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Update 12/4/25 (by me). Shares sold; final profit of $890.54. My limit order was triggered yesterday and my shares were sold, closing out my position and finishing this deal. Here are my personal results, you may have done better or worse:

• Bought 99 shares of LEN @$122.29 (11/14) for $12,107.
• Tendered all 99 shares, exchanged for 409.53 shares of MRP (11/20 deadline).
• Received 409 MRP shares and $15.88 cash for the partial share (12/1).
• Sold 409 shares of MRP @31.74 for $12,981.66 (12/3).

Net profit was $890.54. Total time between purchase and sale was 19 calendar days, working out to an internal rate of return (IRR) of 290.98%. (At 5% APY, my interest over 23 days on $12,107 would have been about $32.) I usually try to buy within a week of the tender deadline, and sell within a week of receiving the final shares, and it takes roughly a week to exchange so the total time is usually around three weeks. The absolute ROI is 891/12107 = 7.4%.

Update 11/29/25 (by me). Check for exchanged shares. The final results have been released. My new MRP shares showed up after market close of Friday 11/28 in my Fidelity account, and probably in other brokerage accounts around this time as well. See original post below for past details, although the opportunity has passed.

The final exchange ratio was 1 share LEN to 4.1367 shares of MRP. The deal was oversubscribed, with a final proration factor of ~8.6% of shares tendered. However, those with “odd lots” of 99 shares or less were not subject to proration.

If treated as a short-term workout, your profit will depend on both your entry and exit price. This tender was drawn out due to the government shutdown, so your entry price could have varied widely, as low as around $115 per share. Mine wasn’t all that great at $122.29 x 99 shares = $12,107.

You would have gotten 409.53 shares of MRP, so 409 shares of MRP and a bit of cash later. At the Friday 11/28 close price of $30.46, 409 shares would be worth ~$12,458 for a rough profit of about ~$350 plus any fractional share payout later.

However, the actual price at which I will sell MRP is unknown. I don’t know how the market will open on Monday. I will note that 778,625 shares of LEN were tendered by odd-lot holders, which would now be about 3.2 million shares of MRP. Now, the 90-day average daily trading volume for MRP stock is only ~2 million shares. So if you think that all the odd-lot holders will want to sell, that might put some pressure on the stock for a while. I expect to watch things for a bit, but sell within a couple of weeks. Might put in a limit order.

If you did not hedge this bet (and thus losing some of the edge), then it is/was just a bet with a positive edge that you can still lose money on. Imagine you had to be “in the market” for a couple of weeks, but with a 6% buffer. If the market goes down worse than 6% during that time, you lose some money. Otherwise, you are ahead. For some, that is still too much risk. For others, it’s a gamble with an edge and they’ll take it using a appropriately sized portion of their bankroll. Personally, I would take that bet repeatedly. There’s a lot to be learned about investing with this little experiment. Again, please consider all the risks outlined in the original guest post below.

Update 11/14/25 (by me). Things moving forward. Things appear to have settled down, as this exchange offer had to be extended a few times due to the government shutdown (which includes the SEC). As it stands now, the expiration date is 12:00 midnight ET on November 21, 2025. Each broker will have their own cutoff time to participate in the offer, my Fidelity account shows a cutoff date of 11/20/2025 7:00 PM ET (although I’d call in before market close that day). I had to call in to tender my shares this time.

Lennar’s motivation to complete this exchange appears to remain strong, so my expectation is that it will go through. I make this update now because it means you still have time to do your own research (see risks explained in the guest post below), decide whether to buy 99 shares, and tender those shares. The site Envisionreports.com/lennarexchange remains a good place to see the updated live stats on this offer.

Original post 10/17/25:

From time to time, I participate in certain stock exchange offers which include a special provision for smaller investors, called “odd lot tenders”. You can find more background information on these short-term “arbitrage” plays in the last two offers that I joined: Cummins/Atmus Filtration and Johnson & Johnson/Kenvue.

