Nothing has substantially changed with the platform - but I don't see why you care if someone has an account or not, as long as they're giving good information. Genuinely curious, as to me it doesn't matter. Personally I think fundrise in the #1 or #2 platform for investing in real estate, and while I have an account it's not tax-efficient for me compared to other investments, so I invest practically nothing with them. Good for some people, not for everyone - and in particular not for me. Ryan likely only has a funded account for review purposes, as he has millions - $25k is nothing for him, so beyond seeing the platform it's self before signing up I don't see the benefit it gives.
@@Global-livingg that doesn't make sense. Having an account would mean you're speaking from real experience. Why would that not matter to you?? 🤔🤔 Genuinely curious.
I think companies like Fundrise are the future of real estate, where people who are inconveniently located can still make some great property investments.
I invested $70000 in Oct. 2018 and it has grown to $117650 Sept. 2022. 40% over the long term, or 10% annually. I'm about to put a bunch more in now that I'm over 59 1/2 and have more money to invest. I enjoy the emails telling what they are investing in. Rental properties are huge now.
This was a very solid video on Fundrise. I have been thinking about investing into Fundrise on an off for the last few months and I feel that once I am in better financial shape, I will be more willing to invest into Fundrise. I am all about diversification within my investing strategy and I really want to get into real estate without having to deal with renting property out. I see this as a more hands off approach where I can simply invest some money over a long period of time.
Excellent overview on Fundrise. When the stock market was dropping in March, Fundrise was still holding strong. I like Fundrise as an added diversification to my overall investment portfolio for the stability it has shown. If you compare the returns with fixed income investments instead of equities, the returns appear more favorable.
its nice to get a hands on trusted testimonial on how fundrise performs, My biggest concern was liquidity in case performance is too subpar vs other investment options.
I started Fundrise in Feb 2020 and not impressed this far. I started with $1K with $100 a month to start. Also invested in their IPO with another $1K. My net return has only been $57 so far. Much of the money I started with is just sitting waiting to be used for investing. Hopefully more projects will be used with that percentage. I’m going to wait the five years and see what happens
Thank you so much for this information. Great long term investment. I started with 500.00 and I was very reluctant to move forward but this helped a lot. #respect
@@makeupbymoore7913 it’s going great actually. The returns are amazing. It’s much better than having your money sit in a savings account. I just put something in every time I get paid.
@@Solidus_305 awesome ! It is a great way to save since u can’t get it until 5 years unless u want to pay fees on your own money ! I’m glad it’s going great
@@Solidus_305 I appreciate your responses too as well. I started investing in Fundrise 2 weeks ago and I am already seeing appreciation and dividends. Something that no high-yield savings account will ever do, because Banks designed it that way to keep all your money! Fundrise ftw imho
Always like your content Ryan. I really like Fundrise for the fact it doesn't correlate to the stock market. That was one of the most appealing to me. The fee's are negligible in my opinion. Invest for the long term, 5+ years. Thats how RE works.
Usually the company you invest with will give you a K-1 document. This shows the IRS whether you have made a profit or loss with the investment for the year
Thank you for your honesty in this video. If I had some cash foreal, I would help you. Your honesty in this video is rare on TH-cam financial channels.
Thanks for the video. Are theses dividends tax free? How are your taxes affected? Can we use property depreciation deductions and other REIT tax practices on these investments?
I don't think dividends are tax free. If you're receiving a 1099 and not a k-1 like other platforms. The others like cardonecapital or holdfolio are you able to write off the investment depreciation and losses instead of paper loss in this case.
They're not tax-free and you can't do a lot of the real estate shenanigans that give real estate such benefits in the USA - taxes are just submitted through a simple form once a year they provide.
There’s an option to select an after-tax REIT as he explains in the video. Granted, he didn’t go much into it that’s detail, but it is a plan you can opt for. As far as tax implications, I don’t think he’s a CPA or tax law expert to opine, so I’d advise to ask an expert instead.
Recently fundraise swallowed $3500. Do not know where it went. They did show a loss of $100 plus. But what about $2500 more. No response from customer service person.
Dang Bro You came up R.S. Think tha Last time checked in You were around 100k and now You're around 700k?! At this rate You'll be at a Million subs when I check in again.
I’m glad I came across this video because I was thinking of signing up. This reminds me of a 401k account. Very interesting. I’m going to look into this.
