

      <h2 id="chapter_39837843">The most undervalued market in the country</h2>


        <cite>Voytek Mardula</cite>
      <time>0:00</time>
      <p>
          I   feel   it&#39;s   the   single   most   revolutionary   tool   that   I   have   encountered   in   my   lifetime   in   the   last   50   years,   and   I&#39;m   gonna   include   the   internet   and   all   that,   and   cell   phones-   Without   a   doubt   and   all   that   into   it.   I   feel   like   it   could   have   a   far   more   profound   impact   than   any   of   those   things.
      </p>

      <h2 id="chapter_39837845">Introduction</h2>


        <cite>Voytek Mardula</cite>
      <time>0:16</time>
      <p>
           
      </p>

        <cite>Ed Mathews</cite>
      <time>0:18</time>
      <p>
          If   you&#39;re   within   three   feet   of   me,   we&#39;re   probably   talking   about   real   estate,   much   to   my   family&#39;s   chagrin.   But   here&#39;s   the   thing,   most   people   see   7%   rates   and   freeze.   I   see   opportunity.   They&#39;re   waiting   for   the   perfect   deal,   and   well,   I&#39;ve   analyzed   thousands   of   them,   and   perfect   just   doesn&#39;t   exist.   So   I   talk   to   operators   across   every   asset   class,   flippers,   multifamily   syndicators,   note   investors,   and   whatever   else   is   working.   No   sales   pitches   allowed,   just   real   lessons   from   people   actually   doing   it.   I&#39;m   Ed   Mathews,   and   this   is   Real   Estate   Underground.  
      </p>

      <h2 id="chapter_39837844">Welcome to the Real Estate Underground</h2>


        <cite>Ed Mathews</cite>
      <time>0:57</time>
      <p>
          Greetings   and   salutations   real   estate   undergrounders.   It   is    Ed   Mathews   with   the   Real   Estate   Underground.   Thank   you   so   much   for   making   us   a   part   of   your   day.   I   am   so   grateful   for   the   opportunity   to   bring   in   really   interesting   and   fascinating   real   estate   investing   professionals.   This   this   show   is   no   different,   and   we&#39;re   gonna   get   into   that   in   a   sec.   The   one   thing   I   would   ask   is,   it&#39;s   amazing,   I   still   get   these   reports   from   my   team   about   people   who   listen   versus   people   who   subscribe.   And   about   70%   of   you   out   there   who   are   listening   to   the   show,   thank   you   very   much,   don&#39;t   subscribe   for   one   reason   or   another.   And,   I   was   just   talking   to   James   and   Wojtek   here   my   guests,   about   how   the   fact   that,   sometimes   we   have,   a   few   hundred   people   listening,   sometimes   we   have   several   thousand   people   listening.   And   I   think   a   lot   of   it   has   to   do   with   the   fact   that   they   forget   or   don&#39;t   know   that   we   have   a   new   show   out.   And   so   if   you   subscribe,   you&#39;ll   get   a   little   ding   on   your   Spotify   or   Apple   Music,   or   wherever   else   you   get   your   podcasts   to   remind   that,   &quot;Hey,   we   got   another   interesting   show   for   you   to   listen   to.&quot;   So   with   that  
      </p>

      <h2 id="chapter_39837842">Meet James Lloyd, Voytek Mardula, and US Properties</h2>


        <cite>Ed Mathews</cite>
      <time>2:00</time>
      <p>
          I&#39;d   like   to   introduce   James   Lloyd   and   Wojtek,   excuse   me,   Wojtek   Mardula   from   US   Properties.   Gentlemen,   thank   you   for   joining   me   today.   I&#39;m   really   excited   about   this   because   we&#39;re   about   to   talk   about   a   city   that   is   near   and   dear   to   my   heart   and   you   are   a   big   part   of   that   city&#39;s   comeback.   So   welcome   to   the   show.
      </p>

        <cite>James Lloyd</cite>
      <time>2:18</time>
      <p>
          Awesome   to   be   here,   Ed
      </p>

        <cite>Ed Mathews</cite>
      <time>2:21</time>
      <p>
          So   for   those   folks   that   haven&#39;t   discovered   you   yet,   let&#39;s   talk   about   US   Properties,   and   specifically   I   wanna   hear   all   about   your   v-   your   journey   through   the   last,   10   plus   years   bringing   Detroit   back   to   the   place   where   it   should   be.
      </p>

        <cite>James Lloyd</cite>
      <time>2:36</time>
      <p>
          Yeah,   of   course.   It&#39;s   great   to   be   here,   guys.   My   name&#39;s   James.   I&#39;m   the   VP   over   at   US   Properties.   And   like   you   said,   we&#39;re   a   full   turnkey   operator,   really   specialized   and   focused   in   Detroit,   Michigan,   right?   And   we&#39;ve   been   there   for   the   past   10   years.   And,   like   a   lot   of   listeners,   I   think   we&#39;re   look-   at   least   initially,   we&#39;re   looking   for   a   market   that   had   opportunity,   where   things   were   more   affordable-   Yeah   where   we   could   come   in   and   get   cheaper   acquisition,   where   there   was   still   cash   flow,
      </p>

      <h2 id="chapter_39837841">Why Detroit: the contrarian comeback thesis</h2>


        <cite>James Lloyd</cite>
      <time>3:00</time>
      <p>
            where   we   could   scale.   And,   in   the   pr-   in   the   primary   market   where   we   were   focused   in   our   early   careers,   we   just   couldn&#39;t   find   it   anymore.
      </p>

        <cite>Voytek Mardula</cite>
      <time>3:07</time>
      <p>
          Right.
      </p>

        <cite>James Lloyd</cite>
      <time>3:07</time>
      <p>
          We   also   heard   at   the   same   time   that   the   city   was   just   starting   to   recover.   We   all   had   these   preconceived   notions   of   Detroit   and,   rightly   from   its   past   that   it   was   very   down   and   out,   that   it   was   rough   and   not   really   an   opportune   place   to   do   business.   But   we   also   heard   from   people   that,   it   was   starting   to   turn,   that   it   had   recovered   from   the   early   stages.   It   was   in   the   early   stages   of   recovering   from   bankruptcy,   that   there   was   investment   going   in   there,   it   was   being   cleaned   up,   and   that   there   were   these   underlying   residential   neighborhoods   where   you   could   acquire   assets   at   a   fraction   of   the   cost   that   you   could   anywhere   else,   that   you   could   get   local   contractors,   you   could   renovate   them   and   get   double-digit   returns.   Know?   And   that   really   intrigued   us.   So   we   got   in   the   car,   we   drove   down,   and   we   saw   the   redevelopment,   we   saw   the   new   sports   stadiums.   We   saw   the   QLine,   which   is   the   major   streetcar   down   Woodward   Avenue   being   restored-   Yep   as   well   as   the,   the   Fox   Theater   and   places.   And,   we   went   out   and   we   took   a   leap   of   faith.   We   saw   these,   architecturally   beautiful   colonials.   We   saw   opportunity.   We   sourced   out   local   contractors.   We   renovated.   And,   in   a   very   short   period   of   time   we   saw   that   this   was   real   and   that   we   started   to   liquidate   where   we   were   and   buy   heavy.   And,   it...   over   a   l-   long   story   short,   here   we   are   10   years   later   and,   we&#39;ve   renovated   over   600   homes,   sold   them   to   predominantly   out   of   state   and   foreign   national   investors.   What   defines   us   as   a   company   is   that   we&#39;re   fully   turnkey,   so   everything   that   you   would   need   from   listening   to   this   podcast   to   getting   set   up   with   an   LLC,   an   EIN   if   you   don&#39;t   have   it   already,   through   the   construction   components,   through   property   management,   through   the   lending   insurance,   and   everything   in   between   from   an   investment   perspective,   we   either   have   in-house   or   at   our   fingertips.   So   for   a   lot   of   people   it   really   shows   support.   And   I   think   what&#39;s   most   important   is   that   we   have   such   a   complex   knowledge   of   the   lay   of   the   land   of   Detroit,   it   doesn&#39;t   take   much   in   a   market   like   this   to   go   astray,   to   go   from   where   you   wanna   be   in   a   solid   B   class   neighborhood   down   to   a   C   or   a   D,   &#39;cause   it&#39;s   all   so   close   together.   And   of   course   we   have   the,   now   the   construction,   we   have   the   management   components   r-   in   place   and,   we   just   have   really   focused
      </p>

      <h2 id="chapter_39837840">Buying the right house in the right neighborhood</h2>


        <cite>James Lloyd</cite>
      <time>5:00</time>
      <p>
            in   on   what   works   and   are   having   a   lot   of   success   and   continue   to   have   it   to   today.
      </p>

        <cite>Ed Mathews</cite>
      <time>5:03</time>
      <p>
          Yeah   so   that&#39;s   fantastic   James.   Congratulations,   by   the   way.   The-   Thank   you.   The,   the   thing   that   I&#39;m   most   interested   in   is   the   process,   right?   I   mean-   Yeah   y-   if   you&#39;ve   dr-   if   you&#39;ve,   in   the   last,   15,   12,   15   years   you&#39;ve   driven   through   Detroit   you   can   see,   as   an   investor,   you   can   see   a   lot   of   opportunity   there   in   terms   of   being   able   to   acquire,   dilapidated   properties,   right?   And   neighborhood   by   neighborhood   over   the   last,   really   eight   to   10   years   I&#39;ve   seen   properties   or   neighborhoods   really   start   to   come   back,   which   is   great.   That&#39;s   right.   So   when   you&#39;re   working   with   potential   investors   or   you&#39;re   looking   at   them   from   your   own   portfolio   perspective,   I&#39;m   curious   about   your   process   in   terms   of   how   you   are...   Are   you   targeting,   neighborhoods   and   buying   blocks?   And   then   walk   me   through   your   process   in   terms   of   how   you   are   when   you   say   turnkey,   how,   what   are   you   doing   in   terms   of   y-   rehabbing   the   properties,   getting   them   back   online   and,   selling   them   off   or   selling   them   to   locals   or   selling   them   off   to   potential   investors.
      </p>

