{"version":"1.0.0","segments":[{"startTime":0.16,"endTime":0.88,"body":"\u003cb\u003ein business?\u003c/b\u003e"},{"startTime":0.88,"endTime":8.04,"body":"\u003cb\u003eI really enjoy now helping other investors\u003c/b\u003e"},{"startTime":0.88,"endTime":8.04,"body":"\u003cb\u003eor people invest in real estate,\u003c/b\u003e"},{"startTime":8.2,"endTime":13.36,"body":"\u003cb\u003eand when they get their first passive\u003c/b\u003e"},{"startTime":8.2,"endTime":13.36,"body":"\u003cb\u003eincome and they send me a text like Winky\u003c/b\u003e"},{"startTime":13.4,"endTime":18.12,"body":"\u003cb\u003ethat really like brings so much power\u003c/b\u003e"},{"startTime":13.4,"endTime":18.12,"body":"\u003cb\u003ein my heart that I want to do it again.\u003c/b\u003e"},{"startTime":19.16,"endTime":22.28,"body":"\u003cb\u003eWhen it comes to my family\u003c/b\u003e"},{"startTime":19.16,"endTime":22.28,"body":"\u003cb\u003eand my friends and my loved ones.\u003c/b\u003e"},{"startTime":22.72,"endTime":26.68,"body":"\u003cb\u003eIt's the the time spent on unplanned\u003c/b\u003e"},{"startTime":27.0,"endTime":31.44,"body":"\u003cb\u003eafternoons and evenings over coffee\u003c/b\u003e"},{"startTime":27.0,"endTime":31.44,"body":"\u003cb\u003eor tea or wine.\u003c/b\u003e"},{"startTime":31.44,"endTime":34.24,"body":"\u003cb\u003eSo I just. Invaluable.\u003c/b\u003e"},{"startTime":34.24,"endTime":35.8,"body":"\u003cb\u003eThat's invaluable.\u003c/b\u003e"},{"startTime":35.8,"endTime":37.48,"body":"\u003cb\u003eThose are the good memories,\u003c/b\u003e"},{"startTime":71.88,"endTime":82.08,"body":"\u003cb\u003eAnd swipes\u003c/b\u003e"},{"startTime":82.32,"endTime":85.48,"body":"\u003cb\u003eat Mommy Apple's Winky Lumba\u003c/b\u003e"},{"startTime":82.32,"endTime":85.48,"body":"\u003cb\u003ecommercial real estate investor.\u003c/b\u003e"},{"startTime":85.48,"endTime":91.24,"body":"\u003cb\u003eAnd today I have a really, really special\u003c/b\u003e"},{"startTime":85.48,"endTime":91.24,"body":"\u003cb\u003eguest, my good friend Kunal Diwan.\u003c/b\u003e"},{"startTime":91.56,"endTime":92.96,"body":"\u003cb\u003eWelcome, Kunal, to that.\u003c/b\u003e"},{"startTime":92.96,"endTime":95.0,"body":"\u003cb\u003eYou'll see why you.\u003c/b\u003e"},{"startTime":95.0,"endTime":96.0,"body":"\u003cb\u003eExcited to be here.\u003c/b\u003e"},{"startTime":96.0,"endTime":97.92,"body":"\u003cb\u003eThank you for having me, Winky.\u003c/b\u003e"},{"startTime":97.92,"endTime":98.64,"body":"\u003cb\u003eOf course.\u003c/b\u003e"},{"startTime":98.64,"endTime":102.44,"body":"\u003cb\u003eLet a bit about Kunal acknowledge\u003c/b\u003e"},{"startTime":98.64,"endTime":102.44,"body":"\u003cb\u003esome engineer by education,\u003c/b\u003e"},{"startTime":102.84,"endTime":106.68,"body":"\u003cb\u003eentrepreneur by choice\u003c/b\u003e"},{"startTime":102.84,"endTime":106.68,"body":"\u003cb\u003eand real estate investor by passion.\u003c/b\u003e"},{"startTime":106.8,"endTime":108.48,"body":"\u003cb\u003eOh my God, I love that simple bio.\u003c/b\u003e"},{"startTime":108.48,"endTime":109.48,"body":"\u003cb\u003eAwesome.\u003c/b\u003e"},{"startTime":109.48,"endTime":113.12,"body":"\u003cb\u003eSo today I will discuss the top\u003c/b\u003e"},{"startTime":109.48,"endTime":113.12,"body":"\u003cb\u003ethree passive real estate\u003c/b\u003e"},{"startTime":113.12,"endTime":115.8,"body":"\u003cb\u003einvesting myths, buster.\u003c/b\u003e"},{"startTime":115.8,"endTime":117.32,"body":"\u003cb\u003eWow. I love that title. So, real estate.\u003c/b\u003e"},{"startTime":118.44,"endTime":120.12,"body":"\u003cb\u003eMassive real estate investing myths.\u003c/b\u003e"},{"startTime":120.12,"endTime":121.28,"body":"\u003cb\u003eBusted.\u003c/b\u003e"},{"startTime":121.28,"endTime":124.68,"body":"\u003cb\u003eBefore we get started, Kunal,\u003c/b\u003e"},{"startTime":121.28,"endTime":124.68,"body":"\u003cb\u003eI wanted to ask you if you can\u003c/b\u003e"},{"startTime":124.68,"endTime":128.8,"body":"\u003cb\u003ebriefly share your background with me,\u003c/b\u003e"},{"startTime":124.68,"endTime":128.8,"body":"\u003cb\u003ewho you are, and how did you get here?\u003c/b\u003e"},{"startTime":129.96,"endTime":130.48,"body":"\u003cb\u003eAbsolutely.\u003c/b\u003e"},{"startTime":130.48,"endTime":130.72,"body":"\u003cb\u003eWinky.\u003c/b\u003e"},{"startTime":130.72,"endTime":134.96,"body":"\u003cb\u003eThose those ten words\u003c/b\u003e"},{"startTime":130.72,"endTime":134.96,"body":"\u003cb\u003ekind of summarize who I am,\u003c/b\u003e"},{"startTime":135.12,"endTime":137.28,"body":"\u003cb\u003ewhere I came from,\u003c/b\u003e"},{"startTime":135.12,"endTime":137.28,"body":"\u003cb\u003eand what I do right now.\u003c/b\u003e"},{"startTime":138.12,"endTime":141.08,"body":"\u003cb\u003eEngineer\u003c/b\u003e"},{"startTime":138.12,"endTime":141.08,"body":"\u003cb\u003eby education, Entrepreneur by choice\u003c/b\u003e"},{"startTime":141.08,"endTime":143.64,"body":"\u003cb\u003eand a real estate investor by passion.\u003c/b\u003e"},{"startTime":143.64,"endTime":146.72,"body":"\u003cb\u003e11 Words\u003c/b\u003e"},{"startTime":143.64,"endTime":146.72,"body":"\u003cb\u003eI came in first generation immigrant\u003c/b\u003e"},{"startTime":147.32,"endTime":149.92,"body":"\u003cb\u003eto this country almost two decades ago\u003c/b\u003e"},{"startTime":150.4,"endTime":155.16,"body":"\u003cb\u003enow came for my engineering, my master's\u003c/b\u003e"},{"startTime":150.4,"endTime":155.16,"body":"\u003cb\u003ein engineering, studied in civil\u003c/b\u003e"},{"startTime":155.16,"endTime":158.8,"body":"\u003cb\u003eand structural engineering,\u003c/b\u003e"},{"startTime":155.16,"endTime":158.8,"body":"\u003cb\u003edid that and started a regular W2 job.\u003c/b\u003e"},{"startTime":158.8,"endTime":163.28,"body":"\u003cb\u003eThe immigrant challenges\u003c/b\u003e"},{"startTime":158.8,"endTime":163.28,"body":"\u003cb\u003ebroke as everybody\u003c/b\u003e"},{"startTime":164.72,"endTime":166.52,"body":"\u003cb\u003eI was able to come to this country.\u003c/b\u003e"},{"startTime":166.52,"endTime":169.8,"body":"\u003cb\u003eI was the first one in my entire family\u003c/b\u003e"},{"startTime":166.52,"endTime":169.8,"body":"\u003cb\u003eto actually sit on the airplane, worry\u003c/b\u003e"},{"startTime":169.8,"endTime":174.96,"body":"\u003cb\u003eabout coming international, and the way\u003c/b\u003e"},{"startTime":169.8,"endTime":174.96,"body":"\u003cb\u003eI was able to pursue a higher education\u003c/b\u003e"},{"startTime":175.48,"endTime":178.36,"body":"\u003cb\u003ein a number one country in the world\u003c/b\u003e"},{"startTime":175.48,"endTime":178.36,"body":"\u003cb\u003eis through my 100% scholarship.\u003c/b\u003e"},{"startTime":178.48,"endTime":180.24,"body":"\u003cb\u003eSo that's how I got started.\u003c/b\u003e"},{"startTime":180.24,"endTime":181.84,"body":"\u003cb\u003eDid my engineer.\u003c/b\u003e"},{"startTime":181.84,"endTime":184.24,"body":"\u003cb\u003eYeah, I was blessed and fortunate.\u003c/b\u003e"},{"startTime":184.24,"endTime":188.56,"body":"\u003cb\u003eDid my engineering start working on\u003c/b\u003e"},{"startTime":184.24,"endTime":188.56,"body":"\u003cb\u003etall buildings in Southern California\u003c/b\u003e"},{"startTime":188.56,"endTime":191.8,"body":"\u003cb\u003ein a complex seismic analysis\u003c/b\u003e"},{"startTime":188.56,"endTime":191.8,"body":"\u003cb\u003eand then moved on\u003c/b\u003e"},{"startTime":191.8,"endTime":196.48,"body":"\u003cb\u003eto a healthcare project and then mixed use\u003c/b\u003e"},{"startTime":191.8,"endTime":196.48,"body":"\u003cb\u003eand then apartment building.\u003c/b\u003e"},{"startTime":196.48,"endTime":200.72,"body":"\u003cb\u003eSo that was the journey of actually\u003c/b\u003e"},{"startTime":196.48,"endTime":200.72,"body":"\u003cb\u003edesigning and working in construction\u003c/b\u003e"},{"startTime":200.72,"endTime":203.44,"body":"\u003cb\u003eof buildings and\u003c/b\u003e"},{"startTime":204.0,"endTime":207.64,"body":"\u003cb\u003emy career was doing great\u003c/b\u003e"},{"startTime":204.0,"endTime":207.64,"body":"\u003cb\u003eeven in the time of the Great Recession.\u003c/b\u003e"},{"startTime":208.6,"endTime":208.96,"body":"\u003cb\u003eBut my\u003c/b\u003e"},{"startTime":208.96,"endTime":211.84,"body":"\u003cb\u003epersonal net worth and balance\u003c/b\u003e"},{"startTime":208.96,"endTime":211.84,"body":"\u003cb\u003esheet was not growing at all.\u003c/b\u003e"},{"startTime":212.36,"endTime":214.72,"body":"\u003cb\u003eAnd that's\u003c/b\u003e"},{"startTime":212.36,"endTime":214.72,"body":"\u003cb\u003ewhen I started looking into investing.\u003c/b\u003e"},{"startTime":214.72,"endTime":218.8,"body":"\u003cb\u003eSo my first investment\u003c/b\u003e"},{"startTime":214.72,"endTime":218.8,"body":"\u003cb\u003ewas a condo back then\u003c/b\u003e"},{"startTime":219.52,"endTime":224.68,"body":"\u003cb\u003ein the end of the first decade\u003c/b\u003e"},{"startTime":219.52,"endTime":224.68,"body":"\u003cb\u003eand started getting that passive income,\u003c/b\u003e"},{"startTime":224.68,"endTime":228.56,"body":"\u003cb\u003ethe paycheck after paying their mortgage\u003c/b\u003e"},{"startTime":224.68,"endTime":228.56,"body":"\u003cb\u003eand property taxes, the money coming in.\u003c/b\u003e"},{"startTime":229.12,"endTime":229.96,"body":"\u003cb\u003eThat was fantastic.\u003c/b\u003e"},{"startTime":229.96,"endTime":232.36,"body":"\u003cb\u003eAnd that's when I got hooked\u003c/b\u003e"},{"startTime":233.04,"endTime":235.36,"body":"\u003cb\u003eto passive investing by the same time.\u003c/b\u003e"},{"startTime":235.36,"endTime":239.6,"body":"\u003cb\u003eAnd I mean $100,000 will only buy\u003c/b\u003e"},{"startTime":235.36,"endTime":239.6,"body":"\u003cb\u003eso much so fast.\u003c/b\u003e"},{"startTime":239.6,"endTime":242.04,"body":"\u003cb\u003eIt's hard to save money\u003c/b\u003e"},{"startTime":239.6,"endTime":242.04,"body":"\u003cb\u003ewhen you have a W2 job.\u003c/b\u003e"},{"startTime":242.36,"endTime":243.8,"body":"\u003cb\u003eSo it's not looking to extra income.\u003c/b\u003e"},{"startTime":243.8,"endTime":248.0,"body":"\u003cb\u003eSo I started my first business\u003c/b\u003e"},{"startTime":243.8,"endTime":248.0,"body":"\u003cb\u003eand the end of the first decade\u003c/b\u003e"},{"startTime":248.6,"endTime":252.0,"body":"\u003cb\u003ewith 20 $500 and then over the next\u003c/b\u003e"},{"startTime":252.16,"endTime":254.8,"body":"\u003cb\u003e5 to 7 years took that to a multiple,\u003c/b\u003e"},{"startTime":255.0,"endTime":258.72,"body":"\u003cb\u003emultiple seven\u003c/b\u003e"},{"startTime":255.0,"endTime":258.72,"body":"\u003cb\u003efigure multi-unit business with my W2.\u003c/b\u003e"},{"startTime":258.72,"endTime":262.36,"body":"\u003cb\u003eAnd that was the realization\u003c/b\u003e"},{"startTime":258.72,"endTime":262.36,"body":"\u003cb\u003eof entrepreneurship\u003c/b\u003e"},{"startTime":263.08,"endTime":265.32,"body":"\u003cb\u003eas the entrepreneur by choice.\u003c/b\u003e"},{"startTime":265.32,"endTime":268.12,"body":"\u003cb\u003eAnd then while I was doing this,\u003c/b\u003e"},{"startTime":265.32,"endTime":268.12,"body":"\u003cb\u003eI was still\u003c/b\u003e"},{"startTime":268.84,"endTime":270.4,"body":"\u003cb\u003egetting that paycheck from the person.\u003c/b\u003e"},{"startTime":270.4,"endTime":273.8,"body":"\u003cb\u003eInvestment started scaling up real estate\u003c/b\u003e"},{"startTime":270.4,"endTime":273.8,"body":"\u003cb\u003einvestments in residential sector\u003c/b\u003e"},{"startTime":273.96,"endTime":276.68,"body":"\u003cb\u003ein Southern California, in Ventura County,\u003c/b\u003e"},{"startTime":273.96,"endTime":276.68,"body":"\u003cb\u003eSanta Barbara County,\u003c/b\u003e"},{"startTime":277.36,"endTime":280.6,"body":"\u003cb\u003eand duplex and triplex at four blocks.\u003c/b\u003e"},{"startTime":280.6,"endTime":284.48,"body":"\u003cb\u003eThe small apartment family\u003c/b\u003e"},{"startTime":280.6,"endTime":284.48,"body":"\u003cb\u003eand then just a few years ago\u003c/b\u003e"},{"startTime":284.52,"endTime":287.8,"body":"\u003cb\u003estarted scaling up\u003c/b\u003e"},{"startTime":284.52,"endTime":287.8,"body":"\u003cb\u003eto real estate syndications.\u003c/b\u003e"},{"startTime":288.2,"endTime":291.88,"body":"\u003cb\u003eSo I realized my passion\u003c/b\u003e"},{"startTime":288.2,"endTime":291.88,"body":"\u003cb\u003eas I was going through\u003c/b\u003e"},{"startTime":291.88,"endTime":295.84,"body":"\u003cb\u003ethis entrepreneurial journey\u003c/b\u003e"},{"startTime":291.88,"endTime":295.84,"body":"\u003cb\u003eand then to combine both the business\u003c/b\u003e"},{"startTime":295.84,"endTime":298.8,"body":"\u003cb\u003eand the investing\u003c/b\u003e"},{"startTime":295.84,"endTime":298.8,"body":"\u003cb\u003eand hence the Liberty Capital was born.