Jay Conner is a Real Estate Investor from North Carolina. He started his first Real Estate Investment way back in 2003. He rehabbed over 450 houses. Even better, he also developed the ‘golden touch’ in creating unlimited potentials in private money. 

Completed over 52 million in Real Estate Transactions and consulted 1:1 with over 2000 Real Estate investors and is a leading expert in private lending 

 

In this episode we talked about:

• Jay’s Bio & Background
• Private Lenders Search
• Why Private Lending
• Access Strategy
• Resources

 

Useful links:

https://www.jayconner.com/

https://www.jayconner.com/7-reasons-report/ - Money Guide

Transcription:

Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, my name's Jess Fraga. You're listening to working capital the real estate podcast. My guest today is Jay Connor. Jake Connor is a real estate investor from North Carolina has been doing that since 2003 rehab and over 450 homes all averaging over 71,000 in profits per deal.

 

Completed 52 million in real estate transaction and has consulted one on one with over 2000 real estate investors and is a leading expert on private lending. Jay, how you doing today,

 

Jay (52s): Jess? I'm doing fantastic. And I'm so excited. You invited me to come along to be on the show to talk about my favorite subject, private money.

 

Jesse (1m 2s): That's fantastic. Well, thanks for coming on. It's been a while since we had that Southern twang on the, on the podcast, so glad to hear it. Oh,

 

Jay (1m 8s): My land. Are you saying I've got a Southern twang? I didn't even know. I had a Southern twang.

 

Jesse (1m 13s): Yeah. Yeah. I'm the one with the accent, I guess from your vantage point,

 

Jay (1m 19s): Actually you sound normal to me.

 

Jesse (1m 20s): There you go. We call, I think it's called the neutral language. It's it's whatever the, you know, the broadcaster's voices, they think we've got an, a accent up here in can or up here in Toronto, but I feel like that's maybe east, east and west coast.

 

Jay (1m 33s): Yeah. I don't know. My wife is from Texas and I mean, they just like talk flat just like their state it's flat. So,

 

Jesse (1m 43s): Yeah, that's great. Well, I have some relatives in Jersey and New York, but we won't get started on wood accents coming out there again. Thank you for, for coming on Jay. I really appreciate it. I think it's a topical time to talk. I don't mean to make that much alliteration topical time to talk about private lending, given the fed right now, interest rates the, the environment with real estate. But before we get started on that topic, maybe you can give listeners a little bit of a background on basically how you got into the real estate world and, and where you're at today.

 

Dave Dubeau is a Real Estate Entrepreneur, Best-Selling Author, Speaker and Investor Attraction Expert based in Beautiful British Columbia, Canada.  He began his real estate investing career in 2003 doing 18 deals in 18 months.  He later switched his focus to client-first rent to own deals, and nowadays he invests in multi-family (apartment building) properties. 

For the last several years Dave has been a leading authority on helping mom and pop real estate investors to find money partners and raise capital. Using his proprietary 5 Step Money Partner Formula™, Dave helps his real estate entrepreneur clients to grow their portfolios significantly and in record time by attracting investors (instead of chasing after them). 

 

In this episode we talked about:

• Dave’s Bio & Background
• Real Estate Business Evolution
• Legal Aspect of Raising Capital
• Three Biggest Mistakes Real Investors Make when Raising Capital
• Lineup
• Resources

 

Useful links:

How to raise capital 101 show

https://www.raisecapital101show.com/

https://www.linkedin.com/in/davedubeau/?originalSubdomain=ca

Transcriptions:

Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, my name's Jessica gala, and you're listening to working capital the real estate podcast. I'm happy to introduce a returning guest to the show. Dave, Dubo a fellow Canadian and Dave was on the, a working capital podcast episode 1 0 3.

 

If you want to see the older episode we did about raising capital. Dave is a podcast host and creator of the money partner formula. He and his team work with mom and pop real estate investors providing done for you marketing services to help them raise capital. He's a best-selling author and speaker based in British Columbia, Canada. He began his real estate investing career in 2003, doing 18 deals in 18 months. We talked about that last time and he invest passively in multifamily properties. Dave, welcome back,

 

Dave (1m 6s): Jesse. Great to be here. Thanks for having me, bud.

