$1 million capital for apartment investing. What are the steps?
We currently have around 1 million in capital. We own multiple gas stations. We want to branch out into passive forms of investment. We live in Ohio. I am wondering how much I would be able to make as a ROI with $1 million invested. What are the logistics, units, cost, etc...?
[{"id": "idrkoff", "text": "Following", "replies": [], "depth": 1}, {"id": "idrku8k", "text": "Raise another million", "replies": [], "depth": 1}, {"id": "idrl3ey", "text": "Figure out your target cap rate and go from there.", "replies": [{"id": "idrqjp3", "text": "With $1 million being used as the 25% down for a $4 million project, is it possible for me to make a 12% cap? Or am I aiming to high in the current market?", "replies": [{"id": "idrrlf6", "text": "7 cap is better depending on asset class, I\u2019m talking multi family", "replies": [{"id": "idrru87", "text": "So do you think 7% is feasible currently? Or would it be better to buy an apartment complex instead of building one?", "replies": [{"id": "idrs3nk", "text": "Shovels in the ground is where all the money is made and potentially lost", "replies": [], "depth": 5}, {"id": "idrs6o8", "text": "If you build it you can possibly get to 12%. If you buy one it'll be 5-7%", "replies": [{"id": "idrsn4n", "text": "5-7% plus you want 12 months of payments.\n\nYou really should look for value add.\n\nBuying a property, remodeling it, then cash out refinance. All can be done in apartments.\n\nBut if you are in large city you could do it with single family. Would say starter homes won\u2019t be affected so much in this recession. Talking less than $300k in metro areas.", "replies": [], "depth": 6}], "depth": 5}, {"id": "idrsh2i", "text": "You just asked for a 12% cap hahahha", "replies": [], "depth": 5}, {"id": "idrzyh4", "text": "If your new to commercial real estate, which it sounds like you are, please do not jump into development for your first project without doing a ton of homework and due diligence. You can possibly succeed, but without the right consultants or a JV partner that knows development, you are much more likely to make expensive mistakes and lose money.", "replies": [{"id": "ids14ws", "text": "Depending on the market, a $4m project is probably only 10-16 units.  I don't think that's crazy for someone who owns a couple of gas stations to manage.\n\nIt's a different kind of challenge but OP likely already has the toolkit they will need - lawyers, cpa, contractors, bankers, etc.", "replies": [{"id": "ids206y", "text": "Not saying they can\u2019t do it, but I\u2019ve been involved in the development of several very large projects, and if your inexperienced in development it can be a steep learning curve. Expensive mistakes are very easy to make and hard to recover from, which is why it may make sense for them to hire a development or project management firm or JV with someone on their first ground up project.", "replies": [{"id": "idt24l2", "text": "Glad that you were involved in \u2018several very large projects.\u2019 Probably makes you qualified to make super generic advice.", "replies": [{"id": "idtrlnf", "text": "I am a principal in a private investment firm with millions of square feet AUM, this is the internet and I am offering free advice. You can take it or leave it but all I am trying to do is offer caution and general advice so this person doesn\u2019t lose their money.", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}, {"id": "ids82yr", "text": "I am fairly new. We built gas stations, but never multi family\u2019s.", "replies": [{"id": "idsvj38", "text": "I own a 41-unit in Texas and bought it recently at $4m. Monthly revenue is $35k with a $17k mortgage and operating expenses running about $6k monthly expenses. \n\nWe've only owned it for 5 months and it has a bit of deferred maintenance so we are fixing it up and renting at a higher rate. Should be at $42k monthly revenue by the end of the year. \n\nIf you are looking to own and manage then something size could get you a 12% cap. But if you are going to have it managed by a company (which i recommend on the first deal) then you will probably be around a 7 cap. \n\n We set it up as 506b syndication where we use multiple investors money to acquire the deal and renovate. The annualized ROR for all LP investors is projected right now at 24% over 5 years.  It's set up with a 7% preferred rate of return to all money invested on a yearly basis as well as a 75/25 split of the equity when we sell the project 5 years down the road. So for example if you would have invested your money on our deal then you would be looking at a 120% return on your investment in 5 years.