Jessica McConnell: 0:00

It's just streamlining that client service experience at all levels. It's so important because as board members, you are volunteers, and we appreciate all of the things that you do. So having somebody on your side that's really protecting you as much as your communities, and really looking out for your best interest is very important to us. And so that service level is at all different levels. And you know, no matter the size of your association,

Announcer: 0:23

Hoa Insights is brought to you by five companies that care about board members, association, insights and marketplace Association, reserves, community, financials, Hoa invest and Kevin Davis, Insurance Services, you'll find links to their websites and social media in the show notes.

Robert Nordlund: 0:38

Welcome back to Hoa insights, common sense for common areas. I'm Robert Nordlund, and I'm here today for episode number 80, with two special guests to talk about how you can minimize reserve funding requirements at your association by safely getting higher interest earnings on your reserves. I heard this guest on another podcast, and quickly reached out because I want our audience to learn about the services they offer. Well, I hope you enjoyed last week's, episode number 79 with regular co host Kevin Davis, with more wise counsel and insights about how powerful the insurance coverage decisions you make at your association have so many side effects. Now, if you missed that episode or any other prior episode. You can find them on our podcast website, Hoa insights.org, on your favorite podcast platform, or on our YouTube channel. But better yet, subscribe to the podcast in order to get every episode delivered right to your phone or mobile device. Well, those of you watching on YouTube can see that I've got my favorite HOA insights mug here, and I got that from our merchandise store, which you can browse through from our HOA insights.org website, or the show notes. And we find we have specialty items like this or free board member zoom backgrounds. And as a treat, I'll give this mug away to the 10th person. Free to email podcast at reserve, say.com mentioning episode 80. Mug giveaway. Well, we enjoy hearing from you, and most episodes are in response to a topic that you've recommended. So do stay in contact. Leave us a voicemail at 805-203-3130, leave us a comment on the YouTube video or send us an email at podcast at reserve study.com but back to today's episode. This is about my suggestion. Jessica McConnell and Mark Thatcher, both are veterans of the financial services industry, with over 20 years in the business, and after being exposed to the specific needs of community associations, they recently created HOA invest a groundbreaking in Jessica's words, but I agree, company designed to specifically care for and manage reserve funds for community associations based on their own patent pending technology. You can find this company at HOA invest.com and I don't blame you for pressing pause on this podcast to go to their website right now to check it out. Regular listeners know that I run a large reserve study company. So a new company making it easy for board members and managers to manage their reserve funds keep them safe and maximize their earnings is near and dear to my heart. I see all too many associations struggling to keep the reserve safe under the $250,000 FDIC insured limits, leaving money on the table by not maximizing their interest earnings, unsure which investments are right for their association. I could go on and on, struggling to manage signature authorities and failing to roll over their investments successfully when they mature. You know, when does that mature? What do I need to do about it, making more decisions anyway, Jessica and Mark are addressing some real problems that need to be solved. So Jessica and mark after that long intro. Welcome to the program. Tell us about what accidentally or purposefully got you started on HOA invest

Mark Thatcher: 4:10

I think it's more accidental for me,

Jessica McConnell: 4:12

purposely for me.

Mark Thatcher: 4:15

A few years back, she came in and she called me up and she said, You know what? I think I'm going to get out of the HOA business, because all the regulations that have come in, we're in the state of California, where there are a lot more regulations, and rightfully so, anytime you're dealing with OPM, other people's money, there needs to be a lot of transparency, and there's gonna be regulations to keep the money safe. And they specifically passed Assembly Bill 2912 and all of a sudden, stipulated you have to have two signatures before you do any sort of money transfers, which would include investments, because obviously you're transferring from one bank to another, from one CD to another.

Robert Nordlund: 4:49

That sounds like a California law.

