Grill Nation 06.23.18

Grill Nation
Saturday, June 23rd

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Successful media and public affairs consultant accomplished our expert nor a national writer and contributor attorney who served in the Missouri House of Representatives worked in the White House and CNN our leader entrepreneur and host to the conversation to the net's global. Broke parent had rare access fascinating. Yes you're connecting him. Factor you'll enjoy brutal nation. I connect with Jason on Twitter at. Jason grills connect with the show on Twitter nice girl nation show every online in relation show dot com. And you're still grill nation always just okay. And their radio studio. Here's Jason grill. Hello and welcome to the grill nation show here in 1988. M. Came BC after she also joining me today as well on iTunes via podcast. Or grill nation show dot com he connected me on Twitter at Jason gorilla that gorilla nation show. Four we kick off of our guests here today I wanna think our title sponsors of the relationship with Jason grow their trust. Mo make BO OK financial and Q west companies and Ryan rink insurers to show off on their guests costar of the Reagor NJ rigor eco. Ryan maybe. KC ADC. And one might luxury apartments. Excited to announce a few new contributors here in the next few weeks so while we're continue to grow the show. And will continue to hopefully bring you all great guests each and every week. Today's guest is he Ingle men who actually had never met before but we were connected through. One of his colleagues at the Casey venture group the website is Casey venture group dot com. And we had a great coffee. The other day and I reached out to two degree appearance that I want having guests on the show because you guys are doing some cool stuff. And a lot of stuff in the multifamily real estate world as well as in the investment world so happy to have on the show today. Pete Ingle men who is the chief investment officer at the Casey venture groupies do with the company for thirty pierce. As the es executive vice president. He's all kinds of acquisitions of almost a billion dollars in mutual fan multifamily assets and he's had a great career he has NBA for rockers universally welcomed the show Pete argument I am good Jason so good to see him and I Aaron may you've been. In your colleague Paul told me that you're going to be great guests on the show some excited to have you he's been wrong before the Nestle safe so so tell us about your company do you work for Casey venture group I know there's some other. Avenues that first off take us through what you guys do their in the leg with your background as well sure Casey venture beware of. A real estate investment firm fully integrated Wi. We own about 6000 units Wi fi manage and others another house and so we've we manage about 7000 units totals so. We were on management firmware road construction services we do in house marketing. And obviously you oversee. This multi family. Most are right mow the fairways are corpus. That's not to say we wouldn't it be known together and he we will always do revealed weakness can make money because corpus so so talk about some of the deals you off and worked on her made are mostly in local or national or where you guys. You know we mustered deals that we we do most ordeals out of town today. We still alone know about a thousand units in Kansas City we were big in Kansas City in the in the ninety's. Back when we were doing a lot of value. Value at work. That's back when them when the business wasn't quite so crowded it's crowded and everything's expensive margins have compressed. And so if you're gonna come over hey you've you're looking for the best assets and in the the most liquid market you confined and then. We've have a long history of buying and in Texas and so the blue book where powerful as today's accused me and why in in in that's because it's growing is that. Going so fast and it's growing so fast they're having jobs and and you know it's. Why do people live in apartments obviously there of the businesses in the business has changed people are more people are living in apartments by choice today than ever before even a minute used to beauty of the people that let them permits for the privilege couldn't afford a house and certainly that's not the case that mean. Tom. As Sony's live in apartments for a lot of his life. Highrise. Brand new buildings. In the suburbs downtown. Recently just by house so I've I've transition from the who knows maybe it's three life to the mown grass on Friday night life so of the joys of you hit it good but you're right the trend is is definitely away from. From homeownership. And him why you think that is you know I think it's a couple reasons them. I think people today a lot of people want to be unfettered. And and so it's nice to lose get up and go in the grass. Com so the break some fixes for is somebody fixes for you mean that's and that's a big deal com. And soul. And with the recent you know the recent tax law changes mean. It's it makes reading a little bit more. Comical moment I think that is the big part of me just feature for needed to do which you'll know when dinners so. That's nice. TC venture group Casey venture group dot com Pete. IG connected is firmer the slide by I saw you were to rockers get your MBA. I you can in Kansas City for awhile I have been in Kansas City for a while. You know I go back I sort of hospitality business in the mid seventies with the Brock hotel corporation which at the time was the largest franchiser. Roadside audience. I was in the hotel business for ten years then you. I started with this firm and 85. Running. Hospitality side that was great just before the tax policies in the hills about that axle uninteresting you know. Or 86 a lot of the investments. In realists they were were fueled by the Drupal