\u003c/b\u003e"},{"startTime":299.12,"endTime":303.92,"body":"\u003cb\u003eAnd here I am doing full time real estate\u003c/b\u003e"},{"startTime":299.12,"endTime":303.92,"body":"\u003cb\u003einvesting and making that impact\u003c/b\u003e"},{"startTime":304.28,"endTime":306.92,"body":"\u003cb\u003efor other W-2 and other business owners\u003c/b\u003e"},{"startTime":307.48,"endTime":309.76,"body":"\u003cb\u003eof investing in real estate passively.\u003c/b\u003e"},{"startTime":310.64,"endTime":313.08,"body":"\u003cb\u003eWow, I love that trajectory.\u003c/b\u003e"},{"startTime":313.6,"endTime":318.28,"body":"\u003cb\u003eAnd today, as you gave me the topic\u003c/b\u003e"},{"startTime":313.6,"endTime":318.28,"body":"\u003cb\u003ethat we're going to be talking about,\u003c/b\u003e"},{"startTime":319.0,"endTime":321.36,"body":"\u003cb\u003epassive real estate meds, you know,\u003c/b\u003e"},{"startTime":321.36,"endTime":324.44,"body":"\u003cb\u003eand we can not be nearly in the top\u003c/b\u003e"},{"startTime":321.36,"endTime":324.44,"body":"\u003cb\u003ethree of them.\u003c/b\u003e"},{"startTime":324.88,"endTime":328.36,"body":"\u003cb\u003eSo what are some of the misconceptions\u003c/b\u003e"},{"startTime":324.88,"endTime":328.36,"body":"\u003cb\u003eabout passive investing\u003c/b\u003e"},{"startTime":328.96,"endTime":330.6,"body":"\u003cb\u003eand how do they differ from that?\u003c/b\u003e"},{"startTime":330.6,"endTime":334.8,"body":"\u003cb\u003eActive investing Because you were passive,\u003c/b\u003e"},{"startTime":330.6,"endTime":334.8,"body":"\u003cb\u003eso now you're active.\u003c/b\u003e"},{"startTime":335.16,"endTime":336.84,"body":"\u003cb\u003eSo you have played both roles.\u003c/b\u003e"},{"startTime":338.08,"endTime":338.52,"body":"\u003cb\u003eCorrect?\u003c/b\u003e"},{"startTime":338.52,"endTime":340.6,"body":"\u003cb\u003eAnd I'm actually passive today.\u003c/b\u003e"},{"startTime":340.6,"endTime":344.52,"body":"\u003cb\u003eAlso, I still invest with other people\u003c/b\u003e"},{"startTime":340.6,"endTime":344.52,"body":"\u003cb\u003elike yourself\u003c/b\u003e"},{"startTime":345.0,"endTime":347.56,"body":"\u003cb\u003ewhere there is expertise\u003c/b\u003e"},{"startTime":347.56,"endTime":350.32,"body":"\u003cb\u003eand they take the lead, and I'm\u003c/b\u003e"},{"startTime":347.56,"endTime":350.32,"body":"\u003cb\u003ejust passively investing the money.\u003c/b\u003e"},{"startTime":350.88,"endTime":353.48,"body":"\u003cb\u003eSo before I answer your question though,\u003c/b\u003e"},{"startTime":353.92,"endTime":358.24,"body":"\u003cb\u003eyou know, I have come through the journey\u003c/b\u003e"},{"startTime":353.92,"endTime":358.24,"body":"\u003cb\u003eof being a landlord\u003c/b\u003e"},{"startTime":358.84,"endTime":361.48,"body":"\u003cb\u003eof one property than landlords,\u003c/b\u003e"},{"startTime":358.84,"endTime":361.48,"body":"\u003cb\u003ebut multiple properties.\u003c/b\u003e"},{"startTime":361.48,"endTime":366.52,"body":"\u003cb\u003eAnd then I have gone\u003c/b\u003e"},{"startTime":361.48,"endTime":366.52,"body":"\u003cb\u003ethrough the challenges of the tenants\u003c/b\u003e"},{"startTime":366.52,"endTime":369.76,"body":"\u003cb\u003eand the toilets and the termites\u003c/b\u003e"},{"startTime":366.52,"endTime":369.76,"body":"\u003cb\u003eand all that wonderful stuff.\u003c/b\u003e"},{"startTime":370.76,"endTime":372.52,"body":"\u003cb\u003eI made a lot of mistakes as well.\u003c/b\u003e"},{"startTime":372.52,"endTime":375.96,"body":"\u003cb\u003eOh, honey, I've been burned a lot\u003c/b\u003e"},{"startTime":376.32,"endTime":376.6,"body":"\u003cb\u003ebecause I didn't know any better\u003c/b\u003e"},{"startTime":376.32,"endTime":376.6,"body":"\u003cb\u003eten years ago.\u003c/b\u003e"},{"startTime":376.6,"endTime":379.04,"body":"\u003cb\u003ebecause I didn't know any better\u003c/b\u003e"},{"startTime":376.6,"endTime":379.04,"body":"\u003cb\u003eten years ago.\u003c/b\u003e"},{"startTime":379.52,"endTime":381.96,"body":"\u003cb\u003eSo now that when you scale up\u003c/b\u003e"},{"startTime":379.52,"endTime":381.96,"body":"\u003cb\u003ethe challenges, don't go away.\u003c/b\u003e"},{"startTime":381.96,"endTime":384.64,"body":"\u003cb\u003eSo now that when you scale up\u003c/b\u003e"},{"startTime":381.96,"endTime":384.64,"body":"\u003cb\u003ethe challenges, don't go away.\u003c/b\u003e"},{"startTime":384.84,"endTime":387.04,"body":"\u003cb\u003eThey also scale up as well.\u003c/b\u003e"},{"startTime":387.16,"endTime":389.56,"body":"\u003cb\u003eSo what I can see\u003c/b\u003e"},{"startTime":390.2,"endTime":394.32,"body":"\u003cb\u003eas a passive investor versus\u003c/b\u003e"},{"startTime":390.2,"endTime":394.32,"body":"\u003cb\u003ewhat somebody else is seen\u003c/b\u003e"},{"startTime":394.32,"endTime":398.2,"body":"\u003cb\u003eas a passive investor who have never done\u003c/b\u003e"},{"startTime":394.32,"endTime":398.2,"body":"\u003cb\u003ean investing in the truly.\u003c/b\u003e"},{"startTime":398.2,"endTime":403.52,"body":"\u003cb\u003eJust putting their trust on the sponsor\u003c/b\u003e"},{"startTime":398.2,"endTime":403.52,"body":"\u003cb\u003eare denied scenarios.\u003c/b\u003e"},{"startTime":403.88,"endTime":407.2,"body":"\u003cb\u003eSo to begin to talk about the top\u003c/b\u003e"},{"startTime":403.88,"endTime":407.2,"body":"\u003cb\u003ethree myths of passive investing,\u003c/b\u003e"},{"startTime":407.32,"endTime":411.04,"body":"\u003cb\u003emy vision is coming from that mistakes\u003c/b\u003e"},{"startTime":411.28,"endTime":414.52,"body":"\u003cb\u003eand scars of investing from past 15 years.\u003c/b\u003e"},{"startTime":415.72,"endTime":416.44,"body":"\u003cb\u003eAwesome.\u003c/b\u003e"},{"startTime":416.44,"endTime":416.92,"body":"\u003cb\u003eYou know what?\u003c/b\u003e"},{"startTime":416.92,"endTime":419.96,"body":"\u003cb\u003eI have heard this terminology\u003c/b\u003e"},{"startTime":416.92,"endTime":419.96,"body":"\u003cb\u003emarket efficiency.\u003c/b\u003e"},{"startTime":419.96,"endTime":423.64,"body":"\u003cb\u003ePeople talk about that a lot\u003c/b\u003e"},{"startTime":419.96,"endTime":423.64,"body":"\u003cb\u003ewhen you are passively investing.\u003c/b\u003e"},{"startTime":423.64,"endTime":427.48,"body":"\u003cb\u003eSo I wanted to bring that into\u003c/b\u003e"},{"startTime":423.64,"endTime":427.48,"body":"\u003cb\u003ebefore we dig deep in the math, you know,\u003c/b\u003e"},{"startTime":427.72,"endTime":429.88,"body":"\u003cb\u003eso how does that market efficiency plays\u003c/b\u003e"},{"startTime":429.88,"endTime":433.84,"body":"\u003cb\u003ea role in passive investing\u003c/b\u003e"},{"startTime":429.88,"endTime":433.84,"body":"\u003cb\u003eor how would you define that?\u003c/b\u003e"},{"startTime":434.44,"endTime":438.24,"body":"\u003cb\u003eI beautiful I mean, that's\u003c/b\u003e"},{"startTime":434.44,"endTime":438.24,"body":"\u003cb\u003eprobably it kind of really ties\u003c/b\u003e"},{"startTime":438.24,"endTime":441.88,"body":"\u003cb\u003eto the first myth\u003c/b\u003e"},{"startTime":438.24,"endTime":441.88,"body":"\u003cb\u003ethat I want to share with you today.\u003c/b\u003e"},{"startTime":443.0,"endTime":444.16,"body":"\u003cb\u003eSo let's start with the first me.\u003c/b\u003e"},{"startTime":444.16,"endTime":449.6,"body":"\u003cb\u003eThe first myth is people talk about\u003c/b\u003e"},{"startTime":444.16,"endTime":449.6,"body":"\u003cb\u003eif I buy in a great market, you know, a\u003c/b\u003e"},{"startTime":449.6,"endTime":452.48,"body":"\u003cb\u003egateway market or fancy market,\u003c/b\u003e"},{"startTime":452.76,"endTime":454.88,"body":"\u003cb\u003eyou know,\u003c/b\u003e"},{"startTime":452.76,"endTime":454.88,"body":"\u003cb\u003eeverything else will fall in place.\u003c/b\u003e"},{"startTime":456.24,"endTime":460.24,"body":"\u003cb\u003eOr if I have a sponsor who can talk, well,\u003c/b\u003e"},{"startTime":456.24,"endTime":460.24,"body":"\u003cb\u003espeak well.\u003c/b\u003e"},{"startTime":460.24,"endTime":461.8,"body":"\u003cb\u003eOh, everything will just happen after.\u003c/b\u003e"},{"startTime":461.8,"endTime":464.0,"body":"\u003cb\u003eBecause the market is great,\u003c/b\u003e"},{"startTime":461.8,"endTime":464.0,"body":"\u003cb\u003ethe data is great.\u003c/b\u003e"},{"startTime":464.44,"endTime":466.32,"body":"\u003cb\u003eWell, not really.\u003c/b\u003e"},{"startTime":467.32,"endTime":468.68,"body":"\u003cb\u003eSo what they really need to\u003c/b\u003e"},{"startTime":468.68,"endTime":472.48,"body":"\u003cb\u003elook at the passive investor to look at\u003c/b\u003e"},{"startTime":468.68,"endTime":472.48,"body":"\u003cb\u003eis the property manager.\u003c/b\u003e"},{"startTime":472.64,"endTime":477.32,"body":"\u003cb\u003eNot enough\u003c/b\u003e"},{"startTime":472.64,"endTime":477.32,"body":"\u003cb\u003eweight is placed on property management.\u003c/b\u003e"},{"startTime":477.52,"endTime":481.32,"body":"\u003cb\u003eWe do our due diligence on the market,\u003c/b\u003e"},{"startTime":477.52,"endTime":481.32,"body":"\u003cb\u003ethe population growth, the income\u003c/b\u003e"},{"startTime":481.32,"endTime":483.32,"body":"\u003cb\u003egrowth, the demographics.\u003c/b\u003e"},{"startTime":483.32,"endTime":485.68,"body":"\u003cb\u003eWe talk about the due\u003c/b\u003e"},{"startTime":483.32,"endTime":485.68,"body":"\u003cb\u003ediligence on our sponsor.\u003c/b\u003e"},{"startTime":485.84,"endTime":489.76,"body":"\u003cb\u003eWhat about the property manager,\u003c/b\u003e"},{"startTime":485.84,"endTime":489.76,"body":"\u003cb\u003ethe actual leasing\u003c/b\u003e"},{"startTime":489.76,"endTime":493.2,"body":"\u003cb\u003eagent who's going to sell the product\u003c/b\u003e"},{"startTime":489.76,"endTime":493.2,"body":"\u003cb\u003eat the market rent?\u003c/b\u003e"},{"startTime":493.2,"endTime":496.48,"body":"\u003cb\u003eWho's going to capture\u003c/b\u003e"},{"startTime":493.2,"endTime":496.48,"body":"\u003cb\u003ethat rent gap in your property?\u003c/b\u003e"},{"startTime":496.48,"endTime":499.36,"body":"\u003cb\u003eWho's going to make the improvements\u003c/b\u003e"},{"startTime":496.48,"endTime":499.36,"body":"\u003cb\u003eon the property, the maintenance tech, the\u003c/b\u003e"},{"startTime":499.52,"endTime":500.92,"body":"\u003cb\u003ethe contractor?\u003c/b\u003e"},{"startTime":500.92,"endTime":504.76,"body":"\u003cb\u003eSo it kind of ties with the market\u003c/b\u003e"},{"startTime":500.92,"endTime":504.76,"body":"\u003cb\u003eefficiency that you're talking about\u003c/b\u003e"},{"startTime":505.0,"endTime":508.32,"body":"\u003cb\u003eis if the PM, the property manager,\u003c/b\u003e"},{"startTime":509.0,"endTime":511.68,"body":"\u003cb\u003ehas a very small footprint\u003c/b\u003e"},{"startTime":511.68,"endTime":516.04,"body":"\u003cb\u003ein that market\u003c/b\u003e"},{"startTime":511.68,"endTime":516.04,"body":"\u003cb\u003eand they are scaling with you.\u003c/b\u003e"},{"startTime":516.04,"endTime":516.52,"body":"\u003cb\u003eWell,\u003c/b\u003e"},{"startTime":517.56,"endTime":519.6,"body":"\u003cb\u003ethey are going through the learning curve.\u003c/b\u003e"},{"startTime":519.6,"endTime":521.8,"body":"\u003cb\u003eThat is that's a no no, that's a no no.\u003c/b\u003e"},{"startTime":521.92,"endTime":526.56,"body":"\u003cb\u003eSo if you have a large property,\u003c/b\u003e"},{"startTime":521.92,"endTime":526.56,"body":"\u003cb\u003elet's say a 300 unit building in a market\u003c/b\u003e"},{"startTime":527.32,"endTime":530.0,"body":"\u003cb\u003eis what's the track\u003c/b\u003e"},{"startTime":527.32,"endTime":530.0,"body":"\u003cb\u003erecord of property manager\u003c/b\u003e"},{"startTime":530.52,"endTime":534.24,"body":"\u003cb\u003efor building of that size,\u003c/b\u003e"},{"startTime":530.52,"endTime":534.24,"body":"\u003cb\u003ewhat are the challenges\u003c/b\u003e"},{"startTime":534.24,"endTime":539.04,"body":"\u003cb\u003ethey have based in their past projects,\u003c/b\u003e"},{"startTime":534.24,"endTime":539.04,"body":"\u003cb\u003emaking CapEx improvements of property\u003c/b\u003e"},{"startTime":539.04,"endTime":541.48,"body":"\u003cb\u003eand that size in that market\u003c/b\u003e"},{"startTime":539.04,"endTime":541.48,"body":"\u003cb\u003eor even submarket?\u003c/b\u003e"},{"startTime":542.4,"endTime":545.04,"body":"\u003cb\u003eYou know,\u003c/b\u003e"},{"startTime":542.4,"endTime":545.04,"body":"\u003cb\u003ehow is their payroll looking right now?\u003c/b\u003e"},{"startTime":545.04,"endTime":546.68,"body":"\u003cb\u003eLabor market is really tight.\u003c/b\u003e"},{"startTime":546.68,"endTime":549.88,"body":"\u003cb\u003eIt's hard to find good people\u003c/b\u003e"},{"startTime":546.68,"endTime":549.88,"body":"\u003cb\u003eand then retain them.