Latest / Money And Wealth With John Hope Bryant / Money & Wealth w/ Nadir Settles

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Money & Wealth w/ Nadir Settles · Money And Wealth With John Hope Bryant

• 0:00
  Speaker 1: Speaks to the Plannet.
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  Speaker 2: I go by the name of Charlamagne the God, and
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  Speaker 3: Welcome the Money in Wealth with John O'Bryant, a production
• 0:49
  Speaker 3: of the Black Effect Podcast Network and iHeartRadio. Hey. Hey, Hey,
• 1:00
  Speaker 3: this is John Hope Bryant and this is the Money
• 1:04
  Speaker 3: and Wealth Podcast Series, Season two. I want to thank
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  Speaker 3: you all for making this one of the top thirty
• 1:11
  Speaker 3: entrepreneurship podcasts in America and one of the top one
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  Speaker 3: hundred for business and one of the top five percent
• 1:21
  Speaker 3: of all podcasts out there period. We are breaking down
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  Speaker 3: and making real the entrepreneurship opportunity and the opportunity economy.
• 1:35
  Speaker 3: We are acknowledging you as part of the aspiration generation,
• 1:42
  Speaker 3: and we are never taking you for granted. You are brilliant,
• 1:47
  Speaker 3: you are amazing, you are talented, But no one ever
• 1:52
  Speaker 3: told you how capitalism works. No one ever told you
• 1:55
  Speaker 3: our free enterprise works. There's no seminar or classes for
• 1:59
  Speaker 3: that in school unless you were raised, got lucky and
• 2:02
  Speaker 3: raised by wealthy parents. So is what you don't know
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  Speaker 3: that you don't know that is killing you, but you
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  Speaker 3: think you know. So we're gonna step by step, week
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  Speaker 3: by week, unpack the mystery. This week, you're gonna get
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  Speaker 3: a double barrel beautiful surprise. On the one hand, we're
• 2:27
  Speaker 3: going to talk about institutional investing. Those are two phrases
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  Speaker 3: that you may not be familiar with, certainly not used
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  Speaker 3: in a sentence, institutional investing. We're also going to introduce
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  Speaker 3: you to a certified role model, and I believe hero
• 2:50
  Speaker 3: in business for people of color, certainly Black America. He's
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  Speaker 3: a professional in somebody who everybody should respect, period, irrespective
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  Speaker 3: of race. But when you have the bonus of having
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  Speaker 3: someone who's not a black leader, but a great leader
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  Speaker 3: who happens to be black, well that's just extraordinary. And
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  Speaker 3: that person is Nader Settles. He is the global head
• 3:22
  Speaker 3: of real Estate Impact. Will explain what that means at
• 3:27
  Speaker 3: Nouveen will explain what that means. You probably never heard
• 3:32
  Speaker 3: of him, probably never heard of it. It's underneath all
• 3:36
  Speaker 3: ascidts of your life that you're unaware of. It gets deeper.
• 3:43
  Speaker 3: Nouveen is a company part of a larger company called
• 3:49
  Speaker 3: Tia Craft. And now you're like, well, who in the
• 3:53
  Speaker 3: heck is that? Unless you're an investment professional. Well, Tia
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  Speaker 3: ti AA we used to be calling, I think it's
• 4:03
  Speaker 3: still called tia Craft, but Tia Tiah for short, is
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  Speaker 3: a just about two trillion dollar company. It's trillion with
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  Speaker 3: a T. And the CEO of that company a friend
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  Speaker 3: of mine, the Sun de Ducket also happens to be
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  Speaker 3: a system meaning a black woman. Again, extraordinarily competent with
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  Speaker 3: CEO before that of the consumer bank at JB. Morgan Chase.
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  Speaker 3: So she no one gave her anything. She had to
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  Speaker 3: earn it every step of the way. And so is
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  Speaker 3: the case for the Deer Settles. Before I bring him on,
• 4:44
  Speaker 3: let me tell you a little bit about him. He
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  Speaker 3: graduated with a BA in Business Administration from Saint John
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  Speaker 3: University and NBA from Villanova School of Business, a master's
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  Speaker 3: in Real estate finance from New York University. Before he
• 5:04
  Speaker 3: worked at Nevene, he was a professional in asset management.
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  Speaker 3: Will explain that, portfolio management, will explain that, acquisitions, will
• 5:16
  Speaker 3: explain that, although it's a little self explanatory, strategy and
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  Speaker 3: product development. He joined a Novene in twenty eleven and
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  Speaker 3: before that was involved in asset management and acquisitions at
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  Speaker 3: Silverstein Properties and RLJ Development Urban Lodging Trust RLJ. You
• 5:39
  Speaker 3: would know that it's Bob Johnson, one of Bob Johnson's companies.
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  Speaker 3: If I'm not mistaken, He'll correct me if I'm wrong. So,
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  Speaker 3: in short, this is a bad brother. Welcome to the podcast, Nadir.
• 5:53
  Speaker 1: Hey John, thank you for having me. Thank you to
• 5:57
  Speaker 1: your audience. I think this is an important time, and
• 6:01
  Speaker 1: appreciate all you're doing to bring the education right. The
• 6:05
  Speaker 1: education helps us to then go after and try to
• 6:08
  Speaker 1: find and identify those opportunities that can help to again improve.
• 6:14
  Speaker 1: You know, are are are are wealth positioned, and so
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  Speaker 1: thanks what you doing, brother.
• 6:18
  Speaker 3: And for those my pleasure. For those who are listening
• 6:22
  Speaker 3: to this and you aren't seeing him normally, when you
• 6:24
  Speaker 3: introduce somebody with these kind of credentials, well they're a
• 6:28
  Speaker 3: national figure. They are, you know, dealing with lots of money.
• 6:34
  Speaker 3: You're used to somebody who is blinged out. They're in
• 6:37
  Speaker 3: an entertainment business. They've got fancy clothes on, they've got
• 6:41
  Speaker 3: a bunch of jewelry. Uh, they're flossing. For those who
• 6:45
  Speaker 3: can't see him, my man's got a hoodie on. He's
• 6:48
  Speaker 3: slightly unshaven, but he's he's he is dangerous from the
• 6:53
  Speaker 3: shoulders up. He's reasonably comfortable in his own skin. I
• 6:57
  Speaker 3: know him because he's a friend. I can say that
• 6:59
  Speaker 3: no one comfortable in their own skin. We're all a
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  Speaker 3: little insecure, all of us, including me. But in fact,
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  Speaker 3: courage is nothing more than your faith reaching through your fear,
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  Speaker 3: displaying itself as displaying it yourself as action in your life.
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  Speaker 3: Courage is nothing more than your faith reaching through your fear,
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  Speaker 3: displaying itself as action in your life. In order to
• 7:19
  Speaker 3: be Nadircettos, you got to be courageous. In order to
• 7:22
  Speaker 3: be me, you got to be courageous. He is courageous,
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  Speaker 3: He is real, He is a good guy, is a
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  Speaker 3: good man, and he is reasonably comfortable in his own skin,
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  Speaker 3: which is why he doesn't need to wear his credentials
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  Speaker 3: on his arm around his neck. Why am I saying
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  Speaker 3: this because he manages eight billion dollars in assets. Drop
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  Speaker 3: the mic, all right, for hopefully anybody driving a car
• 7:54
  Speaker 3: didn't swerve off the road. You didn't hit a ditch,
• 7:57
  Speaker 3: you didn't hit you didn't hit a bump in your phone,
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  Speaker 3: he didn't fall out your seat. I didn't say fifty
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  Speaker 3: thousand dollars or five hundred thousand dollars or five million,
• 8:08
  Speaker 3: or eight million or ten million, or I didn't say
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  Speaker 3: eight hundred million. That would be impressive. I said he
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  Speaker 3: manages this eight billion dollars US currency, not Mexican pay
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  Speaker 3: cells US currency. And my man is rocking end of
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  Speaker 3: the day, as he's had meetings all day a hoodie
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  Speaker 3: and a barely shaved face because he's been working all
• 8:37
  Speaker 3: day as my guest and most of that stuff. People
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  Speaker 3: don't see him and I want you to model him.
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  Speaker 3: He was also talking to his wife before this. He's
• 8:44
  Speaker 3: also taking care of his kids. He's trying to figure
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  Speaker 3: out how to get them to their after school activities.
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  Speaker 3: Like he's a real man and a full example of
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  Speaker 3: what you want to role model for the future. Vishal
• 8:57
  Speaker 3: Tdjakes told me recently in the there he said that
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  Speaker 3: boring is the new sexy.
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  Speaker 1: I agree. We got that slogan around our shop as well.
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  Speaker 3: So explain the people. First of all, the eight billion
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  Speaker 3: got their attention. How many black men in the world
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  Speaker 3: are managing the likes of eight billion dollars give or take.
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  Speaker 1: I mean, it's well, one, thank you for the time words, John,
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  Speaker 1: And two, it's not that African Americans can't manage eight
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  Speaker 1: billion or we don't have the competency to do it right.
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  Speaker 1: We just haven't been given the access an opportunity to
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  Speaker 1: go ahead and manage eight billion. So yes, today I'm
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  Speaker 1: an exception, but there were people that paved the way
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  Speaker 1: before me. And to your point, hopefully I'm paving the
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  Speaker 1: way by the way I'm conducting myself as a businessman
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  Speaker 1: in the investment arena, that's going to pave the way
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  Speaker 1: for more diversity to come and manage even more money
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  Speaker 1: than I'm managing today. But when you look at today,
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  Speaker 1: it's actually a disgrace. It's right, it's not something we
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  Speaker 1: could be proud of. You got Robert Johnson, you got
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  Speaker 1: Robert Smith. You have and they're managing more than eight billion. Actually,
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  Speaker 1: but I'm just saying for folks that are are even
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  Speaker 1: at that level, there's probably a couple of other investment managers,
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  Speaker 1: maybe even managing a billion dollars that are diversified. And
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  Speaker 1: so let's even just lower the bar to say a billion.