would be word but. The ability to have to defer ordinary income with passive losses and so the the competitive justices of the mr. have to be profitable if you put some dough in a deal you would get tax losses in the matter of potentially two or three years which would hate accurate term investment. And then obviously you're playing with house money from there so once the tax act mr. Reagan. Signed the tax second maybe six and he reduced income tax for the for the for the for the folks. And and then but in order acute attacks neutral. He took away these tax loopholes in the value of all of this all of this real estate which was fueled by this loophole. Just went went all the millions would be it would cause yes no crisis Italy's new. The S and l.s work. Trapped with all of this. All of this realistic which all of a sudden wasn't worth the that it they have other than than they failed. And so for real interesting time and realistic. We as a firm got a couple of two or three contracts with the Resolution Trust Corp. in the RTC which is of which was a government agency one of the great government agencies of all time because it did what it's at what was gonna do it went out of business confused you know you can say that about too many federal programs. They were charged with selling all the assets from failed savings and loan so we've got several contracts and to the late eighties early ninety's we did a lot of work for the or TCU contract basis we sold about 800 million dollars with worth of assets that were better than taxes taken back by various bills now. There was a pilot 801. Money and I don't mean that in. In a bracket are sure way I just mean that and a you know there's like commas as sometimes our business and sometimes you become a little immune to bond jumped. And after the early nineties we saw a poll join our firm and we saw an opportunity. And inefficient market in the multifamily business men and so we focused on buying. Under owned a under capitalized while located apartments and spending by the 121000 dollars in upgrading all units you. Back back then it was the last sufficient market that it is today of Michael inefficient markets. Capital flows to it and it becomes a fresh new and that's really where it. Oh he did that after the break. Pete in Goldman is our guest today with species venture group talked more about kind of what's changed because I have a lot of friends these days it. He went to college whiz through their work and aside regular job and these are buying. Apartments are a duplex here it seems like this market is getting saturated self. I talked about that after the break we're talking to Pete enormous. From Casey venture today on the negotiations show we are back after the break things you'll see today on 98. Welcome back it's Susan gorilla nation showed 1980 and seem easy as opposed Casey grill thinking during this today. Again you can connect me on Twitter at Jason grown or act relationship pre she sharing the show. You can find all her shows photos of her guests and all of our podcasts act grill nation should dot com. In today's key Ingle men who is with Casey venture group throughout that is Kasey venture group dot com. Their investment firm here in Kansas City did you ought to real estate investments and it for what I understand after talking to folks. You agree you also explore other things as well that's kind of neat I. Of your company yet that is the core misses of our company and we do some you will always do an opportunity investment so quote deal well. So we're always film but we also have a small cap opportunity fund where. We'll put out you know won the five million dollars chunks of 04 guys to bridge an acquisition in order rehab. And you know get high up in the capitals back him in a little higher risk profiles so we also we also do some of that partner. Family and her partner program. A home so as just another vehicle but again were were. We're we're we try to be nimble which ought to be quick and we're just looking for opportunities. And in other ways today since that the market Cisco product for in our corpus OK so wind that's Arnett. Because you talked about the eighty's and ninety's yeah and they you know and he you know you can buy an apartment and a great area and it's been 525000. On fixing up the next thing you know. I you rented out and yeah your profit your regular profit and then and then your viewer your finance in your money out and your recycling your capital and and you're going back and fun on the next deal. And back in the eighties when the management it's the management. Operations were very. Primitive relative to where less professional lets. You know we have them a lot of stuff reports of the time and we have. And have a we put them on a young girl and older woman or older man would get free apartment and they would be the manager they would have the office open in their apartment for half and they will promote college his pick of the car. But in the early ninety's that's when that's that was the beginning of the professionalism. Of the apartment business when that when the silent institutions. So. And so equity all of all the reads began of these real estate investment trust work which institutional capital. And so again the unofficial market capital flows through it becomes more efficient so through the ninety's that continued to grow. I think that's still today obviously private donors far. For how far larger ownership of them might have changed right now I mean it's. Is silly thing that today what do mark competitors blacks though Brian. We're back in the day. It was a bunch of cowboys run the range and now we're just domestic knew him because everybody is because it is in for risk adjusted return at that level. Com if you look at your you know the the old days where. The double digit returns you know that the goal by the