        <cite>Voytek Mardula</cite>
      <time>6:09</time>
      <p>
          Yeah.   I   think   the   property   selection   we   were   fortunate   enough   10   years   ago   to   be   introduced   to   the   marketplace   by   one   of   my   close   friends   who   had   pioneered   the   way   into   the   market,   and   he   had   bought   a   lot   of   properties   himself   and   got   to   know-   the   neighborhoods.   And   so   when   we   came   in,   we   were   automatically   going   into   the   B,   B+   neighborhoods.   And   so   I,   I   think   it   gave   us   a   big   advantage   and   a   real   head   start   because,   Detroit   i-   is   these   beautiful   historic   districts   that   have   had-   Yeah   these   mansions   that   were   built   in   1930   by   car   executives   and   they&#39;re   truly   spectacular.   Other   cities   they   could   be   worth   one,   two   million,   easily,   right?   But-   but   there   they&#39;re   still   going   for   100,000   or   150,000,   right?   It&#39;s   one   of   the   most   undervalued   markets   in   the   city.   And   I   was   so   pleasantly   surprised   when   I   saw   that   the   first   time.   I   just   thought,   this   is   incredible.   I   can&#39;t   believe   these   homes   are   going   for   below   cost   of   construction   in   these   incredible   neighborhoods.&quot;   So   I   think   that   because   we   were   buying   so   much   for   ourselves   because   our   intent   was   really   to   to   buy   a   portfolio   for   ourselves   and   live   off   the   cash   flow,   right?   That&#39;s   why   we   came   to   Detroit.   The   company   was   really   a   byproduct.   It&#39;s   something   that   happened   later.   And   so   we   were   very   careful   because   we   were   investing   our   entire   life   savings   and,   and   selling   off   assets   in   other   marketplaces,   including   our   primary   residence,   right?   My,   my   wife,   somehow   I   got   the   green   light   from   her   to   sell   the   family   home   to   buy   as   many   homes   in   Detroit   as   possible,   and   I   know   many   of   you   listeners   here   are   real   estate   investors,   so   they   can   identify   with   this.   But   it&#39;s   been,   it&#39;s   been   a   great   journey   because   I   think   we   started   off   in   a   good   spot   and   we   went   into   these   historic   districts   which   were   very   strong   and   they&#39;ve   always   held   their   value   historically   over   the   years.   There&#39;s   relative   dip-ups   that   happened   in   2006,   &#39;7,   and   all   that   stuff   but   they&#39;ve   held   their   value.   So   they&#39;ve   continued   to   appreciate   at   a   very   good   rate.   And   most   of   our   investors   have   purchased   in
      </p>

      <h2 id="chapter_39837839">Managing a remote portfolio with a local team</h2>


        <cite>Voytek Mardula</cite>
      <time>8:00</time>
      <p>
            these   pre-vetted   selected   neighborhoods   where   we   continue   to   buy.   So   we&#39;re   really   only   buying   in   five,   six   neighborhoods   in   Detroit   right   now   and   that   are   con-   continuing   to   get   hot   and   continue   to   buy   and   move   at   a   good   pace.   So   I   feel   that&#39;s   a,   that&#39;s   a   real   advantage   of   dealing   with   us.
      </p>

        <cite>Ed Mathews</cite>
      <time>8:17</time>
      <p>
          Yeah.   So-   For   sure   there&#39;s   the   high   level   piece   of,   hey,   go   buy,   go   buy   the   worst   house   in   the   nicer   neighborhoods,   right?   And   I   get   that   part.   But,   you   know-   Being   that   I   don&#39;t   think   either   of   you   live   in   Detroit,   right?   Or   James,   you   may,   I   take   that   back.   But   the   quest-   the   question   I   have   is,   managing   that   from   a   remote   perspective,   there&#39;s   a   process   there,   there&#39;s   a   system.   And   really   what   I   wanna   do   is   understand   kinda   what   that   process   looks   like   and   how   do   you   manage   it   from   So   let   me   give   you   an   a-   let   me   give   you   an   example.   So   here,   in,   in   Connecticut,   which   is   where   I   am   the,   I   don&#39;t   buy   properties   I   can&#39;t   get   to   within   within   an   hour   or   two,   right?   If   somebody   says,   &quot;Hey,   blood,   flood,   or   fire,   Ed,   you   need   to   be   here,&quot;   I   can   be   there,   right?   I   don&#39;t   have   to   get   on   a   plane   to   do   it.   And   I&#39;d   always...   I   met   David   Green,   the   b-   of   BP   fame,   and   he   was   big   on   y-   remote   buying   and...   But   there&#39;s   a   specific   process   to   that.   And   I&#39;m   curious,   how   do   you   guys   manage   that?
      </p>

        <cite>Voytek Mardula</cite>
      <time>9:15</time>
      <p>
          So-   Through
      </p>

        <cite>James Lloyd</cite>
      <time>9:15</time>
      <p>
          property   management.
      </p>

        <cite>Voytek Mardula</cite>
      <time>9:16</time>
      <p>
          Yeah,   absolutely.   Through   having   a   local   team,   first   of   all,   including   property   management.   And   I   also,   I&#39;m   in   Detr-   I&#39;m   in   Detroit   twice   a   month.   Yeah.   Over   the   last,   10   years   I   must&#39;ve   been   there   200   times   or   300   times,   so   I   know   the   city   like   the   back   of   my-   Yeah,   sure.
      </p>

        <cite>Ed Mathews</cite>
      <time>9:29</time>
      <p>
          No,   absolutely.
      </p>

        <cite>Voytek Mardula</cite>
      <time>9:30</time>
      <p>
          And   so   what   I&#39;ve   done   is   really   I   have   taken   a   lot   of   time   and   care   and   travel   to   form   a   team   locally   and,   and   look   we   buy   the   homes.   We   have   amazing   inspectors.   We   deal   with,   pillar   to   post   and   we,   we   have   local   inspectors   that   do   block   analysis   for   us,   that   do   neighborhood   analysis,   brokers   that   do   comps.   We&#39;re   really   getting   as   much   information   as   we   possibly   can   about   a   property   at   prior   to   any   sort   of   purchase.   Sure.   And   we&#39;ll   do   a   walkthrough   anyways.   We   can   tell   the   values.   I   already   know   how   much   a   property&#39;s   worth   before   I   even   get   to   the   appraisal.   Yeah.   Based   on   the   neighborhood   knowledge.   Sure.   But   really   ultimately,   I   find   a   really   good   skilled   property   inspector   that   specializes   in   renovations   and   rehabs   and   does   what   we   do   will   do   a   much   better   job   of   picking   up   stuff   within   a   property   than   I   ever   can.   Without   a   doubt.   So   I   don&#39;t   want   to   give   myself   the   credit   or   the   range   of   walking   through   a   property   and   saying,   &quot;Oh   this   is   great,&quot;   and   &quot;I&#39;ve   checked   out   this   and   checked   out   that,&quot;   but   they&#39;re   gonna   do   a   300-point   inspection   for   us   pre-purchase   so   we   know   exactly   what   we&#39;re   getting   into   and   we   know   exactly   what   the   renovation   figures   are   going   to   be   to   the   dollar.   Yeah.   Because   we   also   have   a   contractor   trailing   them,   doing   those   estimates.   So   we   really   have   a   really...   and   of   course,   neighborhoods   we   already   know,   but   we   do   a   block   analysis.   We   do,   are   there   any   vacants   next   door?   Are   there   any   problem   properties   next,   next,   across   the   street?   Sure.   Is   there   gonna   be   a   problem   renting?   All   that   good   stuff.   And   then   we   have   a   team   of   almost,   75   people   on   the   ground,   between   e-   everybody   that   we   employ   and   subcontractors   and   all   that   stuff   that   are   taking   care   of   the   properties   and,   and   doing   the   renovations   remotely.   So   I   can   pop   in   every   two   weeks
      </p>

      <h2 id="chapter_39837838">The investor journey from first call to cash flow</h2>


        <cite>Voytek Mardula</cite>
      <time>11:00</time>
      <p>
            for   two,   three   days   and   really   make   sure   everything   stays   on   track   and   that   everything   gets   delivered   in   a   timely   fashion.
      </p>

        <cite>Ed Mathews</cite>
      <time>11:05</time>
      <p>
          Yeah.   So   let&#39;s   play   the   hypothetical   game.   Ed   Mathews,   accredited   investor,   wants   to...   has   a   chunk   of   cash   that   he&#39;s   looking   to   deploy   in   Detroit   because   he   sees   the   same   opportunity   you   guys   do,   right?   What   is,   we   talk   about   some   s-   some   pretty   significant   returns,   and   I   think   a   lot   of   that-   Yeah   has   to   do   with   the   acquisition   cost,   right?   And-   Yeah   and   obviously   your   management   systems   and   expertise   as   well.   A-   and   step   me   through   the   process   of,   Ed   meets   James   and   Vojtech.   We   go   through   the   process   of,   we   date   and   decide,   okay,   we   wanna   get   married,   and   I&#39;m   gonna   invest,   right?   And   what   is   the   experience   for   the   investor,   y-   going   forward?   What   happens   next?   How   long   does   that   process   take?   W-   you   know,   usually   rough   order   of   magnitude,   how   far   are   we   f-   away   from   me   investing   to   cash   flow,   things   like   that?
      </p>