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  Speaker 1: A billion is very qualified, very very credible, and it's
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  Speaker 1: not enough of us even managing a billion dollars. And
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  Speaker 1: it's not due to our competency, right, it's access isn't
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  Speaker 1: given out equally. And so you know, right now, there's
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  Speaker 1: a handful of folks that are managing a billion dollars
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  Speaker 1: and we got to continue to continue to perform. Performance
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  Speaker 1: is everything does matter, be black white, Performance is everything right,
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  Speaker 1: and is that we continue to perform, people will look
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  Speaker 1: at that and say, I don't hear that an idea?
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  Speaker 3: It was black.
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  Speaker 1: Yes, I acknowledge he's black. That's visible, but he performs.
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  Speaker 1: And then when we perform, will continue to not only
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  Speaker 1: open the door, but kick the door open for all
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  Speaker 1: of our people behind us to be able to come
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  Speaker 1: in and have people have confidence that it's not about
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  Speaker 1: DEI and I'm giving some concession to a job. It's
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  Speaker 1: that No, these applicants that are coming behind them, they're
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  Speaker 1: qualified and they could manage this money.
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  Speaker 3: So let me tell the audience how I met Nadir
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  Speaker 3: to this point. So, I was in Switzerland, zah McCall.
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  Speaker 3: I was heading to the World Economic Forum for their
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  Speaker 3: annual Domos meeting. I think I was speaking speak. I
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  Speaker 3: was speaking and heading to my speaking venue, and I
• 11:45
  Speaker 3: was on the phone with a friend from a major
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  Speaker 3: consulting firm who was helping my team then at the
• 11:54
  Speaker 3: Promise Homes Company. I sold the company since, but at
• 11:57
  Speaker 3: that point I was a Prince Bell owner and chairman
• 12:00
  Speaker 3: of the Promised Homes Company and founder, and we were
• 12:03
  Speaker 3: trying to access additional capital to grow that company. And
• 12:08
  Speaker 3: this gentleman Caucasian very powerful at this major consulting firm
• 12:16
  Speaker 3: wanted to introduce me to someone who could help, and
• 12:20
  Speaker 3: my team had already been talking to someone at this company.
• 12:25
  Speaker 3: But he's like, no, John, You've got to meet the boss.
• 12:28
  Speaker 3: And I was like, okay, well that's cool. And he
• 12:32
  Speaker 3: said his name is Nader Settles and I thought that
• 12:36
  Speaker 3: was an interesting name. And I made the presumption wrongly
• 12:40
  Speaker 3: that it was from the Middle East. It was some
• 12:43
  Speaker 3: chic or something like that and part of some royal
• 12:48
  Speaker 3: family or something. Who knows. But I said, fine, great,
• 12:52
  Speaker 3: I'd be happy to talk to him. And he put
• 12:55
  Speaker 3: me in touch with Nadir, I think by email, and
• 12:59
  Speaker 3: Nadir was very spot very gracious. We did not end
• 13:02
  Speaker 3: up doing business with Levigne. In other words, Avin never
• 13:06
  Speaker 3: wrote a check to the Promise Homes company, but we
• 13:10
  Speaker 3: built a nice friendship, a wonderful friendship actually in a
• 13:13
  Speaker 3: bond and a relationship which is even more important. The
• 13:17
  Speaker 3: Nvine's done well. Promise Homes did well. I did well,
• 13:21
  Speaker 3: all good, But the real richness was in my awakening.
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  Speaker 3: Here was a black man sitting on top of an
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  Speaker 3: eight billion dollar pool of funds, and nobody knew him.
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  Speaker 3: Not nobody, I mean people in the Wall Street and
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  Speaker 3: the investment communities knew him well, like this gentleman who
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  Speaker 3: introduced me to him, but the average everyday person didn't
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  Speaker 3: know him, My.
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  Speaker 1: Community didn't know him.
• 13:46
  Speaker 3: And I thought, how what an inspiration? Right? And he
• 13:51
  Speaker 3: made it clear, you know, you know, you get no
• 13:54
  Speaker 3: breaks because you're black, right, you got to come with
• 13:57
  Speaker 3: this right. He didn't say that, he didn't have to
• 14:00
  Speaker 3: say it, but it was clear, I'm gonna give you
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  Speaker 3: a shot. I'm gonna open the door for you. You're
• 14:03
  Speaker 3: gonna walk through, and you know, my team has to
• 14:06
  Speaker 3: buy into what you're saying. And that's exactly the right,
• 14:09
  Speaker 3: right answer, That's exactly what was supposed to happen. And
• 14:12
  Speaker 3: too many of us feel that you get some extra
• 14:15
  Speaker 3: advantage because it may be a black person talking to
• 14:19
  Speaker 3: a black person or a Latino person talking to a
• 14:21
  Speaker 3: Latino person or whatever. No, you just get a shot
• 14:27
  Speaker 3: to show out and show up or show up and
• 14:29
  Speaker 3: show out, but you got to deliver, as he just said.
• 14:32
  Speaker 3: So I'm letting you under behind the sheets, behind the curtain,
• 14:38
  Speaker 3: to see how relationship capital works and how the mechanics
• 14:43
  Speaker 3: of investment works beyond your brokerage account, beyond your four
• 14:46
  Speaker 3: oh one gate account before you trading beyond your trading
• 14:50
  Speaker 3: stocks or people hear about investment, thinking about bitcoin, all
• 14:52
  Speaker 3: kinds of things. I'm talking about a very sophisticated version
• 14:56
  Speaker 3: of investment. And he's about to show you some game
• 15:00
  Speaker 3: in the next let's say, thirty minutes. I'm gonna do
• 15:02
  Speaker 3: very little talking other than killing him up for questions.
• 15:05
  Speaker 3: You tell all your friends that come around the radio,
• 15:07
  Speaker 3: come around the phone, come around the TV. Listen, open it.
• 15:11
  Speaker 3: God gave you two ears and one mouth, so you
• 15:13
  Speaker 3: listen twice as much as you talk. He's about to
• 15:15
  Speaker 3: give you a bunch of game for none ninety nine,
• 15:18
  Speaker 3: which means you're not paying a dime for this. I
• 15:21
  Speaker 3: want you to listen. I want you to absorb it.
• 15:22
  Speaker 3: This guy is tight, right and smart. By the way,
• 15:26
  Speaker 3: you're also related. We found to someone who actually they
• 15:31
  Speaker 3: do know, this audience wouldn't know, which is somebody who's
• 15:34
  Speaker 3: done a lot, given a lot of good information, and
• 15:38
  Speaker 3: helped to pioneer mainstream financial literacy advocacy.
• 15:42
  Speaker 4: One of your relatives, right, that's right, Rashad Balalin. The
• 15:46
  Speaker 4: arn your Leisha group is what to you. My cousin
• 15:51
  Speaker 4: can't make this up first. Cousin coincidence is God's way
• 15:55
  Speaker 4: of remaining anonymous. Yeah, okay, So I'm going to back
• 15:58
  Speaker 4: into your background.
• 16:01
  Speaker 1: And I'll say I'll say one thing, and I just
• 16:03
  Speaker 1: want to because I don't want to lose that just
• 16:06
  Speaker 1: for the audience and whatever they decide to do. It
• 16:10
  Speaker 1: is our obligation as leaders and diverse leaders to create
• 16:15
  Speaker 1: diverse teams. Diversity is good business and that's been proven
• 16:18
  Speaker 1: over and over again, even if the world doesn't want
• 16:21
  Speaker 1: to agree, right, and so from that perspective, it is
• 16:26
  Speaker 1: our obligation as leaders, as anyone on this call is rising.
• 16:30
  Speaker 1: Doesn't matter where you're at in your leadership level, at
• 16:35
  Speaker 1: whatever level you're at, your obligation is to understand that
• 16:39
  Speaker 1: if I can create a diverse team, if I can
• 16:41
  Speaker 1: be an advocate for creating a diverse team within my team,
• 16:44
  Speaker 1: that is your obligation. We need to open those doors.
• 16:47
  Speaker 3: Uh.
• 16:48
  Speaker 1: But the but, but the candidates and the people will
• 16:50
  Speaker 1: refermed there is no handouts and they have to walk
• 16:53
  Speaker 1: through that door and they have to walk through that
• 16:54
  Speaker 1: door confidence and be able to perform. So I just
• 16:56
  Speaker 1: wanted to build on that job because it is once
• 16:59
  Speaker 1: we get in the door, as it is our obligation
• 17:01
  Speaker 1: to make sure we open them. But we got to
• 17:02
  Speaker 1: open them with folks that are coming in and then
• 17:05
  Speaker 1: dedicated and then motivated and they're ready to perform. And
• 17:09
  Speaker 1: that doesn't mean we're not going to make mistakes. We're
• 17:11
  Speaker 1: all going to make mistakes. But that means that you
• 17:14
  Speaker 1: don't take this ass I cannot have the hand, I
• 17:16
  Speaker 1: cannot put in the work before, whether that's schooling and
• 17:19
  Speaker 1: the way that I went to conventional schooling, or you
• 17:21
  Speaker 1: can educate yourself in whatever way. You got to prepare
• 17:24
  Speaker 1: yourselves to be effective in whatever you plan to pursue.
• 17:28
  Speaker 3: Well, I agree with that, of course, and I'm gonna
• 17:30
  Speaker 3: go on to the further. I believe in the James
• 17:33
  Speaker 3: Brown version of affirmative action. Open the door. I'll get
• 17:38
  Speaker 3: it myself. Now that you've said that, I think we
• 17:51
  Speaker 3: probably need to go to your background first.
• 17:54
  Speaker 1: Yeah, so that no one.
• 17:56
  Speaker 3: Believes that you had the silver spoon that was shoved
• 17:59
  Speaker 3: in your mouth. It somehow you made it and they can't.
• 18:03
  Speaker 3: Can you tell what you share with the audience, a
• 18:04
  Speaker 3: bit of where you came from, your back with mom
• 18:07
  Speaker 3: and dad.