wayside so today when you're looking at 67. High single digit cash return on investment. Com that's appealing today to love us so money continue to flow into the ninety's and by the late nineties early doubles heroes because they're going to be much more out. And then and then and then by the early early to mid doubles here before though. The recession. It's the little humor people refer to label death it was a big and and and it was very crowded at that time and and that's fueled by. The ability to get a good run at risk were those just returned one of the great things about of apartment investment is that you have a number of boxes and so. You can react to inflationary pressures or worse because you do your turning over your big box 50% of your residence. Average leave every year. 50% 50% that's kind of added Austria that's a bit of votes and I I hate moving so. Presided the previous three acted you know you never your stinks I gotta I can make a deal to beat them. So I now. I'm a huge mortgage nobody saw him get together and Erica military would be a good guerrillas hey I got a I got his exploits the majority and you're able to you're able to move the rats up or down so you can you can be and and and a and they and the other great thing about apartments is that the that the financing is always right. Back and made some sponsored entities so. You've got all I'm going for you and them. And so capital flows who have closely over and now everybody's in the business but I'll say this the mini game and stepped up. The question of CU you've got if you're if you're a college Sony and I don't even though these days you have to. You can't just put together we're back when we were in school of and you can look and Shaq can. You just wanted to pay for a hundred bucks a month or whatever 300 dollars back then now it's like people are pool people want. Open space people on everything. Absolutely and you know money and the other amenity game is its future today and let's have a permit to look at even intensity don't think it's amazing. In a while light to light I mean the president to like the other day tour and its incredible it's incredible I mean it's it's cool it's obviously is a big city eleven men and and it looks great and you know everything themes. Like it's on out well there's there's so many new spots moving out of town and. It's it's crazy to me and you mentioned Houston and me must be even. In saner there yeah you're a Houston Houston is a bigger part of town by example you know there's others let's say pushing 600000 apartments in the city Houston matters there's less than three others have them famous Thursday. Brewer just by as a reference a lot of people in Houston. Surprisingly enough let apartment it's a big city it's in despair sprawled all right a minister varies for all crawled out of the big it's a very I mean Kansas you know we love our cars here. Them. We've got to go and highways. Traffic. Houston. A couple of justice Earl moved into the AC you guys just the pitcher investment there. Well part of reason them back to the store in the ninety's I mean when in the institutions Kaman in the early nineties and then and then they started dictating market for examples themselves you know sometime in the ninety's hey I'm not a taxes to go post because that's where men though that's right so everybody splits so what do we do. We go to Texas and she. We better than their we've been there ever sense that we kind of know the only land and we have relationships with owners and brokers and and that's part of negate. Com and and and that's how he is yes hang around for this this type of period because we've been through two or three cycles you know. Hum. If it. What goes up always calms them but where we at that point right now you know I don't know clear here that chief investment officer you have the man with a degree I got its cellular forecaster you know it's hard to tell the future because of you could tell the future it just didn't. Get it right back at the Hubble. By you know if you talk to guys this you know as they say seventh inning as the you know it's the sport's about you know seventh inning eight innings extending I mean that's kind of the feeling because nobody wants to say it's around the corner but it. Italy will always come that the words that are never true in the investment business in the tunnels all this time it's just never. Dollars and cents and so when it's gonna go up and it's gonna come back he would that look like his it department distributed. A message to snack items in the buildings going up or can have as its development you're gonna have more run down. You have you know responsible the only women. It's been a great run here with with cheap financing and you know financing drives along those that always gets from people of new cars that people go to college. People ounces and get their mortgages. And I get from its. They should probably do more conservative those things yeah there whether there was a financing people we know we drive and beaters and and they deliver an apartment rent and so. And so financing and you know blood banks have a tendency to land when they shouldn't now Amish made it to those story. But. Develop and and if we were Smart guys we would have been developing for the last five years does that mean those guys have killed the minutes on the money but you know what we know anything about that the rest profile. And so we trust victory again and do we know you dumb. But. The developers I think they've killed and you look at just in Kansas City is a great example in the number apartments and we're gonna deliver 4300 units outside issue we delivered 4000 last year. There's about a 130000 apartments and cancer it and and of those who wouldn't would set in in the in the metropolitan area yeah Johnson County taxing social event together the that would