Recently, Lennar (primarily a homebuilder) announced such an exchange offer as they try to complete their spinoff of Millrose Properties (an REIT, primarily a land bank). This time, Rich Howe of StockSpinoffInvesting.com – who has a lot more experience with these deals than me – has generously agreed to share his summary and analysis of the deal. Please enjoy the following guest post:

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Buy Lennar – Exchange Offer – Special Situation

October 15, 2025
LEN: $122.21
Market Cap: $30BN
Recommendation: Buy 99 shares of LEN, Exchange for shares of MRP
Expected Profit: $772 / 6.4%

Summary

Lennar (LEN) announced an exchange offer on October 10, 2025 whereby investors can exchange their LEN shares for shares of Millrose Properties (MRP), Lennar’s land bank spin-off. To incentivize the exchange, LEN investors will receive $106.43 of value in MRP shares for every $100 of value in LEN shares. I expect the exchange offer to be oversubscribed. However, there is an odd lot provision such that any LEN shareholders with 99 shares or less (odd lot provision) will not be prorated. Thus, there is an opportunity to buy 99 shares of LEN and exchange them for shares of MRP. This should result in a profit of ~6.4% / ~$757 (at current prices) in less than a month. The profit is not guaranteed (of course!) but is low risk, in my opinion. To participate in this exchange offer, you must contact your broker (you may be able to participate in the exchange offer online). It will not happen automatically.

Deadline: The exchange offer will expire on November 7, 2025. So this is time sensitive. Brokers typically require investors to give them notice about the exchange well before the official deadline. Schwab’s deadline will likely be November 5, 2025, but it would be prudent to buy on November 3, 2025 at the latest as it takes two days for shares to settle. I’m planning to buy 99 shares of LEN shares on or before November 3rd and then immediately call Schwab and ask to participate in the exchange offer. Other brokers (Fidelity, Interactive Brokers, etc.) have their own internal deadlines which are typically after the Schwab deadline.

Additional Details

Lennar (LEN) spun-off ~80% of Millrose Properties (MRP), its land bank, in February 2025.

It retained ~20% of the business.

On October 10, 2025, Lennar formally announced that it would spin off its remaining ~20% stake in Millrose Properties via an exchange offer.

I’ve highlighted key terms but you can visit the transaction’s live website with additional details.

For every $100 shares of LEN that you own, you will receive $106.38 of MRP shares.

Since this exchange represents an attractive return in a short period of time, I expect the offering to be oversubscribed (similar to previous exchange offers that I’ve covered).

However, there is an odd lot provision such that if you own fewer than 100 shares, you will not prorated.

Here is the exchange offer filing and a website which tracks the exchange offer indicative exchange ratio.

This offering is very similar to the many other split off/exchange offers that we’ve participated in.

Examples:

• CMI/ATMU Exchange – Unhedged trade worked well.
• JNJ/KVUE Exchange – Unhedged trade worked well (Iag shouldn’t have held onto KVUE shares).
• LLY/ELAN Exchange – Unhedged trade worked well.
• DHR/NVST Exchange – Unhedged trade worked well.
• ECL/CHX Exchange – Unhedged trade worked well.
• DD/IFF Exchange – Unhedged trade worked well.
• MMM/NEOG Exchange – Unhedged trade did not work.

How to Execute the Trade

LEN is currently trading at $122.21 per share.
MRP is currently trading at $31.96.
Here’s how the math works at current price levels.

Step 1
Buy 99 shares of LEN for $122.21 per share. Total cost of $12,099.

Step 2
Per the exchange offer, shareholders who elect to exchange their LEN shares will receive MRP shares at a 6% discount or at a price of $30.04 ($31.96 x (1-6%)). The MRP price hasn’t been finalized yet. But I’m using the current price plus the discount as I think that’s the best way to approximate what the actual price will be. The actual price will be determined by a formula laid out here.

$12,099 / $30.04 = 402.72 shares of MRP

402.72 shares of LEN / 99 shares of MRP = 4.07. 4.07 is lower than the max exchange ratio of 4.1367. If the ratio were higher than 4.1367, the number of MRP shares would be maxed out at 409 (4.1367 * 99).

Step 3
Sell MRP shares that are received once the exchange goes through. It usually takes Schwab about a week to process the exchange offer. I expect to receive my MRP shares by November 14, 2025 or shortly thereafter.

At current prices, the trade is expected to generate a profit of $772.

In terms of timing, the exchange offer expires on November 7, 2025 (unless LEN changes it), and so I recommend that you buy LEN shares no later than November 3rd to ensure you make the deadline (it takes two trading days for your purchase to settle and brokers internal deadlines are usually 2 days prior to the official company deadline). After you purchase shares, call your broker and ask them to tender your shares. This is important. Your participation in the exchange isn’t automatic.

