Emerging Trends in Real Estate | The Stoler Report


♪ [THEME MUSIC] ♪>>BILLIONS OF DOLLARS ARE>>BILLIONS OF DOLLARS ARE
BEING INVESTED IN TECHNOLOGY BEING INVESTED IN TECHNOLOGY
TODAY. TODAY.
THERE ARE EMERGING TRENDS TAKING THERE ARE EMERGING TRENDS TAKING
PLACE IN TECHNOLOGY. PLACE IN TECHNOLOGY.
I HAVE ASSEMBLED THESE I HAVE ASSEMBLED THESE
INDIVIDUALS TRAVELING FROM FAR INDIVIDUALS TRAVELING FROM FAR
AND WIDE TO BE HERE TO TALK AND WIDE TO BE HERE TO TALK
ABOUT TECHNOLOGY IN REAL ESTATE. ABOUT TECHNOLOGY IN REAL ESTATE.
AS OPPOSED TO ME INTRODUCING AS OPPOSED TO ME INTRODUCING
EACH AND EVERY ONE, I WILL LET EACH AND EVERY ONE, I WILL LET
EACH OF THEM INTRODUCE AND TELL EACH OF THEM INTRODUCE AND TELL
A LITTLE ABOUT WHAT THEY DO AND A LITTLE ABOUT WHAT THEY DO AND
THEN FOLLOW THE CONVERSATION. THEN FOLLOW THE CONVERSATION.
>>MY NAME IS ARI TEMAN.>>MY NAME IS ARI TEMAN.
A COMEDIAN IN CHELSEA ABOUT FIVE A COMEDIAN IN CHELSEA ABOUT FIVE
YEARS AGO PUT HIS APARTMENT ON YEARS AGO PUT HIS APARTMENT ON
AIRBNB. AIRBNB.
THEY GENEROUSLY PUT A 50-PERSON THEY GENEROUSLY PUT A 50-PERSON
XXX FREAKFEST. XXX FREAKFEST.
IT BECAME THE NUMBER ONE STORY IT BECAME THE NUMBER ONE STORY
ON THE INTERNET. ON THE INTERNET.
THAT WAS ME. THAT WAS ME.
AT THE TIME I WAS BUILDING A AT THE TIME I WAS BUILDING A
FACE RECOGNITION COMPANY FACE RECOGNITION COMPANY
CALLED FRIEND OR FRAUD. CALLED FRIEND OR FRAUD.
I SAID LET — LET‘S HAVE FUN AND I SAID LET — LET‘S HAVE FUN AND
SEE IF WE CAN DE-ANONYMIZE WHO SEE IF WE CAN DE-ANONYMIZE WHO
THESE AIRBNB HOSTS ARE. THESE AIRBNB HOSTS ARE.
I LAUNCHED THIS LITTLE SERVICE. I LAUNCHED THIS LITTLE SERVICE.
MY FRIENDS WERE ENCOURAGING ME MY FRIENDS WERE ENCOURAGING ME
SAYING YOU HAVE TO LAUNCH THIS SAYING YOU HAVE TO LAUNCH THIS
THING. THING.
WE USE THOUSANDS OF MACHINES WE USE THOUSANDS OF MACHINES
AND WE DO IMAGE RECOGNITION AND WE DO IMAGE RECOGNITION
AND FACE RECOGNITION AND FACE RECOGNITION
ON SITES LIKE AIRBNB AND PUBLIC ON SITES LIKE AIRBNB AND PUBLIC
LISTING SITES. LISTING SITES.
WE WILL AUTOMATICALLY MATCH UP WE WILL AUTOMATICALLY MATCH UP
AN APARTMENT PUT ON STREET EASY AN APARTMENT PUT ON STREET EASY
AND AIRBNB. AND AIRBNB.
WE HAVE NAILED PEOPLE BASED ON WE HAVE NAILED PEOPLE BASED ON
THE PATTERN OF TILE IN THEIR THE PATTERN OF TILE IN THEIR
BATHROOM. BATHROOM.
WE HAVE THE NUMBER ONE WE HAVE THE NUMBER ONE
PERFORMING BUILDING FACADE PERFORMING BUILDING FACADE
RECOGNITION WHICH IS LIKE FACE RECOGNITION WHICH IS LIKE FACE
RECOGNITION FOR BUILDINGS. RECOGNITION FOR BUILDINGS.
>>WHO IS THE PRODUCT SOLD>>WHO IS THE PRODUCT SOLD
TO AND WHAT DO YOU DO WITH IT? TO AND WHAT DO YOU DO WITH IT?
>>OUR MAIN FOCUS IS NEW YORK>>OUR MAIN FOCUS IS NEW YORK
CITY BUT WE HAVE CLIENTS ALL CITY BUT WE HAVE CLIENTS ALL
OVER THE WORLD, FOR SUBLETSPY. OVER THE WORLD, FOR SUBLETSPY.
YOU SIGN UP ONLINE. YOU SIGN UP ONLINE.
IT IS OPTIONAL, BUT PEOPLE LET IT IS OPTIONAL, BUT PEOPLE LET
US KNOW WHO THEIR TENANTS ARE OR US KNOW WHO THEIR TENANTS ARE OR
WHO IS SUPPOSED TO BE IN THE WHO IS SUPPOSED TO BE IN THE
BUILDING AND WE’LL GIVE YOU A BUILDING AND WE’LL GIVE YOU A
REPORT WITH THE UNITS THAT REPORT WITH THE UNITS THAT
ARE IN AIRBNB. ARE IN AIRBNB.
AFTER WE HAD ABOUT 40 LANDLORDS AFTER WE HAD ABOUT 40 LANDLORDS
I REALIZED THAT NOBODY HAD ANY I REALIZED THAT NOBODY HAD ANY
IDEA WHO WAS IN THEIR BUILDING IDEA WHO WAS IN THEIR BUILDING
AND WHO WAS NOT. AND WHO WAS NOT.
WE WOULD EMAIL AND SAY THIS GUY WE WOULD EMAIL AND SAY THIS GUY
HAS BEEN DEAD FOR TWO WEEKS, HAS BEEN DEAD FOR TWO WEEKS,
THIS GUY LIVES IN A DIFFERENT THIS GUY LIVES IN A DIFFERENT
COUNTRY. COUNTRY.
THEY HAD NO IDEA. THEY HAD NO IDEA.