\n\nWe are getting started with our next syndication so if you want to know more send me a private message.", "replies": [{"id": "idt2egn", "text": "How are your operating expenses only $6,000/ month? Are tenants paying utilities? Are you self managing and not paying yourself?", "replies": [{"id": "idt5pud", "text": "So kinda....\n\nThe biggest expense is electricity and that is paid by the tenants. However, I am working on ways to make additional income to upgrade the electrical within each building. The electrical isn't bad, just needs some upgrades. \n\nWe hired a person to manage the property, but they are an independent contractor through our company and are more of an employee than a manager. I handle all of the rehab and maintenance and I coordinate all of the work in TX while I live in CA. \n\nWhen you do a syndication there is an acquisition fee of 2%-4% that is paid to the general partners at closing (which I did recieve) and there is a monthly asset management fee (which I do receive). This leaves the remainder as CASH DISTRIBUTIONS which is split among the LP's and GP's.", "replies": [{"id": "idtbvr6", "text": "Yes, I know how syndications are structured. \n\nIn my experience, $6,000/ month opex is extremely low for 41 units. Does that number not include re taxes? \n\nWhat\u2019s your year 1 proforma NOI?", "replies": [{"id": "idto24g", "text": "I'm actually at the property today and don't have my computer, but if I remember correctly NOI based on the previous owners P&amp;L was about $190K, our year 1 is $225k and by the end of year 2 we will be at $300k with a more streamlined management process to curb expenses. We are proactive with handling the property and less reactive. Yes we are renovating the units, yes we are adding amenities, and yes we are raising rents. Our payroll for maintenance and management is $50k per year.", "replies": [{"id": "iduqio9", "text": "Hold on, if your annual opex is $72,000 and $50,000 of that is in-house maintenance and management, that means your taxes, insurance, landscaping, snow removal, legal/ accounting and all other common area expenses are only $22,000? I don\u2019t buy it\u2014 this is broker math. Your expenses are at least 2x what you claim they are.", "replies": [{"id": "idz2iu6", "text": "Sorry, let me be more clear as I was writing yesterday in haste and not writing everything out. We have a budget for capital expenses as well, but we raised money for these upgrades and so it is not truly part of our proforma. If you include the capital expenses planned for the first year then it looks like the property is negative cashflow, but only for the first year. We are replacing all of the flooring, roofs, several appliances but not all, A/C's that are 15 years or older which is 8 units @ $4,500 each. Other than the asset management fee, our split of the cashflow is taken during the cash distributions allocation every quarter which is how we had the PPM done. This allows for higher NOI and higher valuation later when we sell. Technically we are collecting a paycheck, but it's every quarter and not a monthly expense.\n\nI hope this clarifies some of your \"WTF's\". I am an open book and will share pretty much everything about the deal.", "replies": [{"id": "idzgepv", "text": "I\u2019m still confused. My comment was about opex, not capex. I assumed you have a capex reserve separate from the opex numbers you shared. I wasn\u2019t factoring in capex at all when I said your expenses should be twice as high. \n\nDid you get a huge tax abatement? Are you calling ordinarily R&amp;M capex? You said there\u2019s NOI so the buildings aren\u2019t empty\u2014 I still haven\u2019t heard a good explanation for why your operating expenses are so low. You\u2019re saying projected NOI is $230,000 and opex is $72,000. So your opex is 24% of your EGI? There\u2019s just no way\u2026 for perspective, new build 200+ unit complexes where everything is brand new, with in-house techs and management don\u2019t even run at 24% EGI.