I created a spreadsheet to track the profitability of this trade. Here is a screenshot of it:

You can access the spreadsheet here: LEN / MRP Exchange Offer Spreadsheet
(to edit, make a copy of the spreadsheet and plug in your own assumptions)

Thoughts on Millrose Properties?

Millrose was created when Lennar contributed ~$5.5 billion in undeveloped, partially developed, and some fully developed land assets, along with up to $1 billion in cash, to Millrose. Millrose operates as an independent entity, acquiring and developing land to deliver finished homesites under land option contracts. At the time of the spin-off, it only served Lennar but it plans to engage with other homebuilders as well.
Lennar pays Millrose option fees for the right to buy land on Millrose’s balance sheet.

This strategic move is part of Lennar’s ongoing shift toward an asset-light operating model, aiming to reduce financial risk and enhance returns by minimizing direct land ownership.

I’m happy to own Millrose Properties at a 6% discount, but don’t want to own the stock for the long term as I believe its ability to grow and generate upside is limited given Lennar’s right to purchase its land.

What are the risks?

LEN Sells Off
If you buy LEN, and it sells off prior to the exchange, you could lose money. I’m not particularly worried about this risk, as investors will likely continue to bid LEN shares up to take advantage of the share exchange.

A major sell off could happen if some random negative news hits LEN (for instance negative news in a lawsuit). This is unlikely but did happen during the MMM/NEOG exchange offer. JNJ also had a negative court ruling during its exchange offer, but the exchange was still profitable.

If LEN does sell off, it would have to sell off by ~6.4% for you to lose money. To minimize risk, you could also short out the MRP exposure.

I looked back at the performance of the parent during similar transactions and found that it usually performs well (average: +2.2%; median: +3.8%)

The Exchange Is Canceled or the Odd Lot Provision is Removed
Lennar wants to distribute its ~20% stake in Millrose Properties and this is an efficient way to do so. I don’t expect it to be canceled, but it’s possible.
The odd lot provision could be removed, however, this has never happened for split off transactions (that I’m aware of). Nonetheless, it could happen!

Millrose Properties (MRP) Stock is Weak After the Share Exchange Closes
If the share exchange closes and investors who’ve exchanged their LEN shares for MRP shares make 6.4%, but then MRP shares immediately depreciate by more than 6.4%, this trade will lose money. In other words, this trade can lose money even though the initial math looks favorable.

While this risk is valid, I’m comfortable participating in this trade and believe it represents an attractive risk/reward.

Disclosure
Rich Howe, owner of Stock Spin-off Investing (“SSOI”), doesn’t own LEN shares but plans to buy them. All expressions of opinion are subject to change without notice. This article is provided for informational purposes. We do not warrant the completeness or accuracy of this content. Please do your own due diligence and consult with an investment adviser before buying or selling any stock mentioned on www.stockspinoffinvesting.com.

Chime, one of the largest fintech banking apps, just send out an e-mail confirming that they are again offering “100% Free” tax filing software for both Federal and State returns, including e-file. Available for all new and existing Chime users, this is done in partnership with Column Tax and April, both companies that offer white-label “generic” tax software.

To allay fears of sub-par tax software, they include:

• 100% Accuracy Guarantee: If a user pays an IRS penalty because of a calculation error made by Chime’s tax filing partners april or Column Tax, they will reimburse up to $10,000.
• Max Refund Guarantee: If a member finds they’re eligible for a higher return elsewhere, they will be reimbursed the difference.

One drawback is that you have to do it in-app, which might be cumbersome if you a lot of manual entries. However, they do allow you to scan your last years’ tax return in order to import your data from last year. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing.

According to Chime.com/taxes, they support everything up to W-2 income, self-employed, 1099 freelance, gig work income, unemployment income, crypto and/or stock sales, and itemized deductions. I’d say the sweet spot for this app is if your tax situation isn’t overly complex, but maybe you do have some stock transactions or 1099 income so you’d be nudged to upgrade to a higher TurboTax version that costs extra.

If you are thinking of joining as a new customer, you should first open via a $100 referral link which currently offers a $100 bonus after a $200+ direct deposit within 45 days of opening. That’s mine, thanks if you use it. Chime has no minimum balance and no monthly fees.

