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Build-to-Rent Investing: From Blackstone to Boutique Firms w/ August Biniaz · Real Estate Investing with RealDealCrew

• 0:00
  Are
• 0:00
  you
• 0:00
  ready
• 0:00
  to
• 0:00
  discover
• 0:01
  the
• 0:01
  next
• 0:01
  big
• 0:02
  thing
• 0:02
  in
• 0:02
  real
• 0:02
  estate?
• 0:03
  Today
• 0:04
  we're
• 0:04
  diving
• 0:04
  into
• 0:05
  a
• 0:05
  game
• 0:05
  changing
• 0:06
  asset
• 0:06
  class
• 0:07
  that's
• 0:07
  reshaping
• 0:08
  the
• 0:08
  market
• 0:08
  landscape.
• 0:09
  In
• 0:10
  this
• 0:10
  episode
• 0:10
  you'll
• 0:11
  learn
• 0:11
  about
• 0:11
  the
• 0:12
  rise
• 0:12
  of
• 0:12
  Build
• 0:13
  to
• 0:13
  Rent
• 0:13
  communities
• 0:14
  while
• 0:15
  they're
• 0:15
  attracting
• 0:15
  a
• 0:16
  new
• 0:16
  generation
• 0:16
  of
• 0:16
  renters
• 0:17
  and
• 0:17
  how
• 0:18
  they
• 0:18
  offer
• 0:18
  unique
• 0:19
  investment
• 0:19
  opportunities.
• 0:20
  We'll
• 0:21
  explore
• 0:21
  the
• 0:22
  strategies
• 0:22
  behind
• 0:22
  these
• 0:23
  developments
• 0:24
  and
• 0:24
  what
• 0:24
  makes
• 0:25
  them
• 0:25
  a
• 0:25
  lucrative
• 0:26
  choice
• 0:26
  for
• 0:26
  investors.
• 0:27
  If
• 0:28
  you
• 0:28
  find
• 0:28
  value
• 0:28
  in
• 0:29
  today's
• 0:29
  insights,
• 0:30
  don't
• 0:30
  forget
• 0:30
  to
• 0:30
  hit
• 0:30
  that
• 0:31
  subscribe
• 0:31
  button
• 0:32
  and
• 0:32
  share
• 0:32
  the
• 0:32
  video
• 0:33
  with
• 0:33
  a
• 0:33
  friend.
• 0:34
  Let's
• 0:34
  get
• 0:34
  started.
• 0:39
  August.
• 0:40
  Ben
• 0:40
  joins
• 0:41
  me
• 0:41
  here
• 0:41
  today
• 0:41
  and
• 0:42
  you
• 0:42
  can
• 0:42
  learn
• 0:42
  what
• 0:43
  his
• 0:43
  team
• 0:43
  can
• 0:43
  help
• 0:43
  you
• 0:44
  with.
• 0:44
  Head
• 0:44
  over
• 0:45
  to
• 0:45
  cpicapital.com
• 0:47
  clickable
• 0:47
  link
• 0:48
  in
• 0:48
  the
• 0:48
  show
• 0:48
  Notes
• 0:49
  as
• 0:50
  always,
• 0:50
  it's
• 0:51
  great
• 0:51
  to
• 0:51
  see
• 0:51
  you
• 0:52
  again,
• 0:52
  August.
• 0:53
  There's
• 0:54
  been
• 0:54
  a
• 0:54
  lot
• 0:54
  that's
• 0:55
  changed
• 0:55
  in
• 0:55
  your
• 0:55
  world
• 0:56
  since
• 0:56
  the
• 0:56
  last
• 0:56
  time
• 0:56
  we
• 0:57
  were
• 0:57
  on
• 0:57
  you
• 0:57
  just
• 0:58
  before
• 0:58
  we
• 0:58
  hit
• 0:59
  record
• 1:00
  mentioned
• 1:01
  Rent
• 1:01
  to
• 1:01
  build,
• 1:02
  which
• 1:02
  is
• 1:02
  a
• 1:03
  completely
• 1:03
  different
• 1:03
  asset
• 1:04
  class
• 1:04
  since
• 1:04
  the
• 1:04
  last
• 1:05
  time.
• 1:06
  I'd
• 1:06
  be
• 1:06
  curious
• 1:07
  like
• 1:07
  how
• 1:08
  did
• 1:08
  you
• 1:08
  find
• 1:08
  your
• 1:09
  way
• 1:09
  into
• 1:09
  that
• 1:09
  or
• 1:09
  what
• 1:10
  made
• 1:10
  you
• 1:10
  move
• 1:10
  in
• 1:10
  that
• 1:10
  direction?
• 1:11
  Of
• 1:11
  course.
• 1:11
  Yeah,
• 1:12
  thanks
• 1:12
  for
• 1:12
  having
• 1:12
  me.
• 1:13
  Appreciate
• 1:13
  being
• 1:13
  here
• 1:13
  Jack
• 1:14
  and
• 1:14
  look
• 1:14
  forward
• 1:14
  to
• 1:15
  add
• 1:15
  value
• 1:15
  to
• 1:15
  your
• 1:16
  audience.
• 1:16
  But
• 1:16
  yeah,
• 1:16
  commercial
• 1:17
  real
• 1:17
  estate
• 1:18
  there
• 1:19
  are
• 1:19
  these
• 1:19
  different
• 1:19
  asset
• 1:20
  classes
• 1:20
  under
• 1:20
  commercial
• 1:21
  real
• 1:21
  estate
• 1:21
  umbrella
• 1:22
  multifamily
• 1:23
  being
• 1:23
  one
• 1:23
  of
• 1:24
  those
• 1:25
  apartments
• 1:25
  across
• 1:26
  the
• 1:26
  U.S.
• 1:27
  industrial
• 1:27
  is
• 1:28
  another
• 1:28
  hospitality
• 1:29
  office.
• 1:30
  These
• 1:30
  are
• 1:31
  really
• 1:32
  different
• 1:32
  property
• 1:32
  types
• 1:33
  that
• 1:33
  consumers
• 1:34
  use
• 1:34
  for
• 1:34
  their
• 1:35
  needs.
• 1:35
  When
• 1:35
  it
• 1:35
  comes
• 1:35
  to
• 1:35
  structures
• 1:37
  that
• 1:37
  exist
• 1:37
  out
• 1:37
  there,
• 1:38
  there
• 1:38
  is
• 1:38
  a
• 1:38
  somewhat
• 1:39
  of
• 1:39
  a
• 1:39
  newer
• 1:39
  asset
• 1:40
  class
• 1:40
  called
• 1:40
  built
• 1:41
  to
• 1:41
  rent.
• 1:41
  Now
• 1:42
  it
• 1:42
  somewhat
• 1:42
  falls
• 1:43
  on
• 1:43
  their
• 1:43
  multifamily
• 1:44
  but
• 1:44
  in
• 1:44
  my
• 1:44
  opinion
• 1:45
  is
• 1:45
  really
• 1:45
  an
• 1:45
  asset
• 1:46
  class
• 1:46
  of
• 1:46
  its
• 1:46
  own.
• 1:47
  And
• 1:48
  the
• 1:48
  spawn
• 1:49
  of
• 1:49
  this
• 1:49
  asset
• 1:49
  class
• 1:49
  was
• 1:50
  really
• 1:50
  wild.
• 1:51
  Would
• 1:51
  you,
• 1:51
  would
• 1:51
  you
• 1:52
  want
• 1:52
  me
• 1:52
  to
• 1:52
  get
• 1:52
  into
• 1:52
  kind
• 1:53
  of
• 1:53
  the
• 1:53
  background
• 1:53
  of
• 1:53
  this?
• 1:54
  Absolutely,
• 1:55
  go
• 1:55
  for
• 1:55
  it.
• 1:56
  We
• 1:56
  got
• 1:56
  to
• 1:56
  assume
• 1:57
  that
• 1:57
  the
• 1:57
  people
• 1:58
  that
• 1:58
  are
• 1:58
  listening
• 1:58
  to
• 1:58
  this,
• 1:59
  this
• 1:59
  might
• 2:00
  be
• 2:00
  the
• 2:00
  first
• 2:00
  time
• 2:00
  they've
• 2:00
  heard
• 2:01
  of
• 2:01
  this.
• 2:01
  So
• 2:01
  let's
• 2:01
  back
• 2:02
  it
• 2:02
  up
• 2:02
  and
• 2:02
  make
• 2:02
  sure
• 2:03
  all
• 2:04
  the
• 2:04
  basis
• 2:04
  of
• 2:05
  course.
• 2:05
  Yeah.
• 2:05
  So
• 2:06
  post
• 2:06
  GFC,
• 2:07
  post
• 2:07
  2008
• 2:08
  subprime
• 2:09
  mortgage
• 2:09
  crisis,
• 2:10
  a
• 2:10
  lot
• 2:10
  of
• 2:10
  institutions,
• 2:11
  these
• 2:12
  are
• 2:12
  real
• 2:12
  estate
• 2:12
  investment
• 2:13
  institutions
• 2:13
  or
• 2:13
  private
• 2:14
  equity
• 2:14
  institutions
• 2:15
  like
• 2:15
  Blackstone
• 2:16
  of
• 2:16
  the
• 2:16
  world.
• 2:16
  And
• 2:16
  I'll
• 2:17
  get
• 2:17
  into
• 2:18
  how
• 2:18
  Blackstone
• 2:19
  relates
• 2:19
  to
• 2:19
  this,
• 2:20
  this
• 2:21
  storyline
• 2:22
  and
• 2:22
  this
• 2:22
  situation.
• 2:22
  But
• 2:23
  a
• 2:23
  lot
• 2:23
  of
• 2:23
  these
• 2:23
  investment
• 2:24
  firms,
• 2:24
  private
• 2:24
  equity
• 2:25
  firms
• 2:25
  realize
• 2:25
  that
• 2:26
  there's
• 2:26
  an
• 2:26
  opportunity
• 2:26
  to
• 2:27
  purchase
• 2:28
  single
• 2:28
  family
• 2:29
  homes
• 2:29
  across
• 2:29
  the
• 2:29
  US
• 2:30
  Scattered
• 2:30
  sites
• 2:31
  as
• 2:31
  they're
• 2:31
  known,
• 2:32
  individual
• 2:32
  single
• 2:32
  family
• 2:33
  homes
• 2:33
  in
• 2:33
  markets
• 2:34
  that
• 2:35
  depreciated
• 2:36
  significantly,
• 2:37
  in
• 2:37
  some
• 2:37
  cases
• 2:38
  30
• 2:38
  or
• 2:39
  40%
• 2:39
  less
• 2:40
  than
• 2:40
  their
• 2:40
  peak
• 2:41
  prices.
• 2:41
  And
• 2:42
  their
• 2:42
  thesis
• 2:43
  was
• 2:43
  really
• 2:43
  that
• 2:44
  Single
• 2:44
  family
• 2:45
  home
• 2:45
  prices
• 2:45
  starting
• 2:46
  from
• 2:46
  after
• 2:47
  World
• 2:47
  War
• 2:47
  II
• 2:48
  had
• 2:48
  gone
• 2:49
  up
• 2:49
  in
• 2:49
  price
• 2:49
  every
• 2:50
  single
• 2:50
  year.
• 2:52
  Tiny
• 2:52
  little
• 2:52
  dip
• 2:52
  in
• 2:53
  California
• 2:54
  in
• 2:54
  the
• 2:54
  90s.
• 2:54
  But
• 2:55
  aside
• 2:55
  from
• 2:55
  that,
• 2:56
  single
• 2:56
  family
• 2:56
  homes
• 2:57
  have
• 2:57
  gone
• 2:57
  up
• 2:57
  in
• 2:57
  price
• 2:58
  every
• 2:58
  single
• 2:58
  year
• 2:59
  basically
• 2:59
  from
• 2:59
  the
• 2:59
  50s
• 3:00
  until
• 3:00
  approximately
• 3:01
  2008.
• 3:02
  And
• 3:02
  they
• 3:03
  knew
• 3:03
  that
• 3:03
  this
• 3:04
  was
• 3:04
  just
• 3:04
  a
• 3:04
  market
• 3:05
  cycle
• 3:05
  that
• 3:06
  was
• 3:06
  going
• 3:06
  through
• 3:06
  and
• 3:07
  what
• 3:07
  was
• 3:07
  taking
• 3:07
  place
• 3:07
  and
• 3:08
  that
• 3:08
  real
• 3:08
  estate
• 3:08
  prices
• 3:09
  would
• 3:09
  come
• 3:09
  back.
• 3:10
  So
• 3:10
  their
• 3:10
  idea
• 3:11
  was
• 3:11
  to
• 3:11
  go
• 3:11
  out
• 3:11
  there
• 3:12
  and
• 3:12
  buy
• 3:12
  as
• 3:12
  many
• 3:12
  single
• 3:13
  family
• 3:13
  homes
• 3:14
  as
• 3:14
  possible.
• 3:15
  Now
• 3:16
  others,
• 3:16
  other
• 3:16
  institutions
• 3:17
  in
• 3:17
  the
• 3:17
  space,
• 3:17
  like
• 3:18
  Sam
• 3:18
  Zell,
• 3:18
  he's
• 3:19
  no
• 3:19
  longer
• 3:19
  with
• 3:19
  us,
• 3:20
  but
• 3:20
  he's
• 3:20
  grandfather
• 3:20
  of
• 3:21
  real
• 3:21
  estate
• 3:21
  investing.
• 3:21
  He
• 3:22
  was
• 3:22
  the
• 3:22
  creator
• 3:22
  of
• 3:22
  the
• 3:22
  modern
• 3:23
  day
• 3:23
  REITs.
• 3:23
  His
• 3:24
  idea
• 3:24
  was
• 3:24
  that
• 3:25
  this
• 3:25
  model
• 3:25
  doesn't
• 3:26
  make
• 3:26
  sense
• 3:26
  because
• 3:26
  if
• 3:26
  you're
• 3:27
  going
• 3:27
  buying
• 3:27
  single
• 3:28
  family
• 3:28
  homes,
• 3:28
  that
• 3:28
  a
• 3:29
  tenant
• 3:29
  is
• 3:29
  not
• 3:29
  the
• 3:29
  same
• 3:29
  profile
• 3:30
  as
• 3:30
  somebody
• 3:30
  that
• 3:31
  would
• 3:31
  buy
• 3:31
  a
• 3:31
  home
• 3:31
  and
• 3:31
  they
• 3:31
  would
• 3:32
  trash
• 3:32
  them
• 3:32
  and
• 3:32
  the
• 3:33
  expense
• 3:33
  costs
• 3:33
  will
• 3:34
  be
• 3:34
  too
• 3:34
  high
• 3:34
  for
• 3:35
  investment
• 3:36
  firms
• 3:36
  to
• 3:36
  manage
• 3:37
  these
• 3:37
  properties.
• 3:38
  But
• 3:38
  Blackstone
• 3:39
  believed
• 3:39
  differently.
• 3:40
  Blackstone
• 3:40
  ended
• 3:41
  up
• 3:41
  partnering
• 3:41
  with
• 3:41
  a
• 3:42
  firm
• 3:42
  out
• 3:42
  of
• 3:42
  Britain
• 3:43
  and
• 3:43
  they
• 3:44
  created
• 3:44
  Invitation
• 3:45
  Homes.
• 3:45
  They
• 3:46
  went
• 3:46
  out
• 3:46
  there
• 3:46
  and
• 3:46
  bought
• 3:47
  50,000
• 3:47
  homes
• 3:48
  and
• 3:48
  eventually
• 3:49
  bought
• 3:50
  75,000
• 3:51
  homes.
• 3:51
  At
• 3:52
  that
• 3:52
  time
• 3:53
  they
• 3:53
  took
• 3:53
  the
• 3:53
  company
• 3:53
  public.
• 3:55
  Blackstone
• 3:55
  exited
• 3:57
  that
• 3:58
  firm.
• 3:58
  Invitation
• 3:59
  Homes
• 3:59
  obviously
• 4:00
  kept
• 4:00
  it
• 4:00
  going.
• 4:00
  But
• 4:01
  that
• 4:01
  was
• 4:01
  really
• 4:01
  a
• 4:01
  spawn
• 4:02
  of
• 4:02
  institutions
• 4:02
  getting
• 4:03
  involved
• 4:03
  on
• 4:03
  the
• 4:03
  single
• 4:04
  family
• 4:04
  side.
• 4:04
  But
• 4:04
  historically
• 4:05
  they
• 4:05
  weren't
• 4:05
  really
• 4:06
  involved.
• 4:06
  Today
• 4:07
  Invitation
• 4:07
  Home,
• 4:08
  publicly
• 4:08
  traded,
• 4:09
  is
• 4:09
  still
• 4:09
  the
• 4:09
  largest
• 4:10
  single
• 4:10
  family
• 4:10
  owner
• 4:11
  in
• 4:11
  the
• 4:11
  US
• 4:11
  currently.
• 4:12
  But
• 4:13
  what
• 4:14
  happened
• 4:14
  is
• 4:14
  when
• 4:15
  Blackstone
• 4:15
  and
• 4:15
  Blackstone
• 4:16
  was
• 4:16
  able
• 4:16
  to
• 4:16
  get
• 4:16
  great
• 4:17
  returns
• 4:17
  for
• 4:17
  their
• 4:18
  fund
• 4:18
  and
• 4:18
  their
• 4:18
  investors
• 4:19
  with
• 4:20
  that
• 4:20
  exit,
• 4:21
  but
• 4:21
  they
• 4:22
  wanted
• 4:22
  to
• 4:22
  continue
• 4:22
  doing
• 4:23
  this,
• 4:23
  this
• 4:23
  model.