Mark Thatcher: 4:51

It is a California law, okay, but at the same time, there are other, are other states that have that and something similar, okay, something similar. But when you. Boil it all down, every state has transparency laws. And so again, when you're dealing with other people's money, there's going to be transparency rules. And so when you look at the transparency, it was like, You know what? We could either run from the space or embrace the space. And so what we did, instead of running from the space, is we actually built a software that not only helps in the state of California, but every single state in the entire country, because we can do business in all states. And really make

Robert Nordlund: 5:26

say that again, you can do business where

Mark Thatcher: 5:28

with every single state.

Robert Nordlund: 5:30

Very nice.

Jessica McConnell: 5:31

Yes, we are SEC registered, which means we are allowed to do business in all 50 states. So there are different rules. And as Mark is saying, you know, I got in this industry 15 years ago just with community associations. And instead of running I started to go to Mark and say, hey, what can we do here to try to create this process that's streamlined and simplified for the managers and the communities? Because the investment process was lacking, there wasn't a lot of communication, and they were obviously leaning on the managers a lot, right?

Robert Nordlund: 6:04

And managers, and we have some managers that listen regularly to this podcast, managers can be really great at managing, but we're not asking them to be financial advisors. And isn't that a step too far?

Mark Thatcher: 6:18

It is a step too far. Legally speaking, again, we're licensed to give recommendations. And I think one of the things that separates us from others that are in the space. Again, I worked at Merrill Lynch for eight years, Morgan Stanley for seven years. Now we clear through Charles Schwab, what makes us different is we're not coming at this from a broker dealer relationship. We're coming at this from a fiduciary relationship where we'll step in and say, Hey, we will give you recommendations. We will write investment policy statements. We will do things above and beyond, where we can help take that liability off of the management company and actually make recommendations that we feel are the that will help them get the highest, safest yield.

Jessica McConnell: 6:56

And as a fiduciary, which is very important, not just a local dealer,

Robert Nordlund: 7:00

yeah, slow down on that just a minute, because the board members are fiduciaries the responsibility. They're taking care of other people's property, right? And so you are sharing in that responsibility, and you're, can I say, a safe place to share that responsibility with.

Mark Thatcher: 7:18

We will take the responsibility, because that's the big thing, is, like, when it comes to actually making a recommendation, I mean what we're talking about buying, and a lot of times it's the investments are fairly simple for the most part. We're talking about CDs and T bills, and no one even really knows that they can buy T bills and why they should buy T bills. And so we're talking about really, really safe investments. We're talking about federally backed investments. So it's not like we're going out and taking a ton of risk and doing different things like that. We're just making sure that we're getting the highest, safest yield and keeping your idle cash from being idle. And so that's the process that we've set up. Yeah, you say safe.

Robert Nordlund: 7:59

I've always heard the guidelines, P, O, P, protection of principle, so no potential for loss of the hard earned homeowner cash that they've collected. So you're on board with, I want to say, these basic ground rules of how the community association industry works. You've built this company, this platform, to do exactly that, is that, is that right?

Mark Thatcher: 8:23

That's exactly right. So there's different types of risk. When you're buying any sort of fixed income instrument, the first is just principal risk. So if you're buying a CD and you're buying under $250,000 we actually recommend you buy 240,000 so you get the principal and interest both guaranteed, then you don't have any principal risk. Now, if you go out long enough, you could have inflation risk, and that's that's a different thing. So if you go out 10 years and all of a sudden, interest rates go up, and you sell during that time, then there could be losses. And then the second instrument are treasuries. Again. The good thing about treasuries is they're backed by the federal government the bet, and they're very liquid, and there's $38 trillion of debt backing them. So as a result there, it's a very, very liquid market, and it's actually considered even more safe than a CD and more liquid than a CD, just because of how large the market is. In fact, I would argue the reason where the reserve currency of the world is because of that liquidity. It's not because the United States is necessarily the best bet in the whole entire world for our debt to GDP, but it does create for a lot of liquidity, and it is extremely safe as far as it's the first thing that the government has to pay off as a US Treasury or T bill, yeah.