        <cite>James Lloyd</cite>
      <time>11:54</time>
      <p>
          That&#39;s   a   great   question.   This   is   really   where   I   specialize   on   this   side   of   the   business,   as   Wojtek   is   mostly   managing   construction.   Of   course,   he   does   help   with   the   front   end   as   well.   But,   after   we   get   through   what   you   just   said,   the   initial   conversations   and   we   decide   we   wanna   work   together   we&#39;re   gonna   really   listen   to   you   and   see   what   is   it   that   your   investment   goals   are.   Are   they   cash   flow?   Are   they   appreciation?   Are   they   a   combination   of   both?   Yeah.   Are   you   looking   for   some   potential,   maybe   some   tax   benefits   of   it?   Are   you   interested   in   short-term   or   long-term   rentals?   We&#39;re   really   gonna   nail   down,   or   a   combination   of   both.   We&#39;re   gonna   show   you   the   assets   that   we   have   available.   We&#39;re   gonna   show   them   to   you   on   pro   formas.   We-   we&#39;re   gonna   show   you   some   past   deal   examples,   and   we&#39;re   gonna   hone   in   on   what   we&#39;re   doing,   right?   Yeah.   And   from   there,   we&#39;re   obviously   gonna   draft   a   purchase   agreement.   We&#39;re   gonna   see   whether   you&#39;re   set   up   with   the   proper   entity   formation,   introduce   you   to   our   US   lenders.   We   have   quite   a,   we   have   quite   an   inventory   already   of   properties   that   are   ready.   So   we&#39;re   gonna   show   you   to   our   lending   partners.   So   really   from   putting   the   contract   together   through   all   the   due   diligence   and   the   lending   process   and   ensuring   everything&#39;s   done   correctly   in   a   professional   manner,   it&#39;s   30   to   45   days.   Okay.   Depending   on,   on,   on   the   asset   and   where   it&#39;s   at.   But   what
      </p>

      <h2 id="chapter_39837837">The full turnkey system, step by step</h2>


        <cite>James Lloyd</cite>
      <time>13:00</time>
      <p>
            I   like   to   do   is   we   have   a   very   well-matured   turnkey   system.   It   takes   you   through   the   steps   of,   property   selection,   through   US   entity   formation,   legal   advice   with   our   team   in   Michigan,   through   introduction   to   the   lending   through,   obviously   inspections,   appraisals,   pre-closing   to   make   sure   everybody&#39;s   on   the   same   page,   fully   comfortable,   and   then   closing,   and   then,   transition   to   property   management,   be   it   long-term   or   short-term.   I   guide   you   through   that   step   by   step.   It&#39;s   where   I   pride   myself.   Make   everything   as,   as   smooth   as   possible   so   people,   if   you&#39;re   busy   and   you&#39;re   working   it&#39;s   not   gonna   take   all   your   time.   And,   and   I   think   the   people   that   we   have   in   the   team   in   the   key   spots   that   we   need,   like   at   the   title   company,   at   the   lending   they&#39;re   all   very   close.   We&#39;ve   worked   hundreds   of   deals   together.
      </p>

        <cite>Ed Mathews</cite>
      <time>13:39</time>
      <p>
          Yeah.
      </p>

        <cite>James Lloyd</cite>
      <time>13:40</time>
      <p>
          And   it   goes   very   smoothly.
      </p>

        <cite>Ed Mathews</cite>
      <time>13:41</time>
      <p>
          Yeah,   so   one   of   the   things   that   you   guys   have   mentioned   a   couple   of   different   times.   So   let   me   throw   a   wrinkle   into   my   previous   question.   I&#39;m   an   Irish   citizen   now,   right?   Hypothetically.   I&#39;m   not,   actually.   I&#39;m   a   US   citizen.   But   let&#39;s   say   I&#39;m   an   Irish   citizen,   so   I&#39;m   a   n-   I&#39;m   a   foreign   national.   Yeah.   And   one   of   the   things   that   you   have   mentioned   a   couple   of   different   times,   which   I   think   is   really   important-   Yeah   to   point   out,  
      </p>

      <h2 id="chapter_39837836">Foreign nationals and US entity formation</h2>


        <cite>Ed Mathews</cite>
      <time>14:00</time>
      <p>
          is   establishing   a   US   entity,   right?   Yes.   Because,   i-   in   the   commercial   banking   world,   you   need...   typically,   we   all   buy   through   LLCs,   right?   But   if   I   s-   if   I   am   a   s-   Japanese   citizen   or   an   Irish   citizen   or,   someplace   else   out   in   the   world   and   I   wanna   buy   US   properties   with   commercial   paper   I   need   to   form   a   US   entity   to   be   able   to   do   that,   yes?
      </p>

        <cite>James Lloyd</cite>
      <time>14:25</time>
      <p>
          Look,   we   have   all   the   right   advice   for   you   there.   Yeah.   All   right?   So   we   have   a   tax   attorney   in   Michigan   who&#39;s   one   of   my   closest   colleagues,   who   has   helped   hundreds   and   hundreds   of   investors,   be   it   from   Canada,   from   the   United   Kingdom,   from-   Sure   argentina,   wherever   it   is.   And   you&#39;re   right,   it   does   differ   as   per   where   you   live,   whether   it&#39;s   gonna   be   the   LLC   or   it&#39;s   gonna   be   maybe   a   combination   or   a   hybrid   structure   that   there&#39;s   a   little   bit   of-   Yeah,   I&#39;m   not   advocating
      </p>

        <cite>Ed Mathews</cite>
      <time>14:48</time>
      <p>
          for   LLCs.   Yeah.   I   wanna   be   clear   about   that.   I&#39;m   just   trying   to-   somebody   who&#39;s   listening   to   this   may   not   understand-   Yeah   why   we   have   to   establish   a   US-based...   If   I&#39;m   a   foreign   national   and   I&#39;m   establishing   a   US-based   LLC-   Yeah   or   trust   or
      </p>

        <cite>James Lloyd</cite>
      <time>15:01</time>
      <p>
          whatever-
      </p>

        <cite>Ed Mathews</cite>
      <time>15:01</time>
      <p>
          Yeah
      </p>

        <cite>James Lloyd</cite>
      <time>15:02</time>
      <p>
          it&#39;s-   it&#39;s   gonna   be   for   the   finan-   for   the   financing   Ed?   Yeah,   exactly.   Really,   we   wanna   get   you   set   up   for   the   financing   and   the   taxation   part   of   it-   I   know   so   that,   you&#39;re   set   up   to   work   with   our   lenders   who,   they&#39;re   not   gonna   lend   to   a   personal   name   if   you&#39;re   a   foreign   national,   right?   So   they&#39;re   gonna   want   you   to   have   a   certain   setup.   We&#39;re   gonna   help   you   with   that,   get   you   the   EINs.   It   will   all   be   done   with   our   legal   consultation,   so   we&#39;ll   be   the   best   solution   for   that   individual-   Yeah   to...   as   per   where   they   live.   Good.   All   right.   A-   and   then...   So   it   does,   it   is   customized,   and   it   does   differ-   Of   course   from,   for   whatever   that   is.   Yeah,   of   course.
      </p>

        <cite>Ed Mathews</cite>
      <time>15:28</time>
      <p>
          There&#39;s   180   different   countries   out   there   or   whatever
      </p>

        <cite>James Lloyd</cite>
      <time>15:30</time>
      <p>
          the
      </p>

        <cite>Ed Mathews</cite>
      <time>15:31</time>
      <p>
          number   is   these   days.
      </p>

        <cite>James Lloyd</cite>
      <time>15:31</time>
      <p>
          And   most   of   them   are   good   to   go,   right?   Most   of   them   are   good   to   go.   There   are   a   few   that   aren&#39;t,   as   we   all   know.   Yeah.   And   from   there   it&#39;s,   it   goes   very   smoothly.   Yeah.   We&#39;ll   get   you   set   up   all   correctly,   and   then   at   the   end   of   the   year   for   tax   time   when   everything   comes   in,   we   have   the   tax   team   that   can   work   with   you   as   a   foreign   national   or   from   somebody-   Yeah   in   the   United   States,   and   we&#39;ll   get   you   going.
      </p>

        <cite>Ed Mathews</cite>
      <time>15:48</time>
      <p>
          Yeah.   A-   and   it   also   helps   with   the   exit   too,   right?   One   of   the   things   that   I   wanna   make   sure   we&#39;re   focused   on   here   is   you   guys   I   don&#39;t   think   you   flip,   right?   This   is   a   buy   and   hold   play.   Yeah?
      </p>

        <cite>Voytek Mardula</cite>
      <time>15:58</time>
      <p>
          That&#39;s   correct.
      </p>

        <cite>Ed Mathews</cite>
      <time>15:59</time>
      <p>
          Okay.   That&#39;s
      </p>

        <cite>Voytek Mardula</cite>
      <time>15:59</time>
      <p>
          correct.
      </p>

      <h2 id="chapter_39837835">Buy, hold, and refinance to scale</h2>


        <cite>Voytek Mardula</cite>
      <time>16:00</time>
      <p>
            That&#39;s   correct.
      </p>

        <cite>Ed Mathews</cite>
      <time>16:01</time>
      <p>
          All   right.
      </p>

        <cite>Voytek Mardula</cite>
      <time>16:01</time>
      <p>
          We,   we   have   helped   clients   in   the   past   that   wanted   to   BRRRR   with   us   and   flip.   We   have   helped   them.   They&#39;ve   acquired   the   property.   We   did   the   the   renovation   and   then   they   exited   themselves.   Or   they   refi-ed.   We   do   have   some   equity   plays   for   sure.   We   have   a   property   now   that,   we   can   sell   for   about   170   all   in   that&#39;s   worth   250,   so   whether   you   wanna   refi   or   flip   we   do   have...   we   do   come   across   deals   like   that   sometimes.   So   I   just   wanted   to   kinda   put   it   out   there,
      </p>

        <cite>Ed Mathews</cite>
      <time>16:24</time>
      <p>
          yeah.   And,   and-   Yeah.   We&#39;re-   as   a   former   and   now   current   flipper,   I   li-   I   like   that   pain.   I   enjoy...   apparently   I   enjoy   stress.   So   I   continue   to   flip.   But   no,   I   was   ju-   I   just   wanted   to   make   sure   that,   the   folks   that   are   listening   understand   that,   this   is   a   buy   and   hold   play   of   single   family   properties.
      </p>