\n\nAlso, from an underwriting perspective it probably doesnt matter that you take PPM as a distribution. Any potential buyer is going to add 5-8% of EGI for management.", "replies": [], "depth": 14}], "depth": 13}], "depth": 12}], "depth": 11}, {"id": "idtrdki", "text": "\nIt\u2019s stupendously low. I can\u2019t believe it\u2019s actually that low. Just property taxes, assuming it\u2019s in a low prop tax state, would be around 4K a month. And then there\u2019s insurance, maintenance, management", "replies": [{"id": "idz4csl", "text": "Property taxes for the year were paid as part of closing and totalled $53k. Insurance was also paid at closing for the year at $21k. These are not an expense we have right now. \n\nWhen we bought the complex it was under performing and every unit rehabbed has been rented in less than 2 weeks at an average increase of $175 per unit. That works out to about $86k for the second year rental increase. Our rent collection increase after rehab will cover these costs alone for the next year.", "replies": [], "depth": 12}], "depth": 11}], "depth": 10}], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}, {"id": "idt4cb6", "text": "If you buy an existing property you will likely need additional funds for CapEx, conversely if you build the price per door will be much higher, but you won't have much in repairs and expenses and you can depreciate it.\nJust don't forget to take into account the downtime before you are able to collect any rent for either; rehab time and build time", "replies": [], "depth": 5}], "depth": 4}, {"id": "idtt5cy", "text": "As you mentioned, it depends where. In Denver it's hard to find a 5 Cap atm.", "replies": [], "depth": 4}], "depth": 3}, {"id": "idrsc0b", "text": "Pretty unrealistic, but not impossible, in this market unless you find a really good deal on some value add units. Even in the Midwest we\u2019re seeing multi family cap rates in the sub 6% range for quality assets. Cap rates across the board have been pretty low for a while now, however multifamily and industrial are really hot right now. For higher returns you may have to look to retail, office, mini storage, SFH portfolios, etc. \n\nIf you\u2019re set on multifamily, it\u2019ll be a bit more work, but you may be better off targeting several properties in the $500,000-$1,000,000 range. You may be able to find some smaller buildings 4-24 units in that range depending on age, location, etc. it\u2019ll be more work, but you\u2019ll have more leverage and higher returns than competing on $5,000,000+ class A apartment buildings that all the institutional and private money are chasing right now.", "replies": [], "depth": 3}, {"id": "idrsies", "text": "Are you confusing CAP with ROI?", "replies": [], "depth": 3}, {"id": "idtfpvk", "text": "https://www.reddit.com/r/realestateinvesting/comments/vify92/is_it_normal_to_build_a_cabin_for_20k_and_then/", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "idrls6k", "text": "$1million for downpayment?", "replies": [{"id": "idrqbis", "text": "Yes", "replies": [{"id": "idv4lle", "text": "That indicates you want to buy a property yourself, which would not be a passive investment. Look into syndications if you want to stay passive. Another commenter has already provided some info.", "replies": [], "depth": 3}, {"id": "idycggo", "text": "Check your dm", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "idrmo7s", "text": "Try building 50 cabins for 20k each ...I hear you can probably sell them for 35k a piece", "replies": [{"id": "idrna4h", "text": "This", "replies": [], "depth": 2}, {"id": "idrqx8e", "text": "Is this something that is done in a large parcel of land in a rural area for those who enjoy outdoor activities?", "replies": [{"id": "idrrcs5", "text": "I see you\u2019re new \u2018round these parts\u2026", "replies": [{"id": "idrrgk5", "text": "I thought it was sarcasm, but then I thought maybe he was being serious cause everyone thinks ohio is bumfuck", "replies": [{"id": "idrrm15", "text": "There was another poster a few days ago who basically asked something along the lines of \u201cShould I build a cabin for $20K and sell it for $35K?\u201d\n\nOddly specific with no other relevant info. It got quite the responses, so he/she is referencing &amp; joking about that.\n\nUnless of course\u2026 you have cabin building experience ;)", "replies": [{"id": "idrrrbi", "text": "I wish. Might\u2019ve given it a go around these parts of ohio lol", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ids4n2n", "text": "Savage...baaaahahaha. I know that post would have a few days of lasting effect.", "replies": [], "depth": 2}, {"id": "ieryi52", "text": "Lmao", "replies": [], "depth": 2}], "depth": 1}, {"id": "idrq32t", "text": "How do you buy a gas station,  that's what I want to know", "replies": [{"id": "idrr1vb", "text": "In the current market, they are overpriced and currently only built gas stations have potential to earn 6 figures.", "replies": [{"id": "idv7phl", "text": "I've seen some selling for low six figures. \n\nWhat's the deal with that?", "replies": [], "depth": 3}], "depth": 2}, {"id": "idyigdq", "text": "There are so many gas stations for sale right now WA state i can get you some if you interested haha", "replies": [{"id": "idyx1w1", "text": "I need one in indiana", "replies": [{"id": "idzeb2l", "text": "Mmmmm.  