MOST BUILDINGS IN NEW YORK AND MOST BUILDINGS IN NEW YORK AND
AROUND THE WORLD ARE A DUMB PILE AROUND THE WORLD ARE A DUMB PILE
OF BRICKS, CONCRETE AND METAL. OF BRICKS, CONCRETE AND METAL.
THE LANDLORD MAY NOT LIVE IN THE THE LANDLORD MAY NOT LIVE IN THE
SAME CITY AS THEIR BUILDING AND SAME CITY AS THEIR BUILDING AND
THEY ARE RELYING ON A SUPER OR THEY ARE RELYING ON A SUPER OR
DOORMAN. DOORMAN.
ONE OF FOUR AIRBNBS IN NEW YORK ONE OF FOUR AIRBNBS IN NEW YORK
ARE IN A DOORMAN BUILDING. ARE IN A DOORMAN BUILDING.
I SAID, WHAT IF WE CREATE A FACE I SAID, WHAT IF WE CREATE A FACE
RECOGNITION INTERCOM THAT TRACKS RECOGNITION INTERCOM THAT TRACKS
WHO IS COMING INTO THE BUILDING WHO IS COMING INTO THE BUILDING
AND WHO IS NOT. AND WHO IS NOT.
>>PART OF THE OTHER SERVICE>>PART OF THE OTHER SERVICE
INVOLVES DELIVERY OF PACKAGES. INVOLVES DELIVERY OF PACKAGES.
>>RIGHT.>>RIGHT.
IT IS CALLED GATEGUARD. IT IS CALLED GATEGUARD.
WE ARE FANS OF ALLITERATION. WE ARE FANS OF ALLITERATION.
WE GIVE THE DEVICE FOR FREE, WE GIVE THE DEVICE FOR FREE,
INSTALL IT FOR FREE, YOU PAY INSTALL IT FOR FREE, YOU PAY
$40 A MONTH, WE PROVIDE $40 A MONTH, WE PROVIDE
INTERNET FOR YOUR BUILDING FOR INTERNET FOR YOUR BUILDING FOR
FREE. FREE.
YOU CAN INSTALL BOILER MONITORS YOU CAN INSTALL BOILER MONITORS
AND CAMERA SYSTEMS. AND CAMERA SYSTEMS.
WE LOWER THE MONTHLY EXPENSE. WE LOWER THE MONTHLY EXPENSE.
WE UNDERSTAND THAT LANDLORDS WE UNDERSTAND THAT LANDLORDS
ARE OFTEN THINKING LIKE SOMEBODY ARE OFTEN THINKING LIKE SOMEBODY
ON A LIMITED INCOME. ON A LIMITED INCOME.
>>IT IS DETERMINING HOW>>IT IS DETERMINING HOW
PEOPLE GET INTO THE BUILDING. PEOPLE GET INTO THE BUILDING.
>>RIGHT.>>RIGHT.
WHEN WE FIRST STARTED TO INSTALL WHEN WE FIRST STARTED TO INSTALL
YOUNG WOMEN WOULD SAY I LOVE YOUNG WOMEN WOULD SAY I LOVE
THIS, ON THE OLD INTERCOM SYSTEM THIS, ON THE OLD INTERCOM SYSTEM
THERE IS NO PICTURE AT ALL OR IT THERE IS NO PICTURE AT ALL OR IT
IS GRAINY, BLACK-AND-WHITE. IS GRAINY, BLACK-AND-WHITE.
YOU CAN‘T TELL IF IT IS REALLY YOU CAN‘T TELL IF IT IS REALLY
THE UPS GUY OR JUST SOME RANDOM THE UPS GUY OR JUST SOME RANDOM
PERSON TRYING TO GET INTO THE PERSON TRYING TO GET INTO THE
LOBBY. LOBBY.
THERE ARE A LOT OF RANDOM THERE ARE A LOT OF RANDOM
ASSAULTS FROM PEOPLE WHO LOITER ASSAULTS FROM PEOPLE WHO LOITER
IN THE LOBBY. IN THE LOBBY.
THERE ARE ISSUES WITH PACKAGE THERE ARE ISSUES WITH PACKAGE
THEFT. THEFT.
THE MOST COMMON COMPLAINT IS THE MOST COMMON COMPLAINT IS
PACKAGES GETTING STOLEN. PACKAGES GETTING STOLEN.
>>LET‘S GO TO THE>>LET‘S GO TO THE
MANAGEMENT COMPANY. MANAGEMENT COMPANY.
>>I AM MICHAEL ROGOFF,>>I AM MICHAEL ROGOFF,
SENIOR VICE PRESIDENT OF SENIOR VICE PRESIDENT OF
AKAM LIVING SERVICES. AKAM LIVING SERVICES.
WE HAVE ABOUT 50,000 APARTMENTS WE HAVE ABOUT 50,000 APARTMENTS
UNDER MANAGEMENT. UNDER MANAGEMENT.
WE HAVE A SALES AND BROKERAGE WE HAVE A SALES AND BROKERAGE
DIVISION. DIVISION.
>>WHAT KIND OF TECHNOLOGY>>WHAT KIND OF TECHNOLOGY
ARE YOU SEEING TODAY? ARE YOU SEEING TODAY?
>>A LOT OF FRONT DESK>>A LOT OF FRONT DESK
TECHNOLOGY AND PACKAGE TRACKING. TECHNOLOGY AND PACKAGE TRACKING.
CERTAINLY WITH AMAZON AND ALL OF CERTAINLY WITH AMAZON AND ALL OF
THESE DIFFERENT WAYS TO PURCHASE THESE DIFFERENT WAYS TO PURCHASE
THINGS ONLINE, A LOT OF THE THINGS ONLINE, A LOT OF THE
BUILDINGS WERE NOT BUILT WITH BUILDINGS WERE NOT BUILT WITH
THE CAPACITY TO HANDLE THESE THE CAPACITY TO HANDLE THESE
PACKAGES. PACKAGES.
WAYS TO STORE THE PACKAGES. WAYS TO STORE THE PACKAGES.
TECHNOLOGY ADVANCING INTO THINGS TECHNOLOGY ADVANCING INTO THINGS
LIKE ENERGY. LIKE ENERGY.
>>ARE YOU SEEING A LOT OF>>ARE YOU SEEING A LOT OF
PEOPLE TODAY PAYING THEIR RENT PEOPLE TODAY PAYING THEIR RENT
ONLINE? ONLINE?
>>ABSOLUTELY.>>ABSOLUTELY.