Crypto exchange OKX is currently offering a 5% deposit bonus on USDG held for 90 days (within a 180-day window) for new and existing customers. This is on top of 5% APY on USDG stablecoin. New customers can get a $150 referral bonus in crypto after depositing and trading $200+ in crypto (30-day hold period). Details below.

Deposit match details. Here are the details on the 5% deposit match starting December 2025. This is a new promotion, separate from the previous 10% deposit match. Existing OKX customers can participate in this new one with new deposits.

• Be sure to “join” the offer before making your deposits, to get the match!
• Get a 5% match for every 1,000 USDG you deposit (buy) and hold for 90 days, up to a max reward of 250 USDG after depositing 5000 USDG (pegged 1:1 = $5,000). On-chain deposits of crypto and direct purchases of crypto via ACH bank transfer, debit card, or Apple Pay and Google Pay also count.
• This works in increments of 1,000. So if you buy/deposit 1,200 USDG, you’ll only get 50 USDG for meeting the 1,000 USDG tier. You can make multiple deposits and it will track them and add them up. See my screenshot of the tracker below.
• Your rewards make take up to 5 minutes to reflect.
• Rewards must be held for 90 days within a 180-day window before you can use, trade, or withdraw them.

Deposit match tiers and available rewards are defined as follows:
$1,000 to $1,999 -> 50 USDG
$2,000 to $2,999 -> 100 USDG
$3,000 to $3,999 -> 150 USDG
$4,000 to $4,999 -> 200 USDG
$5,000 and above -> 250 USDG

In addition, OKX is paying 5% APY on USDG deposits currently. The deposit bonus works out to a payout of 5% over 90 days, or 20% annualized + 5% APY = 25% total annualized return over 90 days. In other words, if I put in $5,000, in 90 days I’ll expect to take out an extra $250 + ~$62 in interest = $312.

The app does a good job of showing you exactly how many days you have left in the hold period. If you see a date that is 180 days out, that refers to the 180-window. You have to meet the tier for 90 days within a 180-day window.

USDG stablecoin is not FDIC-insured. They are supposedly fully backed by US Treasury Bills with monthly audits and regulated by Singapore, but I still plan to withdraw my USDG out into a real bank as soon as the holding period is over.

$150 New customer bonus details. Here are the steps for the $150 bonus for new OKX customers:

• Sign up via referral link. I think they allow either smartphone or browser sign-up, but identity verification may be easier on a smartphone. That’s my referral link, which should auto-populate with the promo code 79795662. Thanks if you use it!
• Complete identity verification (driver’s license and smartphone selfie).
• Deposit $200+ of either cash (link bank account via Plaid) or crypto within 30 days.
• Buy $200 or more of crypto (can be stablecoin like USDG) and hold the assets for at least 30 days within a 90-day period.
• After 90 days, the bonus will be tradable and withdrawable.

You should get confirmation of the bonus shortly after linking a bank account and making the trade. Here’s some app screenshots regarding my bonus, which are pretty clear. I did mine on 10/21/25 and so mine unlocks on 1/19/26. (The bonus used to be $200, but it went down to $50 and is currently $150. Not sure if it will ever go back to $200.)

Please perform your own due diligence on crypto apps. They are not regulated on the same level as bank account or brokerage accounts. I usually don’t like to keep significant funds in there any longer than is required for the bonus to clear, but in this case the reward/risk ratio for 90 days is acceptable to me. Here is the OKX Wikipedia page and they are profiled in the Forbes article “The World’s Most Trustworthy Crypto Exchanges”. (Also see: Kraken and Gemini bonuses.)

Note: OKX does not allow customers to be individuals residing in New York, Texas, American Samoa, Guam, the Northern Mariana Islands, and the US Virgin Islands.

PayPal offers a “Pay Later” option (Pay in 4 and Pay Monthly), which I would normally tell you to avoid at all costs because it’s just consumer debt in yet another package like Klarna and Afterpay, but right now they are offering many people a 20% off promo, worth up to $250 off a $1,250 purchase. You can look for this offer either online at PayPal.com under “Rewards” after logging in, or in your PayPal app. Importantly, you must opt-in and “save” the offer first before making a purchase. This expires very soon, mine says 12/2 at December 2nd 11:59PM PST. Here is a screenshot from my account.

