{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":0.04,"endTime":2.65,"body":"Hey, welcome back"},{"speaker":"Average Joe Finances","startTime":0.04,"endTime":2.65,"body":"to the average Joe finances podcast."},{"speaker":"Average Joe Finances","startTime":2.65,"endTime":7.03,"body":"I'm your host, Mike Cavaggioni and"},{"speaker":"Average Joe Finances","startTime":2.65,"endTime":7.03,"body":"today's guest is Stefan Tsvetkov."},{"speaker":"Average Joe Finances","startTime":7.21,"endTime":9.46,"body":"So Stephan, super excited"},{"speaker":"Average Joe Finances","startTime":7.21,"endTime":9.46,"body":"to have you on the show."},{"speaker":"Average Joe Finances","startTime":9.46,"endTime":10.54,"body":"Thanks for joining me today."},{"speaker":"Stefan Tsvetkov","startTime":10.608,"endTime":11.953,"body":"Thanks"},{"speaker":"Stefan Tsvetkov","startTime":10.608,"endTime":11.953,"body":"for having me on Mike."},{"speaker":"Stefan Tsvetkov","startTime":12.253,"endTime":12.853,"body":"My pleasure."},{"speaker":"Average Joe Finances","startTime":13.213,"endTime":13.453,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":13.453,"endTime":13.843,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":13.858,"endTime":17.218,"body":"Hey, I'd like to start this off the"},{"speaker":"Average Joe Finances","startTime":13.858,"endTime":17.218,"body":"same way I start every podcast episode"},{"speaker":"Average Joe Finances","startTime":17.218,"endTime":19.018,"body":"off and we wanna know about you."},{"speaker":"Average Joe Finances","startTime":19.318,"endTime":21.898,"body":"So if you could share a little"},{"speaker":"Average Joe Finances","startTime":19.318,"endTime":21.898,"body":"bit about yourself, share your"},{"speaker":"Average Joe Finances","startTime":21.903,"endTime":25.224,"body":"background, how did you get started,"},{"speaker":"Average Joe Finances","startTime":21.903,"endTime":25.224,"body":"especially in the real estate side."},{"speaker":"Average Joe Finances","startTime":25.224,"endTime":26.627,"body":"So how did this all work out for you?"},{"speaker":"Stefan Tsvetkov","startTime":26.631,"endTime":30.723,"body":"Yeah, so myself, so"},{"speaker":"Stefan Tsvetkov","startTime":26.631,"endTime":30.723,"body":"I'm financial engineer, originally."},{"speaker":"Stefan Tsvetkov","startTime":30.723,"endTime":34.13,"body":"So I had a prior career in finance"},{"speaker":"Stefan Tsvetkov","startTime":30.723,"endTime":34.13,"body":"and I moved a financial engineer,"},{"speaker":"Stefan Tsvetkov","startTime":34.13,"endTime":35.79,"body":"turned real estate investor."},{"speaker":"Stefan Tsvetkov","startTime":35.815,"endTime":41.318,"body":"So I came to the us at 22, Eastern"},{"speaker":"Stefan Tsvetkov","startTime":35.815,"endTime":41.318,"body":"European originally, I went to grad"},{"speaker":"Stefan Tsvetkov","startTime":41.318,"endTime":44.282,"body":"school at Columbia in New York City."},{"speaker":"Stefan Tsvetkov","startTime":44.282,"endTime":47.766,"body":"And I worked like a typical route"},{"speaker":"Stefan Tsvetkov","startTime":44.282,"endTime":47.766,"body":"working for about a decade in finance."},{"speaker":"Stefan Tsvetkov","startTime":48.516,"endTime":52.491,"body":"The recent few years, I've been a"},{"speaker":"Stefan Tsvetkov","startTime":48.516,"endTime":52.491,"body":"real estate and I am founder of a data"},{"speaker":"Stefan Tsvetkov","startTime":52.491,"endTime":54.649,"body":"analytics company called RealtyQuant."},{"speaker":"Average Joe Finances","startTime":54.649,"endTime":55.098,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":55.098,"endTime":55.548,"body":"All right."},{"speaker":"Average Joe Finances","startTime":55.728,"endTime":59.031,"body":"Short and sweet, but it hits all the"},{"speaker":"Average Joe Finances","startTime":55.728,"endTime":59.031,"body":"points of what we're looking for."},{"speaker":"Average Joe Finances","startTime":59.031,"endTime":63.265,"body":"Came to the us at the age of 22, worked"},{"speaker":"Average Joe Finances","startTime":59.031,"endTime":63.265,"body":"for a decade as a financial engineer."},{"speaker":"Average Joe Finances","startTime":63.286,"endTime":66.695,"body":"And then you started, your own"},{"speaker":"Average Joe Finances","startTime":63.286,"endTime":66.695,"body":"company called RealtyQuant, right?"},{"speaker":"Average Joe Finances","startTime":66.752,"endTime":70.045,"body":"I'd like to talk about that a"},{"speaker":"Average Joe Finances","startTime":66.752,"endTime":70.045,"body":"little bit about what RealtyQuant's"},{"speaker":"Average Joe Finances","startTime":70.045,"endTime":71.375,"body":"all about, what you guys do."},{"speaker":"Average Joe Finances","startTime":71.38,"endTime":73.697,"body":"I Know that a lot of"},{"speaker":"Average Joe Finances","startTime":71.38,"endTime":73.697,"body":"it's very data driven."},{"speaker":"Average Joe Finances","startTime":73.764,"endTime":77.187,"body":"So if you could share with us, what is"},{"speaker":"Average Joe Finances","startTime":73.764,"endTime":77.187,"body":"the whole thing behind Realty Quant?"},{"speaker":"Stefan Tsvetkov","startTime":77.211,"endTime":77.391,"body":"Yeah."},{"speaker":"Stefan Tsvetkov","startTime":77.391,"endTime":80.647,"body":"So RealtyQuant is really,"},{"speaker":"Stefan Tsvetkov","startTime":77.391,"endTime":80.647,"body":"that's a driven real estate."},{"speaker":"Stefan Tsvetkov","startTime":80.677,"endTime":82.387,"body":"That's a driven quantities real estate."},{"speaker":"Stefan Tsvetkov","startTime":82.747,"endTime":87.304,"body":"So it's a set of methods, techniques"},{"speaker":"Stefan Tsvetkov","startTime":82.747,"endTime":87.304,"body":"for like real estate investing that"},{"speaker":"Stefan Tsvetkov","startTime":87.304,"endTime":92.422,"body":"primarily myself and have built in"},{"speaker":"Stefan Tsvetkov","startTime":87.304,"endTime":92.422,"body":"house for my own real estate investing."},{"speaker":"Stefan Tsvetkov","startTime":93.467,"endTime":97.199,"body":"And so it's really, it's if you think"},{"speaker":"Stefan Tsvetkov","startTime":93.467,"endTime":97.199,"body":"of a hedge fund and they're investing,"},{"speaker":"Stefan Tsvetkov","startTime":97.359,"endTime":99.979,"body":"they have their strategies, their"},{"speaker":"Stefan Tsvetkov","startTime":97.359,"endTime":99.979,"body":"investment strategy and so forth,"},{"speaker":"Stefan Tsvetkov","startTime":99.979,"endTime":101.719,"body":"and perhaps they're using data."},{"speaker":"Stefan Tsvetkov","startTime":102.019,"endTime":106.947,"body":"So it's really building a ton of"},{"speaker":"Stefan Tsvetkov","startTime":102.019,"endTime":106.947,"body":"code, like Python codes and so forth,"},{"speaker":"Stefan Tsvetkov","startTime":106.947,"endTime":111.959,"body":"like in house to analyze properties,"},{"speaker":"Stefan Tsvetkov","startTime":106.947,"endTime":111.959,"body":"analyze markets and derive like"},{"speaker":"Stefan Tsvetkov","startTime":111.959,"endTime":116.306,"body":"the best investment decisions, find"},{"speaker":"Stefan Tsvetkov","startTime":111.959,"endTime":116.306,"body":"the best markets in the us, find"},{"speaker":"Stefan Tsvetkov","startTime":116.333,"endTime":121.116,"body":"undervalued residential, commercial"},{"speaker":"Stefan Tsvetkov","startTime":116.333,"endTime":121.116,"body":"multi-family properties and so forth."},{"speaker":"Stefan Tsvetkov","startTime":121.116,"endTime":126.089,"body":"So it's just it's really like an"},{"speaker":"Stefan Tsvetkov","startTime":121.116,"endTime":126.089,"body":"analytical data driven approach to that."},{"speaker":"Stefan Tsvetkov","startTime":126.159,"endTime":128.589,"body":"So we publish market valuations data."},{"speaker":"Stefan Tsvetkov","startTime":128.589,"endTime":133.725,"body":"So for every count in US so what"},{"speaker":"Stefan Tsvetkov","startTime":128.589,"endTime":133.725,"body":"that means is just basically which"},{"speaker":"Stefan Tsvetkov","startTime":133.725,"endTime":135.625,"body":"markets are over, under fairly valued."},{"speaker":"Stefan Tsvetkov","startTime":135.975,"endTime":137.115,"body":"So that's like fundamental honor."},{"speaker":"Stefan Tsvetkov","startTime":137.115,"endTime":139.395,"body":"That's one thing that is out"},{"speaker":"Stefan Tsvetkov","startTime":137.115,"endTime":139.395,"body":"there for people to see it."},{"speaker":"Stefan Tsvetkov","startTime":139.438,"endTime":140.788,"body":"realtyquant.com."},{"speaker":"Stefan Tsvetkov","startTime":141.256,"endTime":144.162,"body":"So that's available for 2,700 US counties."},{"speaker":"Stefan Tsvetkov","startTime":144.222,"endTime":149.541,"body":"So we can look up, let's say whichever"},{"speaker":"Stefan Tsvetkov","startTime":144.222,"endTime":149.541,"body":"account in Florida or Texas or other"},{"speaker":"Stefan Tsvetkov","startTime":149.541,"endTime":153.801,"body":"price, if it's over valued, undervalued"},{"speaker":"Stefan Tsvetkov","startTime":149.541,"endTime":153.801,"body":"based on fundamental historic analysis."},{"speaker":"Stefan Tsvetkov","startTime":153.801,"endTime":157.579,"body":"And that's actually something"},{"speaker":"Stefan Tsvetkov","startTime":153.801,"endTime":157.579,"body":"that's been very high predictiveness"},{"speaker":"Stefan Tsvetkov","startTime":157.579,"endTime":161.303,"body":"after the global financial crisis"},{"speaker":"Stefan Tsvetkov","startTime":157.579,"endTime":161.303,"body":"as well as prior to recessions."},{"speaker":"Stefan Tsvetkov","startTime":161.303,"endTime":165.683,"body":"So it's back studied against three"},{"speaker":"Stefan Tsvetkov","startTime":161.303,"endTime":165.683,"body":"recessions actually as to how well"},{"speaker":"Stefan Tsvetkov","startTime":165.683,"endTime":167.64,"body":"it's predicting over variation."},{"speaker":"Stefan Tsvetkov","startTime":168.495,"endTime":169.314,"body":"And that's one thing."},{"speaker":"Stefan Tsvetkov","startTime":169.404,"endTime":173.494,"body":"And the property side is just various"},{"speaker":"Stefan Tsvetkov","startTime":169.404,"endTime":173.494,"body":"other methods of machine learning."},{"speaker":"Stefan Tsvetkov","startTime":173.494,"endTime":178.67,"body":"They do like financial modeling based on"},{"speaker":"Stefan Tsvetkov","startTime":173.494,"endTime":178.67,"body":"rental listings data for basically every"},{"speaker":"Stefan Tsvetkov","startTime":178.67,"endTime":180.38,"body":"commercial multifamily in the country."},{"speaker":"Stefan Tsvetkov","startTime":181.07,"endTime":184.907,"body":"So that's a product that's coming"},{"speaker":"Stefan Tsvetkov","startTime":181.07,"endTime":184.907,"body":"up for RealtyQuant some textual"},{"speaker":"Stefan Tsvetkov","startTime":184.907,"endTime":189.631,"body":"property intelligence, like deriving"},{"speaker":"Stefan Tsvetkov","startTime":184.907,"endTime":189.631,"body":"kind of an automated underwriting"},{"speaker":"Stefan Tsvetkov","startTime":189.691,"endTime":193.351,"body":"module deriving like insights from"},{"speaker":"Stefan Tsvetkov","startTime":189.691,"endTime":193.351,"body":"your reading property descriptions."},{"speaker":"Stefan Tsvetkov","startTime":193.351,"endTime":196.677,"body":"If you have thousands to read, can"},{"speaker":"Stefan Tsvetkov","startTime":193.351,"endTime":196.677,"body":"you derive like what's the condition"},{"speaker":"Stefan Tsvetkov","startTime":196.677,"endTime":200.927,"body":"of those properties based on what is"},{"speaker":"Stefan Tsvetkov","startTime":196.677,"endTime":200.927,"body":"stated there, like other parameters,"},{"speaker":"Stefan Tsvetkov","startTime":201.137,"endTime":205.894,"body":"so natural language processing, textual"},{"speaker":"Stefan Tsvetkov","startTime":201.137,"endTime":205.894,"body":"processing, textual property intelligence."},{"speaker":"Stefan Tsvetkov","startTime":206.194,"endTime":208.444,"body":"Those are like different"},{"speaker":"Stefan Tsvetkov","startTime":206.194,"endTime":208.444,"body":"things like in house."},{"speaker":"Stefan Tsvetkov","startTime":208.51,"endTime":213.16,"body":"We have our own AVM and AVM, like just for"},{"speaker":"Stefan Tsvetkov","startTime":208.51,"endTime":213.16,"body":"your audience, like ultimate evaluation."},{"speaker":"Stefan Tsvetkov","startTime":213.28,"endTime":215.08,"body":"It's basically what zero's estimate is."},{"speaker":"Stefan Tsvetkov","startTime":215.68,"endTime":219.64,"body":"So I have like my own kind of relatively"},{"speaker":"Stefan Tsvetkov","startTime":215.68,"endTime":219.64,"body":"simple AVM that I use in house to"},{"speaker":"Stefan Tsvetkov","startTime":219.64,"endTime":224.98,"body":"discover like some pricing efficiency,"},{"speaker":"Stefan Tsvetkov","startTime":219.64,"endTime":224.98,"body":"more from my like residential investing"},{"speaker":"Stefan Tsvetkov","startTime":225.22,"endTime":228.922,"body":"primarily, but I've been more focused"},{"speaker":"Stefan Tsvetkov","startTime":225.22,"endTime":228.922,"body":"on commercial recently in the Midwest."},{"speaker":"Stefan Tsvetkov","startTime":228.922,"endTime":229.132,"body":"So.."},{"speaker":"Average Joe Finances","startTime":229.197,"endTime":230.037,"body":"Yeah, no, that's great."},{"speaker":"Average Joe Finances","startTime":230.037,"endTime":233.548,"body":"So you're basically pulling"},{"speaker":"Average Joe Finances","startTime":230.037,"endTime":233.548,"body":"all this data, right?"},{"speaker":"Average Joe Finances","startTime":233.548,"endTime":236.578,"body":"All this real estate data and"},{"speaker":"Average Joe Finances","startTime":233.548,"endTime":236.578,"body":"putting it all together in this one"},{"speaker":"Average Joe Finances","startTime":236.578,"endTime":240.891,"body":"spot, that's gonna tell you if an"},{"speaker":"Average Joe Finances","startTime":236.578,"endTime":240.891,"body":"area is overvalued or undervalued."},{"speaker":"Average Joe Finances","startTime":240.895,"endTime":242.515,"body":"Is that like kind of the gist of it?"},{"speaker":"Stefan Tsvetkov","startTime":242.519,"endTime":244.949,"body":"That's on the"},{"speaker":"Stefan Tsvetkov","startTime":242.519,"endTime":244.949,"body":"market side, it's just, yeah."},{"speaker":"Stefan Tsvetkov","startTime":244.949,"endTime":248.478,"body":"Pulling all governmental data for"},{"speaker":"Stefan Tsvetkov","startTime":244.949,"endTime":248.478,"body":"income population, housing support,"},{"speaker":"Stefan Tsvetkov","startTime":248.478,"endTime":253.89,"body":"and just deriving like a statistically"},{"speaker":"Stefan Tsvetkov","startTime":248.478,"endTime":253.89,"body":"valid estimate based on the prior"},{"speaker":"Stefan Tsvetkov","startTime":253.89,"endTime":258.48,"body":"sessions, if the market is over"},{"speaker":"Stefan Tsvetkov","startTime":253.89,"endTime":258.48,"body":"by what percent is 20% overvalued?"},{"speaker":"Stefan Tsvetkov","startTime":258.48,"endTime":260.41,"body":"Is it 10% undervalued?"},{"speaker":"Stefan Tsvetkov","startTime":260.449,"endTime":264.233,"body":"And that's when the market said that's"},{"speaker":"Stefan Tsvetkov","startTime":260.449,"endTime":264.233,"body":"a fairly, that's the market side."},{"speaker":"Stefan Tsvetkov","startTime":264.263,"endTime":266.813,"body":"And then on the property side is"},{"speaker":"Stefan Tsvetkov","startTime":264.263,"endTime":266.813,"body":"just like getting more property"},{"speaker":"Stefan Tsvetkov","startTime":266.813,"endTime":270.278,"body":"analytics, like doing automated"},{"speaker":"Stefan Tsvetkov","startTime":266.813,"endTime":270.278,"body":"underwriting for properties, basically."},{"speaker":"Stefan Tsvetkov","startTime":270.281,"endTime":273.69,"body":"Like pooling thousands of"},{"speaker":"Stefan Tsvetkov","startTime":270.281,"endTime":273.69,"body":"listings and underwriting them"},{"speaker":"Stefan Tsvetkov","startTime":274.17,"endTime":275.85,"body":"on the commercial side as well."},{"speaker":"Stefan Tsvetkov","startTime":275.88,"endTime":276.96,"body":"It's a little bit challenging."},{"speaker":"Stefan Tsvetkov","startTime":276.965,"endTime":281.036,"body":"But like for off market commercial, it's"},{"speaker":"Stefan Tsvetkov","startTime":276.965,"endTime":281.036,"body":"very doable based on, in the preliminary"},{"speaker":"Stefan Tsvetkov","startTime":281.036,"endTime":282.476,"body":"sense, based on their rental listing data."},{"speaker":"Stefan Tsvetkov","startTime":282.476,"endTime":284.016,"body":"So that's another thing working on."},{"speaker":"Stefan Tsvetkov","startTime":284.021,"endTime":289.886,"body":"So it's just like a lot of different"},{"speaker":"Stefan Tsvetkov","startTime":284.021,"endTime":289.886,"body":"like data products and analytics to"},{"speaker":"Stefan Tsvetkov","startTime":290.036,"endTime":295.586,"body":"help on one side myself as my own"},{"speaker":"Stefan Tsvetkov","startTime":290.036,"endTime":295.586,"body":"investment firm and on the other"},{"speaker":"Stefan Tsvetkov","startTime":295.586,"endTime":297.216,"body":"side, other investors as well."},{"speaker":"Average Joe Finances","startTime":297.228,"endTime":297.578,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":297.638,"endTime":298.278,"body":"Yeah, that's fair."},{"speaker":"Average Joe Finances","startTime":298.278,"endTime":300.919,"body":"So actually, I wanna talk about that"},{"speaker":"Average Joe Finances","startTime":298.278,"endTime":300.919,"body":"a little bit too, about the actual"},{"speaker":"Average Joe Finances","startTime":300.919,"endTime":303.493,"body":"whole data driven investing in general."},{"speaker":"Average Joe Finances","startTime":303.493,"endTime":305.774,"body":"So what is data driven"},{"speaker":"Average Joe Finances","startTime":303.493,"endTime":305.774,"body":"real estate investing?"},{"speaker":"Stefan Tsvetkov","startTime":306.674,"endTime":307.694,"body":"It's a great question."},{"speaker":"Stefan Tsvetkov","startTime":307.694,"endTime":307.904,"body":"Yeah."},{"speaker":"Stefan Tsvetkov","startTime":307.904,"endTime":311.504,"body":"That investment, it's really"},{"speaker":"Stefan Tsvetkov","startTime":307.904,"endTime":311.504,"body":"a mindset I would say."},{"speaker":"Stefan Tsvetkov","startTime":311.834,"endTime":314.979,"body":"It's just like having the mindset"},{"speaker":"Stefan Tsvetkov","startTime":311.834,"endTime":314.979,"body":"that  okay, you can automate all"},{"speaker":"Stefan Tsvetkov","startTime":314.984,"endTime":316.394,"body":"of the stuff that you can do."},{"speaker":"Stefan Tsvetkov","startTime":316.708,"endTime":322.082,"body":"Analyze properties and markets at"},{"speaker":"Stefan Tsvetkov","startTime":316.708,"endTime":322.082,"body":"scale as opposed to what is the"},{"speaker":"Stefan Tsvetkov","startTime":322.082,"endTime":325.412,"body":"more typical notion in real estate"},{"speaker":"Stefan Tsvetkov","startTime":322.082,"endTime":325.412,"body":"that real estate is hyper local."},{"speaker":"Stefan Tsvetkov","startTime":325.414,"endTime":328.84,"body":"Now for something that's hyperlocal"},{"speaker":"Stefan Tsvetkov","startTime":325.414,"endTime":328.84,"body":"there is data driven techniques."},{"speaker":"Stefan Tsvetkov","startTime":328.84,"endTime":333.669,"body":"Let's say like neighborhood appreciation,"},{"speaker":"Stefan Tsvetkov","startTime":328.84,"endTime":333.669,"body":"predictions, like hyperlocal thing, but"},{"speaker":"Stefan Tsvetkov","startTime":333.789,"endTime":337.408,"body":"generally, like you think of you are"},{"speaker":"Stefan Tsvetkov","startTime":333.789,"endTime":337.408,"body":"investing in your own backyard, so to say,"},{"speaker":"Stefan Tsvetkov","startTime":337.456,"endTime":342.541,"body":"like in your own neighborhood, technically"},{"speaker":"Stefan Tsvetkov","startTime":337.456,"endTime":342.541,"body":"that's kind of the other comparison for"},{"speaker":"Stefan Tsvetkov","startTime":342.541,"endTime":345.721,"body":"something that's well, not data driven,"},{"speaker":"Stefan Tsvetkov","startTime":342.541,"endTime":345.721,"body":"cause you're not really analyzing markets."},{"speaker":"Stefan Tsvetkov","startTime":345.721,"endTime":350.191,"body":"You're not really analyzing perhaps"},{"speaker":"Stefan Tsvetkov","startTime":345.721,"endTime":350.191,"body":"even properties so much at scale"},{"speaker":"Stefan Tsvetkov","startTime":350.221,"endTime":352.411,"body":"or cross multiple strategies."