• 4:24
  But
• 4:24
  by
• 4:25
  2012,
• 4:26
  2013,
• 4:27
  home
• 4:27
  prices
• 4:28
  had
• 4:28
  come
• 4:28
  back
• 4:28
  to
• 4:29
  where
• 4:30
  they
• 4:30
  used
• 4:30
  to
• 4:30
  be,
• 4:30
  even,
• 4:31
  even
• 4:31
  higher
• 4:31
  than
• 4:31
  where
• 4:32
  they
• 4:32
  were.
• 4:32
  So
• 4:33
  the
• 4:33
  market
• 4:33
  cycle
• 4:34
  had
• 4:34
  definitely
• 4:34
  changed
• 4:35
  by
• 4:35
  then
• 4:35
  and
• 4:35
  they
• 4:36
  couldn't
• 4:36
  go
• 4:36
  out
• 4:36
  there
• 4:36
  and
• 4:36
  buy
• 4:37
  home
• 4:37
  pennies
• 4:38
  on
• 4:38
  the
• 4:38
  dollar
• 4:38
  no
• 4:38
  longer.
• 4:39
  So
• 4:39
  they
• 4:39
  came
• 4:40
  up
• 4:40
  with
• 4:40
  an
• 4:40
  idea
• 4:40
  of
• 4:41
  this
• 4:41
  concept
• 4:42
  of
• 4:42
  actually
• 4:42
  building
• 4:43
  purpose
• 4:43
  built
• 4:44
  rental
• 4:45
  communities.
• 4:45
  Now
• 4:45
  I
• 4:45
  was
• 4:45
  on
• 4:45
  another
• 4:46
  call
• 4:46
  and
• 4:47
  I
• 4:47
  said
• 4:47
  purpose
• 4:47
  built.
• 4:47
  And
• 4:48
  the
• 4:48
  person
• 4:48
  like
• 4:48
  oh
• 4:48
  my
• 4:48
  God,
• 4:48
  you
• 4:48
  guys
• 4:49
  are
• 4:49
  building
• 4:49
  for
• 4:50
  the,
• 4:50
  for
• 4:50
  some
• 4:50
  kind,
• 4:51
  some
• 4:51
  kind
• 4:51
  of
• 4:51
  a
• 4:51
  purpose.
• 4:51
  When
• 4:52
  I
• 4:52
  say
• 4:52
  purpose
• 4:52
  built
• 4:53
  meaning
• 4:53
  just
• 4:53
  for
• 4:53
  the
• 4:54
  purpose
• 4:54
  of
• 4:54
  renting,
• 4:55
  not
• 4:55
  any
• 4:55
  other
• 4:55
  purposes.
• 4:56
  Yeah.
• 4:56
  So
• 4:57
  they're,
• 4:57
  they
• 4:57
  start
• 4:57
  thinking
• 4:58
  about
• 4:58
  purpose
• 4:58
  built
• 4:59
  rental
• 4:59
  communities
• 5:00
  where
• 5:00
  they
• 5:00
  would,
• 5:00
  rather
• 5:01
  than
• 5:01
  going
• 5:01
  buying
• 5:02
  scattered
• 5:02
  homes,
• 5:02
  they
• 5:02
  will
• 5:03
  still
• 5:03
  be
• 5:03
  focused
• 5:03
  on
• 5:04
  single
• 5:04
  family,
• 5:04
  but
• 5:05
  these
• 5:05
  would
• 5:05
  be
• 5:06
  communities
• 5:07
  of
• 5:07
  single
• 5:07
  family
• 5:08
  homes
• 5:08
  that
• 5:08
  are
• 5:08
  built
• 5:09
  for
• 5:09
  their
• 5:09
  rent
• 5:10
  rental
• 5:10
  profile.
• 5:11
  Because
• 5:11
  at
• 5:11
  their
• 5:12
  time
• 5:12
  when
• 5:12
  they
• 5:12
  were
• 5:12
  buying
• 5:12
  these
• 5:13
  single
• 5:13
  family
• 5:13
  homes
• 5:13
  actually
• 5:14
  realized
• 5:14
  that
• 5:14
  there
• 5:15
  were
• 5:15
  some
• 5:15
  advantages
• 5:15
  because
• 5:16
  they
• 5:16
  actually
• 5:17
  brought
• 5:17
  in
• 5:17
  a
• 5:17
  different
• 5:18
  tenant
• 5:18
  profile
• 5:19
  more
• 5:19
  Tenants
• 5:20
  by
• 5:20
  choice
• 5:20
  rather
• 5:21
  than
• 5:21
  tenants
• 5:21
  by
• 5:21
  need
• 5:22
  that
• 5:22
  are
• 5:22
  most
• 5:22
  times
• 5:23
  renting
• 5:23
  the
• 5:24
  class
• 5:24
  B,
• 5:24
  class
• 5:24
  C
• 5:25
  type
• 5:25
  of
• 5:25
  multifamily.
• 5:26
  They
• 5:26
  were
• 5:26
  stickier
• 5:27
  than
• 5:27
  their
• 5:27
  apartment
• 5:28
  counterpart
• 5:29
  tenants
• 5:29
  where
• 5:30
  they
• 5:30
  would
• 5:30
  stay
• 5:30
  longer
• 5:31
  in
• 5:31
  their
• 5:32
  leases
• 5:32
  so
• 5:33
  the
• 5:33
  turnover
• 5:33
  costs
• 5:33
  would
• 5:34
  be
• 5:34
  less
• 5:34
  for
• 5:35
  management
• 5:35
  companies
• 5:36
  looking
• 5:36
  to
• 5:36
  update
• 5:37
  the
• 5:37
  unit
• 5:37
  before
• 5:38
  getting
• 5:38
  the
• 5:38
  new
• 5:38
  tenant
• 5:39
  coming
• 5:39
  in,
• 5:39
  kind
• 5:40
  of
• 5:40
  cleaning
• 5:40
  up
• 5:40
  the
• 5:40
  unit.
• 5:41
  So
• 5:41
  they're
• 5:41
  like
• 5:41
  yeah,
• 5:42
  we're
• 5:42
  just
• 5:42
  going
• 5:42
  to
• 5:42
  go
• 5:42
  out
• 5:42
  there
• 5:42
  and
• 5:42
  start
• 5:43
  building
• 5:43
  them.
• 5:43
  And
• 5:43
  really
• 5:44
  the
• 5:44
  ground
• 5:44
  zero
• 5:45
  for
• 5:45
  this
• 5:45
  was
• 5:46
  in
• 5:46
  Phoenix.
• 5:47
  So
• 5:47
  a
• 5:47
  lot
• 5:48
  of
• 5:48
  institutions
• 5:48
  including
• 5:48
  Blackstone
• 5:49
  started
• 5:49
  partnering
• 5:50
  with
• 5:50
  local
• 5:50
  developers
• 5:51
  to
• 5:51
  actually
• 5:51
  build
• 5:51
  purpose
• 5:52
  built
• 5:52
  rental
• 5:53
  communities.
• 5:53
  And
• 5:54
  that
• 5:54
  was
• 5:54
  the
• 5:54
  spawn
• 5:54
  of
• 5:54
  Built
• 5:55
  to
• 5:55
  Rent
• 5:56
  BTR
• 5:56
  as
• 5:56
  it's
• 5:57
  known.
• 5:57
  And
• 5:57
  now
• 5:58
  you
• 5:58
  have
• 5:58
  large
• 5:58
  firms,
• 5:59
  you
• 5:59
  have
• 6:00
  smaller
• 6:00
  firms
• 6:01
  like
• 6:01
  a
• 6:01
  firm
• 6:01
  like
• 6:01
  us,
• 6:01
  CPI
• 6:02
  Capital.
• 6:02
  We're
• 6:03
  building
• 6:03
  a
• 6:03
  30
• 6:04
  duplex
• 6:05
  community
• 6:06
  in
• 6:06
  San
• 6:07
  Antonio
• 6:07
  in
• 6:07
  the
• 6:07
  helotes
• 6:08
  market
• 6:08
  of
• 6:08
  San
• 6:09
  Antonio.
• 6:09
  And
• 6:10
  yeah,
• 6:11
  it's
• 6:11
  really
• 6:11
  spawned
• 6:11
  a
• 6:12
  new
• 6:12
  asset
• 6:12
  class
• 6:12
  and
• 6:12
  it
• 6:13
  serves
• 6:13
  a
• 6:13
  certain
• 6:14
  demographic
• 6:15
  again
• 6:15
  like
• 6:15
  it's
• 6:15
  tenants
• 6:16
  by
• 6:16
  choice
• 6:17
  are
• 6:17
  people
• 6:17
  who
• 6:18
  don't
• 6:18
  want
• 6:18
  to
• 6:18
  live
• 6:18
  in
• 6:18
  an
• 6:19
  apartment
• 6:19
  community
• 6:19
  with
• 6:19
  tenants
• 6:20
  above
• 6:20
  them,
• 6:20
  below
• 6:21
  them,
• 6:21
  to
• 6:21
  their
• 6:21
  left
• 6:21
  and
• 6:22
  to
• 6:22
  their
• 6:22
  right.
• 6:23
  It's
• 6:23
  more
• 6:23
  secure.
• 6:24
  They
• 6:24
  also
• 6:24
  don't
• 6:24
  want
• 6:24
  to
• 6:24
  be
• 6:24
  the
• 6:25
  only
• 6:25
  tenant
• 6:26
  in
• 6:26
  a
• 6:27
  community
• 6:27
  where
• 6:27
  everybody
• 6:28
  else
• 6:28
  owns.
• 6:28
  There's
• 6:28
  a
• 6:29
  level
• 6:29
  of
• 6:29
  stigma
• 6:29
  if
• 6:30
  you're
• 6:30
  the
• 6:30
  only
• 6:30
  people
• 6:31
  renting
• 6:31
  in
• 6:31
  a,
• 6:32
  in
• 6:32
  a
• 6:32
  community.
• 6:32
  I
• 6:32
  don't
• 6:33
  really
• 6:33
  understand
• 6:33
  it
• 6:33
  but
• 6:33
  that
• 6:34
  happens
• 6:34
  I
• 6:34
  guess.
• 6:34
  And
• 6:35
  now
• 6:35
  they're
• 6:35
  in
• 6:35
  a
• 6:35
  community
• 6:36
  of
• 6:36
  other
• 6:36
  rent
• 6:36
  renters
• 6:37
  as
• 6:37
  well.
• 6:37
  They
• 6:38
  have
• 6:38
  the
• 6:38
  security
• 6:38
  of
• 6:38
  having
• 6:39
  a
• 6:39
  garage
• 6:39
  and
• 6:39
  apartment
• 6:40
  buildings
• 6:40
  usually
• 6:41
  don't
• 6:41
  have
• 6:41
  garage
• 6:42
  where
• 6:42
  you
• 6:42
  can
• 6:42
  drive
• 6:43
  in.
• 6:43
  So
• 6:44
  yeah,
• 6:44
  it's.
• 6:44
  I
• 6:44
  really
• 6:45
  believe
• 6:45
  in
• 6:45
  this
• 6:45
  asset
• 6:45
  class
• 6:46
  because
• 6:46
  it
• 6:46
  also
• 6:47
  another
• 6:48
  demographic
• 6:48
  that
• 6:49
  it
• 6:49
  serves
• 6:49
  is
• 6:50
  the
• 6:50
  newer
• 6:51
  generations
• 6:52
  because
• 6:52
  they're,
• 6:53
  they're
• 6:53
  very
• 6:53
  much
• 6:54
  a
• 6:54
  subscription
• 6:55
  based
• 6:55
  generation
• 6:56
  where
• 6:56
  they
• 6:56
  just
• 6:56
  want
• 6:56
  to,
• 6:57
  they
• 6:57
  know
• 6:57
  that
• 6:57
  what
• 6:58
  income
• 6:58
  they
• 6:58
  make,
• 6:58
  what
• 6:58
  percentage
• 6:59
  of
• 6:59
  their
• 6:59
  income
• 6:59
  goes
• 7:00
  through
• 7:00
  their
• 7:00
  hobbies
• 7:01
  or
• 7:01
  goes
• 7:02
  to
• 7:02
  entertainment,
• 7:02
  what
• 7:03
  portion
• 7:03
  goes
• 7:03
  to
• 7:03
  rent
• 7:04
  and
• 7:04
  they're
• 7:05
  becoming
• 7:05
  a
• 7:05
  more
• 7:05
  of
• 7:05
  a
• 7:05
  renters
• 7:06
  type.
• 7:07
  These
• 7:07
  single
• 7:07
  family
• 7:07
  homes
• 7:08
  are
• 7:09
  becoming
• 7:09
  very
• 7:09
  common
• 7:10
  for
• 7:10
  them
• 7:10
  to
• 7:10
  live
• 7:11
  in
• 7:11
  and
• 7:11
  they're
• 7:12
  a
• 7:12
  very
• 7:12
  transient
• 7:12
  type
• 7:13
  of
• 7:13
  generation
• 7:13
  where
• 7:14
  they
• 7:14
  move.
• 7:14
  They
• 7:14
  live
• 7:15
  in
• 7:15
  Texas
• 7:15
  for
• 7:15
  a
• 7:15
  few
• 7:16
  years,
• 7:16
  they
• 7:16
  want
• 7:16
  to
• 7:16
  live
• 7:16
  in
• 7:17
  Florida
• 7:17
  for
• 7:17
  a
• 7:17
  few
• 7:17
  years.
• 7:17
  So
• 7:18
  they're
• 7:18
  moving
• 7:18
  a
• 7:18
  lot
• 7:18
  throughout
• 7:19
  the
• 7:19
  U.S.
• 7:19
  so
• 7:19
  this,
• 7:19
  these
• 7:20
  rental
• 7:20
  commun
• 7:21
  really
• 7:21
  serve
• 7:21
  that
• 7:21
  demographic
• 7:22
  as
• 7:22
  well.
• 7:22
  So
• 7:23
  that's
• 7:23
  a
• 7:23
  quick
• 7:23
  background
• 7:24
  on
• 7:24
  high
• 7:24
  level
• 7:24
  on
• 7:24
  btr.
• 7:25
  No,
• 7:26
  I
• 7:26
  appreciate
• 7:26
  you
• 7:26
  going
• 7:27
  through
• 7:27
  that.
• 7:27
  That's
• 7:28
  great
• 7:28
  to
• 7:29
  have
• 7:29
  that
• 7:29
  history
• 7:29
  and
• 7:30
  what's
• 7:30
  actually
• 7:31
  going
• 7:31
  on.
• 7:31
  Would
• 7:32
  you
• 7:32
  mind
• 7:32
  diving
• 7:32
  into
• 7:33
  the
• 7:33
  product
• 7:33
  itself?
• 7:34
  You
• 7:34
  know
• 7:34
  you
• 7:34
  mentioned
• 7:35
  you're
• 7:35
  building
• 7:35
  a
• 7:35
  community
• 7:36
  of
• 7:36
  a
• 7:37
  bunch
• 7:37
  of
• 7:37
  duplexes.
• 7:38
  Based
• 7:38
  on
• 7:38
  what
• 7:38
  I've
• 7:39
  had,
• 7:39
  you
• 7:39
  know,
• 7:39
  for
• 7:39
  single
• 7:40
  family
• 7:40
  homes,
• 7:40
  which
• 7:40
  is
• 7:41
  kind
• 7:41
  of
• 7:41
  spattered,
• 7:42
  you
• 7:42
  know,
• 7:42
  they're
• 7:42
  not
• 7:42
  in
• 7:42
  a
• 7:43
  central
• 7:43
  location.
• 7:44
  Do
• 7:44
  you
• 7:44
  provide
• 7:45
  like
• 7:45
  various
• 7:46
  amenities?
• 7:46
  Like
• 7:47
  does,
• 7:47
  do
• 7:47
  you
• 7:47
  have
• 7:48
  a
• 7:48
  lawn
• 7:48
  service
• 7:48
  that
• 7:48
  comes
• 7:49
  in
• 7:49
  and
• 7:49
  handles
• 7:49
  them
• 7:50
  all?
• 7:50
  How
• 7:50
  does
• 7:51
  the
• 7:51
  property
• 7:51
  management
• 7:52
  look
• 7:52
  like?
• 7:53
  Could
• 7:54
  you
• 7:54
  unpack
• 7:54
  some
• 7:54
  of
• 7:54
  those
• 7:55
  kind
• 7:55
  of
• 7:55
  intricacies?
• 7:56
  Yeah,
• 7:56
  no,
• 7:57
  no.
• 7:57
  Great
• 7:57
  question.
• 7:57
  So,
• 7:58
  yeah,
• 7:58
  if,
• 7:58
  if
• 7:58
  this
• 7:59
  strategy
• 7:59
  is
• 8:00
  like
• 8:00
  similar
• 8:01
  to
• 8:01
  ours
• 8:01
  where
• 8:02
  a
• 8:02
  investment
• 8:03
  firm
• 8:03
  is
• 8:03
  buying
• 8:03
  a
• 8:04
  piece
• 8:04
  of
• 8:04
  land,
• 8:04
  entitling
• 8:05
  that
• 8:05
  land,
• 8:06
  building
• 8:07
  purpose
• 8:07
  built
• 8:08
  rental
• 8:08
  housing
• 8:09
  in
• 8:09
  that
• 8:10
  property
• 8:10
  and
• 8:10
  then
• 8:10
  stabilizing
• 8:11
  it,
• 8:11
  so
• 8:12
  renting
• 8:12
  it
• 8:12
  out
• 8:12
  and
• 8:13
  at
• 8:13
  some
• 8:14
  point
• 8:14
  exiting
• 8:14
  that
• 8:15
  project
• 8:15
  to
• 8:15
  get
• 8:16
  the
• 8:16
  returns
• 8:16
  for
• 8:16
  their
• 8:16
  investors.