Jessica McConnell: 9:32

And by liquid, we mean that they're done. They're liquid within minutes, right? So they have to be liquid within 24 hours. Same thing with us at Schwab, we can sell CDs same day as well. It's different than when you're at the bank, right? So same thing with Marilyn Morgan and any of the other broker dealers as well. You can sell those CDs prior to maturity, but you can't do that at the bank without having a penalty of interest of three months and interest. So it Aware of when you're working with Schwab, we are having those is something to be a. abilities to be liquid and to make funds available if necessary.

Robert Nordlund: 10:06

Good, okay, we counsel our clients to look at their reserve study in advance to know what's coming. Do you have a big elevator project, a big roofing project, a big painting project, things like that. I assume you're looking at that and hopefully planning their the laddering, how they're, what do you say, the maturity dates and things like that, so they have cash readily available. Yeah, we thank you for thank you also,

Mark Thatcher: 10:34

we also like the association reserve disclosure funding, if you have any of those documents. So it's so if we can get the association reserve, you know, disclosure funding document as well. It helps us also, so that we can really see if there's any immediate needs. We work in conjunction. And again, we have, you know, 15 financial advisors specifically, that are helping with this. So it's not like it even when we build a software that does a lot of the automated stuff for you, like, for example, giving notifications at a CD or T bills coming due at the end of the day. We have financial advisors that talk to the community managers, talk to the board members, and make sure that we're buying in time frames. You know, if you've got a big slurry project or whatever the case may be when it comes we don't want to be investing two years out if you have something coming due in six months. So we definitely, you know, want to make sure we're specifically personalizing the investments.

Robert Nordlund: 11:22

Yeah, okay, let me again, slow you down there. You said a team. So this is not just the Jessica and Mark show. No, you've got a team of people that are going to look at a lot of reserve studies. If it's not our product, it's another reserve day company's product. Yeah, they've all got a 30 year plan, so you can see when the cash is needed, when it's not, when they can be growing love hearing that. Okay, Hoa invest is a fiduciary. You are experts in the field. Walk us through the process. Do they call you? Do they go to Hoa invest.com a

Mark Thatcher: 11:58

But honestly, they can do either. So if they lot of follow up questions, but

Robert Nordlund: 12:00

Okay, so what I'm seeing is a control panel give us a call and want to open up an account, as far as the actual process of opening the account and doing all that, everything that we do is down on DocuSign, so we don't need wet signature cards. We actually like the banks. We the banks serve a very, very important role on operating accounts and all the rest of it, because at the end of the day there, you have to have that liquid money. You have money coming in, you where you get the account set up. It's a Schwab account, so have money going out. They have block box services. There's a lot of things the banks do that are phenomenal, and we can't say enough good about them, but a lot of times you'll have money sitting over in the reserve account. And if you know you have that money sitting there for a number of months or years, or whatever the case may be, you're not getting a very high interest rate on it. So what we like to do is, if there was a reserve account, we'll open up another reserve account for you, and, you know, just like the bank, and, you know, we'll send out docusigns, and you Ach, the money from the reserve account at the bank over into the Charles Schwab account. Again, this is not the mark and Jessica bucket show. I mean, this is all done through Charles Schwab. This is all Ach, you know, back and forth, and then we invest that money for you. Then when you need the money, we just send it back to the bank in that reserve account that you already have opened, and you can do the spending out of that. So this is really just a way to make it simple and keep you invested. it's a normal name that we've heard before. They set up the account, and they've got the people behind it, they've got the software engine running it, and when things hit a certain date mark, it triggers an email or a call or something, to the board member to say, Hey, this is coming due. We recommend XYZ. And you can just make, you can just make that happen. Yeah, exactly.