A LOT OF THE PAYMENT METHODS, A LOT OF THE PAYMENT METHODS,
FOR RECEIVABLES AND PAYABLES, FOR RECEIVABLES AND PAYABLES,
TECHNOLOGY HAS PLAYED A BIG TECHNOLOGY HAS PLAYED A BIG
ROLE IN TRANSITIONING THE ROLE IN TRANSITIONING THE
METRICS, HOW THE BOARD AND METRICS, HOW THE BOARD AND
LANDLORDS AND OWNERS CAN LANDLORDS AND OWNERS CAN
VIEW THEM. VIEW THEM.
>>FROM AUSTIN TEXAS,>>FROM AUSTIN TEXAS,
WILL. WILL.
>>WILL MITCHELL, CEO AND>>WILL MITCHELL, CEO AND
COFOUNDER OF RABBET. COFOUNDER OF RABBET.
WE HELP REAL ESTATE DEVELOPERS WE HELP REAL ESTATE DEVELOPERS
AND LENDERS MANAGE THE AND LENDERS MANAGE THE
CONSTRUCTION FINANCE PROCESS. CONSTRUCTION FINANCE PROCESS.
IF YOU ARE BUILDING OR DOING IF YOU ARE BUILDING OR DOING
SIGNIFICANT TENANT IMPROVEMENT, SIGNIFICANT TENANT IMPROVEMENT,
YOU HAVE A COMPLICATED REQUEST YOU HAVE A COMPLICATED REQUEST
PROCESS EACH MONTH WHERE YOU PROCESS EACH MONTH WHERE YOU
SUBMIT INVOICES AND PAY SUBMIT INVOICES AND PAY
APPLICATIONS TO THE LENDER FOR APPLICATIONS TO THE LENDER FOR
REIMBURSEMENT AND PAYMENT OF THE REIMBURSEMENT AND PAYMENT OF THE
NECESSARY SUBCONTRACTORS AND NECESSARY SUBCONTRACTORS AND
VENDORS ON THE PROJECT AND OUR VENDORS ON THE PROJECT AND OUR
SOFTWARE HELPS TRACK ALL OF THAT SOFTWARE HELPS TRACK ALL OF THAT
APPROVAL AND PAYMENTS SO APPROVAL AND PAYMENTS SO
EVERYBODY CAN GET PAID FASTER. EVERYBODY CAN GET PAID FASTER.
>>DO YOU ELIMINATE JOBS?>>DO YOU ELIMINATE JOBS?
DO YOU STILL NEED AN INSPECTOR? DO YOU STILL NEED AN INSPECTOR?
>>THERE IS STILL SOMEONE WHO>>THERE IS STILL SOMEONE WHO
GOES OUT AND CHECKS THE SITE AND GOES OUT AND CHECKS THE SITE AND
LOOKS AT THE DOCUMENTATION. LOOKS AT THE DOCUMENTATION.
>>THE HUMAN ELEMENT>>THE HUMAN ELEMENT
CONTINUES TO BE THERE BUT IT CONTINUES TO BE THERE BUT IT
IS A LOT MORE AUTOMATED. IS A LOT MORE AUTOMATED.
>>INDIVIDUALS ARE ABLE TO>>INDIVIDUALS ARE ABLE TO
GET MORE EFFICIENT AND DO IT GET MORE EFFICIENT AND DO IT
FASTER. FASTER.
RIGHT KNOW IT TAKES ABOUT 10 RIGHT KNOW IT TAKES ABOUT 10
DAYS FOR SOMEONE TO DO A DRAW DAYS FOR SOMEONE TO DO A DRAW
REQUEST. REQUEST.
BY BEING ABLE TO CUT DOWN THAT BY BEING ABLE TO CUT DOWN THAT
TIME, IT ALLOWS FOR LENDERS TO TIME, IT ALLOWS FOR LENDERS TO
EARN MORE INTEREST, IT ALLOWS EARN MORE INTEREST, IT ALLOWS
FOR REAL ESTATE DEVELOPERS TO FOR REAL ESTATE DEVELOPERS TO
PAY THEIR VENDORS FASTER. PAY THEIR VENDORS FASTER.
>>AND WHO USES THAT?>>AND WHO USES THAT?
>>WE FOCUS PRIMARILY ON THE>>WE FOCUS PRIMARILY ON THE
DEVELOPERS AND THE LENDERS. DEVELOPERS AND THE LENDERS.
WE HELP THEM WITH THAT WE HELP THEM WITH THAT
CONNECTION BETWEEN THEIR CONNECTION BETWEEN THEIR
COMPLICATED CAPITAL STACKS. COMPLICATED CAPITAL STACKS.
YOU HAVE A LENDOR OR TWO. YOU HAVE A LENDOR OR TWO.
TRACKING THOSE DIFFERENT SOURCES TRACKING THOSE DIFFERENT SOURCES
AND USES OF FUNDS. AND USES OF FUNDS.
>>HOW DO YOU GET CUSTOMERS?>>HOW DO YOU GET CUSTOMERS?
>>IT TYPICALLY WORKS THROUGH A>>IT TYPICALLY WORKS THROUGH A
NUMBER OF WAYS. NUMBER OF WAYS.
GETTING THE NAME OUT THERE. GETTING THE NAME OUT THERE.
LUCKILY, THERE‘S AN INTIMATE LUCKILY, THERE‘S AN INTIMATE
RELATIONSHIP BETWEEN THE RELATIONSHIP BETWEEN THE
DEVELOPERS AND LENDERS. DEVELOPERS AND LENDERS.
AS WE WORK WITH ONE, THE AS WE WORK WITH ONE, THE
DEVELOPER SHARES US WITH THEIR DEVELOPER SHARES US WITH THEIR
OTHER LENDERS. OTHER LENDERS.
THERE IS A NETWORK EFFECT. THERE IS A NETWORK EFFECT.
>>LAST BUT NOT LEAST.>>LAST BUT NOT LEAST.
YOU ARE? YOU ARE?
>>ILYA GAMER, ASSOCIATE>>ILYA GAMER, ASSOCIATE
MANAGING DIRECTOR FOR MANAGING DIRECTOR FOR
CROWDSTREET. CROWDSTREET.
IT HAS THE GOAL OF GIVING ACCESS IT HAS THE GOAL OF GIVING ACCESS
TO INVESTORS TO INSTITUTIONAL TO INVESTORS TO INSTITUTIONAL
QUALITY REAL ESTATE DEALS. QUALITY REAL ESTATE DEALS.
>>EXPLAIN THE JOB.>>EXPLAIN THE JOB.