• 8:17
  Or
• 8:17
  there
• 8:17
  might
• 8:17
  be
• 8:19
  refinance
• 8:20
  component.
• 8:21
  But
• 8:21
  yeah,
• 8:21
  the,
• 8:22
  the
• 8:22
  prop,
• 8:22
  the,
• 8:22
  the,
• 8:23
  the
• 8:23
  property
• 8:23
  is
• 8:23
  stratazed.
• 8:24
  So
• 8:25
  there's
• 8:25
  a
• 8:25
  strata
• 8:25
  associated
• 8:26
  with
• 8:26
  that
• 8:26
  property
• 8:27
  or
• 8:27
  there's
• 8:27
  a
• 8:27
  hoa,
• 8:28
  but
• 8:28
  the
• 8:28
  HOA
• 8:29
  is
• 8:29
  owned
• 8:29
  by
• 8:29
  the
• 8:29
  investment
• 8:30
  firm.
• 8:30
  So
• 8:30
  they
• 8:31
  set,
• 8:31
  set
• 8:31
  up
• 8:31
  the
• 8:31
  rules.
• 8:32
  It's
• 8:32
  not
• 8:32
  as
• 8:32
  if
• 8:32
  the
• 8:32
  tenants
• 8:33
  are
• 8:33
  doing
• 8:33
  that.
• 8:34
  The
• 8:34
  CHOA
• 8:34
  is
• 8:34
  actually
• 8:35
  owned
• 8:35
  by
• 8:35
  the,
• 8:36
  the
• 8:36
  investment
• 8:36
  group.
• 8:37
  So
• 8:37
  there
• 8:37
  is
• 8:37
  rules
• 8:38
  and
• 8:38
  regulation
• 8:38
  that
• 8:38
  has
• 8:38
  to
• 8:39
  be
• 8:39
  followed.
• 8:39
  And
• 8:39
  the
• 8:40
  tenants
• 8:40
  that
• 8:40
  come
• 8:41
  into
• 8:41
  these
• 8:41
  properties,
• 8:42
  yeah,
• 8:42
  they,
• 8:42
  they
• 8:42
  do
• 8:42
  pay
• 8:43
  a
• 8:43
  fee
• 8:43
  as
• 8:43
  part
• 8:43
  of
• 8:44
  their
• 8:44
  rent
• 8:44
  that
• 8:44
  includes
• 8:45
  the
• 8:45
  maintenance,
• 8:46
  the,
• 8:47
  the,
• 8:47
  the
• 8:47
  lawn
• 8:47
  care
• 8:48
  and
• 8:48
  what
• 8:48
  have
• 8:48
  you.
• 8:51
  Hope
• 8:51
  that
• 8:51
  answered
• 8:51
  your
• 8:52
  question.
• 8:52
  Yeah,
• 8:53
  it's
• 8:53
  just
• 8:53
  like
• 8:53
  you,
• 8:53
  you
• 8:54
  mentioned
• 8:54
  that
• 8:54
  a
• 8:54
  lot
• 8:55
  of
• 8:55
  the
• 8:55
  people
• 8:55
  that
• 8:55
  would
• 8:55
  possibly
• 8:56
  be
• 8:56
  attracted
• 8:57
  to
• 8:57
  this
• 8:57
  is
• 8:57
  kind
• 8:57
  of
• 8:57
  on
• 8:58
  a
• 8:58
  subscription.
• 8:59
  That
• 9:00
  subscription
• 9:00
  generation,
• 9:01
  I
• 9:01
  think
• 9:01
  is
• 9:01
  what
• 9:01
  you
• 9:01
  called
• 9:02
  it.
• 9:02
  I,
• 9:03
  I
• 9:03
  kind
• 9:04
  of
• 9:04
  see
• 9:04
  that
• 9:05
  expanding
• 9:06
  into
• 9:06
  the
• 9:07
  other
• 9:07
  aspects.
• 9:07
  They,
• 9:08
  they
• 9:08
  liked
• 9:08
  the
• 9:09
  concept
• 9:09
  of
• 9:10
  living
• 9:10
  in
• 9:10
  a
• 9:10
  house
• 9:10
  or
• 9:11
  living
• 9:11
  in
• 9:11
  a
• 9:11
  home,
• 9:12
  but
• 9:13
  the
• 9:13
  upkeep
• 9:14
  and
• 9:15
  handling
• 9:15
  the
• 9:15
  lawn
• 9:16
  and
• 9:16
  garden
• 9:16
  stuff,
• 9:17
  that,
• 9:17
  that
• 9:17
  also
• 9:18
  is
• 9:18
  probably
• 9:18
  something
• 9:19
  that
• 9:19
  they'd
• 9:19
  want
• 9:19
  a
• 9:20
  subscription
• 9:21
  associated.
• 9:22
  Yeah,
• 9:23
  absolutely.
• 9:23
  Yeah.
• 9:24
  No,
• 9:24
  even
• 9:24
  though
• 9:24
  these
• 9:24
  are
• 9:25
  single
• 9:25
  family
• 9:25
  type
• 9:26
  residences,
• 9:27
  all
• 9:27
  the
• 9:27
  maintenance
• 9:28
  when
• 9:28
  it
• 9:28
  comes
• 9:28
  to
• 9:29
  the
• 9:29
  property
• 9:29
  is
• 9:29
  being
• 9:30
  managed
• 9:30
  very
• 9:30
  similar
• 9:31
  to
• 9:31
  the
• 9:31
  common
• 9:32
  areas
• 9:32
  in
• 9:32
  an
• 9:32
  apartment
• 9:33
  building.
• 9:33
  So
• 9:33
  yeah,
• 9:33
  they
• 9:33
  don't
• 9:34
  have
• 9:34
  to
• 9:34
  deal
• 9:34
  with
• 9:34
  any
• 9:34
  kind
• 9:34
  of
• 9:35
  cut
• 9:35
  in
• 9:35
  the
• 9:35
  grass
• 9:36
  or
• 9:36
  anything
• 9:36
  as
• 9:36
  such
• 9:36
  that's
• 9:37
  just
• 9:37
  included
• 9:37
  in
• 9:37
  their,
• 9:38
  in
• 9:38
  their
• 9:38
  rents.
• 9:38
  Because
• 9:39
  you
• 9:39
  don't
• 9:39
  want
• 9:39
  that
• 9:39
  either.
• 9:39
  Right?
• 9:40
  You
• 9:40
  don't
• 9:40
  want
• 9:40
  to
• 9:40
  be
• 9:40
  managing
• 9:41
  and
• 9:41
  owning
• 9:41
  a
• 9:41
  rental
• 9:41
  community
• 9:42
  where
• 9:42
  one
• 9:42
  tenant
• 9:43
  just
• 9:43
  doesn't
• 9:43
  want
• 9:43
  to
• 9:43
  cut
• 9:43
  their
• 9:44
  grass.
• 9:44
  That
• 9:44
  could
• 9:44
  create
• 9:44
  issues
• 9:45
  that
• 9:45
  has
• 9:45
  done
• 9:45
  automatically
• 9:46
  through
• 9:46
  a
• 9:46
  management
• 9:47
  company
• 9:47
  that
• 9:47
  the
• 9:48
  investment,
• 9:48
  the
• 9:48
  investment
• 9:49
  firm
• 9:49
  or
• 9:49
  the
• 9:50
  developer
• 9:50
  retains
• 9:51
  to
• 9:51
  provide
• 9:52
  those
• 9:52
  services.
• 9:53
  You
• 9:53
  know,
• 9:53
  could
• 9:54
  you
• 9:54
  talk
• 9:54
  a
• 9:54
  little
• 9:54
  bit
• 9:54
  about
• 9:55
  the
• 9:55
  project
• 9:55
  side
• 9:56
  of
• 9:56
  things
• 9:56
  and
• 9:56
  the
• 9:57
  construction
• 9:57
  of
• 9:57
  these.
• 9:57
  I
• 9:58
  mean,
• 9:58
  you
• 9:58
  must
• 9:58
  be
• 9:59
  Taking
• 9:59
  a
• 10:00
  significant
• 10:00
  advantagement
• 10:01
  and
• 10:02
  advantage
• 10:03
  of
• 10:03
  the
• 10:03
  economy
• 10:03
  of
• 10:04
  scale.
• 10:04
  When
• 10:05
  you're
• 10:05
  putting
• 10:05
  down
• 10:06
  30
• 10:06
  units
• 10:06
  in
• 10:07
  an
• 10:07
  area,
• 10:08
  it's
• 10:08
  probably,
• 10:08
  you
• 10:09
  know,
• 10:09
  similar
• 10:11
  amenities,
• 10:12
  similar
• 10:12
  material,
• 10:13
  similar.
• 10:13
  I
• 10:14
  mean
• 10:14
  there's,
• 10:14
  there's
• 10:14
  gotta
• 10:15
  be
• 10:15
  some
• 10:15
  benefits
• 10:15
  there,
• 10:16
  particularly
• 10:16
  around
• 10:17
  just
• 10:17
  managing
• 10:18
  the
• 10:18
  workforce,
• 10:19
  going
• 10:19
  from
• 10:19
  one
• 10:20
  project
• 10:20
  to
• 10:20
  the
• 10:21
  other.
• 10:21
  I
• 10:21
  mean
• 10:21
  it
• 10:22
  being
• 10:22
  next
• 10:22
  door,
• 10:23
  I'd
• 10:23
  imagine
• 10:24
  that
• 10:24
  you're.
• 10:24
  Is
• 10:24
  it
• 10:25
  fair
• 10:25
  to
• 10:25
  say
• 10:25
  you're
• 10:25
  seeing
• 10:25
  significant
• 10:26
  cost
• 10:26
  savings
• 10:27
  per
• 10:27
  unit
• 10:27
  because
• 10:28
  of
• 10:28
  that
• 10:28
  type
• 10:28
  of
• 10:28
  thing?
• 10:29
  Definitely,
• 10:29
  yeah.
• 10:29
  On
• 10:30
  the,
• 10:30
  on
• 10:30
  the
• 10:30
  development
• 10:30
  and
• 10:31
  construction
• 10:31
  side,
• 10:32
  most
• 10:32
  of
• 10:32
  these,
• 10:33
  these
• 10:35
  single
• 10:35
  family
• 10:35
  homes
• 10:36
  or
• 10:36
  duplexes,
• 10:36
  they're,
• 10:37
  they're
• 10:37
  very
• 10:37
  similar
• 10:37
  in
• 10:38
  as
• 10:38
  far
• 10:38
  as
• 10:38
  their
• 10:39
  layout
• 10:39
  and
• 10:40
  elevation
• 10:40
  and
• 10:41
  what
• 10:41
  have
• 10:41
  you.
• 10:41
  So
• 10:41
  you're
• 10:42
  just
• 10:42
  rinsing
• 10:42
  and
• 10:42
  repeating
• 10:43
  the
• 10:43
  same
• 10:43
  process.
• 10:43
  What
• 10:44
  has
• 10:44
  worked
• 10:44
  in
• 10:44
  the
• 10:44
  past
• 10:44
  and
• 10:45
  what
• 10:45
  have
• 10:45
  tenants
• 10:45
  appreciated,
• 10:46
  what
• 10:46
  type
• 10:46
  of
• 10:46
  layout,
• 10:47
  what
• 10:47
  type
• 10:47
  of
• 10:47
  square
• 10:48
  feet,
• 10:48
  material
• 10:48
  used.
• 10:49
  So
• 10:49
  yeah,
• 10:49
  there
• 10:49
  is
• 10:49
  definitely
• 10:50
  econom
• 10:50
  of
• 10:51
  scale
• 10:51
  that
• 10:51
  you
• 10:51
  can
• 10:52
  take
• 10:52
  advantage
• 10:52
  of
• 10:53
  as
• 10:53
  a
• 10:53
  builder,
• 10:53
  as
• 10:53
  a
• 10:54
  developer.
• 10:54
  But
• 10:55
  I
• 10:55
  would
• 10:55
  also
• 10:55
  like
• 10:56
  to
• 10:56
  add
• 10:56
  that
• 10:56
  when
• 10:57
  it
• 10:57
  comes
• 10:57
  to
• 10:57
  that
• 10:58
  asset
• 10:58
  class
• 10:58
  btr,
• 10:59
  developing
• 11:00
  them
• 11:00
  from
• 11:01
  the
• 11:01
  ground
• 11:01
  up
• 11:01
  is
• 11:01
  not
• 11:02
  the
• 11:02
  only
• 11:02
  strategy
• 11:02
  that
• 11:03
  exists
• 11:03
  now.
• 11:03
  That's
• 11:03
  the
• 11:04
  strategy
• 11:04
  that
• 11:04
  CPI
• 11:05
  utilizes
• 11:06
  is
• 11:07
  gaining
• 11:07
  an
• 11:07
  upside
• 11:07
  when
• 11:08
  it
• 11:08
  comes
• 11:08
  to
• 11:08
  purchasing
• 11:08
  the
• 11:09
  land
• 11:09
  and
• 11:09
  when
• 11:10
  it
• 11:10
  comes
• 11:10
  to
• 11:10
  entitlement
• 11:11
  of
• 11:11
  the
• 11:11
  land,
• 11:11
  when
• 11:11
  it
• 11:12
  comes
• 11:12
  to
• 11:12
  the
• 11:12
  development
• 11:13
  of
• 11:13
  a
• 11:13
  project
• 11:14
  and
• 11:14
  stabilizing
• 11:15
  it
• 11:15
  and
• 11:15
  bringing
• 11:16
  in
• 11:16
  tenants
• 11:17
  into
• 11:17
  that
• 11:17
  project.
• 11:18
  So
• 11:18
  there
• 11:18
  is
• 11:18
  an
• 11:18
  upside
• 11:19
  on
• 11:19
  each
• 11:19
  of
• 11:19
  those
• 11:20
  stages.
• 11:21
  But
• 11:21
  it's
• 11:21
  important
• 11:22
  to
• 11:22
  add
• 11:22
  that
• 11:23
  build
• 11:23
  to
• 11:23
  rent.
• 11:25
  It
• 11:25
  could
• 11:26
  be
• 11:26
  done
• 11:27
  in
• 11:27
  other
• 11:27
  ways,
• 11:27
  not
• 11:28
  just
• 11:28
  development.
• 11:28
  You
• 11:29
  could
• 11:29
  also
• 11:29
  do
• 11:29
  an
• 11:29
  acquisition
• 11:30
  of
• 11:30
  a
• 11:30
  build
• 11:30
  to
• 11:31
  rent.
• 11:32
  A
• 11:32
  lot
• 11:32
  of
• 11:32
  developers
• 11:33
  are
• 11:33
  building
• 11:33
  these
• 11:33
  communities,
• 11:34
  including
• 11:34
  the
• 11:34
  merchant
• 11:35
  builders
• 11:35
  like
• 11:35
  Lennar
• 11:36
  and
• 11:36
  Dr.
• 11:37
  Horton.
• 11:38
  They
• 11:38
  were
• 11:39
  historically
• 11:39
  they
• 11:39
  were
• 11:39
  not
• 11:40
  in
• 11:40
  the
• 11:40
  business
• 11:40
  of
• 11:40
  building
• 11:41
  built
• 11:41
  to
• 11:41
  rent,
• 11:41
  but
• 11:41
  in
• 11:41
  the
• 11:42
  last
• 11:42
  few
• 11:42
  years
• 11:42
  they
• 11:42
  have
• 11:43
  started
• 11:43
  building
• 11:43
  built
• 11:43
  to
• 11:44
  rent
• 11:44
  and
• 11:44
  selling
• 11:44
  these
• 11:44
  build
• 11:45
  to
• 11:45
  rent
• 11:45
  projects
• 11:46
  to
• 11:46
  investment
• 11:47
  firms
• 11:47
  similar
• 11:47
  to
• 11:48
  CPI
• 11:48
  Capital.
• 11:49
  So
• 11:49
  there
• 11:49
  is
• 11:49
  another
• 11:50
  strategy
• 11:50
  where
• 11:51
  a
• 11:51
  merchant
• 11:51
  builder
• 11:52
  or
• 11:52
  a
• 11:52
  smaller
• 11:52
  boutique
• 11:53
  builder
• 11:53
  builds
• 11:54
  this
• 11:54
  community
• 11:54
  of
• 11:54
  single
• 11:55
  family
• 11:55
  homes,
• 11:55
  either
• 11:56
  stabilizes
• 11:57
  it
• 11:57
  so
• 11:57
  brings
• 11:57
  in
• 11:57
  tenants,
• 11:58
  or
• 11:59
  it
• 11:59
  just
• 11:59
  provides
• 12:00
  that
• 12:00
  property
• 12:01
  at
• 12:01
  certificate
• 12:02
  of
• 12:02
  occupancy
• 12:03
  to
• 12:03
  the
• 12:03
  investment
• 12:03
  firm.
• 12:04
  And
• 12:04
  then
• 12:04
  it's
• 12:04
  our
• 12:04
  job
• 12:05
  to
• 12:05
  either
• 12:05
  tenant
• 12:05
  it
• 12:06
  and
• 12:06
  stabilize
• 12:06
  it
• 12:06
  or
• 12:07
  we
• 12:07
  buy
• 12:07
  it
• 12:07
  as
• 12:07
  stabilization
• 12:08
  and
• 12:08
  take
• 12:09
  over
• 12:09
  the
• 12:09
  property.