        <cite>James Lloyd</cite>
      <time>16:41</time>
      <p>
          It   is,   but   except,   instead   of...   we&#39;re   not   flippers,   but   we&#39;re   refi-ers,   right?   Yeah.   Absolutely.   Because   there&#39;s   so   much   upside   in   Detroit.   So   we,   we   do   these   amazing   job   of   finding   undervalued   homes   in   these   high   appreciation   hot   pockets.   Wojtek   said   earlier,   in   these   five   to   seven   neighborhoods   that   we   know   so   well,   where   some   of   the   highest   appreciation   in   the   entire   nation,   right?   And   then   we   do   high   caliber,   whether   it&#39;s   Airbnb   or   sh-   or   long-term   rental   renovations   where   we&#39;re   putting   new   kitchens   and   bathrooms,   restoring   the   flooring,   looking   at   the   electrical,   upgrading   it,   granite   quartz   counter.   From   there,   we&#39;re   also   in,   so   we&#39;re   lift...   there&#39;s   some   lift   from   the   construction,   so   where   the   buyer   is   getting   some   equity   on   acquisition   right   away.   And   then   you   compound   it   with   the   in-   the   high   appreciation   in   the   neighborhood.   What   the   bulk   of   people   are   doing   is,   is   holding   the   properties,   but   looking   to   set   short   terms   with   the   lender   and   seeing   when   is   the   most   opportune   time   to   refinance.   Yeah.   Of   course,
      </p>

        <cite>Ed Mathews</cite>
      <time>17:27</time>
      <p>
          right.
      </p>

        <cite>James Lloyd</cite>
      <time>17:27</time>
      <p>
          Lock   into   lower   rates,   scale,   pull   some   capital   out,   and   then   reload   and   do   it   again.   Very   few   people   have   ever   come   in   and   said,   &quot;We&#39;re   doing   one   and   done,&quot;   right?   So   there&#39;s   opportunity   here   in   this   market   to,   to   get   five,   six,   seven,   eight,   nine,   10   properties,   do   something   more   meaningful   for   yourself.   And   that&#39;s   really   where   I   spend   most   of   my   time,   is   actually   helping   the   eternal   client   base   scale.   Yeah.   It&#39;s   such   a   scalable   acquisition   an   asset   class   because,   the   lending   system   allows   for   it.   The   assets   are   going   up   so   much   in   value   that,   you   could   have   a   portfolio   of   these   properties   and   refinance   certain   sections   of   it   periodically   every   18   months   and   just   keep   scaling
      </p>

      <h2 id="chapter_39837834">Short-term rentals and Detroit&#39;s hotel shortage</h2>


        <cite>James Lloyd</cite>
      <time>18:00</time>
      <p>
            onto   more.
      </p>

        <cite>Ed Mathews</cite>
      <time>18:01</time>
      <p>
          Yeah.   And   when   you   borrow,   it&#39;s   not   income,   so   it&#39;s   a   beautiful   thing.
      </p>

        <cite>James Lloyd</cite>
      <time>18:05</time>
      <p>
          That&#39;s   right.
      </p>

        <cite>Ed Mathews</cite>
      <time>18:06</time>
      <p>
          It&#39;s   a,   so   the   you   mentioned   a   nuance   there   that   I   want   to   explore   a   little   bit.   One,   one   is   short   term,   and   the   other   is   longer   term   holds.   And   so   I-   I&#39;m   curious   about,   your,   how   you   think   about   that   in   terms   of   certain   neighborhoods   are...   When   you   say   short   term,   are   you   talking   about   short   term   holds,   or   are   you   talking   about   short   term   rentals?
      </p>

        <cite>Voytek Mardula</cite>
      <time>18:26</time>
      <p>
          Short   term   rentals   you   know-   Okay   Airbnb,   you
      </p>

        <cite>Ed Mathews</cite>
      <time>18:27</time>
      <p>
          know.   Okay.   And   so   are   those...   my,   I&#39;m   not   a   short   term   rental   guy   although   I   have   friends   that   are,   and   they   do   very   well   with   it.
      </p>

        <cite>James Lloyd</cite>
      <time>18:37</time>
      <p>
          Yeah
      </p>

        <cite>Ed Mathews</cite>
      <time>18:37</time>
      <p>
          the   th-   so   those   are   probably   the   larger   properties,   m-   multiple   bedrooms,   more   in   line   with   vacationing   and,
      </p>

        <cite>James Lloyd</cite>
      <time>18:44</time>
      <p>
          That&#39;s   it
      </p>

        <cite>Ed Mathews</cite>
      <time>18:44</time>
      <p>
          medical   professional   types   and,   a-
      </p>

        <cite>Voytek Mardula</cite>
      <time>18:46</time>
      <p>
          absolutely.   Both   are   offered.   We&#39;ve   really   focused   on   the   larger   four   to   five   bedrooms   and   c-   proximity   to   downtown,   proximity   to   sports   arenas.   Detroit   is   this   massive   event   town.   That&#39;s   what   it&#39;s   turned   into.   And   people,   there&#39;s   events   being   hosted   there   from   March   1st   until   December   31st.   There&#39;s   literally   only   two   quiet   months.   There&#39;s   a   55,000   hotel   room   shortage   in   Detroit   for   the   amount   of   visitors   that   come   in,   okay?   And   r-   and   currently,   last   year,   17   million   people   came   into   Detroit   to   visit   for   so   many   different   reasons.   That   number   is   expected   to   grow   to   28   million   by   2030.   They   are,   they   have   nowhere   near   the   capacity   to   to   build   that   many   hotel   rooms,   they&#39;ve   put   up   maybe   10   or   12   boutique   hotels   in   the   last   10   years   since   we&#39;ve   been   there,   thinking   about   one   a   year.   Those   are   adding   about   60   to   80   rooms,   okay?   Yeah.   Per,   per,   per   year.   It&#39;s   a   joke,   right?   They   can&#39;t   even,   they&#39;re   trying   to   build   a   huge   hotel   near   the   convention   center   to,   so   they   can   house   even   bigger   conventions,   but   that&#39;s   gonna   take   several   years.   Right   now,   they   don&#39;t   have   near   the   capacity.   So   we&#39;ve   been   able   to   find   a   niche.   And   the   hotel   rooms   are   so   expensive,   they&#39;re   like   Manhattan   prices,   like   500,   $700,   $800   a   night   for   a   boutique   hotel   room   in   the   core   of   Detroit.   If   you   can   imagine   that   10   years   ago,   that   statement   is   insane,   right?
      </p>

        <cite>Ed Mathews</cite>
      <time>20:05</time>
      <p>
          Yeah.   And   so-   it   probably   helps,   obviously   the   resurgent   helps,   but   it   also   probably   helps   that   the   Red   Wings,   the   Pistons,   and   the   Lions   are   all   pretty   damn   good   these   days.   I   don&#39;t   know   about   the   Tigers.   That&#39;s   it.   Tigers   are   struggling.   They   are.   They&#39;ll   be-   Yeah,   the
      </p>

        <cite>Voytek Mardula</cite>
      <time>20:16</time>
      <p>
          Tigers   are   not   bad   either,   though.   They   got,   they&#39;re
      </p>

        <cite>Ed Mathews</cite>
      <time>20:17</time>
      <p>
          four   for   four
      </p>

        <cite>Voytek Mardula</cite>
      <time>20:18</time>
      <p>
          right   now.
      </p>

        <cite>Ed Mathews</cite>
      <time>20:19</time>
      <p>
          We&#39;ll   see.   Scubal   just   got   hurt   we&#39;ll   see.   Yeah.   But   but   the   Scrubal,   whatever   his   name   is   the-   their   ace.   But   yeah,   we&#39;ll   see.   That&#39;s   right.   It   certainly   helps   when,   at   least   three   out   of   the   four   and   possibly   four   out   of   the   four   professional   teams   are   all   firing   on   all   cylinders.
      </p>

        <cite>James Lloyd</cite>
      <time>20:33</time>
      <p>
          And   it&#39;s   a
      </p>

        <cite>Ed Mathews</cite>
      <time>20:33</time>
      <p>
          big   uptown   too   No   pun   intended
      </p>

        <cite>James Lloyd</cite>
      <time>20:34</time>
      <p>
          with
      </p>

        <cite>Ed Mathews</cite>
      <time>20:34</time>
      <p>
          Detroit,   right?
      </p>

        <cite>James Lloyd</cite>
      <time>20:36</time>
      <p>
          It&#39;s   there&#39;s   t-   tons   of   business   conferences   there,   j-   and   auto   shows   and   music   festivals   and   interstate   tourism.   Sure.   People   coming   in.   These   people   are   our   Airbnbs   are   full   of   people   from   Ohio   crossing   the   state   lines.   And   like   Wojtek   said,   there&#39;s   just   these   neighborhoods   that   are   close   ap-   proximity   to   downtown,   just   off   Woodward   Avenue,   just   off   the   north   end   of   the   Q   line,   where   the   homes   are   a   little   larger.   We   do   a   high   caliber   Airbnb   finish.   We   have   professional   teams   that   go   in   and   decorate   it,   put   the   sectional   couches   and   flat   screen   TVs.   And   they&#39;re   very   contemporary,   nice   places   where   two   families   can   stay.   It   sleeps   13   or   14   people.   And   it&#39;s   just   like   the   r-   the   numbers   compared   to   a   long-term   rental   are   triple,   right?   They   quadruple.   Yeah.   And   the   fact   that   we   have   in-house   management   with   a   s-   so   much   experience   of   the   market.   We   have   the   cleaners,   the   concierge,   five   star   reviews.   If   they&#39;re   managed   correctly   and   in   the   algorithm   and   in   close   proximity,   they   really   just,   they   connect.   And   they&#39;ve   been   a   real,   exciting   part   of   our   development.   And   s-   so   much   so   that   we   decided   about   a   year   ago   to   open   it   up   to   potential   investors.   And   then   when   you   find   now   that   too,   there&#39;s   just   a   lot   of   tax   benefits   to   running   an   active   business   we&#39;re   super   excited   because   a   lot   of   people   out   there   are   high   W2   earners   and   are   paying   a   lot   of   money   to   the   IRS   every   year.   Whereas   if   you   buy   a   short-term   rental,   like   the   ones   that   we   have   for   sale   in   Detroit   you   can   get   what&#39;s   called   bonus   depreciation,   right?   So   we   would   help   you   get   a   cost   segregation   study   through   our   attorneys   and   an   engineer.   And   then   what   happens   is   you   can   front   load   a   lot   of   the   27-year   traditional   appreciation   right   in   the   beginning   and   offset   a   huge   payment
      </p>