Out of my range:(", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "idruz2p", "text": "Rule #3", "replies": [], "depth": 1}, {"id": "idrwiq1", "text": "Stop commodifying housing.", "replies": [], "depth": 1}, {"id": "ids1cms", "text": "Following.\n\nBut with 1M you can probably expect 50-80k in yearly returns. Development would be silly to jump into without experience, but you have the capital for it, and with some LPs and serious skin in the game, you can probably get a nice promote for a deal with good upside..", "replies": [], "depth": 1}, {"id": "ids1veu", "text": "If you want a quick and dirty idea, go to crexi.com, filter on multifamily in your area, punch in say $3.5m-$4.5m.  Click on a couple of them and set your down payment to $1m and try to find one with a higher cap rate.\n\nWhere I'm at $4m in multifamily will cash flow about $1k/mo after debt service.  Just not worth it.\n\nYou'll be scratching your head why anyone would be doing that.  In my area $1m down will buy you a $10m portfolio of c-stores w/ gas that cash flow $150k/mo.", "replies": [{"id": "ids8cah", "text": "What area do you live in that has these numbers? Ohio is currently very over saturated.", "replies": [{"id": "idscwlu", "text": "US southwest", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "idsdqnn", "text": "Go back to school, get an education, and get a job?", "replies": [], "depth": 1}, {"id": "idsm71j", "text": "Leverage and buy a multiplex.", "replies": [], "depth": 1}, {"id": "idsoick", "text": "Passive investing implies to me that you want to invest vs own/build, I know several multi groups that take in private capital, cash on cash returns right now for stable deals is probably 3-4%, developments target LP IRR of 13-15%. If you\u2019re buying a stable larger multi deal right now cap rates average around 4%, if you\u2019re building, the market wants around 5.5% return on cost, depending on location, those of course are without debt or asset appreciation. I would find a good sponsor and invest the million for true passive income.", "replies": [], "depth": 1}, {"id": "idsue94", "text": "Invest in dividend stock or ETF none of the BS of real estate with a better long term return", "replies": [], "depth": 1}, {"id": "idsv5tn", "text": "I would remove new construction unless you want to build more gas stations in a different market. \n\nNeed to determine your own investing goals. Return. Hold period and risk tolerance. \n\nOnce you decide those, that will lead to particular asset types and classes. \n\nIf you\u2019re set on MF, as others noted. Just look for a value add &lt;20 units. Lots of out of state people invest in Ohio for the cash flow so you have an advantage of boots on the ground and local relationships to get something off market. \n\nUnderwrite, LOI, debt, PSA, DD review, close, transition, execute plan, stabilize then either refinance, exit or hold.", "replies": [], "depth": 1}, {"id": "idsx7qm", "text": "You can also look into syndication and become a LP with a MF investor to learn the ropes. \nWith the economy the way it is, cash will be king and having dry powder may (speculation) turn out to be lucrative so don't rush into anything. Times on your side right now. \n\nIf you own gas stations, there may be some redevelopment opportunities with those also. If they're on prime signalized corners and are .5 to 2 acres, can do long term leases with credit, national tenants.", "replies": [], "depth": 1}, {"id": "idsznxz", "text": "My background is apartment syndications so I will use an average deal as an example if a passive investor brought $1M. \n\nThere are two primary gains: cashflow and equity growth. \n-\tCashflow: Annual average of 6-8%. Last deal was 7% so $70K over quarterly distributions. $70K per year x 5 years = $350K. Due to accelerated depreciation, most cashflow during the hold period is tax free. This is dependent on your situation so talk to your CPA. \n-\tEquity growth when sold. The total equity multiple (EM) is around X2 (this includes the cashflow above). $1M invested x 2 EM - $350K = $650K in equity gain. This $650K is treated as capital gains which is why we offer to 1031 the total and defer the taxes by rolling it into another property to continue this growth.