• 12:09
  So
• 12:10
  there
• 12:10
  are
• 12:10
  other
• 12:10
  strategies
• 12:11
  to
• 12:11
  come
• 12:11
  into
• 12:11
  BTR
• 12:12
  other
• 12:13
  than
• 12:13
  just
• 12:14
  going
• 12:14
  right
• 12:14
  from
• 12:14
  the
• 12:15
  ground
• 12:15
  up
• 12:15
  and
• 12:15
  developing
• 12:15
  them.
• 12:16
  And
• 12:16
  now
• 12:16
  since
• 12:17
  this
• 12:17
  asset
• 12:17
  class
• 12:18
  has
• 12:18
  been
• 12:18
  seasoned
• 12:19
  a
• 12:19
  bit
• 12:19
  and
• 12:19
  it's
• 12:19
  been
• 12:19
  around
• 12:20
  now
• 12:20
  for
• 12:20
  close
• 12:20
  to
• 12:20
  15
• 12:21
  years,
• 12:21
  there
• 12:21
  is
• 12:22
  actual
• 12:22
  value
• 12:23
  ad
• 12:23
  plays
• 12:23
  within
• 12:23
  BTR.
• 12:24
  So
• 12:24
  you
• 12:24
  can
• 12:24
  buy
• 12:24
  a
• 12:25
  10
• 12:25
  year
• 12:25
  old
• 12:26
  BTR
• 12:26
  let's
• 12:27
  say
• 12:27
  50
• 12:27
  home
• 12:28
  community
• 12:28
  or
• 12:28
  75
• 12:29
  home
• 12:29
  community
• 12:30
  where
• 12:31
  they
• 12:31
  might
• 12:31
  not
• 12:31
  have,
• 12:32
  for
• 12:32
  example
• 12:32
  washer
• 12:33
  dryers,
• 12:34
  they
• 12:34
  might
• 12:34
  not
• 12:34
  have.
• 12:35
  There
• 12:35
  might
• 12:35
  be
• 12:36
  in
• 12:36
  need
• 12:36
  of
• 12:36
  some
• 12:36
  upgrades
• 12:37
  for
• 12:37
  appliances
• 12:37
  or
• 12:38
  paints
• 12:39
  or
• 12:39
  roofs
• 12:39
  or
• 12:40
  other,
• 12:40
  you
• 12:41
  know,
• 12:41
  upgrades
• 12:42
  to
• 12:42
  fixtures
• 12:42
  where
• 12:42
  an
• 12:43
  investment
• 12:43
  firm
• 12:43
  could
• 12:43
  come
• 12:44
  and
• 12:44
  buy
• 12:44
  these
• 12:44
  and
• 12:44
  actually
• 12:45
  do
• 12:45
  certain
• 12:45
  upgrades
• 12:46
  to
• 12:46
  then
• 12:46
  demand
• 12:47
  higher
• 12:47
  rents
• 12:47
  and
• 12:48
  in
• 12:48
  turn
• 12:48
  increasing
• 12:49
  the
• 12:49
  property's
• 12:50
  net
• 12:50
  operating
• 12:50
  income
• 12:51
  and
• 12:51
  force
• 12:52
  appreciating
• 12:52
  its
• 12:52
  value.
• 12:53
  So
• 12:53
  there's
• 12:53
  other
• 12:53
  ways,
• 12:54
  I
• 12:54
  hate
• 12:55
  this
• 12:55
  old
• 12:55
  expression,
• 12:55
  but
• 12:55
  there's
• 12:56
  different
• 12:56
  ways
• 12:56
  to
• 12:56
  skin
• 12:57
  a
• 12:57
  cat
• 12:57
  really.
• 12:57
  But
• 12:58
  you're
• 12:58
  primarily
• 12:58
  focused
• 12:59
  on
• 12:59
  the
• 12:59
  build
• 12:59
  to
• 13:00
  rent.
• 13:00
  Is
• 13:00
  your
• 13:00
  team
• 13:01
  acquiring
• 13:01
  some
• 13:02
  of
• 13:02
  these
• 13:02
  communities
• 13:02
  as
• 13:03
  well?
• 13:03
  Yeah.
• 13:04
  So
• 13:04
  right
• 13:04
  now
• 13:04
  as
• 13:04
  part
• 13:05
  of
• 13:05
  our
• 13:06
  acquisition
• 13:07
  parameters,
• 13:08
  looking
• 13:08
  at
• 13:08
  existing
• 13:09
  build
• 13:09
  to
• 13:09
  rent,
• 13:10
  if
• 13:10
  it's
• 13:10
  value
• 13:10
  add,
• 13:11
  if
• 13:11
  it's
• 13:11
  from
• 13:11
  a
• 13:11
  merchant
• 13:12
  builder,
• 13:12
  we
• 13:12
  are
• 13:12
  also
• 13:13
  looking
• 13:13
  at
• 13:13
  that.
• 13:14
  When
• 13:14
  it
• 13:14
  comes
• 13:14
  to
• 13:14
  the
• 13:15
  project
• 13:15
  that
• 13:15
  we're
• 13:15
  doing
• 13:15
  in
• 13:16
  San
• 13:16
  Antonio,
• 13:16
  we've
• 13:17
  actually
• 13:17
  partnered
• 13:17
  with
• 13:18
  a
• 13:18
  local
• 13:18
  developer
• 13:19
  in
• 13:19
  San
• 13:20
  Antonio
• 13:20
  who's
• 13:20
  been
• 13:20
  doing
• 13:21
  this
• 13:21
  for
• 13:21
  over
• 13:21
  close
• 13:22
  to
• 13:22
  30
• 13:22
  years.
• 13:22
  They've
• 13:23
  done
• 13:23
  many
• 13:23
  different
• 13:24
  projects
• 13:24
  that
• 13:24
  we
• 13:24
  actually
• 13:25
  went
• 13:25
  and
• 13:25
  walked.
• 13:25
  So
• 13:25
  there
• 13:26
  our
• 13:26
  general
• 13:26
  contractor,
• 13:27
  they're
• 13:27
  our
• 13:28
  builder,
• 13:28
  we
• 13:28
  are
• 13:29
  the
• 13:29
  developer
• 13:29
  who's
• 13:29
  partnered
• 13:30
  with
• 13:30
  them.
• 13:31
  So
• 13:31
  it
• 13:31
  gave
• 13:32
  us
• 13:32
  a
• 13:32
  peace
• 13:32
  of
• 13:32
  mind.
• 13:32
  Rather
• 13:33
  than
• 13:33
  just
• 13:33
  going
• 13:33
  out
• 13:34
  there
• 13:34
  and
• 13:34
  trying
• 13:35
  to
• 13:35
  get
• 13:35
  bids
• 13:35
  and
• 13:36
  become
• 13:37
  a
• 13:37
  developer,
• 13:37
  it
• 13:38
  felt
• 13:38
  better
• 13:38
  to
• 13:38
  partner
• 13:39
  with
• 13:39
  an
• 13:39
  actual
• 13:39
  gc,
• 13:40
  an
• 13:40
  actual
• 13:41
  developer
• 13:41
  who's
• 13:41
  built
• 13:41
  these
• 13:42
  projects
• 13:42
  in
• 13:42
  the
• 13:42
  past
• 13:42
  for
• 13:43
  others
• 13:43
  and
• 13:43
  themselves.
• 13:44
  And
• 13:44
  they
• 13:44
  came
• 13:45
  on
• 13:45
  and
• 13:45
  partnered
• 13:45
  with
• 13:45
  us
• 13:46
  and
• 13:46
  that's
• 13:47
  why
• 13:47
  we
• 13:47
  went
• 13:47
  this
• 13:47
  route.
• 13:48
  Because
• 13:49
  the
• 13:50
  experience
• 13:50
  that
• 13:50
  existed
• 13:51
  there
• 13:51
  with
• 13:52
  this
• 13:52
  group's
• 13:53
  track
• 13:53
  record,
• 13:53
  it
• 13:53
  made
• 13:54
  sense
• 13:54
  to
• 13:54
  partner
• 13:55
  with
• 13:55
  them
• 13:55
  on
• 13:55
  this
• 13:55
  deal.
• 13:56
  But
• 13:56
  we're
• 13:56
  an
• 13:56
  opportunistic
• 13:57
  investor.
• 13:58
  So
• 13:58
  if
• 13:58
  a
• 13:58
  deal
• 13:58
  comes
• 13:59
  across
• 13:59
  our
• 13:59
  desk
• 13:59
  that
• 14:00
  makes
• 14:00
  sense
• 14:00
  and
• 14:01
  provides
• 14:01
  those
• 14:02
  risk
• 14:02
  adjusted
• 14:03
  returns
• 14:03
  for
• 14:03
  our
• 14:03
  investors
• 14:04
  and
• 14:04
  hits
• 14:04
  those
• 14:05
  LP
• 14:05
  economics
• 14:06
  that
• 14:06
  we're
• 14:06
  looking
• 14:06
  for,
• 14:07
  we
• 14:07
  will
• 14:07
  jump
• 14:07
  on
• 14:07
  a
• 14:08
  deal
• 14:08
  and
• 14:08
  have
• 14:08
  a
• 14:08
  look
• 14:08
  at
• 14:08
  it.
• 14:09
  This
• 14:09
  subscription
• 14:10
  generation
• 14:11
  that
• 14:11
  you
• 14:11
  referred
• 14:12
  to,
• 14:12
  I
• 14:12
  also
• 14:12
  find
• 14:13
  that
• 14:13
  they
• 14:13
  are
• 14:14
  typically
• 14:14
  they
• 14:15
  like
• 14:15
  to
• 14:15
  display
• 14:16
  their
• 14:16
  uniqueness
• 14:17
  in
• 14:17
  various
• 14:17
  ways.
• 14:19
  Do
• 14:19
  they
• 14:19
  have
• 14:19
  some
• 14:20
  leeway
• 14:20
  regarding
• 14:21
  that
• 14:21
  or
• 14:22
  is
• 14:22
  it
• 14:22
  is
• 14:22
  pretty
• 14:23
  much
• 14:23
  cookie
• 14:23
  cutter
• 14:24
  these
• 14:24
  communities
• 14:24
  and
• 14:24
  they
• 14:25
  all
• 14:25
  look,
• 14:25
  this
• 14:25
  is
• 14:26
  what
• 14:26
  you
• 14:26
  get.
• 14:26
  Get
• 14:26
  best
• 14:27
  of
• 14:27
  luck
• 14:27
  kind
• 14:27
  of
• 14:27
  thing.
• 14:28
  Yeah,
• 14:28
  I
• 14:28
  mean,
• 14:29
  you
• 14:29
  know,
• 14:29
  as
• 14:30
  the
• 14:30
  chief
• 14:30
  investment
• 14:30
  officer
• 14:31
  of
• 14:31
  cpi,
• 14:32
  I
• 14:32
  would
• 14:32
  advise
• 14:32
  against
• 14:33
  it.
• 14:33
  I
• 14:33
  would
• 14:33
  have
• 14:33
  actually
• 14:34
  advised
• 14:34
  for
• 14:35
  the
• 14:35
  HOA
• 14:35
  to
• 14:35
  be
• 14:35
  very
• 14:36
  restrictive
• 14:36
  when
• 14:36
  it
• 14:37
  comes
• 14:37
  to
• 14:37
  people
• 14:37
  trying
• 14:38
  to
• 14:38
  make
• 14:38
  changes
• 14:39
  to
• 14:39
  the,
• 14:39
  to
• 14:39
  the
• 14:39
  front
• 14:40
  of
• 14:40
  their
• 14:40
  property.
• 14:41
  In
• 14:41
  that
• 14:41
  case,
• 14:41
  you
• 14:41
  do
• 14:42
  lose
• 14:42
  some
• 14:42
  potential
• 14:43
  tenants
• 14:43
  who
• 14:43
  want
• 14:44
  to
• 14:44
  have
• 14:44
  their
• 14:44
  own
• 14:45
  exclusive
• 14:45
  kind
• 14:45
  of
• 14:45
  way
• 14:46
  of
• 14:46
  that
• 14:46
  they
• 14:46
  design
• 14:47
  their,
• 14:47
  their,
• 14:48
  their
• 14:48
  property.
• 14:49
  When
• 14:49
  it
• 14:49
  comes
• 14:49
  to
• 14:49
  paint
• 14:50
  or
• 14:50
  flags
• 14:51
  or
• 14:51
  other
• 14:51
  signs
• 14:51
  they
• 14:52
  can
• 14:52
  put
• 14:52
  outside.
• 14:53
  But
• 14:53
  but
• 14:53
  overall
• 14:54
  these
• 14:54
  HOAs
• 14:55
  are
• 14:55
  pretty
• 14:55
  restrictive
• 14:56
  because
• 14:57
  people
• 14:57
  want
• 14:57
  to
• 14:57
  see
• 14:58
  when
• 14:58
  they
• 14:59
  come
• 14:59
  into
• 14:59
  their
• 14:59
  community
• 15:00
  it's
• 15:00
  all
• 15:00
  rental.
• 15:01
  They
• 15:01
  they
• 15:01
  demand
• 15:02
  a
• 15:02
  premium
• 15:03
  when
• 15:03
  you
• 15:03
  compare
• 15:03
  them
• 15:04
  to
• 15:04
  apartment
• 15:05
  communities.
• 15:05
  So
• 15:05
  you
• 15:05
  want
• 15:06
  to
• 15:06
  have
• 15:06
  that
• 15:06
  unison
• 15:07
  and
• 15:07
  that
• 15:07
  kind
• 15:07
  of
• 15:07
  the
• 15:08
  look
• 15:08
  that
• 15:10
  gives
• 15:10
  you
• 15:10
  more
• 15:10
  comfort
• 15:11
  in
• 15:11
  your
• 15:11
  neighborhood
• 15:12
  than
• 15:12
  living
• 15:12
  in
• 15:13
  some
• 15:13
  neighborhood
• 15:13
  that
• 15:14
  your
• 15:14
  neighbor
• 15:14
  can
• 15:14
  put
• 15:15
  up
• 15:15
  any
• 15:15
  kind
• 15:15
  of
• 15:15
  flag
• 15:15
  they
• 15:16
  like
• 15:16
  or
• 15:16
  enjoy
• 15:16
  or
• 15:17
  anything
• 15:17
  in
• 15:17
  their
• 15:18
  front
• 15:18
  yard
• 15:18
  or
• 15:18
  forget
• 15:19
  to
• 15:19
  take
• 15:19
  out
• 15:19
  take
• 15:19
  down
• 15:20
  their
• 15:20
  Christmas
• 15:20
  lights.
• 15:21
  After
• 15:21
  three
• 15:21
  months
• 15:22
  has
• 15:22
  has
• 15:22
  passed
• 15:23
  Christmas.
• 15:23
  So
• 15:23
  so
• 15:24
  yeah
• 15:24
  it
• 15:24
  is.
• 15:25
  When
• 15:25
  it
• 15:25
  comes
• 15:25
  to
• 15:25
  our
• 15:26
  deals
• 15:26
  we
• 15:26
  want
• 15:26
  the
• 15:26
  HOE
• 15:27
  to
• 15:27
  be
• 15:27
  very
• 15:27
  restrictive.
• 15:28
  The
• 15:28
  bylaws
• 15:28
  there
• 15:29
  that
• 15:29
  that
• 15:29
  rest
• 15:30
  tenant
• 15:30
  from
• 15:31
  going
• 15:31
  all
• 15:31
  out
• 15:32
  but
• 15:32
  understanding
• 15:32
  that
• 15:32
  could
• 15:33
  possibly
• 15:33
  lose
• 15:33
  some
• 15:34
  tenants
• 15:34
  who
• 15:34
  want
• 15:35
  to
• 15:35
  make
• 15:35
  their
• 15:35
  home
• 15:36
  different
• 15:36
  than
• 15:36
  others.
• 15:37
  Just
• 15:37
  to
• 15:37
  remind
• 15:37
  everybody,
• 15:38
  we're
• 15:38
  talking
• 15:38
  to
• 15:38
  August,
• 15:39
  he's
• 15:39
  from
• 15:39
  cpicapital.com
• 15:41
  you
• 15:41
  can
• 15:41
  learn
• 15:42
  a
• 15:42
  lot
• 15:42
  more
• 15:42
  information
• 15:43
  there
• 15:43
  and
• 15:43
  how
• 15:43
  you
• 15:43
  can
• 15:44
  get
• 15:44
  involved.
• 15:44
  You
• 15:45
  found
• 15:45
  some
• 15:45
  value
• 15:45
  in
• 15:45
  what
• 15:46
  we're
• 15:46
  chatting
• 15:46
  about
• 15:46
  so
• 15:47
  far.
• 15:47
  Do
• 15:47
  us
• 15:47
  a
• 15:47
  favor,
• 15:48
  share
• 15:48
  this
• 15:48
  with
• 15:48
  one
• 15:49
  of
• 15:49
  your
• 15:49
  friends.
• 15:50
  If
• 15:50
  you're
• 15:50
  watching
• 15:50
  us
• 15:51
  on
• 15:51
  YouTube,
• 15:51
  give
• 15:51
  us
• 15:52
  a
• 15:52
  like
• 15:52
  and
• 15:52
  subscribe.
• 15:54
  So
• 15:54
  August,
• 15:55
  I
• 15:55
  was
• 15:55
  hoping
• 15:55
  we
• 15:55
  could
• 15:55
  spend
• 15:56
  a
• 15:56
  little
• 15:56
  time
• 15:56
  on
• 15:56
  the
• 15:57
  operation
• 15:57
  side
• 15:57
  of
• 15:58
  things.