 

Jesse (1m 8s): Yeah, it was a pleasure to have you back, you know, nothing's changed in the last two years, so we won't have much to talk about, but yeah, I mean, I, I thought it would be, it'd be good to, you know, we're doing another, I guess, multi or a podcast swap here and always, always great to speak with you. So I guess first how's everything going out in Western Canada? How have you been, have you been fairing over the last a year, year and a half?

 

Dave (1m 38s): Well, you tell, I tell you what, if people are watching this video, they can see it's been hair back for me a way back too far back. No, it's good. Good life is good. Can't complain Jesse. It's it's always good in beautiful British Columbia.

 

Jesse (1m 52s): Absolutely. Well, I mean, it's, it's also nice to speak to a fellow Canadian. We can talk about, you know, Canadian real estate, but it does, you know, pretty much pairs up with most north American real estate. A lot of the similarities, even when raising capital and even some of the legal nuances, but we're not giving accounting or legal advi

Mark Reisman is a Founder and CEO at Empower Living Management and Chief of Acquisitions & Asset Management at Touzi Capital.

In this episode we talked about:

• Mark’s Bio & Background
• Senior Living & Multifamily Market
• Acquisition Process
• Management
• Underwriting Deals 
• 2022-2023 Real Estate Market Outlook
• Geographic Areas for Investment
• Vetting Deals 
• Mentorship, Resources and Lessons Learned

 

Useful links:

Senior Living Foresight https://www.youtube.com/c/seniorlivingforesight

The National Investment Center for Seniors Housing & Care (NIC)  https://www.nic.org

American Seniors Housing Association (ASHA) https://www.ashaliving.org

Linkedin https://www.linkedin.com/in/mark-reisman/

Transcription:

Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, my name is Jesper galley and you're listening to working capital the real estate podcast. My guest today is mark Riesman. He is the founder and CEO of in power living.

 

He is also the chief of acquisitions and asset management for Tuesday. Capital mark. How's your day going today?

 

Mark (38s): Going well, glad to be here.

 

Jesse (39s): Well, thanks again for joining, joining us today. I think listeners will get a lot of value. It's kind of hearing your background and story in the industry and where you specialize, but like we do with all of our guests before we kick it off, maybe you could give us a little bit of a background on your path in real estate where you got started and how that journey has been.

 

Mark (1m 2s): Yeah, it sounds good. I, I grew up in Los Angeles, went to school at UC Santa Barbara and we didn't have too many practical majors there for business. So my path was to go the emphasis in accounting from the biz econ major and got the main recruiters out of that program were a big four accounting firms. So from that I went into, I worked at PricewaterhouseCoopers for about five years plus some internships and, you know, spent a lot of time in accounting and finance have always had the entrepreneurial mindset though.

 

You know, I on real estate, after living with my parents for a couple of years to save up, I did buy a condo and rented out a couple of those bedrooms. And then, you know, from there just acquire more. So, you know, they had a house that I rented to. Students had some fourplexes, couple of partners in those here in Dallas, but Pricewaterhouse Coopers did bring me out here to, to Dallas, Texas. And I've been here for that about 16 years, a long time during that time again, you know, a lot of accounting and finance was controller of a restaurant fry franchising company.

 

Also I owned, well, I started doing triathlon and it's kind of spiraled out of control before you knew it. I owned the DFW tri club. And so I bring that up because one of my, my cl

Kurt Uhlir is a globally recognised marketer, operator and speaker. He has built and run businesses from startups to over 500 million in annual revenue, assembled teams across 6 continents, has been part of a small team leading an IPO ($880M), and participated in dozens of acquisitions. Kurt serves as Chief Marketing Officer for Showcase IDX, which has helped real estate agents and brokers bring more than 3 million visitors to their websites in the past year. 