Seems interesting long term but why not just invest in an index fund like the S&P 500? Lower cost ratio and fees, and much higher returns. What is the advantage to this?
If the stock market crashes you don’t lose all your money. This is simply diversification. Real Estate will be a solid return most years, but nothing like the potential huge rewards of the stock market - or the potential huge corrections. Like everything else, it all comes down to risk and reward. 😉
What would you think pays a better quarterly dividend if you went full equity with this company or full on AT&T which is currently paying a 7% dividend? Also as someone suggested below please - PLEASE do seedinvest or look into it. You're my go to man for reviews and stuff like this! Keep up the good work!
People who complain about this don’t really understand diversification like you said. Also comparing to going solo in real estate if you scaled up these same returns you’re showing to match the average total cost of one of these properties you would be returning somewhere near $5k-$10k/year. And it doesn’t involve you being a full time employee of your own business managing that property to get that return!
Ryan, this is not a complete review of Fundrise as an alternative investment from the stock market unless you also discuss the TAX IMPLICATIONS. Not mentioning that earnings from Fundrise will be taxed as ORDINARY INCOME is a big omission. REITs, on the other hand, may also be taxed as ordinary income, but can at least be sheltered in a retirement account (or other tax-advantaged account). Don't you think it is important to mention that?
most people paying taxes on dividends will not be affected by the taxes while their account is still small. The 400$ in dividends will not send him into another tax bracket.
No investment with a 12% return and low risk exists. If it did, institutions would be all over it long before it gets to retail investors. Just because you can't see where the risk is, doesn't mean it isn't there. It is, and you will find out exactly where it was when you lose all your money. Only experience will teach you this lesson - because you won't listen to me!
I was always confused about the 5 year redemption fee. If you say invested 5 years ago then invested again after the five years are up does the time reset or are you just not allowed to redeem that specific amount for another 5 years?Or is it just a flat 5 years from your first investment?
Every time you add funds you’re basically signing a new 5 year contract for the new amount you added. Whatever the previous amount you had can be withdrawn at an earlier timeframe than the new deposit into the account.
Every amount you put in and the profit is an addition five years. Your money is locked in there for a long time. Using fundrise is not money you can take out right away without paying fees.
2014, their investment model was very different and the return a were high. They got people in and changed the platform sand their madness began, high fees, less interest and divs but adding b the 5 years was the icing on the cake.tricksters
Very interesting company- essentially crowd sourcing specifically for property. I'd be interested to know which class of property they invest in (e.g residential/ corporate/ mixed use/ etc)
You did a great job explaining it! Makes me interested in learning more about it. I was accepted to become an affiliate, so I may need to wade my feet in the waters to get more familiar to start explaining it as well. Thank you for your great video!
Love your videos, Ryan, especially the M1 content! Gotta say, every time I watch you it's as if I'm listening to Dale Cooper from Twin Peaks - the resemblance is uncanny!
@@Deck160ooo thats because he has a balanced account. If you chose supplemental income account, which focuses on 90% debt, your dividend income is MUCH higher
Gotta get that emergency fund right. Liked your video. I’ve been super interested but ya it was the too I was not really impressed with. Admit that I like the diversification and inching closer to make the 500 dollar dip into this
So basically these wealthy investors use your money to buy even more properties and then give you some change in return while they're making 20-30%. At least it's better than most mutual funds....
Not sure about mutual funds. Maybe I don't know of any good ones. But an S&P index are doing pretty good. 2020 was about a 16% return, 2019 was 30%. Usually they say the average of the S&P 500 is usually 10 %. From 2010-2020 the average return was roughly 13%.
Would you say this a good idea to invest in this the same you would an index fund. I plan to start on investing for my future so I can retire comfortably. Or would it be a good idea to just do both
@Nico jofre don’t put all your eggs in one basket. It will be nice if you go into several business looking at the recent economic crisis. I will also advise you go into cryptocurrency either bitcoin, ethereum, anyone want you want. It’s keeps inflating and you will make lots of profits.
lol stay out of crypto. First fund your Roth IRA. Use a target date mutual fund on vanguard. Then if your employer matches your funds in a 401k or similar max that out before investing in other things like real estate. watch "The Money Guys" on youtube. They explain everything nicely.
