised our fund, so we have a general partner fund where, you know, myself and partners have put our capital into the fund and then we’ll take other high net worth people that want to come alongside us. And the fund is, is essentially around roughly 10 percent of every deal.
And then deal by deal, we’ll syndicate the rest of the equity capital. And then, so once we get there, it depends how big the raise is. And we’ve found success recently though, with you know, high net worth individuals many of whom have invested with us in the past and now we’ve, you know, we’ve reintroduced ourselves and say, Hey, we’re back.
We’re back at it. And they’ve come back and invested with us or brand new people just from being active on LinkedIn, holding events. Trying to add value to people and be known as someone who is looking to be active. We’ve also found some success with these, these groups that are known as fund to fund groups.
So they’ll, they might take a million dollars, a position in our fund. They’re, they’re, they’re technically passive, right? They don’t get decision rights in the deal, but then they’ll. Go raise capital 50, 000 at a time and come in through like an SPV, a special purpose vehicle with, with one check of, of let’s say a million dollars.
And we’re also open to joint venture groups joint venture, you know, type partnerships with, with group second stroke bigger checks. So we’ve explored all kinds of things to answer your question about how we transacted via this year. Yes, we have. Our first deal in the fund was last, last year in Austin in September, I think.
And we closed another one in Dallas here in April. And now we’re about to close on a deal in Jacksonville in two weeks. So it’s been good. You know, it’s, it’s been hard to put together deals and hard to, to find deals that they’re actually making sense. Cause I think you asked earlier, have we seen the distress that the answer I think is mostly no, we thought it would be more of a market impact.
And I think it’s unraveling more slowly than we thought. Does that make sense?
Mike Zlotnik: Yeah, it does. But if the price is corrected 20 to 30%, that’s already by definition, in essence there’s been some of it. You’re right. Overpayment. On the other side, when 20 to 30 percent correction happens, it is a generally, you know, sort of distressed. Well, it gets changed market condition. Let’s, let’s not call it distressed.
Dan French: Yeah.
Mike Zlotnik: You’re picking up these assets, not necessarily from distressed sellers, just from the sellers who want to transact in this market, but they’re willing to discount that much 20 to 30%, right? That’s what you’re seeing.
Dan French: Yeah. And, and I think there, there is some nuance here, Mike, right? And like, especially if you’re placing new debt, well, real estate is a financial asset that, that typically would be you know, roughly two thirds or nowadays a little bit less. But, but it’s a debt driven asset. And so largely what you can pay for it is driven by the price of your debt. So when debt has become more expensive, to me, it makes sense that, that that’s going to eat into what you can pay for that deal.
That’s why if you see assumable that let’s say, if you’re assuming a crazy low interest rate, they can’t get any more like 3%. Well, your price on that deal specifically is going to be higher than the same exact deal that would that you need to place new debt execution on. Right? That’s right. That’s how I, that’s how I view things.
So it does make sense to me that, that pricing should be down because, you know, your debt service coverage ratios and all these different things that, that get baked into what you can pay for a deal. Well, now it’s changed. So, and insurance, like I’m, I’m in two States that are, that have been heavily impacted by insurance.
So we have to bake that into the equation as well. Yeah, there’s uncertainty there. So even though we’ve had a correction, it doesn’t feel like you’re just getting like an, Oh wait, you know, you can buy like a 10 cap deal. And just crazy distress. Like now I think it’s a little bit more, you have to be more picky.
Mike Zlotnik: Yeah, I appreciate that. So you, you, you, you chatted a couple of A couple of black swan events. One obviously covid and the whole inflation and interest rates, hiking, and the other one natural disaster events, insurance companies, hiking insanely. And, and both of them sort of hit the multifamily industry and now the commercial real estate pretty significantly.
Of course, the, this whole argument of a human debt versus new debt on a deal. It makes sense. If somebody’s selling it to you with a symbol that they will be pushing for a higher price because they can and you wind up obviously paying higher price, but having more predictability of that lower interest rate for some amount of time.
So, from that perspective, it makes a lot of sense that you can pay more for that asset versus. Brand new debt, but in general, the good old rule is buy when the rates are high refinance when the rates are low. Yeah. And I would rather buy with a deeper discount today with fresh debt than the consumable debt and pay higher price for the reasons that it’s all, all other things being equal.
If it’s purely engineering, financial engineering exercise, then of course you better get a better price assuming it’s the same debt service coverage ratio, higher alone. At this point the rates have no place to go, but now at least this is my opinion, although you guess as good as mine, we’ll see what happens.
So couple other quick questions. So your capital raising today and you said you, you sounds like you, you set up a GP fund that is participating to a degree of 10% on most of the deals, and then you are raising lp. Checks directly into into this type of deals. So what type of returns you need to offer investors today?
In this environment when the price has corrected quite a bit what a target LP returns look like today for the deal to be attractive. Just just curious. What are you seeing out there?
Dan French: Yeah for our the the deals that are like 1980s type deals that have a little bit of value we don’t like the full, you know crazy turnaround stories at this point, but But those type of deals are getting, you know, high very high teens Like let’s say 19 or even like bumping up against 20 percent net IRR
Mike Zlotnik: And these are low risk deals. These are light value ads, if anything, right?
Dan French: Yeah. So exactly. So not, not crazy heavy execution risk on the deals. Just try to. Pick this pocket pick, pick the pocket and the sub market that you’re in, be aware of new supply, and then, you know, lock in the great basis that you can get today. Now we’re, we’re starting to look at some of these well, some people call it like core plus deals.