Jessica McConnell: 13:50

So we set it up where, based on, let's say, the maturity date, we go 90 days in advance. So as we're putting those, you know, those securities come in, let's say they have an existing portfolio, or we're working with cash. Once we ladder it out, we have those investment maturities out, our software will automatically send that recommendation 90 days in advance to the community manager. If they're self managed, it would go to the treasurer and one other board member they get to review it. It's actually a PDF recommendation a lot of states that require signatures. After we get that approval, we'll send it out for signature to the board, and if they don't require it, I always do at least allow them notifying that they approve it. One of the things that is doing is letting the board know, hey, as a fiduciary, you have investments coming due, right? So you're kind of checking that box of a liability release. It's also for the community management companies and the property managers, like, hey, we told you to do something with your money. Here's what they are recommending as fiduciaries on what they think is coming up and what our reserve study. Let's line these up. This is what you should be doing. So we like them to at least approve it digitally on the application or via the email, and then they can go in there and sign it. And again, we're keeping all of those archives so they're trans, they're going to be. In there, they're going to be transparency to be able to see it on the holdings page, on our dashboard, which is updated every day with balances as well as holdings, it'll tell you if there's Investment Recommendations pending completed or awaiting purchase. So they get to know every step of the way, where they are, and it helps them get a little bit more I feel like finger on the pulse on what their money is doing on a daily basis.

Mark Thatcher: 15:21

And keep in mind there there are two aspects to it. So when we open up our the Schwab account, we want the community managers and the property managers, we want them to be able to see it as well. So we open it up so they have visibility. So that's one level of transparency. Again, remember all these rules that come through the 50 states is generally speaking, you can say there's a lot of transparency rules, right? And so what we do is we add another layer to it. And our software actually not not only goes in there, does everything that Schwab does, but then also we want to pull in the bank account. So you can log in, you know, with your bank and it puts it all in one spot. So if you've got money sitting over there, $250,000 500,000 million dollars, sitting at a bank account. And you know, your only FDIC limit to 250,000 we can send those send those notifications. We can help your money still work for you. And then, even if we're sitting there and all of a sudden you have money that comes due, no one signed off on it, we want to sweep that automatically into either a T bill for you. If we buy a one month t bill, it's extremely liquid, and it's backed by the federal government. And you know, right now you're, you're getting about 4.6% which, by the way, one, one of the things I do want to talk about, say that again, 4.6% on a country, but it was over five it was, you know, 5.2 5.35 point you hear about these interest rates coming down, you know, there's reinvestment risk that you really want to lock these rates In, because if you go out one year, it's 4.23% whereas we were talking a little while ago, it was 5.2 5.5% but one of the things that's super important to understand, that our software also does, is every single state has state income tax, and people don't understand the difference between a treasury and a CD. About 60% of the time, CDs are actually a better investment than T bills, even if you take into account the state income tax right now the rate on fixed income CDS is about 4.628 and Treasuries are 4.631 so on the absolute basis, T bills are higher. Now, one of the things that happened is T bills go back to about 1929 CDs were made in 1961 1929 may ring a bell for everyone, because that was a great depression. And what happened is the federal government came in and made a deal with all the states, and it said, Hey, if you don't charge a state and local income tax on our treasuries, then you guys can do municipal bonds. And so all of a sudden you have these treasuries that you don't have to pay state and federal income tax on, and we know that almost every single

Robert Nordlund: 17:45

Well, let me correct you state and local income tax. You do pay federal tax on both CDs. Yeah, let's clarify. That's why there's two of you.