• 15:58
  When
• 15:58
  you're
• 15:58
  dealing
• 15:59
  with
• 15:59
  any
• 15:59
  of
• 15:59
  these
• 15:59
  large
• 16:00
  projects,
• 16:01
  whether
• 16:01
  it's
• 16:01
  through
• 16:01
  project
• 16:02
  management,
• 16:03
  general
• 16:03
  contractors
• 16:04
  or
• 16:04
  what
• 16:04
  have
• 16:04
  you,
• 16:05
  I
• 16:05
  would
• 16:05
  imagine
• 16:06
  not
• 16:06
  only
• 16:07
  is
• 16:07
  it
• 16:07
  important
• 16:07
  to
• 16:08
  keep
• 16:08
  communication
• 16:09
  strong
• 16:09
  with
• 16:09
  your
• 16:09
  investors,
• 16:10
  but
• 16:10
  internally
• 16:11
  as
• 16:11
  a
• 16:11
  team,
• 16:11
  can
• 16:12
  you
• 16:12
  talk
• 16:12
  about
• 16:12
  the
• 16:13
  tools
• 16:13
  and
• 16:14
  what
• 16:14
  you
• 16:14
  might
• 16:14
  have
• 16:15
  implemented
• 16:15
  since
• 16:15
  the
• 16:16
  last
• 16:16
  time
• 16:16
  we've
• 16:16
  talked
• 16:17
  that
• 16:18
  has
• 16:18
  really
• 16:18
  significantly
• 16:19
  made
• 16:19
  a
• 16:20
  big
• 16:20
  difference
• 16:21
  in
• 16:21
  your
• 16:21
  operations?
• 16:22
  Absolutely.
• 16:23
  As
• 16:23
  a
• 16:23
  boutique
• 16:23
  firm
• 16:24
  here
• 16:24
  at
• 16:24
  cpi,
• 16:25
  we're
• 16:25
  always
• 16:26
  out
• 16:26
  there
• 16:26
  learning
• 16:26
  about
• 16:27
  new
• 16:27
  strategies,
• 16:28
  tools
• 16:28
  and
• 16:28
  softwares,
• 16:29
  including
• 16:30
  AI
• 16:30
  that
• 16:31
  other
• 16:31
  larger
• 16:32
  firms
• 16:32
  are
• 16:32
  utilizing
• 16:33
  and
• 16:33
  how
• 16:33
  we
• 16:33
  could
• 16:33
  bring
• 16:34
  that
• 16:34
  in
• 16:34
  house.
• 16:35
  We
• 16:35
  have
• 16:35
  a
• 16:35
  long
• 16:36
  term
• 16:36
  vision
• 16:36
  for
• 16:36
  CPI
• 16:37
  and
• 16:38
  really
• 16:38
  big
• 16:38
  hairy
• 16:39
  audacious
• 16:39
  goals.
• 16:40
  Our
• 16:40
  plan
• 16:40
  is
• 16:40
  over
• 16:40
  the
• 16:41
  next
• 16:41
  10
• 16:41
  years
• 16:42
  to
• 16:42
  own
• 16:42
  over
• 16:43
  30,000
• 16:43
  apartment
• 16:44
  units
• 16:44
  including
• 16:45
  BTR,
• 16:46
  which
• 16:46
  puts
• 16:46
  us
• 16:46
  on
• 16:46
  the
• 16:47
  list
• 16:47
  of
• 16:47
  NMHC's
• 16:48
  top
• 16:48
  100
• 16:49
  apartment
• 16:49
  owners
• 16:50
  in
• 16:50
  the
• 16:50
  US.
• 16:51
  The
• 16:51
  last
• 16:51
  person
• 16:51
  on
• 16:52
  the
• 16:52
  list
• 16:52
  today
• 16:52
  has
• 16:52
  27,000
• 16:53
  units.
• 16:54
  So
• 16:54
  we
• 16:54
  know
• 16:54
  we're
• 16:54
  fear
• 16:55
  at
• 16:55
  30,000
• 16:56
  or
• 16:56
  more
• 16:56
  will
• 16:56
  be
• 16:56
  on
• 16:57
  the
• 16:57
  list.
• 16:57
  So
• 16:57
  when
• 16:57
  you
• 16:58
  have
• 16:58
  those
• 16:58
  types
• 16:58
  of
• 16:58
  grandiose
• 16:59
  ideas
• 17:00
  and
• 17:00
  vision,
• 17:00
  you
• 17:01
  want
• 17:01
  to
• 17:01
  be
• 17:01
  able
• 17:01
  to
• 17:01
  have
• 17:02
  the
• 17:02
  tools
• 17:02
  that
• 17:02
  your
• 17:02
  team
• 17:03
  members
• 17:03
  can
• 17:03
  utilize
• 17:04
  to
• 17:04
  make
• 17:04
  their
• 17:04
  jobs
• 17:05
  more
• 17:05
  efficient
• 17:05
  and
• 17:06
  more
• 17:06
  productive
• 17:06
  and
• 17:07
  more
• 17:07
  streamlined
• 17:08
  and
• 17:08
  less
• 17:09
  friction
• 17:09
  for
• 17:09
  team
• 17:10
  members.
• 17:10
  So
• 17:10
  at
• 17:10
  cpi,
• 17:11
  when
• 17:11
  it
• 17:11
  comes
• 17:11
  to
• 17:11
  communication,
• 17:13
  aside
• 17:14
  from
• 17:14
  an
• 17:14
  email
• 17:15
  back
• 17:15
  and
• 17:15
  forth,
• 17:15
  when
• 17:16
  it
• 17:16
  comes
• 17:16
  to
• 17:16
  service
• 17:16
  providers
• 17:17
  or
• 17:17
  other
• 17:17
  external
• 17:18
  people.
• 17:18
  We
• 17:18
  use
• 17:19
  a
• 17:19
  platform
• 17:20
  called
• 17:20
  Slack
• 17:21
  for
• 17:21
  all
• 17:21
  of
• 17:22
  our
• 17:22
  communications.
• 17:22
  So
• 17:23
  all
• 17:23
  team
• 17:23
  member
• 17:23
  communications
• 17:25
  within
• 17:25
  different
• 17:25
  departments
• 17:26
  is
• 17:26
  all
• 17:27
  done
• 17:27
  by
• 17:27
  Slack.
• 17:28
  And
• 17:28
  some
• 17:28
  of
• 17:28
  our
• 17:29
  service
• 17:29
  providers
• 17:29
  are
• 17:31
  becoming
• 17:31
  very
• 17:32
  savvy
• 17:32
  as
• 17:32
  well
• 17:33
  and
• 17:33
  they
• 17:33
  are
• 17:34
  also
• 17:34
  using
• 17:34
  Slack.
• 17:35
  So
• 17:35
  our
• 17:36
  our
• 17:37
  US
• 17:37
  Attorneys
• 17:38
  are
• 17:38
  using
• 17:39
  Slack
• 17:39
  create
• 17:40
  a
• 17:40
  channel
• 17:40
  for
• 17:40
  each
• 17:41
  deal
• 17:41
  that
• 17:41
  we
• 17:41
  have.
• 17:42
  As
• 17:42
  you
• 17:42
  know,
• 17:42
  we're
• 17:43
  in
• 17:43
  the
• 17:43
  private
• 17:43
  equity
• 17:43
  space,
• 17:44
  so
• 17:44
  when
• 17:44
  we
• 17:44
  have
• 17:44
  a
• 17:45
  deal
• 17:45
  we
• 17:45
  actually
• 17:45
  bring
• 17:46
  on
• 17:46
  investors
• 17:47
  to
• 17:47
  invest
• 17:47
  with
• 17:47
  us.
• 17:48
  So
• 17:48
  we
• 17:48
  have
• 17:48
  to
• 17:49
  adhere
• 17:49
  to
• 17:49
  SCZ
• 17:50
  regulations
• 17:50
  in
• 17:51
  Canada.
• 17:51
  We
• 17:51
  have
• 17:51
  to
• 17:51
  adhere
• 17:52
  to
• 17:52
  Canadian
• 17:52
  security
• 17:53
  law
• 17:53
  regulations.
• 17:54
  So
• 17:54
  we
• 17:55
  deal
• 17:55
  with
• 17:55
  securities
• 17:55
  lawyers
• 17:56
  very
• 17:56
  extensively
• 17:57
  to
• 17:57
  create
• 17:57
  our
• 17:58
  offering
• 17:58
  documents
• 17:58
  for
• 17:58
  our
• 17:59
  lawyers.
• 17:59
  So
• 17:59
  when
• 18:00
  we
• 18:00
  have
• 18:00
  a
• 18:00
  deal
• 18:00
  under
• 18:00
  contract,
• 18:01
  we
• 18:01
  engage
• 18:02
  our
• 18:02
  securities
• 18:02
  lawyers,
• 18:03
  they
• 18:03
  create
• 18:03
  our
• 18:03
  offering
• 18:04
  docs.
• 18:04
  That
• 18:04
  process
• 18:05
  is
• 18:05
  very
• 18:05
  laborious
• 18:06
  and
• 18:07
  a
• 18:07
  lot
• 18:07
  of
• 18:07
  back
• 18:07
  and
• 18:08
  forth
• 18:08
  emails.
• 18:08
  So
• 18:08
  what
• 18:08
  we
• 18:09
  have
• 18:09
  done,
• 18:09
  we
• 18:09
  actually
• 18:09
  get
• 18:09
  our
• 18:10
  securities
• 18:10
  lawyers
• 18:11
  to
• 18:11
  jump
• 18:11
  on
• 18:11
  Slack,
• 18:11
  create
• 18:12
  a
• 18:12
  channel
• 18:12
  for
• 18:12
  that
• 18:13
  particular
• 18:13
  project
• 18:13
  and
• 18:14
  all
• 18:14
  communication
• 18:14
  is
• 18:15
  done
• 18:15
  within
• 18:15
  that
• 18:16
  Slack
• 18:17
  channel
• 18:17
  and
• 18:17
  all
• 18:17
  the
• 18:17
  team
• 18:18
  members
• 18:18
  who
• 18:18
  need
• 18:18
  to
• 18:18
  be
• 18:18
  part
• 18:19
  of
• 18:19
  it
• 18:19
  are
• 18:19
  added
• 18:19
  to
• 18:19
  that
• 18:19
  channel.
• 18:20
  So
• 18:20
  Slack
• 18:20
  has
• 18:20
  been
• 18:20
  tremendously
• 18:21
  helpful.
• 18:21
  I'm
• 18:22
  in
• 18:22
  discussions
• 18:22
  with
• 18:22
  a
• 18:23
  lot
• 18:23
  of
• 18:23
  different
• 18:23
  fund
• 18:23
  managers
• 18:24
  and
• 18:24
  general
• 18:24
  partners
• 18:25
  and
• 18:25
  executives
• 18:26
  from
• 18:26
  different
• 18:26
  firms
• 18:27
  under
• 18:27
  the
• 18:28
  real
• 18:28
  estate
• 18:28
  umbrella.
• 18:29
  Really
• 18:30
  a
• 18:30
  lot
• 18:30
  of
• 18:30
  them
• 18:30
  are
• 18:30
  not
• 18:30
  using
• 18:31
  these
• 18:31
  tools.
• 18:31
  A
• 18:31
  lot
• 18:31
  of
• 18:31
  them
• 18:32
  are
• 18:32
  still
• 18:32
  using
• 18:32
  archaic
• 18:33
  emails
• 18:33
  back
• 18:33
  and
• 18:33
  forth.
• 18:34
  So
• 18:34
  that's
• 18:34
  one
• 18:34
  softwares
• 18:35
  we
• 18:35
  use
• 18:35
  software
• 18:36
  we
• 18:36
  use.
• 18:36
  We
• 18:36
  also
• 18:36
  use
• 18:37
  Asana
• 18:37
  for
• 18:37
  our
• 18:38
  project
• 18:38
  management
• 18:39
  and
• 18:39
  task
• 18:40
  management
• 18:40
  software.
• 18:41
  No
• 18:41
  task.
• 18:42
  So
• 18:42
  just
• 18:43
  last
• 18:43
  thing
• 18:43
  on
• 18:43
  on
• 18:44
  Slack,
• 18:44
  no
• 18:45
  communication
• 18:46
  has
• 18:46
  been
• 18:46
  set
• 18:46
  in
• 18:46
  stone
• 18:47
  unless
• 18:47
  it's
• 18:47
  on
• 18:48
  Slack.
• 18:48
  So
• 18:48
  you
• 18:48
  can
• 18:48
  jump
• 18:49
  and
• 18:49
  say
• 18:49
  hey,
• 18:49
  I
• 18:49
  send
• 18:49
  you
• 18:49
  an
• 18:50
  email
• 18:50
  two
• 18:50
  weeks
• 18:50
  ago.
• 18:50
  Sorry
• 18:51
  team
• 18:52
  member,
• 18:52
  you
• 18:52
  never
• 18:52
  slack
• 18:53
  me.
• 18:53
  You
• 18:53
  have
• 18:53
  to
• 18:53
  Slack
• 18:53
  me
• 18:54
  has
• 18:54
  to
• 18:54
  be
• 18:54
  on
• 18:54
  Slack.
• 18:55
  So
• 18:55
  if
• 18:55
  it's
• 18:55
  not
• 18:56
  on
• 18:56
  slack
• 18:56
  is
• 18:57
  as
• 18:57
  if
• 18:57
  it
• 18:57
  never
• 18:57
  was
• 18:57
  communicated.
• 18:58
  We
• 18:58
  do
• 18:58
  the
• 18:59
  when
• 18:59
  it
• 18:59
  comes
• 18:59
  to
• 18:59
  task
• 19:00
  management
• 19:00
  and
• 19:00
  project
• 19:00
  management,
• 19:01
  which
• 19:01
  Asana
• 19:02
  has,
• 19:02
  both
• 19:02
  of
• 19:02
  those
• 19:03
  capabilities
• 19:04
  is
• 19:04
  to
• 19:04
  assign
• 19:05
  projects,
• 19:05
  create
• 19:06
  projects
• 19:06
  and
• 19:06
  assign
• 19:06
  tasks
• 19:07
  to
• 19:07
  a
• 19:07
  particular
• 19:08
  team
• 19:08
  members
• 19:08
  when
• 19:08
  it
• 19:09
  comes
• 19:09
  to
• 19:09
  whatever
• 19:10
  it
• 19:10
  is
• 19:10
  that
• 19:10
  needs
• 19:10
  to
• 19:10
  be
• 19:11
  done.
• 19:11
  Asana
• 19:12
  has
• 19:12
  been
• 19:12
  tremendously
• 19:12
  helpful
• 19:13
  for
• 19:13
  us
• 19:14
  within
• 19:14
  the
• 19:14
  company.
• 19:15
  So
• 19:15
  task
• 19:15
  management,
• 19:16
  project
• 19:16
  management
• 19:17
  and
• 19:17
  it's
• 19:17
  great
• 19:18
  you
• 19:18
  can
• 19:18
  bring
• 19:18
  on
• 19:18
  external
• 19:19
  team
• 19:19
  members
• 19:19
  as
• 19:20
  well
• 19:20
  for
• 19:20
  any
• 19:20
  tasks
• 19:20
  that
• 19:21
  you
• 19:21
  have.
• 19:21
  And
• 19:22
  then
• 19:22
  for
• 19:22
  our
• 19:22
  CRM
• 19:23
  when
• 19:23
  it
• 19:23
  comes
• 19:23
  to
• 19:24
  investor
• 19:24
  relations,
• 19:25
  when
• 19:25
  it
• 19:25
  comes
• 19:25
  to
• 19:26
  drafting
• 19:27
  our
• 19:27
  weekly
• 19:27
  email
• 19:28
  that
• 19:28
  we
• 19:28
  send
• 19:28
  out,
• 19:28
  I
• 19:29
  invite
• 19:29
  people
• 19:29
  listening
• 19:30
  in
• 19:30
  to
• 19:30
  definitely
• 19:30
  subscribe
• 19:31
  to
• 19:31
  our
• 19:31
  weekly
• 19:31
  email
• 19:32
  that
• 19:32
  provides
• 19:32
  them
• 19:32
  a
• 19:33
  update
• 19:33
  of
• 19:33
  the
• 19:34
  economy
• 19:34
  and
• 19:34
  in
• 19:35
  real
• 19:35
  estate
• 19:35
  and
• 19:35
  what
• 19:35
  CPI
• 19:36
  Capital
• 19:36
  has
• 19:36
  been
• 19:37
  up
• 19:37
  to
• 19:37
  over
• 19:37
  the
• 19:37
  last
• 19:37
  week
• 19:38
  on
• 19:38
  a
• 19:38
  weekly
• 19:39
  basis.
• 19:39
  Every
• 19:39
  Sunday
• 19:39
  at
• 19:40
  6am
• 19:40
  Eastern,
• 19:41
  that
• 19:41
  email
• 19:42
  goes
• 19:42
  out.
• 19:42
  That
• 19:43
  email
• 19:43
  is
• 19:43
  built
• 19:43
  on,
• 19:45
  Forgive
• 19:45
  me,
• 19:45
  on
• 19:46
  HubSpot.
• 19:47
  And
• 19:47
  all
• 19:47
  of
• 19:47
  our
• 19:47
  investor
• 19:48
  information
• 19:48
  is
• 19:49
  on
• 19:49
  HubSpot.
• 19:49
  We
• 19:50
  take
• 19:50
  detailed
• 19:50
  notes
• 19:50
  when
• 19:51
  we
• 19:51
  have
• 19:51
  communications
• 19:51
  with
• 19:52
  investors,
• 19:52
  when
• 19:52
  we
• 19:53
  have
• 19:53
  phone
• 19:53
  calls
• 19:53
  with
• 19:53
  them.