there Casey Imus. It's 130 down yelling 130000. And and so. You know of those 1518% were delivered in the last 45 years and so. And they've been absorbed. There's been a little softness and Johnson and only non. Office per say meaning the rents didn't go up quite it's quick because Kansas City for and rent growth and and a lot of statistics is very high above the national average temperature I've seen in top five top ten yeah it's it's it's so let's go well so we shall we say it's often just economies the rents didn't quite go up quite as fast as the but the but it but that's. You know emblematic of the moved to downtown to get all those canceled and in the suburbs and they're saying he'll live. It was a lifestyle Norwalk places Allen he coffee don't question a lot of other downtown I mean there's so many more dogs and we were people I know everybody's a dog today in your used to be in the purposes you know twenty years ago when this went so we put the thing it's as we take big dogs that means they were in trouble with it and now everybody is now you are out if you don't have a pet call. Policy here. Or that you can't pets that you don't live there I've got a few personal Russell Reynolds. But no path to take forever to get him man. You know it's a different type of living at that. I rise living in downtown Kansas City because you're you're living in them and them and a big building off the ground it's not a classic apartment. You know look at that that new deal down by the river of the Burke Leo of a room from mom owns it but you know before the news there and it's in a it's an you know it's helping spends yeah pretty much as you did 23 story walk up in a pool medal is like an old apartment community night and the different when Illumina. When you live in a box in the sky. You know see your residency under your fellow residents as much unless Europe etc. I was a little bit different it's that big city Lebanon and that's an indicator of. And definitely is. Pete Ingle mint is with us Casey venture dot com he's the chief investment officer he's. These were done over a billion billion to 1000000003 in deals over the years. Happy to have him on the show today I'm gonna talk you more about. I'm getting in this industry if you are so on lose interest in curious to see if you think it's still. The good thing to do. Also wanna talk you more about trends you see in the marketplace. And things happening both in Kansas City on a national level a humor with Pete Ingle min from Casey venture to what's that is Kate C venture group dot com hopefully hear some month. Diminishing stories too about investment selling good investments in mind I've been so gonna what we should look for. When looking at real estate you'll say the grill nation show here in 980 AM came easy thing to join this Internet postings there. I guess. Welcome back to the grill nation shot 66 witness today on ninth media is painting. Yeah I'm Jason grow your house appreciate you listening as old and iTunes or on girl nation showed dot com. Talking to Pete Ingle men who is the chief investment officer at TC venture group. He's there with the company for every thirty years in his response for the acquisition of over one point 21 point three billion dollars of multifamily assets. He also worked in different sectors including hospitality sector as an MBA from rocker she nurse did you grow up European Kansas severe. Where you from you know I group it's at a Cologne. Oh really yeah. Throw went to law school of the from the new guys so you've seen mid missourian. Sounds like he saw parts of Kansas in indefinite rockers three Ambien users likable if they think. Good for you elect. Or house the only if you look at how the the marketing kind of rulers the apartment complex because everything we talk about news is always like downtown urban or you know urban. Living multifamily. Live work play I mean do you still invested anything is other investments happening in non. Huge cities right now. You know there is that there is some investments in and what you know which you referred lewis' second carrier treasuries sanity and so in Kansas City is probably secondaries. Nam where some other secondary cities you would you would bring come to mind is at Louisville all you is also the first Austin is first and yet you know everybody likes to be Austin I mean it's a great city is great food there's music there's skills would be there if at and so everybody loves Austin but you know what we've. It's hard to make money there as everybody wants abusers who you really have to pay a premium to get on us from say hard to make companies that focus on cities like Kansas City maybe and you know. Cincinnati's chicken you know this is a real low whistle on this well we knew we'd like this not that rob we'd like Milwaukee's you know lead a second team you're not the most roller. Something along Milwaukee in like the southwest worth more volatile neighborhood or did happen. Well you know a series of about two to three million people we'd we'd like those cities wrote for number reason it is that there's. Generally there's less activity of the big guys are. So you have a little bit of as they were Nicholas lower or Elway in more cranes and there in Seattle any other city in the country yeah believe it and and and and there's a lot of Smart guys that are doing those deals were electric. As we're just visible form. Don't know enough about that it but it's Smart though I think it's the Smart play any more entrepreneurs and more companies are starting to focus on the cities like Kansas City. Because. They're they're moving places they're going well and there's potential to. To potentially be successful. No question is will any American city has has enjoyed a great reputation of last years so I mean you know were and all Latin and and and you know between royals and everything else