• 18:07
  Speaker 1: Story. You're coming up stories, so they're clear, absolutely. So
• 18:12
  Speaker 1: I'm from a single mother in the Bronx. We grew
• 18:17
  Speaker 1: up in the Bronx till uh and we grew up
• 18:20
  Speaker 1: with a lot of love. And you know Rashad and
• 18:24
  Speaker 1: his family below and his family, but from the Bronx
• 18:27
  Speaker 1: as well. We grew up a little bit farther uh
• 18:30
  Speaker 1: south in this in the South Bronx. But we had
• 18:33
  Speaker 1: a lot of love as families. But my in particular family,
• 18:37
  Speaker 1: my mother was was wash you know, basically carrying a
• 18:41
  Speaker 1: load of our family. I got two brothers and one
• 18:44
  Speaker 1: sister and basically we got a great break by the
• 18:50
  Speaker 1: time I was about to go to high school. And
• 18:52
  Speaker 1: this is a break in a very unfortunate way, and
• 18:56
  Speaker 1: but it was a break is that by the time
• 18:58
  Speaker 1: I was about to go to high school, my mom
• 19:01
  Speaker 1: got into a car accident, was able to get a
• 19:05
  Speaker 1: and she's okay, I seen your fish John, She's okay.
• 19:07
  Speaker 1: But but but was able to get an insurance check
• 19:10
  Speaker 1: because somebody re ended us. So back then she had
• 19:13
  Speaker 1: to go through the therapy and everything like that. But
• 19:15
  Speaker 1: from the process, from the proceeds of that, she was
• 19:17
  Speaker 1: able to move up, move us up to what was
• 19:20
  Speaker 1: Spring Valley, New York, Rockland County, New York. Not by
• 19:24
  Speaker 1: any ways a wealthy town. It's a town of Accia,
• 19:28
  Speaker 1: a lot of immigrants, so a lot of Haitians are there,
• 19:31
  Speaker 1: and a lot of people that migrated came there because
• 19:33
  Speaker 1: it was a real, revery affordable place, you know, back
• 19:36
  Speaker 1: twenty something years ago. But it had great school districts
• 19:39
  Speaker 1: as well. And as she looked at, you know, the
• 19:43
  Speaker 1: foward prospect of me growing up in the city as
• 19:46
  Speaker 1: being the last My sister was younger than me, so
• 19:48
  Speaker 1: we would be the last people to go through the
• 19:50
  Speaker 1: city school system, or trying to get out of there
• 19:53
  Speaker 1: and provide what could be a better vision of academics
• 19:59
  Speaker 1: and civility. Like living in a home, the city is
• 20:02
  Speaker 1: really hectic. It just allows and opens the door to
• 20:05
  Speaker 1: various different things you probably don't want exposure to. And
• 20:09
  Speaker 1: so just moving up there gave us that sense of calm,
• 20:13
  Speaker 1: that sense of different exposure, that sense of life actually
• 20:17
  Speaker 1: could be better and you actually saw it for the
• 20:19
  Speaker 1: first time. I think one of the biggest things about
• 20:22
  Speaker 1: me as a kid growing up poor is that I
• 20:25
  Speaker 1: always thought about I don't want to be poor, and
• 20:28
  Speaker 1: that sort of drill drove my motivation. But I actually
• 20:31
  Speaker 1: never seen an African American that looked like something I
• 20:35
  Speaker 1: wanted to do. And I always say that that in
• 20:38
  Speaker 1: itself is a disgrace. And so that's why I show
• 20:40
  Speaker 1: up in the communities and we'll get to how I invest.
• 20:42
  Speaker 1: But I show up in the communities and I show
• 20:45
  Speaker 1: up like this, or I'll show up with a tie
• 20:47
  Speaker 1: in and whatever way if I got it, But I'm
• 20:48
  Speaker 1: showing up in a way to show these young African
• 20:52
  Speaker 1: American boys or females that hey, somebody looks like my
• 20:56
  Speaker 1: uncle or my dad, or somebody that looks like my
• 20:58
  Speaker 1: brother actually has a profession that actually would be you
• 21:02
  Speaker 1: want to join if and it helped to educate them
• 21:06
  Speaker 1: on what is institutional real estate and we could talk.
• 21:08
  Speaker 1: We'll talk a little bit about that, but I'll tell
• 21:10
  Speaker 1: you when I came up, I never seen African American
• 21:13
  Speaker 1: male that looked had had a had a job that
• 21:17
  Speaker 1: I was like, oh, I wanted to do. Now when
• 21:18
  Speaker 1: I moved to the suburbs, I actually did. Now I
• 21:21
  Speaker 1: don't know what those African American men did, but actually
• 21:23
  Speaker 1: seeing people in close that I thought was like, wow,
• 21:27
  Speaker 1: I would like to, you know, understand what this person does.
• 21:31
  Speaker 1: So that was the benefit of moving to the suburbs.
• 21:33
  Speaker 1: It was sort of this this this access and this
• 21:36
  Speaker 1: ability to be able to take my dreams and merge
• 21:39
  Speaker 1: them with reality and say, oh, this is real, like
• 21:41
  Speaker 1: people live in these homes and this is what this
• 21:44
  Speaker 1: looks like. And so that's sort of how I grew up.
• 21:49
  Speaker 1: So I grew you know, I did high school in
• 21:50
  Speaker 1: Spring Valley, and then from there sort of bumped into
• 21:55
  Speaker 1: a lot of good fortune, by the grace of God
• 21:57
  Speaker 1: for sure, first and foremost, and then by people kind
• 22:02
  Speaker 1: of talking to me and me extracting, Hey, that's an
• 22:06
  Speaker 1: opportunity I want to pursue. Because if if you ask
• 22:08
  Speaker 1: me as a kid what I thought about real estate,
• 22:10
  Speaker 1: I would have told somebody real estate, it's not something
• 22:12
  Speaker 1: you gotta go to college for. But the kind of
• 22:14
  Speaker 1: real estate I do is very sophisticated to the type
• 22:17
  Speaker 1: of real estate someone does that's hanging up a sign
• 22:19
  Speaker 1: on a yard and selling a home, right But that's
• 22:22
  Speaker 1: all the real estate I would have seen. And so
• 22:24
  Speaker 1: it's this access that is another obligation of folks to
• 22:28
  Speaker 1: go and you know, and and and and back to
• 22:31
  Speaker 1: our communities and what you're doing here john around spreading
• 22:34
  Speaker 1: the word world wide. Somebody's gonna hear this and say, wow, well,
• 22:37
  Speaker 1: I didn't actually know the distinction between real estate agent
• 22:40
  Speaker 1: and somebody hanging a sign on a on a front
• 22:43
  Speaker 1: lawn to what an idea was talking about. And maybe
• 22:45
  Speaker 1: I don't even totally understand all of the idea was
• 22:47
  Speaker 1: talking about. And we'll try to keep it as simplistic
• 22:49
  Speaker 1: as possible. But but that's going to allow someone's mind
• 22:52
  Speaker 1: to roam to say that there's something more that I
• 22:54
  Speaker 1: don't understand that I'm going to go try to unpack
• 22:57
  Speaker 1: and pursue, and that in itself is spreading the message
• 23:01
  Speaker 1: and allowing folks to know that there's something better out there.
• 23:06
  Speaker 3: So I want to go back, great summary of your background.
• 23:11
  Speaker 3: I'm going to go back a little bit to a
• 23:13
  Speaker 3: decision your mom made, single mom, single parent of household.
• 23:16
  Speaker 3: So no one thinks that this was this guy had made.
• 23:20
  Speaker 3: He grew up in an underserved area, and mom got
• 23:24
  Speaker 3: to an accident nobody wishes out on anybody. She survived,
• 23:28
  Speaker 3: got an insurance payment, and she had a decision to
• 23:31
  Speaker 3: make go floss this money off, go shopping, go travel
• 23:35
  Speaker 3: in the world, blow it whatever, or let me move
• 23:39
  Speaker 3: my kids out of this neighborhood to another neighborhood. And
• 23:44
  Speaker 3: I assume, but I may be wrong. She bought a
• 23:47
  Speaker 3: house house. See I didn't know that, just just making
• 23:50
  Speaker 3: the assumption. Yeah, she bought a house with the proceeds.
• 23:53
  Speaker 3: And what I want the audience to hear was that
• 23:55
  Speaker 3: choice was very intentional. A wealthy neighborhood, a wealthy you neighborhood,
• 24:01
  Speaker 3: A middle class neighborhood starts with really middle class and
• 24:04
  Speaker 3: goes from here. Are quiet. Poor neighborhoods are noisy. I
• 24:10
  Speaker 3: want the audience to think about that. A poor neighborhood
• 24:13
  Speaker 3: is noisy. It's distracting, it's got your head spinning. You're
• 24:16
  Speaker 3: you're always looking at your head's on the swivel, you're
• 24:18
  Speaker 3: looking over your shoulder, you're you're, you're, you're full of anxiety.
• 24:21
  Speaker 3: You can't focus on your dreams. You're too busy trying
• 24:24
  Speaker 3: to save your life. But when you move to these suburbs,
• 24:27
  Speaker 3: any kind of middle class are upscale neighborhood, they're very quiet. People.
• 24:33
  Speaker 3: Wealthy people love quiet. Rich people love quiet so they
• 24:40
  Speaker 3: can think, so they can process, so they can dream.
• 24:45
  Speaker 3: And that's not obvious to somebody. I just wanted to
• 24:48
  Speaker 3: make it plain that the mother made a move that
• 24:52
  Speaker 3: was actually very elegant and very sophisticated and was transformational
• 24:56
  Speaker 3: for her family and for this young man put him
• 25:00
  Speaker 3: her place where he could dream.
• 25:03
  Speaker 1: And you know what, my mom was always actually very
• 25:07
  Speaker 1: without She never had any financial training by by sort
• 25:12
  Speaker 1: of formal education, went to you know, she didn't she
• 25:15
  Speaker 1: didn't go to uh colg uh Cynthia Settles. But but
• 25:23
  Speaker 1: but she just was very business like and it was
• 25:26
  Speaker 1: just some things are in folks and wanted, and she
• 25:29
  Speaker 1: was very disciplined around thinking about I think, looking around
• 25:32
  Speaker 1: the corner, around things that will add to the family's
• 25:37
  Speaker 1: nest egge to say, I wouldn't even say we created
• 25:39
  Speaker 1: a whole bunch of wealth, but that was a way
• 25:41
  Speaker 1: to create wealth for sure around this household. So by
• 25:44
  Speaker 1: by no means that we move into like we moved
• 25:47
  Speaker 1: into a very middle class neighborhood. It was very it
• 25:51
  Speaker 1: was very much civilized in the Bronx for sure, but
• 25:55
  Speaker 1: it still was people where my mom had to work,
• 25:57
  Speaker 1: you know, two and three jobs and and then when
• 25:59
  Speaker 1: she got a really good job at the group home,
• 26:01
  Speaker 1: you know, the group home was a twenty four hour operation.