Many major retailers allow you to check out via PayPal, including Target, Best Buy, eBay, Macy’s, B&H.

Indeed, I don’t see why you couldn’t buy $1,250 in gift cards from Best Buy or gift cards from Target, and so on. Many of the gift cards are already discounted.

I was able to buy 3 x $200, 3 x $100, 3 x $75, and 3 x $50, and 3 x $25 in Amazon digital gift cards ($1,125 total) from Best Buy and checking out using PayPal “Pay in 4”. You could also round out the max by buying other assorted gift cards, like Apple. For example, a $200 Macy’s gift card was already discounted to $170 at Best Buy, which 20% off would take off another $40. I was also thinking about Airbnb gift cards at Target, where you also get a $25 bonus gift card with $250 Airbnb gift card purchase, which you could then stack with the PayPal 20% off.

It took about 30 minutes after purchase for the digital gift card codes to arrive. My PayPal rewards also showed up as “Pending” in that timeframe. There was no interest charge or additional fees on this purchase, assuming I make the four payments on time. For example, a $1,000 purchase would have been broken up into four payments of $250.

The terms state that there will only be a soft credit check, so no effect on your credit score. Of course, I expect to pay off this purchase Hat tip to Dansdeals.

20% cash back on one Pay Later purchase with PayPal
Limited time. Terms and exclusions apply.

1. Save the offer below.
2. Buy now, pay later with PayPal at your favorite stores. Subject to availability
3. For a limited time, get 20% cash back on one eligible Pay Later purchase through December 2nd 11:59PM PST

Get 20% on up to max $1,250 spend on a single transaction. Up to 2B points available

When applying for PayPal Pay Later solutions, a soft credit check may be needed, but will not affect your credit score. You must be 18 years old or older when applying for Pay Later.

Updated for Rent Day 12/1. Bilt Rewards recently announced “Bilt 2.0” which promises three new credit cards with rewards on both mortgage payments and rent. Applications are not open yet; More details supposedly coming January 2026. If you have the existing card issued by Wells Fargo, it is scheduled to work as usual until February 6th, 2026.

December 1st, Bilt is offering a transfer bonus to British Airways* Avios of between 50% and 100%. (* or Aer Lingus and Iberia Avios.) Avios can be pretty useful in many cases, and this transfer bonus is a potential way of getting excellent value out of your Bilt points, if you have a redemption in mind.

If you haven’t, you should also link your Rakuten account to Bilt for a small but pretty easy bonus. Look for the option in the app.

Rent Day also means 2X double points where you can get 6X on dining, 4X on travel, and 2X on other purchases (except rent). There is a cap of 1,000 bonus points. Remember that you must use your card to make 5 purchases (of any amount) each statement period to earn points.

Existing Bilt members can still earn lots of Bilt points just for paying monthly rent to any landlord with no transaction fees, which is their most important feature.

Full review on the old card:

The updated Bilt Mastercard is a unique credit card that earns rewards on rent payments to any landlord. Bilt is a rent payment platform and they will send your landlord a check or ACH bank transfer so that your landlord will not have to do anything. The credit card itself is issued by Wells Fargo. Bilt has bonus categories and a variety of points redemption options like many other rewards credit cards. Here are the highlights:

• Up to 1X points spent on rent payments without the transaction fee, up to 100,000 points each calendar year.
• 3X points on dining.
• 2X points on travel including hotels, rental cars, and cruises when booked directly with airlines, hotels, and car rental agencies.
• 1X points on other purchases.
• Earn points when you make 5 transactions that post each statement period.
• When renting at a Bilt Alliance property, you can choose to have your rent payments automatically reported by Bilt to the three major credit bureaus each month; Experian(TM), TransUnion(TM), and Equifax(TM).
• No annual fee.
• World Elite Mastercard perks like cell phone insurance and purchase protection.

That means your rent can be up to $100,000 per year ($8,333 per month) and you would still be able to take full advantage of the 1X points per dollar spent on rent payments. They do require you to make at least 5 transactions per month (rent can be one), otherwise too many people might just put their rent on the card and not use the card otherwise.

Bilt has partnered with the owners of over 2,000,000 apartment units to create the Bilt Rewards Alliance. The easiest way is find out if you live in a qualifying property is to simply type in your address into the Bilt app.