so you know it's been a great run and I think we're still right. And but the sagging you know you would. As margins compress in those gateway cities in the big cities on the coast that we kept him. You know what you'll you'll you'll chase yields and into the secondary and tertiary markets because again the big guys are play and there. You get a little spread on your cap rates or you think you get a little better value. Your management firm your little more sophisticated in the local guys or use so that management sophistication. Gives you a little bit of an edge and so. I like the secondary tertiary. Markets I like the value ambulances due to respond to sadder wiser girl after you for a professor Harold Hill from the music but I think if I hope for my pray for Hester to get just one more day to. But it sounded so yeah there's a there's a lot of reset for that the club we do we did a great deal in Columbus for five years ago we bought though. A portfolio half a dozen properties and just like apart. People have Pulitzer money maybe they've. We're too big company for four years and save some money up you know the media entrepreneurial thing can't have that better urged. By property I've seen more more this issue Mitch in the market is getting saturated all levels somebody says Hammond via a house an old house and exit out in the and him have the second one in the negative third one and hey maybe I'm by a duplex or maybe about four points. And then I have a contractor fix it up in Nevada and I mean I'm I'm meeting more these people. Just in a general conversations where you know you with a I bought my house through guy he is couple places that he's on a over the years and fix his own picks Al Sabah. And so. This seems to be happy more and more in. Is it is there a way to actually make a profit you know after twenty years thirty and how many units usually have to happen before Europe. A profit person I've seen all the excel spreadsheets I'm talking to the chief investment officer here downside notes. It's just it's it's just you know he meant she had a few rental properties on the side I mean you obviously do it so. The year and I'm and a I would tell you that I'm not that Smart I think that you know there's there's two things you can't fix in the real realistic business that's location and overpaying. Mom everything else you can fix. And everything is expensive today so picking your spots so exam for example if you're buying something so I would personally. I like to buy something that nobody likes it's should be. No and so most of stuff I've alone this time around a bought in. OK so right after the crash we should. Which is when I was walking in homes back in big muscle pain. I look back at like 200 grand for that house wanna. An amazing deal that would have been yeah outselling it like 700000 you know I mean it is sanity is this insanity and today though if you're. If you're gonna buy if you're gonna say today's prices for a house fix it up and then sell it. You're betting a little bit on the market. You're saying that the market is gonna Keiko but here's the thing Pete can you sort of buy another house right now if you fix Allison of yes that you get a decent Palestinian fix it up you stop the you know by the next one of them have a hard time believing you're gonna wanna. This downgrade guys let's and it certainly that your primary yes and then you know today and and you know interestingly enough. Today in this overheated market that I won a lot of what we're doing is rationalizing. Our portfolio. In other words were saying. Here are less performing assets in our portfolio and what we're doing is we're taking those market were selling recruitment expert exchange into an asset. That is. Better performing. Perhaps new war. And and and what's going that is as that we know were overpay. But we're getting a little premium on the sell side so it kinda makes sense of this is in good time to rationalize your portfolio new you can buy stuff. I think everything's expensive. It is by the guy this Smart and and so I would be very selective today but it's hard to make money. You know I don't have a theory. And for a long time. I have seen these TV shows whether it's the guys smile and they have bought the thing for accidental from Lima stuff and a rock and roll and and you know what I'm sure they do that. But I'm not that Smart and I think that that's hard to do because it's long war in my experience. Doing those kinds of things if you don't do the preponderance of the work yourself. Yeah it's hard I was the next question the property manager. And then you have to do it yourself you're just at the margins are 2000 mean so a lot of people are. Well in certain markets writes let's say about place in DC years ago or no way you know ninth sure you know for a couple hundred grand now it's worth a million dollars or just. And abuse ran out I mean oh sure I know works and that's the market working for him again. I don't have that kind of vision we get that a lot of people don't do fix fix the plumbing. Picks DC don't wanna deal with in contractors some people I know that do this they do all the fixing themselves. And then I don't know how they do I don't hobby main page that it becomes your your your you know it's sure it's her hobby. I mean at that point I mean you know it's the old saw about what's what's a typical property managers percentage. You know do well for you yeah but noble what is on the market standard mean do you have like agents right and so it in this in this. In the sports world they get like one big deal only 10% of the deal. Sure there's that they're multi millionaires and conventional fee management from our percent were management to 300 unit deal with him through 4%. From there you go but if your if you poem. If your management three or four house's could be as much as eight or 10% because