• 26:03
  Speaker 1: So there was times my mom literally worked eighteen hours.
• 26:07
  Speaker 1: She worked as much overtime and just to her eyes,
• 26:11
  Speaker 1: couldn't hold up anymore, came home to sleep and then
• 26:14
  Speaker 1: go back at it again. Right, And that's what it
• 26:17
  Speaker 1: took to sustain the family into sustaining the household and
• 26:21
  Speaker 1: everything like that. But what was important in that and
• 26:24
  Speaker 1: I didn't realize that so much later, because you're right,
• 26:26
  Speaker 1: she could have took those proceeds and just moved up
• 26:28
  Speaker 1: to Spring Valley and reaped the same benefits of the
• 26:30
  Speaker 1: access to the good schools and the civility. But she
• 26:34
  Speaker 1: went and did everything she could to own a home.
• 26:38
  Speaker 1: And that was a conscious decision that I didn't realize
• 26:40
  Speaker 1: actually till much later. But that was just her from
• 26:45
  Speaker 1: like what she had full together with her own wherewithal
• 26:51
  Speaker 1: you know, not necessarily talking to you know, not necessarily
• 26:53
  Speaker 1: something that was formerly given to her around Hey, I'm
• 26:56
  Speaker 1: gonna create wealth with this, like to that intentional decision.
• 26:58
  Speaker 1: Not only I'm gonna move my kids to Rockland, but
• 27:02
  Speaker 1: I'm also going to purchase this home and I'm gonna
• 27:04
  Speaker 1: do whatever it takes to sustain this home. So they
• 27:08
  Speaker 1: not ultimately create well started this home off. This is
• 27:10
  Speaker 1: check that I was just fortunate to be living still and.
• 27:13
  Speaker 3: Get My mother did the same thing for folks who
• 27:17
  Speaker 3: know my story, So you now know that there there's
• 27:21
  Speaker 3: a system, there's a process, a there is a business
• 27:24
  Speaker 3: plan for going from surviving to thriving the winning. And
• 27:29
  Speaker 3: if you look at my mother's story and Up from Nothing,
• 27:31
  Speaker 3: or my book Financial Literacy for All or the memo
• 27:34
  Speaker 3: you listen to this story by the Deer, it's very
• 27:38
  Speaker 3: consistent and so you just need to follow this model.
• 27:41
  Speaker 3: Don't complicate it. Just follow the model and you'll be successful.
• 27:45
  Speaker 3: Five pillars of success as much education as you can
• 27:48
  Speaker 3: shell down your throat, learning, financial literacy, family structure and resiliency,
• 27:54
  Speaker 3: self esteem and confidence. Those two things are different, are
• 27:58
  Speaker 3: different role models in the environment. If you have three
• 28:01
  Speaker 3: of those things or more, you'll be very successful as
• 28:03
  Speaker 3: long as you never give up. As my friend Tony
• 28:05
  Speaker 3: Restler would say, if you don't give up, you can't fail.
• 28:08
  Speaker 3: As you listen to the dear story, I think you
• 28:11
  Speaker 3: heard almost all five of those things. Education. You heard
• 28:14
  Speaker 3: his credentials, financial literacy. That seems pretty obvious. He understands money,
• 28:20
  Speaker 3: family structure and resiliency. Second, a single parent of household
• 28:23
  Speaker 3: and not a broken home and not a broken mother,
• 28:26
  Speaker 3: in fact, very well put together. She gave him self love,
• 28:30
  Speaker 3: which gave him self esteem, and he started looking around
• 28:34
  Speaker 3: for people doing interesting things and saw all black men
• 28:38
  Speaker 3: in the suit and go, wow, maybe I can do that.
• 28:40
  Speaker 3: That led to role models in an environment that led
• 28:43
  Speaker 3: to this guy in front of you, who's managing eight
• 28:47
  Speaker 3: billion dollars. Let's get into the what of this? What
• 28:53
  Speaker 3: is nuvine? How does it manage? Why does it manage
• 28:58
  Speaker 3: eight billion dollars? Is it do with that money? And
• 29:01
  Speaker 3: how does it make money? How does an investment how
• 29:03
  Speaker 3: does an institutional investor like Levine for the audience benefit,
• 29:08
  Speaker 3: How do you make money?
• 29:10
  Speaker 1: Yeah? So at the very basics of what we do.
• 29:12
  Speaker 1: And I know we've talked about the eight billion uh,
• 29:17
  Speaker 1: and that's that's that's that's humbling and uh and a
• 29:21
  Speaker 1: privilege to manage, you know, to be the leader and
• 29:25
  Speaker 1: manage that kind of money. But more important is the
• 29:30
  Speaker 1: intentionality and the purpose of what I do. So I
• 29:33
  Speaker 1: managed eight billion dollars of affordable housing, and we're talking
• 29:39
  Speaker 1: about affordable housing in the retirement crisis being two of
• 29:44
  Speaker 1: the most prevalent crisis we got to solve not only globally,
• 29:49
  Speaker 1: but certainly domestically. Right, So, you know, when we think
• 29:55
  Speaker 1: about the sort of housing that we own, we own,
• 29:58
  Speaker 1: you know, assets with a Section eight contract. We own
• 30:03
  Speaker 1: assets capitalized through what is a mechanism that allows for
• 30:07
  Speaker 1: capital efficiency, which is a tax credit llowing them housing
• 30:10
  Speaker 1: tax credit?
• 30:11
  Speaker 3: You just lost And everybody who's not a Wall Street
• 30:14
  Speaker 3: professional in a sentence, right, what's Section eight? It's a mechanism, right,
• 30:20
  Speaker 3: you know?
• 30:22
  Speaker 1: So so I thought, you know, I thought, because we're
• 30:25
  Speaker 1: so used to landlords that we've you know, a lot
• 30:30
  Speaker 1: of us are used to Section eight. We we live
• 30:32
  Speaker 1: in it.
• 30:33
  Speaker 3: Right, I thought, as a subsidy.
• 30:38
  Speaker 1: Hundred percent?
• 30:38
  Speaker 3: Right?
• 30:39
  Speaker 1: Now? What what what? What? What?
• 30:41
  Speaker 3: Where? What where?
• 30:44
  Speaker 1: What we're used to and how we actually own and
• 30:47
  Speaker 1: operate and manage this is very different. So like how
• 30:50
  Speaker 1: I grew up, we we we we had subsidized living,
• 30:54
  Speaker 1: and we had support when we were in the city,
• 30:55
  Speaker 1: for sure. And I know a lot of the viewers
• 30:57
  Speaker 1: here do a lot of those buildings those landlords manage
• 31:03
  Speaker 1: are are not quality standards, not dignified living, and and
• 31:09
  Speaker 1: and and don't represent what allows the residents to be
• 31:14
  Speaker 1: pride for of that building they live, and we just
• 31:18
  Speaker 1: managed the opposite of that. So we buy buildings that
• 31:22
  Speaker 1: could be a Section eight building. We'll talk one by
• 31:24
  Speaker 1: one and but overall, you know we're we're emphasizing the
• 31:29
  Speaker 1: s right, So.
• 31:31
  Speaker 3: You're good capitalism. You're trying to do well and do
• 31:34
  Speaker 3: good at the same time.
• 31:35
  Speaker 1: And we and we know we can do that right.
• 31:38
  Speaker 1: So we know we can get the real estate right.
• 31:40
  Speaker 1: So if we break down a component to get whether
• 31:44
  Speaker 1: it's it's how, it's how it's sort of subsidized or
• 31:47
  Speaker 1: anything like that, but it's real estate. And when you
• 31:50
  Speaker 1: buy real estate, the one thing I love your audience
• 31:53
  Speaker 1: to also walk away with is ownership. Always think about
• 31:57
  Speaker 1: how I can be a owner some right, and so
• 32:02
  Speaker 1: real estate. As an investment manager, our capital is the ownership.
• 32:08
  Speaker 1: I represent the actual operations of how to run that
• 32:11
  Speaker 1: real estate and make sure we make money out of it.
• 32:14
  Speaker 1: But at the end of the day, the capital is
• 32:16
  Speaker 1: ownership to real estate.
• 32:19
  Speaker 3: What is an investment manager?
• 32:21
  Speaker 1: Okay, yeah?
• 32:22
  Speaker 3: And what is capital?
• 32:24
  Speaker 1: Uh? Yeah?
• 32:26
  Speaker 3: Manager?
• 32:27
  Speaker 1: So the investment manager is going to get paid a
• 32:31
  Speaker 1: fee by let's call capital being a pension fund, any
• 32:37
  Speaker 1: pension fund. Everybody here has some some form of a
• 32:42
  Speaker 1: retirement sat right. So yeah, right, so that's why I
• 32:45
  Speaker 1: say some of retirement. So just think about your retirement provider.
• 32:49
  Speaker 1: In order for you to sustain what is going to
• 32:53
  Speaker 1: be to get you to and through retirement, they have
• 32:56
  Speaker 1: to allocate and allocate means. They have to to decide
• 33:00
  Speaker 1: where to direct your investments, right, and so that person
• 33:07
  Speaker 1: that's that you're that's your retirement provider. They're figuring out, okay,
• 33:10
  Speaker 1: what's your age, how much you be directed to to stocks,
• 33:16
  Speaker 1: to bonds into what we call alternative investments. And within
• 33:21
  Speaker 1: within alternatives investments, there's real estate, there's infrastructure, there's agriculture,
• 33:27
  Speaker 1: there's a number of different it's private credit, there's a
• 33:30
  Speaker 1: number of different investments within alternative investments. And we could
• 33:33
  Speaker 1: do another segment on breaking down all this kind of stuff.
• 33:35
  Speaker 1: But then I fall in alternative investments as a real
• 33:38
  Speaker 1: estate alternative investment manager.
