Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-carousel-free domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/ab1005/public_html/projects/realtyconnectusa/wp-includes/functions.php on line 6131

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/core/components/api/spam/Provider.php on line 149

Deprecated: Creation of dynamic property ET_Core_HTTPInterface::$expects_json is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/core/components/HTTPInterface.php on line 305

Deprecated: Creation of dynamic property ET_Core_HTTPInterface::$owner is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/core/components/HTTPInterface.php on line 307

Deprecated: Creation of dynamic property ET_Core_API_Spam_ReCaptcha::$data_utils is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/core/components/api/Service.php on line 244

Deprecated: Creation of dynamic property ET_Core_API_Spam_ReCaptcha::$API_KEY_REQUIRED is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/core/components/api/Service.php on line 247

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/framework.php on line 826

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/framework.php on line 827

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/autoload.php on line 118

Deprecated: Creation of dynamic property ET_Builder_Library::$layout_tags is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/feature/Library.php on line 381

Deprecated: Creation of dynamic property ET_Builder_Library::$layout_width is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/feature/Library.php on line 384

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/feature/dynamic-assets/class-dynamic-assets.php on line 1160

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/feature/dynamic-content.php on line 116

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 5723

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10388

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10556

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10578

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10598

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10627

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10656

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10688

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10712

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10746

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10782

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10813

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10961

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 10983

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 21127

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 21127

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 21131

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 21131

Deprecated: Creation of dynamic property ET_Builder_Code_Snippets_Library::$code_snippets_categories is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/core/code-snippets/CodeSnippetsLibrary.php on line 114

Deprecated: Creation of dynamic property ET_Builder_Code_Snippets_Library::$code_snippets_tags is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/core/code-snippets/CodeSnippetsLibrary.php on line 115

Deprecated: Creation of dynamic property ET_Builder_Code_Snippets_Library::$code_snippets_type is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/core/code-snippets/CodeSnippetsLibrary.php on line 116

Deprecated: Creation of dynamic property ET_Core_PageResource::$location is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/core/components/PageResource.php on line 307

Deprecated: Creation of dynamic property ET_Builder_Module_Field_BoxShadow::$template is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/BoxShadow.php on line 17

Deprecated: Creation of dynamic property ET_Core_PageResource::$location is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/core/components/PageResource.php on line 307

Deprecated: Creation of dynamic property ET_Builder_Section::$text_shadow is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Section::$margin_padding is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Section::$_additional_fields_options is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Row::$child_item_text is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Row::$text_shadow is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Row::$margin_padding is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Row::$_additional_fields_options is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Row_Inner::$child_item_text is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Row_Inner::$text_shadow is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Row_Inner::$margin_padding is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Row_Inner::$_additional_fields_options is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Column::$additional_shortcode_slugs is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Column::$advanced_setting_title_text is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Column::$text_shadow is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Column::$margin_padding is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Column::$_additional_fields_options is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property Nextend\SmartSlider3\Platform\WordPress\Integration\Divi\V31ge\ET_Builder_Module_SmartSlider3::$text_shadow is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property Nextend\SmartSlider3\Platform\WordPress\Integration\Divi\V31ge\ET_Builder_Module_SmartSlider3::$margin_padding is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property Nextend\SmartSlider3\Platform\WordPress\Integration\Divi\V31ge\ET_Builder_Module_SmartSlider3::$_additional_fields_options is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property Nextend\SmartSlider3\Platform\WordPress\Integration\Divi\V31ge\ET_Builder_Module_SmartSlider3Fullwidth::$fullwidth is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property Nextend\SmartSlider3\Platform\WordPress\Integration\Divi\V31ge\ET_Builder_Module_SmartSlider3Fullwidth::$text_shadow is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property Nextend\SmartSlider3\Platform\WordPress\Integration\Divi\V31ge\ET_Builder_Module_SmartSlider3Fullwidth::$margin_padding is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property Nextend\SmartSlider3\Platform\WordPress\Integration\Divi\V31ge\ET_Builder_Module_SmartSlider3Fullwidth::$_additional_fields_options is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331
Interest Rates vs Cap Rates | RonEpstein