Mark Thatcher: 17:53

Yeah, yeah, on municipal bonds. On municipal bonds, there's you don't have to pay state local or you play with all of it, so, yeah, okay, sorry, but, but nonetheless, you don't have to pay that state and local income tax on a T bill. And so what we do is, since we know that they're filing an 1120 or 1120 age, about 85 to 90% of them are paying a state income tax. In the state of California, for example, it's 8.84 if you're in Florida, it's 5.5% in Pennsylvania, it's about 8.49 Minnesota, it's 9.8 we can do a tax equivalent yield. And now, all of a sudden, that 4.6 is about 5.1 or 5.2 because you're not paying tax on it. There's no There's no state income tax. Now, again, federal income tax on both, but there's no state income tax. So our software goes in there and says, You know what, which one is better the even, even if CD rates were, you know, 30 basis points higher, it's still better to buy a treasury. And so we always want to get the highest, safest yield regardless. And so that's one of the things that our software also does, is it goes in there and we take a look at every state, we scan what the rates are, and then make recommendations based on what's best for the HOA,

Robert Nordlund: 18:55

okay, let me slow you down, because I'm my my pen is smoking here, trying to take notes. Okay? What we have is busy managers. They're busy doing this, they're busy doing that, and they are not going to have the sophistication to be able to follow up on when things have maturity dates. And you guys do the busy manager, the Treasurer, they don't have the expertise. Mark, you speak very fast. You speak very confidently. I want someone like you on my team when it comes to a trivia night, because you know the answers. Okay. When it comes to the financial stuff, you are clearly the guy. What I also heard you say was you're not making any change to the operating account, because I know a lot of management companies have their their favorite bank that they work with, and you're not rocking the boat with any of that. And then you talked about digital signatures, so no one has to mobilize and go to the local branch of XYZ and make an appointment and wait for the. Person to get the signature cards that goes away. So no change, no mess, to the operating account. There's a dashboard. So you've used the word transparency. I like clarity. So everyone knows what's going on. The manager knows the accounting staff at the management company knows the board members can log in and say, What are we at? And, you know, 15 minutes before the board meeting, and they want to say, Are we finally over or above or below the 500,000 limit that we are trying to get to this year? And they can find out 15 minutes before their board meeting, what their bank balance or their reserve funds are doing. And they're like, they come in with a grin, because they can say, we're getting, you know, 4.82 or whatever the number is nowadays, because they were sick and tired of all those years when they were getting pretty close to nothing.

Jessica McConnell: 20:48

Yes, okay, they also can get all their statements online. So we have our Schwab statement on there, which, you know, first few business days of the month. It's posted up onto the application, and being able to see that, I will say, just on the controllers, getting those financial packets together, it has been a huge blessing for them. A lot of the time they're waiting, sometimes they're 3045, days behind, trying to get a Morgan statement, and that's just because trying to get access to that information. And one of the things I want to talk about is the security of the information on the application. So

Robert Nordlund: 21:19

I'm looking at the clock, I am hoping that the board members, the managers, are excited about this. I hope that their blood pressure is going down, because I realize there is a solution out there. So we've talked about a lot of good things, but it is time to take a quick break to hear from one of our generous sponsors, after which we'll be right back with make more HOA insights,

Jessica McConnell: 21:42

Tired of low returns on your HOA reserves with HOA invest technology available nationwide through SEC registered capital, CS group in Keystone private wealth, you can now grow your community's funds with competitive, tax efficient returns while keeping them safe and accessible. Our accounts are held with Charles Schwab and HOA invests API integrated technology gives you daily access to balances, holdings, transactions, swap statements and a nationwide inventory of CDs and treasuries all in one easy to use platform. Ready to Grow your reserves. Get personalized strategies and a free investment policy review with HOA. Invest your trusted partner for securing your community's financial future. And we're back, Jessica, can we get back to you, and you were going to say something about safety. So talk to us about safety. Yes, most important for everyone is the safety of the application. Your information, what's visible, what you can do on the application. So we want to just clarify on our app. You know, everything is masked. So our account numbers are masked. Anything that you're going to get, say the statements. We have multi factor authentication. Same thing when we have our DocuSign everything you have to authenticate. So you've got to make sure you go through those questions to get access. But on the app in particular, there's no transfers, so you're not going to be able to move money that's coming through us through Schwab directly as investment advisors. There's always a fiduciary oversight on that any emails or contact that we get, we're always doing verbal confirmation with the client and the manager to ensure when we are moving money back and forth from Schwab, it's always verbal confirmation. So I want everyone to understand that it's not accessible. Let's say you have somebody else that gets into the account, they're not going to be able to do anything on your behalf. Got it very much, wonderfully reassuring. Yes. The other thing is, we have multi views. So, you know, everybody has a different level in which they're managing. Some of them are board members, so they have their own board member view. We have community managers that have multiple communities, so we have a view for them where they can have all of the visibility of, let's say six or seven communities all on one view. Then we have an accounting our controller view. That controller view is everything inside that particular community or that management company, so what they're in charge of. Then we may have, that may be 50 or 100 properties. Right now we have more of like a Vendor View. So these are people, some of our vendor, our partners, accounting firms that we work with that have multiple management companies, and so we're able to give access and integrate in that fashion with directly with those vendors. We also have data delivery abilities. So let's say, for example, you guys want to get all of your transactions daily, your balances, your investment holdings for all of your communities. We can send those out every single night and have them automatically delivered to your inbox for upload daily.