Hi newbie here, but in 2 years you only had profit 600$ does that look good for you? imagine those that are investing less money than you will get 100 or 200$ in 5 years in profits. what do you think about that? and those who live pay check to pay check might not growth as you, thats my opinion.
He only had that much because the bulk of his money wasn't invested till very recently. Also if you make very little money you should be investing in a roth IRA instead of real estate since its tax free
I had $5000 growth n about 6 years of investing. Basically all of it is lost when you take out your money. But they say only $1% loss. Everything is not correctly shown. The last year has been a disaster. No one responds to your query. Beware of Fundraise.
true that but if im anybody, dont let them automate your investment. go through there offerings and just invest directly into the growth eREIT (for example), 10-20% growth in appreciation yearly. the minimum to invest directly into a fund is only $10 vs $100 if you add funds in there automated way. Returns be subpar due to them spreading ur money in so many eREITs. i only got $2K into the platform and money is in like 12 diffrent eREITs....LOL.
If the housing market crashes, will the your invested value drop if you only have a Supplemental income setting or does a housing crash only affect the Growth setting?
Invest with Fundrise: ryanoscribner.com/fundrise
Use my link above when you Sign Up!
We need another Fundrise update video. You’re one of the few channels that has an account.
Not a lot happens month to month..
Marko whiteboard finance has a fundrise account…
Nothing has substantially changed with the platform - but I don't see why you care if someone has an account or not, as long as they're giving good information. Genuinely curious, as to me it doesn't matter.
Personally I think fundrise in the #1 or #2 platform for investing in real estate, and while I have an account it's not tax-efficient for me compared to other investments, so I invest practically nothing with them. Good for some people, not for everyone - and in particular not for me.
Ryan likely only has a funded account for review purposes, as he has millions - $25k is nothing for him, so beyond seeing the platform it's self before signing up I don't see the benefit it gives.
@@Global-livingg that doesn't make sense. Having an account would mean you're speaking from real experience. Why would that not matter to you?? 🤔🤔
Genuinely curious.
Who else got a fundrise ad before watching?
here haha!
I got one after lol
Me xd
TH-cam is the new Google...
Literally me
Keep up the good content! I remember when your Channel only had a 1k subscribers, now 600k ✊🏼
You have a talent for explaining things in a very clear and concise way. I understand Fundrise now
I think companies like Fundrise are the future of real estate, where people who are inconveniently located can still make some great property investments.
I invested $70000 in Oct. 2018 and it has grown to $117650 Sept. 2022. 40% over the long term, or 10% annually. I'm about to put a bunch more in now that I'm over 59 1/2 and have more money to invest. I enjoy the emails telling what they are investing in. Rental properties are huge now.
Wow. Insane, congratulations.
I'm thinking of tossing in some cash today, good idea with the rentals you mentioned? Thanks Drex
This was a very solid video on Fundrise. I have been thinking about investing into Fundrise on an off for the last few months and I feel that once I am in better financial shape, I will be more willing to invest into Fundrise. I am all about diversification within my investing strategy and I really want to get into real estate without having to deal with renting property out. I see this as a more hands off approach where I can simply invest some money over a long period of time.
Excellent overview on Fundrise. When the stock market was dropping in March, Fundrise was still holding strong. I like Fundrise as an added diversification to my overall investment portfolio for the stability it has shown. If you compare the returns with fixed income investments instead of equities, the returns appear more favorable.
its nice to get a hands on trusted testimonial on how fundrise performs, My biggest concern was liquidity in case performance is too subpar vs other investment options.
I’ve been waiting for someone to do this! Thanks for posting, Ryan!
Good joy Ryan with the Fundrise review. You're very articulate and know your stuff.
I started Fundrise in Feb 2020 and not impressed this far. I started with $1K with $100 a month to start. Also invested in their IPO with another $1K. My net return has only been $57 so far. Much of the money I started with is just sitting waiting to be used for investing. Hopefully more projects will be used with that percentage. I’m going to wait the five years and see what happens
Yours is my favorite channel for wealth-building & financial management (and i follow MANYYYY)
This is a really good video. Very detailed! Thank you for doing that.
Thank you. I love Fundrise and in it for the long haul. I joined at the beginning of 2018 and very happy with the company and returns.
Thank you so much for this information. Great long term investment. I started with 500.00 and I was very reluctant to move forward but this helped a lot. #respect
How is it going for you now ?