They’re newer 2019 vintage and newer. Let’s say those sometimes have more of like a net 13, 14, 15 IRR. And, and, and we’ll see, we haven’t transacted one of those recently. Okay. We have in our past. But that’s, that’s a different profile of investor capital. So I do think there’s some, there’s some appetite for that though.
Mike Zlotnik: And you don’t do any heavy value ads. So that’s, that’s, you don’t do deals that have to return targets in the mid twenties, where there’s more work involved.
Dan French: No, we’ve done that in our past. You know, I just, I don’t feel like now’s the proper time to take that execution risk. Mostly because I’m afraid if, if can you get paid back for it?
You know you’ve already seen a historic rise in, in, in our, in the markets we have right off during COVID like some year over year stuff was like 20%, so I, I think there’s upward balance of what people can pay. Of their wallet share per month on rent. So if you’re bumping up against that
Mike Zlotnik: Yeah, well, what you’re hitting is an upper limit affordability. So if you can’t exactly yeah The deal shouldn’t even pencil right? The numbers are not believable. You you can’t even confidently, build conservative projections. So I I I hear you. And well, one question. I mean, I’m just curious what you’re seeing the return profiles and the core plus deals in the mid teens.
This was the norm in the past, and it sounds like it’s still the norm today, but these numbers are returns on equity in that range relatively to some of the debt opportunities today. We, we do a bunch of. Deals where we can loan money and get equity like returns without equity, like risk numbers, basically in a very high teens into twenties in debt today in mass financing, bridge financing.
So I’m just curious, my thought process, and I may be wrong. I’m going into equity. Today, I want to see a really deep buy, and I want to see IRS in the, so let’s call it mid 20s. If the deal doesn’t pencil for that, you’re not buying it deep enough. You’re competing against too many people. You’re trying to transact rather than trying to get a great deal. So what are your thoughts?
Dan French: Fair points, and I’m sure you’re going to do very well with that thesis. And so I would have 2 counterpoints. 1 would be, you know, debt, is not as tax advantage when you’re going into a pure debt investment, right? It’s, it’s, it’s not treated as capital gains. So and, and also you can’t take the depreciation you can get on a, on a deal.
So there’s some tax advantage going into a deal like we have secondly to your point about like. The refinance scenario, we don’t bake that into what we show people. I mean, we’ll show them a refinance scenario, but we don’t want them investing based on that, right? We want them investing on a base case here.
We’re placing a long term debt. Maybe there’s some interest only period, but it’s a, it’s a fixed debt and there’s a term that’s longer than five years. So we’ll show them that scenario, but I do think there’s a really strong case. And I think you made it that rates are going to come down and we’ll be able to refi and the refi scenario almost certainly is going to.
Increase the IRR. So you have an upside scenario that I don’t think people, I think we should high five if it happens on a deal, but we shouldn’t necessarily think like, oh, wow, it’s going to really become a 17 or 18. But I do think that’s a very a very strong possibility that that happens that you, you know, you’ve had a good 2 years.
You, you, you boost up your NMI, you execute your business plan. Rates come down, you refine and return a lot of capital and that that’s going to juice IRR.
Mike Zlotnik: Yeah, and I appreciate that. Great minds think alike. I certainly like that idea. One quick question. What kind of debt do you place on these deals?
Because generally speaking, if you get fixed rate debt, you’re forced to have a prepayment penalty or yield curve maintenance. And if you take bridge debt, you don’t have a any prepayment penalty, but you’re usually paying substantially higher rates on a bridge debt. So I’m just curious, what are you leveraging on your deals? to be able to refi without heavy prepayment penalties.
Dan French: Yeah, no, that’s that’s part of the equation, but we we have favored on Freddie and Fannie type executions in our deals and doing fixed debt. And yes, there’s some pre payment penalties and all that stuff. I think you have to bake that into your analysis as you’re as you think you’re in the money in the future on a refi scenario.
That’s just part of the cost of of putting placing a new debt on it. So we look for IO period of, you know at least two years on, on some of the older stuff, but we’re seeing five years of I. O which, which is really going to help your cash on cash, which is nice. And then, and then that’s a future problem that you’re going to have some defeasance costs.
Mike Zlotnik: How bad are these costs? What are you seeing if you’re planning for a five year five year deal and the rates drop meaningfully in, let’s call it two, two years. Have you modeled this? I’m just curious, because I’m a mathematician. degree from Binghamton Mathematics.
Dan French: So I don’t know off the top of my head. I don’t, I don’t want to misspeak. I want to make, I’ll get back to you on that. How about that? Fair enough.
Mike Zlotnik: Yeah, I appreciate it. This is very helpful. A lot of great information. Very interesting how you’re looking at these things and, and the fact that you don’t want to deal with heavy lifts, just focusing on a little bit easier lifts, but still seeing 20, 30 percent discounts that can still transact in this environment.
So appreciate it. How would folks reach out? What’s the best way to reach out, learn more, chat with you?
Dan French: Hit me on my personal cell. I’ve, I’ve been giving it out for years now. And I love it when people text me or reach out. It’s it’s 8 4 5 6 2 9 1 8 0 8. And some people have reached out after, after I’ve given it out on podcasts and please do so, and also on LinkedIn, I think it’s a good way.
I try to be very active on there. It’s Daniel French. So you can search that Daniel French, ATX acquisitions. So that’ll almost certainly get you to me and DM me or whatever. Email me all my stuff is on there. So thanks. Thanks for that, Mike.
Mike Zlotnik: Yeah, I appreciate you sharing. I appreciate being available to folks. Not too many people want to share their cell and takes courage. So yeah, you can get phone calls middle of the night. Hey, I’d like to chat, but thanks again. Appreciate you. And we will keep chatting. So thank you again, Dan.
Dan French: Yeah. I appreciate being on. Thank you so much.
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