• 19:54
  When
• 19:54
  I
• 19:54
  meet
• 19:55
  somebody
• 19:55
  at
• 19:56
  an
• 19:56
  event
• 19:56
  or
• 19:56
  at
• 19:56
  a
• 19:56
  networking
• 19:57
  event,
• 19:57
  I'm
• 19:57
  adding
• 19:57
  them
• 19:58
  to
• 19:58
  HubSpot
• 19:58
  right
• 19:58
  away,
• 19:58
  taking
• 19:59
  notes
• 19:59
  on
• 19:59
  when
• 19:59
  we
• 19:59
  discuss.
• 20:00
  So
• 20:00
  HubSpot
• 20:00
  has
• 20:00
  been
• 20:00
  a
• 20:02
  extremely
• 20:02
  important
• 20:02
  and
• 20:03
  helpful
• 20:03
  tool
• 20:03
  for
• 20:03
  us
• 20:04
  when
• 20:04
  it
• 20:04
  comes
• 20:04
  to
• 20:04
  our
• 20:04
  communications.
• 20:05
  Of
• 20:05
  course,
• 20:06
  AI
• 20:06
  These
• 20:06
  days,
• 20:06
  if
• 20:06
  you're
• 20:07
  not
• 20:07
  using
• 20:07
  AI,
• 20:08
  you're,
• 20:08
  you
• 20:08
  know,
• 20:09
  you're,
• 20:09
  you're,
• 20:09
  you're
• 20:10
  being
• 20:10
  left
• 20:10
  behind
• 20:11
  and
• 20:11
  we're
• 20:11
  using
• 20:11
  AI
• 20:12
  the
• 20:12
  ways
• 20:12
  we're
• 20:13
  using
• 20:13
  AI.
• 20:13
  Now
• 20:14
  our
• 20:15
  VP
• 20:15
  of
• 20:15
  investments,
• 20:16
  Paul
• 20:16
  Hopkins,
• 20:16
  he's
• 20:16
  much
• 20:17
  more
• 20:17
  verse.
• 20:17
  He's
• 20:18
  actually
• 20:18
  joined
• 20:19
  an
• 20:19
  AI
• 20:20
  mastermind
• 20:21
  where
• 20:21
  he's
• 20:21
  learning
• 20:22
  new
• 20:22
  techniques
• 20:22
  on
• 20:22
  how
• 20:22
  to
• 20:23
  use
• 20:23
  AI,
• 20:23
  particularly
• 20:24
  for
• 20:24
  his
• 20:25
  division,
• 20:25
  which
• 20:25
  is
• 20:25
  asset
• 20:26
  management
• 20:26
  and
• 20:27
  acquisitions.
• 20:28
  AI
• 20:28
  has
• 20:29
  been
• 20:29
  tremendously
• 20:29
  helpful.
• 20:29
  He's
• 20:30
  created
• 20:30
  a
• 20:30
  GPT,
• 20:31
  for
• 20:31
  example,
• 20:32
  when
• 20:32
  it
• 20:32
  comes
• 20:32
  to
• 20:33
  acquisitions
• 20:33
  in
• 20:34
  the
• 20:34
  commercial
• 20:34
  real
• 20:34
  estate
• 20:35
  space,
• 20:35
  it's
• 20:36
  not
• 20:36
  similar
• 20:36
  to
• 20:36
  single
• 20:37
  family
• 20:37
  where
• 20:37
  there's
• 20:38
  an
• 20:38
  MLS
• 20:39
  and
• 20:39
  brokers
• 20:40
  list
• 20:40
  their
• 20:41
  property
• 20:41
  on
• 20:41
  there
• 20:42
  and
• 20:42
  you
• 20:42
  get
• 20:42
  a
• 20:42
  message.
• 20:42
  In
• 20:43
  commercial
• 20:43
  real
• 20:43
  estate,
• 20:44
  be
• 20:44
  it
• 20:44
  multifamily
• 20:45
  or
• 20:45
  other
• 20:45
  asset
• 20:45
  classes,
• 20:46
  anytime
• 20:46
  a
• 20:46
  deal
• 20:47
  comes
• 20:47
  online,
• 20:47
  it
• 20:48
  only
• 20:48
  gets
• 20:48
  promoted
• 20:49
  to
• 20:49
  the
• 20:49
  network
• 20:50
  of
• 20:50
  that
• 20:50
  broker.
• 20:51
  So
• 20:51
  there
• 20:51
  is
• 20:51
  no
• 20:51
  actual
• 20:52
  platform
• 20:53
  that
• 20:53
  exists.
• 20:54
  There's
• 20:54
  CREXI
• 20:54
  and
• 20:54
  stuff
• 20:55
  like
• 20:55
  that,
• 20:55
  but
• 20:55
  you
• 20:55
  still
• 20:55
  have
• 20:55
  to
• 20:55
  be
• 20:55
  on
• 20:56
  their
• 20:56
  mailing
• 20:56
  list
• 20:56
  to
• 20:57
  get
• 20:57
  that
• 20:57
  information
• 20:58
  or
• 20:58
  you
• 20:58
  still
• 20:58
  have
• 20:58
  to
• 20:58
  actually
• 20:59
  find
• 20:59
  them.
• 20:59
  So
• 21:00
  when
• 21:00
  a
• 21:00
  deal
• 21:01
  comes
• 21:01
  online,
• 21:01
  when
• 21:02
  a
• 21:02
  deal
• 21:02
  is
• 21:02
  listed
• 21:03
  on
• 21:03
  that
• 21:04
  broker's
• 21:05
  platform
• 21:05
  and
• 21:05
  they
• 21:06
  send
• 21:06
  it
• 21:06
  out
• 21:06
  to
• 21:07
  all
• 21:07
  the
• 21:07
  people
• 21:07
  in
• 21:07
  their
• 21:07
  database,
• 21:08
  they
• 21:09
  send
• 21:09
  us
• 21:09
  something
• 21:09
  called
• 21:09
  an
• 21:09
  offering
• 21:10
  memorandum
• 21:11
  and
• 21:11
  an
• 21:11
  om.
• 21:12
  So
• 21:12
  OM
• 21:13
  is
• 21:13
  received
• 21:13
  by
• 21:13
  our
• 21:13
  acquisition
• 21:14
  team.
• 21:14
  Then
• 21:14
  our
• 21:15
  acquisition
• 21:15
  team
• 21:15
  historically
• 21:16
  had
• 21:16
  to
• 21:16
  go
• 21:16
  in
• 21:16
  there
• 21:16
  and
• 21:17
  extract
• 21:17
  all
• 21:17
  the
• 21:17
  information
• 21:18
  we
• 21:18
  needed,
• 21:19
  add
• 21:19
  it
• 21:19
  to
• 21:19
  Asana
• 21:20
  and
• 21:20
  see
• 21:20
  if
• 21:21
  it
• 21:21
  matches
• 21:21
  our
• 21:21
  parameters
• 21:22
  for
• 21:22
  acquisitions,
• 21:23
  our
• 21:23
  buy
• 21:23
  box,
• 21:24
  or
• 21:24
  not.
• 21:24
  Now,
• 21:25
  with
• 21:25
  what
• 21:26
  Paul
• 21:26
  has
• 21:26
  created
• 21:26
  on
• 21:27
  GPT,
• 21:28
  he
• 21:28
  upload.
• 21:29
  He
• 21:29
  has
• 21:29
  prompted
• 21:29
  the
• 21:29
  GPT
• 21:30
  to
• 21:30
  extract
• 21:30
  that
• 21:31
  information.
• 21:31
  So
• 21:31
  all
• 21:31
  he
• 21:32
  does,
• 21:32
  he
• 21:32
  takes
• 21:32
  the
• 21:32
  om,
• 21:33
  uploads
• 21:34
  it
• 21:34
  to
• 21:35
  GPT,
• 21:35
  it
• 21:36
  extracts
• 21:36
  all
• 21:36
  that
• 21:36
  information
• 21:37
  with
• 21:38
  Zapier,
• 21:38
  that's
• 21:39
  connected
• 21:39
  to
• 21:39
  Asana.
• 21:40
  So
• 21:40
  it
• 21:40
  uploads
• 21:41
  it
• 21:41
  to
• 21:41
  Asana
• 21:41
  on.
• 21:42
  Now
• 21:42
  I'm
• 21:42
  giving
• 21:42
  you
• 21:42
  some
• 21:42
  proprietary
• 21:43
  stuff,
• 21:43
  so
• 21:44
  people
• 21:44
  listening
• 21:44
  to
• 21:44
  this
• 21:44
  are
• 21:45
  hearing
• 21:45
  about
• 21:45
  this
• 21:45
  stuff.
• 21:46
  But
• 21:46
  then
• 21:46
  it's
• 21:47
  uploaded
• 21:47
  to
• 21:47
  Asana
• 21:48
  and
• 21:48
  him
• 21:48
  and
• 21:49
  his
• 21:49
  team
• 21:49
  can
• 21:49
  come
• 21:49
  and
• 21:49
  see.
• 21:50
  Number
• 21:50
  one,
• 21:50
  does
• 21:50
  it
• 21:50
  match
• 21:50
  their
• 21:51
  parameters?
• 21:51
  If
• 21:51
  there
• 21:51
  is
• 21:51
  any
• 21:52
  mistakes
• 21:53
  that
• 21:53
  the
• 21:53
  GPT
• 21:54
  has
• 21:54
  made
• 21:54
  or
• 21:54
  any
• 21:54
  Fields
• 21:55
  they
• 21:55
  didn't
• 21:55
  fill.
• 21:56
  But
• 21:56
  it
• 21:56
  has
• 21:58
  expedited
• 21:58
  that
• 21:58
  process
• 21:59
  that
• 21:59
  we
• 21:59
  utilize
• 21:59
  by
• 22:00
  90%
• 22:01
  as
• 22:01
  far
• 22:01
  as
• 22:02
  time
• 22:02
  that
• 22:02
  it
• 22:02
  goes
• 22:02
  into
• 22:03
  it.
• 22:03
  Now
• 22:04
  he's
• 22:04
  trying
• 22:04
  to
• 22:04
  add
• 22:04
  other
• 22:04
  layers
• 22:05
  as
• 22:05
  well.
• 22:05
  He's
• 22:05
  actually
• 22:06
  trying
• 22:06
  to.
• 22:07
  And
• 22:07
  these
• 22:07
  are
• 22:08
  not
• 22:08
  far
• 22:08
  away.
• 22:08
  He
• 22:09
  should
• 22:09
  probably
• 22:09
  have
• 22:09
  this
• 22:09
  done
• 22:10
  over
• 22:10
  the
• 22:10
  next
• 22:10
  couple
• 22:11
  of
• 22:11
  weeks
• 22:11
  here.
• 22:11
  But
• 22:12
  he's
• 22:12
  trying
• 22:12
  to
• 22:12
  prompt
• 22:12
  his
• 22:13
  email
• 22:13
  that
• 22:14
  the
• 22:14
  email
• 22:14
  automatically
• 22:15
  recognizes
• 22:16
  that
• 22:16
  this
• 22:16
  is
• 22:16
  an
• 22:16
  om
• 22:17
  because
• 22:17
  we
• 22:17
  have
• 22:17
  an
• 22:17
  email
• 22:18
  called
• 22:18
  dealscpicapital
• 22:20
  CA
• 22:21
  that
• 22:21
  all
• 22:21
  of
• 22:21
  our
• 22:22
  brokers
• 22:22
  send
• 22:22
  their
• 22:23
  emails
• 22:23
  to.
• 22:24
  So
• 22:24
  he's
• 22:24
  trying
• 22:25
  to.
• 22:25
  To
• 22:25
  prompt
• 22:26
  his
• 22:26
  email
• 22:26
  that
• 22:27
  automatically
• 22:27
  extracts
• 22:28
  that
• 22:28
  email,
• 22:29
  sends
• 22:29
  it
• 22:29
  to
• 22:30
  GPT,
• 22:31
  GPT
• 22:32
  extracts
• 22:32
  the
• 22:32
  information,
• 22:33
  sends
• 22:33
  it
• 22:33
  to
• 22:33
  Asana,
• 22:34
  and
• 22:34
  then
• 22:35
  the
• 22:35
  last
• 22:35
  level
• 22:35
  is
• 22:35
  Asana
• 22:36
  tells
• 22:36
  us
• 22:36
  if
• 22:36
  it
• 22:37
  matches
• 22:37
  our
• 22:37
  buy
• 22:37
  box
• 22:38
  or
• 22:38
  not.
• 22:38
  So
• 22:38
  the
• 22:39
  next
• 22:39
  step
• 22:39
  is
• 22:39
  us
• 22:40
  doing
• 22:40
  the
• 22:40
  initial
• 22:40
  kind
• 22:41
  of
• 22:41
  due
• 22:41
  diligence
• 22:41
  and
• 22:42
  analysis
• 22:42
  to
• 22:43
  see
• 22:43
  if
• 22:43
  it
• 22:43
  makes
• 22:43
  sense
• 22:43
  to
• 22:44
  go
• 22:44
  and
• 22:44
  write
• 22:44
  a
• 22:45
  letter
• 22:45
  of
• 22:45
  intent
• 22:45
  on
• 22:46
  that
• 22:46
  deal
• 22:46
  and
• 22:46
  try
• 22:47
  to
• 22:47
  make
• 22:47
  it
• 22:47
  to
• 22:47
  the
• 22:47
  best
• 22:47
  and
• 22:47
  final.
• 22:48
  So,
• 22:48
  yeah,
• 22:48
  I
• 22:48
  mean,
• 22:48
  AI
• 22:49
  has
• 22:49
  been
• 22:50
  tremendously
• 22:50
  helpful
• 22:51
  for
• 22:51
  our
• 22:51
  marketing
• 22:52
  division
• 22:52
  as
• 22:52
  well.
• 22:53
  A
• 22:53
  lot
• 22:53
  of
• 22:53
  tasks
• 22:54
  now
• 22:54
  that,
• 22:54
  you
• 22:55
  know,
• 22:55
  when
• 22:55
  it
• 22:55
  comes
• 22:55
  to
• 22:55
  podcasts,
• 22:56
  after
• 22:56
  this
• 22:56
  podcast
• 22:57
  is
• 22:57
  published,
• 22:58
  there
• 22:58
  is
• 22:58
  a
• 22:59
  platform
• 22:59
  called
• 22:59
  Opus
• 23:00
  Clips
• 23:00
  where
• 23:01
  our
• 23:01
  team
• 23:01
  takes
• 23:01
  this
• 23:02
  information,
• 23:02
  takes
• 23:03
  this
• 23:03
  video
• 23:03
  and
• 23:04
  uploads
• 23:04
  it
• 23:04
  to
• 23:04
  Opus
• 23:05
  Clips.
• 23:05
  Opus
• 23:05
  Clips
• 23:06
  automatically
• 23:07
  extracts
• 23:07
  short
• 23:08
  videos
• 23:08
  and
• 23:09
  those
• 23:09
  short
• 23:09
  videos
• 23:10
  are,
• 23:10
  can
• 23:10
  be
• 23:10
  uploaded
• 23:11
  to
• 23:12
  social
• 23:12
  media
• 23:12
  to,
• 23:13
  to
• 23:13
  YouTube.
• 23:14
  So
• 23:14
  AI
• 23:15
  is
• 23:15
  doing
• 23:15
  a
• 23:16
  lot
• 23:16
  of
• 23:16
  this
• 23:16
  great
• 23:16
  work.
• 23:16
  And
• 23:17
  then
• 23:17
  when
• 23:17
  it
• 23:17
  comes
• 23:17
  to
• 23:17
  simple
• 23:18
  stuff
• 23:18
  like
• 23:18
  writing
• 23:18
  emails
• 23:19
  and
• 23:20
  looking
• 23:20
  at
• 23:20
  long
• 23:21
  contracts
• 23:22
  and
• 23:22
  what
• 23:22
  have
• 23:22
  you,
• 23:22
  it's
• 23:23
  been
• 23:23
  very
• 23:23
  helpful
• 23:23
  as
• 23:23
  well.
• 23:24
  When
• 23:24
  it
• 23:24
  comes
• 23:24
  Especially
• 23:24
  since
• 23:25
  CPI,
• 23:26
  we
• 23:26
  deal
• 23:26
  with
• 23:26
  both
• 23:26
  Canadian
• 23:27
  and
• 23:27
  U.S.
• 23:28
  investors.
• 23:29
  We're
• 23:29
  only
• 23:29
  focused
• 23:30
  on
• 23:30
  U.S.
• 23:30
  real
• 23:30
  estate,
• 23:30
  but
• 23:31
  we
• 23:31
  deal
• 23:31
  investors.
• 23:31
  So
• 23:31
  there's
• 23:32
  a
• 23:32
  lot
• 23:32
  of
• 23:32
  communications
• 23:32
  with
• 23:33
  lawyers
• 23:33
  and
• 23:33
  other
• 23:33
  service
• 23:34
  providers.
• 23:34
  So
• 23:34
  it's
• 23:34
  been
• 23:34
  helpful
• 23:35
  in
• 23:35
  that
• 23:35
  sense
• 23:36
  as
• 23:36
  well.
• 23:36
  So
• 23:37
  yeah,
• 23:37
  those
• 23:37
  are
• 23:37
  some
• 23:37
  of
• 23:38
  the
• 23:38
  tools
• 23:38
  and
• 23:38
  softwares
• 23:39
  we
• 23:39
  use.
• 23:39
  I
• 23:39
  can
• 23:39
  keep
• 23:39
  going
• 23:40
  some
• 23:40
  more,
• 23:40
  but
• 23:40
  I'll
• 23:40
  leave
• 23:40
  it
• 23:41
  there.