\n\nEnd of 5 years: $1M (return of your initial investment) + $350K (average cashflow during hold) + $650K (equity gain on sell) = $2M total\n\nEDIT: would like to highlight this is truly a passive investment compared to owning your own property which still requires work. Not saying one is better than the other, but depends on your investment goals. Time vs money", "replies": [{"id": "idtv7fj", "text": "Where do you learn how to do this stuff? I invest in multi family RE, but everyone that\u2019s making really good money seems to be in commercial. I have 100k in savings and want to start putting that money to work. Don\u2019t think this market is worth it though since rates are way too high.", "replies": [{"id": "iduiuxi", "text": "Read books. Listen to podcasts. The most important: surround myself with people doing what I want to do. The fun part about syndications it is such a team sport and there is enough to go around in terms of profits. Message me and happy to share all of the \u201csecrets\u201d that I have.\n\nOne misconception is that rising rates must mean it isn\u2019t worth investing. There is always a market out there and if the numbers work, then the numbers work. Interest rates really are not that high but they are rising so perfect time to get in the market especially since real estate tends to rise with inflation and has great tax benefits.", "replies": [{"id": "idv7p2a", "text": "Any books or podcasts you specially can recommend? I\u2019ve heard about syndications but didn\u2019t realize the numbers were like that?", "replies": [{"id": "idw21ue", "text": "To start\u2026\n\nBook: Best Ever Apartment Syndication \nPodcast: The Conscious Investor, Best Ever Real Estate Investing Advice\n\nThe numbers are deal dependent. Would love to check out what deals you have specifically seen", "replies": [{"id": "idw3fqs", "text": "Thanks for the recs! And I don\u2019t have any active deals or haven\u2019t looked into deals yet (as I don\u2019t know what I don\u2019t know) however I am a re investor and curious about other avenues in RE to generate pretty decent returns. I\u2019ll def check out your book and podcast recs.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "idx81gv", "text": "So if you roll your equity into another property is tax free? What about rolling rent income from the property into a deposit for another property is that still taxed at the normal rate?", "replies": [{"id": "idxi7lc", "text": "All numbers refer to my original example. \n\nIn most cases, a cost segregation study for bonus depreciation covers any tax liability on the cashflow. If it does not, then the remainder not covered would be treated as normal income. The equity gain at the sell of the property would be treated as capital gains which is what would be deferred if you were to 1031 into another property. Your initial investment returned would not have any tax liability. All of it ($1.65M) or some of it can be rolled over into another deal but only that $650K has a liability. \n\nThe $350K in cashflow comes to you over the 5 years which gives a much better IRR during the hold period. Some choose to put it in properties in alternative markets to diversify and continue to grow that capital. Some choose to live off of it.", "replies": [{"id": "ie0j5up", "text": "Amazing detailed response thank you so much", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "idt3a9i", "text": "Professional Asset Manager here. \n\nAre you looking to own and hold long term? Or develop and hold long term? Own and flip, or develop and flip? Etc. \n\nYou need to first decide on your strategy. Then you can seek opportunities that fit your strategy. \n\nIf your strategy is based on numbers. Such as take 1 million and throw it at multi family and you\u2019re asking how to maximize returns with the 1 million. That\u2019s quite the loaded question. You might want to first think about the 3-4 options your comfortable with. Then look at potential opportunities. \n\nFor example you can put a 1 million deposit on a c class property in some rotten terrible neighbourhood and make significant returns improving the property. But then again you\u2019ll have to deal with issues such as terrible tenants, drug use tenants, hoarders, pests, etc\u2026 you may not be ready to take on that type of project and headaches that come with it. \n\nPerhaps developing a new building is a good idea\u2026 but it comes with a host of issues you may be unfamiliar with. From installing the proper amenities and technology/features that attract good tenants\u2026 to appropriate in suite finishes that are robust to stand the wear and tear if tenants. Failing to understand your market can be costly and adjusts your returns downwards.", "replies": [{"id": "idtnxkn", "text": "The method of acquiring will vary. meaning I\u2019m still trying to figure out from everyone here whether developing or buying already made apartments is the right option. But the plan is to hold these long term.", "replies": [], "depth": 2}], "depth": 1}, {"id": "idt3r8x", "text": "Are you looking to do new construction or acquisition?  \n\nNew construction your probably looking at a 65-70% LTC.  Acquisition you could probably find a bank that would give you 80% LTV on a stabilized multi family.", "replies": [{"id": "idthktl", "text": "I was originally going towards new construction, but after hearing everyone\u2019s comments, I\u2019m realizing that\u2019s not the way to go for someone like me who\u2019s new in multi family\u2019s.", "replies": [], "depth": 2}], "depth": 1}, {"id": "idt98l5", "text": "I\u2019m an intern at a firm right now doing investments and acquisitions of multi family properties. If you\u2019re truly looking for a passive investment, letting a firm like that do the heavy lifting for you and you just getting a check every so often is the way to go. \n\nIf you\u2019re interested, we have a deal in the works right now if you\u2019re looking to invest. Send me a private message and we can talk.", "replies": [], "depth": 1}, {"id": "idt9obd", "text": "I have a 100 unit value add building in CA that you could invest in", "replies": [{"id": "iduvdrx", "text": "What city would this be located in?", "replies": [], "depth": 2}], "depth": 1}, {"id": "idtfxl4", "text": "You can probably buy a 4 million dollar property I wouldn\u2019t buy anything under a 10 cap right now take their gross rents X .95 for vacancy then X .65 to get NOI before debt service you multiply by 10 that\u2019s what you need to pay for it", "replies": [], "depth": 1}, {"id": "idtmtbd", "text": "Save your cash for now this time  next year there will be opportunities of over leveraged poor souls. Spend the time getting to know a couple of bankers make some deposits show them how smart u are  and how smart they will look helping you with credit", "replies": [], "depth": 1}, {"id": "idtnqj9", "text": "Despite what others are telling you on here, you can invest with that amount (or less). I am a member of an investment club that hears pitches frequently and individual members can invest either on their own OR the club may invest as a group. I'm going through a 506(b) investment now in multi-family, but there's only about 9 of us investing in this particular project out of the group and we're putting in a total of about $1M.\n\nThe other aspect of the club is networking - for example last week I met a person who converts warehouses into storage, and I've met a couple of people who invest in bridge loans.", "replies": [{"id": "idustgm", "text": "Sounds like fun. Later this summer I will have a new one we will be raising for if there is an interest feel free to DM me.", "replies": [], "depth": 2}], "depth": 1}, {"id": "idu1gud", "text": "I am an agent in dallas, I do primarily residential so please do reach out to me if you'd consider buying in this area.", "replies": [], "depth": 1}, {"id": "idv08xa", "text": "If you need a good agent in OH let me know", "replies": [], "depth": 1}, {"id": "idvvgia", "text": "How much volume do you do out of your gas stations?", "replies": [], "depth": 1}, {"id": "idw5xt3", "text": "Buying a multi family property is not a passive investment. Just find a reputable developer or operator to LP invest in.", "replies": [], "depth": 1}, {"id": "if25d0m", "text": "Lol all there people on here trying to be your agent. I\u2019ll lay it out for you cause you\u2019ve stated that you want 12% returns but haven\u2019t stated what your true risk is. The way I see it you have 2 options.\n1. You go and find a piece of land for a deal and are able to get a zone change on RE to R-4 or if your downtown some have even a higher density. You buy the piece of land and from there you can JV with an experienced developer and build 20 units with only the land as a down payment. From there if you are not on the personal guarantee I would expect them to split it 50/50 with you. 50% to developer for taking on a 3 mil loan and developing and 50% to you for supplying the land and down payment. If you want a higher percentage then you gotta take on the risk and be on the personal guarantee in which the profits then may be split 75/25 in your favor. But then you would be tied to a 3 mil recourse loan. \n2. You find a super small piece of land with high density. Usually in downtown areas like mine where on .3 AC people are putting 80+ units. Crazy I know. But you can buy a 400k piece of land and just put a simple 8 units on yourself and get the full 100% ownership/profits. \n\nBuying anything will get you your 4-5% a year. Developing will provide the money for your grandkids. \nIf you want to buy the piece of land next to mine and together we develop 80 units you can let me know. I have a feeling you would like the city i\u2019m in", "replies": [], "depth": 1}]