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 95

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 95

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 97

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 97

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 103

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 103

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 105

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 105

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 130

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 130

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 132

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 132

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 161

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 161

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 161

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 162

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 162

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 162

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 205

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 205

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 205

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 205

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 207

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 207

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/settings/migration/ColumnOptions.php on line 207

Deprecated: Creation of dynamic property ET_Builder_Section::$_original_content is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Module_Field_Border::$template is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Border.php on line 48

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Position.php on line 198

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Position.php on line 199

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Position.php on line 200

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Position.php on line 500

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Position.php on line 583

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 79

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 79

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 98

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 98

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 117

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 117

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 117

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 136

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 136

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 157

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 157

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 199

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 200

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 201

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 203

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 204

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 205

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 206

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 207

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 364

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 364

Deprecated: Using ${var} in strings is deprecated, use {$var} instead in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/field/Transform.php on line 565

Deprecated: Creation of dynamic property ET_Builder_Module_Helper_MultiViewOptions::$inherited_props is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/helpers/MultiViewOptions.php on line 686

Deprecated: Creation of dynamic property ET_Builder_Module_Field_Divider::$count is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/main-structure-elements.php on line 1498

Deprecated: Creation of dynamic property ET_Builder_Row::$_original_content is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Column::$_original_content is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Module_Image::$text_shadow is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Module_Image::$margin_padding is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Module_Image::$_additional_fields_options is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Module_Image::$_original_content is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

Deprecated: Creation of dynamic property ET_Builder_Module_Helper_MultiViewOptions::$inherited_props is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/module/helpers/MultiViewOptions.php on line 686

Deprecated: Creation of dynamic property ET_Builder_Module_Menu::$text_shadow is deprecated in /home/ab1005/public_html/projects/realtyconnectusa/wp-content/themes/Divi/includes/builder/class-et-builder-element.php on line 1331

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BLOG

Interest Rates vs Cap Rates

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Nov 8, 2022

As I write this, a 1-year T-Bill is at 4.55%, the 10-year is at 4.10%; and a 5-year Treasury Note, a common mortgage loan index, stands at 4.25%. How is that good for commercial real estate? Let’s explore:

A quick glance at two random properties recently posted on LoopNet in my region include a mixed-use property and a STNL medical building – offering cap rates of 4.4% and 3.8% respectively. One promises upside through leasing vacant units and the other offers a long-term guarantee with a couple of modest rent bumps.

Among the myriad considerations (to be discussed in future installments), there are two obvious and interrelated issues at work here:

Firstly, be it a large fund manager or a private individual, when an investor is deciding where to allocate capital, is the industry incentivizing them toward real estate or pushing them elsewhere? On one hand there is a hassle-free return backed by the Full Faith and Credit of the United States Government, on the other hand is the risk, costs, effort and illiquidity of real estate for a comparable or even lower return. Hello? Anybody home, think, McFly, think!

Secondly is the cost of the funds that many investors need to borrow to acquire real estate (or those who responsibly use debt as a tool to leverage up yields), which, at a few hundred bps spread, can now cost upwards of 7% and heading north. That’s ~7% dollars to buy ~4% dollars.  How’s that loan working for you? It isn’t. Increasing rental used to be an argument for income properties, now you depend on it just to tread water? Hmm. Back to “Firstly”

So, maybe I’m missing something, but my Venn Diagram says that when the I-need-debt investors are removed from the large circle of all investors, all that is left is that smaller circle of all-cash investors.  And if the Invisible Hand does its invisible thing, fewer buyers mean lower prices; ipso facto (yes, I just wrote “ipso facto”), higher cap rates.

This is good. Balance is always good. The world could use a lot more of it. Supply and demand will replace artificially low interest rates in driving the market, as it should. Sellers will soon have to pull their heads out of their assets and respond accordingly or wait until such time as – were it to be in this lifetime – interest rates revert to the “norm.” Or is it more likely rates are now actually finding their norm?

Next time: the Great Reset (the not as good part)


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