• 33:40
  Speaker 3: Right. So, so so short version of everybody, your your
• 33:45
  Speaker 3: money that you get for your retirement through whatever retirement
• 33:48
  Speaker 3: view you have. The returns that come from that are
• 33:52
  Speaker 3: in part because there's an investment manager that's been entrusted
• 33:56
  Speaker 3: with that money or part of that money likely dear
• 34:00
  Speaker 3: uh like the sun. A ducat who takes that money
• 34:04
  Speaker 3: and invested in prudent smart things gets a return from
• 34:09
  Speaker 3: that that's more than the cost of their capital. Capital
• 34:12
  Speaker 3: is debt in equity, by the way, both debt inequity
• 34:14
  Speaker 3: or forms of capital, and they take a little fee
• 34:17
  Speaker 3: for managing that, and they return a large return to
• 34:22
  Speaker 3: their investor, and the core investor in this example, it's you.
• 34:27
  Speaker 3: So he's investing your money. If you're a teacher, it's
• 34:30
  Speaker 3: a good chance he's investing your money.
• 34:32
  Speaker 1: It's pretty cool, right, that's right. And then we invest
• 34:36
  Speaker 1: across various different through affordable housing. And I won't even
• 34:40
  Speaker 1: go into the different segments, but I will say is
• 34:43
  Speaker 1: our affordable housing largely is directed at those that are
• 34:47
  Speaker 1: made sixty or below the area meeting and to put person, yeah,
• 34:55
  Speaker 1: exactly exactly. So this is our art. What we own
• 34:59
  Speaker 1: is truly for the audience here, we don't you know,
• 35:03
  Speaker 1: within uving. More broadly, we're a diversified real estate investment manager,
• 35:07
  Speaker 1: and so we have stuff that are luxury. But for
• 35:09
  Speaker 1: what my book of what I own of eight billion
• 35:12
  Speaker 1: in real estate and manage is truly for the average
• 35:16
  Speaker 1: working class person. That that's where as a nation we're
• 35:21
  Speaker 1: falling very short of providing the right affordable housing for them.
• 35:25
  Speaker 3: And the book for those people who Again, I don't
• 35:28
  Speaker 3: want anybody to think, oh my god, I don't say
• 35:30
  Speaker 3: how these acronism is a book is a portfolio? It
• 35:35
  Speaker 3: is It is literally a book, a portfolio of assets.
• 35:38
  Speaker 3: So portfolio book, same thing. But a book might consist
• 35:42
  Speaker 3: of several portfolios. So his book of business all the
• 35:45
  Speaker 3: investments he's made, so they out of an eight billion,
• 35:48
  Speaker 3: maybe he's invested. I'm making this out seven billion. You
• 35:51
  Speaker 3: don't want a lot of money sitting around not earning
• 35:54
  Speaker 3: money on money. Now we decide we've explained you, we've
• 36:09
  Speaker 3: explained the what. Let's get into the a little bit
• 36:14
  Speaker 3: into the how.
• 36:15
  Speaker 1: And the where. So yeah, you're national.
• 36:18
  Speaker 3: By the way, the reason that they didn't invest in
• 36:19
  Speaker 3: my then company that I had sold the company since,
• 36:22
  Speaker 3: But it wasn't he didn't like me. It wasn't that
• 36:25
  Speaker 3: his people didn't like me. They were not at that
• 36:28
  Speaker 3: time investing in single family residential rentals. They were doing multifamily.
• 36:33
  Speaker 3: And his bread and butter is multi family. So I
• 36:36
  Speaker 3: couldn't take that personal. And to exint they were doing it,
• 36:39
  Speaker 3: weren't doing it at that time, so it wasn't their
• 36:42
  Speaker 3: core business and the timing was wrong, so it was
• 36:46
  Speaker 3: not personal to me. Don't take business personal. It's just business.
• 36:50
  Speaker 3: Business is a gladiator sport. But the gift I got
• 36:54
  Speaker 3: was he and I got to have three or four
• 36:57
  Speaker 3: lunches together, breakfasts together over time. One time was at
• 37:01
  Speaker 3: this little dumpy restaurant Unarridge on a Saturday morning. You
• 37:06
  Speaker 3: remember that in Harlem? In Harlem, I love that fast.
• 37:11
  Speaker 3: I knew that there was a real dude after that.
• 37:14
  Speaker 3: All right, Yeah, when you find an investment, let's get
• 37:18
  Speaker 3: into a transaction that you can talk. You found an investment,
• 37:21
  Speaker 3: you underwrote it, which means you did the analysis of
• 37:24
  Speaker 3: whether you want to invest in it. You've been an
• 37:27
  Speaker 3: analysis of the management team that was bringing that investment
• 37:30
  Speaker 3: to you to see what they were credible. I wanted
• 37:33
  Speaker 3: to make sure they had the experience.
• 37:35
  Speaker 1: So one thing on that is we'll just take you
• 37:38
  Speaker 1: through that process. So we actually own, operate, and manage
• 37:41
  Speaker 1: everything ourselves. So we're fully so we're fully we're vertically integrated.
• 37:46
  Speaker 1: If everybody that wants to know what that means. Uh,
• 37:49
  Speaker 1: we're not disintermediated from our operating partners, so right, like
• 37:53
  Speaker 1: we're not just the ownership group. That then is to
• 37:57
  Speaker 1: the point John was making trying to find a day
• 37:59
  Speaker 1: to day operator to make day to day decisions. We're
• 38:02
  Speaker 1: making day to day decisions.
• 38:03
  Speaker 3: By the way, there's another reason why they didn't do
• 38:05
  Speaker 3: a deal with me because I was I'm an operator
• 38:08
  Speaker 3: and they don't. They weren't making outside I didn't. I
• 38:10
  Speaker 3: just got this just now, Like they weren't making outside
• 38:12
  Speaker 3: capital allocations. They were like, everything that we manage we own. Yeah, yeah,
• 38:17
  Speaker 3: that's cool, okay, And we.
• 38:18
  Speaker 1: Think and we think that's the best way to execute
• 38:21
  Speaker 1: on the two bronk to two prong strategy. One is,
• 38:25
  Speaker 1: at the end of the day, we're investing in real
• 38:29
  Speaker 1: estate and we are fiduciary, right, and so when we
• 38:32
  Speaker 1: go through that process, Oh yeah, yeah, so we we are.
• 38:37
  Speaker 1: So yeah, let me let me break that down. I
• 38:39
  Speaker 1: figure out so so so you know, we are to
• 38:41
  Speaker 1: make we are to make the best decision on behalf
• 38:44
  Speaker 1: of the people people invested in us, and the best
• 38:47
  Speaker 1: decision will always will always be right, and that will
• 38:51
  Speaker 1: always be to make sure that we're not taking any
• 38:55
  Speaker 1: concessions on return and we're getting the best risk adjusted return.
• 38:59
  Speaker 3: That means an that without taking undue risks, they're making
• 39:03
  Speaker 3: the most money for you as the investors they can
• 39:07
  Speaker 3: while protecting your money.
• 39:09
  Speaker 1: Right and so and then so with that we approach
• 39:14
  Speaker 1: the business then as as a five hundred and fifty
• 39:18
  Speaker 1: person team, and then from the real estate side, and
• 39:21
  Speaker 1: then I'll get into the intentionality of the double bottom line.
• 39:25
  Speaker 1: But from the real estate side, we have everything. So
• 39:28
  Speaker 1: when we go into d D, we have our own
• 39:29
  Speaker 1: construction team, we have our own property management on the
• 39:32
  Speaker 1: construction side where a GC a general contractor as well
• 39:36
  Speaker 1: as we provide project oversight. We have our own development team.
• 39:39
  Speaker 1: We have our own security team. We go into tough
• 39:42
  Speaker 1: neighborhoods sometimes and we're not afraid of that. We change
• 39:45
  Speaker 1: communities and make sure that any community that we are
• 39:50
  Speaker 1: operating in that there's a quality of life there that
• 39:55
  Speaker 1: will not be compromised. We have asset management. So asset
• 39:58
  Speaker 1: management is is the folks that are actually day to
• 40:02
  Speaker 1: day the strategy looking after the assets. I'll call them
• 40:05
  Speaker 1: the CEO of the asset. We have the we have
• 40:08
  Speaker 1: the underwriters. Right, So John talked about acquisition and the underwriter,
• 40:12
  Speaker 1: and that seems pretty self explanatory, but those are the
• 40:14
  Speaker 1: folks that are actually underwriting the deal, understanding what the returns,
• 40:18
  Speaker 1: are putting together to cashlow models so that we can
• 40:21
  Speaker 1: discuss are we getting the best risk adjusted return and
• 40:23
  Speaker 1: really walk through what are the risk of these various
• 40:26
  Speaker 1: different deals that we see. And we also have an
• 40:30
  Speaker 1: impact measurement and management, and that sort of takes me
• 40:33
  Speaker 1: to what is like the double bottom line of how
• 40:37
  Speaker 1: we invest in how we really view affordable housing. As
• 40:41
  Speaker 1: you're intentionally transforming communities right in this in this in
• 40:46
  Speaker 1: this transformation creates greater economic integration. So you cannot separate
• 40:53
  Speaker 1: affordable housing from economic development. To me, as you build density,
• 40:58
  Speaker 1: as you build, as you build security and ensure housing
• 41:02
  Speaker 1: stability at an affordable price. Right, So today you know
• 41:07
  Speaker 1: you got you got many Americans paying fifty and eighty percent,
• 41:12
  Speaker 1: especially in New York City where I'm at of their
• 41:15
  Speaker 1: net take home pay for rent? Well, how much how
• 41:17
  Speaker 1: much more can you do with that?
• 41:19
  Speaker 3: Right?
• 41:19
  Speaker 1: But if you can create this affordability, you can create
• 41:23
  Speaker 1: you know, economic participation because people can go and spend
• 41:29
  Speaker 1: money in their neighborhoods. Also, what we want to make
• 41:32
  Speaker 1: sure we try to create in the neighborhoods that we
• 41:33
  Speaker 1: go in is people to participate. If we're doing large developments,
• 41:38
  Speaker 1: we want to figure out how we get these entrepreneurs
• 41:40
  Speaker 1: and to be able to participate in the barbershop. How
• 41:45
  Speaker 1: do we do that? Right, So we are really intentional about,
• 41:49
  Speaker 1: you know, what we can do within the four walls, right,
• 41:51
  Speaker 1: how do you make sure that you're building your building
• 41:54
  Speaker 1: management systems are efficient, your building is very sustainable, it's
• 41:58
  Speaker 1: energy efficient, you can maybe tap into. That's all good,
• 42:01
  Speaker 1: But then we want to be the catalysts for how
• 42:04
  Speaker 1: do we create this community that can thrive? As as
• 42:08
  Speaker 1: as we're making these investments, how do you emphasize the s?