      <h2 id="chapter_39837833">Opportunity zones and bonus depreciation</h2>


        <cite>James Lloyd</cite>
      <time>22:00</time>
      <p>
            to   the   IRS,   so   much   so   that   you&#39;re   p-   pretty   much   covering   the   down   payment.   And   it   just   makes   a   lot   of   sense.   You&#39;re   helping   yourself   with   the   taxation   side   of   things   and   making   these   double   digit,   high   double   digit   returns.
      </p>

        <cite>Ed Mathews</cite>
      <time>22:10</time>
      <p>
          Yeah.   It&#39;s,   you   just   hit   upon   something   else   that   I   wanted   to   ask   you   about.   The,   there,   there&#39;s   an   interesting   combination   of   opportunities   here,   right?   In   that-
      </p>

        <cite>James Lloyd</cite>
      <time>22:18</time>
      <p>
          Yes
      </p>

        <cite>Ed Mathews</cite>
      <time>22:18</time>
      <p>
          there   is   the   the   whole   accelerated   pr-   appreciation   with,   the   new   laws   that   came   into,   to   being   in   &#39;25.   In   addition   actually   were   renewed   I   think   it   was   at   the   end   of   2025,   a   big   beautiful   bill   or   whatever   they   called   it.   I&#39;m   not   really   a   political   guy,   so   I   avoid   that.   But   I   do   know   all   about   bonus   depreciation.   And   but   the,   th-   and   then   on   top   of   that,   when   you   combine   that   with   opportunity   zones   which   I   wonder   if   that&#39;s   part   of   your   consideration   as   well.   Any   thoughts   on   that?
      </p>

        <cite>Voytek Mardula</cite>
      <time>22:47</time>
      <p>
          Yeah   that&#39;s   a   crazy   part.   And,   it,   we&#39;ve   been   obviously   aware   of   opportunity   zones   in   Detroit   and,   for   those   of   for   those   of   us   that   don&#39;t   know   what   they   are,   it&#39;s   basically   designated   areas   within   the   city   that   the   city&#39;s   looking   to   develop   and   is   looking   to   have   investors   invest   funds.   And   and,   and   what&#39;s   powerful   about   these   areas   that   if   you   purchase   a   property   in   an   opportunity   zone   today   and   you   wait   10   years,   you   exit   with   zero   capital   gains   tax   for   that   property,   right?   And   even   after   five   years,   there   are   benefits,   and   seven   years,   there   are   benefits.   You   pay   reduced   capital   gains.   But   if   you   go   that   full   10   years   you&#39;re   at   zero.   Having   a   market   like   Detroit   that   has   opportunity   zone   but   also   has   tourism   is   extremely   unique,   okay?   It   I   don&#39;t   know   many   other   cities   in   the   country   that   have   opportunity   zones   and   have   that   much   tourism   where   you   can   really-   Sure   advantage   and   you   can   purchase   your   short-term   rental.   You   run   it   for   10   years.   You   basically   use   the   cashflow   to   pay   down   the   mortgage,   and   you   can   exit   with   a   very   substantial   capital   gain   and   a   whole   bunch   of   equity   from   the   original   purchase   at   the   end   of   the   10-year   period.   So   it&#39;s   a   really   beautiful,   re-   retirement   package-   Yeah   if   you   wanna   like   that,   and   we   definitely   have   to   share   some   data   with   you   on   that.   I,
      </p>

        <cite>Ed Mathews</cite>
      <time>24:02</time>
      <p>
          I,   I,   and   I&#39;d   like   that.   I&#39;d   like   to   do   that.   It&#39;s   really   a   good   example   of,   and   I   it&#39;s   government   figuring   out   how   to   incent   the   right   behavior   and-   and   then   supporting   that   because,   the   fact   is   people   say   no   fair,   you&#39;re   not   paying   taxes.&quot;   Ah,   here&#39;s   the   thing.   You&#39;re   putting   risk   capital   into,   areas   that   don&#39;t   typically   see   investments,   and   the   reason   that   the   government   is   making   that   so   attractive   is   to   draw   in   that   investment   capital   to   improve   those   areas   and   ultimately   to   create   housing   that   is   clean   and   safe,   and   people   can   be   proud   of-   Yeah   where   they   live   and,   basically   taking   what   was   a   dead   n-   a   dead   neighborhood   and,   converting   it   in   a   relatively   short   period   of   time   into   a   beautiful   place   to   live.
      </p>

        <cite>James Lloyd</cite>
      <time>24:55</time>
      <p>
          Yeah,   I   agree   with   you   100%.   Yeah.   That&#39;s   exactly   what   they&#39;re   incentivizing.   And   we&#39;ve   witnessed   it,   right?   We&#39;ve   seen   the   neighborhoods   gentrify.   Especially   these,   this   opportunity   zone   where   we   do   a   lot   of   our   short-term   rentals   is   in   close   proximity   to   the   north,   north   end   of   Detroit.   Yeah.   Woodward   Avenue,   Wayne   State   University.   Big   beautiful   homes,   right?   2,500,   3,000   square   feet   some   of   them.   Five,   six   bedrooms.   Like   little   mini   mansions.   Yeah.   And   we   go   in   there   and   really   restore   the   home   to   its   original   glory,   except   it&#39;s   the   2026   version.   And   we   got   the   beautiful   hardwood,   and   like   I   said,   the   teams   that   go   in   they&#39;re   really   spectacular   and   we&#39;re   really   proud   of   them.   And   they&#39;re   they   really   connect,   like   I   said,   on,   for   people   to   guest,   &#39;cause   two   families   can   stay   there   and   they&#39;re   not   going   to   Ann   Arbor,   right?   Or   to   the   University   of   Michigan.   Just   pay   New   York   City   prices   for   a   place   to   stay.
      </p>

        <cite>Ed Mathews</cite>
      <time>25:40</time>
      <p>
          Which   is   way   more   expensive,   right?
      </p>

        <cite>James Lloyd</cite>
      <time>25:42</time>
      <p>
          Yeah.   And   the   property   taxes   and   then   things   like   that   have   remained   low,   and   the   expenses   on   the...   Just   from   the   investor   perspective,   it   really   works   because   things   that,   are   typically   eating   away   a   lot   of   the   revenue   are   just   so   much   lower   in   Detroit,   yeah.   Whether   it&#39;s   the   maintenance   or   the   insurance   or   the   taxes.   It   breeds   cashflow.   That   was   initially   what,   we   came   for   that,   and   we&#39;ve
      </p>

      <h2 id="chapter_39837832">The auto industry and tech sector renaissance</h2>


        <cite>James Lloyd</cite>
      <time>26:00</time>
      <p>
            s-   also   stayed   for   the   appreciation.   Yeah.   &#39;Cause   they&#39;ve   just...   We&#39;ve   seen   them...   i&#39;ve   seen   them   go   up.   Not   only   the   property   values,   but   the   rental   incomes.   Yeah.   It&#39;s   just   continued   to   go   up   and   up,   and   there&#39;s   a   lot   more   room   to   go   because   it   started   pretty   low.
      </p>

        <cite>Ed Mathews</cite>
      <time>26:12</time>
      <p>
          Yeah.   American   manufacturing&#39;s   coming   back,   right?   Yeah.   And   in   particular   the,   the   car   manufacturers   are-   Yeah   are   really   start,   depending   on   the   brand.   But   they   are-   Yeah   starting   to   perform   again.   And-   Yes   just   like-   Ford,   Chevrolet,   Chrysler   built   the   middle   class   back   in   the,   &#39;20s,   &#39;30s,   &#39;40s,   &#39;50s.   That   now   is   providing   a   whole   lot   of   octane   to   that,   a   similar   growth   pattern,   for   those   same   neighborhoods   now   50,   60,   70   years   removed   from   that   first   renaissance.
      </p>

        <cite>James Lloyd</cite>
      <time>26:46</time>
      <p>
          Yeah.   It&#39;s   been   really   cool   to   see.   The   renaissance   has   just   been   blossoming.   And   like   you   said,   the   auto   industry   has   come   back.   It&#39;s   a   little   different,   right?   Sure.   It&#39;s,   they   moved   away   from   the   sedans,   and   they&#39;ve   really   lost   to   the   Japanese,   and   they&#39;re   becoming   more   obsolete-   Yeah   w-   to   what   sells.   Still,   look   at   the   trucks.   They&#39;ve   taken   F150.   That&#39;s   okay.   F1-   F150,   Ford   Ex-   Ford   Explorer,   and   the   hybrid   and,   hybrid   autonomous   vehicle   development.   They   re-   they&#39;ve   done   a   beautiful   job   restoring   the   original   train   station   downstair-   downtown,   sorry,   to   a   development   center   for   that   technology.   And   I   think   what   also   has   really   combined,   gone   in   combination   with   the   auto   industry   is   the   the   introduction   of   the   tech   sector   has   really   moved   into   Detroit.   Yes.   If   we   were   there   today   and   going   out   for   lunch   or   going   to   see   our   properties,   we&#39;d   really   see   the   presence   of   things   like   Google,   and   Microsoft,   and   Snapchat   all   in   the   downtown   hub.   And   I   think   a   lot   of   them   made   it   like   the   Silicon   Valley   of   the   East   because   the   office   space   was   so   affordable,   and   it   just   mushroomed.   But   with   that   has   come   a   lot   of   people   into   those   companies.   And   guys   like   Dan   Gilbert   have   brought   his   companies   into   downtown   Detroit   with   Rocket   Mortgage   and   Bedrock.   And   just   thousands   and   thousands   of   people   have   moved   into   the   area,   and   it&#39;s   just   a,   such   an   affordable   place   to   live.   So   there&#39;s   just   a   lot   going   on   with   with   the   renaissance   there,   and   I   think   that,   that   is   really   what&#39;s   driving   a   lot   of   this   upside.   And   it&#39;s   just   gone   out   into   the   neighborhoods   and   the   restoration   of   these   major   arteries   like   8   Mile,   and   I   go   out   into   the   neighborhoods   where   we   operate   today.   It&#39;s   been   such   a   dramatic   revitalization   &#39;cause   as   you   said,   like   10   years   ago,   it   just   was   not   the   case.
      </p>