there's just not that money if you go to. The got a house and again twelve or box them let's say for. You know 10% higher box a dollar bucks a month. We won't connect with a businesses. On the deal for you for Bart and they get one all of your Euro socialists staggers the about the change going to look this is why the margins are so. Narrow the margins are slim down and I'm not dissuade you from a gazillion of this I'm just saying it's kind of become over satcher like you think I mean every issue he said. Whether it's a clothing industry any service industries seems to me. If it isn't doing well for someone films and try to do. Absolutely terrible float of the markets that are so it's. If if by the graduate from college price and the media say you have an MBA from rocker side. So that's pretty awesome to get the MBA and did you because degree because India wanna Smart and stories skip that you skip the other part of the hour ahead. Hit it deep in your minutes with this chief investment officer Casey venture group. I we talked about Kansas City. Do you still look for deals here I'm sure could I mean it's it's it's that I was gonna say it's a sickness but it's it's as. We do look for deals in the company here. But what we find out is when everything's expensive. You know we're wanna buy something in the most liquid market possible. You know look at. How Long. Will. We begin to and have Bucs have fought to her example they may be a long time. At some point that's in exchange ended in defeat and if you're gonna if you're in a bigger market there's. There's there's more liquidity in the market place. Lots of bars lots of sellers lot of new people coming in nothing even though they build you know they might deliver an eighteen. Year new. We're up 44 or five this year Houston yeah 6643. Under them but that's low I mean because you know it's it it can be 242628. House and so that's that's the suffering of of good times to come once you once you identify a site you're you're not gonna deliver apartments for two or three years so you're. You're you're you're crystal ball and your crystal ball in the markets so when I deliver this you know what's remarkably real actors careers but we'll see. So that's been our best that are the way we know with what is the cost per square foot in Houston's its. As far as rent well yeah. You mentioned two and a half two dollars you have in city to live in Kansas City and and and you know then and so that's the best place and countless high water area and close the high water mark he's we have one sick and so I'm not I'd I don't know the high moral watermark but I see human opera threes and fours but you're talking about ultra luxury. You know in the and river oaks are so right and a friend ardea. Expect. Him beating them is with us chief investment officer PC and into the group dot com. Who read back after Brett we're. Welcome back to the relationship here in 1988. In on high teens I appreciate joining us to have your listing we've got a great show so far repeat Immelman is the chief investment officer at TC venture group. Took a money Casey venture group dot com was introduced to than through mutual entrepreneurial friend and exciting to talk the about. Now some of the things they do with opportunity investments in real estate here in Kansas City in throughout the country. The growth of Texas. Is is all because they have no income taxes at all because of the weather what is to be. Obama white people live in Texas. Millions hottest tech it's hot as hell right now I mean it's over a hundred of its hundred year. It's going to be 110 down there. I mean when I play the Houston and a rash before it lands they go back and I'm frankly go there have been about. It's they've done very well with them very pro business stance that he can attract a lot of businesses and again you know the apartment businesses pretty much. You know people live where they were kinda that you can take apartment complex and drug. Three miles circle and you know lot of people live their prior work and that's. Kiss talent Moline meals want to live close to a network and it's a talent arm injuries do not just admitting these arms race. So would I think Kansas city's next I've always thought this class a office building in downtown. And then without having to have attendance at times it just the argument because. We need big corporations relocated to in my opinion to to continue to get great talent we need archers to grow the businesses in the city because. Well heels lose talent. Tech talent whatever talent one live. Post route network. No I agree I agree with I mean it in of them. Businesses and jobs you know that's that's the that's the draw. And to grow our business and they do you know people are not buying homes as much and it's part of it but really jobs as the thing. To accept any young California. They're granted several months. How do these people Fords this world out there and heroines moving a lot of people are moving to the Texas is an Utah's Theres no different than what we've reported in her room and I don't know it's just me I'm Sox also the news a 900 square foot. Condos two point six million. I'm and I don't care that I mean you know you think something's gotta give there. But they've had a pretty good rooms do beaches mountains. Pretty women I think it's the models so I mean I think good opportunity that's part of it doesn't snow I think that the ocean is actually an amenity to. But I really don't offensive always wonder when those universe. Which has California housing crisis I mean it's just. You go to silicone valley and in. How she'd buy here and we're excited you know three underground and hurled says it's like two million dollars impala. And you know and and and good for them and and and you know whether it's. And it ended ended. I don't think it really burst because it's never gonna