>>PASSED IN THE WAKE OF THE>>PASSED IN THE WAKE OF THE
GREAT RECESSION, IT REMOVED THE GREAT RECESSION, IT REMOVED THE
BARRIER FROM ADVERTISING PRIVATE BARRIER FROM ADVERTISING PRIVATE
SECURITIES. SECURITIES.
IT COULD INCLUDE REAL ESTATE ON IT COULD INCLUDE REAL ESTATE ON
A WIDE MARKETING SCALE. A WIDE MARKETING SCALE.
IF YOU PUT IT ON A WEBSITE, YOU IF YOU PUT IT ON A WEBSITE, YOU
BUILD INTERNET BUSINESS — BUILD INTERNET BUSINESS —
>>IT IS A FORM OF>>IT IS A FORM OF
KICKSTARTER? KICKSTARTER?
>>IT IS NOT A FORM OF>>IT IS NOT A FORM OF
KICKSTARTER. KICKSTARTER.
EVEN THOUGH IT HAS THIS UMBRELLA EVEN THOUGH IT HAS THIS UMBRELLA
TERM OF CROWDFUNDING, WHAT IT TERM OF CROWDFUNDING, WHAT IT
REALLY IS, FROM THE PERSPECTIVE REALLY IS, FROM THE PERSPECTIVE
OF A REAL ESTATE SPONSOR OR OF A REAL ESTATE SPONSOR OR
DEVELOPER OPERATOR, IT IS REAL DEVELOPER OPERATOR, IT IS REAL
ESTATE SYNDICATION AT SCALE. ESTATE SYNDICATION AT SCALE.
YOU ARE MARKETING A PRODUCT YOU ARE MARKETING A PRODUCT
THAT YOU WOULD OTHERWISE THAT YOU WOULD OTHERWISE
MARKET TO FRIENDS AND FAMILY. MARKET TO FRIENDS AND FAMILY.
>>WHAT IS THE AVERAGE>>WHAT IS THE AVERAGE
INVESTMENT THAT WILL OR ARI OR I INVESTMENT THAT WILL OR ARI OR I
WOULD INVEST? WOULD INVEST?
IS IT STATE-WISE OR A CERTAIN IS IT STATE-WISE OR A CERTAIN
INVESTOR OF CREDIT AND NET INVESTOR OF CREDIT AND NET
WORTH? WORTH?
>>EXCELLENT QUESTION.>>EXCELLENT QUESTION.
YOU WOULD BE PART OF A COMMUNITY YOU WOULD BE PART OF A COMMUNITY
OF 40,000 ACCREDITED INVESTORS. OF 40,000 ACCREDITED INVESTORS.
THE MINIMUM INVESTMENT IS THE MINIMUM INVESTMENT IS
ABOUT $25,000. ABOUT $25,000.
THE TYPICAL INVESTMENT — ONCE THE TYPICAL INVESTMENT — ONCE
THEY INVEST, THERE IS A 60% THEY INVEST, THERE IS A 60%
CHANCE THAT THEY WILL COME BACK. CHANCE THAT THEY WILL COME BACK.
THERE ARE FIVE INDIVIDUAL THERE ARE FIVE INDIVIDUAL
INVESTMENTS. INVESTMENTS.
THEY INVEST IN WHATEVER THE THEY INVEST IN WHATEVER THE
PREFERENCE IS. PREFERENCE IS.
AT ANY GIVEN TIME YOU MIGHT HAVE AT ANY GIVEN TIME YOU MIGHT HAVE
15 TO 30 DEALS THAT ARE LIVE. 15 TO 30 DEALS THAT ARE LIVE.
THEY PICK BASED ON THE RETURNS THEY PICK BASED ON THE RETURNS
THAT THEY WANT TO HIT. THAT THEY WANT TO HIT.
THERE IS A SPONSOR OR THEY THERE IS A SPONSOR OR THEY
RELATE TO THE SPONSOR. RELATE TO THE SPONSOR.
>>THERE ARE NO GUARANTEES>>THERE ARE NO GUARANTEES
IN LIFE. IN LIFE.
THIS IS THE PROJECTED AMOUNT OF THIS IS THE PROJECTED AMOUNT OF
MONEY THAT SOMEBODY MAY EARN? MONEY THAT SOMEBODY MAY EARN?
>>CORRECT.>>CORRECT.
THERE ARE NO GUARANTEES IN ANY THERE ARE NO GUARANTEES IN ANY
KIND OF INVESTMENT. KIND OF INVESTMENT.
WHAT WE OFFER IS WE HAVE A TEAM WHAT WE OFFER IS WE HAVE A TEAM
OF INVESTMENT PROFESSIONALS THAT OF INVESTMENT PROFESSIONALS THAT
COME FROM A PRIVATE EQUITY WORLD COME FROM A PRIVATE EQUITY WORLD
OR A REAL ESTATE WORLD WITH OR A REAL ESTATE WORLD WITH
DECADES OF EXPERIENCE. DECADES OF EXPERIENCE.
THEY VET THE SPONSORS. THEY VET THE SPONSORS.
THEY LOOK AT THE BUSINESS PLAN. THEY LOOK AT THE BUSINESS PLAN.
THERE IS A 27-POINT CHECK. THERE IS A 27-POINT CHECK.
>>I HAVE FOUR DIFFERENT>>I HAVE FOUR DIFFERENT
TYPES OF PRODUCTS. TYPES OF PRODUCTS.
I WILL CREATE A PROJECT AND I I WILL CREATE A PROJECT AND I
WILL SEE IF EACH ONE OF YOU HAS WILL SEE IF EACH ONE OF YOU HAS
AN ELEMENT. AN ELEMENT.
AS AN EXAMPLE, I’VE DECIDED AS AN EXAMPLE, I’VE DECIDED
I AM BUYING THIS PROPERTY. I AM BUYING THIS PROPERTY.
I WILL GET THE CONSTRUCTION I WILL GET THE CONSTRUCTION
FINANCING MYSELF. FINANCING MYSELF.
LET‘S SAY I WANT TO RAISE SOME LET‘S SAY I WANT TO RAISE SOME
MONEY FOR THE EQUITY. MONEY FOR THE EQUITY.
I WOULD GO TO YOU? I WOULD GO TO YOU?
>>YES.>>YES.
>>I NEED $2 MILLION TO BUY THE>>I NEED $2 MILLION TO BUY THE
LAND AND TO GET SOME ADDITIONAL LAND AND TO GET SOME ADDITIONAL
EQUITY THE BANK WANTS. EQUITY THE BANK WANTS.