 

In this episode we talked about:

Kurt’s Bio & Background

Differences between Residential and Commercial Sites

Implementing Marketing Strategy Approaches

Lead Magnets

Building Digital Strategies

Common Mistakes in Marketing Strategy

Building a Team

Upwork

2022-2023 Marketing and Business Development Trends  

Importance of Consistency

View on Mentorship

Resources and Lessons Learned

 

Useful links:

Book “Deep Work: Rules for Focused Success in a Distracted World” by Cal Newport

https://www.linkedin.com/in/kurtuhlir/

https://kurtuhlir.com/

instagram

Transcription:

Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time.

 

Jesse (23s): Ladies and gentlemen, my name's Jennifer galleon, and you're listening to working capital the real estate podcast. Our guest today is Curt EULAR. Kurt is a globally recognized marketer operator and speaker he's built and run businesses from startup to over 500 million in annual revenue, assembled teams across six continents. I've been part of the small team leading an IPO 880 million and participate in dozens of acquisitions. We're talking today about real estate coaching marketing, and just generally topics regarding real estate as we normally do on the podcast.

 

Kurt, how's it going?

 

Kurt (56s): That's great. Thanks for having me.

 

Jesse (58s): Thank you for coming on. I appreciate you taking the time out of your, out of your day for our guests. What we typically like to do is a little bit of a background rather than me. Just kind of reading things out. Maybe you could give a little bit of a background on how you got into this world of real estate.

 

Kurt (1m 15s): Yeah, I, I've always been a kind of entrepreneur, an operator, you know, at, at heart a little bit came from family, but I mean, like I started two legal entities when I was 14. One of those is still running today. Now it's only an eight figure a year business, but oh, sorry. It is a seven year figure a year business. It was an eight figur

Rich Fettke has a passion for helping people improve their businesses, grow their wealth, and live more fulfilling lives. He is the author of The Wise Investor, Extreme Success, and the audio program Momentum. Rich is also a co-founder of RealWealth. Since 2003, the company has helped over 60,000 members improve their financial intelligence and acquire cash flowing income properties — so they can live life on their own terms. As a licensed real estate broker and an active investor, Rich was selected as a Rich Dad Author for his expertise as a Wealth Mindset Expert.

In this episode we talked about:
* Rich’s Bio & Background
* Helping Individuals with Real Estate Investment
* Geographic Preferences
* Interest Rates and Inflation Overview
* Coaching
* Writing a Book
* Mentor’s View on Assets and Liabilities
* Definition of Real Wealth
* Thoughts on Being Self-made
* Wealthy People Mindset
* Resources

Useful links:
Book: “ Be Your Future Self Now: The Science of Intentional Transformation” by Benjamin Hardy
Book: “The Willpower Instinct: How Self-Control Works, Why It Matters, And What You Can Do To Get More Of It” by Kelly McGonigal
https://realwealth.com

Transcriptions:

Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. All right, ladies and gentlemen, my name's Jennifer gal. You're listening to working capital the real estate podcast. My guest today is rich. Feki rich has a passion for helping people improve their business, grow their wealth and live more fulfilling lives.

 

He's the author of the wives, the wise investor, extreme success and the audio program momentum, which is also co-founder of real wealth. Since 2003, the company has helped over 60,000 members improve their financial intelligence and acquire cash, flowing income properties, all things that we like as a licensed real estate broker and an active investor, rich has selected, was selected as rich dad author for his expertise as a wealth mindset expert. Rich, how are you doing today?

 

Rich (1m 3s): Really good, Jesse. Good to be here.

 

Jesse (1m 5s): So you're joining us from Malibu today. So jealous whether weather's good things are good.

 

Rich (1m 10s): Yeah. Life is good and awesome. Yet disconnected when my little two year old grandson yesterday. So feeling fulfilled.