\u003c/b\u003e"},{"startTime":550.68,"endTime":553.68,"body":"\u003cb\u003eSo what's the impact of their\u003c/b\u003e"},{"startTime":555.56,"endTime":558.28,"body":"\u003cb\u003ecompany culture on your on your property?\u003c/b\u003e"},{"startTime":558.64,"endTime":561.92,"body":"\u003cb\u003eThese are very soft and intangible.\u003c/b\u003e"},{"startTime":561.92,"endTime":565.96,"body":"\u003cb\u003eThe non tangible item that will create\u003c/b\u003e"},{"startTime":561.92,"endTime":565.96,"body":"\u003cb\u003etangible impact on your property.\u003c/b\u003e"},{"startTime":566.12,"endTime":569.36,"body":"\u003cb\u003eSo when we talk about market efficiency,\u003c/b\u003e"},{"startTime":566.12,"endTime":569.36,"body":"\u003cb\u003ethe property manager\u003c/b\u003e"},{"startTime":569.36,"endTime":572.16,"body":"\u003cb\u003eplays\u003c/b\u003e"},{"startTime":569.36,"endTime":572.16,"body":"\u003cb\u003ea big role in their market efficiency.\u003c/b\u003e"},{"startTime":572.36,"endTime":575.6,"body":"\u003cb\u003eIf I have a thousand doors in a market\u003c/b\u003e"},{"startTime":575.96,"endTime":579.0,"body":"\u003cb\u003eand I have one team\u003c/b\u003e"},{"startTime":575.96,"endTime":579.0,"body":"\u003cb\u003emanaging all my thousand doors,\u003c/b\u003e"},{"startTime":579.16,"endTime":584.2,"body":"\u003cb\u003emy investors will be very efficient\u003c/b\u003e"},{"startTime":579.16,"endTime":584.2,"body":"\u003cb\u003ebecause my PM has a track record.\u003c/b\u003e"},{"startTime":584.4,"endTime":588.04,"body":"\u003cb\u003eMy hopefully the culture's great\u003c/b\u003e"},{"startTime":584.4,"endTime":588.04,"body":"\u003cb\u003eis keeping the staff\u003c/b\u003e"},{"startTime":588.28,"endTime":592.32,"body":"\u003cb\u003eand the staff is going with them,\u003c/b\u003e"},{"startTime":588.28,"endTime":592.32,"body":"\u003cb\u003eThe regionals are going at them, the sales\u003c/b\u003e"},{"startTime":592.76,"endTime":597.12,"body":"\u003cb\u003eagents are going with the company\u003c/b\u003e"},{"startTime":592.76,"endTime":597.12,"body":"\u003cb\u003ewith you from 1000 to 2000 door.\u003c/b\u003e"},{"startTime":597.32,"endTime":599.04,"body":"\u003cb\u003eSo that's a top myth.\u003c/b\u003e"},{"startTime":599.04,"endTime":602.8,"body":"\u003cb\u003eYou know, I with my partners right now,\u003c/b\u003e"},{"startTime":599.04,"endTime":602.8,"body":"\u003cb\u003ewe are a vertically integrated firm.\u003c/b\u003e"},{"startTime":604.0,"endTime":605.16,"body":"\u003cb\u003eWe know\u003c/b\u003e"},{"startTime":605.16,"endTime":608.4,"body":"\u003cb\u003ewhat's going on in the life\u003c/b\u003e"},{"startTime":605.16,"endTime":608.4,"body":"\u003cb\u003eof our regional business.\u003c/b\u003e"},{"startTime":608.4,"endTime":613.68,"body":"\u003cb\u003eThere is a culture of maintenance\u003c/b\u003e"},{"startTime":608.4,"endTime":613.68,"body":"\u003cb\u003ecomes over to the house\u003c/b\u003e"},{"startTime":613.8,"endTime":617.44,"body":"\u003cb\u003eand sometimes have coffee\u003c/b\u003e"},{"startTime":613.8,"endTime":617.44,"body":"\u003cb\u003ebecause there is a bond,\u003c/b\u003e"},{"startTime":617.72,"endTime":621.52,"body":"\u003cb\u003eso that bonds really brings the commitment\u003c/b\u003e"},{"startTime":617.72,"endTime":621.52,"body":"\u003cb\u003eand commitment\u003c/b\u003e"},{"startTime":621.52,"endTime":625.56,"body":"\u003cb\u003ebrings productivity, and productivity\u003c/b\u003e"},{"startTime":621.52,"endTime":625.56,"body":"\u003cb\u003ebrings efficiency.\u003c/b\u003e"},{"startTime":626.08,"endTime":627.6,"body":"\u003cb\u003eWhen you're scaling, you really.\u003c/b\u003e"},{"startTime":627.6,"endTime":628.8,"body":"\u003cb\u003eI like that.\u003c/b\u003e"},{"startTime":628.8,"endTime":631.68,"body":"\u003cb\u003eBut as a passive investor,\u003c/b\u003e"},{"startTime":628.8,"endTime":631.68,"body":"\u003cb\u003ethis is a question for you.\u003c/b\u003e"},{"startTime":632.12,"endTime":632.88,"body":"\u003cb\u003eSo passing muster is trying to work\u003c/b\u003e"},{"startTime":632.12,"endTime":632.88,"body":"\u003cb\u003ethe sponsor\u003c/b\u003e"},{"startTime":632.88,"endTime":634.88,"body":"\u003cb\u003eas you know, you're betting on a horse.\u003c/b\u003e"},{"startTime":634.88,"endTime":637.76,"body":"\u003cb\u003eI'm sorry, betting on a jockey,\u003c/b\u003e"},{"startTime":634.88,"endTime":637.76,"body":"\u003cb\u003enot the horse,\u003c/b\u003e"},{"startTime":638.28,"endTime":640.32,"body":"\u003cb\u003ebecause but has to be on the jockey.\u003c/b\u003e"},{"startTime":640.32,"endTime":643.44,"body":"\u003cb\u003eAnd jockey has to be\u003c/b\u003e"},{"startTime":640.32,"endTime":643.44,"body":"\u003cb\u003ewell trained to take the horse and horse\u003c/b\u003e"},{"startTime":643.44,"endTime":647.24,"body":"\u003cb\u003ein our scenario is the property buy, sell\u003c/b\u003e"},{"startTime":643.44,"endTime":647.24,"body":"\u003cb\u003ein whatever market.\u003c/b\u003e"},{"startTime":647.72,"endTime":650.8,"body":"\u003cb\u003eSo as a passive investor,\u003c/b\u003e"},{"startTime":647.72,"endTime":650.8,"body":"\u003cb\u003eI’m betting the sponsor\u003c/b\u003e"},{"startTime":651.04,"endTime":655.16,"body":"\u003cb\u003enot knowing much about the property\u003c/b\u003e"},{"startTime":651.04,"endTime":655.16,"body":"\u003cb\u003emanager or who the property management\u003c/b\u003e"},{"startTime":655.16,"endTime":658.28,"body":"\u003cb\u003ecompany is going to be aligned\u003c/b\u003e"},{"startTime":655.16,"endTime":658.28,"body":"\u003cb\u003ewith this particular sponsor.\u003c/b\u003e"},{"startTime":659.0,"endTime":662.8,"body":"\u003cb\u003eHow would you go about that\u003c/b\u003e"},{"startTime":659.0,"endTime":662.8,"body":"\u003cb\u003ebeing a passive investor,\u003c/b\u003e"},{"startTime":663.4,"endTime":666.92,"body":"\u003cb\u003eor do you trust your sponsor\u003c/b\u003e"},{"startTime":663.4,"endTime":666.92,"body":"\u003cb\u003ethat they are making that decision\u003c/b\u003e"},{"startTime":667.28,"endTime":669.92,"body":"\u003cb\u003ewith the right property\u003c/b\u003e"},{"startTime":667.28,"endTime":669.92,"body":"\u003cb\u003emanager, property management company\u003c/b\u003e"},{"startTime":670.16,"endTime":671.56,"body":"\u003cb\u003eif they don't have it in-house?\u003c/b\u003e"},{"startTime":672.6,"endTime":673.28,"body":"\u003cb\u003eAbsolutely.\u003c/b\u003e"},{"startTime":673.28,"endTime":677.6,"body":"\u003cb\u003eSo in that analogy,\u003c/b\u003e"},{"startTime":673.28,"endTime":677.6,"body":"\u003cb\u003ethe jockey and the horse,\u003c/b\u003e"},{"startTime":678.52,"endTime":681.96,"body":"\u003cb\u003ethe way I visualize it big,\u003c/b\u003e"},{"startTime":678.52,"endTime":681.96,"body":"\u003cb\u003ethe property manager\u003c/b\u003e"},{"startTime":681.96,"endTime":684.04,"body":"\u003cb\u003eis the caretaker of that horse.\u003c/b\u003e"},{"startTime":685.76,"endTime":687.92,"body":"\u003cb\u003eWhat's that caretaker feeding the horse,\u003c/b\u003e"},{"startTime":687.92,"endTime":690.96,"body":"\u003cb\u003eyou know, exercising or health, all that.\u003c/b\u003e"},{"startTime":690.96,"endTime":692.24,"body":"\u003cb\u003eThat's the caretaker.\u003c/b\u003e"},{"startTime":692.24,"endTime":695.96,"body":"\u003cb\u003eSo a lot of weight does the lot of owners.\u003c/b\u003e"},{"startTime":695.96,"endTime":700.08,"body":"\u003cb\u003eThe responsibility still lies\u003c/b\u003e"},{"startTime":695.96,"endTime":700.08,"body":"\u003cb\u003eon the sponsor picking the right caretaker\u003c/b\u003e"},{"startTime":700.08,"endTime":704.84,"body":"\u003cb\u003efor the horse which is picking the right\u003c/b\u003e"},{"startTime":700.08,"endTime":704.84,"body":"\u003cb\u003eproperty management company for the horse.\u003c/b\u003e"},{"startTime":704.96,"endTime":708.2,"body":"\u003cb\u003eAnd as a passive investor,\u003c/b\u003e"},{"startTime":704.96,"endTime":708.2,"body":"\u003cb\u003ethere should be direct questions\u003c/b\u003e"},{"startTime":708.8,"endTime":713.2,"body":"\u003cb\u003eto the sponsor\u003c/b\u003e"},{"startTime":708.8,"endTime":713.2,"body":"\u003cb\u003eabout the property management company,\u003c/b\u003e"},{"startTime":713.56,"endTime":716.48,"body":"\u003cb\u003ejust the way a passive investor\u003c/b\u003e"},{"startTime":713.56,"endTime":716.48,"body":"\u003cb\u003eask the sponsor.\u003c/b\u003e"},{"startTime":716.88,"endTime":718.28,"body":"\u003cb\u003eCan you show a track record?\u003c/b\u003e"},{"startTime":718.28,"endTime":721.04,"body":"\u003cb\u003eCan you share some referrals?\u003c/b\u003e"},{"startTime":718.28,"endTime":721.04,"body":"\u003cb\u003eCan you share some challenges?\u003c/b\u003e"},{"startTime":721.04,"endTime":726.56,"body":"\u003cb\u003eAll of that questions must be targeted\u003c/b\u003e"},{"startTime":721.04,"endTime":726.56,"body":"\u003cb\u003eto a property management company as well.\u003c/b\u003e"},{"startTime":726.64,"endTime":727.64,"body":"\u003cb\u003eSo Mister Sponsor,\u003c/b\u003e"},{"startTime":727.64,"endTime":731.32,"body":"\u003cb\u003ecan you share your experience\u003c/b\u003e"},{"startTime":727.64,"endTime":731.32,"body":"\u003cb\u003eworking with this property manager?\u003c/b\u003e"},{"startTime":731.64,"endTime":735.44,"body":"\u003cb\u003eCan you share some challenges that this\u003c/b\u003e"},{"startTime":731.64,"endTime":735.44,"body":"\u003cb\u003eproperty management company is facing?\u003c/b\u003e"},{"startTime":735.76,"endTime":739.64,"body":"\u003cb\u003eHow is the reporting looking like from\u003c/b\u003e"},{"startTime":735.76,"endTime":739.64,"body":"\u003cb\u003ethe property management company to you?\u003c/b\u003e"},{"startTime":739.64,"endTime":741.08,"body":"\u003cb\u003eHow often would you guys meet?\u003c/b\u003e"},{"startTime":741.08,"endTime":743.36,"body":"\u003cb\u003eWhat are your expectations\u003c/b\u003e"},{"startTime":741.08,"endTime":743.36,"body":"\u003cb\u003eof the property manager\u003c/b\u003e"},{"startTime":743.48,"endTime":745.32,"body":"\u003cb\u003eand how would you overcome\u003c/b\u003e"},{"startTime":743.48,"endTime":745.32,"body":"\u003cb\u003ethose challenges?\u003c/b\u003e"},{"startTime":745.32,"endTime":748.08,"body":"\u003cb\u003eWe can talk about that for the next\u003c/b\u003e"},{"startTime":745.32,"endTime":748.08,"body":"\u003cb\u003e30 minutes just on this topic.\u003c/b\u003e"},{"startTime":748.52,"endTime":750.68,"body":"\u003cb\u003eBut what I want to bring to the limelight\u003c/b\u003e"},{"startTime":751.0,"endTime":754.64,"body":"\u003cb\u003efor all the passive investors out\u003c/b\u003e"},{"startTime":751.0,"endTime":754.64,"body":"\u003cb\u003ethere is Don't stop.\u003c/b\u003e"},{"startTime":754.64,"endTime":756.0,"body":"\u003cb\u003eYou're on the sponsor.\u003c/b\u003e"},{"startTime":757.2,"endTime":758.4,"body":"\u003cb\u003eDig deeper\u003c/b\u003e"},{"startTime":758.4,"endTime":760.6,"body":"\u003cb\u003ewhen it comes to the property manager\u003c/b\u003e"},{"startTime":758.4,"endTime":760.6,"body":"\u003cb\u003eas well.\u003c/b\u003e"},{"startTime":761.48,"endTime":762.08,"body":"\u003cb\u003eAwesome.\u003c/b\u003e"},{"startTime":762.08,"endTime":764.44,"body":"\u003cb\u003eSo this is the Mets number one, right?\u003c/b\u003e"},{"startTime":764.84,"endTime":766.72,"body":"\u003cb\u003eThe market deficiency.\u003c/b\u003e"},{"startTime":766.72,"endTime":768.96,"body":"\u003cb\u003eWhat is the second Mets.\u003c/b\u003e"},{"startTime":768.96,"endTime":771.32,"body":"\u003cb\u003eSecond, which might ruffle some feathers\u003c/b\u003e"},{"startTime":772.4,"endTime":774.56,"body":"\u003cb\u003eand that is\u003c/b\u003e"},{"startTime":774.72,"endTime":776.76,"body":"\u003cb\u003epassive investor looks at the data.\u003c/b\u003e"},{"startTime":777.2,"endTime":779.6,"body":"\u003cb\u003eIt's actually selective data.\u003c/b\u003e"},{"startTime":780.48,"endTime":781.16,"body":"\u003cb\u003eU-Haul.\u003c/b\u003e"},{"startTime":781.16,"endTime":782.88,"body":"\u003cb\u003eSure so many people moving in\u003c/b\u003e"},{"startTime":782.88,"endTime":786.2,"body":"\u003cb\u003eand there's a population growth is income\u003c/b\u003e"},{"startTime":782.88,"endTime":786.2,"body":"\u003cb\u003egrowth is demographics.\u003c/b\u003e"},{"startTime":786.52,"endTime":790.88,"body":"\u003cb\u003eThere is employers moving all that\u003c/b\u003e"},{"startTime":786.52,"endTime":790.88,"body":"\u003cb\u003ebeautiful fancy stuff at a macro level,\u003c/b\u003e"},{"startTime":791.0,"endTime":791.84,"body":"\u003cb\u003ewhich is great.\u003c/b\u003e"},{"startTime":791.84,"endTime":794.84,"body":"\u003cb\u003eDon't take me wrong, it's very important.