@@makeupbymoore7913 it’s going great actually. The returns are amazing. It’s much better than having your money sit in a savings account. I just put something in every time I get paid.
@@Solidus_305 awesome ! It is a great way to save since u can’t get it until 5 years unless u want to pay fees on your own money ! I’m glad it’s going great
@@makeupbymoore7913 I appreciate you
@@Solidus_305 I appreciate your responses too as well. I started investing in Fundrise 2 weeks ago and I am already seeing appreciation and dividends. Something that no high-yield savings account will ever do, because Banks designed it that way to keep all your money! Fundrise ftw imho
Always like your content Ryan. I really like Fundrise for the fact it doesn't correlate to the stock market. That was one of the most appealing to me. The fee's are negligible in my opinion. Invest for the long term, 5+ years. Thats how RE works.
Interesting information but is there a 3rd party that can verify Fundrises investments? Or do investors only have the website available to verify?
Most clear and concise overview I’ve seen. Thank you!
I have about 5k in that, started last week. This level of clarification make me wanna add more
@@jamesscott3546 horrible sales pitch
@@VULCAN1135 how so? Seems to be working ok
Hey so 1 year later how is your account looking? Is it worth the 5k?
glad to see you supporting 3M with that board
"Sponsored by" lol
Thanks for the detailed walkthrough of the program.
Keep doing updates on this!
Great video. I was hoping you would explain how funds can be taken out for each of the reinvestments after 5 years. Maybe in future video?
Great job Ryan, I came here to see who invested into Funrise and what there experience was. Thank You
I love your channel, Ryan! Thanks for the transparency. I won’t skip the ads on your videos 😂
Great video my friend. I'm at $10,000 with them. I'm in the Income portfolio. Fundrise is a great investment.
What was your initial investment if you don’t mind me asking
What does your dividends look like?
Strange, us bigfoots don't do much investing out here in the wilderness
Hey Ryan, Can you please show me what the tax return document looks like and things to look out for for these investments.
Usually the company you invest with will give you a K-1 document. This shows the IRS whether you have made a profit or loss with the investment for the year
Nice work done here. Wish I would have known about the five-year part before investing.
It'll be worth it trust the process
Most helpful video I've seen on FR. Thank you!
Thanks for explaining the difference between a reit and a real estate crowd fund
Thank you for your honesty in this video. If I had some cash foreal, I would help you. Your honesty in this video is rare on TH-cam financial channels.
If your reading this, you will be prosperous this year!!! Love the videos man.
I like Fundrise.... very transparent
The reason I like this approach its prevent panic selling
How do the eREITs make money? Charging rent?
You’re pretty pretty happy with this past quarter!
Thanks for the video. Are theses dividends tax free? How are your taxes affected? Can we use property depreciation deductions and other REIT tax practices on these investments?
I don't think dividends are tax free. If you're receiving a 1099 and not a k-1 like other platforms. The others like cardonecapital or holdfolio are you able to write off the investment depreciation and losses instead of paper loss in this case.
They're not tax-free and you can't do a lot of the real estate shenanigans that give real estate such benefits in the USA - taxes are just submitted through a simple form once a year they provide.
There’s an option to select an after-tax REIT as he explains in the video. Granted, he didn’t go much into it that’s detail, but it is a plan you can opt for. As far as tax implications, I don’t think he’s a CPA or tax law expert to opine, so I’d advise to ask an expert instead.
Recently fundraise swallowed $3500. Do not know where it went. They did show a loss of $100 plus. But what about $2500 more. No response from customer service person.
Why does this video say " 2023 Review" when it's two years old?
How does the cash out process work with Fundrise
Excellent content and delivery! Thank you!
Dang Bro You came up R.S. Think tha Last time checked in You were around 100k and now You're around 700k?! At this rate You'll be at a Million subs when I check in again.
I’m glad I came across this video because I was thinking of signing up. This reminds me of a 401k account. Very interesting. I’m going to look into this.
Just started today but before I saw this video, sorry didn’t get to use your link
Thank you❤❤❤ do we still pay taxes on the dividends when we retire?
Seems interesting long term but why not just invest in an index fund like the S&P 500? Lower cost ratio and fees, and much higher returns. What is the advantage to this?