 

Jesse (1m 17s): Beautiful. Well, I, coincidentally, my sister just had a baby last night, so

 

Rich (1m 23s): Whoa, nice congrats uncle,

 

Jesse (1m 26s): Uncle Jesse. So yeah, I got to get out there and, and see the little, the little girl. So I'm very happy and fortunate, so exciting

 

Rich (1m 35s): Times. Good stuff.

Antony Davies is the Milton Friedman Distinguished Fellow at Foundation for Economic Education, associate professor of economics at Duquesne University, and co-host of the podcast, Words & Numbers. Dr. Davies authors monthly columns on economics and public policy for the Philadelphia Inquirer and Pittsburgh Tribune-Review. He has written a book on understanding statistics, published by the Cato Institute, and has co-authored hundreds of op-eds for, among others, the Wall Street Journal, Los Angeles Times, and Washington Post. His YouTube videos on economics, government, and policy have garnered millions of views.

In this episode we talked about:

• Antony’s Bio & Background
• View on Inflation: Dangers and Outlook
• Money Printing
• Stagflation
• Fiscal and Monetary Measures to Defend against Inflation
• Interest Rates
• Government Policies on Housing Regulations
• Resources

Useful links:

https://podcasts.apple.com/us/podcast/words-numbers/id1237781005

https://www.youtube.com/c/AntonyDavies

Mark McGuire is a Chief Investment Officer, Hearthfire Holdings. in 2017 he started to build a real estate business. He hired and fired agents, learned from his mistakes, and then re-hired all over again with a new perspective. Since 2013, Mark and his team have brokered more than 300 homes with a total sales volume exceeding $83M. They have also raised over 15 million in capital for Hearthfire. Mark’s biggest passion is wealth building and investing. He is a limited partner in 12 syndications, ranging from multifamily to industrial, hospitality to self-storage. He has invested in multiple private companies in the biotech, finance, and AI spaces. In addition, he currently owns 20 residential units in various real estate partnerships and oversees the management of 130 residential units his family owns. Mark has also executed multiple 1031 exchanges. He’s seen up-markets and down-markets and discovered opportunities in both. 

In this episode we talked about:
* Mark’s  Bio & Background
* Building his Career in Real Estate
* Limited Partnership Role
* Real Estate Deals Outlook: the best Takeaways from Investors
* Red Flags while looking for LP & GP
* Multifamily Investments
* Mark’s Focus in Real Estate Right Now
* Economic Outlook 2022-2023
* Mentorship, Resources and Lessons Learned

Useful links:
Slicing Pie: Funding Your Company Without Funds
https://hfirecapital.com
https://www.linkedin.com/in/investingwithmark/

Transcription:

Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time

 

Jesse (23s): This is Jessica forgotten and you're listening to working capital the real estate podcast. My guest today is Mark McGuire. He's the C I O of Herth capital. He's a full-time real estate investor and operator that's when mark at the time plunge into real estate sales, after running hard on his own for three years, working 80 to 100 hours a week, mark realized he needed help. He transitioned his real estate practice to Keller Williams in 2017 to learn how to build a real estate business. He hired and fired agents learn from his mistakes and then rehired them all over again.

 

Since 2013, mark and his team have brokered more than 300 homes with a total sales volume exceeding 83 million. They've also raised over 50 million capital for her fire, mark, you and I were just talking before we want to get into a lot of what you're doing now, which sounds like general partner and sponsoring deals. First of all, welcome aboard.

 

Mark (1m 13s): Thanks for having me Jesse excited.

 

Jesse (1m 15s): Yeah, I really appreciate it. So lots to talk about here. You've had a pretty, a pretty interesting background in terms of where you started out in your career and what you're doing today. And I want to get into for listeners the different asset classes that you're working with, but before we do that, why don't you take us back to kind of where you got into real estate? How that your story unfolded at the beginning?

 

Mark (1m 39s): Yeah, so real estate was something that was in my family. You know, I tried to go the college route net that really didn't align with my way of being a really I learned hands-on and I could, I could do the school thing, but

Capitalizing on student rental opportunity
In this Episode You’ll Learn: 

-Jesse’s Real Estate investing bio

-How COVID has changed Real Estate investing strategies. 

