What are you seeing performance today?

The way I think about the supply side, and, you know, my background of, uh, is, is actually not in real estate.

It came from the tech industry.

Uh, in fact, I was a microchip designer designing microprocessors, and so I was always viewing the world through the lens of product design with a specific customer in mind.

And, and I approach real estate pretty much the same way.

The definition of a commodity is something that can be easily substituted.

So if, let's say, all of the apartments are, and I'm making generalization, which is always dangerous, but let's say all of the apartments, a one-bedroom, is all 650 square feet.

Uh, have you seen those level off or d- what are you experiencing there?

And so like, what was the change in action? What was the pivot was to go, I mean, you talk about raising capital, was it raising capital first or was it? Well, that was a

piece of it for sure.

When I started doing things that really started working, the first thing was I met a couple of guys in Philadelphia that had, they were doing some good work in an area of North Philly.

They had acquired some properties at a very attractive price in a neighborhood that was right on the edge of a hot gentrified neighborhood.

And so we developed a strategy from that.

And so I said, okay, guys, Mark and Fran, I said, you guys are doing great work, but what's holding you back is access to capital.

I know how to get capital.

Why, knowing what you know, are you doing this? Why did you choose to do this?

I would love for you to just explain and tell everybody about this strategy.

We often hear different variants on that concept.

You might even hear people say, "Build in the path of progress," or, "Buy in the path of progress." But I think it needs to be more hyperlocal than that.

So if you visualize many situations that exist, I mean, cities across, uh, America, maybe a little less in Canada, but every city in America has this, where on one side of the street you have a hot gentrified neighborhood.

You've got the coffee shops, the folks taking their poodle for a walk, and then on the other side of the street or maybe a block away, you're in the hood.

And oftentimes that line is completely arbitrary.

It doesn't- it just exists for historical reasons.

Mm.

Right.

Well, here's the thing.

Money comes in three ways.

Right.

Here's earned income, residual income and capital gains.

Those are the only three.

Right.

It's like our investors need to benefit from the system that we've created.