},{"speaker":"Stefan Tsvetkov","startTime":352.921,"endTime":354.031,"body":"And here it's really okay."},{"speaker":"Stefan Tsvetkov","startTime":354.031,"endTime":358.127,"body":"You are gonna pull out like thousands"},{"speaker":"Stefan Tsvetkov","startTime":354.031,"endTime":358.127,"body":"and thousands of market or on market,"},{"speaker":"Stefan Tsvetkov","startTime":358.127,"endTime":361.334,"body":"like various data points and try"},{"speaker":"Stefan Tsvetkov","startTime":358.127,"endTime":361.334,"body":"to find like properties this way."},{"speaker":"Stefan Tsvetkov","startTime":361.334,"endTime":364.184,"body":"And perhaps you're gonna underwrite"},{"speaker":"Stefan Tsvetkov","startTime":361.334,"endTime":364.184,"body":"them on like five different"},{"speaker":"Stefan Tsvetkov","startTime":364.199,"endTime":365.833,"body":"strategies, it's not gonna be just one."},{"speaker":"Stefan Tsvetkov","startTime":365.833,"endTime":368.48,"body":"So it's a more scalable approach."},{"speaker":"Average Joe Finances","startTime":368.49,"endTime":368.876,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":368.876,"endTime":372.127,"body":"Now that's, that's how you would do"},{"speaker":"Average Joe Finances","startTime":368.876,"endTime":372.127,"body":"it with it being data driven, but what"},{"speaker":"Average Joe Finances","startTime":372.127,"endTime":376.217,"body":"are some, I guess common investing"},{"speaker":"Average Joe Finances","startTime":372.127,"endTime":376.217,"body":"practices that are not data driven."},{"speaker":"Stefan Tsvetkov","startTime":376.517,"endTime":378.377,"body":"Oh,"},{"speaker":"Stefan Tsvetkov","startTime":376.517,"endTime":378.377,"body":"that's a great question."},{"speaker":"Stefan Tsvetkov","startTime":378.377,"endTime":378.557,"body":"Yes."},{"speaker":"Stefan Tsvetkov","startTime":378.561,"endTime":383.054,"body":"So that would be if we take, for"},{"speaker":"Stefan Tsvetkov","startTime":378.561,"endTime":383.054,"body":"example just like picking if we take"},{"speaker":"Stefan Tsvetkov","startTime":383.114,"endTime":386.474,"body":"commercial investors, how they pick"},{"speaker":"Stefan Tsvetkov","startTime":383.114,"endTime":386.474,"body":"their markets, in my opinion, let's you"},{"speaker":"Stefan Tsvetkov","startTime":386.474,"endTime":390.167,"body":"have okay they're gonna pick like job"},{"speaker":"Stefan Tsvetkov","startTime":386.474,"endTime":390.167,"body":"growth and population growth and income"},{"speaker":"Stefan Tsvetkov","startTime":390.167,"endTime":394.238,"body":"growth, that is appears data driven"},{"speaker":"Stefan Tsvetkov","startTime":390.167,"endTime":394.238,"body":"in a way, cuz it's using some kind of"},{"speaker":"Stefan Tsvetkov","startTime":394.238,"endTime":396.799,"body":"data but in a sense often it's okay."},{"speaker":"Stefan Tsvetkov","startTime":396.799,"endTime":400.072,"body":"Let's speak account to Georgia and"},{"speaker":"Stefan Tsvetkov","startTime":396.799,"endTime":400.072,"body":"a few other markets and see if they"},{"speaker":"Stefan Tsvetkov","startTime":400.072,"endTime":404.247,"body":"have good, fundamentals, generally"},{"speaker":"Stefan Tsvetkov","startTime":400.072,"endTime":404.247,"body":"speaking above some thresholds, perhaps."},{"speaker":"Stefan Tsvetkov","startTime":404.252,"endTime":408.279,"body":"So that's not, let's say so that's a"},{"speaker":"Stefan Tsvetkov","startTime":404.252,"endTime":408.279,"body":"driven, like for me, so I really have it"},{"speaker":"Stefan Tsvetkov","startTime":408.279,"endTime":412.319,"body":"for the whole country and I know how it's"},{"speaker":"Stefan Tsvetkov","startTime":408.279,"endTime":412.319,"body":"evolving, I know how it's developing."},{"speaker":"Stefan Tsvetkov","startTime":413.164,"endTime":417.145,"body":"I have a enlist in the data and"},{"speaker":"Stefan Tsvetkov","startTime":413.164,"endTime":417.145,"body":"inclusion about every single market."},{"speaker":"Average Joe Finances","startTime":417.161,"endTime":418.598,"body":"So it's not as in depth?"},{"speaker":"Stefan Tsvetkov","startTime":418.661,"endTime":422.291,"body":"It's not as in depth"},{"speaker":"Stefan Tsvetkov","startTime":418.661,"endTime":422.291,"body":"and it's also not so statistically valid."},{"speaker":"Stefan Tsvetkov","startTime":422.621,"endTime":425.891,"body":"So if, for example, if population is"},{"speaker":"Stefan Tsvetkov","startTime":422.621,"endTime":425.891,"body":"growing in a place, it doesn't mean"},{"speaker":"Stefan Tsvetkov","startTime":425.891,"endTime":427.271,"body":"prices are necessarily gonna increase."},{"speaker":"Stefan Tsvetkov","startTime":427.291,"endTime":429.95,"body":"Typically prices are around"},{"speaker":"Stefan Tsvetkov","startTime":427.291,"endTime":429.95,"body":"like 40% correlated with"},{"speaker":"Stefan Tsvetkov","startTime":429.95,"endTime":431.473,"body":"appreciation, but not more."},{"speaker":"Stefan Tsvetkov","startTime":431.893,"endTime":432.793,"body":"And so that's something."},{"speaker":"Stefan Tsvetkov","startTime":432.973,"endTime":435.443,"body":"So now if you have prices and"},{"speaker":"Stefan Tsvetkov","startTime":432.973,"endTime":435.443,"body":"you have income, then okay then"},{"speaker":"Stefan Tsvetkov","startTime":435.443,"endTime":438.725,"body":"that's very relevant and very"},{"speaker":"Stefan Tsvetkov","startTime":435.443,"endTime":438.725,"body":"predictive, but not always."},{"speaker":"Stefan Tsvetkov","startTime":438.725,"endTime":442.913,"body":"And then there is more so for instance,"},{"speaker":"Stefan Tsvetkov","startTime":438.725,"endTime":442.913,"body":"one study, I did it in RealtyQuant"},{"speaker":"Stefan Tsvetkov","startTime":442.933,"endTime":445.243,"body":"was okay, let's take fundamentals."},{"speaker":"Stefan Tsvetkov","startTime":445.261,"endTime":447.348,"body":"If you think of all the"},{"speaker":"Stefan Tsvetkov","startTime":445.261,"endTime":447.348,"body":"multifamily syndicator"},{"speaker":"Stefan Tsvetkov","startTime":447.468,"endTime":448.998,"body":"investment manager investor does."},{"speaker":"Stefan Tsvetkov","startTime":449.418,"endTime":452.772,"body":"So they take those fundamentals,"},{"speaker":"Stefan Tsvetkov","startTime":449.418,"endTime":452.772,"body":"again like income population growth,"},{"speaker":"Stefan Tsvetkov","startTime":452.772,"endTime":454.454,"body":"let's say job growth and so forth."},{"speaker":"Stefan Tsvetkov","startTime":454.484,"endTime":457.254,"body":"And let's take those fundamentals,"},{"speaker":"Stefan Tsvetkov","startTime":454.484,"endTime":457.254,"body":"forecast the fundamentals and then"},{"speaker":"Stefan Tsvetkov","startTime":457.259,"endTime":459.554,"body":"forecast the prices of those fundamentals."},{"speaker":"Stefan Tsvetkov","startTime":460.034,"endTime":463.26,"body":"And then on the contrary, if we"},{"speaker":"Stefan Tsvetkov","startTime":460.034,"endTime":463.26,"body":"just forecast the prices alone"},{"speaker":"Stefan Tsvetkov","startTime":463.65,"endTime":465.06,"body":"based on the historical prices."},{"speaker":"Stefan Tsvetkov","startTime":465.66,"endTime":468.84,"body":"And so the second approach gave"},{"speaker":"Stefan Tsvetkov","startTime":465.66,"endTime":468.84,"body":"like a five times smaller error."},{"speaker":"Stefan Tsvetkov","startTime":469.7,"endTime":470.78,"body":"So that's very interesting."},{"speaker":"Stefan Tsvetkov","startTime":470.99,"endTime":474.92,"body":"And that was like, for instance, like"},{"speaker":"Stefan Tsvetkov","startTime":470.99,"endTime":474.92,"body":"in forecasting prices, very high level"},{"speaker":"Stefan Tsvetkov","startTime":474.92,"endTime":479.96,"body":"across different states in 2018, 2019,"},{"speaker":"Stefan Tsvetkov","startTime":474.92,"endTime":479.96,"body":"when the trend was very consistent."},{"speaker":"Stefan Tsvetkov","startTime":480.95,"endTime":486.47,"body":"So 2018, 2019, like the error was like"},{"speaker":"Stefan Tsvetkov","startTime":480.95,"endTime":486.47,"body":"1.4% in forecasting those prices was very"},{"speaker":"Stefan Tsvetkov","startTime":486.47,"endTime":492.883,"body":"easy to forecast prices but it's that easy"},{"speaker":"Stefan Tsvetkov","startTime":486.47,"endTime":492.883,"body":"if you go on using the price data alone."},{"speaker":"Stefan Tsvetkov","startTime":493.303,"endTime":497.118,"body":"It's a little bit counterintuitive,"},{"speaker":"Stefan Tsvetkov","startTime":493.303,"endTime":497.118,"body":"but if you go on saying, okay, because"},{"speaker":"Stefan Tsvetkov","startTime":497.118,"endTime":501.078,"body":"there is population, because there's"},{"speaker":"Stefan Tsvetkov","startTime":497.118,"endTime":501.078,"body":"those other factors, and then these are"},{"speaker":"Stefan Tsvetkov","startTime":501.078,"endTime":505.068,"body":"going be the prices you inherently are"},{"speaker":"Stefan Tsvetkov","startTime":501.078,"endTime":505.068,"body":"committing a five times bigger error."},{"speaker":"Stefan Tsvetkov","startTime":505.278,"endTime":506.568,"body":"So that's another kind of example."},{"speaker":"Stefan Tsvetkov","startTime":506.568,"endTime":511.265,"body":"So that's it's not really, so data driven"},{"speaker":"Stefan Tsvetkov","startTime":506.568,"endTime":511.265,"body":"just to take three data points, and just"},{"speaker":"Stefan Tsvetkov","startTime":511.265,"endTime":515.355,"body":"say, okay, that's a good market cause"},{"speaker":"Stefan Tsvetkov","startTime":511.265,"endTime":515.355,"body":"it has this population, this and that."},{"speaker":"Stefan Tsvetkov","startTime":515.376,"endTime":520.866,"body":"So those reports themselves, they may be"},{"speaker":"Stefan Tsvetkov","startTime":515.376,"endTime":520.866,"body":"derived and be data driven themselves."},{"speaker":"Stefan Tsvetkov","startTime":521.736,"endTime":526.416,"body":"But if I read it, it's not gonna"},{"speaker":"Stefan Tsvetkov","startTime":521.736,"endTime":526.416,"body":"be that driven to me as I read it."},{"speaker":"Stefan Tsvetkov","startTime":526.776,"endTime":529.416,"body":"I'm not gonna internalize"},{"speaker":"Stefan Tsvetkov","startTime":526.776,"endTime":529.416,"body":"that information perhaps."},{"speaker":"Stefan Tsvetkov","startTime":529.821,"endTime":533.601,"body":"Unless they go in like really big depth"},{"speaker":"Stefan Tsvetkov","startTime":529.821,"endTime":533.601,"body":"and they try to experience it in some"},{"speaker":"Stefan Tsvetkov","startTime":533.601,"endTime":536.211,"body":"way, but typically it's not gonna happen."},{"speaker":"Stefan Tsvetkov","startTime":536.421,"endTime":540.287,"body":"And so typically it's even like reading"},{"speaker":"Stefan Tsvetkov","startTime":536.421,"endTime":540.287,"body":"those summary reports, if you will."},{"speaker":"Stefan Tsvetkov","startTime":540.287,"endTime":543.576,"body":"So you need to interact with the data"},{"speaker":"Stefan Tsvetkov","startTime":540.287,"endTime":543.576,"body":"or somebody on your team needs to"},{"speaker":"Stefan Tsvetkov","startTime":543.576,"endTime":548.076,"body":"interact very closely with it and be"},{"speaker":"Stefan Tsvetkov","startTime":543.576,"endTime":548.076,"body":"building intuition and feeling about it."},{"speaker":"Stefan Tsvetkov","startTime":548.336,"endTime":549.741,"body":"And so that's like another thing."},{"speaker":"Stefan Tsvetkov","startTime":549.861,"endTime":554.616,"body":"So it's really a mindset but again, if"},{"speaker":"Stefan Tsvetkov","startTime":549.861,"endTime":554.616,"body":"we work on the property side, it's just"},{"speaker":"Stefan Tsvetkov","startTime":554.616,"endTime":558.364,"body":"very much deals with automation and"},{"speaker":"Stefan Tsvetkov","startTime":554.616,"endTime":558.364,"body":"automated underwriting and just trying"},{"speaker":"Stefan Tsvetkov","startTime":558.364,"endTime":560.847,"body":"to make your work easier and scale."},{"speaker":"Stefan Tsvetkov","startTime":560.937,"endTime":562.192,"body":"So that's the approach there."},{"speaker":"Average Joe Finances","startTime":562.932,"endTime":563.052,"body":"All right."},{"speaker":"Average Joe Finances","startTime":563.052,"endTime":566.568,"body":"So what would you say are some of the"},{"speaker":"Average Joe Finances","startTime":563.052,"endTime":566.568,"body":"differences then between, if a commercial"},{"speaker":"Average Joe Finances","startTime":566.573,"endTime":569.703,"body":"real estate investors going out there and"},{"speaker":"Average Joe Finances","startTime":566.573,"endTime":569.703,"body":"they're pulling that data the fundamentals"},{"speaker":"Average Joe Finances","startTime":569.708,"endTime":574.047,"body":"that we, that you were just talking about,"},{"speaker":"Average Joe Finances","startTime":569.708,"endTime":574.047,"body":"versus what like RealtyQuant would pull,"},{"speaker":"Average Joe Finances","startTime":574.047,"endTime":577.792,"body":"like, where is that difference or the"},{"speaker":"Average Joe Finances","startTime":574.047,"endTime":577.792,"body":"threshold of a difference in that data?"},{"speaker":"Stefan Tsvetkov","startTime":577.792,"endTime":578.094,"body":"Yes."},{"speaker":"Stefan Tsvetkov","startTime":578.094,"endTime":581.034,"body":"So for example, so like I mentioned,"},{"speaker":"Stefan Tsvetkov","startTime":578.094,"endTime":581.034,"body":"so let's say for example, they"},{"speaker":"Stefan Tsvetkov","startTime":581.034,"endTime":584.82,"body":"would go to those, they would"},{"speaker":"Stefan Tsvetkov","startTime":581.034,"endTime":584.82,"body":"look at three, four markets."},{"speaker":"Stefan Tsvetkov","startTime":584.85,"endTime":588.224,"body":"Like typically I would say thing"},{"speaker":"Stefan Tsvetkov","startTime":584.85,"endTime":588.224,"body":"or five or something like that."},{"speaker":"Stefan Tsvetkov","startTime":588.404,"endTime":590.043,"body":"And they would okay, they"},{"speaker":"Stefan Tsvetkov","startTime":588.404,"endTime":590.043,"body":"would just look at those."},{"speaker":"Stefan Tsvetkov","startTime":591.348,"endTime":593.088,"body":"It's three numbers for those markets."},{"speaker":"Stefan Tsvetkov","startTime":593.088,"endTime":595.998,"body":"They look at again like job"},{"speaker":"Stefan Tsvetkov","startTime":593.088,"endTime":595.998,"body":"growth population and so forth."},{"speaker":"Average Joe Finances","startTime":596.178,"endTime":596.298,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":596.298,"endTime":598.327,"body":"Like you said, it was"},{"speaker":"Average Joe Finances","startTime":596.298,"endTime":598.327,"body":"very hyperlocal, right?"},{"speaker":"Stefan Tsvetkov","startTime":598.687,"endTime":599.797,"body":"It's right."},{"speaker":"Stefan Tsvetkov","startTime":599.935,"endTime":602.215,"body":"What I would do is that, would"},{"speaker":"Stefan Tsvetkov","startTime":599.935,"endTime":602.215,"body":"that kind of take the whole"},{"speaker":"Stefan Tsvetkov","startTime":602.215,"endTime":604.715,"body":"country and try to forecast."},{"speaker":"Stefan Tsvetkov","startTime":604.715,"endTime":607.87,"body":"First of all, it's broader, but"},{"speaker":"Stefan Tsvetkov","startTime":604.715,"endTime":607.87,"body":"second of all, it's also, the"},{"speaker":"Stefan Tsvetkov","startTime":607.87,"endTime":609.34,"body":"forecasting method is different."},{"speaker":"Stefan Tsvetkov","startTime":609.34,"endTime":613.87,"body":"Cause now the forecasting methodology"},{"speaker":"Stefan Tsvetkov","startTime":609.34,"endTime":613.87,"body":"is actually statistical rather than,"},{"speaker":"Stefan Tsvetkov","startTime":613.87,"endTime":617.396,"body":"oh, just assuming that if those things"},{"speaker":"Stefan Tsvetkov","startTime":613.87,"endTime":617.396,"body":"kept going they're gonna go well in"},{"speaker":"Stefan Tsvetkov","startTime":617.396,"endTime":620.867,"body":"the future, but it's not really a,"},{"speaker":"Stefan Tsvetkov","startTime":617.396,"endTime":620.867,"body":"there isn't a forecasting method there."},{"speaker":"Stefan Tsvetkov","startTime":621.317,"endTime":623.237,"body":"And so that's like the"},{"speaker":"Stefan Tsvetkov","startTime":621.317,"endTime":623.237,"body":"other that's one difference."},{"speaker":"Stefan Tsvetkov","startTime":623.627,"endTime":626.829,"body":"But then how on the property"},{"speaker":"Stefan Tsvetkov","startTime":623.627,"endTime":626.829,"body":"side, on the property side, for"},{"speaker":"Stefan Tsvetkov","startTime":626.829,"endTime":631.384,"body":"instance, they would use like Yardi"},{"speaker":"Stefan Tsvetkov","startTime":626.829,"endTime":631.384,"body":"Matrix or prospect now data feeds."},{"speaker":"Stefan Tsvetkov","startTime":631.474,"endTime":635.906,"body":"It's not yet product there, but it's"},{"speaker":"Stefan Tsvetkov","startTime":631.474,"endTime":635.906,"body":"been in the works this month coming out"},{"speaker":"Stefan Tsvetkov","startTime":635.911,"endTime":640.937,"body":"actually is so like financial modeling on"},{"speaker":"Stefan Tsvetkov","startTime":635.911,"endTime":640.937,"body":"top of market commercial multifamily data."},{"speaker":"Stefan Tsvetkov","startTime":641.147,"endTime":644.477,"body":"So if you go like prospect now or the"},{"speaker":"Stefan Tsvetkov","startTime":641.147,"endTime":644.477,"body":"automate, or you have your inventory,"},{"speaker":"Stefan Tsvetkov","startTime":644.777,"endTime":649.097,"body":"perhaps there's signals for motivated"},{"speaker":"Stefan Tsvetkov","startTime":644.777,"endTime":649.097,"body":"sellers, but there is no insight"},{"speaker":"Stefan Tsvetkov","startTime":649.102,"endTime":651.357,"body":"financial insight on that of market data."},{"speaker":"Stefan Tsvetkov","startTime":651.647,"endTime":655.007,"body":"So what RealtyQuant does or what I"},{"speaker":"Stefan Tsvetkov","startTime":651.647,"endTime":655.007,"body":"do, how I search for those deals,"},{"speaker":"Stefan Tsvetkov","startTime":655.067,"endTime":659.921,"body":"I actually would pick commercial"},{"speaker":"Stefan Tsvetkov","startTime":655.067,"endTime":659.921,"body":"multifamily in many different counties."},{"speaker":"Stefan Tsvetkov","startTime":660.221,"endTime":664.951,"body":"I don't focus on just one, let's say"},{"speaker":"Stefan Tsvetkov","startTime":660.221,"endTime":664.951,"body":"few counties and try to pick the best"},{"speaker":"Stefan Tsvetkov","startTime":664.951,"endTime":669.439,"body":"ones in those counties  and  those"},{"speaker":"Stefan Tsvetkov","startTime":664.951,"endTime":669.439,"body":"best ones get identified by proxying"},{"speaker":"Stefan Tsvetkov","startTime":669.439,"endTime":670.759,"body":"based on rental listings data."},{"speaker":"Stefan Tsvetkov","startTime":671.029,"endTime":673.207,"body":"Cause if you think of rental"},{"speaker":"Stefan Tsvetkov","startTime":671.029,"endTime":673.207,"body":"listings data, You have what"},{"speaker":"Stefan Tsvetkov","startTime":673.207,"endTime":674.227,"body":"the rent levels are there."},{"speaker":"Stefan Tsvetkov","startTime":674.227,"endTime":678.967,"body":"You have some of the, what pet fees,"},{"speaker":"Stefan Tsvetkov","startTime":674.227,"endTime":678.967,"body":"administrative fees they're charging."},{"speaker":"Stefan Tsvetkov","startTime":679.447,"endTime":681.757,"body":"You have even a sense of"},{"speaker":"Stefan Tsvetkov","startTime":679.447,"endTime":681.757,"body":"perhaps if they're billing"},{"speaker":"Stefan Tsvetkov","startTime":681.762,"endTime":683.587,"body":"utilities to their tenants."},{"speaker":"Stefan Tsvetkov","startTime":683.977,"endTime":685.177,"body":"So one can model this."},{"speaker":"Stefan Tsvetkov","startTime":685.417,"endTime":688.616,"body":"So you can get a preliminary"},{"speaker":"Stefan Tsvetkov","startTime":685.417,"endTime":688.616,"body":"glimpse of the income expense"},{"speaker":"Stefan Tsvetkov","startTime":688.621,"endTime":690.422,"body":"sheet of commercial model family."},{"speaker":"Stefan Tsvetkov","startTime":690.422,"endTime":694.385,"body":"And they did a webinar, a lecture for my"},{"speaker":"Stefan Tsvetkov","startTime":690.422,"endTime":694.385,"body":"own webinar where I was showing, okay, a"},{"speaker":"Stefan Tsvetkov","startTime":694.385,"endTime":699.005,"body":"sample case of, okay, I'm doing this for"},{"speaker":"Stefan Tsvetkov","startTime":694.385,"endTime":699.005,"body":"32,000 commercial properties that have,"},{"speaker":"Stefan Tsvetkov","startTime":699.038,"endTime":700.658,"body":"a hundred units, 200 units and so forth."