• 23:41
  Yeah,
• 23:42
  well,
• 23:42
  and
• 23:42
  frankly,
• 23:43
  if
• 23:44
  all
• 23:44
  of
• 23:44
  that
• 23:44
  sounded
• 23:45
  like
• 23:45
  some
• 23:45
  sort
• 23:45
  of
• 23:46
  black
• 23:46
  magic,
• 23:47
  that's
• 23:47
  where
• 23:47
  I
• 23:48
  come
• 23:48
  in.
• 23:48
  So
• 23:49
  you
• 23:49
  can
• 23:49
  always
• 23:49
  reach
• 23:50
  out
• 23:50
  to
• 23:50
  me
• 23:50
  realdealcrew.com
• 23:51
  and
• 23:52
  I
• 23:52
  can
• 23:52
  help
• 23:52
  you
• 23:52
  with
• 23:52
  some
• 23:53
  of
• 23:53
  this,
• 23:53
  implement
• 23:53
  some
• 23:54
  of
• 23:54
  this.
• 23:54
  Even
• 23:54
  on
• 23:54
  the
• 23:55
  smaller
• 23:55
  scales.
• 23:55
  We
• 23:56
  don't
• 23:56
  have
• 23:56
  to
• 23:56
  be
• 23:57
  scaled
• 23:57
  into
• 23:58
  a
• 23:58
  business
• 23:58
  as,
• 23:58
  as
• 23:59
  large
• 23:59
  as
• 23:59
  August
• 24:00
  anymore.
• 24:00
  We
• 24:00
  have.
• 24:02
  This
• 24:02
  is
• 24:02
  probably
• 24:02
  the
• 24:03
  biggest
• 24:03
  leveling
• 24:04
  of
• 24:04
  the
• 24:04
  playing
• 24:04
  field
• 24:04
  when
• 24:05
  it
• 24:05
  comes
• 24:05
  to
• 24:05
  technology
• 24:06
  that
• 24:06
  I've
• 24:07
  seen
• 24:07
  in
• 24:08
  a
• 24:08
  very
• 24:08
  long
• 24:08
  time.
• 24:09
  So
• 24:09
  it's
• 24:10
  definitely
• 24:10
  worth
• 24:11
  taking
• 24:11
  a
• 24:11
  look
• 24:11
  at.
• 24:13
  So
• 24:13
  August,
• 24:13
  I
• 24:14
  was
• 24:14
  hoping
• 24:14
  that
• 24:14
  we
• 24:15
  could
• 24:15
  also
• 24:15
  spend
• 24:15
  a
• 24:16
  little
• 24:16
  time
• 24:17
  regarding
• 24:19
  the
• 24:19
  economy.
• 24:20
  And
• 24:20
  I
• 24:20
  know
• 24:20
  this
• 24:21
  is
• 24:21
  kind
• 24:21
  of
• 24:21
  a
• 24:21
  rabbit
• 24:22
  hole
• 24:22
  that
• 24:22
  we
• 24:22
  could
• 24:23
  probably
• 24:23
  spend
• 24:23
  an
• 24:24
  entire
• 24:24
  episode
• 24:25
  on.
• 24:25
  In
• 24:25
  its
• 24:25
  in
• 24:26
  itself,
• 24:26
  we
• 24:26
  have
• 24:27
  started
• 24:27
  to
• 24:28
  slowly
• 24:28
  really
• 24:28
  tick
• 24:29
  down
• 24:29
  on
• 24:30
  the
• 24:30
  interest
• 24:30
  rates
• 24:31
  in
• 24:31
  the
• 24:31
  United
• 24:31
  States.
• 24:32
  In
• 24:32
  fact,
• 24:32
  I,
• 24:33
  I
• 24:33
  actually
• 24:33
  saw
• 24:34
  interest
• 24:34
  rates
• 24:35
  interest
• 24:35
  rate
• 24:36
  recently
• 24:36
  cracking
• 24:37
  under
• 24:37
  6%,
• 24:38
  which
• 24:38
  I
• 24:38
  think
• 24:39
  is
• 24:39
  a
• 24:39
  good
• 24:39
  sign.
• 24:40
  What
• 24:40
  are
• 24:40
  you
• 24:41
  seeing?
• 24:41
  What
• 24:41
  is
• 24:41
  your
• 24:42
  outlook?
• 24:42
  What
• 24:42
  do
• 24:42
  you
• 24:42
  think
• 24:43
  is
• 24:43
  on
• 24:43
  the
• 24:43
  horizon?
• 24:44
  Yeah,
• 24:44
  no,
• 24:45
  interest
• 24:45
  rates
• 24:45
  are
• 24:46
  not
• 24:46
  the
• 24:46
  only
• 24:47
  indicator
• 24:47
  and
• 24:48
  the
• 24:48
  only
• 24:49
  sensitive
• 24:50
  aspect
• 24:50
  of
• 24:50
  real
• 24:50
  estate.
• 24:51
  Obviously
• 24:51
  real
• 24:51
  estate
• 24:51
  is
• 24:52
  commercial.
• 24:52
  Real
• 24:52
  estate
• 24:52
  in
• 24:53
  particular
• 24:53
  is
• 24:53
  very
• 24:53
  sensitive
• 24:53
  to
• 24:54
  interest
• 24:54
  rates
• 24:54
  rates.
• 24:54
  And
• 24:55
  those
• 24:55
  interest
• 24:55
  rates
• 24:56
  are
• 24:56
  really
• 24:56
  pinged
• 24:56
  off
• 24:57
  of
• 24:57
  the
• 24:58
  yield
• 24:59
  that
• 24:59
  the
• 24:59
  Treasuries
• 25:00
  are
• 25:00
  producing.
• 25:00
  Particularly
• 25:01
  the
• 25:01
  10
• 25:01
  year
• 25:02
  treasury
• 25:02
  is
• 25:03
  where
• 25:03
  the
• 25:03
  commercial
• 25:04
  loans
• 25:04
  are
• 25:04
  pinged
• 25:05
  off
• 25:05
  of.
• 25:05
  So
• 25:06
  we've
• 25:06
  seen
• 25:06
  the
• 25:06
  10
• 25:07
  year
• 25:07
  treasury
• 25:08
  go
• 25:08
  up
• 25:08
  close
• 25:08
  to
• 25:09
  40
• 25:09
  basis
• 25:10
  points
• 25:10
  over
• 25:10
  the
• 25:10
  last
• 25:10
  few
• 25:11
  weeks
• 25:11
  with
• 25:11
  the
• 25:12
  war
• 25:12
  in
• 25:12
  Iran
• 25:13
  and
• 25:13
  US
• 25:14
  and
• 25:14
  Israel
• 25:15
  war
• 25:16
  with
• 25:16
  Iran.
• 25:17
  So
• 25:17
  because
• 25:17
  of
• 25:17
  that
• 25:18
  instability,
• 25:18
  because
• 25:19
  of
• 25:19
  issues
• 25:19
  with
• 25:20
  the
• 25:20
  Strait
• 25:20
  of
• 25:20
  Hormuz
• 25:21
  and
• 25:21
  oil
• 25:21
  flows,
• 25:22
  the
• 25:22
  price
• 25:22
  of
• 25:22
  oil
• 25:23
  has
• 25:23
  gone
• 25:23
  up
• 25:23
  as
• 25:24
  well,
• 25:24
  which
• 25:25
  has
• 25:25
  an
• 25:25
  inflationary
• 25:26
  effect
• 25:26
  as
• 25:27
  well.
• 25:27
  So
• 25:27
  but
• 25:27
  yeah,
• 25:27
  aside
• 25:28
  from
• 25:28
  interest
• 25:28
  rates,
• 25:29
  investor
• 25:30
  sentiment
• 25:30
  is,
• 25:31
  which
• 25:31
  is
• 25:32
  more,
• 25:33
  you
• 25:33
  know,
• 25:33
  it's
• 25:33
  is
• 25:34
  less
• 25:36
  specific
• 25:36
  when
• 25:37
  it
• 25:37
  comes
• 25:37
  to
• 25:37
  kind
• 25:37
  of
• 25:37
  numbers
• 25:38
  and
• 25:38
  math
• 25:38
  and
• 25:40
  economical
• 25:40
  kind
• 25:41
  of
• 25:41
  way
• 25:41
  of
• 25:41
  looking
• 25:41
  at
• 25:41
  things.
• 25:42
  So
• 25:42
  sentiment
• 25:43
  comes
• 25:43
  to
• 25:43
  kind
• 25:43
  of
• 25:44
  the
• 25:44
  mood
• 25:44
  and
• 25:45
  where
• 25:46
  investors
• 25:46
  how
• 25:46
  they
• 25:46
  feel
• 25:47
  and
• 25:47
  how
• 25:47
  they
• 25:47
  feel
• 25:47
  about
• 25:48
  their
• 25:48
  keeping
• 25:49
  their
• 25:49
  job
• 25:49
  or
• 25:50
  how
• 25:50
  the
• 25:51
  economy
• 25:51
  is
• 25:51
  going
• 25:51
  to
• 25:51
  be
• 25:52
  performing
• 25:52
  or
• 25:53
  their
• 25:53
  fears
• 25:53
  about
• 25:54
  a
• 25:54
  possible
• 25:55
  global
• 25:55
  war
• 25:56
  and
• 25:56
  what's
• 25:56
  happening
• 25:56
  on
• 25:57
  the
• 25:57
  other
• 25:57
  side
• 25:57
  of
• 25:57
  the
• 25:57
  world
• 25:57
  and
• 25:58
  oil
• 25:58
  prices.
• 25:58
  So
• 25:59
  investor
• 26:00
  sentiment
• 26:00
  is
• 26:00
  down
• 26:00
  as
• 26:01
  well.
• 26:01
  So
• 26:01
  we're
• 26:02
  seeing
• 26:02
  that
• 26:02
  on
• 26:03
  the
• 26:03
  LP
• 26:04
  side.
• 26:04
  Our
• 26:04
  LPs
• 26:05
  are
• 26:05
  bit
• 26:06
  more
• 26:06
  reserved
• 26:06
  to
• 26:07
  deploy
• 26:07
  capital.
• 26:08
  And
• 26:09
  so
• 26:10
  yeah,
• 26:10
  I
• 26:10
  mean
• 26:11
  where
• 26:11
  the
• 26:11
  economy
• 26:11
  is
• 26:12
  today,
• 26:12
  you
• 26:12
  have
• 26:12
  to
• 26:13
  also
• 26:13
  look
• 26:13
  at
• 26:13
  kind
• 26:13
  of
• 26:14
  the
• 26:14
  history
• 26:14
  to
• 26:14
  see
• 26:14
  where
• 26:15
  we
• 26:15
  are
• 26:15
  today
• 26:15
  and
• 26:15
  where
• 26:15
  the
• 26:16
  future
• 26:16
  is
• 26:16
  going.
• 26:18
  We
• 26:18
  had
• 26:19
  the
• 26:20
  great
• 26:20
  financial
• 26:20
  crisis
• 26:21
  that
• 26:21
  took
• 26:21
  place
• 26:21
  in
• 26:22
  2008,
• 26:22
  the
• 26:22
  Sun
• 26:23
  Pride
• 26:23
  mortgage
• 26:23
  crisis,
• 26:24
  that
• 26:25
  nearly
• 26:25
  collapsed
• 26:26
  economy.
• 26:27
  Like
• 26:28
  we
• 26:28
  talked
• 26:28
  about
• 26:28
  this
• 26:28
  earlier,
• 26:29
  that
• 26:29
  US
• 26:29
  home
• 26:30
  prices
• 26:30
  kind
• 26:30
  of
• 26:30
  declined
• 26:31
  30%
• 26:32
  at
• 26:32
  that
• 26:32
  time.
• 26:33
  But
• 26:34
  the
• 26:34
  US
• 26:34
  went
• 26:34
  on
• 26:34
  a
• 26:35
  recovery
• 26:36
  cycle
• 26:37
  from
• 26:37
  there
• 26:37
  and
• 26:38
  by
• 26:38
  2011
• 26:39
  prices
• 26:39
  started
• 26:40
  coming
• 26:41
  back
• 26:41
  up.
• 26:41
  So
• 26:41
  the
• 26:41
  2011
• 26:42
  was
• 26:42
  actually
• 26:42
  the
• 26:43
  bottom
• 26:43
  of
• 26:43
  the
• 26:43
  market,
• 26:44
  not
• 26:44
  2008.
• 26:46
  From
• 26:46
  2011
• 26:47
  to
• 26:47
  2019
• 26:49
  the
• 26:49
  US
• 26:50
  real
• 26:50
  estate
• 26:51
  market
• 26:51
  and
• 26:51
  the
• 26:52
  economy
• 26:52
  and
• 26:53
  equities
• 26:53
  went
• 26:53
  on
• 26:53
  a
• 26:53
  bull
• 26:54
  run
• 26:54
  run
• 26:55
  for
• 26:55
  that
• 26:55
  period.
• 26:55
  So
• 26:56
  by
• 26:56
  2019
• 26:57
  we
• 26:57
  were
• 26:57
  already
• 26:58
  in
• 26:59
  somewhat
• 26:59
  of
• 26:59
  a
• 26:59
  mania
• 27:00
  phase.
• 27:00
  There
• 27:01
  was
• 27:01
  already
• 27:01
  cracks
• 27:02
  forming
• 27:03
  in
• 27:03
  the
• 27:03
  economy.
• 27:04
  So
• 27:05
  it
• 27:05
  felt
• 27:06
  like
• 27:06
  we
• 27:06
  were
• 27:06
  really
• 27:08
  in
• 27:08
  the
• 27:08
  hyper
• 27:09
  supply
• 27:09
  expansion
• 27:10
  phase
• 27:10
  of
• 27:10
  the
• 27:10
  cycle.
• 27:11
  And
• 27:11
  right
• 27:12
  as
• 27:12
  soon
• 27:12
  after
• 27:12
  that,
• 27:13
  in
• 27:13
  2020,
• 27:13
  Covid
• 27:14
  hit,
• 27:14
  and
• 27:14
  it
• 27:14
  really
• 27:15
  threw
• 27:15
  a
• 27:15
  wrench
• 27:15
  in
• 27:15
  everything
• 27:16
  and
• 27:17
  did
• 27:17
  a
• 27:17
  reset
• 27:18
  on
• 27:18
  everything.
• 27:19
  So
• 27:20
  at
• 27:20
  that
• 27:20
  time,
• 27:21
  the
• 27:21
  Fed
• 27:22
  had
• 27:22
  to
• 27:22
  reduce
• 27:23
  rates
• 27:23
  to
• 27:23
  keep
• 27:23
  the
• 27:24
  economy
• 27:24
  from
• 27:24
  collapsing.
• 27:25
  And
• 27:25
  that
• 27:26
  resulted
• 27:26
  in
• 27:26
  a
• 27:26
  lot
• 27:26
  of
• 27:27
  investment
• 27:27
  firms
• 27:27
  coming
• 27:28
  in
• 27:28
  and
• 27:28
  borrowing
• 27:29
  cheap
• 27:29
  debt
• 27:29
  and
• 27:29
  building
• 27:30
  a
• 27:30
  lot
• 27:30
  of
• 27:30
  supply,
• 27:31
  which
• 27:31
  we're
• 27:31
  feeling
• 27:32
  now
• 27:32
  because
• 27:32
  of
• 27:33
  oversupply,
• 27:33
  has
• 27:33
  a
• 27:34
  downward
• 27:34
  effect
• 27:34
  on
• 27:35
  rents.
• 27:35
  So
• 27:36
  since
• 27:36
  then,
• 27:36
  we've
• 27:37
  gone
• 27:37
  through
• 27:37
  a
• 27:37
  few
• 27:37
  different
• 27:38
  cycles
• 27:38
  of
• 27:38
  the
• 27:39
  economy
• 27:39
  and
• 27:39
  real
• 27:40
  estate.
• 27:40
  But
• 27:40
  I
• 27:41
  would
• 27:41
  say
• 27:41
  now
• 27:42
  with
• 27:42
  what's
• 27:42
  taking
• 27:43
  place
• 27:44
  with
• 27:44
  the
• 27:44
  war
• 27:45
  in
• 27:45
  the
• 27:45
  Middle
• 27:45
  east
• 27:45
  and
• 27:45
  the
• 27:45
  war
• 27:46
  in
• 27:46
  Iran,
• 27:46
  I
• 27:47
  think
• 27:47
  that
• 27:47
  could
• 27:48
  have
• 27:48
  an
• 27:48
  inflationary
• 27:49
  effect
• 27:49
  and
• 27:49
  it's
• 27:50
  going
• 27:50
  to
• 27:50
  create
• 27:50
  some
• 27:51
  inflation.
• 27:51
  So
• 27:52
  we
• 27:52
  might
• 27:52
  see,
• 27:52
  see
• 27:53
  the
• 27:53
  rates
• 27:53
  go
• 27:53
  back
• 27:53
  up
• 27:54
  and
• 27:54
  we
• 27:54
  might
• 27:54
  possibly
• 27:55
  see
• 27:55
  the
• 27:55
  Fed
• 27:56
  increasing
• 27:56
  rates
• 27:57
  at
• 27:57
  their
• 27:57
  next
• 27:57
  meeting,
• 27:58
  which
• 27:58
  in
• 27:59
  most
• 27:59
  cases
• 27:59
  has
• 27:59
  a
• 27:59
  direct
• 28:00
  effect
• 28:00
  to
• 28:00
  where
• 28:00
  interest
• 28:01
  rates
• 28:01
  are
• 28:01
  at.