WHAT IS YOUR ROLE AS WHAT IS YOUR ROLE AS
CROWDSTREET? CROWDSTREET?
>>OUR SWEET SPOT IS THAT>>OUR SWEET SPOT IS THAT
MIDDLE-MARKET — MIDDLE-MARKET —
LET‘S CALL IT 10 MILLION. LET‘S CALL IT 10 MILLION.
>>NOW I‘M GETTING MORE>>NOW I‘M GETTING MORE
INTERESTED IN THE MANAGEMENT. INTERESTED IN THE MANAGEMENT.
>>LET‘S SAY YOU NEED $10>>LET‘S SAY YOU NEED $10
MILLION OF EQUITY. MILLION OF EQUITY.
YOU MIGHT PUT DOWN 10% AS THE YOU MIGHT PUT DOWN 10% AS THE
DEVELOPER. DEVELOPER.
>>I COME TO YOU TO RAISE>>I COME TO YOU TO RAISE
FOR ME $9 MILLION. FOR ME $9 MILLION.
I WILL GIVE YOU THE PROJECTION I WILL GIVE YOU THE PROJECTION
OF WHERE I‘M GOING. OF WHERE I‘M GOING.
>>WE WOULD HAVE THE>>WE WOULD HAVE THE
INVESTMENT COMMITTEE UNDERWRITE INVESTMENT COMMITTEE UNDERWRITE
THE OPPORTUNITY. THE OPPORTUNITY.
WE HAVE LIMITATIONS. WE HAVE LIMITATIONS.
IF IT IS A FIRST-TIME SPONSOR, IF IT IS A FIRST-TIME SPONSOR,
EVEN THOUGH WE DO $10 MILLION EVEN THOUGH WE DO $10 MILLION
RAISES OFTEN, IT IS FOR REPEAT RAISES OFTEN, IT IS FOR REPEAT
SPONSORS WHO HAVE THE SPONSORS WHO HAVE THE
RELATIONSHIP. RELATIONSHIP.
YOU WOULD COME TO US, NOT YOU WOULD COME TO US, NOT
BECAUSE YOU NEED THE MONEY, BUT BECAUSE YOU NEED THE MONEY, BUT
BECAUSE YOU WANT TO BE EXPOSED BECAUSE YOU WANT TO BE EXPOSED
TO THE MARKET. TO THE MARKET.
>>SO NOW I HAVE MY $10>>SO NOW I HAVE MY $10
MILLION IN THE DEAL. MILLION IN THE DEAL.
I GO THROUGH A VARIETY OF BANKS. I GO THROUGH A VARIETY OF BANKS.
THE BANK SAYS THAT THERE IS A THE BANK SAYS THAT THERE IS A
PROCESS FOR THE CONSTRUCTION PROCESS FOR THE CONSTRUCTION
FINANCE. FINANCE.
I WILL GIVE YOU A LOAN, AND IT‘S I WILL GIVE YOU A LOAN, AND IT‘S
NOT THAT I DON‘T TRUST YOU, BUT NOT THAT I DON‘T TRUST YOU, BUT
I NEED SOMEBODY WHO IS I NEED SOMEBODY WHO IS
INDEPENDENT, WHO IS A INDEPENDENT, WHO IS A
THIRD-PARTY FIDUCIARY TO REVIEW THIRD-PARTY FIDUCIARY TO REVIEW
THE DRAWS WITH REGARD TO THE THE DRAWS WITH REGARD TO THE
LOAN. LOAN.
I AM WITH A BANK FROM CORAL I AM WITH A BANK FROM CORAL
GABLES, FLORIDA. GABLES, FLORIDA.
>>WE AREN‘T REVIEWING THE>>WE AREN‘T REVIEWING THE
INFORMATION. INFORMATION.
WE ARE A DOCUMENT WORKFLOW WE ARE A DOCUMENT WORKFLOW
MANAGEMENT TO TRACK THE MANAGEMENT TO TRACK THE
INFORMATION. INFORMATION.
FOR THE FIRST $10 MILLION, YOU FOR THE FIRST $10 MILLION, YOU
WILL HAVE TO TRACK EVERY EXPENSE WILL HAVE TO TRACK EVERY EXPENSE
THAT YOU MAKE SO YOU ARE THAT YOU MAKE SO YOU ARE
TRACKING ALL OF THIS TRACKING ALL OF THIS
INFORMATION AGAINST A BUDGET. INFORMATION AGAINST A BUDGET.
AT THE TIME WHEN YOU SPEND AT THE TIME WHEN YOU SPEND
$100,000 YOU NEED $100,000, YOU $100,000 YOU NEED $100,000, YOU
SAY WE NEED $100,000 OF SAY WE NEED $100,000 OF
EQUITY, OUR PLATFORM TRACKS EQUITY, OUR PLATFORM TRACKS
THOSE REQUESTS. THOSE REQUESTS.
WHEN YOU HAVE MET THOSE WHEN YOU HAVE MET THOSE
REQUIREMENTS, THE REQUEST WILL REQUIREMENTS, THE REQUEST WILL
START GOING TO THE BANK. START GOING TO THE BANK.
THE BANK WILL SAY WE WANT TO THE BANK WILL SAY WE WANT TO
MAKE SURE THAT YOU HAVE SPENT MAKE SURE THAT YOU HAVE SPENT
THIS $10 MILLION SO WE CAN CHECK THIS $10 MILLION SO WE CAN CHECK
THE BOX THAT YOU HAVE THE BOX THAT YOU HAVE
CONTRIBUTED THE REQUISITE AMOUNT CONTRIBUTED THE REQUISITE AMOUNT
OF EQUITY TO THE PROJECT — OF EQUITY TO THE PROJECT —
>>YOU ARE NOT CHECKING>>YOU ARE NOT CHECKING
THE ACCURACY, YOU ARE JUST DOING THE ACCURACY, YOU ARE JUST DOING
DOCUMENTATION? DOCUMENTATION?
>>CORRECT.>>CORRECT.
ABOUT THE DRAW PACKAGE, YOU HAVE ABOUT THE DRAW PACKAGE, YOU HAVE
YOUR BUDGET, INVOICES, LIEN YOUR BUDGET, INVOICES, LIEN
RELEASES — ALL OF THIS IS TIED RELEASES — ALL OF THIS IS TIED
TOGETHER. TOGETHER.
ALL OF THIS COMES OVER IN 100, ALL OF THIS COMES OVER IN 100,
200, 1000 PAGE PDF. 200, 1000 PAGE PDF.
ALL OF THIS IS LINKED. ALL OF THIS IS LINKED.