},{"speaker":"Stefan Tsvetkov","startTime":700.808,"endTime":701.662,"body":"So this is like the difference."},{"speaker":"Stefan Tsvetkov","startTime":701.842,"endTime":704.029,"body":"It's just a more scaled approach."},{"speaker":"Stefan Tsvetkov","startTime":704.122,"endTime":708.682,"body":"it's also typically not so"},{"speaker":"Stefan Tsvetkov","startTime":704.122,"endTime":708.682,"body":"necessary for many investors since."},{"speaker":"Stefan Tsvetkov","startTime":708.682,"endTime":708.862,"body":"Okay."},{"speaker":"Stefan Tsvetkov","startTime":708.862,"endTime":711.749,"body":"Again, you are just in a single"},{"speaker":"Stefan Tsvetkov","startTime":708.862,"endTime":711.749,"body":"market and you maybe are vertically"},{"speaker":"Stefan Tsvetkov","startTime":711.754,"endTime":715.081,"body":"integrated, and there are all kinds"},{"speaker":"Stefan Tsvetkov","startTime":711.754,"endTime":715.081,"body":"of reasons to be focused within that."},{"speaker":"Stefan Tsvetkov","startTime":715.781,"endTime":719.921,"body":"But if you do go the other route and"},{"speaker":"Stefan Tsvetkov","startTime":715.781,"endTime":719.921,"body":"you want to be more agnostic and be"},{"speaker":"Stefan Tsvetkov","startTime":719.921,"endTime":724.673,"body":"able, okay to discover markets and"},{"speaker":"Stefan Tsvetkov","startTime":719.921,"endTime":724.673,"body":"opportunities in different places, then"},{"speaker":"Stefan Tsvetkov","startTime":724.673,"endTime":726.758,"body":"you need, need something like RealtyQuant."},{"speaker":"Average Joe Finances","startTime":726.783,"endTime":729.134,"body":"Yeah there's a lot"},{"speaker":"Average Joe Finances","startTime":726.783,"endTime":729.134,"body":"of people out there that talk about why"},{"speaker":"Average Joe Finances","startTime":729.134,"endTime":730.874,"body":"you should invest in different markets."},{"speaker":"Average Joe Finances","startTime":730.902,"endTime":733.578,"body":"Cause if you're all in the"},{"speaker":"Average Joe Finances","startTime":730.902,"endTime":733.578,"body":"same spot, if that market tank."},{"speaker":"Average Joe Finances","startTime":733.636,"endTime":736.387,"body":"You're done for,  if it's putting"},{"speaker":"Average Joe Finances","startTime":733.636,"endTime":736.387,"body":"all your eggs in one basket, right?"},{"speaker":"Average Joe Finances","startTime":736.717,"endTime":739.341,"body":"The same thing that you talk"},{"speaker":"Average Joe Finances","startTime":736.717,"endTime":739.341,"body":"about with diversifying your,"},{"speaker":"Average Joe Finances","startTime":739.341,"endTime":740.75,"body":"your stock portfolio, right?"},{"speaker":"Average Joe Finances","startTime":740.75,"endTime":741.92,"body":"You wanna have it diversified."},{"speaker":"Average Joe Finances","startTime":741.92,"endTime":743.57,"body":"You don't wanna be all in on one thing."},{"speaker":"Average Joe Finances","startTime":743.9,"endTime":746.147,"body":"Cause when that one thing"},{"speaker":"Average Joe Finances","startTime":743.9,"endTime":746.147,"body":"fails,  you're toast."},{"speaker":"Average Joe Finances","startTime":746.197,"endTime":747.007,"body":"That's a very good point."},{"speaker":"Average Joe Finances","startTime":747.007,"endTime":750.354,"body":"And I think, based on what you're"},{"speaker":"Average Joe Finances","startTime":747.007,"endTime":750.354,"body":"saying, one of the big differences that,"},{"speaker":"Average Joe Finances","startTime":750.394,"endTime":753.604,"body":"besides just being like hyperlocal,"},{"speaker":"Average Joe Finances","startTime":750.394,"endTime":753.604,"body":"like most people are when they"},{"speaker":"Average Joe Finances","startTime":753.604,"endTime":755.134,"body":"start looking at their deals, right?"},{"speaker":"Average Joe Finances","startTime":755.554,"endTime":760.257,"body":"This gives you that broader picture"},{"speaker":"Average Joe Finances","startTime":755.554,"endTime":760.257,"body":"for you to, really, like you have a lot"},{"speaker":"Average Joe Finances","startTime":760.257,"endTime":765.254,"body":"more to chew on and figure out, okay,"},{"speaker":"Average Joe Finances","startTime":760.257,"endTime":765.254,"body":"maybe I don't wanna go here because"},{"speaker":"Average Joe Finances","startTime":765.254,"endTime":769.484,"body":"I'm seeing some better metrics over"},{"speaker":"Average Joe Finances","startTime":765.254,"endTime":769.484,"body":"here and then you could start to focus,"},{"speaker":"Average Joe Finances","startTime":769.489,"endTime":773.324,"body":"maybe get a little more hyperlocal"},{"speaker":"Average Joe Finances","startTime":769.489,"endTime":773.324,"body":"based on that, based off the data"},{"speaker":"Average Joe Finances","startTime":773.329,"endTime":775.292,"body":"that you found on that specific area."},{"speaker":"Average Joe Finances","startTime":775.292,"endTime":776.994,"body":"So no that's that's pretty fantastic."},{"speaker":"Stefan Tsvetkov","startTime":777.394,"endTime":780.184,"body":"And you are not basing"},{"speaker":"Stefan Tsvetkov","startTime":777.394,"endTime":780.184,"body":"it off the names of those markets."},{"speaker":"Stefan Tsvetkov","startTime":780.184,"endTime":783.131,"body":"Let's say if you like the other approach"},{"speaker":"Stefan Tsvetkov","startTime":780.184,"endTime":783.131,"body":"or you're just some markets they're just"},{"speaker":"Stefan Tsvetkov","startTime":783.131,"endTime":787.547,"body":"already investors have identified, they're"},{"speaker":"Stefan Tsvetkov","startTime":783.131,"endTime":787.547,"body":"good markets or something like that."},{"speaker":"Stefan Tsvetkov","startTime":787.817,"endTime":789.587,"body":"And here it's like pretty agnostic."},{"speaker":"Stefan Tsvetkov","startTime":789.587,"endTime":790.859,"body":"It's just, I don't care."},{"speaker":"Stefan Tsvetkov","startTime":790.951,"endTime":793.051,"body":"What it's name, the"},{"speaker":"Stefan Tsvetkov","startTime":790.951,"endTime":793.051,"body":"name of that market is."},{"speaker":"Stefan Tsvetkov","startTime":794.161,"endTime":794.371,"body":"No."},{"speaker":"Average Joe Finances","startTime":794.371,"endTime":795.121,"body":"That's a great point."},{"speaker":"Average Joe Finances","startTime":795.511,"endTime":795.721,"body":"Now."},{"speaker":"Stefan Tsvetkov","startTime":795.721,"endTime":796.681,"body":"And there's valuation."},{"speaker":"Stefan Tsvetkov","startTime":796.681,"endTime":799.381,"body":"So sorry, I just interrupting the"},{"speaker":"Stefan Tsvetkov","startTime":796.681,"endTime":799.381,"body":"other question that there's also"},{"speaker":"Stefan Tsvetkov","startTime":799.386,"endTime":803.431,"body":"valuation because the other thing is"},{"speaker":"Stefan Tsvetkov","startTime":799.386,"endTime":803.431,"body":"now in the real estate, we're primarily"},{"speaker":"Stefan Tsvetkov","startTime":803.431,"endTime":808.171,"body":"considered the property side and I"},{"speaker":"Stefan Tsvetkov","startTime":803.431,"endTime":808.171,"body":"know like investors do a really amazing"},{"speaker":"Stefan Tsvetkov","startTime":808.176,"endTime":810.091,"body":"job with finding like   properties."},{"speaker":"Stefan Tsvetkov","startTime":810.121,"endTime":811.321,"body":"So you think about it, right?"},{"speaker":"Stefan Tsvetkov","startTime":811.561,"endTime":813.569,"body":"So there's so many"},{"speaker":"Stefan Tsvetkov","startTime":811.561,"endTime":813.569,"body":"investors who do so well."},{"speaker":"Stefan Tsvetkov","startTime":813.599,"endTime":813.809,"body":"Okay."},{"speaker":"Stefan Tsvetkov","startTime":813.809,"endTime":816.629,"body":"They find like something that"},{"speaker":"Stefan Tsvetkov","startTime":813.809,"endTime":816.629,"body":"has a great value has a discount"},{"speaker":"Stefan Tsvetkov","startTime":816.659,"endTime":818.503,"body":"perhaps to and so forth."},{"speaker":"Stefan Tsvetkov","startTime":819.103,"endTime":820.423,"body":"And this practice really well."},{"speaker":"Stefan Tsvetkov","startTime":820.423,"endTime":823.363,"body":"So if you think of something like"},{"speaker":"Stefan Tsvetkov","startTime":820.423,"endTime":823.363,"body":"Warren Buffet type investing and"},{"speaker":"Stefan Tsvetkov","startTime":823.363,"endTime":825.583,"body":"finding under valid stuff, then okay."},{"speaker":"Stefan Tsvetkov","startTime":825.583,"endTime":829.573,"body":"On the property side, it's done really"},{"speaker":"Stefan Tsvetkov","startTime":825.583,"endTime":829.573,"body":"well, but on the market side, it's"},{"speaker":"Stefan Tsvetkov","startTime":829.573,"endTime":833.382,"body":"not, and that's one thing I've been"},{"speaker":"Stefan Tsvetkov","startTime":829.573,"endTime":833.382,"body":"like going on like podcasts like this"},{"speaker":"Stefan Tsvetkov","startTime":833.382,"endTime":834.852,"body":"one and kind of talking to people."},{"speaker":"Stefan Tsvetkov","startTime":834.857,"endTime":835.032,"body":"Okay."},{"speaker":"Stefan Tsvetkov","startTime":835.032,"endTime":837.432,"body":"You can do the same thing on"},{"speaker":"Stefan Tsvetkov","startTime":835.032,"endTime":837.432,"body":"the market side in interesting."},{"speaker":"Stefan Tsvetkov","startTime":837.612,"endTime":839.022,"body":"It's hard to do it in finance."},{"speaker":"Stefan Tsvetkov","startTime":839.022,"endTime":842.465,"body":"I come from again, I was used to trade"},{"speaker":"Stefan Tsvetkov","startTime":839.022,"endTime":842.465,"body":"like interest rate and equity derivatives"},{"speaker":"Stefan Tsvetkov","startTime":842.465,"endTime":845.888,"body":"in finance and in finance, it's hard."},{"speaker":"Stefan Tsvetkov","startTime":845.888,"endTime":848.741,"body":"It's even now, like I look at"},{"speaker":"Stefan Tsvetkov","startTime":845.888,"endTime":848.741,"body":"so many studies, is the market"},{"speaker":"Stefan Tsvetkov","startTime":848.771,"endTime":849.911,"body":"over valued and so forth."},{"speaker":"Stefan Tsvetkov","startTime":849.941,"endTime":850.961,"body":"There's so many metrics there."},{"speaker":"Stefan Tsvetkov","startTime":850.961,"endTime":854.411,"body":"Isn't it clear there kind of"},{"speaker":"Stefan Tsvetkov","startTime":850.961,"endTime":854.411,"body":"way of relative to each other."},{"speaker":"Stefan Tsvetkov","startTime":854.921,"endTime":858.581,"body":"There isn't a clarity as to"},{"speaker":"Stefan Tsvetkov","startTime":854.921,"endTime":858.581,"body":"how, what exact percentage the"},{"speaker":"Stefan Tsvetkov","startTime":858.581,"endTime":860.861,"body":"market is over or not over about."},{"speaker":"Stefan Tsvetkov","startTime":861.221,"endTime":865.968,"body":"And in real estate fundamental analysis"},{"speaker":"Stefan Tsvetkov","startTime":861.221,"endTime":865.968,"body":"works because that's like taking something"},{"speaker":"Stefan Tsvetkov","startTime":866.088,"endTime":870.078,"body":"a very simple sub-sector in the stock"},{"speaker":"Stefan Tsvetkov","startTime":866.088,"endTime":870.078,"body":"market, let's say utilities companies."},{"speaker":"Stefan Tsvetkov","startTime":870.818,"endTime":875.108,"body":"It's not hard for somebody like, for a"},{"speaker":"Stefan Tsvetkov","startTime":870.818,"endTime":875.108,"body":"borrowing investor there to know what"},{"speaker":"Stefan Tsvetkov","startTime":875.168,"endTime":877.838,"body":"they should be worth generally speaking."},{"speaker":"Stefan Tsvetkov","startTime":878.048,"endTime":880.215,"body":"And it's not hard to know what"},{"speaker":"Stefan Tsvetkov","startTime":878.048,"endTime":880.215,"body":"estate markets should work."},{"speaker":"Stefan Tsvetkov","startTime":880.245,"endTime":882.615,"body":"Cause the estate markets they're"},{"speaker":"Stefan Tsvetkov","startTime":880.245,"endTime":882.615,"body":"driven by income population and housing"},{"speaker":"Stefan Tsvetkov","startTime":882.615,"endTime":883.965,"body":"supply, and pretty much that's it."},{"speaker":"Stefan Tsvetkov","startTime":884.535,"endTime":889.575,"body":"And so if you track those, you can"},{"speaker":"Stefan Tsvetkov","startTime":884.535,"endTime":889.575,"body":"know it with a very, and so it did"},{"speaker":"Stefan Tsvetkov","startTime":889.575,"endTime":893.402,"body":"the study actually just to share like"},{"speaker":"Stefan Tsvetkov","startTime":889.575,"endTime":893.402,"body":"in about GFC, like global financial"},{"speaker":"Stefan Tsvetkov","startTime":893.402,"endTime":896.942,"body":"crisis and okay, and so what was"},{"speaker":"Stefan Tsvetkov","startTime":893.402,"endTime":896.942,"body":"the correlation at the state level?"},{"speaker":"Stefan Tsvetkov","startTime":898.097,"endTime":902.447,"body":"What percent marked states, just"},{"speaker":"Stefan Tsvetkov","startTime":898.097,"endTime":902.447,"body":"generally states were over and"},{"speaker":"Stefan Tsvetkov","startTime":902.447,"endTime":904.607,"body":"how much they declined after that."},{"speaker":"Stefan Tsvetkov","startTime":904.697,"endTime":907.787,"body":"So if you take, let's say like"},{"speaker":"Stefan Tsvetkov","startTime":904.697,"endTime":907.787,"body":"California, Arizona, Florida, and"},{"speaker":"Stefan Tsvetkov","startTime":907.787,"endTime":913.637,"body":"Nevada were the states that like heavily"},{"speaker":"Stefan Tsvetkov","startTime":907.787,"endTime":913.637,"body":"crushed 40, 50%, they were 40 like"},{"speaker":"Stefan Tsvetkov","startTime":913.727,"endTime":916.427,"body":"40, 50% over by the way, pretty much."},{"speaker":"Stefan Tsvetkov","startTime":916.547,"endTime":920.657,"body":"And so this correlation, if you take it"},{"speaker":"Stefan Tsvetkov","startTime":916.547,"endTime":920.657,"body":"across those states with 85% correlation,"},{"speaker":"Stefan Tsvetkov","startTime":920.662,"endTime":922.967,"body":"very high, that's forecasting the future."},{"speaker":"Stefan Tsvetkov","startTime":923.762,"endTime":926.524,"body":"Those are the kinds that"},{"speaker":"Stefan Tsvetkov","startTime":923.762,"endTime":926.524,"body":"happened over four years time."},{"speaker":"Stefan Tsvetkov","startTime":927.454,"endTime":930.877,"body":"And Real estate is not so"},{"speaker":"Stefan Tsvetkov","startTime":927.454,"endTime":930.877,"body":"sarcastic, it's not so random."},{"speaker":"Stefan Tsvetkov","startTime":931.417,"endTime":935.662,"body":"It's not like something where you"},{"speaker":"Stefan Tsvetkov","startTime":931.417,"endTime":935.662,"body":"just cannot know anything about it."},{"speaker":"Stefan Tsvetkov","startTime":935.962,"endTime":939.292,"body":"And similarly in forecasting, like people"},{"speaker":"Stefan Tsvetkov","startTime":935.962,"endTime":939.292,"body":"tend to think, okay, you don't know"},{"speaker":"Stefan Tsvetkov","startTime":939.292,"endTime":943.102,"body":"where price are gonna go, and I'm not"},{"speaker":"Stefan Tsvetkov","startTime":939.292,"endTime":943.102,"body":"a fan of forecasting per se' so much."},{"speaker":"Stefan Tsvetkov","startTime":943.192,"endTime":946.672,"body":"I do it cuz it's still better"},{"speaker":"Stefan Tsvetkov","startTime":943.192,"endTime":946.672,"body":"than not doing it, but I'm not a"},{"speaker":"Stefan Tsvetkov","startTime":946.677,"endTime":948.262,"body":"huge fan let's say emotionally."},{"speaker":"Stefan Tsvetkov","startTime":948.592,"endTime":954.894,"body":"But then if we take even forecasting,"},{"speaker":"Stefan Tsvetkov","startTime":948.592,"endTime":954.894,"body":"so it's, there is a very big, I did"},{"speaker":"Stefan Tsvetkov","startTime":954.894,"endTime":958.902,"body":"momentum studies in, so there's very"},{"speaker":"Stefan Tsvetkov","startTime":954.894,"endTime":958.902,"body":"high momentum or auto code correlation,"},{"speaker":"Stefan Tsvetkov","startTime":958.952,"endTime":964.439,"body":"and so it ends up that, just if it takes"},{"speaker":"Stefan Tsvetkov","startTime":958.952,"endTime":964.439,"body":"something forward price, growth, this"},{"speaker":"Stefan Tsvetkov","startTime":964.439,"endTime":969.504,"body":"year is correlated with price growth"},{"speaker":"Stefan Tsvetkov","startTime":964.439,"endTime":969.504,"body":"last year to 77% ish, it's very high."},{"speaker":"Stefan Tsvetkov","startTime":969.654,"endTime":973.061,"body":"So it's at some point the trend"},{"speaker":"Stefan Tsvetkov","startTime":969.654,"endTime":973.061,"body":"reverses and then it's gonna break."},{"speaker":"Stefan Tsvetkov","startTime":973.132,"endTime":977.472,"body":"But generally speaking, there's lots"},{"speaker":"Stefan Tsvetkov","startTime":973.132,"endTime":977.472,"body":"of momentum and even that gives like"},{"speaker":"Stefan Tsvetkov","startTime":977.472,"endTime":982.692,"body":"this kind of, this sort of like weak"},{"speaker":"Stefan Tsvetkov","startTime":977.472,"endTime":982.692,"body":"form, inefficiency code and finances"},{"speaker":"Stefan Tsvetkov","startTime":982.692,"endTime":986.787,"body":"kind of thing, it becmes okay, you can"},{"speaker":"Stefan Tsvetkov","startTime":982.692,"endTime":986.787,"body":"somewhat even forecast prices and that's"},{"speaker":"Stefan Tsvetkov","startTime":986.937,"endTime":989.138,"body":"where in 2018 I think I match 2019."},{"speaker":"Stefan Tsvetkov","startTime":989.138,"endTime":990.638,"body":"That was working really well."},{"speaker":"Stefan Tsvetkov","startTime":990.848,"endTime":991.551,"body":"And then, okay."},{"speaker":"Stefan Tsvetkov","startTime":991.577,"endTime":996.012,"body":"Later I say 2021 inflation kind"},{"speaker":"Stefan Tsvetkov","startTime":991.577,"endTime":996.012,"body":"of the trend broke or changed."},{"speaker":"Stefan Tsvetkov","startTime":996.1,"endTime":999.14,"body":"But but yeah, so it's so reality is"},{"speaker":"Stefan Tsvetkov","startTime":996.1,"endTime":999.14,"body":"very fundamental and I've been trying"},{"speaker":"Stefan Tsvetkov","startTime":999.14,"endTime":1000.22,"body":"to attract people with attention."},{"speaker":"Stefan Tsvetkov","startTime":1000.225,"endTime":1003.91,"body":"Cause I don't think, I don't think"},{"speaker":"Stefan Tsvetkov","startTime":1000.225,"endTime":1003.91,"body":"it's so important if they forecast"},{"speaker":"Stefan Tsvetkov","startTime":1003.91,"endTime":1006.04,"body":"prices versus what they're doing now."},{"speaker":"Stefan Tsvetkov","startTime":1006.07,"endTime":1006.4,"body":"Okay."},{"speaker":"Stefan Tsvetkov","startTime":1006.4,"endTime":1010.72,"body":"They are committing a bigger error"},{"speaker":"Stefan Tsvetkov","startTime":1006.4,"endTime":1010.72,"body":"by only using all those fundamental."},{"speaker":"Stefan Tsvetkov","startTime":1011.5,"endTime":1014.59,"body":"Not doing more detail,"},{"speaker":"Stefan Tsvetkov","startTime":1011.5,"endTime":1014.59,"body":"statistically valid forecasting."},{"speaker":"Stefan Tsvetkov","startTime":1015.07,"endTime":1015.61,"body":"They are committing."},{"speaker":"Stefan Tsvetkov","startTime":1015.61,"endTime":1018.49,"body":"In fact, in that study that I"},{"speaker":"Stefan Tsvetkov","startTime":1015.61,"endTime":1018.49,"body":"mentioned, like the area is like five"},{"speaker":"Stefan Tsvetkov","startTime":1018.49,"endTime":1022.6,"body":"times bigger, but still they catch"},{"speaker":"Stefan Tsvetkov","startTime":1018.49,"endTime":1022.6,"body":"the correct markets more or less."},{"speaker":"Stefan Tsvetkov","startTime":1022.6,"endTime":1024.46,"body":"Everybody knows what the"},{"speaker":"Stefan Tsvetkov","startTime":1022.6,"endTime":1024.46,"body":"good markets have been."},{"speaker":"Stefan Tsvetkov","startTime":1024.465,"endTime":1028.285,"body":"Everyone knows it's in Florida, in"},{"speaker":"Stefan Tsvetkov","startTime":1024.465,"endTime":1028.285,"body":"Texas, the Western states, like to"},{"speaker":"Stefan Tsvetkov","startTime":1028.285,"endTime":1033.933,"body":"the Western South, this market cycle,"},{"speaker":"Stefan Tsvetkov","startTime":1028.285,"endTime":1033.933,"body":"but what is extremely not practice and"},{"speaker":"Stefan Tsvetkov","startTime":1033.933,"endTime":1037.607,"body":"I've been getting a  feel like of the"},{"speaker":"Stefan Tsvetkov","startTime":1033.933,"endTime":1037.607,"body":"private equity funds and syndicators to"},{"speaker":"Stefan Tsvetkov","startTime":1037.612,"endTime":1039.953,"body":"join a board actually is downside risk."