If the stock market crashes you don’t lose all your money. This is simply diversification. Real Estate will be a solid return most years, but nothing like the potential huge rewards of the stock market - or the potential huge corrections. Like everything else, it all comes down to risk and reward. 😉
diversification
Crazy to. Think it's been 2 years
Hi Ryan I did a comparison with them and Diversyfund and they beat fundrise by far with dividends. Great review though thanks
What were the key differences you saw?
Great overview of how Fundrise works.
Thank you for posting this and the great info!!
What would you think pays a better quarterly dividend if you went full equity with this company or full on AT&T which is currently paying a 7% dividend? Also as someone suggested below please - PLEASE do seedinvest or look into it. You're my go to man for reviews and stuff like this! Keep up the good work!
@@RyanScribner You're the man thanks for the reply.
Looking forward to the update!
Great review 💪🏽✅
People who complain about this don’t really understand diversification like you said. Also comparing to going solo in real estate if you scaled up these same returns you’re showing to match the average total cost of one of these properties you would be returning somewhere near $5k-$10k/year. And it doesn’t involve you being a full time employee of your own business managing that property to get that return!
Great video man, I can wait to see your next update on this account. I'm excited to see what damaged (growth) those 25k will do😁!
Ryan, this is not a complete review of Fundrise as an alternative investment from the stock market unless you also discuss the TAX IMPLICATIONS. Not mentioning that earnings from Fundrise will be taxed as ORDINARY INCOME is a big omission. REITs, on the other hand, may also be taxed as ordinary income, but can at least be sheltered in a retirement account (or other tax-advantaged account). Don't you think it is important to mention that?
most people paying taxes on dividends will not be affected by the taxes while their account is still small. The 400$ in dividends will not send him into another tax bracket.
I agree. For strategic investors this is a big omission
@Jackson Parker Yea its a reit, ordinary income bracket taxes.
even if that 400 dollars sent him to another tax bracket its just that 400 dollars that is taxed higher.
According to their web site you can also put your Fundrise account in a IRA
Awesome summary! Thanks for sharing.
Wow! This is Amazing. Thanks for being clear.
thank you ryan for a thorough explanation
No investment with a 12% return and low risk exists. If it did, institutions would be all over it long before it gets to retail investors. Just because you can't see where the risk is, doesn't mean it isn't there. It is, and you will find out exactly where it was when you lose all your money. Only experience will teach you this lesson - because you won't listen to me!
Big banks already ruined peer-to-peer loaning...
Please do a review on Landa? And crowdfunding platforms for commercial real estate.
Wouldn't it make more sense to just dump money into an overall index fund like VTSAX. Its diverse, proven, barley any fees?
Thanks for this!!
I was always confused about the 5 year redemption fee. If you say invested 5 years ago then invested again after the five years are up does the time reset or are you just not allowed to redeem that specific amount for another 5 years?Or is it just a flat 5 years from your first investment?
Every time you add funds you’re basically signing a new 5 year contract for the new amount you added. Whatever the previous amount you had can be withdrawn at an earlier timeframe than the new deposit into the account.
I wonder the same thing. Hopefully Jose is correct.
Every amount you put in and the profit is an addition five years. Your money is locked in there for a long time. Using fundrise is not money you can take out right away without paying fees.
Interesting. So it’s better to pile money on the side and then do one big deposit into Fundrise. So it’s easy to track the 5yrs in an excel sheet.
I got my account a little over year ago and am happy with the results while my stocks are down over 20%.
Also u can pick where u want to invest on advance plan!
I’m for sure gonna check this out
so bizarre. so the longer you keep the money with them, the lower your dividends get. how does that even make sense.....
The most recent is on top....reading it backwards bro
@@sahajpatel9003 ? 2014 returns is 12.25% but 2019 is 9.47? What do you mean?
2021 will be even worst, perhaps its the pandemic. It can't be trusted
2014, their investment model was very different and the return a were high. They got people in and changed the platform sand their madness began, high fees, less interest and divs but adding b the 5 years was the icing on the cake.tricksters
Thank you for this review, it was very helpful!!!
Brilliant review. Thank you.
+1 for a fundrise update video :D
Wait until year 3
600 bucks for 2 years and 25k investment? That doesn't seem worth it to me. Maybe I'm missing something
How's this a 2023 review? It's an old video.