get as cheap as it is. It's as it has passed you know for example early ninety's during the aforementioned personal crisis and it's in an accord here's since 2000 work. Mean I would tell you either one that's an. But I could be wrong. In. But in the of Parma business. I think there is so much money chasing deals that never. And we've seen this kind of a sea change in the impasse arose as these institutions have come into the game. Their almost buying less of operational fundamentals as they are just buying deals. And so when you have people buying things just because they've got the money and they got to get the money out. Rogue code sometimes regardless of the operational fundamentals that's when you think. It's hard it's hard for me to compete one to is that the sign that were later in the game and we thought because that changed the game because if the deals don't work and you're still line. You know how does that and I'm not not for awhile but that being said we still loose we still see a lot of opportunities in the marketplace. The good news about our firm as we don't have to get money. Madden we we can be selective we can wait for our pitch. And so we spent a lot of time mining the opportunities look at that deal after deal you know we'll look at a hundred deals anemic for a 23 of with the hopes of maybe lawn and usually percent and usually in the in the capital obviously is important. Apple's important limit you know took the stage is the primarily our own ego meant and so it's pretty amazing yeah and so within a pretty good run but that. You rather go pretty fast when Newt. Whether you don't have for yourself or use keep reinvesting it. Beekeeper misses or the other one of the great things about our it was that is the of the blues attitude to have. For your game through a Starker change and so was certainly you know over hosting a citizenry are and so. If you're selling something you always buy something new role Rowling gave him and then continued to for a home and then. And then two to get rid of the game of course she died. And the confusion themes dramatic. 2.0 OK and there's also look at some point this is all you in your head up and yes that is it'll be over soon enough cigarettes a pendulum muzzle enjoy attention has. It being human is with those chief investment officer at TC venture group we. In full minutes left here peeved we talked about amenities and apartments. Kind of how the game's changed. Used to be that if you had a pool. Maybe a small little gym you're. Competitive. Now it's its own unlawful holes isn't it. Absolutely and you know ultimately you're selling a box and you know you're cellular other than the kitchen and bath it's just corporate pay. So you know that that's where that that's what the difference makers as its that's the kitchen of the bath and then after that the amenities and and who can have the sexiest Poole who can have the biggest work out deal. You know we're bringing. A lot of communities have to work out. Trainers are common they do yoga classes also started dog and a park's parents dog parks are huge everywhere and as we discussed everyone's got out of at today. So there accommodating that. The dog wash station in the car wash station. And and they they're just they're not making stuff up. And ends and so. Golf simulators seen some of the also loser C news in you know see in the big big yard gains. Lot of bad and they and they in the fitness deals aluminum and that the oversized games like the big you know the big huge gender whatever it is those kinds of things in the on the outside exercise facilities like a muscle beach affair you know we have some of and so. It's only as you just trying to give people a reason to throw select view when and and boom box and the location I mean that can be the difference maker. So sure sounds like yeah so like me you know I live in place and their reason median. Although location we don't care about that as long as you police there and thought sure. Megan the Pulitzer twice soaked their careers are you might just look out the window area as that was for me it was but the view is the prime location approximately. Of of everything I mean just being in the old city you know source in cities like Kansas City. You know you've got to go to north for any any of the plaza in the south he would go west to east whatever. Being centrally located does helping your travel time dispersing the city where there's out of the trap absolutely a live analysts puzzled myself and greats in Kansas who's a great city and you get an hour and twenty minutes mean you know the music she miscarried the theaters in his grave and of the artsy in his grave I mean you know they've just got to go I hope there is more investment I really do. We do you know on the show we know these senate stuff is changing too because on these developments are now not taking descendants. There's often a real rules and it's just the whole industry's evolving and we'll see were goes by hoping Kansas City continues to. I'll invest in its urban core and invest in growing. And not having this urban sprawl and we had seventies absolutely and you know what if they're getting deals done with violence and as I mean that's a testament to the strength of the market right that are known and also partial couldn't incidents. I love it. Yuppie I really enjoyed talking about in in real estate investments the market states different states different opportunities. Loved it loved to keep you connected and regrets idea man. Pretty pretty ready with company for thirty years go through this day and age of 33 years of over. Amazing event thanks for him it's we've seen a lot of move a lot of movement and it's pretty excited. Great for a great to have you on the show this we think people think he goes city grill nation chill we'll see again next week take care and have you with your.