},{"speaker":"Stefan Tsvetkov","startTime":1039.953,"endTime":1045.113,"body":"It's valuation it's so easy to know what"},{"speaker":"Stefan Tsvetkov","startTime":1039.953,"endTime":1045.113,"body":"the valuation is and yet nobody does."},{"speaker":"Stefan Tsvetkov","startTime":1045.118,"endTime":1048.583,"body":"And they don't know why cause there's big"},{"speaker":"Stefan Tsvetkov","startTime":1045.118,"endTime":1048.583,"body":"farms that do it more analytics does it."},{"speaker":"Stefan Tsvetkov","startTime":1049.033,"endTime":1050.983,"body":"Bloomberg economics does it."},{"speaker":"Stefan Tsvetkov","startTime":1051.356,"endTime":1055.303,"body":"There's the data that we publish"},{"speaker":"Stefan Tsvetkov","startTime":1051.356,"endTime":1055.303,"body":"as well it's but it's not"},{"speaker":"Stefan Tsvetkov","startTime":1055.303,"endTime":1056.563,"body":"common among like investors."},{"speaker":"Stefan Tsvetkov","startTime":1056.563,"endTime":1059.677,"body":"And so they would be constantly guessing"},{"speaker":"Stefan Tsvetkov","startTime":1056.563,"endTime":1059.677,"body":"they would be in that market can be"},{"speaker":"Stefan Tsvetkov","startTime":1059.677,"endTime":1065.287,"body":"50% over valid, or it can be 0% over"},{"speaker":"Stefan Tsvetkov","startTime":1059.677,"endTime":1065.287,"body":"valid and they have no idea about it."},{"speaker":"Stefan Tsvetkov","startTime":1065.407,"endTime":1069.614,"body":"They just would think there is I live in"},{"speaker":"Stefan Tsvetkov","startTime":1065.407,"endTime":1069.614,"body":"let's say always invested in New Jersey."},{"speaker":"Stefan Tsvetkov","startTime":1069.642,"endTime":1071.712,"body":"It's not a good choice, but"},{"speaker":"Stefan Tsvetkov","startTime":1069.642,"endTime":1071.712,"body":"let's say historically, it's a"},{"speaker":"Stefan Tsvetkov","startTime":1071.712,"endTime":1073.542,"body":"residential investor, years ago."},{"speaker":"Stefan Tsvetkov","startTime":1073.556,"endTime":1075.836,"body":"And so people in New Jersey, they"},{"speaker":"Stefan Tsvetkov","startTime":1073.556,"endTime":1075.836,"body":"would say, oh, it's very over valued."},{"speaker":"Stefan Tsvetkov","startTime":1075.936,"endTime":1076.886,"body":"And that's not true."},{"speaker":"Stefan Tsvetkov","startTime":1077.066,"endTime":1080.216,"body":"Like to anybody who actually estimates"},{"speaker":"Stefan Tsvetkov","startTime":1077.066,"endTime":1080.216,"body":"looks at that would realize, okay,"},{"speaker":"Stefan Tsvetkov","startTime":1080.516,"endTime":1084.446,"body":"that's actually a very undesired"},{"speaker":"Stefan Tsvetkov","startTime":1080.516,"endTime":1084.446,"body":"state, this market cycle for it's"},{"speaker":"Stefan Tsvetkov","startTime":1084.446,"endTime":1085.976,"body":"valid reasons that it's undesired."},{"speaker":"Stefan Tsvetkov","startTime":1086.396,"endTime":1089.066,"body":"And it's actually, underbar in five."},{"speaker":"Stefan Tsvetkov","startTime":1089.336,"endTime":1090.716,"body":"It's not expensive at all."},{"speaker":"Stefan Tsvetkov","startTime":1090.716,"endTime":1091.736,"body":"Cause nobody wants it."},{"speaker":"Stefan Tsvetkov","startTime":1092.086,"endTime":1098.058,"body":"And if you go to Idaho and Arizona,"},{"speaker":"Stefan Tsvetkov","startTime":1092.086,"endTime":1098.058,"body":"in Florida, and those are the markets"},{"speaker":"Stefan Tsvetkov","startTime":1098.063,"endTime":1103.305,"body":"that are expensive and we can get into"},{"speaker":"Stefan Tsvetkov","startTime":1098.063,"endTime":1103.305,"body":"some exact percentages, I'm not sure if"},{"speaker":"Stefan Tsvetkov","startTime":1103.485,"endTime":1107.689,"body":"your audience wants to know like cities"},{"speaker":"Stefan Tsvetkov","startTime":1103.485,"endTime":1107.689,"body":"and so forth as for what what shows in"},{"speaker":"Stefan Tsvetkov","startTime":1107.689,"endTime":1109.429,"body":"the data is over about or under about."},{"speaker":"Average Joe Finances","startTime":1109.849,"endTime":1110.225,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1110.225,"endTime":1112.806,"body":"Those are the hotspots right"},{"speaker":"Average Joe Finances","startTime":1110.225,"endTime":1112.806,"body":"now, right?That's what's hot"},{"speaker":"Average Joe Finances","startTime":1112.806,"endTime":1115.501,"body":"in the market and that's where"},{"speaker":"Average Joe Finances","startTime":1112.806,"endTime":1115.501,"body":"everybody's putting their money."},{"speaker":"Average Joe Finances","startTime":1115.741,"endTime":1117.891,"body":"And when you do that's"},{"speaker":"Average Joe Finances","startTime":1115.741,"endTime":1117.891,"body":"what causes some of this."},{"speaker":"Average Joe Finances","startTime":1117.891,"endTime":1120.349,"body":"It's like the gold rush,"},{"speaker":"Average Joe Finances","startTime":1117.891,"endTime":1120.349,"body":"everybody run into California"},{"speaker":"Average Joe Finances","startTime":1120.349,"endTime":1121.869,"body":"to, with shovels to get gold."},{"speaker":"Average Joe Finances","startTime":1121.872,"endTime":1125.072,"body":"What you said earlier, like about"},{"speaker":"Average Joe Finances","startTime":1121.872,"endTime":1125.072,"body":"the market being overvalued, like"},{"speaker":"Average Joe Finances","startTime":1125.072,"endTime":1128.462,"body":"that is such a buzzword right now,"},{"speaker":"Average Joe Finances","startTime":1125.072,"endTime":1128.462,"body":"when you say overvalued, right?"},{"speaker":"Average Joe Finances","startTime":1128.812,"endTime":1130.942,"body":"Because it grabs attention."},{"speaker":"Average Joe Finances","startTime":1131.026,"endTime":1134.079,"body":"But at the same time the data and"},{"speaker":"Average Joe Finances","startTime":1131.026,"endTime":1134.079,"body":"the metrics that people are looking"},{"speaker":"Average Joe Finances","startTime":1134.079,"endTime":1137.559,"body":"at to, to come to this conclusion"},{"speaker":"Average Joe Finances","startTime":1134.079,"endTime":1137.559,"body":"that it's overvalued sometimes"},{"speaker":"Average Joe Finances","startTime":1137.559,"endTime":1142.5,"body":"is so broad that you really can't"},{"speaker":"Average Joe Finances","startTime":1137.559,"endTime":1142.5,"body":"pinpoint where it's overvalued."},{"speaker":"Average Joe Finances","startTime":1142.521,"endTime":1144.757,"body":"And I think that's like what you"},{"speaker":"Average Joe Finances","startTime":1142.521,"endTime":1144.757,"body":"were talking about with that."},{"speaker":"Average Joe Finances","startTime":1145.027,"endTime":1147.268,"body":"And, and then you look at"},{"speaker":"Average Joe Finances","startTime":1145.027,"endTime":1147.268,"body":"different markets, right?"},{"speaker":"Average Joe Finances","startTime":1147.268,"endTime":1149.655,"body":"Like you used New Jersey"},{"speaker":"Average Joe Finances","startTime":1147.268,"endTime":1149.655,"body":"as an example, right?"},{"speaker":"Average Joe Finances","startTime":1149.925,"endTime":1150.005,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1150.005,"endTime":1152.881,"body":"Nobody's buying real estate"},{"speaker":"Average Joe Finances","startTime":1150.005,"endTime":1152.881,"body":"investment properties in New Jersey."},{"speaker":"Average Joe Finances","startTime":1152.881,"endTime":1153.601,"body":"And why is that?"},{"speaker":"Average Joe Finances","startTime":1153.608,"endTime":1155.899,"body":"It's not like a landlord friendly area."},{"speaker":"Average Joe Finances","startTime":1155.929,"endTime":1156.189,"body":"Right?"},{"speaker":"Average Joe Finances","startTime":1156.202,"endTime":1158.567,"body":"And they look at the properties and they"},{"speaker":"Average Joe Finances","startTime":1156.202,"endTime":1158.567,"body":"say, oh, the properties are overvalued."},{"speaker":"Average Joe Finances","startTime":1158.567,"endTime":1160.356,"body":"Cuz it pretty much all of the Northeast."},{"speaker":"Average Joe Finances","startTime":1160.386,"endTime":1162.966,"body":"You look at that and you're like,"},{"speaker":"Average Joe Finances","startTime":1160.386,"endTime":1162.966,"body":"oh, it's all way overpriced."},{"speaker":"Average Joe Finances","startTime":1163.236,"endTime":1166.905,"body":"But when you look at what the,"},{"speaker":"Average Joe Finances","startTime":1163.236,"endTime":1166.905,"body":"the median household prices"},{"speaker":"Average Joe Finances","startTime":1166.905,"endTime":1169.015,"body":"out there, it's pretty normal."},{"speaker":"Average Joe Finances","startTime":1169.015,"endTime":1170.683,"body":"So same thing out here in Hawaii too."},{"speaker":"Average Joe Finances","startTime":1170.683,"endTime":1171.493,"body":"We say the same thing."},{"speaker":"Average Joe Finances","startTime":1171.493,"endTime":1174.902,"body":"Oh, it's so expensive to live here in"},{"speaker":"Average Joe Finances","startTime":1171.493,"endTime":1174.902,"body":"Hawaii because the median household"},{"speaker":"Average Joe Finances","startTime":1174.902,"endTime":1176.492,"body":"price is over a million dollars."},{"speaker":"Average Joe Finances","startTime":1176.577,"endTime":1177.807,"body":"And sure it is."},{"speaker":"Average Joe Finances","startTime":1177.817,"endTime":1181.69,"body":"And of course the policies here"},{"speaker":"Average Joe Finances","startTime":1177.817,"endTime":1181.69,"body":"also are not very landlord friendly."},{"speaker":"Average Joe Finances","startTime":1181.755,"endTime":1185.175,"body":"There's all these other metrics that"},{"speaker":"Average Joe Finances","startTime":1181.755,"endTime":1185.175,"body":"come into play when you think about where"},{"speaker":"Average Joe Finances","startTime":1185.175,"endTime":1189.337,"body":"people are putting their money, when they"},{"speaker":"Average Joe Finances","startTime":1185.175,"endTime":1189.337,"body":"buy in, buy real estate, that's the stuff"},{"speaker":"Average Joe Finances","startTime":1189.342,"endTime":1192.097,"body":"that people need to be thinking about"},{"speaker":"Average Joe Finances","startTime":1189.342,"endTime":1192.097,"body":"when they want to jump into the market,"},{"speaker":"Average Joe Finances","startTime":1192.487,"endTime":1195.937,"body":"is there opportunity in areas like that?"},{"speaker":"Average Joe Finances","startTime":1195.937,"endTime":1196.507,"body":"Sure."},{"speaker":"Average Joe Finances","startTime":1197.107,"endTime":1199.237,"body":"But it's is the risk higher?"},{"speaker":"Average Joe Finances","startTime":1199.387,"endTime":1200.017,"body":"Yes."},{"speaker":"Average Joe Finances","startTime":1200.058,"endTime":1202.137,"body":"So those are things that you"},{"speaker":"Average Joe Finances","startTime":1200.058,"endTime":1202.137,"body":"have to all get together."},{"speaker":"Stefan Tsvetkov","startTime":1202.137,"endTime":1202.377,"body":"Exactly."},{"speaker":"Average Joe Finances","startTime":1202.404,"endTime":1204.456,"body":"And make sure that"},{"speaker":"Average Joe Finances","startTime":1202.404,"endTime":1204.456,"body":"it's something you're comfortable doing."},{"speaker":"Average Joe Finances","startTime":1204.456,"endTime":1206.276,"body":"I wanna like dive into that"},{"speaker":"Average Joe Finances","startTime":1204.456,"endTime":1206.276,"body":"a little bit cuz right."},{"speaker":"Average Joe Finances","startTime":1206.276,"endTime":1210.243,"body":"Cuz so you, you created this"},{"speaker":"Average Joe Finances","startTime":1206.276,"endTime":1210.243,"body":"you created RealtyQuant, right?"},{"speaker":"Average Joe Finances","startTime":1210.26,"endTime":1212.38,"body":"As something for yourself"},{"speaker":"Average Joe Finances","startTime":1210.26,"endTime":1212.38,"body":"at the beginning, right?"},{"speaker":"Average Joe Finances","startTime":1212.38,"endTime":1214.596,"body":"This was something that you"},{"speaker":"Average Joe Finances","startTime":1212.38,"endTime":1214.596,"body":"wanted to do for yourself as an"},{"speaker":"Average Joe Finances","startTime":1214.596,"endTime":1218.721,"body":"investor and even now something"},{"speaker":"Average Joe Finances","startTime":1214.596,"endTime":1218.721,"body":"that you share with everyone else."},{"speaker":"Average Joe Finances","startTime":1218.721,"endTime":1221.512,"body":"So I just wanna, I kind of wanna"},{"speaker":"Average Joe Finances","startTime":1218.721,"endTime":1221.512,"body":"jump into that a little bit."},{"speaker":"Average Joe Finances","startTime":1221.512,"endTime":1224.498,"body":"Cause I feel like what are some of"},{"speaker":"Average Joe Finances","startTime":1221.512,"endTime":1224.498,"body":"the personal things that you were"},{"speaker":"Average Joe Finances","startTime":1224.498,"endTime":1228.952,"body":"looking for that you felt would help"},{"speaker":"Average Joe Finances","startTime":1224.498,"endTime":1228.952,"body":"other people and that's, how you came"},{"speaker":"Average Joe Finances","startTime":1228.957,"endTime":1230.572,"body":"to the conclusion of creating this?"},{"speaker":"Stefan Tsvetkov","startTime":1230.902,"endTime":1231.752,"body":"Absolutely."},{"speaker":"Stefan Tsvetkov","startTime":1231.862,"endTime":1232.072,"body":"Yeah."},{"speaker":"Stefan Tsvetkov","startTime":1232.102,"endTime":1233.272,"body":"No, really everything."},{"speaker":"Stefan Tsvetkov","startTime":1233.692,"endTime":1237.777,"body":"I really point really the stuff"},{"speaker":"Stefan Tsvetkov","startTime":1233.692,"endTime":1237.777,"body":"that I choose, essentially build"},{"speaker":"Stefan Tsvetkov","startTime":1237.777,"endTime":1239.397,"body":"for myself that is through them."},{"speaker":"Stefan Tsvetkov","startTime":1239.667,"endTime":1240.21,"body":"That's the goal."},{"speaker":"Stefan Tsvetkov","startTime":1240.31,"endTime":1243.999,"body":"And so for, if we take again, market"},{"speaker":"Stefan Tsvetkov","startTime":1240.31,"endTime":1243.999,"body":"variation, the reason for like"},{"speaker":"Stefan Tsvetkov","startTime":1243.999,"endTime":1247.267,"body":"market variations like you said, like"},{"speaker":"Stefan Tsvetkov","startTime":1243.999,"endTime":1247.267,"body":"many people that it's a buzzword."},{"speaker":"Stefan Tsvetkov","startTime":1247.357,"endTime":1252.607,"body":"I actually don't like it because it"},{"speaker":"Stefan Tsvetkov","startTime":1247.357,"endTime":1252.607,"body":"creates this kind of negativity bit"},{"speaker":"Stefan Tsvetkov","startTime":1252.607,"endTime":1255.757,"body":"in the market and creates like some"},{"speaker":"Stefan Tsvetkov","startTime":1252.607,"endTime":1255.757,"body":"kind of a bit like fear mongering."},{"speaker":"Stefan Tsvetkov","startTime":1255.757,"endTime":1258.487,"body":"I almost like I saw like people"},{"speaker":"Stefan Tsvetkov","startTime":1255.757,"endTime":1258.487,"body":"on LinkedIn camp a little bit"},{"speaker":"Stefan Tsvetkov","startTime":1258.487,"endTime":1261.32,"body":"getting too heavy with Recession"},{"speaker":"Stefan Tsvetkov","startTime":1258.487,"endTime":1261.32,"body":"word and I call it topic."},{"speaker":"Average Joe Finances","startTime":1261.38,"endTime":1262.18,"body":"Oh, it's like fake."},{"speaker":"Average Joe Finances","startTime":1262.214,"endTime":1263.684,"body":"It's it's to get to exactly."},{"speaker":"Average Joe Finances","startTime":1263.684,"endTime":1265.694,"body":"And so to get you to what it's"},{"speaker":"Average Joe Finances","startTime":1263.684,"endTime":1265.694,"body":"attention, grabber rights to get"},{"speaker":"Average Joe Finances","startTime":1265.694,"endTime":1267.494,"body":"you to watch their video or listen."},{"speaker":"Stefan Tsvetkov","startTime":1267.494,"endTime":1270.973,"body":"So I'm actually not"},{"speaker":"Stefan Tsvetkov","startTime":1267.494,"endTime":1270.973,"body":"I'm not a fan of it like that, because"},{"speaker":"Stefan Tsvetkov","startTime":1270.973,"endTime":1275.833,"body":"to me it's like something like market"},{"speaker":"Stefan Tsvetkov","startTime":1270.973,"endTime":1275.833,"body":"valuation over under February, I track"},{"speaker":"Stefan Tsvetkov","startTime":1275.833,"endTime":1280.183,"body":"it already for two years, consistently"},{"speaker":"Stefan Tsvetkov","startTime":1275.833,"endTime":1280.183,"body":"quarterly for every geography."},{"speaker":"Stefan Tsvetkov","startTime":1280.393,"endTime":1284.857,"body":"It's not something that is meant"},{"speaker":"Stefan Tsvetkov","startTime":1280.393,"endTime":1284.857,"body":"to, scare people off or whatever."},{"speaker":"Stefan Tsvetkov","startTime":1285.067,"endTime":1290.212,"body":"It's just like to be aware of okay,"},{"speaker":"Stefan Tsvetkov","startTime":1285.067,"endTime":1290.212,"body":"where to start, if you were having"},{"speaker":"Stefan Tsvetkov","startTime":1290.212,"endTime":1294.267,"body":"capital in X market, perhaps you start"},{"speaker":"Stefan Tsvetkov","startTime":1290.212,"endTime":1294.267,"body":"balancing your portfolio, perhaps you"},{"speaker":"Stefan Tsvetkov","startTime":1294.267,"endTime":1298.257,"body":"start moving to other markets and it's"},{"speaker":"Stefan Tsvetkov","startTime":1294.267,"endTime":1298.257,"body":"not because if, even if there was a"},{"speaker":"Stefan Tsvetkov","startTime":1298.257,"endTime":1302.407,"body":"recession, there's not gonna be a ton"},{"speaker":"Stefan Tsvetkov","startTime":1298.257,"endTime":1302.407,"body":"of opportunities in real estate, which,"},{"speaker":"Stefan Tsvetkov","startTime":1302.407,"endTime":1304.34,"body":"every investor knows that there will be."},{"speaker":"Stefan Tsvetkov","startTime":1304.82,"endTime":1309.395,"body":"But again, it makes a difference where you"},{"speaker":"Stefan Tsvetkov","startTime":1304.82,"endTime":1309.395,"body":"are, because if you look, for instance,"},{"speaker":"Stefan Tsvetkov","startTime":1309.395,"endTime":1314.129,"body":"I'm sure perhaps you had Vinny Chopra here"},{"speaker":"Stefan Tsvetkov","startTime":1309.395,"endTime":1314.129,"body":"right at this podcast, or I'm not sure."},{"speaker":"Stefan Tsvetkov","startTime":1314.129,"endTime":1317.231,"body":"And let's say Vinny Chopra, he was"},{"speaker":"Stefan Tsvetkov","startTime":1314.129,"endTime":1317.231,"body":"at my webinar and he was saying, he"},{"speaker":"Stefan Tsvetkov","startTime":1317.236,"endTime":1319.841,"body":"did like his first indication 2008."},{"speaker":"Stefan Tsvetkov","startTime":1320.351,"endTime":1323.861,"body":"And I remember he had a very good return"},{"speaker":"Stefan Tsvetkov","startTime":1320.351,"endTime":1323.861,"body":"on that particular syndication, but it"},{"speaker":"Stefan Tsvetkov","startTime":1323.861,"endTime":1329.591,"body":"was the entry point was in 2008, but the"},{"speaker":"Stefan Tsvetkov","startTime":1323.861,"endTime":1329.591,"body":"reason is okay, knowing the data myself,"},{"speaker":"Stefan Tsvetkov","startTime":1329.621,"endTime":1334.781,"body":"how back then, he invested in an under"},{"speaker":"Stefan Tsvetkov","startTime":1329.621,"endTime":1334.781,"body":"valued county in the then undervalued"},{"speaker":"Stefan Tsvetkov","startTime":1334.781,"endTime":1340.271,"body":"state of Texas, because by the way, Texas"},{"speaker":"Stefan Tsvetkov","startTime":1334.781,"endTime":1340.271,"body":"at the peak of 2008 was under valued 5%."},{"speaker":"Stefan Tsvetkov","startTime":1341.231,"endTime":1342.371,"body":"And that was not the case."},{"speaker":"Stefan Tsvetkov","startTime":1342.376,"endTime":1346.851,"body":"If whoever invested in Florida at"},{"speaker":"Stefan Tsvetkov","startTime":1342.376,"endTime":1346.851,"body":"the time and was all their networth."},{"speaker":"Stefan Tsvetkov","startTime":1347.111,"endTime":1348.434,"body":"And so it's like very important."},{"speaker":"Stefan Tsvetkov","startTime":1348.644,"endTime":1352.566,"body":"And so that's like more like the question,"},{"speaker":"Stefan Tsvetkov","startTime":1348.644,"endTime":1352.566,"body":"but it's not like to scare people."