        <cite>Ed Mathews</cite>
      <time>28:08</time>
      <p>
          And,   with   the   technology   it,   and   renaissance   again,   data   centers   popping   up.   Additional   power   plants   popping   up.   You   see   all   of   the   ancillary   businesses   around   tech,   and   manufacturing,   and   power   generation.   Yeah,   it&#39;s   really   a   a   tremendous   comeback   story   for   this   city.   And   like   I   said   I   think   I   said   it   off   camera,   not   on,   but   Detroit   is   a   place   that&#39;s   near   and   dear   s-   to   my   heart.   So   I&#39;m   I&#39;m   not   an   investor   there,   although   we&#39;re   probably   gonna   talk   after   the   show.   And   but   I   am   really   happy   to   see,   a   historical   center   of   middle   class   growth   in   the   US,   from   a   history   perspective   to   see   it   coming   back   as   strong   and   as   quickly   as   it   is
      </p>

        <cite>James Lloyd</cite>
      <time>28:52</time>
      <p>
          I   agree   with   you   100%.   It&#39;s   like   one   of   the   iconic   American   cities   that&#39;s   just   gone   through   this   revitalization.   It   really   hasn&#39;t   been   seen   like   since   the   Great   Depression,   right?   &#39;Cause   that&#39;s   where   it   was   at,   right?   The   lights   were   off   and   it   all   started   with   a   big   bailout   from   the   US   government   and   then   this   influx   of   private   investment-
      </p>

        <cite>Ed Mathews</cite>
      <time>29:07</time>
      <p>
          Yep
      </p>

        <cite>James Lloyd</cite>
      <time>29:07</time>
      <p>
          from   the   sectors   we&#39;ve   talked   about.   And   what   an   amazing   story   of   recovery.   And,   Gino,
      </p>

        <cite>Ed Mathews</cite>
      <time>29:11</time>
      <p>
          say   what   you   want   about   local   government.   Local   government   figured   it   out   and   played   ball   too.   You   know-   it   was   a   whole   lot   of   people   doing   it   right
      </p>

        <cite>James Lloyd</cite>
      <time>29:17</time>
      <p>
          Yeah.
      </p>

        <cite>Voytek Mardula</cite>
      <time>29:18</time>
      <p>
          Yeah,   it&#39;s   been   a   m-   a   mayor   who   was   very   business   friendly   for   a   decade,   more   than   that.   Who   really   attracted   a   massive   investment,   a   guy   like   Dan   Gilbert   that   owned   the   Cleveland   Cavaliers   and,   and   another   100   companies   and   who   are,   were   driving   forces   behind   it,   but   people   like   Warren   Buffett   were,   buying   a   third   of   downtown   and,   you   know-   and,   and   as   we   all   know,   he&#39;s   such   an   undervalued,   investor   guy,   right?   Yeah.   He   finds   undervalued   and   he   bu-   he   goes   heavy   with   it,   right?   And   so-   Yeah   that&#39;s   always   been   their   strategy   and   and   and,   but   I   think   what&#39;s   interesting   that,   the   mayor&#39;s   gone   out   and   said   that,   &quot;Look,   we   feel   like   we&#39;re   in   the   third   inning   here,&quot;   like   we   have   so-   their   plans   are   enormous,   for   growth   and   for   development.   And   you   go   there,   there&#39;s   cranes   everywhere,   there&#39;s   apartment   buildings   going   up,   like   things   are   just   moving   in   a   really   good   direction,   and   I   feel   that   it&#39;s   the,   it&#39;s   the   young   people   moving   there   that   are   really   driving   a   force   because   it&#39;s   one   of   the   most   affordable   and   cool   and   hipster   markets   now   in   the   country-   Yeah   right?   Where   you   can   go   and   you   can   live   there   for   1,000   bucks   a   month,   right?   And   you   can&#39;t   really   say   that   about   a   lot   of   cities,   right?   And   people   can   get   a   really   good   start   and   go   get   a   job   in   tech   for,   that   pays   them   80   or   100   grand   a   year,   and   you   can   live   extremely   well,   right?   Like   it&#39;s   a,   and   it   has,   beautiful   restaurants   and,   and   casinos   and   hotels   and,   a-   and   and   a   club   scene   and,   music   festivals.   Like   it&#39;s   really   a   fun   city   to   visit,   yeah.   That&#39;s   why   so   many   people   come   on   the   weekends   and,   stay   at   a   Airbnb,   but   but   really,   but   w-   a   fraction   of   those   people,   of   those   17   million   people   always   move   there.   And,   and   that&#39;s   why   in   the   last,   starting   in   about   2020,   the   census   has   noted   a   significant   uptick-   Huge   in   population,   downtown.   And   that   continuing   to   grow,   right?   And   and   the   fabric   is   changing   and   there&#39;s   a   lot   more   money   coming   in.   It&#39;s   been   a   fun-   All   good   news   it   continues   to   be,   a   great   market.   Yeah.
      </p>

        <cite>Ed Mathews</cite>
      <time>30:59</time>
      <p>
          Yeah,   it&#39;s   all   good   news.
      </p>

      <h2 id="chapter_39837831">The final five</h2>


        <cite>Ed Mathews</cite>
      <time>31:00</time>
      <p>
            Guys,   I   could   talk   about   this   forever,   but   we   gotta   start   to   land   this   plane.   So   I   would   love   to   get   into   the   final   five.   And   we&#39;re   gonna,   we&#39;re   gonna   ham   and   egg   this   a   little   bit.   We&#39;re   gonna   alternate,   if   that&#39;s   okay   the   final   five   questions.   But   and   I&#39;ll   leave   it   to   you   to   decide   who   gets   to   answer   what.   One   of   the   things   that   I&#39;m   always   fascinated   by   leaders   like   yourselves   who   are,   very   successful,   and   this   is,   not   your   first   rodeo,   right?   You&#39;ve   been   successful   for   many   years   over   many   different   companies.   The   bills   are   paid,   right?   The   mortgages   are   handled,   the   ki-   kids&#39;   tuition&#39;s   taken   care   of,   the   cars   are   paid   for,   your   significant   other   is   happy.   And   and   but   nevertheless,   you   guys   get   out   of   bed   on   Monday   morning   and   go   to   work.   And   so   I&#39;m   curious   I   look   at   that   as   purpose.   And   I&#39;m   curious   what   that   purpose   is   for   you.   What   gets   you   out   of   bed   on   a   Monday?
      </p>

        <cite>James Lloyd</cite>
      <time>31:46</time>
      <p>
          It&#39;s   my   son,   first   of   all,   my   f-   family.   But   I   think   what   r-   really   what   gets   me   out   of   bed   is   just   the   joy   I   have   and   the   freedom   I   have   in   my   life   to   get   to,   to   do   this   to   work   from   remotely   or   from   the   office   with   my   lifelong   best   friend
      </p>

      <h2 id="chapter_39837830">What gets them out of bed</h2>


        <cite>James Lloyd</cite>
      <time>32:00</time>
      <p>
            and   his   wife.   We&#39;re   all   super   close.   And   I   wouldn&#39;t   trade   it   for   the   world,   right?   I   love   customer   service.   I&#39;ve   always   loved   it.   Getting   to   deal   with   people   and   take   them   through   our   systems   and   help   in   an   honest,   genuine   manner,   and   hopefully,   grow   portfolios   and   business   relationships   we&#39;re   both   super   into   that.   And   what   a   great   way   to   s-   what   a   great   way   to,   to   live   is   to   get   to   work   with   your   best   friend.
      </p>

        <cite>Ed Mathews</cite>
      <time>32:21</time>
      <p>
          Yeah,   it   does   warm   the   soul,   doesn&#39;t   it?
      </p>

        <cite>James Lloyd</cite>
      <time>32:23</time>
      <p>
          Yeah.
      </p>

        <cite>Ed Mathews</cite>
      <time>32:24</time>
      <p>
          Right   on.   And   so   I&#39;m   also   curious   about   the,   the   folks   that   have   helped   you   along   the   way.   M-   mentors,   right?   I&#39;m   curious   about   the   best   advice   you   ever   got   if   you,   as   you   look   back   on   your   careers   and   who   gave   it   to   you?
      </p>

        <cite>Voytek Mardula</cite>
      <time>32:39</time>
      <p>
          So   I   think   that,   when   it   comes   to   real   estate,   a   certain   turning   point   was   reading   Robert   Kiyosaki&#39;s   Rich   Dad   Poor   Dad.
      </p>

        <cite>Ed Mathews</cite>
      <time>32:46</time>
      <p>
          Yeah.
      </p>