Long term build on appreciation then switch to balance investing or supplemental income
Nice. Clearly described. What happens to your money if fundrise goes bankrupt or something.
I see alot of these companies now. One for farmland too.
No response from anyone. Means your moneys gone.
Very interesting company- essentially crowd sourcing specifically for property. I'd be interested to know which class of property they invest in (e.g residential/ corporate/ mixed use/ etc)
Great video...super helpful!
You did a great job explaining it! Makes me interested in learning more about it. I was accepted to become an affiliate, so I may need to wade my feet in the waters to get more familiar to start explaining it as well. Thank you for your great video!
very new to any any of this, but curious with the 1% fee? isn't that kinda much on top of paying the other fees?
Love your videos, Ryan, especially the M1 content! Gotta say, every time I watch you it's as if I'm listening to Dale Cooper from Twin Peaks - the resemblance is uncanny!
It doesn’t seem that much growth to me. What am I missing?
Same. It's doesn't look like that much return
Same I posted in another video looks very little dividend and we all know that real estate is a money machine
@@Deck160ooo thats because he has a balanced account. If you chose supplemental income account, which focuses on 90% debt, your dividend income is MUCH higher
@@alexchung5658 also can invest directly into the growth eREIT , 10-20% apperication growth per year.
No way, their div model is so twisted, year to year one divs change. Maybe accounting to suit them
I got a fundrise ad on this video
Gotta get that emergency fund right. Liked your video. I’ve been super interested but ya it was the too I was not really impressed with. Admit that I like the diversification and inching closer to make the 500 dollar dip into this
Awesome video. I learned alot. Thanks for sharing.
Can we get a follow up on this later on? Cheers
Glad i heard about this, this will definitely help with my diversification
Can you loose all your capital? Any insurance?
What is your dividends now?
So basically these wealthy investors use your money to buy even more properties and then give you some change in return while they're making 20-30%. At least it's better than most mutual funds....
Not sure about mutual funds. Maybe I don't know of any good ones. But an S&P index are doing pretty good. 2020 was about a 16% return, 2019 was 30%. Usually they say the average of the S&P 500 is usually 10 %. From 2010-2020 the average return was roughly 13%.
So it's better to use the total amount you want to invest in the beginning and not add in to see more growth?
Yes
Good stuff! Thanks! 🙂
Would you say this a good idea to invest in this the same you would an index fund. I plan to start on investing for my future so I can retire comfortably. Or would it be a good idea to just do both
@Nico jofre don’t put all your eggs in one basket. It will be nice if you go into several business looking at the recent economic crisis. I will also advise you go into cryptocurrency either bitcoin, ethereum, anyone want you want. It’s keeps inflating and you will make lots of profits.
lol stay out of crypto. First fund your Roth IRA. Use a target date mutual fund on vanguard. Then if your employer matches your funds in a 401k or similar max that out before investing in other things like real estate. watch "The Money Guys" on youtube. They explain everything nicely.
Hi newbie here, but in 2 years you only had profit 600$ does that look good for you? imagine those that are investing less money than you will get 100 or 200$ in 5 years in profits. what do you think about that? and those who live pay check to pay check might not growth as you, thats my opinion.
He only had that much because the bulk of his money wasn't invested till very recently. Also if you make very little money you should be investing in a roth IRA instead of real estate since its tax free
I had $5000 growth n about 6 years of investing. Basically all of it is lost when you take out your money. But they say only $1% loss. Everything is not correctly shown. The last year has been a disaster. No one responds to your query. Beware of Fundraise.
At that rate with that amount you’re better off in the stock market dividend stocks.
Dude deposited 25,000 to make 672 dollars lmao
true that but if im anybody, dont let them automate your investment. go through there offerings and just invest directly into the growth eREIT (for example), 10-20% growth in appreciation yearly. the minimum to invest directly into a fund is only $10 vs $100 if you add funds in there automated way.
Returns be subpar due to them spreading ur money in so many eREITs. i only got $2K into the platform and money is in like 12 diffrent eREITs....LOL.
@@NateT092 how can you choose the reits you want?
If the housing market crashes, will the your invested value drop if you only have a Supplemental income setting or does a housing crash only affect the Growth setting?
So your money doubled? I didn't tally up what you put in.
Another excellent and informative video. I'll check them out. Thank you Ryan.