},{"speaker":"Stefan Tsvetkov","startTime":1352.626,"endTime":1355.926,"body":"And it's also another thing it's"},{"speaker":"Stefan Tsvetkov","startTime":1352.626,"endTime":1355.926,"body":"not also, if something is over"},{"speaker":"Stefan Tsvetkov","startTime":1355.931,"endTime":1357.565,"body":"about, cause you're in Hawaii."},{"speaker":"Stefan Tsvetkov","startTime":1357.565,"endTime":1359.025,"body":"Mike, let me give you"},{"speaker":"Stefan Tsvetkov","startTime":1357.565,"endTime":1359.025,"body":"an example in Hawaii."},{"speaker":"Stefan Tsvetkov","startTime":1359.415,"endTime":1359.475,"body":"Yeah."},{"speaker":"Stefan Tsvetkov","startTime":1359.475,"endTime":1363.625,"body":"Hawaii, there's there"},{"speaker":"Stefan Tsvetkov","startTime":1359.475,"endTime":1363.625,"body":"was a recession in 1990."},{"speaker":"Stefan Tsvetkov","startTime":1363.775,"endTime":1363.905,"body":"Okay."},{"speaker":"Stefan Tsvetkov","startTime":1363.905,"endTime":1365.074,"body":"It's like an old time thing."},{"speaker":"Stefan Tsvetkov","startTime":1365.194,"endTime":1369.664,"body":"This study, I did a recession"},{"speaker":"Stefan Tsvetkov","startTime":1365.194,"endTime":1369.664,"body":"in 1990, Hawaii 1990 US real"},{"speaker":"Stefan Tsvetkov","startTime":1369.664,"endTime":1371.074,"body":"estate, very undervalued."},{"speaker":"Stefan Tsvetkov","startTime":1372.049,"endTime":1374.029,"body":"39 states are undervalue."},{"speaker":"Stefan Tsvetkov","startTime":1374.059,"endTime":1375.649,"body":"Many of them deeply undervalue."},{"speaker":"Stefan Tsvetkov","startTime":1376.159,"endTime":1379.369,"body":"If you take the whole US index"},{"speaker":"Stefan Tsvetkov","startTime":1376.159,"endTime":1379.369,"body":"case, shooter, whatever you want,"},{"speaker":"Stefan Tsvetkov","startTime":1379.669,"endTime":1383.659,"body":"the prices basically flat after the"},{"speaker":"Stefan Tsvetkov","startTime":1379.669,"endTime":1383.659,"body":"recession, there is a recession prices"},{"speaker":"Stefan Tsvetkov","startTime":1383.659,"endTime":1386.408,"body":"stay the same, it's like the thing"},{"speaker":"Stefan Tsvetkov","startTime":1383.659,"endTime":1386.408,"body":"you've heard, like in recessions"},{"speaker":"Stefan Tsvetkov","startTime":1386.408,"endTime":1387.67,"body":"real estate, doesn't always decline."},{"speaker":"Stefan Tsvetkov","startTime":1387.742,"endTime":1388.281,"body":"It's true."},{"speaker":"Stefan Tsvetkov","startTime":1388.35,"endTime":1391.98,"body":"But the reason is it wasn't"},{"speaker":"Stefan Tsvetkov","startTime":1388.35,"endTime":1391.98,"body":"on enough, over as well."},{"speaker":"Stefan Tsvetkov","startTime":1392.25,"endTime":1396.956,"body":"And so at the time was undervalued"},{"speaker":"Stefan Tsvetkov","startTime":1392.25,"endTime":1396.956,"body":"about 0% decline, but there were eight"},{"speaker":"Stefan Tsvetkov","startTime":1396.956,"endTime":1401.996,"body":"states, which were over valued more than"},{"speaker":"Stefan Tsvetkov","startTime":1396.956,"endTime":1401.996,"body":"20% over valued and they all decline."},{"speaker":"Stefan Tsvetkov","startTime":1402.326,"endTime":1408.926,"body":"And so Hawaii was an example in Hawaii"},{"speaker":"Stefan Tsvetkov","startTime":1402.326,"endTime":1408.926,"body":"was 48% in my study after 1990 overworld."},{"speaker":"Stefan Tsvetkov","startTime":1409.556,"endTime":1410.396,"body":"And what happened then?"},{"speaker":"Stefan Tsvetkov","startTime":1410.456,"endTime":1416.396,"body":"That there's very stronger, relatively,"},{"speaker":"Stefan Tsvetkov","startTime":1410.456,"endTime":1416.396,"body":"strong like growth or recovery afterwards."},{"speaker":"Stefan Tsvetkov","startTime":1416.426,"endTime":1418.927,"body":"And there's no like broad based"},{"speaker":"Stefan Tsvetkov","startTime":1416.426,"endTime":1418.927,"body":"real estate issue to actually"},{"speaker":"Stefan Tsvetkov","startTime":1418.927,"endTime":1421.447,"body":"for real estate to crash and"},{"speaker":"Stefan Tsvetkov","startTime":1418.927,"endTime":1421.447,"body":"broad real estate stay the same."},{"speaker":"Stefan Tsvetkov","startTime":1421.457,"endTime":1424.943,"body":"Markets, collection of markets"},{"speaker":"Stefan Tsvetkov","startTime":1421.457,"endTime":1424.943,"body":"in Hawaii, the state of Hawaii."},{"speaker":"Stefan Tsvetkov","startTime":1424.948,"endTime":1427.943,"body":"So that collection of"},{"speaker":"Stefan Tsvetkov","startTime":1424.948,"endTime":1427.943,"body":"markets is 48% overall."},{"speaker":"Stefan Tsvetkov","startTime":1427.948,"endTime":1430.733,"body":"And the prices declined only 14%."},{"speaker":"Stefan Tsvetkov","startTime":1431.093,"endTime":1434.603,"body":"It's not like they're gonna, they"},{"speaker":"Stefan Tsvetkov","startTime":1431.093,"endTime":1434.603,"body":"declined as much as the over variation,"},{"speaker":"Stefan Tsvetkov","startTime":1435.263,"endTime":1437.213,"body":"but this is a secondary question."},{"speaker":"Stefan Tsvetkov","startTime":1437.218,"endTime":1441.173,"body":"If a collection happens or not,"},{"speaker":"Stefan Tsvetkov","startTime":1437.218,"endTime":1441.173,"body":"because those prices, they declined,"},{"speaker":"Stefan Tsvetkov","startTime":1441.203,"endTime":1444.143,"body":"they were 14% lower in 1998."},{"speaker":"Stefan Tsvetkov","startTime":1445.148,"endTime":1446.048,"body":"Eight years late."},{"speaker":"Stefan Tsvetkov","startTime":1446.738,"endTime":1451.178,"body":"So they were stagnant and slightly"},{"speaker":"Stefan Tsvetkov","startTime":1446.738,"endTime":1451.178,"body":"declining for eight years."},{"speaker":"Stefan Tsvetkov","startTime":1451.598,"endTime":1453.218,"body":"And so that is really the risk."},{"speaker":"Stefan Tsvetkov","startTime":1453.243,"endTime":1455.973,"body":"I think now that I've been trying"},{"speaker":"Stefan Tsvetkov","startTime":1453.243,"endTime":1455.973,"body":"to communicate to some people"},{"speaker":"Stefan Tsvetkov","startTime":1456.213,"endTime":1459.813,"body":"who invest in Idaho, it's not"},{"speaker":"Stefan Tsvetkov","startTime":1456.213,"endTime":1459.813,"body":"because they have a forecast."},{"speaker":"Stefan Tsvetkov","startTime":1460.143,"endTime":1463.723,"body":"Oh, if cause Idaho is like around"},{"speaker":"Stefan Tsvetkov","startTime":1460.143,"endTime":1463.723,"body":"50% over, but it's the only one."},{"speaker":"Stefan Tsvetkov","startTime":1463.851,"endTime":1468.291,"body":"So I'm not even, I like, I'm not"},{"speaker":"Stefan Tsvetkov","startTime":1463.851,"endTime":1468.291,"body":"in any way making like some kind"},{"speaker":"Stefan Tsvetkov","startTime":1468.291,"endTime":1472.041,"body":"of statements of it being over"},{"speaker":"Stefan Tsvetkov","startTime":1468.291,"endTime":1472.041,"body":"valued, let's say like negative."},{"speaker":"Average Joe Finances","startTime":1472.211,"endTime":1473.391,"body":"The"},{"speaker":"Average Joe Finances","startTime":1472.211,"endTime":1473.391,"body":"world's coming to an end."},{"speaker":"Stefan Tsvetkov","startTime":1474.321,"endTime":1474.741,"body":"No yet."},{"speaker":"Stefan Tsvetkov","startTime":1474.741,"endTime":1480.801,"body":"No, 2021 quarter one, USA real estate"},{"speaker":"Stefan Tsvetkov","startTime":1474.741,"endTime":1480.801,"body":"was fairly valued right around 0%."},{"speaker":"Stefan Tsvetkov","startTime":1480.861,"endTime":1481.731,"body":"It's quite impressive."},{"speaker":"Stefan Tsvetkov","startTime":1481.736,"endTime":1483.861,"body":"There were few markets that"},{"speaker":"Stefan Tsvetkov","startTime":1481.736,"endTime":1483.861,"body":"were slightly overboard."},{"speaker":"Stefan Tsvetkov","startTime":1483.961,"endTime":1486.531,"body":"The Idaho was it around 25% at the time."},{"speaker":"Stefan Tsvetkov","startTime":1487.611,"endTime":1488.981,"body":"But again like that was the case."},{"speaker":"Stefan Tsvetkov","startTime":1489.101,"endTime":1491.952,"body":"And even now it's not, if you take"},{"speaker":"Stefan Tsvetkov","startTime":1489.101,"endTime":1491.952,"body":"broad us real estate, do you know"},{"speaker":"Stefan Tsvetkov","startTime":1491.952,"endTime":1495.222,"body":"where it's now in my data, plus 13%."},{"speaker":"Stefan Tsvetkov","startTime":1495.492,"endTime":1496.062,"body":"That's it."},{"speaker":"Stefan Tsvetkov","startTime":1496.542,"endTime":1500.112,"body":"It's not like it's a huge bubble, but"},{"speaker":"Stefan Tsvetkov","startTime":1496.542,"endTime":1500.112,"body":"again, the highest endeavor was with"},{"speaker":"Stefan Tsvetkov","startTime":1500.112,"endTime":1503.592,"body":"GFC at plus 20% in this, that source."},{"speaker":"Stefan Tsvetkov","startTime":1503.772,"endTime":1506.772,"body":"So that's the biggest bubble is"},{"speaker":"Stefan Tsvetkov","startTime":1503.772,"endTime":1506.772,"body":"plus 20% you could take the whole"},{"speaker":"Stefan Tsvetkov","startTime":1506.772,"endTime":1509.602,"body":"US cause like many places stay"},{"speaker":"Stefan Tsvetkov","startTime":1506.772,"endTime":1509.602,"body":"undervalue and so on and so forth."},{"speaker":"Stefan Tsvetkov","startTime":1509.782,"endTime":1514.249,"body":"And so now it's at plus 13 in"},{"speaker":"Stefan Tsvetkov","startTime":1509.782,"endTime":1514.249,"body":"my study versus plus 20 at GFC."},{"speaker":"Stefan Tsvetkov","startTime":1514.909,"endTime":1519.979,"body":"And then basically other recessions"},{"speaker":"Stefan Tsvetkov","startTime":1514.909,"endTime":1519.979,"body":"being at around zero and or negative"},{"speaker":"Stefan Tsvetkov","startTime":1519.979,"endTime":1523.559,"body":"or under valued so there is an over"},{"speaker":"Stefan Tsvetkov","startTime":1519.979,"endTime":1523.559,"body":"variation that is there, but that"},{"speaker":"Stefan Tsvetkov","startTime":1523.559,"endTime":1525.249,"body":"over variation is in few places."},{"speaker":"Stefan Tsvetkov","startTime":1525.249,"endTime":1529.853,"body":"And yeah, Idaho is very pronounced and"},{"speaker":"Stefan Tsvetkov","startTime":1525.249,"endTime":1529.853,"body":"so Idaho came, I think like plus 54%"},{"speaker":"Stefan Tsvetkov","startTime":1529.853,"endTime":1534.289,"body":"or something like that, so can extreme"},{"speaker":"Stefan Tsvetkov","startTime":1529.853,"endTime":1534.289,"body":"and they speak to some investors that"},{"speaker":"Stefan Tsvetkov","startTime":1534.289,"endTime":1535.789,"body":"they know like personally in Idaho."},{"speaker":"Stefan Tsvetkov","startTime":1535.789,"endTime":1538.107,"body":"And and I think the question"},{"speaker":"Stefan Tsvetkov","startTime":1535.789,"endTime":1538.107,"body":"is it's not like our price"},{"speaker":"Stefan Tsvetkov","startTime":1538.107,"endTime":1539.727,"body":"is going to crash or correct."},{"speaker":"Stefan Tsvetkov","startTime":1540.642,"endTime":1545.742,"body":"Even if they don't something that is"},{"speaker":"Stefan Tsvetkov","startTime":1540.642,"endTime":1545.742,"body":"so much over valued, the question is"},{"speaker":"Stefan Tsvetkov","startTime":1545.952,"endTime":1549.972,"body":"it's what is going to be its relative"},{"speaker":"Stefan Tsvetkov","startTime":1545.952,"endTime":1549.972,"body":"performance over the next decade."},{"speaker":"Stefan Tsvetkov","startTime":1550.812,"endTime":1553.902,"body":"And chances are, if we take the"},{"speaker":"Stefan Tsvetkov","startTime":1550.812,"endTime":1553.902,"body":"comparison to Hawaii at a similar"},{"speaker":"Stefan Tsvetkov","startTime":1553.902,"endTime":1559.017,"body":"evaluation in 1990, that the very best"},{"speaker":"Stefan Tsvetkov","startTime":1553.902,"endTime":1559.017,"body":"price performer, this market cycle,"},{"speaker":"Stefan Tsvetkov","startTime":1559.017,"endTime":1560.807,"body":"the state of Iowa hood underperforming."},{"speaker":"Stefan Tsvetkov","startTime":1561.942,"endTime":1564.942,"body":"Because Hawaii was also the"},{"speaker":"Stefan Tsvetkov","startTime":1561.942,"endTime":1564.942,"body":"very best price performant then,"},{"speaker":"Stefan Tsvetkov","startTime":1565.542,"endTime":1567.282,"body":"and that is really the dynamic."},{"speaker":"Stefan Tsvetkov","startTime":1567.282,"endTime":1569.551,"body":"And so it's really some,"},{"speaker":"Stefan Tsvetkov","startTime":1567.282,"endTime":1569.551,"body":"so that's the real thing."},{"speaker":"Stefan Tsvetkov","startTime":1569.556,"endTime":1572.761,"body":"Now depending on how strong economic"},{"speaker":"Stefan Tsvetkov","startTime":1569.556,"endTime":1572.761,"body":"recovery is and first of all, we don't"},{"speaker":"Stefan Tsvetkov","startTime":1572.761,"endTime":1575.821,"body":"even know if there's gonna be recession"},{"speaker":"Stefan Tsvetkov","startTime":1572.761,"endTime":1575.821,"body":"yet or when it's gonna be and so forth,"},{"speaker":"Stefan Tsvetkov","startTime":1576.151,"endTime":1580.291,"body":"but let's say assuming there was, if"},{"speaker":"Stefan Tsvetkov","startTime":1576.151,"endTime":1580.291,"body":"the economic recovery is very strong,"},{"speaker":"Stefan Tsvetkov","startTime":1580.291,"endTime":1581.751,"body":"then the correction ends up smaller."},{"speaker":"Stefan Tsvetkov","startTime":1582.511,"endTime":1586.441,"body":"If the economic recovery is very weak,"},{"speaker":"Stefan Tsvetkov","startTime":1582.511,"endTime":1586.441,"body":"then you know, the correction ends a"},{"speaker":"Stefan Tsvetkov","startTime":1586.441,"endTime":1588.841,"body":"bigger like GFC, the go financial crisis."},{"speaker":"Stefan Tsvetkov","startTime":1588.87,"endTime":1593.567,"body":"But then either way sooner or later,"},{"speaker":"Stefan Tsvetkov","startTime":1588.87,"endTime":1593.567,"body":"that lower evaluation resolves."},{"speaker":"Stefan Tsvetkov","startTime":1594.257,"endTime":1594.767,"body":"Always."},{"speaker":"Stefan Tsvetkov","startTime":1595.367,"endTime":1596.717,"body":"Like, like GFC."},{"speaker":"Stefan Tsvetkov","startTime":1596.717,"endTime":1599.927,"body":"For instance, there are like 2,700"},{"speaker":"Stefan Tsvetkov","startTime":1596.717,"endTime":1599.927,"body":"counties they have in my data."},{"speaker":"Stefan Tsvetkov","startTime":1599.927,"endTime":1602.427,"body":"So how many of them didn't resolve?"},{"speaker":"Stefan Tsvetkov","startTime":1603.087,"endTime":1608.387,"body":"I have to, it was less than 1%"},{"speaker":"Stefan Tsvetkov","startTime":1603.087,"endTime":1608.387,"body":"perhaps or something it's 99 point"},{"speaker":"Stefan Tsvetkov","startTime":1608.387,"endTime":1609.797,"body":"something percent did resolve."},{"speaker":"Stefan Tsvetkov","startTime":1610.367,"endTime":1613.985,"body":"And so that's like the importance of"},{"speaker":"Stefan Tsvetkov","startTime":1610.367,"endTime":1613.985,"body":"you don't need to time the markets."},{"speaker":"Stefan Tsvetkov","startTime":1614.075,"endTime":1618.874,"body":"If you know this, you need to just be"},{"speaker":"Stefan Tsvetkov","startTime":1614.075,"endTime":1618.874,"body":"very, like just understanding that if"},{"speaker":"Stefan Tsvetkov","startTime":1618.874,"endTime":1622.984,"body":"you're buying some very overwhelmed time,"},{"speaker":"Stefan Tsvetkov","startTime":1618.874,"endTime":1622.984,"body":"cause you have to keep an another thing."},{"speaker":"Stefan Tsvetkov","startTime":1623.974,"endTime":1626.337,"body":"How you mentioned, okay"},{"speaker":"Stefan Tsvetkov","startTime":1623.974,"endTime":1626.337,"body":"those are the hot markets."},{"speaker":"Stefan Tsvetkov","startTime":1626.399,"endTime":1629.102,"body":"But then if we go back to 2020 beginning."},{"speaker":"Stefan Tsvetkov","startTime":1629.732,"endTime":1632.277,"body":"Now Utah is a hot market, too, right?"},{"speaker":"Stefan Tsvetkov","startTime":1632.607,"endTime":1635.997,"body":"Let's say generally Western States,"},{"speaker":"Stefan Tsvetkov","startTime":1632.607,"endTime":1635.997,"body":"Utah was fairly developed at the"},{"speaker":"Stefan Tsvetkov","startTime":1635.997,"endTime":1638.907,"body":"time and it was already had, it"},{"speaker":"Stefan Tsvetkov","startTime":1635.997,"endTime":1638.907,"body":"had already appreciated a lot and"},{"speaker":"Stefan Tsvetkov","startTime":1638.912,"endTime":1640.317,"body":"it was still fairly developed."},{"speaker":"Stefan Tsvetkov","startTime":1640.617,"endTime":1644.877,"body":"I believe the county that contains"},{"speaker":"Stefan Tsvetkov","startTime":1640.617,"endTime":1644.877,"body":"Denver, being like Denver, being"},{"speaker":"Stefan Tsvetkov","startTime":1644.877,"endTime":1647.427,"body":"a top performing cities market"},{"speaker":"Stefan Tsvetkov","startTime":1644.877,"endTime":1647.427,"body":"site was also fairly developed."},{"speaker":"Stefan Tsvetkov","startTime":1647.897,"endTime":1651.527,"body":"So it depends sometimes if we're a"},{"speaker":"Stefan Tsvetkov","startTime":1647.897,"endTime":1651.527,"body":"little earlier in the cycle, it could"},{"speaker":"Stefan Tsvetkov","startTime":1651.527,"endTime":1655.487,"body":"be that extremely booming markets"},{"speaker":"Stefan Tsvetkov","startTime":1651.527,"endTime":1655.487,"body":"are still fairly or even undervalue."},{"speaker":"Stefan Tsvetkov","startTime":1655.667,"endTime":1658.247,"body":"You just have to track it"},{"speaker":"Stefan Tsvetkov","startTime":1655.667,"endTime":1658.247,"body":"and enter at the right time."},{"speaker":"Stefan Tsvetkov","startTime":1658.757,"endTime":1661.282,"body":"But it just happens to be okay"},{"speaker":"Stefan Tsvetkov","startTime":1658.757,"endTime":1661.282,"body":"with inflation, as like all"},{"speaker":"Stefan Tsvetkov","startTime":1661.282,"endTime":1663.989,"body":"investors, they say, oh, inflation"},{"speaker":"Stefan Tsvetkov","startTime":1661.282,"endTime":1663.989,"body":"is amazing for real estate."},{"speaker":"Stefan Tsvetkov","startTime":1663.989,"endTime":1666.639,"body":"It's just gonna grow"},{"speaker":"Stefan Tsvetkov","startTime":1663.989,"endTime":1666.639,"body":"real estate and so forth."},{"speaker":"Stefan Tsvetkov","startTime":1666.639,"endTime":1669.264,"body":"Part of what that led to is over relation."},{"speaker":"Stefan Tsvetkov","startTime":1669.699,"endTime":1673.943,"body":"And so since the second and It came out"},{"speaker":"Stefan Tsvetkov","startTime":1669.699,"endTime":1673.943,"body":"actually at my own, I have a YouTube"},{"speaker":"Stefan Tsvetkov","startTime":1673.943,"endTime":1678.023,"body":"channel and I came out at my own YouTube"},{"speaker":"Stefan Tsvetkov","startTime":1673.943,"endTime":1678.023,"body":"channel, like the second and what is"},{"speaker":"Stefan Tsvetkov","startTime":1678.028,"endTime":1682.004,"body":"it like and mentioned basically second"},{"speaker":"Stefan Tsvetkov","startTime":1678.028,"endTime":1682.004,"body":"and third quarter of 2021 is when US"},{"speaker":"Stefan Tsvetkov","startTime":1682.104,"endTime":1685.174,"body":"real states started sort of entering."},{"speaker":"Stefan Tsvetkov","startTime":1685.224,"endTime":1688.491,"body":"More extreme over variation regime"},{"speaker":"Stefan Tsvetkov","startTime":1685.224,"endTime":1688.491,"body":"where before it was fairly bottled."},{"speaker":"Stefan Tsvetkov","startTime":1688.761,"endTime":1691.802,"body":"And so it started a little bit of a"},{"speaker":"Stefan Tsvetkov","startTime":1688.761,"endTime":1691.802,"body":"bubble regime because a very sharp"},{"speaker":"Stefan Tsvetkov","startTime":1691.802,"endTime":1695.222,"body":"change from something that was very"},{"speaker":"Stefan Tsvetkov","startTime":1691.802,"endTime":1695.222,"body":"consistent for four years, at least."},{"speaker":"Stefan Tsvetkov","startTime":1695.472,"endTime":1696.732,"body":"Suddenly all suddenly jumping."},{"speaker":"Stefan Tsvetkov","startTime":1696.737,"endTime":1697.571,"body":"So why is it happening?"},{"speaker":"Stefan Tsvetkov","startTime":1697.571,"endTime":1701.686,"body":"It's because of inflation in many"},{"speaker":"Stefan Tsvetkov","startTime":1697.571,"endTime":1701.686,"body":"like kind investor demand around that."},{"speaker":"Stefan Tsvetkov","startTime":1702.106,"endTime":1702.88,"body":"But but yes."