WE LINK ALL OF THAT INFORMATION WE LINK ALL OF THAT INFORMATION
AND PROVIDE AN AUDIT LOG. AND PROVIDE AN AUDIT LOG.
>>SO I AM THE DEVELOPER>>SO I AM THE DEVELOPER
SO I AM TRACKING INFORMATION BY SO I AM TRACKING INFORMATION BY
YOU. YOU.
SINCE I AM ALSO CLOSE TO THE SINCE I AM ALSO CLOSE TO THE
BANK, I‘M PROVIDING THEM BANK, I‘M PROVIDING THEM
ADDITIONAL INFORMATION VIA ADDITIONAL INFORMATION VIA
DOCUMENTATION? DOCUMENTATION?
>>EXACTLY.>>EXACTLY.
>>BUT I DON‘T REDUCE THE>>BUT I DON‘T REDUCE THE
NEED FOR A HUMAN TO COME IN AND NEED FOR A HUMAN TO COME IN AND
SEE IF THE PROJECT IS THERE? SEE IF THE PROJECT IS THERE?
>>CORRECT.>>CORRECT.
THE HUMAN GETS REMOVED AND THE HUMAN GETS REMOVED AND
DOESN‘T HAVE A SAY YOU SAID YOU DOESN‘T HAVE A SAY YOU SAID YOU
SUBMITTED AN INVOICE FOR SUBMITTED AN INVOICE FOR
$10,000. $10,000.
THERE IS A LOT OF THINGS THAT THERE IS A LOT OF THINGS THAT
HUMANS DO RIGHT NOW THAT THE HUMANS DO RIGHT NOW THAT THE
SOFTWARE WILL DO. SOFTWARE WILL DO.
I HAD A LENDER TELL US YESTERDAY I HAD A LENDER TELL US YESTERDAY
THAT IT WAS A ROUNDING ERROR ON THAT IT WAS A ROUNDING ERROR ON
THE PROJECT. THE PROJECT.
>>1%?>>1%?
>>NOT EVEN.>>NOT EVEN.
MUCH LESS. MUCH LESS.
>>SO I FINISH THE>>SO I FINISH THE
PROJECT, AND ALL THE PAYMENTS PROJECT, AND ALL THE PAYMENTS
ARE MADE. ARE MADE.
>>IT‘S HISTORY.>>IT‘S HISTORY.
>>NOW THE PAYMENTS ARE>>NOW THE PAYMENTS ARE
DONE. DONE.
I BUILT THIS APARTMENT HOUSE. I BUILT THIS APARTMENT HOUSE.
$10 MILLION IN EQUITY. $10 MILLION IN EQUITY.
IT WAS APPROXIMATELY $30 MILLION IT WAS APPROXIMATELY $30 MILLION
IN CONSTRUCTION FINANCING. IN CONSTRUCTION FINANCING.
NOW I‘M PLANNING TO RENT THIS NOW I‘M PLANNING TO RENT THIS
APARTMENT BUILDING. APARTMENT BUILDING.
I‘M THINKING OF A VARIETY OF I‘M THINKING OF A VARIETY OF
PEOPLE. PEOPLE.
WHAT SERVICES ARE YOU GOING TO WHAT SERVICES ARE YOU GOING TO
RECOMMEND TO ME THAT I SHOULD BE RECOMMEND TO ME THAT I SHOULD BE
UTILIZING? UTILIZING?
>>ARI CAN TALK ABOUT THE>>ARI CAN TALK ABOUT THE
SPECIFIC SERVICES. SPECIFIC SERVICES.
ONCE IT‘S DONE, WE COME INTO ONCE IT‘S DONE, WE COME INTO
MANAGE IT. MANAGE IT.
>>AS A CONSTRUCTION GUY, I BEG>>AS A CONSTRUCTION GUY, I BEG
TO DIFFER. TO DIFFER.
>>I‘M A LOWLY RENTER.>>I‘M A LOWLY RENTER.
IT SAYS IT ON THE SCREEN, IT SAYS IT ON THE SCREEN,
RENTER, AND UGH. RENTER, AND UGH.
>>LET‘S SAY>>LET‘S SAY
HYPOTHETICALLY I MADE AN ERROR HYPOTHETICALLY I MADE AN ERROR
OF 100 UNITS, BUT I DON‘T WANT A OF 100 UNITS, BUT I DON‘T WANT A
DOORMAN. DOORMAN.
WHAT TYPE OF RECOMMENDATIONS DO WHAT TYPE OF RECOMMENDATIONS DO
YOU RECOMMEND TO ME? YOU RECOMMEND TO ME?
>>WE WOULD SPEAK TO YOU ABOUT>>WE WOULD SPEAK TO YOU ABOUT
THE LEVEL OF SERVICE YOU WOULD THE LEVEL OF SERVICE YOU WOULD
PROVIDE TO YOUR OCCUPANTS. PROVIDE TO YOUR OCCUPANTS.
ANYTHING THAT CAN HELP MONITOR ANYTHING THAT CAN HELP MONITOR
THE DELIVERY OF PACKAGES, THE THE DELIVERY OF PACKAGES, THE
STORAGE OF PACKAGES, HELP TRACK STORAGE OF PACKAGES, HELP TRACK
WHO IS COMING AND GOING. WHO IS COMING AND GOING.
>>WHAT HAPPENED IS I>>WHAT HAPPENED IS I
COULDN‘T GET GAS OR OIL SO I COULDN‘T GET GAS OR OIL SO I
WENT WITH ELECTRIC HEAT. WENT WITH ELECTRIC HEAT.
WHAT SERVICES WOULD YOU BE WHAT SERVICES WOULD YOU BE
RECOMMENDING FOR ME TO REDUCE MY RECOMMENDING FOR ME TO REDUCE MY
COST ON THE ELECTRICAL SERVICES COST ON THE ELECTRICAL SERVICES
OR UTILITIES? OR UTILITIES?
>>WE WOULD PROBABLY START>>WE WOULD PROBABLY START
TALKING THROUGHOUT THE TALKING THROUGHOUT THE
CONSTRUCTION PROCESS TO MAKE CONSTRUCTION PROCESS TO MAKE
SURE THAT YOU HAD THINGS LIKE SURE THAT YOU HAD THINGS LIKE
ENERGY EFFICIENT WINDOWS AND ENERGY EFFICIENT WINDOWS AND
INSULATION. INSULATION.
THERE WOULD BE SOME THERMOSTATS THERE WOULD BE SOME THERMOSTATS
THAT ARE MORE ENERGY EFFICIENT. THAT ARE MORE ENERGY EFFICIENT.
