Полная расшифровка выпуска David Moret - Founder & Principal, Highline Real Estate Capital

00:03:08.800 --> 00:03:09.439 16 years later. 00:03:09.599 --> 00:03:10.400 Do they still charge you? 00:03:10.479 --> 00:03:12.240 Because you you probably paid for the gym by now. 00:03:12.479 --> 00:03:12.960 I yeah. 00:03:13.039 --> 00:03:14.960 I hope I'm grandfathered into a better rate. 00:03:15.039 --> 00:03:15.759 I think I hope so. 00:03:15.919 --> 00:03:17.439 I've been on auto pay for 16 years. 00:03:17.520 --> 00:03:17.759 That's it. 00:03:18.000 --> 00:03:18.560 How old are you? 00:03:18.800 --> 00:03:19.199 57. 00:03:19.599 --> 00:03:21.439 57 and still crushing CrossFit. 00:03:21.759 --> 00:03:23.599 Crush is uh yeah, you can use it. 00:03:24.479 --> 00:03:27.840 Are you are you humbling some of these 20 and 30 year olds, some of them? 00:03:28.159 --> 00:03:30.639 You know, the the group there has gotten older. 00:03:30.800 --> 00:03:32.400 Yeah, um, but you know, I'm hanging in there. 00:03:32.960 --> 00:03:34.240 I'm holding my own, doing what I can. 00:03:34.319 --> 00:03:35.599 I've definitely toned it way down. 00:03:35.680 --> 00:03:40.080 Yeah, you know, I'm doing the 57-year-old version of it, but I like the you know, I enjoy it. 00:03:40.159 --> 00:03:41.520 Yeah, it's a yeah, it's a good way to go. 00:03:41.680 --> 00:03:42.560 Is there AC there? 00:03:42.639 --> 00:03:43.599 No, no, wow. 00:03:43.840 --> 00:03:46.000 It's a warehouse, no AC in the summer. 00:03:46.159 --> 00:03:46.319 Wow. 00:03:46.960 --> 00:03:47.599 What time do you go? 00:03:47.759 --> 00:03:48.400 Early? 00:03:48.639 --> 00:03:49.360 It depends. 00:03:49.439 --> 00:04:00.400 On the weekends, I go in the morning, and then I'll I'll do try to do both weekends on some fishing around a town, and then um in the evening, usually at six, maybe two days a week. 00:04:00.639 --> 00:04:00.719 Okay. 00:04:00.879 --> 00:04:02.080 Try to get there four days a week. 00:04:02.240 --> 00:04:02.879 That is spicy, you know. 00:04:03.199 --> 00:04:04.639 You go four days a week to work out there? 00:04:04.800 --> 00:04:05.280 That's the goal. 00:04:05.360 --> 00:04:05.759 Yeah, you know. 00:04:05.919 --> 00:04:06.400 You do anything. 00:04:06.479 --> 00:04:07.919 I've seen you riding your bike on the bike. 00:04:08.080 --> 00:04:08.639 I ride the bike. 00:04:09.039 --> 00:04:09.759 What kind of bike? 00:04:09.919 --> 00:04:10.560 Uh I don't know. 00:04:10.639 --> 00:04:11.039 What do you got? 00:04:11.439 --> 00:04:12.080 Are we clippins? 00:04:12.159 --> 00:04:12.639 Are you a roadie? 00:04:12.719 --> 00:04:13.520 Are you just no? 00:04:13.919 --> 00:04:15.199 I just it's a chill bike ride. 00:04:15.360 --> 00:04:15.439 Good. 00:04:15.520 --> 00:04:15.599 Yeah. 00:04:16.079 --> 00:04:17.839 He's not one of those mammals that are that are out there. 00:04:18.399 --> 00:04:21.839 The uh what the mammal is the uh middle-aged man in lycra? 00:04:22.000 --> 00:04:22.399 Yeah, yeah. 00:04:22.959 --> 00:04:23.680 It's not you. 00:04:23.839 --> 00:04:26.240 No, I'm doing like a chill beach ride on a recovery. 00:04:26.480 --> 00:04:26.800 I like that. 00:04:26.879 --> 00:04:43.839 Yeah, so I do the funny thing is because um I go and play beach tennis out there, and you and I crossed paths a few times while you were there and biking or on while I was playing beach tennis, and that's how I think you're like you called me, or I was like, Hey, do you have anything that I should look at? 00:04:44.079 --> 00:04:48.160 Um, and that's that's how I kind of this whole deal came about. 