},{"speaker":"Stefan Tsvetkov","startTime":1702.88,"endTime":1706.595,"body":"And so those are like, Like some"},{"speaker":"Stefan Tsvetkov","startTime":1702.88,"endTime":1706.595,"body":"consideration and yeah, so generally"},{"speaker":"Stefan Tsvetkov","startTime":1706.595,"endTime":1712.04,"body":"if we speak like very high level, so"},{"speaker":"Stefan Tsvetkov","startTime":1706.595,"endTime":1712.04,"body":"Western States are overvalued in this"},{"speaker":"Stefan Tsvetkov","startTime":1712.045,"endTime":1718.188,"body":"data kind more over valued, and then"},{"speaker":"Stefan Tsvetkov","startTime":1712.045,"endTime":1718.188,"body":"Southern States a bit less, let's say"},{"speaker":"Stefan Tsvetkov","startTime":1718.193,"endTime":1722.688,"body":"just overvalued and then Midwest is fairly"},{"speaker":"Stefan Tsvetkov","startTime":1718.193,"endTime":1722.688,"body":"valued and then Northeast is even under"},{"speaker":"Stefan Tsvetkov","startTime":1722.688,"endTime":1727.196,"body":"valued and it's not a good predictor"},{"speaker":"Stefan Tsvetkov","startTime":1722.688,"endTime":1727.196,"body":"of appreciation on the upside, if"},{"speaker":"Stefan Tsvetkov","startTime":1727.196,"endTime":1731.756,"body":"something's undervalue, because typically"},{"speaker":"Stefan Tsvetkov","startTime":1727.196,"endTime":1731.756,"body":"it's most often it's weak markets"},{"speaker":"Stefan Tsvetkov","startTime":1731.756,"endTime":1733.316,"body":"already at this point of the cycle."},{"speaker":"Stefan Tsvetkov","startTime":1733.736,"endTime":1734.516,"body":"So they're weak."},{"speaker":"Stefan Tsvetkov","startTime":1734.516,"endTime":1738.086,"body":"They're not gonna appreciate that they're"},{"speaker":"Stefan Tsvetkov","startTime":1734.516,"endTime":1738.086,"body":"undervalue, but they likely will be"},{"speaker":"Stefan Tsvetkov","startTime":1738.091,"endTime":1743.246,"body":"protected in a recession at least from"},{"speaker":"Stefan Tsvetkov","startTime":1738.091,"endTime":1743.246,"body":"evaluation standpoint, cuz that's in GFC."},{"speaker":"Stefan Tsvetkov","startTime":1743.246,"endTime":1745.776,"body":"They are around 10 states that were"},{"speaker":"Stefan Tsvetkov","startTime":1743.246,"endTime":1745.776,"body":"under valued, at the time there"},{"speaker":"Stefan Tsvetkov","startTime":1745.776,"endTime":1748.4,"body":"decline was median, I think 4%."},{"speaker":"Stefan Tsvetkov","startTime":1749.595,"endTime":1754.233,"body":"And 4% was actually the, I think,"},{"speaker":"Stefan Tsvetkov","startTime":1749.595,"endTime":1754.233,"body":"average income decline after GFC."},{"speaker":"Stefan Tsvetkov","startTime":1754.473,"endTime":1757.713,"body":"So kind if you work, let's say if you"},{"speaker":"Stefan Tsvetkov","startTime":1754.473,"endTime":1757.713,"body":"take in the more simplified and just"},{"speaker":"Stefan Tsvetkov","startTime":1757.713,"endTime":1762.063,"body":"prices and incomes, and that drives"},{"speaker":"Stefan Tsvetkov","startTime":1757.713,"endTime":1762.063,"body":"valuation now there's perhaps more."},{"speaker":"Stefan Tsvetkov","startTime":1762.131,"endTime":1767.036,"body":"But then we can say that in normalized"},{"speaker":"Stefan Tsvetkov","startTime":1762.131,"endTime":1767.036,"body":"terms, That's in price to income terms,"},{"speaker":"Stefan Tsvetkov","startTime":1767.396,"endTime":1769.075,"body":"they stay the same, those states."},{"speaker":"Stefan Tsvetkov","startTime":1769.195,"endTime":1772.113,"body":"So you have the biggest decline"},{"speaker":"Stefan Tsvetkov","startTime":1769.195,"endTime":1772.113,"body":"in the biggest kind of collapse"},{"speaker":"Stefan Tsvetkov","startTime":1772.113,"endTime":1775.233,"body":"of real estate in US and the under"},{"speaker":"Stefan Tsvetkov","startTime":1772.113,"endTime":1775.233,"body":"valued states, they stay the same."},{"speaker":"Stefan Tsvetkov","startTime":1775.293,"endTime":1776.613,"body":"So it's like quite impressive."},{"speaker":"Stefan Tsvetkov","startTime":1776.705,"endTime":1780.217,"body":"And so that's the benefit  for, some"},{"speaker":"Stefan Tsvetkov","startTime":1776.705,"endTime":1780.217,"body":"of the people investing for you now"},{"speaker":"Stefan Tsvetkov","startTime":1780.217,"endTime":1783.616,"body":"cuz I spoke like this private equity"},{"speaker":"Stefan Tsvetkov","startTime":1780.217,"endTime":1783.616,"body":"fund and they were saying, okay, we"},{"speaker":"Stefan Tsvetkov","startTime":1783.616,"endTime":1787.426,"body":"are investing in secondary and tertiary"},{"speaker":"Stefan Tsvetkov","startTime":1783.616,"endTime":1787.426,"body":"markets in the Midwest because okay,"},{"speaker":"Stefan Tsvetkov","startTime":1787.426,"endTime":1791.497,"body":"there is concerned with some of the"},{"speaker":"Stefan Tsvetkov","startTime":1787.426,"endTime":1791.497,"body":"over heatedness in, in other places"},{"speaker":"Stefan Tsvetkov","startTime":1791.497,"endTime":1793.687,"body":"and assuming winter recession so forth."},{"speaker":"Stefan Tsvetkov","startTime":1794.077,"endTime":1798.019,"body":"And that's the benefit of seeking like"},{"speaker":"Stefan Tsvetkov","startTime":1794.077,"endTime":1798.019,"body":"higher caps or seeking yield as well in"},{"speaker":"Stefan Tsvetkov","startTime":1798.049,"endTime":1803.304,"body":"this case, because it could outperform"},{"speaker":"Stefan Tsvetkov","startTime":1798.049,"endTime":1803.304,"body":"if there was a recession, if there isn't"},{"speaker":"Stefan Tsvetkov","startTime":1803.384,"endTime":1808.614,"body":"enter recession, then not then the over"},{"speaker":"Stefan Tsvetkov","startTime":1803.384,"endTime":1808.614,"body":"valued markets without perform until then."},{"speaker":"Stefan Tsvetkov","startTime":1808.614,"endTime":1813.46,"body":"But at some point, Something is very"},{"speaker":"Stefan Tsvetkov","startTime":1808.614,"endTime":1813.46,"body":"over valued something is just 20% over."},{"speaker":"Stefan Tsvetkov","startTime":1813.46,"endTime":1813.85,"body":"Okay."},{"speaker":"Stefan Tsvetkov","startTime":1813.85,"endTime":1814.81,"body":"That's not a big deal."},{"speaker":"Stefan Tsvetkov","startTime":1815.17,"endTime":1819.061,"body":"If something is 50% over"},{"speaker":"Stefan Tsvetkov","startTime":1815.17,"endTime":1819.061,"body":"valued, then perhaps it's not,"},{"speaker":"Stefan Tsvetkov","startTime":1819.151,"endTime":1820.471,"body":"it's just like the surprise."},{"speaker":"Stefan Tsvetkov","startTime":1820.471,"endTime":1822.001,"body":"I think that's gonna"},{"speaker":"Stefan Tsvetkov","startTime":1820.471,"endTime":1822.001,"body":"be there for investors."},{"speaker":"Stefan Tsvetkov","startTime":1822.001,"endTime":1824.401,"body":"In my opinion, from what they've"},{"speaker":"Stefan Tsvetkov","startTime":1822.001,"endTime":1824.401,"body":"seen historically in the data"},{"speaker":"Stefan Tsvetkov","startTime":1824.401,"endTime":1827.369,"body":"is that is actually gonna"},{"speaker":"Stefan Tsvetkov","startTime":1824.401,"endTime":1827.369,"body":"become a weak performing market."},{"speaker":"Stefan Tsvetkov","startTime":1827.639,"endTime":1828.869,"body":"And that's something they don't realize."},{"speaker":"Stefan Tsvetkov","startTime":1828.869,"endTime":1834.061,"body":"That's the example Hawaii at that time"},{"speaker":"Stefan Tsvetkov","startTime":1828.869,"endTime":1834.061,"body":"and cuz valuations, they mean revert."},{"speaker":"Stefan Tsvetkov","startTime":1834.781,"endTime":1838.231,"body":"And they just, if you look at their"},{"speaker":"Stefan Tsvetkov","startTime":1834.781,"endTime":1838.231,"body":"history, if something was over, it always"},{"speaker":"Stefan Tsvetkov","startTime":1838.231,"endTime":1840.301,"body":"goes to zero at end, it always goes zero."},{"speaker":"Stefan Tsvetkov","startTime":1840.691,"endTime":1842.401,"body":"It could have me a"},{"speaker":"Stefan Tsvetkov","startTime":1840.691,"endTime":1842.401,"body":"hundred plus percent over."},{"speaker":"Stefan Tsvetkov","startTime":1842.641,"endTime":1843.601,"body":"It always goes to zero."},{"speaker":"Average Joe Finances","startTime":1843.901,"endTime":1844.22,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1844.22,"endTime":1847.698,"body":"Those are all great points and there's a"},{"speaker":"Average Joe Finances","startTime":1844.22,"endTime":1847.698,"body":"lot to unpack here, because you're talking"},{"speaker":"Average Joe Finances","startTime":1847.698,"endTime":1851.335,"body":"about, pretty much like what makes the"},{"speaker":"Average Joe Finances","startTime":1847.698,"endTime":1851.335,"body":"actual real estate market overvalued."},{"speaker":"Average Joe Finances","startTime":1851.366,"endTime":1852.498,"body":"So you touched on that."},{"speaker":"Average Joe Finances","startTime":1852.501,"endTime":1856.05,"body":"And then you're also talking about what"},{"speaker":"Average Joe Finances","startTime":1852.501,"endTime":1856.05,"body":"are the metrics and predictors that you're"},{"speaker":"Average Joe Finances","startTime":1856.05,"endTime":1858.05,"body":"looking at to mitigate that risk right?"},{"speaker":"Average Joe Finances","startTime":1858.38,"endTime":1863.811,"body":"Now, you also talked about, like"},{"speaker":"Average Joe Finances","startTime":1858.38,"endTime":1863.811,"body":"which areas are overvalued right now."},{"speaker":"Average Joe Finances","startTime":1863.855,"endTime":1869.368,"body":"But I'm more curious as to where you"},{"speaker":"Average Joe Finances","startTime":1863.855,"endTime":1869.368,"body":"are seeing like the best performing"},{"speaker":"Average Joe Finances","startTime":1869.368,"endTime":1873.322,"body":"markets, like for people that are wanting"},{"speaker":"Average Joe Finances","startTime":1869.368,"endTime":1873.322,"body":"to get into it and start investing,"},{"speaker":"Average Joe Finances","startTime":1873.322,"endTime":1875.213,"body":"like where's, where are those spots?"},{"speaker":"Average Joe Finances","startTime":1875.213,"endTime":1876.563,"body":"Where are those hot spots for them?"},{"speaker":"Stefan Tsvetkov","startTime":1878.623,"endTime":1881.563,"body":"Yeah, this is a"},{"speaker":"Stefan Tsvetkov","startTime":1878.623,"endTime":1881.563,"body":"great question because it's the most"},{"speaker":"Stefan Tsvetkov","startTime":1881.563,"endTime":1884.674,"body":"difficult time for this, it's not"},{"speaker":"Stefan Tsvetkov","startTime":1881.563,"endTime":1884.674,"body":"straight thing to give, because think"},{"speaker":"Stefan Tsvetkov","startTime":1884.674,"endTime":1887.854,"body":"about it, it's like the best performing"},{"speaker":"Stefan Tsvetkov","startTime":1884.674,"endTime":1887.854,"body":"one are the ones that're going and"},{"speaker":"Stefan Tsvetkov","startTime":1887.854,"endTime":1889.144,"body":"becoming more and more overwhelmed."},{"speaker":"Stefan Tsvetkov","startTime":1889.204,"endTime":1893.374,"body":"Best performing investing in"},{"speaker":"Stefan Tsvetkov","startTime":1889.204,"endTime":1893.374,"body":"Phoenix, Arizona, or in Boise, either"},{"speaker":"Average Joe Finances","startTime":1894.064,"endTime":1895.414,"body":"Revealing all the secrets here"},{"speaker":"Stefan Tsvetkov","startTime":1895.444,"endTime":1897.324,"body":"or in no,"},{"speaker":"Stefan Tsvetkov","startTime":1895.444,"endTime":1897.324,"body":"it's, that's not a secret."},{"speaker":"Stefan Tsvetkov","startTime":1897.374,"endTime":1898.274,"body":"."},{"speaker":"Stefan Tsvetkov","startTime":1897.374,"endTime":1898.274,"body":"Average Joe Finances: It's just the data."},{"speaker":"Stefan Tsvetkov","startTime":1898.414,"endTime":1900.011,"body":"Yeah, no, I'm just"},{"speaker":"Stefan Tsvetkov","startTime":1898.414,"endTime":1900.011,"body":"saying, so that would be the best"},{"speaker":"Stefan Tsvetkov","startTime":1900.011,"endTime":1904.061,"body":"performing would be like the ones"},{"speaker":"Stefan Tsvetkov","startTime":1900.011,"endTime":1904.061,"body":"that are already overwhelmed and"},{"speaker":"Stefan Tsvetkov","startTime":1904.061,"endTime":1907.811,"body":"they continue because of momentum,"},{"speaker":"Stefan Tsvetkov","startTime":1904.061,"endTime":1907.811,"body":"they continue getting more and more"},{"speaker":"Stefan Tsvetkov","startTime":1907.816,"endTime":1909.581,"body":"overheated and more and more overwhelmed."},{"speaker":"Stefan Tsvetkov","startTime":1909.931,"endTime":1912.421,"body":"But the tricky part is really,"},{"speaker":"Stefan Tsvetkov","startTime":1909.931,"endTime":1912.421,"body":"I think your question is"},{"speaker":"Stefan Tsvetkov","startTime":1912.421,"endTime":1913.961,"body":"okay, how do you forecast?"},{"speaker":"Stefan Tsvetkov","startTime":1913.99,"endTime":1917.834,"body":"What's gonna be right for performance"},{"speaker":"Stefan Tsvetkov","startTime":1913.99,"endTime":1917.834,"body":"from now into the future, and that's"},{"speaker":"Stefan Tsvetkov","startTime":1917.834,"endTime":1921.524,"body":"a hard question because I don't"},{"speaker":"Stefan Tsvetkov","startTime":1917.834,"endTime":1921.524,"body":"know if recession triggers or not."},{"speaker":"Stefan Tsvetkov","startTime":1921.914,"endTime":1923.944,"body":"If I do a model, that's"},{"speaker":"Stefan Tsvetkov","startTime":1921.914,"endTime":1923.944,"body":"your recession trigger."},{"speaker":"Stefan Tsvetkov","startTime":1924.519,"endTime":1924.849,"body":"Okay."},{"speaker":"Stefan Tsvetkov","startTime":1924.849,"endTime":1925.869,"body":"I can try to forecast."},{"speaker":"Stefan Tsvetkov","startTime":1925.869,"endTime":1926.929,"body":"Now I have valuation."},{"speaker":"Stefan Tsvetkov","startTime":1926.943,"endTime":1931.393,"body":"I can forecast the fundamentals in"},{"speaker":"Stefan Tsvetkov","startTime":1926.943,"endTime":1931.393,"body":"different markets and net them out."},{"speaker":"Stefan Tsvetkov","startTime":1931.933,"endTime":1936.315,"body":"And because we have a recession"},{"speaker":"Stefan Tsvetkov","startTime":1931.933,"endTime":1936.315,"body":"trigger, I can perhaps say that okay,"},{"speaker":"Stefan Tsvetkov","startTime":1936.315,"endTime":1941.872,"body":"that we are gonna get like those that"},{"speaker":"Stefan Tsvetkov","startTime":1936.315,"endTime":1941.872,"body":"relative perform that a bit less strong"},{"speaker":"Stefan Tsvetkov","startTime":1941.872,"endTime":1944.985,"body":"performance in the recession based"},{"speaker":"Stefan Tsvetkov","startTime":1941.872,"endTime":1944.985,"body":"on those fundamentals and something"},{"speaker":"Stefan Tsvetkov","startTime":1944.985,"endTime":1946.367,"body":"like that and try to model it out."},{"speaker":"Stefan Tsvetkov","startTime":1946.787,"endTime":1951.707,"body":"Now at this time, there's no point of"},{"speaker":"Stefan Tsvetkov","startTime":1946.787,"endTime":1951.707,"body":"working evaluation until a recession"},{"speaker":"Stefan Tsvetkov","startTime":1951.707,"endTime":1954.407,"body":"triggers there is a well point of"},{"speaker":"Stefan Tsvetkov","startTime":1951.707,"endTime":1954.407,"body":"working evaluation, but there's no"},{"speaker":"Stefan Tsvetkov","startTime":1954.407,"endTime":1956.777,"body":"point of for appreciation forecasting."},{"speaker":"Stefan Tsvetkov","startTime":1957.467,"endTime":1961.157,"body":"And there is, don't even point of"},{"speaker":"Stefan Tsvetkov","startTime":1957.467,"endTime":1961.157,"body":"working at the fundamental so much, cuz"},{"speaker":"Stefan Tsvetkov","startTime":1961.162,"endTime":1965.242,"body":"what you have to do is take the trend"},{"speaker":"Stefan Tsvetkov","startTime":1961.162,"endTime":1965.242,"body":"of the prices and forecast that and"},{"speaker":"Stefan Tsvetkov","startTime":1965.242,"endTime":1968.542,"body":"write that because that's like what's"},{"speaker":"Stefan Tsvetkov","startTime":1965.242,"endTime":1968.542,"body":"actually happening cuz there's momentum."},{"speaker":"Stefan Tsvetkov","startTime":1969.112,"endTime":1972.582,"body":"So depends if the recession triggers,"},{"speaker":"Stefan Tsvetkov","startTime":1969.112,"endTime":1972.582,"body":"if recession doesn't trigger at some"},{"speaker":"Stefan Tsvetkov","startTime":1972.582,"endTime":1976.782,"body":"point a year from now and so forth for"},{"speaker":"Stefan Tsvetkov","startTime":1972.582,"endTime":1976.782,"body":"this one year or two years or more of"},{"speaker":"Stefan Tsvetkov","startTime":1976.782,"endTime":1981.915,"body":"whichever period, it's gonna be the"},{"speaker":"Stefan Tsvetkov","startTime":1976.782,"endTime":1981.915,"body":"same markets that now have shown the"},{"speaker":"Stefan Tsvetkov","startTime":1981.915,"endTime":1985.262,"body":"highest appreciation this cycle are"},{"speaker":"Stefan Tsvetkov","startTime":1981.915,"endTime":1985.262,"body":"going to continue to be the best one."},{"speaker":"Stefan Tsvetkov","startTime":1985.262,"endTime":1989.672,"body":"So it's gonna be markets in"},{"speaker":"Stefan Tsvetkov","startTime":1985.262,"endTime":1989.672,"body":"Idaho, in Arizona, in Utah, in"},{"speaker":"Stefan Tsvetkov","startTime":1989.672,"endTime":1992.199,"body":"Nevada, in Florida and Texas."},{"speaker":"Average Joe Finances","startTime":1992.199,"endTime":1994.989,"body":"So you're saying"},{"speaker":"Average Joe Finances","startTime":1992.199,"endTime":1994.989,"body":"its good to, to stick with those markets?"},{"speaker":"Stefan Tsvetkov","startTime":1995.049,"endTime":1996.549,"body":"No, I don't think so."},{"speaker":"Average Joe Finances","startTime":1996.549,"endTime":1996.909,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":1997.109,"endTime":1997.309,"body":"Okay."},{"speaker":"Stefan Tsvetkov","startTime":1997.309,"endTime":1998.409,"body":"You"},{"speaker":"Stefan Tsvetkov","startTime":1997.309,"endTime":1998.409,"body":"think what is good though?"},{"speaker":"Stefan Tsvetkov","startTime":1998.409,"endTime":1998.589,"body":"No."},{"speaker":"Stefan Tsvetkov","startTime":1998.589,"endTime":2001.949,"body":"So that again, that's those are the ones"},{"speaker":"Stefan Tsvetkov","startTime":1998.589,"endTime":2001.949,"body":"that's gonna, they're gonna appreciate."},{"speaker":"Stefan Tsvetkov","startTime":2001.949,"endTime":2003.089,"body":"until recession hits."},{"speaker":"Stefan Tsvetkov","startTime":2003.514,"endTime":2004.564,"body":"Once that happens,"},{"speaker":"Average Joe Finances","startTime":2004.564,"endTime":2005.884,"body":"they"},{"speaker":"Average Joe Finances","startTime":2004.564,"endTime":2005.884,"body":"still got that momentum going."},{"speaker":"Stefan Tsvetkov","startTime":2005.884,"endTime":2006.684,"body":"The worst ones."},{"speaker":"Stefan Tsvetkov","startTime":2006.684,"endTime":2007.164,"body":"Yeah."},{"speaker":"Stefan Tsvetkov","startTime":2007.504,"endTime":2008.104,"body":"That happens."},{"speaker":"Stefan Tsvetkov","startTime":2008.104,"endTime":2009.634,"body":"They're gonna be the worst ones to be in."},{"speaker":"Stefan Tsvetkov","startTime":2009.994,"endTime":2012.904,"body":"And so where if one takes,"},{"speaker":"Stefan Tsvetkov","startTime":2009.994,"endTime":2012.904,"body":"okay, just cuz they don't know"},{"speaker":"Stefan Tsvetkov","startTime":2012.904,"endTime":2014.074,"body":"if recession triggers or not."},{"speaker":"Stefan Tsvetkov","startTime":2014.254,"endTime":2018.514,"body":"So if the best place, in my opinion"},{"speaker":"Stefan Tsvetkov","startTime":2014.254,"endTime":2018.514,"body":"now is to invest in the Midwest"},{"speaker":"Stefan Tsvetkov","startTime":2018.514,"endTime":2023.333,"body":"and places like that to invest for"},{"speaker":"Stefan Tsvetkov","startTime":2018.514,"endTime":2023.333,"body":"yield and to invest a boring thing."},{"speaker":"Stefan Tsvetkov","startTime":2023.728,"endTime":2027.358,"body":"But essentially undervalued"},{"speaker":"Stefan Tsvetkov","startTime":2023.728,"endTime":2027.358,"body":"markets or fairly divided markets."},{"speaker":"Stefan Tsvetkov","startTime":2027.748,"endTime":2029.199,"body":"And so that's what I do."},{"speaker":"Stefan Tsvetkov","startTime":2029.199,"endTime":2033.129,"body":"So I search for now commercial multifamily"},{"speaker":"Stefan Tsvetkov","startTime":2029.199,"endTime":2033.129,"body":"in the Midwest, cuz I don't want to"},{"speaker":"Stefan Tsvetkov","startTime":2033.129,"endTime":2039.454,"body":"invest in for that I think came out that"},{"speaker":"Stefan Tsvetkov","startTime":2033.129,"endTime":2039.454,"body":"what, 27% over the state of Florida."},{"speaker":"Stefan Tsvetkov","startTime":2039.468,"endTime":2040.548,"body":"But it that's a taste."},{"speaker":"Stefan Tsvetkov","startTime":2040.548,"endTime":2042.498,"body":"That's my own like risk preference."