• 28:01
  So
• 28:02
  we're,
• 28:02
  we're
• 28:03
  definitely
• 28:03
  not
• 28:03
  out
• 28:03
  of
• 28:03
  the,
• 28:03
  out
• 28:04
  of
• 28:04
  the,
• 28:04
  out
• 28:05
  of
• 28:05
  the
• 28:05
  woods
• 28:05
  yet.
• 28:06
  It
• 28:06
  is
• 28:06
  very
• 28:06
  interesting
• 28:07
  to
• 28:07
  see
• 28:07
  where
• 28:07
  this
• 28:07
  Iran
• 28:08
  war
• 28:08
  goes,
• 28:08
  but
• 28:09
  if
• 28:09
  it
• 28:09
  continues
• 28:10
  going
• 28:10
  where
• 28:10
  it's
• 28:10
  going,
• 28:10
  if
• 28:11
  the
• 28:11
  Iranians
• 28:11
  continue
• 28:12
  heading
• 28:13
  ships
• 28:13
  in
• 28:13
  the
• 28:13
  Strait
• 28:14
  of
• 28:14
  Hormuz
• 28:14
  and
• 28:14
  they
• 28:15
  actually
• 28:15
  start
• 28:16
  charging
• 28:16
  ships,
• 28:16
  like
• 28:17
  the
• 28:17
  Suez
• 28:17
  Canal
• 28:18
  does,
• 28:18
  for
• 28:18
  each
• 28:18
  cheap
• 28:19
  ship
• 28:19
  that
• 28:19
  passes
• 28:19
  through,
• 28:20
  it's
• 28:20
  going
• 28:20
  to
• 28:20
  have
• 28:20
  an
• 28:21
  effect
• 28:21
  on
• 28:21
  everyday
• 28:22
  prices
• 28:22
  because
• 28:22
  now
• 28:23
  there's
• 28:23
  a
• 28:23
  premium
• 28:23
  being
• 28:24
  paid.
• 28:24
  And
• 28:24
  that's.
• 28:24
  The
• 28:24
  Iranians
• 28:25
  are
• 28:25
  saying
• 28:25
  and
• 28:25
  saying
• 28:25
  that
• 28:26
  for
• 28:26
  47
• 28:26
  years,
• 28:26
  they
• 28:27
  never
• 28:27
  charged
• 28:28
  a
• 28:28
  price
• 28:28
  on
• 28:28
  each
• 28:29
  ship
• 28:29
  that
• 28:29
  came
• 28:29
  through
• 28:29
  and
• 28:29
  they
• 28:30
  might
• 28:30
  start
• 28:30
  charging
• 28:30
  like
• 28:31
  they're
• 28:31
  doing
• 28:31
  now.
• 28:32
  So
• 28:32
  I
• 28:32
  would
• 28:33
  say
• 28:33
  definitely,
• 28:33
  as
• 28:34
  of
• 28:34
  right
• 28:34
  now,
• 28:34
  when
• 28:34
  the
• 28:34
  war
• 28:35
  is
• 28:35
  taking
• 28:35
  place,
• 28:36
  it's
• 28:36
  time
• 28:36
  to
• 28:37
  really
• 28:37
  be
• 28:38
  cautious.
• 28:38
  But
• 28:39
  if
• 28:39
  the
• 28:39
  war
• 28:39
  wraps
• 28:40
  up,
• 28:40
  I
• 28:40
  think
• 28:40
  there's
• 28:41
  some
• 28:41
  great
• 28:41
  opportunities
• 28:42
  to
• 28:42
  buy
• 28:43
  a
• 28:43
  lot
• 28:43
  of
• 28:44
  real
• 28:44
  estate
• 28:44
  and
• 28:45
  other
• 28:45
  asset
• 28:45
  classes
• 28:46
  at
• 28:46
  a
• 28:46
  discount.
• 28:46
  Well,
• 28:47
  August,
• 28:47
  I
• 28:47
  hate
• 28:48
  to
• 28:48
  just
• 28:48
  end
• 28:48
  it
• 28:48
  there,
• 28:49
  but
• 28:49
  that
• 28:49
  was
• 28:50
  a
• 28:50
  lot
• 28:50
  of
• 28:50
  information
• 28:50
  for
• 28:51
  people
• 28:51
  to
• 28:51
  unpack
• 28:52
  as
• 28:52
  well.
• 28:52
  Well,
• 28:52
  is
• 28:53
  there
• 28:53
  anything
• 28:53
  else
• 28:54
  we
• 28:54
  should
• 28:54
  have
• 28:54
  tried
• 28:54
  to
• 28:54
  hit
• 28:55
  on
• 28:55
  before
• 28:55
  we
• 28:55
  start
• 28:55
  closing
• 28:56
  out
• 28:56
  this
• 28:56
  episode
• 28:57
  and
• 28:57
  jumping
• 28:58
  into
• 28:58
  the
• 28:58
  rapid
• 28:59
  fire?
• 28:59
  I
• 28:59
  think
• 28:59
  I
• 28:59
  watch
• 29:00
  a
• 29:00
  lot
• 29:00
  of
• 29:00
  YouTube
• 29:01
  and
• 29:01
  I
• 29:01
  listen
• 29:01
  to
• 29:01
  a
• 29:01
  lot
• 29:02
  of
• 29:02
  podcasts
• 29:02
  and
• 29:02
  I
• 29:02
  usually
• 29:03
  put
• 29:03
  it
• 29:03
  on
• 29:03
  2x,
• 29:04
  but
• 29:04
  with
• 29:04
  a
• 29:04
  guest
• 29:05
  like
• 29:05
  August
• 29:05
  Binias,
• 29:06
  there's
• 29:06
  no
• 29:06
  need
• 29:06
  to
• 29:06
  put
• 29:07
  it
• 29:07
  on
• 29:07
  2x.
• 29:07
  You
• 29:07
  can
• 29:08
  just
• 29:08
  listen
• 29:08
  on
• 29:08
  1x
• 29:09
  and
• 29:09
  have
• 29:09
  all
• 29:09
  this
• 29:09
  information
• 29:10
  come
• 29:10
  at
• 29:10
  you.
• 29:11
  So,
• 29:11
  no,
• 29:11
  I
• 29:11
  think
• 29:12
  we
• 29:12
  covered
• 29:12
  a
• 29:12
  lot
• 29:12
  of
• 29:12
  points.
• 29:12
  You're
• 29:13
  a
• 29:13
  great
• 29:13
  interviewer,
• 29:13
  really
• 29:14
  appreciate
• 29:14
  the
• 29:14
  questions
• 29:14
  you
• 29:15
  had.
• 29:15
  And
• 29:15
  yeah,
• 29:16
  that's
• 29:16
  all
• 29:16
  really.
• 29:17
  I
• 29:17
  appreciate
• 29:18
  that.
• 29:18
  I
• 29:18
  agree.
• 29:19
  You
• 29:19
  probably
• 29:19
  don't
• 29:20
  Want
• 29:20
  to
• 29:20
  have
• 29:20
  this1on2x
• 29:24
  August,
• 29:24
  you
• 29:25
  always
• 29:25
  pack
• 29:26
  so
• 29:26
  much
• 29:27
  information
• 29:28
  in
• 29:28
  a
• 29:28
  condensed
• 29:29
  time.
• 29:29
  I
• 29:29
  really
• 29:29
  appreciate
• 29:30
  the
• 29:30
  value
• 29:31
  you
• 29:31
  always
• 29:31
  bring.
• 29:32
  Again,
• 29:32
  it
• 29:33
  is
• 29:33
  going
• 29:33
  to
• 29:33
  be
• 29:33
  cpicapital.com,
• 29:35
  but
• 29:36
  we
• 29:36
  will
• 29:36
  jump
• 29:37
  into
• 29:37
  the
• 29:37
  rapid
• 29:37
  fire
• 29:38
  and
• 29:38
  close
• 29:38
  out
• 29:38
  this
• 29:38
  episode.
• 29:39
  What
• 29:39
  lie
• 29:40
  do
• 29:40
  real
• 29:40
  estate
• 29:41
  investors
• 29:41
  often
• 29:42
  tell
• 29:42
  themselves?
• 29:43
  Ooh,
• 29:43
  great
• 29:44
  question.
• 29:44
  I
• 29:44
  guess
• 29:45
  the
• 29:45
  biggest
• 29:45
  lie
• 29:45
  is
• 29:46
  fear
• 29:46
  of
• 29:46
  missing
• 29:46
  out,
• 29:47
  that
• 29:47
  if
• 29:47
  they
• 29:47
  don't
• 29:48
  buy
• 29:48
  this
• 29:48
  deal,
• 29:48
  it's
• 29:49
  going
• 29:49
  to
• 29:49
  pass
• 29:49
  them
• 29:49
  by
• 29:50
  and
• 29:51
  they're
• 29:51
  not
• 29:51
  going
• 29:51
  to
• 29:52
  find
• 29:52
  another
• 29:52
  great
• 29:52
  one
• 29:53
  like
• 29:53
  this.
• 29:53
  There's
• 29:53
  always
• 29:54
  different
• 29:54
  opportunities,
• 29:55
  there's
• 29:55
  always
• 29:55
  great
• 29:55
  deals.
• 29:56
  And
• 29:56
  sometimes
• 29:57
  the
• 29:57
  best
• 29:57
  deal
• 29:57
  you've
• 29:57
  done
• 29:58
  is
• 29:58
  the
• 29:58
  deal
• 29:58
  you
• 29:58
  walked
• 29:58
  away
• 29:59
  from.
• 29:59
  If
• 29:59
  you
• 29:59
  could
• 29:59
  go
• 29:59
  back
• 30:00
  in
• 30:00
  time
• 30:00
  and
• 30:00
  give
• 30:00
  your
• 30:00
  younger
• 30:01
  self
• 30:01
  a
• 30:01
  single
• 30:02
  piece
• 30:02
  of
• 30:02
  advice,
• 30:03
  what
• 30:03
  would
• 30:03
  it
• 30:03
  be?
• 30:03
  Be
• 30:04
  very
• 30:04
  careful
• 30:04
  of
• 30:05
  shiny
• 30:05
  object
• 30:06
  syndrome.
• 30:06
  Try
• 30:07
  to
• 30:07
  be
• 30:08
  a
• 30:08
  expert
• 30:09
  in
• 30:09
  a
• 30:09
  field
• 30:10
  and
• 30:10
  real
• 30:10
  estate
• 30:11
  is
• 30:11
  the
• 30:11
  future.
• 30:11
  And
• 30:12
  keep
• 30:12
  focusing
• 30:13
  and
• 30:13
  keep
• 30:13
  making
• 30:14
  yourself
• 30:14
  better
• 30:14
  in
• 30:14
  this
• 30:14
  game
• 30:15
  of
• 30:15
  real
• 30:15
  estate.
• 30:15
  Do
• 30:16
  you
• 30:16
  have
• 30:16
  a
• 30:16
  book
• 30:16
  recommendation
• 30:17
  or
• 30:17
  what
• 30:17
  are
• 30:17
  you
• 30:17
  reading
• 30:18
  right
• 30:18
  now?
• 30:18
  I'm
• 30:19
  rereading
• 30:19
  the
• 30:20
  book
• 30:20
  called
• 30:20
  Sapien
• 30:21
  with
• 30:21
  my
• 30:21
  wife
• 30:21
  actually
• 30:22
  because
• 30:22
  I
• 30:22
  quote
• 30:23
  that
• 30:23
  book
• 30:23
  a
• 30:23
  lot
• 30:23
  and
• 30:23
  she
• 30:24
  always
• 30:24
  questions
• 30:24
  me
• 30:24
  but
• 30:25
  I'm
• 30:25
  like,
• 30:25
  hey,
• 30:25
  let's
• 30:26
  read
• 30:26
  the
• 30:26
  book
• 30:26
  together.
• 30:27
  Reading
• 30:27
  Sapien.
• 30:27
  Yeah,
• 30:28
  that's
• 30:28
  a,
• 30:28
  that's
• 30:29
  a
• 30:29
  book
• 30:29
  early.
• 30:29
  I'm
• 30:30
  also
• 30:30
  just
• 30:30
  finishing
• 30:31
  up
• 30:31
  reading
• 30:32
  Capitalism
• 30:32
  and
• 30:32
  Freedom
• 30:33
  by,
• 30:33
  by
• 30:33
  Milton
• 30:33
  Friedman,
• 30:34
  which
• 30:34
  is
• 30:35
  really,
• 30:35
  you
• 30:35
  know,
• 30:36
  especially
• 30:36
  if
• 30:36
  you're
• 30:36
  an
• 30:36
  American.
• 30:37
  That's,
• 30:37
  that's,
• 30:38
  that's
• 30:38
  at
• 30:38
  the
• 30:39
  foundation
• 30:39
  of
• 30:39
  the
• 30:39
  capitalist
• 30:40
  system.
• 30:41
  So
• 30:41
  big
• 30:41
  recommendation
• 30:42
  there
• 30:42
  as
• 30:42
  well.
• 30:43
  Yeah,
• 30:43
  Milton
• 30:43
  Friedman.
• 30:44
  Every
• 30:44
  time
• 30:44
  I
• 30:44
  see
• 30:44
  a
• 30:45
  video
• 30:45
  of
• 30:45
  his,
• 30:45
  it's
• 30:45
  kind
• 30:46
  of
• 30:46
  mind
• 30:46
  blowing.
• 30:46
  He,
• 30:47
  he's
• 30:47
  the
• 30:47
  logic
• 30:48
  associated
• 30:48
  with
• 30:48
  what
• 30:49
  he
• 30:49
  taught
• 30:49
  was,
• 30:50
  was
• 30:50
  ahead
• 30:50
  of
• 30:50
  himself
• 30:51
  in
• 30:51
  many
• 30:51
  regards.
• 30:52
  Some
• 30:52
  things
• 30:52
  are
• 30:52
  a
• 30:52
  little
• 30:53
  extreme
• 30:53
  in
• 30:53
  my
• 30:53
  opinion,
• 30:54
  but
• 30:54
  some
• 30:54
  other
• 30:54
  things
• 30:54
  are
• 30:54
  great.
• 30:55
  I
• 30:55
  mean
• 30:56
  one
• 30:56
  of
• 30:56
  his
• 30:56
  ideas
• 30:57
  was
• 30:57
  the
• 30:57
  fact
• 30:58
  that
• 30:58
  the
• 30:58
  military
• 30:58
  should
• 30:59
  be
• 31:00
  voluntary.
• 31:01
  It
• 31:01
  shouldn't
• 31:02
  be
• 31:03
  forced
• 31:03
  conscription.
• 31:04
  Right.
• 31:04
  So
• 31:05
  that
• 31:05
  actually
• 31:06
  has
• 31:06
  served.
• 31:06
  Look
• 31:06
  at
• 31:07
  how
• 31:07
  great
• 31:07
  the
• 31:07
  US
• 31:08
  military
• 31:08
  has.
• 31:08
  The
• 31:08
  best
• 31:08
  military
• 31:09
  in
• 31:09
  the
• 31:09
  world.
• 31:09
  And
• 31:09
  some
• 31:10
  of
• 31:10
  those
• 31:10
  special
• 31:10
  forces
• 31:10
  guys
• 31:11
  are
• 31:11
  not
• 31:11
  people
• 31:12
  to
• 31:12
  mess
• 31:12
  with.
• 31:12
  And
• 31:12
  none
• 31:13
  of
• 31:13
  them
• 31:13
  were
• 31:13
  forced
• 31:13
  to
• 31:13
  take
• 31:13
  that
• 31:14
  job.
• 31:14
  They
• 31:14
  took
• 31:14
  that
• 31:15
  job
• 31:15
  voluntarily.
• 31:16
  It
• 31:17
  has.
• 31:17
  Some
• 31:17
  of
• 31:17
  the
• 31:17
  things
• 31:18
  he
• 31:18
  has
• 31:18
  said
• 31:18
  has
• 31:18
  definitely
• 31:18
  worked.
• 31:19
  And
• 31:19
  then
• 31:19
  finally
• 31:19
  what
• 31:20
  single
• 31:20
  processor
• 31:21
  tool
• 31:21
  have
• 31:21
  you
• 31:21
  implemented
• 31:22
  that
• 31:22
  has
• 31:22
  had
• 31:22
  the
• 31:23
  biggest
• 31:23
  time
• 31:23
  saving
• 31:24
  impact?
• 31:24
  It
• 31:24
  has
• 31:24
  to
• 31:25
  be
• 31:25
  AI
• 31:25
  definitely
• 31:26
  by
• 31:26
  far.
• 31:26
  I
• 31:26
  mean
• 31:27
  it's
• 31:27
  not
• 31:27
  even
• 31:27
  in
• 31:27
  a
• 31:27
  competition
• 31:28
  these
• 31:28
  days.
• 31:29
  Well,
• 31:29
  August,
• 31:29
  I
• 31:30
  really
• 31:30
  appreciate
• 31:31
  it.
• 31:31
  Again,
• 31:31
  one
• 31:32
  more
• 31:32
  time.
• 31:32
  It
• 31:32
  is
• 31:32
  cpicapital.com
• 31:34
  Clickable
• 31:35
  link
• 31:35
  in
• 31:35
  the
• 31:35
  show
• 31:35
  notes.
• 31:36
  Hope
• 31:36
  you'll
• 31:37
  consider
• 31:37
  coming
• 31:37
  back
• 31:37
  again
• 31:38
  real
• 31:38
  soon.
• 31:38
  It
• 31:38
  was
• 31:38
  great
• 31:39
  to
• 31:39
  see
• 31:39
  you
• 31:39
  again.
• 31:40
  Love
• 31:40
  to.
• 31:40
  Thanks
• 31:41
  for
• 31:41
  having
• 31:41
  me.