\u003c/b\u003e"},{"startTime":794.84,"endTime":797.12,"body":"\u003cb\u003eBut at the same time,\u003c/b\u003e"},{"startTime":797.12,"endTime":800.64,"body":"\u003cb\u003ehow does this relate\u003c/b\u003e"},{"startTime":797.12,"endTime":800.64,"body":"\u003cb\u003eto your neighborhoods,\u003c/b\u003e"},{"startTime":800.84,"endTime":804.44,"body":"\u003cb\u003eto your ultra local market?\u003c/b\u003e"},{"startTime":804.92,"endTime":809.68,"body":"\u003cb\u003eYou know, so there's a sponsor, then\u003c/b\u003e"},{"startTime":804.92,"endTime":809.68,"body":"\u003cb\u003ethere's a market and then there's a gate.\u003c/b\u003e"},{"startTime":809.72,"endTime":812.16,"body":"\u003cb\u003eThe the data.\u003c/b\u003e"},{"startTime":812.4,"endTime":814.08,"body":"\u003cb\u003eHow does all this relate to\u003c/b\u003e"},{"startTime":814.08,"endTime":816.92,"body":"\u003cb\u003eat a very extremely local micro level?\u003c/b\u003e"},{"startTime":817.24,"endTime":820.24,"body":"\u003cb\u003eBecause we know real estate is not local\u003c/b\u003e"},{"startTime":817.24,"endTime":820.24,"body":"\u003cb\u003eresources, ultra local.\u003c/b\u003e"},{"startTime":820.72,"endTime":825.2,"body":"\u003cb\u003eWe know we live in Southern California\u003c/b\u003e"},{"startTime":820.72,"endTime":825.2,"body":"\u003cb\u003eand we know the property value\u003c/b\u003e"},{"startTime":825.2,"endTime":826.72,"body":"\u003cb\u003eon this side of the street\u003c/b\u003e"},{"startTime":826.72,"endTime":829.56,"body":"\u003cb\u003eand the property value Other side of\u003c/b\u003e"},{"startTime":826.72,"endTime":829.56,"body":"\u003cb\u003ethe street is totally different.\u003c/b\u003e"},{"startTime":830.48,"endTime":835.28,"body":"\u003cb\u003eThere are properties on this side\u003c/b\u003e"},{"startTime":830.48,"endTime":835.28,"body":"\u003cb\u003eof the street where people want to live\u003c/b\u003e"},{"startTime":835.28,"endTime":838.4,"body":"\u003cb\u003eand there's a waiting list\u003c/b\u003e"},{"startTime":835.28,"endTime":838.4,"body":"\u003cb\u003eand people's property on this side\u003c/b\u003e"},{"startTime":838.6,"endTime":842.08,"body":"\u003cb\u003ehave a rent drop and nobody wants to go\u003c/b\u003e"},{"startTime":838.6,"endTime":842.08,"body":"\u003cb\u003ethere, whatever the reason might be.\u003c/b\u003e"},{"startTime":842.56,"endTime":845.12,"body":"\u003cb\u003eSo macro data is good\u003c/b\u003e"},{"startTime":845.96,"endTime":849.12,"body":"\u003cb\u003esponsors marketing in that market.\u003c/b\u003e"},{"startTime":849.12,"endTime":852.44,"body":"\u003cb\u003eThe micro data is great,\u003c/b\u003e"},{"startTime":849.12,"endTime":852.44,"body":"\u003cb\u003ebut ask the questions\u003c/b\u003e"},{"startTime":852.44,"endTime":855.16,"body":"\u003cb\u003eabout micro level.\u003c/b\u003e"},{"startTime":855.76,"endTime":859.72,"body":"\u003cb\u003eSo what I do is I draw on maps.\u003c/b\u003e"},{"startTime":860.68,"endTime":862.12,"body":"\u003cb\u003eHalf mile radius.\u003c/b\u003e"},{"startTime":862.12,"endTime":866.2,"body":"\u003cb\u003eOne mile radius, three mile radius,\u003c/b\u003e"},{"startTime":862.12,"endTime":866.2,"body":"\u003cb\u003efive mile radius.\u003c/b\u003e"},{"startTime":866.2,"endTime":868.4,"body":"\u003cb\u003eAnd the ten I mean, I go deep.\u003c/b\u003e"},{"startTime":868.4,"endTime":872.36,"body":"\u003cb\u003eThen each of those radius,\u003c/b\u003e"},{"startTime":868.4,"endTime":872.36,"body":"\u003cb\u003eI collect the population\u003c/b\u003e"},{"startTime":873.16,"endTime":875.96,"body":"\u003cb\u003eand I collect the average income\u003c/b\u003e"},{"startTime":873.16,"endTime":875.96,"body":"\u003cb\u003eand the median income.\u003c/b\u003e"},{"startTime":875.96,"endTime":877.2,"body":"\u003cb\u003eAll this data is available.\u003c/b\u003e"},{"startTime":877.2,"endTime":880.44,"body":"\u003cb\u003eEasy to find and do my own\u003c/b\u003e"},{"startTime":882.2,"endTime":884.64,"body":"\u003cb\u003eresearch when it comes to okay,\u003c/b\u003e"},{"startTime":884.68,"endTime":888.64,"body":"\u003cb\u003ethis is my income and I backtrack it\u003c/b\u003e"},{"startTime":884.68,"endTime":888.64,"body":"\u003cb\u003ewhen it comes to the rent road\u003c/b\u003e"},{"startTime":889.04,"endTime":892.64,"body":"\u003cb\u003eor when it comes to the actual mart,\u003c/b\u003e"},{"startTime":889.04,"endTime":892.64,"body":"\u003cb\u003ethe gap in the rent.\u003c/b\u003e"},{"startTime":892.96,"endTime":897.28,"body":"\u003cb\u003eSo don't just rely on the reports\u003c/b\u003e"},{"startTime":892.96,"endTime":897.28,"body":"\u003cb\u003eon the poster or what the broker gives you\u003c/b\u003e"},{"startTime":897.48,"endTime":899.8,"body":"\u003cb\u003eor the free websites give you, but rather\u003c/b\u003e"},{"startTime":900.68,"endTime":903.4,"body":"\u003cb\u003edig deeper and then take this\u003c/b\u003e"},{"startTime":903.8,"endTime":907.76,"body":"\u003cb\u003eand compare this to the business plan\u003c/b\u003e"},{"startTime":903.8,"endTime":907.76,"body":"\u003cb\u003ethat the sponsor is creating.\u003c/b\u003e"},{"startTime":907.84,"endTime":910.12,"body":"\u003cb\u003eIt's a little bit of work.\u003c/b\u003e"},{"startTime":910.12,"endTime":911.56,"body":"\u003cb\u003eBut it's not a little bit of work.\u003c/b\u003e"},{"startTime":911.56,"endTime":912.84,"body":"\u003cb\u003eIt's a lot of work.\u003c/b\u003e"},{"startTime":912.84,"endTime":916.52,"body":"\u003cb\u003eAnd then people,\u003c/b\u003e"},{"startTime":912.84,"endTime":916.52,"body":"\u003cb\u003eespecially being a passive investor,\u003c/b\u003e"},{"startTime":916.52,"endTime":918.64,"body":"\u003cb\u003ethey might not be\u003c/b\u003e"},{"startTime":916.52,"endTime":918.64,"body":"\u003cb\u003ein that particular market.\u003c/b\u003e"},{"startTime":919.04,"endTime":922.04,"body":"\u003cb\u003eAnd then if the sponsor is providing you\u003c/b\u003e"},{"startTime":922.04,"endTime":925.56,"body":"\u003cb\u003ewith the data\u003c/b\u003e"},{"startTime":922.04,"endTime":925.56,"body":"\u003cb\u003ewithin the one mile radius, and\u003c/b\u003e"},{"startTime":926.4,"endTime":930.76,"body":"\u003cb\u003eif you can quickly get the data\u003c/b\u003e"},{"startTime":926.4,"endTime":930.76,"body":"\u003cb\u003efrom somewhere, sometimes you just rely\u003c/b\u003e"},{"startTime":930.76,"endTime":935.56,"body":"\u003cb\u003eon that versus, you know, going in there\u003c/b\u003e"},{"startTime":930.76,"endTime":935.56,"body":"\u003cb\u003eyourself and researching\u003c/b\u003e"},{"startTime":935.8,"endTime":938.8,"body":"\u003cb\u003ewhich is going to take hours and hours\u003c/b\u003e"},{"startTime":935.8,"endTime":938.8,"body":"\u003cb\u003eor maybe days to figure it out.\u003c/b\u003e"},{"startTime":939.08,"endTime":943.2,"body":"\u003cb\u003eWhat is what is right, what is wrong,\u003c/b\u003e"},{"startTime":939.08,"endTime":943.2,"body":"\u003cb\u003eBecause you are not in that market.\u003c/b\u003e"},{"startTime":943.48,"endTime":945.44,"body":"\u003cb\u003eLet's say you're in California,\u003c/b\u003e"},{"startTime":943.48,"endTime":945.44,"body":"\u003cb\u003efor example,\u003c/b\u003e"},{"startTime":945.44,"endTime":947.36,"body":"\u003cb\u003eand you're trying to invest in Texas.\u003c/b\u003e"},{"startTime":947.36,"endTime":950.0,"body":"\u003cb\u003eHow much you know about the Texas market,\u003c/b\u003e"},{"startTime":947.36,"endTime":950.0,"body":"\u003cb\u003eespecially Houston?\u003c/b\u003e"},{"startTime":950.28,"endTime":954.0,"body":"\u003cb\u003eHouston has a similar scenario\u003c/b\u003e"},{"startTime":950.28,"endTime":954.0,"body":"\u003cb\u003elike one block, the on the block.\u003c/b\u003e"},{"startTime":954.0,"endTime":957.44,"body":"\u003cb\u003eWhen I was in Houston earlier\u003c/b\u003e"},{"startTime":954.0,"endTime":957.44,"body":"\u003cb\u003ethis this year, I was like, surprised\u003c/b\u003e"},{"startTime":957.44,"endTime":961.0,"body":"\u003cb\u003eto see that like,\u003c/b\u003e"},{"startTime":957.44,"endTime":961.0,"body":"\u003cb\u003ewow, there's a dramatic difference\u003c/b\u003e"},{"startTime":961.28,"endTime":964.44,"body":"\u003cb\u003ein properties, you know,\u003c/b\u003e"},{"startTime":961.28,"endTime":964.44,"body":"\u003cb\u003elike a block away from each other.\u003c/b\u003e"},{"startTime":964.88,"endTime":969.2,"body":"\u003cb\u003eSo it's very super hard\u003c/b\u003e"},{"startTime":964.88,"endTime":969.2,"body":"\u003cb\u003ebeing on the passive side for myself\u003c/b\u003e"},{"startTime":969.44,"endTime":972.52,"body":"\u003cb\u003eto figure out whether it's a good deal\u003c/b\u003e"},{"startTime":969.44,"endTime":972.52,"body":"\u003cb\u003eor not until long, as you know,\u003c/b\u003e"},{"startTime":972.56,"endTime":976.96,"body":"\u003cb\u003eI trust the sponsor that the data is being\u003c/b\u003e"},{"startTime":972.56,"endTime":976.96,"body":"\u003cb\u003erelayed to me is accurate.\u003c/b\u003e"},{"startTime":977.44,"endTime":980.0,"body":"\u003cb\u003eAnd then I know a little bit\u003c/b\u003e"},{"startTime":980.64,"endTime":983.84,"body":"\u003cb\u003esome of the tools that I can go\u003c/b\u003e"},{"startTime":980.64,"endTime":983.84,"body":"\u003cb\u003eonline and check the data.\u003c/b\u003e"},{"startTime":983.84,"endTime":985.48,"body":"\u003cb\u003eI'll get to validated.\u003c/b\u003e"},{"startTime":985.48,"endTime":990.44,"body":"\u003cb\u003eBut if I have to do all the research\u003c/b\u003e"},{"startTime":985.48,"endTime":990.44,"body":"\u003cb\u003efrom the scratch, it's super hard\u003c/b\u003e"},{"startTime":991.52,"endTime":992.12,"body":"\u003cb\u003efor sure.\u003c/b\u003e"},{"startTime":992.12,"endTime":993.32,"body":"\u003cb\u003eSo let me clarify.\u003c/b\u003e"},{"startTime":993.32,"endTime":997.64,"body":"\u003cb\u003eThis research is not a responsibility\u003c/b\u003e"},{"startTime":993.32,"endTime":997.64,"body":"\u003cb\u003eof the passive investor.\u003c/b\u003e"},{"startTime":997.64,"endTime":999.84,"body":"\u003cb\u003ePassive one.\u003c/b\u003e"},{"startTime":997.64,"endTime":999.84,"body":"\u003cb\u003eMr. needs to ask his question.\u003c/b\u003e"},{"startTime":1000.12,"endTime":1003.08,"body":"\u003cb\u003eThe responsibility lies on the sponsor.\u003c/b\u003e"},{"startTime":1003.4,"endTime":1003.8,"body":"\u003cb\u003eRight.\u003c/b\u003e"},{"startTime":1003.8,"endTime":1008.92,"body":"\u003cb\u003eI know you are so risky\u003c/b\u003e"},{"startTime":1003.8,"endTime":1008.92,"body":"\u003cb\u003ewhen it comes to data.\u003c/b\u003e"},{"startTime":1008.92,"endTime":1009.88,"body":"\u003cb\u003eI mean, your questions are.\u003c/b\u003e"},{"startTime":1009.88,"endTime":1012.12,"body":"\u003cb\u003eSo we have been talking for\u003c/b\u003e"},{"startTime":1009.88,"endTime":1012.12,"body":"\u003cb\u003elike so many years and\u003c/b\u003e"},{"startTime":1013.0,"endTime":1016.12,"body":"\u003cb\u003ewe know that the depth\u003c/b\u003e"},{"startTime":1013.0,"endTime":1016.12,"body":"\u003cb\u003ewe have in our conversation\u003c/b\u003e"},{"startTime":1016.12,"endTime":1019.44,"body":"\u003cb\u003ewhen it comes to data and underwriting,\u003c/b\u003e"},{"startTime":1016.12,"endTime":1019.44,"body":"\u003cb\u003eright, we just hear this apart.\u003c/b\u003e"},{"startTime":1020.36,"endTime":1023.76,"body":"\u003cb\u003eThe passive investor\u003c/b\u003e"},{"startTime":1020.36,"endTime":1023.76,"body":"\u003cb\u003emust ask these questions to the sponsor,\u003c/b\u003e"},{"startTime":1024.4,"endTime":1027.48,"body":"\u003cb\u003egrade the owner and the PM shows\u003c/b\u003e"},{"startTime":1028.12,"endTime":1030.88,"body":"\u003cb\u003etheir $80,000 income in the five mile\u003c/b\u003e"},{"startTime":1028.12,"endTime":1030.88,"body":"\u003cb\u003eradius.\u003c/b\u003e"},{"startTime":1030.88,"endTime":1034.88,"body":"\u003cb\u003eCan you please share with me\u003c/b\u003e"},{"startTime":1030.88,"endTime":1034.88,"body":"\u003cb\u003ethe income in a half mile radius, around\u003c/b\u003e"},{"startTime":1034.88,"endTime":1039.52,"body":"\u003cb\u003eone mile radius and three mile radius\u003c/b\u003e"},{"startTime":1034.88,"endTime":1039.52,"body":"\u003cb\u003ethat this conversation,\u003c/b\u003e"},{"startTime":1039.52,"endTime":1043.4,"body":"\u003cb\u003ethe myths about passive investing is to\u003c/b\u003e"},{"startTime":1039.52,"endTime":1043.4,"body":"\u003cb\u003egive passive investor tools\u003c/b\u003e"},{"startTime":1044.36,"endTime":1046.0,"body":"\u003cb\u003eto go back to the sponsor.\u003c/b\u003e"},{"startTime":1046.0,"endTime":1048.24,"body":"\u003cb\u003eCome back to me, come back to you.\u003c/b\u003e"},{"startTime":1048.24,"endTime":1051.72,"body":"\u003cb\u003eShare this data with me\u003c/b\u003e"},{"startTime":1048.24,"endTime":1051.72,"body":"\u003cb\u003eso I can invest my 100,000\u003c/b\u003e"},{"startTime":1051.72,"endTime":1054.92,"body":"\u003cb\u003ewith you and sleep peacefully\u003c/b\u003e"},{"startTime":1051.72,"endTime":1054.92,"body":"\u003cb\u003eso that you have done\u003c/b\u003e"},{"startTime":1055.12,"endTime":1058.44,"body":"\u003cb\u003ewhat you were supposed to do\u003c/b\u003e"},{"startTime":1055.12,"endTime":1058.44,"body":"\u003cb\u003ebefore you created this marketing pitch.