},{"speaker":"Stefan Tsvetkov","startTime":2043.343,"endTime":2047.693,"body":"Cause again, I can, I could have said"},{"speaker":"Stefan Tsvetkov","startTime":2043.343,"endTime":2047.693,"body":"I'm gonna invest in 27% overworld"},{"speaker":"Stefan Tsvetkov","startTime":2047.693,"endTime":2052.193,"body":"Florida, because prices are gonna boom"},{"speaker":"Stefan Tsvetkov","startTime":2047.693,"endTime":2052.193,"body":"the most this one year in Florida."},{"speaker":"Stefan Tsvetkov","startTime":2052.193,"endTime":2053.693,"body":"And that's a very valid strategy."},{"speaker":"Stefan Tsvetkov","startTime":2053.963,"endTime":2057.893,"body":"But again, if recession triggers,"},{"speaker":"Stefan Tsvetkov","startTime":2053.963,"endTime":2057.893,"body":"then this is your best statistical"},{"speaker":"Stefan Tsvetkov","startTime":2057.898,"endTime":2059.226,"body":"predictor under perform."},{"speaker":"Stefan Tsvetkov","startTime":2059.226,"endTime":2062.646,"body":"Let's say not necessarily declines"},{"speaker":"Stefan Tsvetkov","startTime":2059.226,"endTime":2062.646,"body":"could, it could be that doesn't correct."},{"speaker":"Stefan Tsvetkov","startTime":2062.646,"endTime":2065.046,"body":"Don't correct price, but"},{"speaker":"Stefan Tsvetkov","startTime":2062.646,"endTime":2065.046,"body":"definitely under performance after."},{"speaker":"Average Joe Finances","startTime":2065.961,"endTime":2068.341,"body":"It can give"},{"speaker":"Average Joe Finances","startTime":2065.961,"endTime":2068.341,"body":"you a good idea of what's to come"},{"speaker":"Average Joe Finances","startTime":2068.341,"endTime":2069.691,"body":"if that recession hits right."},{"speaker":"Stefan Tsvetkov","startTime":2070.441,"endTime":2071.311,"body":"Very much."},{"speaker":"Stefan Tsvetkov","startTime":2071.341,"endTime":2075.151,"body":"It depends again, like how much of"},{"speaker":"Stefan Tsvetkov","startTime":2071.341,"endTime":2075.151,"body":"a correction scenario is, but if you"},{"speaker":"Stefan Tsvetkov","startTime":2075.151,"endTime":2079.461,"body":"have GFC correction scenario, then"},{"speaker":"Stefan Tsvetkov","startTime":2075.151,"endTime":2079.461,"body":"pretty much what the valuations were"},{"speaker":"Stefan Tsvetkov","startTime":2079.551,"endTime":2083.091,"body":"in different, against states, that's"},{"speaker":"Stefan Tsvetkov","startTime":2079.551,"endTime":2083.091,"body":"how much they declined in a very"},{"speaker":"Stefan Tsvetkov","startTime":2083.091,"endTime":2085.251,"body":"high level to an 85% correlation."},{"speaker":"Stefan Tsvetkov","startTime":2085.761,"endTime":2088.551,"body":"But that's not always the case,"},{"speaker":"Stefan Tsvetkov","startTime":2085.761,"endTime":2088.551,"body":"like mentioned for, it could"},{"speaker":"Stefan Tsvetkov","startTime":2088.551,"endTime":2092.479,"body":"be a smaller decline, because"},{"speaker":"Stefan Tsvetkov","startTime":2088.551,"endTime":2092.479,"body":"the recovery is very quick."},{"speaker":"Stefan Tsvetkov","startTime":2092.479,"endTime":2095.796,"body":"We're very strong like incomes and"},{"speaker":"Stefan Tsvetkov","startTime":2092.479,"endTime":2095.796,"body":"everything's performing very well"},{"speaker":"Stefan Tsvetkov","startTime":2095.796,"endTime":2097.236,"body":"after the recession at some point."},{"speaker":"Stefan Tsvetkov","startTime":2097.237,"endTime":2102.502,"body":"So it can vary, but even if that's the"},{"speaker":"Stefan Tsvetkov","startTime":2097.237,"endTime":2102.502,"body":"case, that market has a lot to overcome"},{"speaker":"Stefan Tsvetkov","startTime":2102.562,"endTime":2104.362,"body":"has all that over variation to overcome."},{"speaker":"Stefan Tsvetkov","startTime":2104.367,"endTime":2106.012,"body":"And so it becomes more stagnant."},{"speaker":"Stefan Tsvetkov","startTime":2106.762,"endTime":2110.127,"body":"And so that's for instance, in Hawaii,"},{"speaker":"Stefan Tsvetkov","startTime":2106.762,"endTime":2110.127,"body":"between, think of investing in Hawaii"},{"speaker":"Stefan Tsvetkov","startTime":2110.127,"endTime":2115.137,"body":"1990, that was the best performing highest"},{"speaker":"Stefan Tsvetkov","startTime":2110.127,"endTime":2115.137,"body":"price appreciation anywhere in the US."},{"speaker":"Stefan Tsvetkov","startTime":2115.617,"endTime":2119.877,"body":"You invest in Hawaii 1990, fast"},{"speaker":"Stefan Tsvetkov","startTime":2115.617,"endTime":2119.877,"body":"forward, eight years in one"},{"speaker":"Stefan Tsvetkov","startTime":2119.882,"endTime":2122.727,"body":"quarter and prices are 14% war."},{"speaker":"Stefan Tsvetkov","startTime":2124.062,"endTime":2127.632,"body":"So that's not a good time to invest it"},{"speaker":"Stefan Tsvetkov","startTime":2124.062,"endTime":2127.632,"body":"just because, okay that was the best."},{"speaker":"Stefan Tsvetkov","startTime":2127.632,"endTime":2129.612,"body":"And then if one was talking"},{"speaker":"Stefan Tsvetkov","startTime":2127.632,"endTime":2129.612,"body":"to investors, they were just"},{"speaker":"Stefan Tsvetkov","startTime":2129.612,"endTime":2130.752,"body":"saying, that's the best mark."},{"speaker":"Stefan Tsvetkov","startTime":2130.752,"endTime":2133.032,"body":"That's the thing that I"},{"speaker":"Stefan Tsvetkov","startTime":2130.752,"endTime":2133.032,"body":"listen, I hear about now."},{"speaker":"Stefan Tsvetkov","startTime":2133.122,"endTime":2133.242,"body":"Okay."},{"speaker":"Stefan Tsvetkov","startTime":2133.242,"endTime":2134.442,"body":"It's extremely booming."},{"speaker":"Stefan Tsvetkov","startTime":2134.447,"endTime":2135.912,"body":"Fundamentals are so strong."},{"speaker":"Stefan Tsvetkov","startTime":2136.182,"endTime":2137.562,"body":"I know that fundamentals are strong."},{"speaker":"Stefan Tsvetkov","startTime":2137.567,"endTime":2138.852,"body":"That's reflecting the prices."},{"speaker":"Stefan Tsvetkov","startTime":2139.122,"endTime":2140.232,"body":"Everybody knows that."},{"speaker":"Stefan Tsvetkov","startTime":2140.502,"endTime":2143.172,"body":"The question is where prices"},{"speaker":"Stefan Tsvetkov","startTime":2140.502,"endTime":2143.172,"body":"related to those fundamentals."},{"speaker":"Stefan Tsvetkov","startTime":2143.172,"endTime":2147.335,"body":"And if they're 50% higher, then"},{"speaker":"Stefan Tsvetkov","startTime":2143.172,"endTime":2147.335,"body":"that's not a good market to invest."},{"speaker":"Stefan Tsvetkov","startTime":2147.335,"endTime":2149.825,"body":"And so it's probably gone"},{"speaker":"Stefan Tsvetkov","startTime":2147.335,"endTime":2149.825,"body":"under perform next market"},{"speaker":"Stefan Tsvetkov","startTime":2149.825,"endTime":2151.285,"body":"cycle and very high likelihood."},{"speaker":"Stefan Tsvetkov","startTime":2151.495,"endTime":2155.725,"body":"And it's very hard, much harder for"},{"speaker":"Stefan Tsvetkov","startTime":2151.495,"endTime":2155.725,"body":"like other places, just 20% over world"},{"speaker":"Stefan Tsvetkov","startTime":2155.785,"endTime":2158.394,"body":"gets, different things can happen"},{"speaker":"Stefan Tsvetkov","startTime":2155.785,"endTime":2158.394,"body":"there, different scenarios, perhaps"},{"speaker":"Stefan Tsvetkov","startTime":2158.394,"endTime":2160.294,"body":"their recovery is strong and so forth."},{"speaker":"Stefan Tsvetkov","startTime":2160.317,"endTime":2165.958,"body":"But yes, so my personal opinion is  people"},{"speaker":"Stefan Tsvetkov","startTime":2160.317,"endTime":2165.958,"body":"should start rebalancing from Western and"},{"speaker":"Stefan Tsvetkov","startTime":2165.958,"endTime":2170.248,"body":"Southern markets to the Midwest and places"},{"speaker":"Stefan Tsvetkov","startTime":2165.958,"endTime":2170.248,"body":"like that, or other Southern markets"},{"speaker":"Stefan Tsvetkov","startTime":2170.248,"endTime":2175.535,"body":"that are just not over bottled, like less"},{"speaker":"Stefan Tsvetkov","startTime":2170.248,"endTime":2175.535,"body":"desired Southern states, and that's just"},{"speaker":"Stefan Tsvetkov","startTime":2175.54,"endTime":2178.235,"body":"my guess, but this is a risk preference."},{"speaker":"Stefan Tsvetkov","startTime":2178.235,"endTime":2180.995,"body":"Everybody can have their own"},{"speaker":"Stefan Tsvetkov","startTime":2178.235,"endTime":2180.995,"body":"risk preference and trues."},{"speaker":"Average Joe Finances","startTime":2181.112,"endTime":2181.292,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2181.32,"endTime":2184.818,"body":"It's just good to diversify and not"},{"speaker":"Average Joe Finances","startTime":2181.32,"endTime":2184.818,"body":"have all your eggs in one basket."},{"speaker":"Average Joe Finances","startTime":2184.839,"endTime":2188.229,"body":"Because if you drop that basket and"},{"speaker":"Average Joe Finances","startTime":2184.839,"endTime":2188.229,"body":"they all crack, then you're done"},{"speaker":"Average Joe Finances","startTime":2188.979,"endTime":2189.339,"body":"."},{"speaker":"Average Joe Finances","startTime":2188.979,"endTime":2189.339,"body":"Stefan Tsvetkov: Yeah."},{"speaker":"Average Joe Finances","startTime":2189.369,"endTime":2191.919,"body":"So there are investors who"},{"speaker":"Average Joe Finances","startTime":2189.369,"endTime":2191.919,"body":"are only in Phoenix, right?"},{"speaker":"Average Joe Finances","startTime":2191.919,"endTime":2192.399,"body":"They're investors."},{"speaker":"Average Joe Finances","startTime":2192.399,"endTime":2196.419,"body":"They have their whole huge"},{"speaker":"Average Joe Finances","startTime":2192.399,"endTime":2196.419,"body":"multifamily portfolio, Phoenix all."},{"speaker":"Average Joe Finances","startTime":2196.599,"endTime":2196.839,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2196.839,"endTime":2200.096,"body":"I know when we were talking before we hit"},{"speaker":"Average Joe Finances","startTime":2196.839,"endTime":2200.096,"body":"record and, was telling you I'm in three"},{"speaker":"Average Joe Finances","startTime":2200.096,"endTime":2201.944,"body":"different markets right now, so yeah."},{"speaker":"Average Joe Finances","startTime":2201.944,"endTime":2205.125,"body":"And I always thought it"},{"speaker":"Average Joe Finances","startTime":2201.944,"endTime":2205.125,"body":"was good to diversify."},{"speaker":"Average Joe Finances","startTime":2205.15,"endTime":2208.491,"body":"Cuz whether you're in the stock market"},{"speaker":"Average Joe Finances","startTime":2205.15,"endTime":2208.491,"body":"or in real estate, it's important to be"},{"speaker":"Average Joe Finances","startTime":2208.491,"endTime":2210.201,"body":"in different areas in different markets."},{"speaker":"Average Joe Finances","startTime":2210.295,"endTime":2213.685,"body":"Cause each real estate"},{"speaker":"Average Joe Finances","startTime":2210.295,"endTime":2213.685,"body":"market is its own entity."},{"speaker":"Average Joe Finances","startTime":2213.708,"endTime":2217.308,"body":"It is its own market just because"},{"speaker":"Average Joe Finances","startTime":2213.708,"endTime":2217.308,"body":"you see a huge decline somewhere"},{"speaker":"Average Joe Finances","startTime":2217.308,"endTime":2220.314,"body":"doesn't mean that every market in"},{"speaker":"Average Joe Finances","startTime":2217.308,"endTime":2220.314,"body":"the US is gonna decline the same."},{"speaker":"Average Joe Finances","startTime":2220.331,"endTime":2223.091,"body":"If you look back to 2008,"},{"speaker":"Average Joe Finances","startTime":2220.331,"endTime":2223.091,"body":"2009 timeframe, yes."},{"speaker":"Average Joe Finances","startTime":2223.271,"endTime":2224.131,"body":"You know where."},{"speaker":"Average Joe Finances","startTime":2224.501,"endTime":2228.551,"body":"There were some places that dropped 40"},{"speaker":"Average Joe Finances","startTime":2224.501,"endTime":2228.551,"body":"to 60% out here in Hawaii dropped 10%."},{"speaker":"Average Joe Finances","startTime":2228.851,"endTime":2230.964,"body":"So it just depends on"},{"speaker":"Average Joe Finances","startTime":2228.851,"endTime":2230.964,"body":"what market you're in."},{"speaker":"Average Joe Finances","startTime":2230.995,"endTime":2234.464,"body":"And what kind of impact it's gonna"},{"speaker":"Average Joe Finances","startTime":2230.995,"endTime":2234.464,"body":"have when it does go Kaboom, if"},{"speaker":"Average Joe Finances","startTime":2234.464,"endTime":2235.823,"body":"it does go Kaboom, we'll see."},{"speaker":"Average Joe Finances","startTime":2235.837,"endTime":2237.559,"body":"There's a lot of factors"},{"speaker":"Average Joe Finances","startTime":2235.837,"endTime":2237.559,"body":"that lead into that."},{"speaker":"Average Joe Finances","startTime":2237.559,"endTime":2240.82,"body":"But again it's very hard to predict"},{"speaker":"Average Joe Finances","startTime":2237.559,"endTime":2240.82,"body":"these kind of things, which is,"},{"speaker":"Average Joe Finances","startTime":2240.843,"endTime":2243.424,"body":"if you could predict these things,"},{"speaker":"Average Joe Finances","startTime":2240.843,"endTime":2243.424,"body":"I think everybody would be rich."},{"speaker":"Stefan Tsvetkov","startTime":2243.495,"endTime":2246.795,"body":"But I think it's hard"},{"speaker":"Stefan Tsvetkov","startTime":2243.495,"endTime":2246.795,"body":"to, yeah, because it's hard to predict"},{"speaker":"Stefan Tsvetkov","startTime":2246.795,"endTime":2252.45,"body":"the timing and it's also hard to predict"},{"speaker":"Stefan Tsvetkov","startTime":2246.795,"endTime":2252.45,"body":"the exact magnitude of a correction,  but"},{"speaker":"Stefan Tsvetkov","startTime":2252.455,"endTime":2256.29,"body":"in terms of, I think those are not even"},{"speaker":"Stefan Tsvetkov","startTime":2252.455,"endTime":2256.29,"body":"the most important questions for me."},{"speaker":"Stefan Tsvetkov","startTime":2256.29,"endTime":2257.25,"body":"Let's say is an investor."},{"speaker":"Stefan Tsvetkov","startTime":2257.25,"endTime":2257.67,"body":"I don't know."},{"speaker":"Stefan Tsvetkov","startTime":2257.73,"endTime":2260.22,"body":"It's a professional account"},{"speaker":"Stefan Tsvetkov","startTime":2257.73,"endTime":2260.22,"body":"investor coming from finance, but"},{"speaker":"Stefan Tsvetkov","startTime":2260.61,"endTime":2261.99,"body":"I don't even look at the prices."},{"speaker":"Stefan Tsvetkov","startTime":2263.085,"endTime":2267.3,"body":"I just look at like evaluation, like this"},{"speaker":"Stefan Tsvetkov","startTime":2263.085,"endTime":2267.3,"body":"discussion because to me it's just, it"},{"speaker":"Stefan Tsvetkov","startTime":2267.3,"endTime":2272.519,"body":"doesn't matter something that's 50% over"},{"speaker":"Stefan Tsvetkov","startTime":2267.3,"endTime":2272.519,"body":"decline's only 15% after the recession."},{"speaker":"Stefan Tsvetkov","startTime":2273.479,"endTime":2276.809,"body":"Mean it does matter but not super"},{"speaker":"Stefan Tsvetkov","startTime":2273.479,"endTime":2276.809,"body":"much because it's still going to"},{"speaker":"Stefan Tsvetkov","startTime":2276.809,"endTime":2282.509,"body":"underperform by that decline of 15%"},{"speaker":"Stefan Tsvetkov","startTime":2276.809,"endTime":2282.509,"body":"is gonna be dragon for too many years."},{"speaker":"Stefan Tsvetkov","startTime":2283.334,"endTime":2284.354,"body":"Or something like that."},{"speaker":"Stefan Tsvetkov","startTime":2284.354,"endTime":2288.766,"body":"And it's just it's whether you"},{"speaker":"Stefan Tsvetkov","startTime":2284.354,"endTime":2288.766,"body":"have a sharper correction or"},{"speaker":"Stefan Tsvetkov","startTime":2288.766,"endTime":2292.368,"body":"not, it's an important question,"},{"speaker":"Stefan Tsvetkov","startTime":2288.766,"endTime":2292.368,"body":"but a secondary question to me."},{"speaker":"Stefan Tsvetkov","startTime":2292.368,"endTime":2294.12,"body":"And so yes and no."},{"speaker":"Stefan Tsvetkov","startTime":2294.125,"endTime":2294.36,"body":"Yes."},{"speaker":"Stefan Tsvetkov","startTime":2294.36,"endTime":2296.07,"body":"It's hard to forecast of course."},{"speaker":"Stefan Tsvetkov","startTime":2296.126,"endTime":2298.906,"body":"There's especially trend when"},{"speaker":"Stefan Tsvetkov","startTime":2296.126,"endTime":2298.906,"body":"trend changes, all that stuff."},{"speaker":"Stefan Tsvetkov","startTime":2298.911,"endTime":2303.926,"body":"It's hard, but just knowing, having the"},{"speaker":"Stefan Tsvetkov","startTime":2298.911,"endTime":2303.926,"body":"knowledge of how over valued something,"},{"speaker":"Stefan Tsvetkov","startTime":2304.931,"endTime":2309.156,"body":"it's not hard because that's just in the"},{"speaker":"Stefan Tsvetkov","startTime":2304.931,"endTime":2309.156,"body":"data and the fundamentals are very simple."},{"speaker":"Stefan Tsvetkov","startTime":2309.246,"endTime":2313.086,"body":"It's again, it's income population,"},{"speaker":"Stefan Tsvetkov","startTime":2309.246,"endTime":2313.086,"body":"housing supply, and there is never,"},{"speaker":"Stefan Tsvetkov","startTime":2313.146,"endTime":2316.356,"body":"there's nothing else because people say"},{"speaker":"Stefan Tsvetkov","startTime":2313.146,"endTime":2316.356,"body":"sometimes like real estate, now it's gonna"},{"speaker":"Stefan Tsvetkov","startTime":2316.356,"endTime":2317.819,"body":"be different, or something like that."},{"speaker":"Stefan Tsvetkov","startTime":2317.835,"endTime":2318.12,"body":"Okay."},{"speaker":"Stefan Tsvetkov","startTime":2318.12,"endTime":2322.359,"body":"Different from GFC, if you take,"},{"speaker":"Stefan Tsvetkov","startTime":2318.12,"endTime":2322.359,"body":"they had all those that financial"},{"speaker":"Stefan Tsvetkov","startTime":2323.379,"endTime":2326.949,"body":"structuring of product and"},{"speaker":"Stefan Tsvetkov","startTime":2323.379,"endTime":2326.949,"body":"excessive lending and all that."},{"speaker":"Stefan Tsvetkov","startTime":2328.314,"endTime":2329.304,"body":"Doesn't matter."},{"speaker":"Stefan Tsvetkov","startTime":2329.334,"endTime":2331.764,"body":"GFC evaluations, they"},{"speaker":"Stefan Tsvetkov","startTime":2329.334,"endTime":2331.764,"body":"were consistent with."},{"speaker":"Stefan Tsvetkov","startTime":2331.764,"endTime":2335.814,"body":"It was like 1990., it was over"},{"speaker":"Stefan Tsvetkov","startTime":2331.764,"endTime":2335.814,"body":"valued and very simple  fundamental"},{"speaker":"Stefan Tsvetkov","startTime":2335.814,"endTime":2338.739,"body":"terms that were measurable."},{"speaker":"Stefan Tsvetkov","startTime":2338.739,"endTime":2340.449,"body":"And there were people who were"},{"speaker":"Stefan Tsvetkov","startTime":2338.739,"endTime":2340.449,"body":"looking at it at the time."},{"speaker":"Stefan Tsvetkov","startTime":2340.454,"endTime":2344.229,"body":"There was Ingle windsor is somebody I"},{"speaker":"Stefan Tsvetkov","startTime":2340.454,"endTime":2344.229,"body":"think knew about you, this, some of his"},{"speaker":"Stefan Tsvetkov","startTime":2344.229,"endTime":2346.569,"body":"stuff, Ingle Windsor out in Massachusetts."},{"speaker":"Stefan Tsvetkov","startTime":2346.574,"endTime":2351.099,"body":"So he was out on CNA and like sharing"},{"speaker":"Stefan Tsvetkov","startTime":2346.574,"endTime":2351.099,"body":"like some stuff about the California"},{"speaker":"Stefan Tsvetkov","startTime":2351.099,"endTime":2352.159,"body":"for the markets and so forth."},{"speaker":"Stefan Tsvetkov","startTime":2352.159,"endTime":2355.745,"body":"So yes and no, it's hard to forecast"},{"speaker":"Stefan Tsvetkov","startTime":2352.159,"endTime":2355.745,"body":"the, like the exact price movements,"},{"speaker":"Stefan Tsvetkov","startTime":2356.525,"endTime":2360.854,"body":"but to just know if something was over"},{"speaker":"Stefan Tsvetkov","startTime":2356.525,"endTime":2360.854,"body":"valued is not hard, then it's something"},{"speaker":"Stefan Tsvetkov","startTime":2360.854,"endTime":2362.684,"body":"that is accessible in back then."},{"speaker":"Stefan Tsvetkov","startTime":2363.584,"endTime":2364.004,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2364.499,"endTime":2366.797,"body":"Yeah, no that's"},{"speaker":"Average Joe Finances","startTime":2364.499,"endTime":2366.797,"body":"a lot to unpack and just a lot of"},{"speaker":"Average Joe Finances","startTime":2366.797,"endTime":2368.637,"body":"good golden nuggets there, Stefan."