Bilt also offers Double Points on “Rent Day”, aka the 1st of every month. This means that on the 1st day of every month, you can get 6X on dining, 4X on travel, and 2X on other purchases(except rent). They also offer other promos on this day.

Bilt Rewards Points redemption options

Travel partners. Bilt Rewards points transfer on a 1:1 basis to the following hotel and airline partners. You can also get 100 bonus points for every loyalty program you link to Bilt.

• Alaska Airlines Atmos (Hawaiian)
• Air Canada Aeroplan
• United Airlines
• FlyingBlue (Air France/KLM)
• Miles & Smiles (Turkish Airlines)
• Emirates Skywards
• Cathay Pacific Asia Miles
• British Airways Executive Club
• Virgin Atlantic Flying Club
• Aer Lingus Aer Club
• Turkish Miles & Smiles
• Iberia Plus
• TAP Air Portugal
• World of Hyatt
• IHG One
• Accor ALL

Hyatt hotel points, Alaska, and United are likely the most useful points for the average US traveler. I am conservative when valuing points and miles due to their redemption hassles and steady threat of devaluation, so I would place the value here a 1 cent a point even though I definitely plan to exceed that. You may wish to use a different value.

Home Downpayment? Bilt says that your points can be redeemed at 1.5 cents per point when used towards a home downpayment. This seems like it might be rather complicated to actually redeem, so I would keep it mind but wouldn’t count on it. If you racked up 100,000 points over time, it would be nice to have $1,500 via this method.

Shop with Points at Amazon. You can link your Bilt Rewards points to Amazon and pay for your purchases at rate of 0.70 cents per point.

Rent. Bilt will let you convert points towards your next rent payment at 0.55 cents per point. This is not a good redemption rate when compared to the miles/Hyatt option. It’s too bad there is no easy, decent cash-out option.

Statement credit. Bilt will also let you convert points towards a statement credit on your credit card statement at 0.55 cents per point.

Other options include fitness classes or physical items like “limited-edition” home decor or art in the “Bilt Collection” catalog. Personally, I like being able to add to my Hyatt and Canada Aeroplan stash.

Possibly help your credit score? When renting at a Bilt Alliance property, your on-time payment activity can be automatically reported to the three major credit bureaus. In addition, with the optional “BiltProtect” feature, your rent payments will be immediately withdrawn from a linked bank account so your credit limit is not decreased (and ideally your rent won’t contribute to your credit card debt).

How do I pay my landlord or property manager? They don’t take credit cards due to the transaction fees. Bilt will provide you with a bank ACH routing number and account number that you can use to perform an ACH transfer, or they will simply send a paper check on your behalf. In March 2025, Bilt added a pre-authorization step that you have to do first in the Bilt app. After that they will provide you new routing and account numbers. You don’t actually pay with the credit card, nor do you or your landlord have to pay any credit card transaction fees.

1. Pre-authorize your payment in the Bilt app (before you pay rent)
Each month, pre-authorize your rent payment from the Bilt app, up to five (5) days before paying rent.
Select your rent amount and payment method.
Use your Bilt Mastercard® for your usual rewards and waived fees, or
Use any other credit/debit card to earn both Bilt Points AND your card’s rewards.
First time only: You’ll receive your BillPay by Bilt routing and account numbers. Add these to your property’s payment portal, replacing your old Rent Rewards account details.
Optional: After setting up BillPay, you can enable auto-authorization under ‘Rent Payment Options’ by selecting the day of the month and payment amount you want automatically authorized each month.

Free cell phone protection. Pay your monthly cell phone bill with your Bilt Mastercard and get up to $800 of protection (subject to $25 deductible) against covered damage or theft. For complete coverage details, visit wellsfargo.com/biltbenefits. To file a claim, call 1-800-316-8051 or visit mycardbenefits.assurant.com.

Bottom line. The Bilt Mastercard offers a unique rewards structure targeted specifically at all renters with any landlord. At $2,000 a month in rent, the 1X rewards would add up to 24,000 points per year in rewards = 24,000 Alaska Atmos (Hawaiian) or United miles or 24,000 Hyatt points with no additional transaction fees and no credit card annual fee. You may even do better if you wait for a “Rent Day” promo on the first of the month. Something to consider if you already have to pay rent anyway.