        <cite>Voytek Mardula</cite>
      <time>32:46</time>
      <p>
          And   maybe   learning   about   leverage   and   about,   passive   income,   that   got   me   very   excited   and   about   the   ability   to   create   generat-   generational   wealth   for   your   kids   and   grandkids   through,   through   a   real   estate   vehicle   and   really   what   you   can   accomplish.   And   I   think,   I&#39;ve   always   been...   I   got   into   personal   development   probably   about   15   years   ago   and   really   studied   a   lot   of   the   great   authors   and,   Darren   Hardy,   I&#39;m   not   sure   if   you&#39;re   familiar   with   him,   Compound   Effect.   He   wrote   a   book   called   Compound   Effect.   He   was   a   former   publisher   of   Success   Magazine.   Anyways,   great   guy,   and   he   has   a   terrific   company,   and   he   helps   entrepreneurs   he   coaches   CEOs   of   companies,   and   he&#39;s   like   a   junior   Tony   Robbins,   I   would   say,   but   fantastic   guy,   wonderful.   And,   and   I   read   this   book   called   The   Compound   Effect   that   really   had   a   profound   impact   on   me   because   it   basically   outlined   how   small   actions   repeated   on   a   daily   basis   compound   and   create   massive   results,   whether   it   be   in   a   year   or   two   years,   and   how   consistent   effort   and   goal   and   having   written   goals   e-   enables   you   to   change   your   life   and   alter   not   only   your   life,   but   also   those   around   you,   and   how   much   you   can   help   people   through,   services   and   products   that   you   offer,   but   also   by   your   behaviors   and   things   that   you   can   teach   people   based   on   what   you&#39;ve   learned   over   time   and   the   experience   that   you&#39;ve   had,   and   I&#39;ve   always   been   a   tremendous   fan   of   him.   I-   anybody,   Compound   Effect,   be-   year   bestselling   author,   Darren   Hardy,   a   really   incredible   guy   And   he   had   a   big   impact   on   me.   I   had   a   chance   to   do   a   private   sort   of   a   session   with   him   with   20   other   entrepreneurs,   and   just   a   really   straight   to   the   point   guy,   really,   no   nonsense,   tells   you   how   it   is   and,   and   everything   that   he   says   is   100%   accurate,
      </p>

        <cite>Ed Mathews</cite>
      <time>34:26</time>
      <p>
          excellent.   Excellent.   Yeah,   the...   I   coach   softball,   and   actually   today   is   game   day.   I&#39;m   actually   wearing   my   little   coach&#39;s   uniform   right   now.   But   we   always   talk   about   getting   1%   better,   right?   And   it&#39;s   amazing   if   you   just   focus   on   getting   it   right   a   little   bit   every   day   that   compounding   effect,   as   you   said   is   beyond,   what   you   could   possibly   imagine   when   you   look   a   year,   three   years,   five   years,   10   years   down   the   road.
      </p>

        <cite>James Lloyd</cite>
      <time>34:52</time>
      <p>
          Yes.   Absolutely.
      </p>

        <cite>Ed Mathews</cite>
      <time>34:53</time>
      <p>
          Yeah.   So   I&#39;m   also   interested   in   decision-making,   right?   And   &#39;cause   I-   we&#39;re   a...   we   all   run   companies   here   and   I   hope   I   get...   if   I   make   20   decisions   today,   I   hope   I   get   8   of   them   right.   And   that&#39;s   a   good   day.   And,   but   the   good   thing   about   that   is   and   s-   part   of   our   culture   here   at   Clark   Street   and   Ella   Vista   is   mistakes   are   a   good   thing,   right?   Because   you   learn   from   them.   And-   so   I&#39;m   curious   about,   as   you   look   back   on   your   careers   professionally,   what&#39;s   a   decision   that   you   look   back   and   go,   &quot;Oh,   man,   I   would   love   to   have   that   one   back&quot;?   And   how   did   you   manage   through   it?
      </p>

        <cite>James Lloyd</cite>
      <time>35:29</time>
      <p>
          I,   my   early   career   was   in   hospitality.   I   went   to   restaurant   school   in   Manhattan   and   was   in   high-end   restaurant   management   with   the   sort   of   the   aspirations   of   being   a   restaurateur.   And   I   certainly   made   some   heavy   mistakes   early   on   in   my   professional   career,   which   I   learned   from.   One   of   them   was   really   mixing   business   with   pleasure,   and   I   wish   I   hadn&#39;t   done   that.   I   had   some   tremendous   opportunities   to,   to   manage   some   very   prestigious   places   very   young.   I   had   a   lot   of   ability,   but   couldn&#39;t   really   balance   the   professional   side   of   things   and   separate   that   from   the   social   side   of   things.
      </p>

        <cite>Ed Mathews</cite>
      <time>35:59</time>
      <p>
          Yeah.
      </p>

        <cite>James Lloyd</cite>
      <time>35:59</time>
      <p>
          And
      </p>

      <h2 id="chapter_39837829">A decision they would take back</h2>


        <cite>James Lloyd</cite>
      <time>36:00</time>
      <p>
            I   went   through   a   lot   of   heartache   because   of   that   and   missed   opportunity,   but   I   also   learnt   I   was   just   too   young   and   it   d-   wasn&#39;t   there   yet   in   my   my,   my   oversight   as   to   how   to   manage   myself.   And   through   a   lot   of,   m-   lot   of   moves   and   development   along   the   lines   of   what   Wojtek   just   mentioned   about   consistency   and   steps   in   my   life   and   maturing   into   the   man   that   I   am   today,   I   just   don&#39;t   do   that   anymore,   right?   Yeah.   So
      </p>

        <cite>Ed Mathews</cite>
      <time>36:21</time>
      <p>
          Yeah,   you   know-   You
      </p>

        <cite>James Lloyd</cite>
      <time>36:22</time>
      <p>
          know,   you   gotta   get,   you   gotta   get   there   though,   right?
      </p>

        <cite>Ed Mathews</cite>
      <time>36:24</time>
      <p>
          Y-   and   y-   you&#39;ve   gotta   stub   your   toe   and   you&#39;ve   gotta,   you   know-
      </p>

        <cite>James Lloyd</cite>
      <time>36:27</time>
      <p>
          Yeah
      </p>

        <cite>Ed Mathews</cite>
      <time>36:27</time>
      <p>
          as   I   say,   I,   I   say   about   my   own   life,   you   gotta   do   dumb   stuff,   right?   And   that&#39;s   okay.
      </p>

        <cite>James Lloyd</cite>
      <time>36:31</time>
      <p>
          Yeah.
      </p>

        <cite>Ed Mathews</cite>
      <time>36:32</time>
      <p>
          Yeah   &#39;cause   you&#39;re   a   lot   smarter   for   it,   five,   10,   15   years   down   the   road.   Yeah,   my   wife   always   used   to   say   when   we   were   both   in,   managing   corporate   careers,   &quot;There   are   friends-   Yeah   and   there   are   work   friends,   and   they   are   not   the   same   thing.&quot;   Yeah.   Amen.   I   tended   to   confuse   that.   She   got   it   pretty   straight.   And,   Yeah   so   I   hear   you,   James.
      </p>

        <cite>James Lloyd</cite>
      <time>36:50</time>
      <p>
          Yeah.
      </p>

        <cite>Ed Mathews</cite>
      <time>36:51</time>
      <p>
          Yeah.   So   I&#39;m   also   curious   about   how   leaders   like   yourselves   take   in   information   and   keep   learning,   right?   Obviously   we   talked   about   growing   from   your   mistakes.   But   you   can   also   grow   from
      </p>

      <h2 id="chapter_39837828">AI obsession and the book on the nightstand</h2>


        <cite>Ed Mathews</cite>
      <time>37:00</time>
      <p>
            information   that   you   glean   along   the   way.   And   you   mentioned   Harding&#39;s   book,   Wojtek   and   I&#39;m   sure   there   are   others.   Everybody   mentions   Kiyosaki,   right?   But   I&#39;m   curious   about   the   book   that&#39;s   on   your   nightstand   right   now,   virtual   or   otherwise.   Who   you   paying   attention   to?   What   are   you   reading?
      </p>

        <cite>Voytek Mardula</cite>
      <time>37:16</time>
      <p>
          I&#39;m   reading   Joseph   Bradley&#39;s   You   to   the   Power   of   Two.   I&#39;ve   become   pretty   infatuated   with   AI   and   its   impact   on   business.   Sometime   last   year,   I   was   looking   for   some   solutions   for   our   business   actually   that   would   help   us   handle,   inbound   calls   and   deal   with   investors   better   and   be   able   to   answer   questions   and   provide   trainings.   And   I&#39;ve...   I   was   researching   all   kinds   of   solutions   and,   we&#39;ve   since   implemented   all   kinds   of   AI   into   our   short-term   rental   business   and-   and,   and   into   our,   a-   and   in   our   website.   You   can   go   visit   it.   You   can   talk   to   a   live   voice   agent   and   get   all   kinds   of   information.   And   I   really   I&#39;ve   been   on   a   massive   crash   course   for   the   last   six   months   when   it   comes   to   AI,   and   I&#39;m   just   learning   every   day   about   how   it   can   help   business.   I   feel   it&#39;s   the   single   most   revolutionary   tool   that   I   have   encountered   in   my   lifetime   in   the   last   50   years,   and   I&#39;m   gonna   include   the   internet   and   all   that,   and   cell   phones-   Without   a   doubt   and   all   that   into   it.   I   feel   like   it   could   have   a   far   more   profound   impact   than   any   of   those   things.   And   if   it&#39;s   used   correctly,   it   can   really   enhance   our   lives   and   I,   I&#39;m   just   obsessed   with   it,   so   I&#39;m   just   reading   everything   I   can   about   it,   articles   on   LinkedIn,   books   whatever   I   can.   And   I   actually   have   an   AI   company   as   well.   That&#39;s   amazing   so   we&#39;re   just   super   exciting   stuff,   so-   Yeah   and,   but   I   think   that   it&#39;s   been   really   amazing   to   get   exposed   to   a   new   industry.   I&#39;m   50,   so   I&#39;m   not   old,   but   I&#39;m   also   not   20,   and   really   have   to   learn   it   all   and   embrace   it   and   really   and   I&#39;m   super   excited   about   it   and   I   feel   it   has   amazing   parallels   and   to   real   estate   and   it   can   it   can   work   amazingly   well   for   people   looking   to   buy   real   estate,   sell,   whatever   you   wanna   do   with   it.   I   think   it&#39;s   gonna   have   a   huge   impact.
      </p>