• 42:12
  Speaker 1: A lot of times the tel folks, we're not an
• 42:13
  Speaker 1: ESG integration group, right, like we're a real estate investment group.
• 42:17
  Speaker 1: But the reason why we just don't call ourselves affordable
• 42:18
  Speaker 1: housing and we call ourselves impact you see my title
• 42:21
  Speaker 1: impact investment because we do emphasize the S and we
• 42:25
  Speaker 1: think about that whatever you.
• 42:27
  Speaker 3: Mean by the S, and then I want to get
• 42:28
  Speaker 3: into an actual deal that so people can get their
• 42:31
  Speaker 3: hands around this, So it's not like, what is the
• 42:34
  Speaker 3: talk about.
• 42:36
  Speaker 1: So the S when you hear about environmental, social and governance, right, Like,
• 42:39
  Speaker 1: everybody has leaned too much when you think about real
• 42:42
  Speaker 1: estate and ESG, everybody has leaned too much into the
• 42:46
  Speaker 1: E because it's easy. It's the sustainability side. It's how
• 42:48
  Speaker 1: do I create the lowest carbon footprint for building the buildings,
• 42:52
  Speaker 1: operating buildings and things like that, And it's easy to do.
• 42:55
  Speaker 1: But when you start to lean into the S, a
• 42:58
  Speaker 1: lot a lot of people start to feel like, hey,
• 43:02
  Speaker 1: what does that mean. It's a little bit more of
• 43:03
  Speaker 1: a commitment. It's a little bit more all right, And
• 43:07
  Speaker 1: so we do a lot of that, right and like
• 43:09
  Speaker 1: and we'll get into some examples as a part of
• 43:12
  Speaker 1: complementary to a deal. But when we're doing that, we're
• 43:14
  Speaker 1: focusing on things like exactly what we're doing here, right,
• 43:18
  Speaker 1: Like financial literacy, and you and I talked about between
• 43:21
  Speaker 1: what you do from the financial literacy, how do we
• 43:23
  Speaker 1: maybe set up little outposts and maybe some of our buildings,
• 43:25
  Speaker 1: And that's still something that we're discussing, right, So, like
• 43:28
  Speaker 1: financial literacy, education, job training, we're doing you know, health
• 43:33
  Speaker 1: health care. Health care is a big, a big issue
• 43:36
  Speaker 1: in the black community and underserved communities and people zip
• 43:40
  Speaker 1: codes has determined how how long they live and that
• 43:42
  Speaker 1: shouldn't happen either. So we're focusing on on on health
• 43:46
  Speaker 1: and wellness right on different ways for people to understand, Hey,
• 43:50
  Speaker 1: you know, why not why buy that soda when you
• 43:53
  Speaker 1: can take that same amount of money and save that
• 43:56
  Speaker 1: and see how much you say by not killing yourself
• 43:58
  Speaker 1: with diabetes.
• 43:58
  Speaker 3: Right.
• 43:59
  Speaker 1: So it's these kind of things, and that's just an
• 44:00
  Speaker 1: easy example. We got real sophistication around this. But we've
• 44:04
  Speaker 1: seen the digital divide happen, right, and so how do
• 44:06
  Speaker 1: we go and work with the various different We've seen
• 44:08
  Speaker 1: this very prevalent during COVID. How do we go work
• 44:10
  Speaker 1: with the various different internet service providers to provide free
• 44:14
  Speaker 1: Wi Fi into some of our buildings and things like that.
• 44:16
  Speaker 1: So that's the stuff that we do from a really
• 44:19
  Speaker 1: really intentional way to be able to create what is
• 44:24
  Speaker 1: ultimately and this is very bespoke. So we own senior senior,
• 44:28
  Speaker 1: you know, buildings that you have to be sixty two
• 44:30
  Speaker 1: or or older to qualify, or or families. You've got
• 44:34
  Speaker 1: to have a family and you qualify for it. In
• 44:36
  Speaker 1: any event, we make sure that the services we provide
• 44:39
  Speaker 1: are very intentional around ensuring that those residents are benefiting
• 44:45
  Speaker 1: and becoming a better version of themselves. As where the
• 44:47
  Speaker 1: landlord involved in this investment. Because it is an investment.
• 44:51
  Speaker 3: So let's get it in fifteen minutes. I want to
• 44:54
  Speaker 3: get into some details. We have fifteen minutes left of
• 44:56
  Speaker 3: just give or take. Let's get into some one or
• 44:59
  Speaker 3: two deals so people can get their hands around an
• 45:01
  Speaker 3: actual project.
• 45:03
  Speaker 1: Yeah, so we so you take, we got a project
• 45:08
  Speaker 1: in New York City, right so or or so we
• 45:11
  Speaker 1: we we We will identify a project whether it's off market.
• 45:15
  Speaker 1: And when I say off market means it wasn't solicited
• 45:18
  Speaker 1: broadly through uh some sort of broker, intermediary, somebody's sort
• 45:23
  Speaker 1: of acting on behalf of the owner trying to sell something. Right, so,
• 45:27
  Speaker 1: whether it was marketed or off marketed, will come in
• 45:32
  Speaker 1: come under an opportunity. When we come under that opportunity,
• 45:36
  Speaker 1: we'll sign NBA's if necessary, and do some of that
• 45:39
  Speaker 1: formal stuff. But then we'll start to underwrite it. And
• 45:42
  Speaker 1: we're trying to and we're trying to underwrite to what
• 45:45
  Speaker 1: exactly you said, We got a cost of capital. And
• 45:48
  Speaker 1: and you explained that earlier, and we got and we
• 45:51
  Speaker 1: got to make sure as we invest any dollars that
• 45:55
  Speaker 1: this deal measures up to our cost of capital.
• 45:58
  Speaker 3: So now audio, and it's cost of capital. So if
• 46:01
  Speaker 3: the here's a bank, your savings account is paying two percent,
• 46:05
  Speaker 3: then administrative costs is another three percent to run the company,
• 46:10
  Speaker 3: run the bank. Then they got to add profit to that.
• 46:13
  Speaker 3: Let's call that two and a half three percent. So
• 46:16
  Speaker 3: two percent plus three percent is five percent plus profit
• 46:18
  Speaker 3: is two to three percent, seven to eight percent. That's
• 46:20
  Speaker 3: the interest rate that you're paying to borrow the money
• 46:25
  Speaker 3: to buy a house or rent to buy a car
• 46:28
  Speaker 3: or whatever. So the cost of capital, and that example
• 46:31
  Speaker 3: was two percent. His cost of capital is what he's
• 46:34
  Speaker 3: talking about here, and he's got he's got a layer
• 46:37
  Speaker 3: on his cost of doing business, the administrative costs, the
• 46:41
  Speaker 3: cost of the vertical integrated model, and then a modest
• 46:45
  Speaker 3: amount for profit so that the teachers get a return
• 46:49
  Speaker 3: on their capital so they can retire.
• 46:51
  Speaker 1: Okay, continue, you're just right, So we'll look at those deals.
• 46:57
  Speaker 1: Understand from cash flows and cash flows are extremely important
• 47:01
  Speaker 1: and for the for the group here, as you think
• 47:05
  Speaker 1: about cash flows it's just the annual income you will
• 47:08
  Speaker 1: get from this property, right And to make it very
• 47:11
  Speaker 1: expense very easy, it's your revenue. So what and you know,
• 47:17
  Speaker 1: and this could be from any business to say, right,
• 47:20
  Speaker 1: we're going to make it really simple here, what's your
• 47:22
  Speaker 1: revenue minus your expenses? Is your income? Right?
• 47:27
  Speaker 3: Right?
• 47:27
  Speaker 1: And so so we're looking at the annual cash flows,
• 47:33
  Speaker 1: and we're usually looking at because real estate is a
• 47:36
  Speaker 1: long term hole, we're usually looking at ten year cashlows.
• 47:39
  Speaker 1: There you go, and then we're looking at the return
• 47:43
  Speaker 1: from those cash flows. Does this make sense for the
• 47:45
  Speaker 1: investment that the seller wants us to buy the real
• 47:48
  Speaker 1: estate for? Got it?
• 47:49
  Speaker 3: So you bought this project in a question in New York?
• 47:53
  Speaker 1: Right, so we purchased We got over twelve thousand units
• 47:58
  Speaker 1: in the Tri state area. Wow, so we've purchased. We've
• 48:01
  Speaker 1: purchased a lot of units in New York. We have
• 48:04
  Speaker 1: over thirty two thousand units domestically, So we do business everywhere.
• 48:12
  Speaker 1: We've purchased a lot of deals. That was just sort
• 48:15
  Speaker 1: of illustration of sort of one you know what a
• 48:18
  Speaker 1: deal could look like that we purchased in New York.
• 48:31
  Speaker 3: So you purchased the building in this example, you paid
• 48:34
  Speaker 3: a broker's fee, and listen was direct into the seller.
• 48:38
  Speaker 3: You paid a broker's fee to the real.
• 48:41
  Speaker 1: The seller usually paid a broker's fee.
• 48:42
  Speaker 3: The seller pays a broker fee, right, Okay, good, right,
• 48:45
  Speaker 3: and there's a commercial broker involved with that. The seller
• 48:48
  Speaker 3: paid that brokeers fee, so we didn't have to pay it,
• 48:50
  Speaker 3: So the pensioners didn't pay for didn't have to pay
• 48:52
  Speaker 3: for that. You guys didn't get an underwriting of that transaction.
• 48:57
  Speaker 3: How long did the consideration period take where you made
• 49:00
  Speaker 3: a decision.
• 49:02
  Speaker 1: So after you really get going, let's say from start
• 49:07
  Speaker 1: to finish, And let's put aside the fact that these
• 49:11
  Speaker 1: deals are all largely these deals are all regulated deals,
• 49:15
  Speaker 1: so there is an approval process that is from the
• 49:19
  Speaker 1: housing authorities and so forth, like New York City Housing
• 49:22
  Speaker 1: Authority or something like that, because these are de restricted.