\u003c/b\u003e"},{"startTime":1058.84,"endTime":1060.56,"body":"\u003cb\u003eYeah. That's true.\u003c/b\u003e"},{"startTime":1060.56,"endTime":1061.4,"body":"\u003cb\u003eAnd I like that.\u003c/b\u003e"},{"startTime":1061.4,"endTime":1064.72,"body":"\u003cb\u003eI mean, it's always all the information,\u003c/b\u003e"},{"startTime":1061.4,"endTime":1064.72,"body":"\u003cb\u003ethe more information you have,\u003c/b\u003e"},{"startTime":1065.08,"endTime":1067.84,"body":"\u003cb\u003eit's better for you\u003c/b\u003e"},{"startTime":1065.08,"endTime":1067.84,"body":"\u003cb\u003eto make more informed decision.\u003c/b\u003e"},{"startTime":1067.88,"endTime":1068.8,"body":"\u003cb\u003eAnd that's what we do.\u003c/b\u003e"},{"startTime":1068.8,"endTime":1069.6,"body":"\u003cb\u003eYou know,\u003c/b\u003e"},{"startTime":1069.8,"endTime":1072.16,"body":"\u003cb\u003ewhatever deals\u003c/b\u003e"},{"startTime":1069.8,"endTime":1072.16,"body":"\u003cb\u003ewe bring to our passive investors or\u003c/b\u003e"},{"startTime":1072.4,"endTime":1076.0,"body":"\u003cb\u003ewhatever deals we are in resting\u003c/b\u003e"},{"startTime":1072.4,"endTime":1076.0,"body":"\u003cb\u003eand as a passive investors ourselves,\u003c/b\u003e"},{"startTime":1076.0,"endTime":1079.12,"body":"\u003cb\u003eyou know,\u003c/b\u003e"},{"startTime":1076.0,"endTime":1079.12,"body":"\u003cb\u003ewe just do our due diligence on our part.\u003c/b\u003e"},{"startTime":1079.48,"endTime":1083.04,"body":"\u003cb\u003eSo make sure that we are getting out of\u003c/b\u003e"},{"startTime":1079.48,"endTime":1083.04,"body":"\u003cb\u003eway, that whatever we are looking for.\u003c/b\u003e"},{"startTime":1083.24,"endTime":1084.68,"body":"\u003cb\u003eSo let's move on to our Mets.\u003c/b\u003e"},{"startTime":1084.68,"endTime":1087.0,"body":"\u003cb\u003eNumber three,\u003c/b\u003e"},{"startTime":1084.68,"endTime":1087.0,"body":"\u003cb\u003ebecause I have tons of questions for you,\u003c/b\u003e"},{"startTime":1087.2,"endTime":1091.0,"body":"\u003cb\u003ebut I wanted to go through\u003c/b\u003e"},{"startTime":1087.2,"endTime":1091.0,"body":"\u003cb\u003eall the markets before, so go ahead.\u003c/b\u003e"},{"startTime":1091.0,"endTime":1093.16,"body":"\u003cb\u003eTell me about the third met number three.\u003c/b\u003e"},{"startTime":1093.16,"endTime":1096.0,"body":"\u003cb\u003eAnd this is, again, very controversial\u003c/b\u003e"},{"startTime":1096.72,"endTime":1100.72,"body":"\u003cb\u003eand someone who has been in business,\u003c/b\u003e"},{"startTime":1096.72,"endTime":1100.72,"body":"\u003cb\u003eespecially in construction\u003c/b\u003e"},{"startTime":1100.72,"endTime":1103.8,"body":"\u003cb\u003ebusiness and rental market\u003c/b\u003e"},{"startTime":1100.72,"endTime":1103.8,"body":"\u003cb\u003ebusiness, will understand this.\u003c/b\u003e"},{"startTime":1103.92,"endTime":1106.8,"body":"\u003cb\u003eIt's called too much value add.\u003c/b\u003e"},{"startTime":1108.12,"endTime":1110.68,"body":"\u003cb\u003eI not you know, every\u003c/b\u003e"},{"startTime":1110.68,"endTime":1112.96,"body":"\u003cb\u003eevery rental market has a cap.\u003c/b\u003e"},{"startTime":1114.08,"endTime":1119.24,"body":"\u003cb\u003eThat cap has a lot of factors\u003c/b\u003e"},{"startTime":1114.08,"endTime":1119.24,"body":"\u003cb\u003ethat depends on the income,\u003c/b\u003e"},{"startTime":1119.48,"endTime":1122.88,"body":"\u003cb\u003ethat depends on the growth the employer\u003c/b\u003e"},{"startTime":1119.48,"endTime":1122.88,"body":"\u003cb\u003eall the things that we already know.\u003c/b\u003e"},{"startTime":1123.0,"endTime":1123.48,"body":"\u003cb\u003eRight.\u003c/b\u003e"},{"startTime":1123.64,"endTime":1127.8,"body":"\u003cb\u003eSo but after a certain point,\u003c/b\u003e"},{"startTime":1123.64,"endTime":1127.8,"body":"\u003cb\u003eit is only so much improvements\u003c/b\u003e"},{"startTime":1127.8,"endTime":1133.04,"body":"\u003cb\u003eyou can make on the property\u003c/b\u003e"},{"startTime":1127.8,"endTime":1133.04,"body":"\u003cb\u003eand create an increase in rent.\u003c/b\u003e"},{"startTime":1133.56,"endTime":1136.12,"body":"\u003cb\u003eWhat I mean by\u003c/b\u003e"},{"startTime":1133.56,"endTime":1136.12,"body":"\u003cb\u003ethat is this If you plot a graph\u003c/b\u003e"},{"startTime":1136.96,"endTime":1140.2,"body":"\u003cb\u003ewhere there is a\u003c/b\u003e"},{"startTime":1136.96,"endTime":1140.2,"body":"\u003cb\u003elet's say a traditional property\u003c/b\u003e"},{"startTime":1140.2,"endTime":1143.56,"body":"\u003cb\u003eelectromagnetic tradition, like a classic\u003c/b\u003e"},{"startTime":1140.2,"endTime":1143.56,"body":"\u003cb\u003eunit, you see, you know what, I'm going\u003c/b\u003e"},{"startTime":1143.56,"endTime":1147.76,"body":"\u003cb\u003eto change the flooring and there you go,\u003c/b\u003e"},{"startTime":1143.56,"endTime":1147.76,"body":"\u003cb\u003eboom, 60 bucks a month extra.\u003c/b\u003e"},{"startTime":1147.96,"endTime":1149.2,"body":"\u003cb\u003eMakes sense.\u003c/b\u003e"},{"startTime":1149.2,"endTime":1151.84,"body":"\u003cb\u003eAnd I'm going to change the countertop\u003c/b\u003e"},{"startTime":1149.2,"endTime":1151.84,"body":"\u003cb\u003ein the kitchen.\u003c/b\u003e"},{"startTime":1152.32,"endTime":1153.64,"body":"\u003cb\u003eAnother 40 bucks a month,\u003c/b\u003e"},{"startTime":1153.64,"endTime":1155.76,"body":"\u003cb\u003eI'm going to change Teresa's\u003c/b\u003e"},{"startTime":1153.64,"endTime":1155.76,"body":"\u003cb\u003elighting, another 20 bucks,\u003c/b\u003e"},{"startTime":1155.76,"endTime":1157.72,"body":"\u003cb\u003ewhatever that number is,\u003c/b\u003e"},{"startTime":1155.76,"endTime":1157.72,"body":"\u003cb\u003edepending on the market. Right.\u003c/b\u003e"},{"startTime":1157.72,"endTime":1162.6,"body":"\u003cb\u003eAnd you drew a plot, a graph where amount\u003c/b\u003e"},{"startTime":1157.72,"endTime":1162.6,"body":"\u003cb\u003espend and the return received.\u003c/b\u003e"},{"startTime":1163.96,"endTime":1165.52,"body":"\u003cb\u003eThe return\u003c/b\u003e"},{"startTime":1165.52,"endTime":1169.92,"body":"\u003cb\u003eon the first, let's say\u003c/b\u003e"},{"startTime":1165.52,"endTime":1169.92,"body":"\u003cb\u003e$5,000 will be very high.\u003c/b\u003e"},{"startTime":1170.36,"endTime":1172.76,"body":"\u003cb\u003eSo the slope of the graph\u003c/b\u003e"},{"startTime":1170.36,"endTime":1172.76,"body":"\u003cb\u003ewill be very high.\u003c/b\u003e"},{"startTime":1173.08,"endTime":1176.44,"body":"\u003cb\u003eBut and you keep on spending money\u003c/b\u003e"},{"startTime":1173.08,"endTime":1176.44,"body":"\u003cb\u003eon the property,\u003c/b\u003e"},{"startTime":1177.32,"endTime":1181.0,"body":"\u003cb\u003einterior or exterior,\u003c/b\u003e"},{"startTime":1177.32,"endTime":1181.0,"body":"\u003cb\u003edepending of that market, that submarket,\u003c/b\u003e"},{"startTime":1181.6,"endTime":1184.68,"body":"\u003cb\u003eyou know,\u003c/b\u003e"},{"startTime":1181.6,"endTime":1184.68,"body":"\u003cb\u003ethat graph is going to plateau out.\u003c/b\u003e"},{"startTime":1185.28,"endTime":1190.6,"body":"\u003cb\u003eSo the work there will be up point after\u003c/b\u003e"},{"startTime":1185.28,"endTime":1190.6,"body":"\u003cb\u003e10,000, 12,000, 50, whatever that property\u003c/b\u003e"},{"startTime":1190.6,"endTime":1195.52,"body":"\u003cb\u003ein the market is, you're not going\u003c/b\u003e"},{"startTime":1190.6,"endTime":1195.52,"body":"\u003cb\u003eto get 80 bucks for every $5,000 spent.\u003c/b\u003e"},{"startTime":1196.4,"endTime":1196.96,"body":"\u003cb\u003eRight.\u003c/b\u003e"},{"startTime":1196.96,"endTime":1199.56,"body":"\u003cb\u003eYou might even,\u003c/b\u003e"},{"startTime":1196.96,"endTime":1199.56,"body":"\u003cb\u003eyou might get five bucks at ten bucks.\u003c/b\u003e"},{"startTime":1199.56,"endTime":1203.92,"body":"\u003cb\u003eSo the question that the passive investor\u003c/b\u003e"},{"startTime":1199.56,"endTime":1203.92,"body":"\u003cb\u003emust ask\u003c/b\u003e"},{"startTime":1204.56,"endTime":1206.72,"body":"\u003cb\u003ethe sponsor is,\u003c/b\u003e"},{"startTime":1207.0,"endTime":1210.64,"body":"\u003cb\u003ein your business plan,\u003c/b\u003e"},{"startTime":1207.0,"endTime":1210.64,"body":"\u003cb\u003eyou are doing all this CapEx\u003c/b\u003e"},{"startTime":1210.64,"endTime":1213.6,"body":"\u003cb\u003eimprovement and you're spending\u003c/b\u003e"},{"startTime":1210.64,"endTime":1213.6,"body":"\u003cb\u003eall this money into your next year\u003c/b\u003e"},{"startTime":1213.76,"endTime":1218.2,"body":"\u003cb\u003eand you're expecting this much rent growth\u003c/b\u003e"},{"startTime":1213.76,"endTime":1218.2,"body":"\u003cb\u003eover this period of time, right?\u003c/b\u003e"},{"startTime":1218.2,"endTime":1220.36,"body":"\u003cb\u003eThat's a classic value add.\u003c/b\u003e"},{"startTime":1220.36,"endTime":1227.24,"body":"\u003cb\u003eHow does that compare to the local market\u003c/b\u003e"},{"startTime":1220.36,"endTime":1227.24,"body":"\u003cb\u003eand the local rent in as is scenario?\u003c/b\u003e"},{"startTime":1228.28,"endTime":1231.64,"body":"\u003cb\u003eYou know, I have a property of myself\u003c/b\u003e"},{"startTime":1231.64,"endTime":1234.48,"body":"\u003cb\u003ewhere the rental income\u003c/b\u003e"},{"startTime":1234.64,"endTime":1238.36,"body":"\u003cb\u003eon a simple makeready is 1250.\u003c/b\u003e"},{"startTime":1238.36,"endTime":1240.76,"body":"\u003cb\u003eSo the existing rent is 900 something.\u003c/b\u003e"},{"startTime":1241.56,"endTime":1243.68,"body":"\u003cb\u003eWe turn the unit boom,\u003c/b\u003e"},{"startTime":1244.08,"endTime":1248.12,"body":"\u003cb\u003ethe carpet painted simple\u003c/b\u003e"},{"startTime":1244.08,"endTime":1248.12,"body":"\u003cb\u003eless than $3,000 expense\u003c/b\u003e"},{"startTime":1248.68,"endTime":1251.84,"body":"\u003cb\u003eand we get go from 900 something to 1250.\u003c/b\u003e"},{"startTime":1252.4,"endTime":1254.6,"body":"\u003cb\u003eI'm going to jump right\u003c/b\u003e"},{"startTime":1255.64,"endTime":1258.0,"body":"\u003cb\u003enow if we go over.\u003c/b\u003e"},{"startTime":1258.16,"endTime":1261.96,"body":"\u003cb\u003eSo now we put some laminate flooring,\u003c/b\u003e"},{"startTime":1258.16,"endTime":1261.96,"body":"\u003cb\u003ewe put some beautiful countertops\u003c/b\u003e"},{"startTime":1261.96,"endTime":1263.36,"body":"\u003cb\u003eand kitchen cabinets, whatever that is.\u003c/b\u003e"},{"startTime":1263.36,"endTime":1267.28,"body":"\u003cb\u003eLet's say a ten grand expense,\u003c/b\u003e"},{"startTime":1263.36,"endTime":1267.28,"body":"\u003cb\u003ewe get 150 extra.\u003c/b\u003e"},{"startTime":1268.48,"endTime":1270.76,"body":"\u003cb\u003eSo I ask myself,\u003c/b\u003e"},{"startTime":1270.76,"endTime":1273.4,"body":"\u003cb\u003e3000 are actually less than $3,000,\u003c/b\u003e"},{"startTime":1270.76,"endTime":1273.4,"body":"\u003cb\u003emake ready\u003c/b\u003e"},{"startTime":1273.76,"endTime":1279.28,"body":"\u003cb\u003eand almost $300 bump or 10,000\u003c/b\u003e"},{"startTime":1273.76,"endTime":1279.28,"body":"\u003cb\u003eplus and 150.\u003c/b\u003e"},{"startTime":1279.28,"endTime":1281.92,"body":"\u003cb\u003eBut it doesn't make sense, right?\u003c/b\u003e"},{"startTime":1282.04,"endTime":1287.36,"body":"\u003cb\u003eSo I am not my my\u003c/b\u003e"},{"startTime":1282.04,"endTime":1287.36,"body":"\u003cb\u003emy grass is slowly plateauing after that.\u003c/b\u003e"},{"startTime":1287.36,"endTime":1289.12,"body":"\u003cb\u003e1250 Right.\u003c/b\u003e"},{"startTime":1289.12,"endTime":1293.08,"body":"\u003cb\u003eAnd then if I let's do platinum\u003c/b\u003e"},{"startTime":1289.12,"endTime":1293.08,"body":"\u003cb\u003eand then I sell it and some other\u003c/b\u003e"},{"startTime":1293.08,"endTime":1297.52,"body":"\u003cb\u003ebuyer comes in, I am going to add a value\u003c/b\u003e"},{"startTime":1293.08,"endTime":1297.52,"body":"\u003cb\u003eto this property by,\u003c/b\u003e"},{"startTime":1297.88,"endTime":1301.8,"body":"\u003cb\u003eyou know, changing the faucets or whatever\u003c/b\u003e"},{"startTime":1297.88,"endTime":1301.8,"body":"\u003cb\u003ethat is wi fi package.\u003c/b\u003e"},{"startTime":1302.32,"endTime":1303.88,"body":"\u003cb\u003eHow much can you really go?\u003c/b\u003e"},{"startTime":1303.88,"endTime":1306.64,"body":"\u003cb\u003eCan you take it to 1500 6000?\u003c/b\u003e"},{"startTime":1306.64,"endTime":1310.56,"body":"\u003cb\u003eSo I mean, you can,\u003c/b\u003e"},{"startTime":1306.64,"endTime":1310.56,"body":"\u003cb\u003ebut you will pay in the economic vacancy.