Robert Nordlund: 24:26

Okay? And one of the things that I hear about is a lot of associations that are, do I say sloppy, neglecting, not as careful as they should be, about the$250,000 FDIC limit I see when they have they're getting a reserve study from our firm. They list their reserve accounts, and it's$200,000 here, $150,000 here. They're doing a lot of monkeying around to stay under that limit. So talk to me about you guys

Mark Thatcher: 24:57

Once you open up your Charles Schwab account, if Example, we buy a T bill and you have a million dollars and it's for a. just sitting there, and you're going to need it in a month. We could buy all $1 million in a T bill, and FDIC limits don't matter. It's just it's almost an obsolete type thing to look at, because it doesn't matter with it. With a T bill, if we need to buy, you know, five or 10 or 20 different CDs, then we just buy it all in one account. So it simplifies the whole entire process. There's no reason to be driving around going to bank to bank. It just simplifies it all on one statement. You can see everything. There's absolute transparency, and we can take care of that. So you don't have any of the FDIC limits that you have to worry about with any of the money that's with us. And then, in addition to that, because we do have the app, we also help you monitor the FDIC limits on the banking side, I can't stress enough how much we view the banks as partners. Your banks are doing God's work. They really are. But at the same time, it's one of those things that we help you just monitor how much you have to make sure we're maximizing the yield and you know, and we'll even give recommendations. Hey, talk to the bank, ask them about an ICS account and different things like that that will really help protect their assets, because at the end of the day, that's what our number one job is, to protect the principal.

Robert Nordlund: 26:07

Okay, so I for you say that that $250,000 FDIC, FDIC limit kind of goes away when you're working with HOA invest. That's nice. Okay, we have a number of listeners, regular listeners on the podcast, who are small, self managed associations, not yet connected with a management company, not connected with CAI looking they're getting counsel from a podcast. They may have$27,000 in reserves and feel good about that. Can small associations also work with you guys? Or are you a program for the big HOAs with golf courses and million dollars in reserves? Talk to me about that.

Mark Thatcher: 26:52

Obviously, we love the big accounts, but we can take care of the small accounts just as well. I mean, the whole idea behind building the software application was so that we could do exactly that. There's a reason people go to the Merrill Lynch's and the Morgan Stanley's and the lpls of the world, is because they can get that investment investment advice. What we did is we actually build a software program so that we can automate the day to day stuff and still give the personal touch on the actual investment recommendation. So we get the best of both worlds with us because of the software that we built

Robert Nordlund: 27:21

an account, is an account? It's not, yeah, there's people on both ends. And so you're going to check with Mr. Smith and Marge for 13 units somewhere, just as well as you're going to check with the board member or the manager for a 2000 home plan development with three rec buildings and two golf courses and everything.