• 49:25
  Speaker 1: Let's put that aside, because then these the timeframe could
• 49:28
  Speaker 1: get a little longer. But let's just say if we
• 49:33
  Speaker 1: from start of identifying the opportunity to no complexity around
• 49:38
  Speaker 1: approval from any regulating authority, we can get a deal
• 49:44
  Speaker 1: closed and call it one hundred and twenty days.
• 49:46
  Speaker 3: Wow, that's pretty fast.
• 49:48
  Speaker 1: Yeah, that's four months from starting effect. Yeah, it could before.
• 49:52
  Speaker 3: It could be four months, It could be a year, but.
• 49:54
  Speaker 1: It could be it could be exactly. That's why I
• 49:56
  Speaker 1: didn't want to go to what the normally, just because
• 50:00
  Speaker 1: you're going through various regulatory approvals, it can easily be
• 50:05
  Speaker 1: six months or longer. But just typically, if everything worked
• 50:09
  Speaker 1: our way, you could do it. You can from evaluating
• 50:13
  Speaker 1: and first getting the opportunity to closing could be four months.
• 50:17
  Speaker 3: So I want to cut to the chase. I want
• 50:19
  Speaker 3: to leave a little room for you to give advice
• 50:21
  Speaker 3: about if somebody wants to become a U, how do
• 50:23
  Speaker 3: they do it? And I want you to think about
• 50:26
  Speaker 3: advice you give to people the steps they could take
• 50:28
  Speaker 3: in five years to become a U. But on this deal,
• 50:32
  Speaker 3: someone listening this is going okay, They're buying a building
• 50:35
  Speaker 3: that already exists, and after four months to eight months
• 50:41
  Speaker 3: or twelve months, they now own that building. They've given
• 50:44
  Speaker 3: the capital to the seller. No one knows, like there's
• 50:50
  Speaker 3: no new owner sign on the side of the building.
• 50:54
  Speaker 3: No one really knows that Nuvene now owns this building.
• 50:58
  Speaker 3: Somebody might be saying, here, what's the big deal, why
• 51:02
  Speaker 3: does it matter whether they own the building or the
• 51:04
  Speaker 3: former owner owns the building? Of course I know the answer,
• 51:07
  Speaker 3: But why don't you educate people about why it is
• 51:10
  Speaker 3: important of who owns that building.
• 51:12
  Speaker 1: Yeah, so we do acknowledge that there's been a management change.
• 51:16
  Speaker 1: We don't put Neuvene as the owner or anything like that.
• 51:20
  Speaker 1: We are in the back. Well, our capital is in
• 51:23
  Speaker 1: the background. Nuviene is the manager, but our capital is
• 51:27
  Speaker 1: the ownership. But just as a part of the business,
• 51:30
  Speaker 1: we put our property management as hey, there has been
• 51:33
  Speaker 1: the there is a new owner and is a new
• 51:35
  Speaker 1: property manager, and we do we do notify residents of that,
• 51:39
  Speaker 1: and we'll start to have community meetings to actually inform
• 51:43
  Speaker 1: residents of what new program and that's going to support them,
• 51:46
  Speaker 1: and start to listen into residents a little bit more
• 51:48
  Speaker 1: to make sure that we actually get it right as well,
• 51:51
  Speaker 1: that we don't put actually too presumptive.
• 51:53
  Speaker 3: Oh go ahead, John, not right there, there's your answer, audience.
• 51:58
  Speaker 3: They notify there's not this, this is legal. They notify
• 52:01
  Speaker 3: the residence there's a new owner. We got no big
• 52:03
  Speaker 3: deal there. Then they put programs in place that are
• 52:07
  Speaker 3: Nouvene approved for the residents. There there's no requirement to
• 52:10
  Speaker 3: put a program in place. All landlord has to do
• 52:13
  Speaker 3: is to collect rent. Really, and if they and some
• 52:15
  Speaker 3: of the landlords will starve you to death on resources,
• 52:18
  Speaker 3: will squeeze you, will give you fees and give you
• 52:21
  Speaker 3: raised hikes every time they can, and they give you
• 52:24
  Speaker 3: the least and charge you the most, they're gonna put
• 52:26
  Speaker 3: programs in place. And hold on, what did he say,
• 52:29
  Speaker 3: We're gonna meet with the residents. They want to hear
• 52:31
  Speaker 3: what you have to say. Okay, now you're starting to
• 52:33
  Speaker 3: see the new vene difference. Then the deer settles difference.
• 52:38
  Speaker 3: This is why it matters who's in charge. This is
• 52:41
  Speaker 3: why having people in this example of color, who are
• 52:45
  Speaker 3: really overly qualified to do his job could be doing
• 52:48
  Speaker 3: something else, but to have them in charge, they're gonna
• 52:51
  Speaker 3: be more sensitive to you because they argue they came
• 52:55
  Speaker 3: from where you came from.
• 52:56
  Speaker 1: And he remembers his inarment. It's it's it's so it
• 53:02
  Speaker 1: resonates with me so much that you say that, John,
• 53:04
  Speaker 1: because I often say when I walk our communities, because
• 53:07
  Speaker 1: I walk our communities, is I look at some of
• 53:09
  Speaker 1: those residents and like, that's my uncle. That's right, that's
• 53:12
  Speaker 1: that's my brother. That's right, and it and and we
• 53:15
  Speaker 1: do and I have to ensure that we're investing in
• 53:20
  Speaker 1: operating our assets in a way that is making a
• 53:23
  Speaker 1: profit for sure, and so and so that's why it's
• 53:28
  Speaker 1: exactly so it's not like I'm looking at this person saying, oh, okay,
• 53:31
  Speaker 1: that's my brother, so let's go and do something that
• 53:33
  Speaker 1: makes no sense, no business sense. I'm not saying that.
• 53:35
  Speaker 1: It's just the fact that that actually is where the
• 53:38
  Speaker 1: purpose driven of what myself and our whole team does
• 53:42
  Speaker 1: is that we underwrite it. We we we are We're
• 53:45
  Speaker 1: constantly out there talking to various different nonprofits trying to
• 53:48
  Speaker 1: understand how we can coordinate with them because they actually
• 53:50
  Speaker 1: got a mission, they actually have capitals. Sometimes they just
• 53:52
  Speaker 1: don't have a population. So we're so we're doing the work.
• 53:55
  Speaker 1: And that's where you know, as a leadership team, we're
• 53:58
  Speaker 1: helping to drive that. And that's where that's meaningful to
• 54:01
  Speaker 1: me because I say, I know any building that we're
• 54:03
  Speaker 1: owned there is going to be an improvement in the
• 54:07
  Speaker 1: residence life one hundred percent, not only just from the
• 54:11
  Speaker 1: housing that they're living in that we're going to improve,
• 54:13
  Speaker 1: but also from the services and how we touch them personally.
• 54:17
  Speaker 1: And in that part when I'm walking our communities, when
• 54:20
  Speaker 1: it does hit me and it resonates that that could
• 54:22
  Speaker 1: be my uncle, that could be my grandma, that could
• 54:24
  Speaker 1: be my mom, I know that we've done the responsible
• 54:27
  Speaker 1: way of approaching the business to ensure that our residents
• 54:30
  Speaker 1: are taken care of.
• 54:31
  Speaker 3: So it's personal to you, not just professional.
• 54:33
  Speaker 1: Right, And I think that kind of transitions to when
• 54:37
  Speaker 1: you say, what advice I would offer folks. Yes, the
• 54:40
  Speaker 1: first advice I would offer folks is don't chase money boom.
• 54:45
  Speaker 1: And I know that, and I'm a contextualize that a
• 54:49
  Speaker 1: little bit, but I know people are like, oh, well,
• 54:51
  Speaker 1: like you're talking about people that have money. They like
• 54:56
  Speaker 1: always tell people not to chase money, and I'm not
• 54:58
  Speaker 1: somebody that comes from money. And I also always say this,
• 55:02
  Speaker 1: which is going to be second to me first saying
• 55:04
  Speaker 1: don't chase money. Reason why I tell whoever's listening to this,
• 55:08
  Speaker 1: and this is why I say prepare yourself. Prepare yourself
• 55:11
  Speaker 1: for whatever you want to do, and don't chase money
• 55:13
  Speaker 1: because when you have talent, people will pay you for
• 55:16
  Speaker 1: that talent and you'll make the money you're supposed to
• 55:18
  Speaker 1: make and you don't chase money, go prepare yourself. And
• 55:24
  Speaker 1: so I don't prepare yourself for what you want to be.
• 55:26
  Speaker 1: And the only way to prepare yourself for what you
• 55:28
  Speaker 1: want to be is go find what you're passionate about.
• 55:31
  Speaker 1: So that's my other connection. So kids come out of
• 55:34
  Speaker 1: school state and I did, like, how'd you end up
• 55:36
  Speaker 1: in real estate? And do this?
• 55:37
  Speaker 2: And that.
• 55:37
  Speaker 1: I kept seeking things and asking questions until I found
• 55:40
  Speaker 1: something that I could be passionate about. And I was
• 55:42
  Speaker 1: passionate about real estate. And then now I'm even more
• 55:44
  Speaker 1: passionate about what I'm doing in real estate today. But
• 55:46
  Speaker 1: I always just passionate about real estate. I love being
• 55:49
  Speaker 1: an owner. I loved investing. I love figuring out how
• 55:52
  Speaker 1: to fix a building up and sell it and make money.
• 55:55
  Speaker 1: So that was always a passion to me. And so
• 55:57
  Speaker 1: with that, I went to all these schools and tried
• 55:59
  Speaker 1: to I'm better as a business person, as a finance person.
• 56:02
  Speaker 5: I spent hours just trying to look at models and
• 56:05
  Speaker 5: understand and you know what it never ever doing on
• 56:10
  Speaker 5: me that It could be eleven o'clock some nights and
• 56:12
  Speaker 5: I'm still doing this and I'm not.
• 56:13
  Speaker 1: Even getting paid for it because I loved it and
• 56:15
  Speaker 1: I was passionate about it. And it goes to the
• 56:17
  Speaker 1: you know, the great Kobe Bryant, Right, Kobe said he
• 56:20
  Speaker 1: would he'd be practicing while folks was coming in from partying.