        <cite>Ed Mathews</cite>
      <time>38:50</time>
      <p>
          Couldn&#39;t   agree   more.   Sure.   Yeah.   I&#39;m...   So   I&#39;m   56,   so   I   got   you   there.   Oh,   good.   And   you   and   I   I   graduated   right   around   the   time   that   Al   Gore   invented   the   internet.   And   and   so   I   got   to   watch.   I   spent   24   years   working   for   Silicon   Valley   companies   in,   both   in   Silicon   Valley   and   elsewhere.   And   that   internet   revolution   felt   like   the   ground   was   shaking   until   AI   started   to,   la-   learning   models,   large   language   models,   and   now   AI.   Yeah   has   emerged   and   I   always   looked   at,   personally   I   always   looked   at   technology   as   a   great   force   multiplier,   right?   You   can   serve   more   people   with   fewer,   more   people&#39;s   interests   with   fewer   resources,   which   is   good   for   the   people   you&#39;re   serving,   and   also   good   for   the   companies   because   you   don&#39;t   have   to   throw   hu-   people   at   problems,   you   can   throw   technology   at   problems   to   solve.   Voice   agents   being,   I   think,   one   of   the   things   you   mentioned.   Yeah.   We&#39;re   a   small   company.   We&#39;re   not   quite   as   big   as   you   guys.   You&#39;re,   I   think   I   heard   you   say   75   people.   We&#39;re   like   10,   right?   But   the   but   the   fact   is   that   we   get   a   lot   done   because   we   embraced,   what   the   precursor   to   AI,   and   now   AI  
      </p>

      <h2 id="chapter_39837827">Defining success and life off the clock</h2>


        <cite>Ed Mathews</cite>
      <time>40:00</time>
      <p>
          as   part   of   our   back   office   operations.   And   we&#39;re   able   to-   lift   a   lot   of   heavy   stuff   with   not   a   lot   of   people.   And,
      </p>

        <cite>James Lloyd</cite>
      <time>40:07</time>
      <p>
          Yeah
      </p>

        <cite>Ed Mathews</cite>
      <time>40:07</time>
      <p>
          it&#39;s...   And   I   too   have   a   software   company   and,   if   you&#39;re   listening   to   this   you&#39;ve   probably   already   heard   the   commercial   for   it.   But   the   fact   is   that   I   think   that   AI,   when   the   internet   felt   like   the   ground   was   shaking,   AI   is   going   to   fundamentally   change   how   everyone,   every   single   human   being,   all   8   billion   of   us,   in   some   way,   shape   or   form   live   and   interact   with   each   other   going   forward.   It&#39;s   it   is   going   to   be   one   heck   of   a   ride   and   I&#39;m   really   psyched   that   I   get   to   watch   it   and   play   a   little   role   in   it   as   well.   That&#39;s   gonna   be   cool.   Yeah.
      </p>

        <cite>Voytek Mardula</cite>
      <time>40:41</time>
      <p>
          Awesome.
      </p>

        <cite>Ed Mathews</cite>
      <time>40:43</time>
      <p>
          And   Wojciech,   I   wanna   hear   all   about   your   AI   stuff   too,   so   we&#39;re   gonna   geek   out   on   that   on   a   different,   We   have   to.   We   have   to   maybe   on   a   different   show.
      </p>

        <cite>Voytek Mardula</cite>
      <time>40:50</time>
      <p>
          Absolutely.
      </p>

        <cite>Ed Mathews</cite>
      <time>40:50</time>
      <p>
          Last   but   certainly   not   least,   James,   I   think   it&#39;s   your   turn.   How   do   you   define   success   in   your   life?
      </p>

        <cite>James Lloyd</cite>
      <time>40:58</time>
      <p>
          Oh,   that&#39;s   a   great   question.   It&#39;s   certainly   not   a-   about   financial   gains.   I   think   it,   we   said   that   we&#39;re   all   in   a   pretty   good   position,   right?   It&#39;s   just   about   the   freedom   that   we&#39;re   living   the   wellness   that   I&#39;m   trying   to   live   in   my   daily   routine,   being   able   to   be   active   to   communicate   with   people,   to   have   a...   to   be   there   for   my   parents   as   they   age   to   be   a   great   father   to   my   son,   to   get   out   to   sporting   events   to   be   present   to   be   honest   just   to   be   living   the   life   that   I   always   wanted   and   with   the   freedom   to   do   knowing   that   I   trust   myself   and   I&#39;m   making   the   right   decisions.   Everything&#39;s   not   perfect,   but   nothing   today   is   ever   gonna   come   up   that   I   have   to   worry   about   because   we   can   deal   with   it.
      </p>

        <cite>Ed Mathews</cite>
      <time>41:32</time>
      <p>
          Right.
      </p>

        <cite>James Lloyd</cite>
      <time>41:33</time>
      <p>
          I   have   people   around   me   that   love   me   and   support   me,   and   a   team   there   and   it   goes   both   ways,   right?   So   whatever   comes   up,   we&#39;ll   get   through   it,   and   that&#39;s   true   success,   right?   And   I   wouldn&#39;t   trade   the   w-   trade   it   for   the   world.
      </p>

        <cite>Ed Mathews</cite>
      <time>41:43</time>
      <p>
          Yeah.   The   as   I   guess   the   resident   old   guy   on   this   conversation   I&#39;ll   let   you   know   that   this   too   shall   pass,   right?
      </p>

        <cite>James Lloyd</cite>
      <time>41:49</time>
      <p>
          Yeah.
      </p>

        <cite>Ed Mathews</cite>
      <time>41:50</time>
      <p>
          Everything   is   gonna   be   okay.   It&#39;s   gonna   be   fine.
      </p>

        <cite>James Lloyd</cite>
      <time>41:52</time>
      <p>
          Yeah.
      </p>

        <cite>Ed Mathews</cite>
      <time>41:53</time>
      <p>
          It   may   take   a   little   while.   Yeah,   stuff   comes   up.   May   take   a   little   while-   Yeah   but   it&#39;s   gonna   be   okay.   That&#39;s   right   guys,   I&#39;ve   really   enjoyed   this   conversation,   and   congratulations
      </p>

      <h2 id="chapter_39837826">How to reach US Properties</h2>


        <cite>Ed Mathews</cite>
      <time>42:00</time>
      <p>
            on,   the   incredible   company   that   you&#39;ve   built   and   continue   to   build.   Continued   good   fortune.   So   when   you&#39;re   not   talking   about   real   estate,   what   do   you   like   to   do   for   fun?
      </p>

        <cite>Voytek Mardula</cite>
      <time>42:10</time>
      <p>
          Play   tennis   and   ski.   Yeah.   Travel.   Big   traveler.   Yeah.   Love   going   to   Europe.   Love   the   good   food   over   there.
      </p>

        <cite>Ed Mathews</cite>
      <time>42:18</time>
      <p>
          Yeah.
      </p>

        <cite>James Lloyd</cite>
      <time>42:20</time>
      <p>
          Yeah.
      </p>

        <cite>Voytek Mardula</cite>
      <time>42:20</time>
      <p>
          James?
      </p>

        <cite>James Lloyd</cite>
      <time>42:21</time>
      <p>
          Look   I   like   to   exercise.   I   like   the   same   sports   that   Wojtek   does.   We   play   a   lot   of   tennis   together.   We   go   skiing   every   year.   He&#39;s   an   avid   skier,   and   he&#39;s   brought   me   back   into   that,   so   I&#39;m   very   grateful.   And   I&#39;m   very   active   being   a   soccer   dad.   Awesome.   I   have   a   young   player   who&#39;s   thriving   for   his   age,   and   very   busy   with   it.   And   I&#39;m   blessed   that   I   get   to   work   a   job   that   I&#39;m   free   to   take   him   every   day   to-
      </p>

        <cite>Ed Mathews</cite>
      <time>42:42</time>
      <p>
          Yeah
      </p>

        <cite>James Lloyd</cite>
      <time>42:42</time>
      <p>
          to   the   soccer   pitch,   right?   And   be   there.
      </p>

        <cite>Ed Mathews</cite>
      <time>42:44</time>
      <p>
          All   right,   guys,   I   need   a   moment   of   honesty   here.   Who&#39;s   the   better   tennis   player?
      </p>

        <cite>James Lloyd</cite>
      <time>42:49</time>
      <p>
          Wojtek.
      </p>

        <cite>Ed Mathews</cite>
      <time>42:50</time>
      <p>
          Well   played.   Played.   Played.   All   right.   Moment   of   clarity   and   honesty,   I   love   it.   Guys,   how   can   people   get   in   touch   with   you   if   they   wanna   learn   more   about   you   or   get   to   know   you   or   learn   more   about   your   business?
      </p>

        <cite>James Lloyd</cite>
      <time>43:01</time>
      <p>
          They   can   reach   out   to   us.   Look,   we&#39;re   always   accessible,   and   I   really   pride   myself   in   getting   back   as   promptly   as   humanly   possible.   You   can   reach   out   to   us   through   our   website   USProperties.ca,   or   you   can   email   me   directly   at   James   Lloyd,   L-L-O-Y-D,   @USProperties.ca.   I&#39;ll   pick   up   either   at   the   submission   through   the   website   or   a   direct   email   and   get   back   to   you   right   away.   You   know-   Awesome   and   from   there   we&#39;ll   set   a   time.   I   have,   I   have   a   Calendly   link.   You   can   book   a   call   with   me.   We&#39;ll   start   the   conversation.   I&#39;ll   listen,   see   if   we   can   be   a   big   fit,   and   if   I   can   help   in   any   way   or   Wojtek   can   help   that&#39;s   what   we   love   the   most,   and   you   can   be   sure   you&#39;ll   get   it.
      </p>

        <cite>Ed Mathews</cite>
      <time>43:35</time>
      <p>
          Awesome.   Guys   I&#39;ve   really   enjoyed   this   conversation.   Again,   congratulations   and   continued   good   fortune   and   we&#39;ll   see   each   other   soon.
      </p>

        <cite>James Lloyd</cite>
      <time>43:43</time>
      <p>
          Thanks   so   much.   Awesome.   I   really   appreciate   it.   Really   enjoyed   it.   Thanks,   Ed.   Thank   you,   Ed.
      </p>