Mark Thatcher: 27:48

Idle cash is an easy query inside of our software, and it's a big deal. If we see idle cash, it's like, All right, well, that's an easy query,

Jessica McConnell: 27:55

yeah. Most importantly, it's just streamlining that client service experience at all levels. It's so important, because as board members, you are volunteers, and we appreciate all of the things that you do. So having somebody on your side that's really protecting you as much as your communities, and really looking out for your best interest is very important to us. And so that service level is at all different levels. And you know, no matter the size of your association, I like that streamlining, having someone on your side? Well,

Robert Nordlund: 28:24

thank you, Jessica and Mark, for taking the time to join us on today's program. Thank you for bringing something important, really important, a missing piece, to support board members all across the country who are tasked with the significant responsibility for caring for the financial assets of the association. Any closing thoughts to add at this time?

Mark Thatcher: 28:43

No, just thank you very much for the opportunity to talk about this. It is a very important thing, and it's also important that people look at it sooner rather than later. Interest rates, every time you turn on the news, interest rates are coming down, and when we can lock in those rates for you right now, you know you're probably going to get better rates than in a year from now. I do think, as an investment advisor, I do think we're going to be above the 3% for quite a while. So there, there are going to be good rates to be had for a very for a long time, but nonetheless, that they're probably going to go down versus up. So you probably want to talk to someone sooner rather than later. Yeah.

Jessica McConnell: 29:17

Jessica agreed. You know, I think the most important part is really just having a process, you know, taking that time, you know, it seems daunting. We promise we'll make it simple, and hopefully take a lot of that workload off your off your plate,

Robert Nordlund: 29:29

yeah, and I'm a numbers guy. Again, I'm doing the reserve studies. I'm asking homeowners to set aside funds, to transfer funds to reserves. And if I challenge the treasurers here, if you're still back in the 1% range, you are leaving so much money on the table that the I want to say the banks could be adding to your reserve fund. So don't miss that opportunity. You're that's a tremendous opportunity that you're setting aside. Yeah, if it's 31% range, we're talking.

Mark Thatcher: 30:00

And 30 to 40,000 per million you're leaving on the table?

Robert Nordlund: 30:03

Yeah, and that's big numbers, a lot that that can do a lot of good for your association.

Jessica McConnell: 30:08

Hopefully some do not have a special assessment, right? Our goal is always to give extra funding, but yes, with less risk. That's the coolest part about what we're talking about, is we can do it with less risk.

Robert Nordlund: 30:20

Okay, well, for more information, I want to say you better contact these people for more information, or if you have follow up questions, you can reach Jessica and the team at HOA invest at Jessica at HOA invest.com and we hope you learned some HOA insights from our discussion today that helps you bring common sense to your common areas. We look forward to having you join us for another great episode next week.

Announcer: 30:51

You've been listening to Hoa insights common sense for common areas. If you like the show and want to support the work that we do, you can do so in a number of ways. The most important thing that you can do is engage in the conversation. Leave a question in the comments section on our YouTube videos. You can also email your questions or voice memos to podcast at reserve study.com or leave us a voicemail at 805-203-3130, if you gain any insights from the show, please do us a HUGE favor by sharing the show with other board members that you know. You can also support us by supporting the brands that sponsor this program. The opinions expressed in this program are for general information purposes only, and are not intended to provide specific advice or recommendations for any individual or on any specific security it is only intended to provide education about the financial industry to determine which investments may be appropriate for you. Consult your financial advisor prior to investing any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly, as always, please remember investing involves risk and possible loss of principal capital. Please seek advice from a licensed professional. Capital CS Group LLC is a registered investment advisor. Advisory services are only offered to clients or prospective clients where capital CS Group LLC and its representatives are properly licensed or exempt from licensure. No advice may be rendered by capital CS Group LLC unless a client service agreement is in place. Finally, this podcast was expertly mixed and mastered by stoke light. Video and marketing with stoke light on your team, you'll reach more customers with marketing expertise that inspires action. See the show notes to connect with stoke light.