• 56:24
  Speaker 1: And that wasn't because Kobe wasn't already wealth. It was
• 56:27
  Speaker 1: because he was passionate about being great at what he
• 56:30
  Speaker 1: was doing. And guess what, to him, that wasn't work.
• 56:33
  Speaker 1: That's right, Like other folks that are practicing basketball, aren't
• 56:36
  Speaker 1: they that work? When I'm at practice, I'm at work.
• 56:39
  Speaker 1: To Kobe, it was the pursuit of being great because
• 56:42
  Speaker 1: he was passionate. So that's what I tell folks. First,
• 56:45
  Speaker 1: go find whatever you are passionate about, and then from there,
• 56:49
  Speaker 1: I guarantee you you will make money because you will
• 56:53
  Speaker 1: get that good. You won't even know you're getting that
• 56:55
  Speaker 1: good because you're just driving. You're getting paid sometime doing it,
• 56:59
  Speaker 1: and you're not getting paid time doing it. But the
• 57:01
  Speaker 1: culmination of that is you're getting better at whatever it
• 57:03
  Speaker 1: is you're pursuing. And then some days somebody's gonna turn
• 57:05
  Speaker 1: around and say this person got great skills, and you're
• 57:08
  Speaker 1: gonna make a lot of money from that boom drop
• 57:10
  Speaker 1: the mic.
• 57:11
  Speaker 3: I mean, the reality is you should try and figure
• 57:13
  Speaker 3: out what you'd be willing to do for free. What
• 57:16
  Speaker 3: would you be willing to do for free if you
• 57:17
  Speaker 3: if money was on an issue, would you do this
• 57:20
  Speaker 3: because you love it? There's your answer.
• 57:22
  Speaker 1: That's right, that's right, And so that's what I tell everybody, Right, Like,
• 57:25
  Speaker 1: we got to prepare ourselves. We got to continue to
• 57:28
  Speaker 1: educate ourselves. We can't get left behind in what is
• 57:31
  Speaker 1: a it's a service orientated. It's a higher intellectual economy.
• 57:35
  Speaker 1: So we got to continue to do that. But while
• 57:37
  Speaker 1: we're doing that, just because you started in economics and
• 57:41
  Speaker 1: now you're like, wow, I want to shift to business, like,
• 57:44
  Speaker 1: be willing to make that pivot to continue to find
• 57:46
  Speaker 1: what you're passionate about. And then once you find that,
• 57:49
  Speaker 1: you're gonna go so hard at that that you're gonna
• 57:52
  Speaker 1: build so much skills and that is going to be
• 57:54
  Speaker 1: a life you enjoy because you're getting paid, to your point,
• 57:57
  Speaker 1: John for doing Somethinghere, you're like, I do this for free.
• 58:00
  Speaker 3: That's right. Anywhere I started Andrew Young quote, coincidence is
• 58:04
  Speaker 3: God's way of remaining anonymous. I didn't know where he
• 58:07
  Speaker 3: was going to go in this conversation, and I don't
• 58:09
  Speaker 3: really know. I didn't know why I mentioned this, but
• 58:11
  Speaker 3: I mentioned it, and I knew it was purposeful and
• 58:13
  Speaker 3: knew it makes sense. I mentioned something odd that we
• 58:18
  Speaker 3: have not actually done business together yet. We don't have
• 58:21
  Speaker 3: a transaction that we've done yet. We had several lunches,
• 58:27
  Speaker 3: a few dinners. I've flown in New York, he's flown
• 58:30
  Speaker 3: to Atlanta. So we spent money. We looked at a
• 58:33
  Speaker 3: transaction a couple of times, just didn't work. We tried.
• 58:38
  Speaker 3: He put me in the room, I put him in
• 58:40
  Speaker 3: my room. Didn't work out. But I would have done
• 58:46
  Speaker 3: that for free. In fact, I did it more for free.
• 58:48
  Speaker 3: I'd paid for it. I mean literally paid for it.
• 58:50
  Speaker 3: It cost me to have lunch, it cost me to
• 58:53
  Speaker 3: have dinner or fly it caused me to fly in.
• 58:55
  Speaker 3: But it was wonderful because I got to know him,
• 58:58
  Speaker 3: because the relationship was authentic. It was about him and
• 59:02
  Speaker 3: about us becoming friends and getting to know each other
• 59:05
  Speaker 3: and really being genuinely interested in his rise and his
• 59:08
  Speaker 3: success and the success of Nuvine. In this example, and
• 59:11
  Speaker 3: then and while and then while we stopped talking about
• 59:14
  Speaker 3: doing business commercially, he said, well, what about this operation
• 59:16
  Speaker 3: hope thing. This is your philanthropy. Maybe we can do
• 59:18
  Speaker 3: so financial literacy for our residents. And we're still talking
• 59:21
  Speaker 3: about that. That may take some while a while, or
• 59:23
  Speaker 3: may or may not happen. That's fine too. But we
• 59:25
  Speaker 3: we didn't come with a transaction. We didn't come with
• 59:28
  Speaker 3: our handout. We came with our heart out. It wasn't
• 59:31
  Speaker 3: about what we had to get, is what we have
• 59:34
  Speaker 3: to give. And at the end of the day, he said,
• 59:38
  Speaker 3: what do you say, essentially, what would you do if
• 59:41
  Speaker 3: you're just doing this for free? What would you do?
• 59:44
  Speaker 3: What are you passionate about? And we were passionate about
• 59:46
  Speaker 3: that relationship and we're friends to this day.
• 59:50
  Speaker 1: Uh.
• 59:50
  Speaker 3: And we became friends oddly because of a potential business
• 59:56
  Speaker 3: uh transactions. A lot of times people have a friendship
• 59:59
  Speaker 3: that leads for business transaction. We had the opposite, a
• 1:00:03
  Speaker 3: business proposition that didn't happen. It led to a friendship.
• 1:00:06
  Speaker 3: And then I wanted the audience just to know who
• 1:00:10
  Speaker 3: this great man was. Any closing commons thoughts you want
• 1:00:18
  Speaker 3: to share with the audience.
• 1:00:20
  Speaker 1: That no, Well, John, I just want to say again,
• 1:00:23
  Speaker 1: appreciate everything. You're doing to move the race forward. It's
• 1:00:28
  Speaker 1: impact to work, it's post pursue work. And you can
• 1:00:32
  Speaker 1: continue to count on me in any way, whether it's
• 1:00:36
  Speaker 1: someone in New York that you run into and says, hey,
• 1:00:40
  Speaker 1: they're seventeen, they're trying to figure it out. You know,
• 1:00:42
  Speaker 1: you could always call me up. I'm happy to be
• 1:00:44
  Speaker 1: an extension of everything you're driving forward. Brothers. So thank
• 1:00:47
  Speaker 1: you for what you're doing. And anytime you need me,
• 1:00:52
  Speaker 1: I'm here for you.
• 1:00:53
  Speaker 3: John, and thank you for that. And how can people
• 1:00:56
  Speaker 3: research you? Find out a little bit more. What's the
• 1:00:59
  Speaker 3: website or they can check out?
• 1:01:01
  Speaker 1: Yeah, so people can reach out to me LinkedIn my
• 1:01:04
  Speaker 1: name my dear in a d I R H. Settles
• 1:01:07
  Speaker 1: is the last name s E T T l E s.
• 1:01:09
  Speaker 1: You put that in LinkedIn, pop right up. You can
• 1:01:12
  Speaker 1: certainly in box me and uh and we can you know,
• 1:01:16
  Speaker 1: take it from there.
• 1:01:18
  Speaker 3: How many folks managing eight billion dollars gives you a
• 1:01:21
  Speaker 3: direct link to them? I told you he's a good dude,
• 1:01:24
  Speaker 3: and they.
• 1:01:24
  Speaker 1: And they want to learn more about the novene is
• 1:01:26
  Speaker 1: in UV that's right. If you want to learn more
• 1:01:29
  Speaker 1: about neuvene. You're into financial services. You can go to
• 1:01:33
  Speaker 1: nouven in u v e n dot com and you'll
• 1:01:37
  Speaker 1: see that we're a diversified asset manager of about one
• 1:01:41
  Speaker 1: point two one point three trillion on any given day.
• 1:01:45
  Speaker 1: And as you as you click through that, you'll see
• 1:01:48
  Speaker 1: our real broader real estate portfolio with the fifth largest
• 1:01:51
  Speaker 1: real estate investment manager. And then you click through that,
• 1:01:55
  Speaker 1: you'll sort of you'll see the Impact Investments League, which
• 1:01:58
  Speaker 1: we're eight billion, the largest real estate impact investing outfit.
• 1:02:02
  Speaker 1: And just remember right, being big doesn't make you good.
• 1:02:05
  Speaker 1: So you've got to put in the word to perform,
• 1:02:07
  Speaker 1: to build the execution that can allow to deliver the results.
• 1:02:11
  Speaker 3: Here's a goal for some of you. Make it your
• 1:02:14
  Speaker 3: objective to become an intern and apprentice of some sort,
• 1:02:19
  Speaker 3: an entry level employee, maybe at Neuvene or TIA Craft
• 1:02:23
  Speaker 3: and they don't have a program. Maybe you recommend once
• 1:02:26
  Speaker 3: send a note say have you ever thought about creating
• 1:02:29
  Speaker 3: an internship program? In other words, over to rounded through it.
• 1:02:32
  Speaker 3: You want to get to it, never ever ever give up.
• 1:02:35
  Speaker 3: Dreamers are believe are foundational to success. My friend doctor
• 1:02:41
  Speaker 3: Dorothy Hyke i rest her soul, said, John, I like
• 1:02:43
  Speaker 3: you because you're a dreamer with a shovel in your hands.
• 1:02:46
  Speaker 3: Nader and I want all of you to be dreamers
• 1:02:50
  Speaker 3: with shovels in your hands. This is John o'brient. This
• 1:02:53
  Speaker 3: is Money and Wealth on the Black Effect Network at iHeartRadio.
• 1:02:57
  Speaker 3: We're Out. Money and Wealth with John O'Brien is a
• 1:03:14
  Speaker 3: production of the Black Effect Podcast Network. For more podcasts
• 1:03:18
  Speaker 3: from the Black Effect Podcast Network, visit the iHeartRadio app,
• 1:03:22
  Speaker 3: Apple Podcasts, or wherever you listen to your favorite shows.