\u003c/b\u003e"},{"startTime":1310.68,"endTime":1313.24,"body":"\u003cb\u003eSo that's a too much value\u003c/b\u003e"},{"startTime":1310.68,"endTime":1313.24,"body":"\u003cb\u003ethat I'm talking about.\u003c/b\u003e"},{"startTime":1313.36,"endTime":1316.72,"body":"\u003cb\u003eSo in a nutshell, passive investors\u003c/b\u003e"},{"startTime":1313.36,"endTime":1316.72,"body":"\u003cb\u003eshould look at the business plan,\u003c/b\u003e"},{"startTime":1317.8,"endTime":1320.4,"body":"\u003cb\u003elook at\u003c/b\u003e"},{"startTime":1317.8,"endTime":1320.4,"body":"\u003cb\u003ethe existing market with the correct comps\u003c/b\u003e"},{"startTime":1320.8,"endTime":1323.68,"body":"\u003cb\u003eand go back to the sponsor\u003c/b\u003e"},{"startTime":1320.8,"endTime":1323.68,"body":"\u003cb\u003eand ask these questions about\u003c/b\u003e"},{"startTime":1323.92,"endTime":1328.0,"body":"\u003cb\u003ehow much value Ed is creating,\u003c/b\u003e"},{"startTime":1323.92,"endTime":1328.0,"body":"\u003cb\u003ehow much rental growth in this product.\u003c/b\u003e"},{"startTime":1328.56,"endTime":1329.32,"body":"\u003cb\u003eAnd that's true.\u003c/b\u003e"},{"startTime":1329.32,"endTime":1333.48,"body":"\u003cb\u003eI agree with you 100%,\u003c/b\u003e"},{"startTime":1329.32,"endTime":1333.48,"body":"\u003cb\u003ebecause each market sports\u003c/b\u003e"},{"startTime":1333.48,"endTime":1338.48,"body":"\u003cb\u003ethe value add up to a certain level,\u003c/b\u003e"},{"startTime":1333.48,"endTime":1338.48,"body":"\u003cb\u003eyou know, and also it depends\u003c/b\u003e"},{"startTime":1338.48,"endTime":1342.16,"body":"\u003cb\u003eupon the class of the property\u003c/b\u003e"},{"startTime":1338.48,"endTime":1342.16,"body":"\u003cb\u003ethat you're getting A, B, and C,\u003c/b\u003e"},{"startTime":1342.32,"endTime":1346.4,"body":"\u003cb\u003eyou cannot really put\u003c/b\u003e"},{"startTime":1342.32,"endTime":1346.4,"body":"\u003cb\u003ethe upgrades of Class A into class C\u003c/b\u003e"},{"startTime":1346.72,"endTime":1351.08,"body":"\u003cb\u003ebecause market one supported the class\u003c/b\u003e"},{"startTime":1346.72,"endTime":1351.08,"body":"\u003cb\u003eor the property one supported.\u003c/b\u003e"},{"startTime":1351.24,"endTime":1354.28,"body":"\u003cb\u003eSo that's going to be a waste of effort,\u003c/b\u003e"},{"startTime":1351.24,"endTime":1354.28,"body":"\u003cb\u003etime and money.\u003c/b\u003e"},{"startTime":1354.88,"endTime":1358.52,"body":"\u003cb\u003eSo all those things\u003c/b\u003e"},{"startTime":1354.88,"endTime":1358.52,"body":"\u003cb\u003eyou have to keep in mind as a sponsor\u003c/b\u003e"},{"startTime":1359.32,"endTime":1363.28,"body":"\u003cb\u003ewhen you are putting the deal together\u003c/b\u003e"},{"startTime":1359.32,"endTime":1363.28,"body":"\u003cb\u003eor whenever you're bringing in to the\u003c/b\u003e"},{"startTime":1363.4,"endTime":1368.0,"body":"\u003cb\u003eto your investor as well, you know,\u003c/b\u003e"},{"startTime":1363.4,"endTime":1368.0,"body":"\u003cb\u003eand plus you have to be in a good position\u003c/b\u003e"},{"startTime":1368.32,"endTime":1373.2,"body":"\u003cb\u003eto explain where you're coming from\u003c/b\u003e"},{"startTime":1368.32,"endTime":1373.2,"body":"\u003cb\u003eand how you're really adding value.\u003c/b\u003e"},{"startTime":1373.2,"endTime":1378.2,"body":"\u003cb\u003eBecause by the end of the day, everybody\u003c/b\u003e"},{"startTime":1373.2,"endTime":1378.2,"body":"\u003cb\u003eis looking for some good ROIC, right?\u003c/b\u003e"},{"startTime":1378.56,"endTime":1382.32,"body":"\u003cb\u003eIf you're not getting the good return on\u003c/b\u003e"},{"startTime":1378.56,"endTime":1382.32,"body":"\u003cb\u003eyour investment is a waste of effort\u003c/b\u003e"},{"startTime":1382.32,"endTime":1383.92,"body":"\u003cb\u003eon everybody's part.\u003c/b\u003e"},{"startTime":1383.92,"endTime":1387.0,"body":"\u003cb\u003eSo I wanted to ask you a couple questions.\u003c/b\u003e"},{"startTime":1387.04,"endTime":1389.2,"body":"\u003cb\u003eAfter all these Mets, you know, because\u003c/b\u003e"},{"startTime":1389.72,"endTime":1392.08,"body":"\u003cb\u003eI know the passive investing\u003c/b\u003e"},{"startTime":1392.08,"endTime":1394.88,"body":"\u003cb\u003eis a really good thing,\u003c/b\u003e"},{"startTime":1392.08,"endTime":1394.88,"body":"\u003cb\u003ebut a lot of people think, you know,\u003c/b\u003e"},{"startTime":1394.88,"endTime":1400.0,"body":"\u003cb\u003ewhen I'm investing passively,\u003c/b\u003e"},{"startTime":1394.88,"endTime":1400.0,"body":"\u003cb\u003eI just sacrifice a control over the deal.\u003c/b\u003e"},{"startTime":1400.32,"endTime":1402.48,"body":"\u003cb\u003eI don't want it to passive\u003c/b\u003e"},{"startTime":1400.32,"endTime":1402.48,"body":"\u003cb\u003einvest with anybody.\u003c/b\u003e"},{"startTime":1402.48,"endTime":1404.8,"body":"\u003cb\u003eI just want to be on the active side.\u003c/b\u003e"},{"startTime":1405.04,"endTime":1407.48,"body":"\u003cb\u003eSo I don't need to hear your take on that.\u003c/b\u003e"},{"startTime":1407.48,"endTime":1411.16,"body":"\u003cb\u003eWhat would you recommend\u003c/b\u003e"},{"startTime":1407.48,"endTime":1411.16,"body":"\u003cb\u003ebeing an active investor\u003c/b\u003e"},{"startTime":1411.16,"endTime":1414.72,"body":"\u003cb\u003eto begin with,\u003c/b\u003e"},{"startTime":1411.16,"endTime":1414.72,"body":"\u003cb\u003eor just start investing passively for us,\u003c/b\u003e"},{"startTime":1415.0,"endTime":1419.08,"body":"\u003cb\u003eGet the hang of it and then change rules\u003c/b\u003e"},{"startTime":1415.0,"endTime":1419.08,"body":"\u003cb\u003elike you did or I did?\u003c/b\u003e"},{"startTime":1420.92,"endTime":1424.6,"body":"\u003cb\u003eWow. That's a very wide question\u003c/b\u003e"},{"startTime":1425.2,"endTime":1430.12,"body":"\u003cb\u003ebecause there is no single answer\u003c/b\u003e"},{"startTime":1425.2,"endTime":1430.12,"body":"\u003cb\u003ethat will apply to all.\u003c/b\u003e"},{"startTime":1430.68,"endTime":1433.76,"body":"\u003cb\u003eSo I'll try to answer from one segment.\u003c/b\u003e"},{"startTime":1434.04,"endTime":1436.84,"body":"\u003cb\u003eBut understand\u003c/b\u003e"},{"startTime":1434.04,"endTime":1436.84,"body":"\u003cb\u003ethere are multiple layers to this.\u003c/b\u003e"},{"startTime":1438.84,"endTime":1441.16,"body":"\u003cb\u003eMy kids are very young.\u003c/b\u003e"},{"startTime":1441.16,"endTime":1442.2,"body":"\u003cb\u003eI have a six year old.\u003c/b\u003e"},{"startTime":1442.2,"endTime":1444.28,"body":"\u003cb\u003eI have a two year old. Whom.\u003c/b\u003e"},{"startTime":1444.28,"endTime":1445.44,"body":"\u003cb\u003eNo amount of money\u003c/b\u003e"},{"startTime":1446.6,"endTime":1447.88,"body":"\u003cb\u003eis worth\u003c/b\u003e"},{"startTime":1447.88,"endTime":1451.56,"body":"\u003cb\u003elosing all\u003c/b\u003e"},{"startTime":1447.88,"endTime":1451.56,"body":"\u003cb\u003ethe time that I have with them right now.\u003c/b\u003e"},{"startTime":1452.32,"endTime":1454.68,"body":"\u003cb\u003eRight? That's me.\u003c/b\u003e"},{"startTime":1454.68,"endTime":1458.08,"body":"\u003cb\u003eI know a couple of people who still work\u003c/b\u003e"},{"startTime":1458.8,"endTime":1462.12,"body":"\u003cb\u003e16, 18 hours a day at their job\u003c/b\u003e"},{"startTime":1463.0,"endTime":1465.92,"body":"\u003cb\u003eand they have young kids and they come\u003c/b\u003e"},{"startTime":1463.0,"endTime":1465.92,"body":"\u003cb\u003ethey just eat dinner together,\u003c/b\u003e"},{"startTime":1467.2,"endTime":1468.16,"body":"\u003cb\u003ecompare.\u003c/b\u003e"},{"startTime":1468.16,"endTime":1470.88,"body":"\u003cb\u003eSo what is the value of that money?\u003c/b\u003e"},{"startTime":1470.88,"endTime":1473.68,"body":"\u003cb\u003eIf you can be there with your child.\u003c/b\u003e"},{"startTime":1473.76,"endTime":1474.44,"body":"\u003cb\u003eWith their family.\u003c/b\u003e"},{"startTime":1474.44,"endTime":1475.0,"body":"\u003cb\u003eAnd practice?\u003c/b\u003e"},{"startTime":1475.0,"endTime":1479.04,"body":"\u003cb\u003eYou know, right now, everyday\u003c/b\u003e"},{"startTime":1475.0,"endTime":1479.04,"body":"\u003cb\u003eI go take my child to swimming practice.\u003c/b\u003e"},{"startTime":1479.04,"endTime":1481.0,"body":"\u003cb\u003eThat's an hour and a half or deal.\u003c/b\u003e"},{"startTime":1481.0,"endTime":1482.56,"body":"\u003cb\u003eThen we also go for soccer.\u003c/b\u003e"},{"startTime":1482.56,"endTime":1485.52,"body":"\u003cb\u003eThen we play in the\u003c/b\u003e"},{"startTime":1482.56,"endTime":1485.52,"body":"\u003cb\u003ethere's a value in there right now,\u003c/b\u003e"},{"startTime":1486.16,"endTime":1489.4,"body":"\u003cb\u003eactive real estate investing means\u003c/b\u003e"},{"startTime":1490.12,"endTime":1493.04,"body":"\u003cb\u003eyou are doing all the work\u003c/b\u003e"},{"startTime":1493.04,"endTime":1495.84,"body":"\u003cb\u003eat the at the price of something, right.\u003c/b\u003e"},{"startTime":1496.24,"endTime":1497.4,"body":"\u003cb\u003eVersus passive investing.\u003c/b\u003e"},{"startTime":1497.4,"endTime":1499.2,"body":"\u003cb\u003eLet's see if you have a job\u003c/b\u003e"},{"startTime":1497.4,"endTime":1499.2,"body":"\u003cb\u003eor if you have a business.\u003c/b\u003e"},{"startTime":1499.2,"endTime":1503.44,"body":"\u003cb\u003eWhat about that is you put your money\u003c/b\u003e"},{"startTime":1499.2,"endTime":1503.44,"body":"\u003cb\u003eto work and you do your own thing.\u003c/b\u003e"},{"startTime":1503.44,"endTime":1506.04,"body":"\u003cb\u003e6 hours, 8 hours, 10 hours.\u003c/b\u003e"},{"startTime":1503.44,"endTime":1506.04,"body":"\u003cb\u003eSo you have time left.\u003c/b\u003e"},{"startTime":1506.32,"endTime":1509.92,"body":"\u003cb\u003eSo when you ask the question,\u003c/b\u003e"},{"startTime":1506.32,"endTime":1509.92,"body":"\u003cb\u003ewhat's better, active or passive?\u003c/b\u003e"},{"startTime":1509.96,"endTime":1514.48,"body":"\u003cb\u003eWell, it just depends on the person,\u003c/b\u003e"},{"startTime":1509.96,"endTime":1514.48,"body":"\u003cb\u003etheir personal life, how much their value,\u003c/b\u003e"},{"startTime":1514.64,"endTime":1519.28,"body":"\u003cb\u003ethe time, their money goals,\u003c/b\u003e"},{"startTime":1514.64,"endTime":1519.28,"body":"\u003cb\u003etheir ambitions, their long term goals.\u003c/b\u003e"},{"startTime":1520.12,"endTime":1523.12,"body":"\u003cb\u003eI do want to say that there's\u003c/b\u003e"},{"startTime":1520.12,"endTime":1523.12,"body":"\u003cb\u003esomething called compounding effect.\u003c/b\u003e"},{"startTime":1523.24,"endTime":1525.64,"body":"\u003cb\u003eYou know, everybody learned this\u003c/b\u003e"},{"startTime":1523.24,"endTime":1525.64,"body":"\u003cb\u003ein a third grade math,\u003c/b\u003e"},{"startTime":1525.88,"endTime":1529.12,"body":"\u003cb\u003ebut very few actually\u003c/b\u003e"},{"startTime":1525.88,"endTime":1529.12,"body":"\u003cb\u003epracticing their life.\u003c/b\u003e"},{"startTime":1530.08,"endTime":1531.88,"body":"\u003cb\u003eAnd the compounding of it is\u003c/b\u003e"},{"startTime":1531.88,"endTime":1535.56,"body":"\u003cb\u003emore amplified and passive investing\u003c/b\u003e"},{"startTime":1531.88,"endTime":1535.56,"body":"\u003cb\u003eand an active investing.\u003c/b\u003e"},{"startTime":1536.52,"endTime":1537.72,"body":"\u003cb\u003eHow's that?\u003c/b\u003e"},{"startTime":1538.24,"endTime":1540.72,"body":"\u003cb\u003eThat's if somebody has a tech job,\u003c/b\u003e"},{"startTime":1540.72,"endTime":1543.28,"body":"\u003cb\u003elet's say they live where you live in\u003c/b\u003e"},{"startTime":1540.72,"endTime":1543.28,"body":"\u003cb\u003eSan Francisco, where they have\u003c/b\u003e"},{"startTime":1543.28,"endTime":1545.92,"body":"\u003cb\u003ea business, where they have employees\u003c/b\u003e"},{"startTime":1543.28,"endTime":1545.92,"body":"\u003cb\u003eworking in the leveraged.\u003c/b\u003e"},{"startTime":1546.88,"endTime":1549.72,"body":"\u003cb\u003eThey keep on doing this,\u003c/b\u003e"},{"startTime":1546.88,"endTime":1549.72,"body":"\u003cb\u003ebut every year they can invest\u003c/b\u003e"},{"startTime":1549.72,"endTime":1555.04,"body":"\u003cb\u003e100,000, 200,000, whatever\u003c/b\u003e"},{"startTime":1549.72,"endTime":1555.04,"body":"\u003cb\u003etheir capacity is in a passive investment.\u003c/b\u003e"},{"startTime":1555.44,"endTime":1557.32,"body":"\u003cb\u003eEvery year and keep on compounding.\u003c/b\u003e"},{"startTime":1557.32,"endTime":1561.6,"body":"\u003cb\u003eSo the money keeps on churning\u003c/b\u003e"},{"startTime":1557.32,"endTime":1561.6,"body":"\u003cb\u003efrom the business and your money keeps\u003c/b\u003e"},{"startTime":1561.64,"endTime":1565.52,"body":"\u003cb\u003eon churning from the cash\u003c/b\u003e"},{"startTime":1561.64,"endTime":1565.52,"body":"\u003cb\u003eflowing assets right.