},{"speaker":"Average Joe Finances","startTime":2368.714,"endTime":2369.224,"body":"Definitely."},{"speaker":"Average Joe Finances","startTime":2369.257,"endTime":2374.67,"body":"So I kind of wanna transition this now"},{"speaker":"Average Joe Finances","startTime":2369.257,"endTime":2374.67,"body":"to get more back to you as a person as"},{"speaker":"Average Joe Finances","startTime":2374.67,"endTime":2377.719,"body":"we go into something that we call the"},{"speaker":"Average Joe Finances","startTime":2374.67,"endTime":2377.719,"body":"final round, I want to ask you some"},{"speaker":"Average Joe Finances","startTime":2377.719,"endTime":2383.219,"body":"more personal questions about, you and"},{"speaker":"Average Joe Finances","startTime":2377.719,"endTime":2383.219,"body":"this kind of gives our listeners good"},{"speaker":"Average Joe Finances","startTime":2383.219,"endTime":2386.296,"body":"understanding of how you got to where"},{"speaker":"Average Joe Finances","startTime":2383.219,"endTime":2386.296,"body":"you are today, because when you look"},{"speaker":"Average Joe Finances","startTime":2386.296,"endTime":2390.616,"body":"at, you came to the us at 22, and you"},{"speaker":"Average Joe Finances","startTime":2386.296,"endTime":2390.616,"body":"went to school and you went to Columbia,"},{"speaker":"Average Joe Finances","startTime":2390.616,"endTime":2394.881,"body":"and started working in finance and"},{"speaker":"Average Joe Finances","startTime":2390.616,"endTime":2394.881,"body":"just, you started building this massive"},{"speaker":"Average Joe Finances","startTime":2394.881,"endTime":2397.004,"body":"undertaking in, in real estate investing."},{"speaker":"Average Joe Finances","startTime":2397.004,"endTime":2399.823,"body":"Especially with this program that you"},{"speaker":"Average Joe Finances","startTime":2397.004,"endTime":2399.823,"body":"built or this website that you built."},{"speaker":"Average Joe Finances","startTime":2399.835,"endTime":2402.895,"body":"It's a Testament to the hard"},{"speaker":"Average Joe Finances","startTime":2399.835,"endTime":2402.895,"body":"work that you've put in."},{"speaker":"Average Joe Finances","startTime":2402.898,"endTime":2407.006,"body":"And it goes back to something that you"},{"speaker":"Average Joe Finances","startTime":2402.898,"endTime":2407.006,"body":"mentioned earlier was that mindset, right?"},{"speaker":"Average Joe Finances","startTime":2407.061,"endTime":2410.121,"body":"I want to touch about, touch on"},{"speaker":"Average Joe Finances","startTime":2407.061,"endTime":2410.121,"body":"all of that, in these questions."},{"speaker":"Average Joe Finances","startTime":2410.121,"endTime":2412.474,"body":"So if you're ready, we'll go"},{"speaker":"Average Joe Finances","startTime":2410.121,"endTime":2412.474,"body":"ahead and start the final round."},{"speaker":"Stefan Tsvetkov","startTime":2413.174,"endTime":2413.534,"body":"Sure."},{"speaker":"Stefan Tsvetkov","startTime":2413.594,"endTime":2413.774,"body":"Yes."},{"speaker":"Average Joe Finances","startTime":2413.774,"endTime":2414.674,"body":"Okay, awesome."},{"speaker":"Average Joe Finances","startTime":2415.004,"endTime":2417.843,"body":"Hey, so Stefan, the first question"},{"speaker":"Average Joe Finances","startTime":2415.004,"endTime":2417.843,"body":"is, and this is a big one."},{"speaker":"Average Joe Finances","startTime":2417.843,"endTime":2418.666,"body":"It's a doozy, right?"},{"speaker":"Average Joe Finances","startTime":2418.683,"endTime":2421.953,"body":"What's the biggest"},{"speaker":"Average Joe Finances","startTime":2418.683,"endTime":2421.953,"body":"mistake you've ever made?"},{"speaker":"Stefan Tsvetkov","startTime":2423.933,"endTime":2428.605,"body":"Biggest mistake"},{"speaker":"Stefan Tsvetkov","startTime":2423.933,"endTime":2428.605,"body":"personally spending as much as 10"},{"speaker":"Stefan Tsvetkov","startTime":2428.605,"endTime":2432.744,"body":"years is in employment as opposed"},{"speaker":"Stefan Tsvetkov","startTime":2428.605,"endTime":2432.744,"body":"to entrepreneurship where employment"},{"speaker":"Stefan Tsvetkov","startTime":2432.744,"endTime":2437.205,"body":"is sort of income optimizing"},{"speaker":"Stefan Tsvetkov","startTime":2432.744,"endTime":2437.205,"body":"instead of equity optimizing and"},{"speaker":"Stefan Tsvetkov","startTime":2437.247,"endTime":2438.87,"body":"a waste of time for me personally."},{"speaker":"Stefan Tsvetkov","startTime":2439.02,"endTime":2444.01,"body":"And so I wish I that's the biggest"},{"speaker":"Stefan Tsvetkov","startTime":2439.02,"endTime":2444.01,"body":"mistake I wish I, I exited earlier"},{"speaker":"Stefan Tsvetkov","startTime":2444.01,"endTime":2445.801,"body":"and entered into entrepreneurship."},{"speaker":"Average Joe Finances","startTime":2447.001,"endTime":2447.301,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2447.361,"endTime":2447.571,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2447.571,"endTime":2448.16,"body":"That's fair."},{"speaker":"Average Joe Finances","startTime":2448.162,"endTime":2450.656,"body":"Alright, this kind of ties"},{"speaker":"Average Joe Finances","startTime":2448.162,"endTime":2450.656,"body":"into the next question, right?"},{"speaker":"Average Joe Finances","startTime":2450.656,"endTime":2453.689,"body":"Because I'm sure you've had, you have"},{"speaker":"Average Joe Finances","startTime":2450.656,"endTime":2453.689,"body":"a lot of lessons learned from that."},{"speaker":"Average Joe Finances","startTime":2453.689,"endTime":2457.203,"body":"What is something that you've learned that"},{"speaker":"Average Joe Finances","startTime":2453.689,"endTime":2457.203,"body":"you wish you knew when you first started?"},{"speaker":"Stefan Tsvetkov","startTime":2458.613,"endTime":2459.093,"body":"Yes."},{"speaker":"Stefan Tsvetkov","startTime":2459.093,"endTime":2461.173,"body":"So when I first started."},{"speaker":"Stefan Tsvetkov","startTime":2461.193,"endTime":2465.186,"body":"Let's say when I was working my W2 job"},{"speaker":"Stefan Tsvetkov","startTime":2461.193,"endTime":2465.186,"body":"and let's say I would invest, and I"},{"speaker":"Stefan Tsvetkov","startTime":2465.186,"endTime":2469.056,"body":"look at, like things, private stocks"},{"speaker":"Stefan Tsvetkov","startTime":2465.186,"endTime":2469.056,"body":"or cryptocurrency or other stuff."},{"speaker":"Stefan Tsvetkov","startTime":2469.059,"endTime":2473.062,"body":"And I think what I wish I had learned"},{"speaker":"Stefan Tsvetkov","startTime":2469.059,"endTime":2473.062,"body":"is how to do private equity investing,"},{"speaker":"Stefan Tsvetkov","startTime":2473.067,"endTime":2478.762,"body":"like earlier, be it in real estate or in"},{"speaker":"Stefan Tsvetkov","startTime":2473.067,"endTime":2478.762,"body":"other, I honestly don't care if people"},{"speaker":"Stefan Tsvetkov","startTime":2478.762,"endTime":2482.542,"body":"invest in real estate and improve,"},{"speaker":"Stefan Tsvetkov","startTime":2478.762,"endTime":2482.542,"body":"let's say commercial estate and improve"},{"speaker":"Stefan Tsvetkov","startTime":2482.577,"endTime":2487.116,"body":"the profitability of those building"},{"speaker":"Stefan Tsvetkov","startTime":2482.577,"endTime":2487.116,"body":"or if they had that expertise, they"},{"speaker":"Stefan Tsvetkov","startTime":2487.116,"endTime":2491.586,"body":"invest in techno technology companies"},{"speaker":"Stefan Tsvetkov","startTime":2487.116,"endTime":2491.586,"body":"or data companies or whichever private"},{"speaker":"Stefan Tsvetkov","startTime":2491.586,"endTime":2496.236,"body":"companies want dramatic if they wish"},{"speaker":"Stefan Tsvetkov","startTime":2491.586,"endTime":2496.236,"body":"whatever they wish, but private equity"},{"speaker":"Stefan Tsvetkov","startTime":2496.236,"endTime":2498.336,"body":"investing where you have control."},{"speaker":"Stefan Tsvetkov","startTime":2498.936,"endTime":2501.9,"body":"And you also labor respect with"},{"speaker":"Stefan Tsvetkov","startTime":2498.936,"endTime":2501.9,"body":"control comes labor, and the"},{"speaker":"Stefan Tsvetkov","startTime":2501.9,"endTime":2506.265,"body":"responsibility but where you have"},{"speaker":"Stefan Tsvetkov","startTime":2501.9,"endTime":2506.265,"body":"control and where you yourself affect"},{"speaker":"Stefan Tsvetkov","startTime":2506.265,"endTime":2507.915,"body":"the valuation of that business."},{"speaker":"Stefan Tsvetkov","startTime":2508.335,"endTime":2511.605,"body":"And that's like something that"},{"speaker":"Stefan Tsvetkov","startTime":2508.335,"endTime":2511.605,"body":"I wish I got into much earlier."},{"speaker":"Stefan Tsvetkov","startTime":2511.672,"endTime":2516.174,"body":"Instead of just basically not having"},{"speaker":"Stefan Tsvetkov","startTime":2511.672,"endTime":2516.174,"body":"high quality investment options"},{"speaker":"Stefan Tsvetkov","startTime":2516.174,"endTime":2518.636,"body":"in just the stock market and that."},{"speaker":"Average Joe Finances","startTime":2519.806,"endTime":2520.046,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2520.051,"endTime":2520.406,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2520.453,"endTime":2521.038,"body":"That's fair."},{"speaker":"Average Joe Finances","startTime":2521.118,"endTime":2524.334,"body":"It's definitely something that you"},{"speaker":"Average Joe Finances","startTime":2521.118,"endTime":2524.334,"body":"can take with you into the future"},{"speaker":"Average Joe Finances","startTime":2524.334,"endTime":2528.359,"body":"as you go on and utilize that as"},{"speaker":"Average Joe Finances","startTime":2524.334,"endTime":2528.359,"body":"you can look back and be like, okay,"},{"speaker":"Average Joe Finances","startTime":2528.629,"endTime":2530.159,"body":"I know where I messed up on this."},{"speaker":"Average Joe Finances","startTime":2530.188,"endTime":2531.083,"body":"I gotta do better."},{"speaker":"Average Joe Finances","startTime":2531.115,"endTime":2531.715,"body":"That's awesome."},{"speaker":"Average Joe Finances","startTime":2532.165,"endTime":2532.495,"body":"All right."},{"speaker":"Average Joe Finances","startTime":2532.57,"endTime":2537.04,"body":"Next question is, do you have any tips or"},{"speaker":"Average Joe Finances","startTime":2532.57,"endTime":2537.04,"body":"tricks that you would recommend to someone"},{"speaker":"Average Joe Finances","startTime":2537.04,"endTime":2539.11,"body":"that is just getting started today?"},{"speaker":"Stefan Tsvetkov","startTime":2541.0,"endTime":2541.75,"body":"Great question."},{"speaker":"Stefan Tsvetkov","startTime":2541.775,"endTime":2545.458,"body":"So tips or tricks to someone"},{"speaker":"Stefan Tsvetkov","startTime":2541.775,"endTime":2545.458,"body":"that is just getting started?"},{"speaker":"Average Joe Finances","startTime":2545.484,"endTime":2546.524,"body":"Use RealtyQuant"},{"speaker":"Stefan Tsvetkov","startTime":2546.544,"endTime":2552.952,"body":"well, yeah yeah,"},{"speaker":"Stefan Tsvetkov","startTime":2546.544,"endTime":2552.952,"body":"I guess realtyquant.com/analytics."},{"speaker":"Stefan Tsvetkov","startTime":2553.052,"endTime":2558.522,"body":"They can look up some data there"},{"speaker":"Stefan Tsvetkov","startTime":2553.052,"endTime":2558.522,"body":"and some can read our blog as well."},{"speaker":"Stefan Tsvetkov","startTime":2558.522,"endTime":2560.722,"body":"So that's, those would be"},{"speaker":"Stefan Tsvetkov","startTime":2558.522,"endTime":2560.722,"body":"like the best place for tips."},{"speaker":"Stefan Tsvetkov","startTime":2560.722,"endTime":2560.902,"body":"Yeah."},{"speaker":"Stefan Tsvetkov","startTime":2561.427,"endTime":2561.577,"body":"Yeah."},{"speaker":"Stefan Tsvetkov","startTime":2561.607,"endTime":2561.757,"body":"Thanks."},{"speaker":"Average Joe Finances","startTime":2561.757,"endTime":2562.472,"body":"See there you go."},{"speaker":"Average Joe Finances","startTime":2563.162,"endTime":2563.622,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":2563.683,"endTime":2563.953,"body":"Alright."},{"speaker":"Average Joe Finances","startTime":2563.953,"endTime":2568.449,"body":"And so for you personally, do you have"},{"speaker":"Average Joe Finances","startTime":2563.953,"endTime":2568.449,"body":"a favorite business investing or real"},{"speaker":"Average Joe Finances","startTime":2568.454,"endTime":2571.405,"body":"estate related book or podcast or both?"},{"speaker":"Stefan Tsvetkov","startTime":2571.419,"endTime":2572.229,"body":"Great question."},{"speaker":"Stefan Tsvetkov","startTime":2572.273,"endTime":2575.435,"body":"No, not like a book."},{"speaker":"Stefan Tsvetkov","startTime":2575.503,"endTime":2578.798,"body":"I liked a finance book called When"},{"speaker":"Stefan Tsvetkov","startTime":2575.503,"endTime":2578.798,"body":"Genius Failed, like with the hedge"},{"speaker":"Stefan Tsvetkov","startTime":2578.798,"endTime":2580.808,"body":"fund, like the Russian depth crisis."},{"speaker":"Stefan Tsvetkov","startTime":2580.872,"endTime":2583.376,"body":"So that's I can state"},{"speaker":"Stefan Tsvetkov","startTime":2580.872,"endTime":2583.376,"body":"as a book that I like."},{"speaker":"Stefan Tsvetkov","startTime":2583.406,"endTime":2588.195,"body":"I like the best ever real estate"},{"speaker":"Stefan Tsvetkov","startTime":2583.406,"endTime":2588.195,"body":"show like few other podcasts."},{"speaker":"Stefan Tsvetkov","startTime":2589.095,"endTime":2593.654,"body":"I'm not a huge consumer of, to"},{"speaker":"Stefan Tsvetkov","startTime":2589.095,"endTime":2593.654,"body":"be honest of  books and in the"},{"speaker":"Stefan Tsvetkov","startTime":2593.654,"endTime":2595.514,"body":"real estate space in that sense."},{"speaker":"Average Joe Finances","startTime":2596.549,"endTime":2596.849,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2596.939,"endTime":2597.539,"body":"No, that's fair."},{"speaker":"Average Joe Finances","startTime":2597.539,"endTime":2597.969,"body":"That's fair."},{"speaker":"Average Joe Finances","startTime":2597.983,"endTime":2600.362,"body":"You got a good book recommendation"},{"speaker":"Average Joe Finances","startTime":2597.983,"endTime":2600.362,"body":"in there too and some good"},{"speaker":"Average Joe Finances","startTime":2600.362,"endTime":2601.982,"body":"podcasts that, that you enjoy."},{"speaker":"Average Joe Finances","startTime":2601.984,"endTime":2602.595,"body":"That's awesome."},{"speaker":"Average Joe Finances","startTime":2603.135,"endTime":2607.42,"body":"Now that's it for the final round Stefan,"},{"speaker":"Average Joe Finances","startTime":2603.135,"endTime":2607.42,"body":"but I do have one more question for you"},{"speaker":"Average Joe Finances","startTime":2608.11,"endTime":2611.529,"body":"and it's probably the most important"},{"speaker":"Average Joe Finances","startTime":2608.11,"endTime":2611.529,"body":"question of all and cuz people will listen"},{"speaker":"Average Joe Finances","startTime":2611.529,"endTime":2614.994,"body":"to this episode and they're like, man,"},{"speaker":"Average Joe Finances","startTime":2611.529,"endTime":2614.994,"body":"This guy knows what he's talking about"},{"speaker":"Average Joe Finances","startTime":2614.994,"endTime":2618.486,"body":"and he's doing the data, he's doing the"},{"speaker":"Average Joe Finances","startTime":2614.994,"endTime":2618.486,"body":"research, he's getting all the data,"},{"speaker":"Average Joe Finances","startTime":2618.726,"endTime":2620.766,"body":"he's got a great system put in place."},{"speaker":"Average Joe Finances","startTime":2621.036,"endTime":2624.466,"body":"So they're like, I wanna learn"},{"speaker":"Average Joe Finances","startTime":2621.036,"endTime":2624.466,"body":"more about Stefan Tsvetkov right."},{"speaker":"Average Joe Finances","startTime":2624.508,"endTime":2626.668,"body":"Where can I find that"},{"speaker":"Average Joe Finances","startTime":2624.508,"endTime":2626.668,"body":"information about him?"},{"speaker":"Average Joe Finances","startTime":2626.673,"endTime":2629.188,"body":"So do you have a website,"},{"speaker":"Average Joe Finances","startTime":2626.673,"endTime":2629.188,"body":"social media, anything like"},{"speaker":"Average Joe Finances","startTime":2629.193,"endTime":2630.118,"body":"that you could share with us?"},{"speaker":"Stefan Tsvetkov","startTime":2631.033,"endTime":2631.723,"body":"Yeah, absolutely."},{"speaker":"Stefan Tsvetkov","startTime":2631.783,"endTime":2632.113,"body":"Yeah."},{"speaker":"Stefan Tsvetkov","startTime":2632.113,"endTime":2633.913,"body":"So realtyquant.com."},{"speaker":"Stefan Tsvetkov","startTime":2634.333,"endTime":2638.48,"body":"So our data is there also"},{"speaker":"Stefan Tsvetkov","startTime":2634.333,"endTime":2638.48,"body":"I will be starting like a"},{"speaker":"Stefan Tsvetkov","startTime":2638.48,"endTime":2640.1,"body":"data-driven investing course."},{"speaker":"Stefan Tsvetkov","startTime":2640.76,"endTime":2644.9,"body":"It has, it's gonna have some programming"},{"speaker":"Stefan Tsvetkov","startTime":2640.76,"endTime":2644.9,"body":"in there, but I'm gonna do also no,"},{"speaker":"Stefan Tsvetkov","startTime":2644.96,"endTime":2648.159,"body":"no programming version, a lighter"},{"speaker":"Stefan Tsvetkov","startTime":2644.96,"endTime":2648.159,"body":"version as well for investors."},{"speaker":"Stefan Tsvetkov","startTime":2648.369,"endTime":2651.129,"body":"So if they wanna learn from me about"},{"speaker":"Stefan Tsvetkov","startTime":2648.369,"endTime":2651.129,"body":"like, how to do like that during I"},{"speaker":"Stefan Tsvetkov","startTime":2651.459,"endTime":2655.554,"body":"think that's something that, that"},{"speaker":"Stefan Tsvetkov","startTime":2651.459,"endTime":2655.554,"body":"I've been working on as well, but"},{"speaker":"Stefan Tsvetkov","startTime":2655.554,"endTime":2656.944,"body":"it's gonna be realtyquant.com."},{"speaker":"Stefan Tsvetkov","startTime":2656.964,"endTime":2659.604,"body":"I also have a YouTube channel"},{"speaker":"Stefan Tsvetkov","startTime":2656.964,"endTime":2659.604,"body":"Finance Meets Real Estate."},{"speaker":"Average Joe Finances","startTime":2659.654,"endTime":2659.894,"body":"All right."},{"speaker":"Average Joe Finances","startTime":2659.894,"endTime":2660.508,"body":"Fantastic."},{"speaker":"Average Joe Finances","startTime":2660.508,"endTime":2663.828,"body":"Hey we'll have those links in the"},{"speaker":"Average Joe Finances","startTime":2660.508,"endTime":2663.828,"body":"show notes to make it easy for"},{"speaker":"Average Joe Finances","startTime":2663.833,"endTime":2666.888,"body":"everybody you can just copy and"},{"speaker":"Average Joe Finances","startTime":2663.833,"endTime":2666.888,"body":"paste or click away and go check"},{"speaker":"Average Joe Finances","startTime":2666.893,"endTime":2668.208,"body":"out Stefan and see what he's doing."},{"speaker":"Average Joe Finances","startTime":2668.208,"endTime":2671.148,"body":"Go check out his website, go"},{"speaker":"Average Joe Finances","startTime":2668.208,"endTime":2671.148,"body":"check out his YouTube channel."},{"speaker":"Average Joe Finances","startTime":2671.16,"endTime":2674.39,"body":"Cuz if you liked what you heard here,"},{"speaker":"Average Joe Finances","startTime":2671.16,"endTime":2674.39,"body":"you're gonna have all of that and"},{"speaker":"Average Joe Finances","startTime":2674.395,"endTime":2676.406,"body":"more when you go check out his stuff."},{"speaker":"Average Joe Finances","startTime":2676.406,"endTime":2677.289,"body":"Definitely appreciate it."},{"speaker":"Average Joe Finances","startTime":2677.289,"endTime":2680.259,"body":"And Stefan, Hey, I really"},{"speaker":"Average Joe Finances","startTime":2677.289,"endTime":2680.259,"body":"appreciate you taking the time"},{"speaker":"Average Joe Finances","startTime":2680.259,"endTime":2681.949,"body":"to join me today on the show."},{"speaker":"Stefan Tsvetkov","startTime":2682.719,"endTime":2683.424,"body":"Appreciate it, Mike."},{"speaker":"Stefan Tsvetkov","startTime":2683.484,"endTime":2683.874,"body":"Thanks."},{"speaker":"Average Joe Finances","startTime":2684.354,"endTime":2684.594,"body":"All right."},{"speaker":"Average Joe Finances","startTime":2684.594,"endTime":2685.566,"body":"Hey we're outta here."},{"speaker":"Average Joe Finances","startTime":2685.566,"endTime":2686.816,"body":"And Aloha from Hawaii."}]}