IF YOU COULD ACCESS THESE THINGS IF YOU COULD ACCESS THESE THINGS
REMOTELY VIA WIFI, YOU CAN TURN REMOTELY VIA WIFI, YOU CAN TURN
DOWN THE HEAT OR THE A/C IF YOU DOWN THE HEAT OR THE A/C IF YOU
ARE NOT USING IT. ARE NOT USING IT.
>>THERE IS SOMETHING>>THERE IS SOMETHING
CALLED VIRTUAL DOORMAN. CALLED VIRTUAL DOORMAN.
ARE YOU A VIRTUAL DOORMAN? ARE YOU A VIRTUAL DOORMAN?
>>THAT COMPANY DOES NOT LIKE US>>THAT COMPANY DOES NOT LIKE US
AND THEIR LAWYERS SEND US AND THEIR LAWYERS SEND US
LETTERS WHEN PEOPLE DESCRIBE US LETTERS WHEN PEOPLE DESCRIBE US
AS A VIRTUAL DOORMAN. AS A VIRTUAL DOORMAN.
WE DID GET RID OF A LOT OF WE DID GET RID OF A LOT OF
HUMANS. HUMANS.
WE ARE GATEGUARD AND IT IS ALL WE ARE GATEGUARD AND IT IS ALL
ARTIFICIAL INTELLIGENCE. ARTIFICIAL INTELLIGENCE.
YOU WALK UP TO THE DEVICE. YOU WALK UP TO THE DEVICE.
WE HAVE LED PEOPLE OPT IN TO THE WE HAVE LED PEOPLE OPT IN TO THE
FACE RECOGNITION. FACE RECOGNITION.
>>WHAT DO YOU MEAN?>>WHAT DO YOU MEAN?
>>LET ME EXPLAIN HOW>>LET ME EXPLAIN HOW
GATEGUARD WORKS AND THE GATEGUARD WORKS AND THE
DIFFERENT OPTIONS. DIFFERENT OPTIONS.
GATEGUARD IS LIKE HAVING A GIANT GATEGUARD IS LIKE HAVING A GIANT
IPAD OR ANDROID TABLET ON YOUR IPAD OR ANDROID TABLET ON YOUR
WALL. WALL.
IT IS MADE OUT OF DRAGON GLASS. IT IS MADE OUT OF DRAGON GLASS.
YOU CAN POUND ON IT ALL DAY AND YOU CAN POUND ON IT ALL DAY AND
IT WON‘T BREAK. IT WON‘T BREAK.
IF YOU ARE A RESIDENT, YOU WILL IF YOU ARE A RESIDENT, YOU WILL
WALK UP TO IT. WALK UP TO IT.
YOU CAN HAVE A FOB OR A PIN OR YOU CAN HAVE A FOB OR A PIN OR
HAVE IT RECOGNIZE YOUR FACE, HAVE IT RECOGNIZE YOUR FACE,
IT WILL UNLOCK THE DOOR. IT WILL UNLOCK THE DOOR.
IF IT DOESN‘T RECOGNIZE YOU WHEN IF IT DOESN‘T RECOGNIZE YOU WHEN
YOU USE A PIN OR TAP A CARD, YOU USE A PIN OR TAP A CARD,
IT WILL ASK WHO YOU ARE. IT WILL ASK WHO YOU ARE.
THE LANDLORD CAN TURN OFF THAT THE LANDLORD CAN TURN OFF THAT
FUNCTIONALITY WHERE IT IS FUNCTIONALITY WHERE IT IS
LOGGING A PHOTO IN THE BACK END LOGGING A PHOTO IN THE BACK END
OF WHO USED THIS PIN OR THIS OF WHO USED THIS PIN OR THIS
CARD TO ENTER. CARD TO ENTER.
THE INTERNET HAS MADE THE INTERNET HAS MADE
RESIDENTIAL LIVING A FREE FOR RESIDENTIAL LIVING A FREE FOR
ALL. ALL.
WHERE ANYBODY WITH A WEBSITE, A WHERE ANYBODY WITH A WEBSITE, A
FACEBOOK ACCOUNT, AN AIRBNB FACEBOOK ACCOUNT, AN AIRBNB
ACCOUNT, CRAIGSLIST, CAN TAKE ACCOUNT, CRAIGSLIST, CAN TAKE
YOUR APARTMENT THAT YOU OWN, YOUR APARTMENT THAT YOU OWN,
THAT YOU‘VE LEASED OUT, AND GIVE THAT YOU‘VE LEASED OUT, AND GIVE
THE KEYS TO A STRANGER. THE KEYS TO A STRANGER.
IT DOESN‘T MATTER IF IT IS A IT DOESN‘T MATTER IF IT IS A
PHYSICAL KEY OR A FOB, THAT PHYSICAL KEY OR A FOB, THAT
CAN BE COPIED AND SHARED. CAN BE COPIED AND SHARED.
WE PROVIDE AWARENESS SO WE PROVIDE AWARENESS SO
YOU CAN BE PROACTIVE. YOU CAN BE PROACTIVE.
YOU WILL SAY THERE IS A GUY ON YOU WILL SAY THERE IS A GUY ON
THIS FLOOR WHO HAS A LOT OF THIS FLOOR WHO HAS A LOT OF
TRAFFIC AND HE NEVER COMES IN. TRAFFIC AND HE NEVER COMES IN.
OUR SYSTEM WILL TELL YOU THAT — OUR SYSTEM WILL TELL YOU THAT —
>>IT WILL TRACK HOW MANY>>IT WILL TRACK HOW MANY
TIMES PEOPLE SHOW UP? TIMES PEOPLE SHOW UP?
>>RIGHT.>>RIGHT.
THERE WAS A GUY WHO HAD 163 THERE WAS A GUY WHO HAD 163
GUESTS IN THREE MONTHS. GUESTS IN THREE MONTHS.
IN NEW YORK CITY THAT IS WHAT IN NEW YORK CITY THAT IS WHAT
YOU CALL PROFITEERING. YOU CALL PROFITEERING.
THERE WAS A BUILDING, A GUY THERE WAS A BUILDING, A GUY
CALLED UP. CALLED UP.
A LOT OF SUITCASES COMING IN AND A LOT OF SUITCASES COMING IN AND
OUT OF THE BUILDING. OUT OF THE BUILDING.