\u003c/b\u003e"},{"startTime":1565.52,"endTime":1570.52,"body":"\u003cb\u003eAnd they're not putting any time\u003c/b\u003e"},{"startTime":1565.52,"endTime":1570.52,"body":"\u003cb\u003eand they're getting tax advantages,\u003c/b\u003e"},{"startTime":1571.44,"endTime":1572.04,"body":"\u003cb\u003ewhich is this.\u003c/b\u003e"},{"startTime":1572.04,"endTime":1573.44,"body":"\u003cb\u003eSo they're saving more, invest\u003c/b\u003e"},{"startTime":1573.44,"endTime":1576.16,"body":"\u003cb\u003emore, save more, invest more,\u003c/b\u003e"},{"startTime":1573.44,"endTime":1576.16,"body":"\u003cb\u003esave more, invest and keep on doing that.\u003c/b\u003e"},{"startTime":1576.48,"endTime":1580.12,"body":"\u003cb\u003eAnd yet they have the time\u003c/b\u003e"},{"startTime":1576.48,"endTime":1580.12,"body":"\u003cb\u003eto do what they want to do.\u003c/b\u003e"},{"startTime":1581.96,"endTime":1582.28,"body":"\u003cb\u003eRight.\u003c/b\u003e"},{"startTime":1582.76,"endTime":1586.44,"body":"\u003cb\u003eHow do you\u003c/b\u003e"},{"startTime":1582.76,"endTime":1586.44,"body":"\u003cb\u003eand if you can think about this scenario\u003c/b\u003e"},{"startTime":1586.84,"endTime":1589.72,"body":"\u003cb\u003efor ten years,\u003c/b\u003e"},{"startTime":1589.72,"endTime":1592.32,"body":"\u003cb\u003ethe results are far more\u003c/b\u003e"},{"startTime":1593.72,"endTime":1596.52,"body":"\u003cb\u003ethen the time value\u003c/b\u003e"},{"startTime":1596.88,"endTime":1601.32,"body":"\u003cb\u003ethat you have, that the price\u003c/b\u003e"},{"startTime":1596.88,"endTime":1601.32,"body":"\u003cb\u003ethat you pay, losing a lot of money.\u003c/b\u003e"},{"startTime":1601.36,"endTime":1603.76,"body":"\u003cb\u003eSo every person should do this math.\u003c/b\u003e"},{"startTime":1603.76,"endTime":1607.0,"body":"\u003cb\u003eIf money plays a really big role,\u003c/b\u003e"},{"startTime":1603.76,"endTime":1607.0,"body":"\u003cb\u003eyeah, of course.\u003c/b\u003e"},{"startTime":1607.0,"endTime":1608.8,"body":"\u003cb\u003eCome to active investing.\u003c/b\u003e"},{"startTime":1608.8,"endTime":1611.84,"body":"\u003cb\u003eThe the money is great,\u003c/b\u003e"},{"startTime":1608.8,"endTime":1611.84,"body":"\u003cb\u003ebut it comes with the price.\u003c/b\u003e"},{"startTime":1612.04,"endTime":1614.56,"body":"\u003cb\u003eSo that's why I passive invest as well.\u003c/b\u003e"},{"startTime":1615.48,"endTime":1616.44,"body":"\u003cb\u003eMe too.\u003c/b\u003e"},{"startTime":1616.6,"endTime":1618.68,"body":"\u003cb\u003eYeah. We both align.\u003c/b\u003e"},{"startTime":1618.68,"endTime":1620.92,"body":"\u003cb\u003eNo amount of money\u003c/b\u003e"},{"startTime":1618.68,"endTime":1620.92,"body":"\u003cb\u003ein active investing is worth it\u003c/b\u003e"},{"startTime":1621.48,"endTime":1623.8,"body":"\u003cb\u003eand because and that's why passive invest.\u003c/b\u003e"},{"startTime":1623.8,"endTime":1626.32,"body":"\u003cb\u003eSo I hope that answers to the question\u003c/b\u003e"},{"startTime":1623.8,"endTime":1626.32,"body":"\u003cb\u003ebut we can.\u003c/b\u003e"},{"startTime":1626.32,"endTime":1628.68,"body":"\u003cb\u003eThere are multiple layers\u003c/b\u003e"},{"startTime":1626.32,"endTime":1628.68,"body":"\u003cb\u003ein this question.\u003c/b\u003e"},{"startTime":1628.68,"endTime":1631.24,"body":"\u003cb\u003eSo I think you put it very well\u003c/b\u003e"},{"startTime":1628.68,"endTime":1631.24,"body":"\u003cb\u003ebecause the thing is\u003c/b\u003e"},{"startTime":1631.4,"endTime":1633.44,"body":"\u003cb\u003ethere's the intrinsic value of everything.\u003c/b\u003e"},{"startTime":1633.44,"endTime":1636.68,"body":"\u003cb\u003eWhatever you're trying to do,\u003c/b\u003e"},{"startTime":1633.44,"endTime":1636.68,"body":"\u003cb\u003eand then family always come first.\u003c/b\u003e"},{"startTime":1636.68,"endTime":1637.64,"body":"\u003cb\u003eIf you ask anybody\u003c/b\u003e"},{"startTime":1637.64,"endTime":1640.36,"body":"\u003cb\u003ewhat you're passionate about,\u003c/b\u003e"},{"startTime":1637.64,"endTime":1640.36,"body":"\u003cb\u003ethe first thing always going to be family.\u003c/b\u003e"},{"startTime":1640.68,"endTime":1642.72,"body":"\u003cb\u003eI'm passionate about my family.\u003c/b\u003e"},{"startTime":1642.72,"endTime":1645.52,"body":"\u003cb\u003eBut how much do you how much time\u003c/b\u003e"},{"startTime":1642.72,"endTime":1645.52,"body":"\u003cb\u003edo you spend with your family?\u003c/b\u003e"},{"startTime":1645.88,"endTime":1647.0,"body":"\u003cb\u003eThat's our next question.\u003c/b\u003e"},{"startTime":1647.0,"endTime":1651.28,"body":"\u003cb\u003eA lot of times people get so carried away\u003c/b\u003e"},{"startTime":1647.0,"endTime":1651.28,"body":"\u003cb\u003ewith their work, with their job,\u003c/b\u003e"},{"startTime":1651.28,"endTime":1654.88,"body":"\u003cb\u003eor making money or whatever\u003c/b\u003e"},{"startTime":1651.28,"endTime":1654.88,"body":"\u003cb\u003ethey regret later on.\u003c/b\u003e"},{"startTime":1655.36,"endTime":1658.6,"body":"\u003cb\u003eSo but here you have a choice,\u003c/b\u003e"},{"startTime":1655.36,"endTime":1658.6,"body":"\u003cb\u003eyou know, with passive investing.\u003c/b\u003e"},{"startTime":1658.6,"endTime":1664.2,"body":"\u003cb\u003eSo I'm going to ask you to share one successful passive investing example with me.\u003c/b\u003e"},{"startTime":1665.88,"endTime":1666.96,"body":"\u003cb\u003eMy own.\u003c/b\u003e"},{"startTime":1667.08,"endTime":1667.84,"body":"\u003cb\u003eYeah, sure.\u003c/b\u003e"},{"startTime":1667.84,"endTime":1669.76,"body":"\u003cb\u003eOr anybody else.\u003c/b\u003e"},{"startTime":1670.72,"endTime":1672.0,"body":"\u003cb\u003eI think it's probably fair\u003c/b\u003e"},{"startTime":1672.0,"endTime":1675.28,"body":"\u003cb\u003eif I share my own because then I can share\u003c/b\u003e"},{"startTime":1672.0,"endTime":1675.28,"body":"\u003cb\u003emy feelings as well.\u003c/b\u003e"},{"startTime":1675.88,"endTime":1680.36,"body":"\u003cb\u003eMy, my, my first passive investment\u003c/b\u003e"},{"startTime":1675.88,"endTime":1680.36,"body":"\u003cb\u003ewith somebody else.\u003c/b\u003e"},{"startTime":1681.0,"endTime":1683.08,"body":"\u003cb\u003eAnd I have never met them.\u003c/b\u003e"},{"startTime":1683.08,"endTime":1684.8,"body":"\u003cb\u003eBinky in person.\u003c/b\u003e"},{"startTime":1684.8,"endTime":1686.44,"body":"\u003cb\u003eThis was during the Corbett time.\u003c/b\u003e"},{"startTime":1686.44,"endTime":1689.0,"body":"\u003cb\u003eEven if I wanted to meet them,\u003c/b\u003e"},{"startTime":1686.44,"endTime":1689.0,"body":"\u003cb\u003eI cannot meet them\u003c/b\u003e"},{"startTime":1689.0,"endTime":1692.44,"body":"\u003cb\u003eIf this was all electronic,\u003c/b\u003e"},{"startTime":1689.0,"endTime":1692.44,"body":"\u003cb\u003elike zoom over the screen,\u003c/b\u003e"},{"startTime":1692.8,"endTime":1695.0,"body":"\u003cb\u003eI got to know that person\u003c/b\u003e"},{"startTime":1695.64,"endTime":1698.4,"body":"\u003cb\u003ewould like good,\u003c/b\u003e"},{"startTime":1695.64,"endTime":1698.4,"body":"\u003cb\u003elike two months or three months.\u003c/b\u003e"},{"startTime":1698.4,"endTime":1700.56,"body":"\u003cb\u003eI was talking to them every other week.\u003c/b\u003e"},{"startTime":1700.56,"endTime":1704.16,"body":"\u003cb\u003eNow, I could have invested a whole\u003c/b\u003e"},{"startTime":1700.56,"endTime":1704.16,"body":"\u003cb\u003elot more at that time,\u003c/b\u003e"},{"startTime":1704.16,"endTime":1707.88,"body":"\u003cb\u003ebut I chose to invest small\u003c/b\u003e"},{"startTime":1704.16,"endTime":1707.88,"body":"\u003cb\u003ebecause you have that risk, right?\u003c/b\u003e"},{"startTime":1708.28,"endTime":1711.36,"body":"\u003cb\u003eBut once you get to know that person\u003c/b\u003e"},{"startTime":1708.28,"endTime":1711.36,"body":"\u003cb\u003eand I understand\u003c/b\u003e"},{"startTime":1711.72,"endTime":1716.08,"body":"\u003cb\u003etheir opinion about family\u003c/b\u003e"},{"startTime":1711.72,"endTime":1716.08,"body":"\u003cb\u003eand about business opinion about money,\u003c/b\u003e"},{"startTime":1716.44,"endTime":1720.88,"body":"\u003cb\u003ehow they perceive their own money\u003c/b\u003e"},{"startTime":1716.44,"endTime":1720.88,"body":"\u003cb\u003eis what I really wanted to capture.\u003c/b\u003e"},{"startTime":1721.68,"endTime":1726.76,"body":"\u003cb\u003eOnce I got that, I felt comfortable,\u003c/b\u003e"},{"startTime":1721.68,"endTime":1726.76,"body":"\u003cb\u003ethen my money with this person\u003c/b\u003e"},{"startTime":1727.12,"endTime":1730.36,"body":"\u003cb\u003ewould be also taken care of\u003c/b\u003e"},{"startTime":1727.12,"endTime":1730.36,"body":"\u003cb\u003ebecause this person\u003c/b\u003e"},{"startTime":1730.56,"endTime":1735.72,"body":"\u003cb\u003etakes care of his own money in certain\u003c/b\u003e"},{"startTime":1730.56,"endTime":1735.72,"body":"\u003cb\u003eway, the priorities in business sense.\u003c/b\u003e"},{"startTime":1736.16,"endTime":1740.24,"body":"\u003cb\u003eSo the success story is more of\u003c/b\u003e"},{"startTime":1736.16,"endTime":1740.24,"body":"\u003cb\u003ethe journey that I went through.\u003c/b\u003e"},{"startTime":1740.24,"endTime":1745.64,"body":"\u003cb\u003eThat person and not an investment\u003c/b\u003e"},{"startTime":1740.24,"endTime":1745.64,"body":"\u003cb\u003ewill perform if the person performs.\u003c/b\u003e"},{"startTime":1746.16,"endTime":1750.52,"body":"\u003cb\u003eSo my success is the partnership\u003c/b\u003e"},{"startTime":1746.16,"endTime":1750.52,"body":"\u003cb\u003ethat journey of three months,\u003c/b\u003e"},{"startTime":1750.52,"endTime":1751.6,"body":"\u003cb\u003eunderstanding the person.\u003c/b\u003e"},{"startTime":1752.56,"endTime":1755.84,"body":"\u003cb\u003eI like that I really, really like that\u003c/b\u003e"},{"startTime":1752.56,"endTime":1755.84,"body":"\u003cb\u003ebecause I just feel like\u003c/b\u003e"},{"startTime":1756.16,"endTime":1759.52,"body":"\u003cb\u003eexperience is more important\u003c/b\u003e"},{"startTime":1756.16,"endTime":1759.52,"body":"\u003cb\u003ethan anything else.\u003c/b\u003e"},{"startTime":1760.12,"endTime":1763.56,"body":"\u003cb\u003eWhen you're trying to invest\u003c/b\u003e"},{"startTime":1760.12,"endTime":1763.56,"body":"\u003cb\u003eor trying to do something, you're creating\u003c/b\u003e"},{"startTime":1763.56,"endTime":1768.84,"body":"\u003cb\u003eexperience and experience is something\u003c/b\u003e"},{"startTime":1763.56,"endTime":1768.84,"body":"\u003cb\u003ethat you haven't experienced before\u003c/b\u003e"},{"startTime":1768.84,"endTime":1773.44,"body":"\u003cb\u003eor is not part of your knowledge\u003c/b\u003e"},{"startTime":1768.84,"endTime":1773.44,"body":"\u003cb\u003ebase is something new, right?\u003c/b\u003e"},{"startTime":1773.68,"endTime":1777.64,"body":"\u003cb\u003eIf that experience is good,\u003c/b\u003e"},{"startTime":1773.68,"endTime":1777.64,"body":"\u003cb\u003eyou're going to do it over and over again,\u003c/b\u003e"},{"startTime":1778.8,"endTime":1780.16,"body":"\u003cb\u003eand that's what you just shared.\u003c/b\u003e"},{"startTime":1780.16,"endTime":1782.92,"body":"\u003cb\u003eI love that.\u003c/b\u003e"},{"startTime":1780.16,"endTime":1782.92,"body":"\u003cb\u003eThank you. So I think we are out of time.\u003c/b\u003e"},{"startTime":1782.92,"endTime":1785.68,"body":"\u003cb\u003eCan you share one golden\u003c/b\u003e"},{"startTime":1782.92,"endTime":1785.68,"body":"\u003cb\u003enugget with my audience?\u003c/b\u003e"},{"startTime":1785.68,"endTime":1787.4,"body":"\u003cb\u003eBeside whatever you share.\u003c/b\u003e"},{"startTime":1788.08,"endTime":1790.2,"body":"\u003cb\u003eOne golden nugget is stick to your buy\u003c/b\u003e"},{"startTime":1790.2,"endTime":1793.04,"body":"\u003cb\u003ebox, stick to your investment thesis,\u003c/b\u003e"},{"startTime":1790.2,"endTime":1793.04,"body":"\u003cb\u003estick to your financial goals,\u003c/b\u003e"},{"startTime":1793.24,"endTime":1798.88,"body":"\u003cb\u003estick to your financial plans,\u003c/b\u003e"},{"startTime":1793.24,"endTime":1798.88,"body":"\u003cb\u003eTalk to as many sponsors as you can.