-Handling risk and uncertainty. 

-Investing in population centers like Toronto. 

-Learning, refining, and expanding on strategies that work.

Transcription:

Speaker 0 (0s): Hello listeners. It's your host, Jesse for galley. First of all, want to say thank you to everybody that continues to listen. We broke a hundred a little while ago, and I really, really am encouraged by the support and any questions that listeners have. You can always reach out to me and we can create a, just ask Jesse episode for those episodes. Anyways, I thought we'd do something a little bit different today. I was recently a guest on a very good podcast, breakthrough real estate, investing podcasts. If you don't know them, check them out.

They started podcasting back when Joe Rogan was doing his podcast out of his old house in that dark basement. So they've been around for a long time, check them out. It's great for people that are getting into real estate investing, or if you're a seasoned vet and you just want to up your game. So without further ado, my episode with breakthrough.

Speaker 2 (1m 4s): Welcome back, everybody. Thanks for joining us again. We are really happy to have you with us today for another exciting episode, full of, you know, chock full of knowledge and real estate stuff. So excited to get to that. And as always with me here again is Sandy McKay. How are you Sandy?

Speaker 3 (1m 24s): Fantastic Rob, because I had to be here again and you know, we're, we're getting into some interesting real estate stuff in the market and the world. So I think we'll have a good show discussing all sorts of stuff around that.

Speaker 2 (1m 36s): Yeah, we are. Things are changing, man. They are changing a little bit. So we do have some exciting updates. It's not just like the market's going up, the market's going up. And it was a little bit of a volatility there. So we can discuss that in a little bit, but everybody listening should go over to our website, breakthrough REI, podcasts.ca. They can get all of our past episodes from there. They can interact with our guests through the show notes and, and, and get access to any, any, you know, materials that our guests have, have left for us on there.

So breakthrough REI, podcast.ca you can also get our free gift.

Speaker 3 (2m 18s): Yeah. The ultimate strategy for building wealth through real estates. And of course, like, you all know you get on our email list when you do that and you will hear, but everything else we got going on and all the updates, all the, all the maybe events we've got coming up, webinars, whatever we, whatever we're putting out there, you will hear about it and never miss on an episode.

Speaker 2 (2m 37s): And please go over to iTunes and leave us a rating review. You guys know that helps it. Doesn't take too long, go over there and tell us what you think. Leave us a five-star review that always helps. And more people will be able to hear the show more people. When they go on search real estate, investing podcasts, they'll ours will pop up and there'll be able to hear all of our past guests and all the info that we shared over the years, over the past eight years or Sandy going on eight years now. So we're seeing program we're still here, we're still going strong and we're still excited.

Every single time we get behind these microphones. So, so yeah, listening.

Speaker 3 (3m 19s): Okay. Keep listening, keep growing. I think we're a, you know, it's fun. We're doing, we've, we've gotten into lots of transitions over eight years in different different ways and you know, we're ramping up if nothing else r

Jim Clayton is the Director and Timothy R. Price Chair at the Brookfield Centre in the Schulich School of Business at York University in Toronto.

In this episode we talked about:

• Jim’s  Bio & Background
• Real Estate Education Evolution
• Climate Risk and the Opportunity for Real Estate
• Dealing with Tax & Climate
• The Courses Jim Teaches in the Schulich School
• Leadership in Real Estate
• Jim’s View on Current Real Estate Environment
• Resources

Useful links:

Adam Grant “Think Again”

The surprising habits of original thinkers | Adam Grant https://www.youtube.com/watch?v=fxbCHn6gE3U

https://schulich.yorku.ca/faculty/jim-clayton/

shorturl.at/vDFGI

Transcription:

Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time.

 

Jesse (23s): Ladies and gentlemen, my name's Jess for galley, and you're listening to working capital the real estate podcast. My special guest today is Jim Clayton. Jim is the director and Timothy our price chair at the Brookfield center and real estate and infrastructure. And that is at the Schulich school of business here in Toronto, Canada. And that is at York university. Jim, how are you doing today?