WE FOUND THERE WAS A YOUNG WOMAN WE FOUND THERE WAS A YOUNG WOMAN
WHO WOULD TRAVEL FOR BUSINESS. WHO WOULD TRAVEL FOR BUSINESS.
>>I HAVE A NEW BUILDING.>>I HAVE A NEW BUILDING.
PART OF THE SERVICES ARE THE PART OF THE SERVICES ARE THE
GATEGUARD. GATEGUARD.
>>FOR MOST TENANTS THIS BECOMES>>FOR MOST TENANTS THIS BECOMES
A GREAT AMENITY. A GREAT AMENITY.
YOU CAN GIVE A CODE TO THE YOU CAN GIVE A CODE TO THE
LAUNDRY SERVICE OR THE CLEANING LAUNDRY SERVICE OR THE CLEANING
SERVICE. SERVICE.
THEY CAN GET INTO THE BUILDING. THEY CAN GET INTO THE BUILDING.
>>WHAT ABOUT THE APARTMENT?>>WHAT ABOUT THE APARTMENT?
>>WE ALSO HAVE LOOKLOCK, A>>WE ALSO HAVE LOOKLOCK, A
SMART LOCK, FINGERPRINT READER, SMART LOCK, FINGERPRINT READER,
CAMERA, KEYPAD — CAMERA, KEYPAD —
WE HAVE DEVELOPERS THAT ARE WE HAVE DEVELOPERS THAT ARE
WORKING TO INTEGRATE IT TOGETHER WORKING TO INTEGRATE IT TOGETHER
WITH SENSORS. WITH SENSORS.
IF YOU ARE NOT COMING IN AND OUT IF YOU ARE NOT COMING IN AND OUT
OF AN APARTMENT IN SOUTH FLORIDA OF AN APARTMENT IN SOUTH FLORIDA
AND YOU HAVE LEFT YOUR WINDOW AND YOU HAVE LEFT YOUR WINDOW
OPEN, THAT IS A $45,000 BLACK OPEN, THAT IS A $45,000 BLACK
MOLD CLEANUP. MOLD CLEANUP.
WE WILL TELL THE MANAGEMENT GO WE WILL TELL THE MANAGEMENT GO
AND CHECK THAT UNIT, WE’LL LET AND CHECK THAT UNIT, WE’LL LET
YOU OPEN THE DOOR. YOU OPEN THE DOOR.
>>AT LEAST WE HAVE EXPLAINED>>AT LEAST WE HAVE EXPLAINED
FROM PART A TO PART B THE CYCLE FROM PART A TO PART B THE CYCLE
OVER THERE. OVER THERE.
I BROUGHT OUT THESE MILLIONS OF I BROUGHT OUT THESE MILLIONS OF
DOLLARS BEING INVESTED. DOLLARS BEING INVESTED.
WHO IS INVESTING INTO YOUR TYPE WHO IS INVESTING INTO YOUR TYPE
OF BUSINESS? OF BUSINESS?
YOU RECENTLY RAISED SERIES OF YOU RECENTLY RAISED SERIES OF
FUNDS. FUNDS.
>>WE JUST CLOSED OUT A FUNDING>>WE JUST CLOSED OUT A FUNDING
LED BY QED CAPITAL. LED BY QED CAPITAL.
GOLDMAN SACHS AND CAMBER GOLDMAN SACHS AND CAMBER
CREEK PARTICIPATED IN IT. CREEK PARTICIPATED IN IT.
WE‘VE SEEN A LOT OF GREAT WE‘VE SEEN A LOT OF GREAT
INTEREST IN THE REAL ESTATE INTEREST IN THE REAL ESTATE
SPACE. SPACE.
>>HOW HARD WAS IT TO>>HOW HARD WAS IT TO
RAISE THE CAPITAL? RAISE THE CAPITAL?
>>RAISING CAPITAL IS ALWAYS>>RAISING CAPITAL IS ALWAYS
DIFFICULT. DIFFICULT.
YOU‘RE TRYING TO GET PEOPLE TO YOU‘RE TRYING TO GET PEOPLE TO
PART WITH THEIR HARD-EARNED PART WITH THEIR HARD-EARNED
MONEY. MONEY.
TRY TO GET PEOPLE TO BELIEVE IN TRY TO GET PEOPLE TO BELIEVE IN
SOMETHING THAT IS PENETRATING A SOMETHING THAT IS PENETRATING A
LARGE OLD MARKET. LARGE OLD MARKET.
>>HOW MUCH MONEY DO YOU>>HOW MUCH MONEY DO YOU
HAVE TO RAISE? HAVE TO RAISE?
>>IF YOU ARE A FIRST-TIME>>IF YOU ARE A FIRST-TIME
ENTREPRENEUR, IT‘LL TAKE A ENTREPRENEUR, IT‘LL TAKE A
COUPLE OF YEARS BEFORE YOU CAN COUPLE OF YEARS BEFORE YOU CAN
RAISE SERIES A CAPITAL. RAISE SERIES A CAPITAL.
IT TAKES TIME. IT TAKES TIME.
IT LARGELY DEPENDS ON WHAT KIND IT LARGELY DEPENDS ON WHAT KIND
OF BUSINESS YOU‘RE TRYING TO OF BUSINESS YOU‘RE TRYING TO
BUILD AND WHO YOU’RE TRYING TO BUILD AND WHO YOU’RE TRYING TO
GET TO INVEST. GET TO INVEST.
WE WENT WITH FINANCIAL AND REAL WE WENT WITH FINANCIAL AND REAL
ESTATE LEADERS WITH GOLDMAN AND ESTATE LEADERS WITH GOLDMAN AND
CAMBER CREEK. CAMBER CREEK.
WE WANTED THAT STRATEGIC WE WANTED THAT STRATEGIC
ASSISTANCE. ASSISTANCE.
THOSE FOLKS ARE CAUTIOUS ABOUT THOSE FOLKS ARE CAUTIOUS ABOUT
WHO THEY GET INVOLVED WITH. WHO THEY GET INVOLVED WITH.
>>FROM WHAT MY>>FROM WHAT MY
ILLUSTRATION, WHICH I THINK WAS ILLUSTRATION, WHICH I THINK WAS
PRETTY GOOD TO EXPLAIN PRETTY GOOD TO EXPLAIN
EVERYBODY‘S ROLE, WAS IMPORTANT. EVERYBODY‘S ROLE, WAS IMPORTANT.
I WOULD LIKE TO THANK YOU I WOULD LIKE TO THANK YOU
ALL AND I’LL SEE YOU NEXT WEEK. ♪ [THEME MUSIC] ♪

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