\u003c/b\u003e"},{"startTime":1799.28,"endTime":1803.28,"body":"\u003cb\u003eIf somebody talks to me\u003c/b\u003e"},{"startTime":1799.28,"endTime":1803.28,"body":"\u003cb\u003eand you versus talks to, let's say, John\u003c/b\u003e"},{"startTime":1803.28,"endTime":1807.12,"body":"\u003cb\u003eor Steve just making up names,\u003c/b\u003e"},{"startTime":1803.28,"endTime":1807.12,"body":"\u003cb\u003ethey will get the perspective\u003c/b\u003e"},{"startTime":1807.12,"endTime":1810.44,"body":"\u003cb\u003eof each person\u003c/b\u003e"},{"startTime":1807.12,"endTime":1810.44,"body":"\u003cb\u003eand continue talking to them, continue\u003c/b\u003e"},{"startTime":1810.44,"endTime":1814.52,"body":"\u003cb\u003efollowing them, continue\u003c/b\u003e"},{"startTime":1810.44,"endTime":1814.52,"body":"\u003cb\u003ereading about them, their perspective,\u003c/b\u003e"},{"startTime":1815.04,"endTime":1820.96,"body":"\u003cb\u003eand you will find the vehicle\u003c/b\u003e"},{"startTime":1815.04,"endTime":1820.96,"body":"\u003cb\u003ewhere you will feel safe with that sponsor\u003c/b\u003e"},{"startTime":1821.08,"endTime":1824.96,"body":"\u003cb\u003ewith your first hundred thousand\u003c/b\u003e"},{"startTime":1821.08,"endTime":1824.96,"body":"\u003cb\u003eor down the line, your first million.\u003c/b\u003e"},{"startTime":1826.4,"endTime":1826.88,"body":"\u003cb\u003eRight?\u003c/b\u003e"},{"startTime":1826.88,"endTime":1827.28,"body":"\u003cb\u003eAwesome.\u003c/b\u003e"},{"startTime":1827.28,"endTime":1829.48,"body":"\u003cb\u003eSo this brings us to our rapid fire round.\u003c/b\u003e"},{"startTime":1829.88,"endTime":1831.32,"body":"\u003cb\u003eI'm going to ask you five questions.\u003c/b\u003e"},{"startTime":1831.32,"endTime":1833.76,"body":"\u003cb\u003eYou're going to answer in one word,\u003c/b\u003e"},{"startTime":1831.32,"endTime":1833.76,"body":"\u003cb\u003eone sentence only.\u003c/b\u003e"},{"startTime":1834.08,"endTime":1835.16,"body":"\u003cb\u003eAre you ready?\u003c/b\u003e"},{"startTime":1835.16,"endTime":1837.36,"body":"\u003cb\u003eOh, boy. Let's do it. Right.\u003c/b\u003e"},{"startTime":1837.4,"endTime":1838.6,"body":"\u003cb\u003eThe first question is\u003c/b\u003e"},{"startTime":1838.6,"endTime":1841.92,"body":"\u003cb\u003ewhat is one of the most important thing\u003c/b\u003e"},{"startTime":1838.6,"endTime":1841.92,"body":"\u003cb\u003ethat you have learned in your life\u003c/b\u003e"},{"startTime":1842.44,"endTime":1844.76,"body":"\u003cb\u003eand how did it change your life\u003c/b\u003e"},{"startTime":1842.44,"endTime":1844.76,"body":"\u003cb\u003eafter learning it?\u003c/b\u003e"},{"startTime":1846.16,"endTime":1848.24,"body":"\u003cb\u003eThere's nothing more valuable than time.\u003c/b\u003e"},{"startTime":1848.96,"endTime":1852.36,"body":"\u003cb\u003eAnd I used to burn time at my job\u003c/b\u003e"},{"startTime":1848.96,"endTime":1852.36,"body":"\u003cb\u003eand my first business\u003c/b\u003e"},{"startTime":1852.36,"endTime":1854.68,"body":"\u003cb\u003ethat my second business\u003c/b\u003e"},{"startTime":1852.36,"endTime":1854.68,"body":"\u003cb\u003ewhen my first child was born.\u003c/b\u003e"},{"startTime":1854.84,"endTime":1856.96,"body":"\u003cb\u003eIt totally changed my perspective.\u003c/b\u003e"},{"startTime":1856.96,"endTime":1859.8,"body":"\u003cb\u003eSo no amount of money is worth\u003c/b\u003e"},{"startTime":1860.6,"endTime":1864.08,"body":"\u003cb\u003ethe the time that you can spend\u003c/b\u003e"},{"startTime":1860.6,"endTime":1864.08,"body":"\u003cb\u003ewith loving things.\u003c/b\u003e"},{"startTime":1864.08,"endTime":1866.2,"body":"\u003cb\u003eWhat you want to do with your family,\u003c/b\u003e"},{"startTime":1864.08,"endTime":1866.2,"body":"\u003cb\u003ebeat your passions.\u003c/b\u003e"},{"startTime":1866.96,"endTime":1867.76,"body":"\u003cb\u003eI love that.\u003c/b\u003e"},{"startTime":1868.88,"endTime":1870.56,"body":"\u003cb\u003eWhat is one best book that\u003c/b\u003e"},{"startTime":1870.56,"endTime":1873.12,"body":"\u003cb\u003eyou have read\u003c/b\u003e"},{"startTime":1870.56,"endTime":1873.12,"body":"\u003cb\u003eand recommend to my audience?\u003c/b\u003e"},{"startTime":1874.08,"endTime":1876.6,"body":"\u003cb\u003eIf you are a business owner,\u003c/b\u003e"},{"startTime":1876.6,"endTime":1879.96,"body":"\u003cb\u003eI strongly suggest starting with E-Myth.\u003c/b\u003e"},{"startTime":1880.2,"endTime":1881.6,"body":"\u003cb\u003eIt's a really old book.\u003c/b\u003e"},{"startTime":1881.6,"endTime":1883.68,"body":"\u003cb\u003eE-Myth and E-Myth Revisited.\u003c/b\u003e"},{"startTime":1883.68,"endTime":1886.12,"body":"\u003cb\u003eAnd if you are a young parent\u003c/b\u003e"},{"startTime":1886.68,"endTime":1889.08,"body":"\u003cb\u003eand you have kids and it's about parenting\u003c/b\u003e"},{"startTime":1889.36,"endTime":1892.24,"body":"\u003cb\u003eand it talks about how to talk to kids,\u003c/b\u003e"},{"startTime":1892.24,"endTime":1894.52,"body":"\u003cb\u003eso they listen and how to listen\u003c/b\u003e"},{"startTime":1892.24,"endTime":1894.52,"body":"\u003cb\u003eso they can talk.\u003c/b\u003e"},{"startTime":1895.28,"endTime":1896.4,"body":"\u003cb\u003eWonderful book.\u003c/b\u003e"},{"startTime":1896.4,"endTime":1901.28,"body":"\u003cb\u003eAnd you can actually apply this\u003c/b\u003e"},{"startTime":1896.4,"endTime":1901.28,"body":"\u003cb\u003eparenting book if you have a team\u003c/b\u003e"},{"startTime":1901.28,"endTime":1905.2,"body":"\u003cb\u003eand you can apply the principles from this\u003c/b\u003e"},{"startTime":1901.28,"endTime":1905.2,"body":"\u003cb\u003ebook to your business team as well.\u003c/b\u003e"},{"startTime":1905.64,"endTime":1907.8,"body":"\u003cb\u003eExactly. That's what I was thinking.\u003c/b\u003e"},{"startTime":1907.8,"endTime":1909.48,"body":"\u003cb\u003eAnd it's all about listening.\u003c/b\u003e"},{"startTime":1909.48,"endTime":1912.6,"body":"\u003cb\u003eHow carefully you're listening\u003c/b\u003e"},{"startTime":1909.48,"endTime":1912.6,"body":"\u003cb\u003eand asking the right questions.\u003c/b\u003e"},{"startTime":1912.84,"endTime":1913.96,"body":"\u003cb\u003eI love that.\u003c/b\u003e"},{"startTime":1913.96,"endTime":1915.84,"body":"\u003cb\u003eIn one word, what does life mean to you?\u003c/b\u003e"},{"startTime":1916.32,"endTime":1917.12,"body":"\u003cb\u003eHappiness.\u003c/b\u003e"},{"startTime":1918.0,"endTime":1920.12,"body":"\u003cb\u003eWhat is your biggest passion\u003c/b\u003e"},{"startTime":1920.16,"endTime":1920.88,"body":"\u003cb\u003ein business?\u003c/b\u003e"},{"startTime":1920.88,"endTime":1928.04,"body":"\u003cb\u003eI really enjoy now helping other investors\u003c/b\u003e"},{"startTime":1920.88,"endTime":1928.04,"body":"\u003cb\u003eor people invest in real estate,\u003c/b\u003e"},{"startTime":1928.2,"endTime":1933.36,"body":"\u003cb\u003eand when they get their first passive\u003c/b\u003e"},{"startTime":1928.2,"endTime":1933.36,"body":"\u003cb\u003eincome and they send me a text like Winky\u003c/b\u003e"},{"startTime":1933.4,"endTime":1938.12,"body":"\u003cb\u003ethat really like brings so much power\u003c/b\u003e"},{"startTime":1933.4,"endTime":1938.12,"body":"\u003cb\u003ein my heart that I want to do it again.\u003c/b\u003e"},{"startTime":1939.16,"endTime":1942.28,"body":"\u003cb\u003eWhen it comes to my family\u003c/b\u003e"},{"startTime":1939.16,"endTime":1942.28,"body":"\u003cb\u003eand my friends and my loved ones.\u003c/b\u003e"},{"startTime":1942.72,"endTime":1946.68,"body":"\u003cb\u003eIt's the the time spent on unplanned\u003c/b\u003e"},{"startTime":1947.0,"endTime":1951.44,"body":"\u003cb\u003eafternoons and evenings over coffee\u003c/b\u003e"},{"startTime":1947.0,"endTime":1951.44,"body":"\u003cb\u003eor tea or wine.\u003c/b\u003e"},{"startTime":1951.44,"endTime":1954.24,"body":"\u003cb\u003eSo I just. Invaluable.\u003c/b\u003e"},{"startTime":1954.24,"endTime":1955.8,"body":"\u003cb\u003eThat's invaluable.\u003c/b\u003e"},{"startTime":1955.8,"endTime":1957.48,"body":"\u003cb\u003eThose are the good memories,\u003c/b\u003e"},{"startTime":1957.48,"endTime":1957.8,"body":"\u003cb\u003eThose are the good memories,\u003c/b\u003e"},{"startTime":1957.8,"endTime":1960.12,"body":"\u003cb\u003egood start, good experience\u003c/b\u003e"},{"startTime":1957.8,"endTime":1960.12,"body":"\u003cb\u003ethat they're creating power.\u003c/b\u003e"},{"startTime":1960.12,"endTime":1961.28,"body":"\u003cb\u003eSo love that if you could turn back\u003c/b\u003e"},{"startTime":1960.12,"endTime":1961.28,"body":"\u003cb\u003ein time and talk to your younger self,\u003c/b\u003e"},{"startTime":1961.28,"endTime":1964.72,"body":"\u003cb\u003eSo love that if you could turn back\u003c/b\u003e"},{"startTime":1961.28,"endTime":1964.72,"body":"\u003cb\u003ein time and talk to your younger self,\u003c/b\u003e"},{"startTime":1965.4,"endTime":1967.8,"body":"\u003cb\u003ewhat would that be and why?\u003c/b\u003e"},{"startTime":1969.32,"endTime":1971.16,"body":"\u003cb\u003eI would tell myself, Don't be scared.\u003c/b\u003e"},{"startTime":1972.28,"endTime":1975.52,"body":"\u003cb\u003eYou know, when I was at my job,\u003c/b\u003e"},{"startTime":1972.28,"endTime":1975.52,"body":"\u003cb\u003eI was an immigrant.\u003c/b\u003e"},{"startTime":1975.52,"endTime":1978.88,"body":"\u003cb\u003eSo there was a fear of immigration status,\u003c/b\u003e"},{"startTime":1975.52,"endTime":1978.88,"body":"\u003cb\u003eand then there was a fear\u003c/b\u003e"},{"startTime":1978.88,"endTime":1980.88,"body":"\u003cb\u003eof losing a job. Fear of losing the money.\u003c/b\u003e"},{"startTime":1980.92,"endTime":1982.12,"body":"\u003cb\u003eFear, fear, fear.\u003c/b\u003e"},{"startTime":1982.12,"endTime":1984.16,"body":"\u003cb\u003eLike there was I was filled with fear.\u003c/b\u003e"},{"startTime":1984.68,"endTime":1990.2,"body":"\u003cb\u003eI was ambitious,\u003c/b\u003e"},{"startTime":1984.68,"endTime":1990.2,"body":"\u003cb\u003ebut my actions were not because that\u003c/b\u003e"},{"startTime":1990.24,"endTime":1995.4,"body":"\u003cb\u003eI want to grow fast or rather,\u003c/b\u003e"},{"startTime":1990.24,"endTime":1995.4,"body":"\u003cb\u003eI don't want to lose fast or lose it.\u003c/b\u003e"},{"startTime":1995.4,"endTime":1996.96,"body":"\u003cb\u003eRight? So it was fear driven.\u003c/b\u003e"},{"startTime":1996.96,"endTime":2000.44,"body":"\u003cb\u003eOnce I made the shift\u003c/b\u003e"},{"startTime":1996.96,"endTime":2000.44,"body":"\u003cb\u003eand started believing in myself.\u003c/b\u003e"},{"startTime":2001.64,"endTime":2004.48,"body":"\u003cb\u003eAnd that was my first investment\u003c/b\u003e"},{"startTime":2001.64,"endTime":2004.48,"body":"\u003cb\u003eand the business journey,\u003c/b\u003e"},{"startTime":2005.28,"endTime":2008.6,"body":"\u003cb\u003eI started seeing things\u003c/b\u003e"},{"startTime":2005.28,"endTime":2008.6,"body":"\u003cb\u003ein a very different way.\u003c/b\u003e"},{"startTime":2009.44,"endTime":2011.24,"body":"\u003cb\u003eSo don't fear.\u003c/b\u003e"},{"startTime":2011.36,"endTime":2012.16,"body":"\u003cb\u003eWhy I love that.\u003c/b\u003e"},{"startTime":2012.16,"endTime":2014.52,"body":"\u003cb\u003eI mean, been there, done\u003c/b\u003e"},{"startTime":2012.16,"endTime":2014.52,"body":"\u003cb\u003ethat kind of thing, you know,\u003c/b\u003e"},{"startTime":2014.56,"endTime":2018.44,"body":"\u003cb\u003efor everybody, you know,\u003c/b\u003e"},{"startTime":2014.56,"endTime":2018.44,"body":"\u003cb\u003ebecause we complicate our lives.\u003c/b\u003e"},{"startTime":2018.44,"endTime":2020.84,"body":"\u003cb\u003eLife is very simple.\u003c/b\u003e"},{"startTime":2018.44,"endTime":2020.84,"body":"\u003cb\u003eIt's a smooth sailing.\u003c/b\u003e"},{"startTime":2021.24,"endTime":2023.84,"body":"\u003cb\u003eIf you just two step process\u003c/b\u003e"},{"startTime":2021.24,"endTime":2023.84,"body":"\u003cb\u003eand keep on walking.\u003c/b\u003e"},{"startTime":2024.32,"endTime":2027.04,"body":"\u003cb\u003eSo how can people reach out to you\u003c/b\u003e"},{"startTime":2024.32,"endTime":2027.04,"body":"\u003cb\u003eand all.\u003c/b\u003e"},{"startTime":2027.04,"endTime":2029.72,"body":"\u003cb\u003eThe best way\u003c/b\u003e"},{"startTime":2027.04,"endTime":2029.72,"body":"\u003cb\u003eto reach out to me is on LinkedIn,\u003c/b\u003e"},{"startTime":2030.76,"endTime":2033.48,"body":"\u003cb\u003emy full name can all be one on LinkedIn.\u003c/b\u003e"},{"startTime":2033.48,"endTime":2034.2,"body":"\u003cb\u003emy full name can all be one on LinkedIn.\u003c/b\u003e"},{"startTime":2034.2,"endTime":2034.72,"body":"\u003cb\u003eOh my God.\u003c/b\u003e"},{"startTime":2034.72,"endTime":2036.8,"body":"\u003cb\u003eThat was a really,\u003c/b\u003e"},{"startTime":2034.72,"endTime":2036.8,"body":"\u003cb\u003ereally good conversation today.\u003c/b\u003e"},{"startTime":2036.8,"endTime":2038.92,"body":"\u003cb\u003eI really enjoyed the show with you today.\u003c/b\u003e"},{"startTime":2039.24,"endTime":2042.0,"body":"\u003cb\u003eIt's a pleasure\u003c/b\u003e"},{"startTime":2039.24,"endTime":2042.0,"body":"\u003cb\u003ebeing always great chatting with you.\u003c/b\u003e"},{"startTime":2042.0,"endTime":2045.6,"body":"\u003cb\u003eYou have this power\u003c/b\u003e"},{"startTime":2042.0,"endTime":2045.6,"body":"\u003cb\u003eof asking great questions, so\u003c/b\u003e"}]}