 

Jim (45s): I'm good. I'm good. Thanks for having me Jesse. And that was a big mouthful.

 

Jesse (48s): Yeah, we thought we'd, we'd like, we've talked about before the show, we'd kind of break it down because you've got quite an extensive background in real estate. And before I start a York university at the Schulich school of business, how long have you been at that post?

 

Jim (1m 3s): I've been here just over four years. I came in 2018 and partly because Schulich school received some funding to create the Brookfield center in both real estate and infrastructure, which is kind of unique. And also it was just kind of time to come home. I grew up in Toronto, moved all the way till my mother-in-law. I was taking her daughter in 1988 away for a one-year master's to UBC and 30 years later, we moved back after 20 of those in the states.

 

Jesse (1m 36s): That's fantastic. That's another, a really good school for real estate as well. University of British Columbia is program there it's solder solder school of business. If I have that correct.

 

Jim (1m 46s): You got it. It was really the only place one could kind of end up if you wanted a graduate education in real estate at that time,

 

Jesse (1m 54s): Right on. Well, you know, once again, thanks for coming on. Part of the reason I thought listeners would get a lot of value about having you on was just some of the research themes that you've been working on and we'll jump into them. I think, you know, just to kind of Telegraph this a little bit, it's going to be a little bit about kind of the trend in real estate and commercial real estate in general, where we've gone from institutional investors and private investors. And I wa

Transcription:

Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time

Jesse (22s): E

Speaker 1 (24s): Everybody. This is Jennifer galley. You're listening to working capital. I thought today, we'd do a, just ask Jesse. You can always reach out to me directly. If you have any questions related to real estate investing. I did a YouTube video a little while back, and if you're interested in that you can head over to working capital podcast.com. It should be under the video section. It's basically an interview with Chris . Who's a cross border tax specialist, and really wanted to do a conversation about investing from another country.

So if you've ever wanted to buy real estate or interested in buying real estate in a different country, wanting to get into a little bit of something like tips do's and don'ts when it comes to that. Now I'll focus this a little bit more on Canadians investing in the U S but you could think of it as us investing in Canada, or really, you know, investing in a different country altogether. You know, a lot of these will apply to both. I think the key is that there is some sort of relationship between those countries and, you know, if you're investing the country, you're thinking about investing likely if that is what you're thinking, we'll have some sort of relationship just use Canada in the U S because the treaty, the tax treaties that we have are so robust and it makes investing relatively simple, but there still are a few things that people should look out for.

And I did also did a post on Instagram, and this is where it kind of fleshed out some of the, the tips. So we'll start with number one here. I think what's so critical when you're doing this is to figure out what your investing strategy is. And by that, I mean, where you're going to invest, what type of assets you're going to invest and what type of strategy you are going to work with those assets. And what I mean by that is the, where is pretty obvious, which geography are you going to invest in?

If you're investing in the states, are you investing in Florida? Are you investing in California, Texas? The second piece about asset class is, you know, real estate is a diverse industry. There are all kinds of different asset classes. You have everything from self storage to retail, to industrial, multi res, and you know, everything else in between hotels. So getting clear on what type of investment from an asset class perspective is really important because it'll set up a lot of the basis of how you're going to go and where you're going to invest.

Now, the last one is the real estate strategy itself. Now this is so important because oftentimes the strategy that you're going to have. So whether that is doing flips, whether that is looking at burn investments, where you're doing a rehab, a refinancing, and renting out a lot, a lot of times, those strategies will dictate where you should be investing geographically. So for example, if you're looking at short-term rentals, you know, Miami is probably a great market for that. Something in the Midwest, in a small town, probably not, but conversely, if you're looking at land plays, the inverse of that would be true.

So the strategy itself is one of those critical aspects of figuring out what you want to do, the strategy you're going to work with those asset classes. And then that will be a function of what geography that you end up investing in. So the next one, you know, back to geography itself, researching the local market. So once you have that market or the