00:04:48.399 --> 00:04:48.639 That's right. 00:04:50.399 --> 00:04:51.519 You never know where they pop up. 00:04:51.759 --> 00:04:52.480 Exactly, right? 00:04:52.639 --> 00:04:53.199 That's cool. 00:04:53.360 --> 00:04:56.480 Um, so yeah, we've uh I've known David for a while. 00:04:56.560 --> 00:05:00.879 He's got uh we have a mutual friend that we're both very close to, Phil Gross. 00:05:00.959 --> 00:05:01.839 Shout out to Phil Gross. 00:05:01.920 --> 00:05:03.920 Yeah, he's a fucking awesome individual. 00:05:04.079 --> 00:05:04.800 Yes, he is. 00:05:04.959 --> 00:05:11.279 I mean, he's like the most like selfless, like helpful person, I think, in Miami. 00:05:11.439 --> 00:05:12.240 Yeah, he's great. 00:05:12.480 --> 00:05:13.680 He's a really great person. 00:05:13.839 --> 00:05:15.680 And uh called Phil up before. 00:05:15.759 --> 00:05:19.600 We got some dirt on uh on uh there's no way Phil has dirt. 00:05:19.759 --> 00:05:21.519 Um I've known him since 10 years. 00:05:22.480 --> 00:05:27.839 He started off with I've been to 25 dead concerts with with David. 00:05:27.920 --> 00:05:28.800 So I'm like, oh shit. 00:05:28.879 --> 00:05:29.360 Okay, so David. 00:05:32.959 --> 00:05:35.600 So we can only imagine what happened at those shows. 00:05:35.759 --> 00:05:37.519 Yeah, uh, but you're a deadhead, huh? 00:05:37.680 --> 00:05:38.240 Or you were? 00:05:38.480 --> 00:05:39.839 I mean, I yeah, I love the dead. 00:05:39.920 --> 00:05:41.040 Yeah, I love the dead, yeah. 00:05:41.120 --> 00:05:46.560 I used to see them back in the day when it was the real dead and then uh dead and company a bunch of times. 00:05:46.639 --> 00:05:48.720 Yeah, that's with Mayer, Dead and Company. 00:05:48.879 --> 00:05:51.040 It was until Bobby passed away, unfortunately. 00:05:51.279 --> 00:05:54.079 But yeah, I think I saw him as recently his last year at the sphere. 00:05:54.399 --> 00:05:55.600 Okay, that's that was probably epic. 00:05:55.839 --> 00:05:56.240 That was great. 00:05:56.319 --> 00:05:56.639 It was great. 00:05:56.720 --> 00:05:58.160 I keep I hear amazing things about the sphere. 00:05:58.240 --> 00:05:58.639 I haven't been. 00:05:58.879 --> 00:05:59.439 You must go. 00:05:59.519 --> 00:06:00.480 Yeah, it's fantastic. 00:06:00.639 --> 00:06:01.040 That's sick. 00:06:01.199 --> 00:06:02.399 I I love the dead too. 00:06:02.560 --> 00:06:09.199 My roommate was a deadhead in college, so he uh he made me listen to a lot of it, and you know, it's

just contagious. 00:06:09.279 --> 00:06:10.000 It's great music. 00:06:10.160 --> 00:06:10.560 Yeah. 00:06:10.879 --> 00:06:13.839 So um we're in good company with a deadhead here. 00:06:14.000 --> 00:06:14.399 Love it. 00:06:14.480 --> 00:06:15.120 Yeah. 00:06:16.079 --> 00:06:21.920 Um, but uh let's talk about a little bit about because you're like uh you're a Florida boy. 00:06:22.160 --> 00:06:25.279 Uh I was born in Atlanta, moved down here when I was three. 00:06:25.439 --> 00:06:26.160 Oh wow. 00:06:26.399 --> 00:06:28.160 Where down here where in Miami? 00:06:28.319 --> 00:06:29.839 Down in my yeah, West Kindle. 00:06:30.000 --> 00:06:31.600 Wow, the real 305, as they say. 00:06:32.160 --> 00:06:33.120 Yeah, exactly. 00:06:33.360 --> 00:06:36.959 And uh were your parents are from Atlanta or where are they from? 00:06:37.199 --> 00:06:37.920 They're from Atlanta. 00:06:38.000 --> 00:06:38.399 Oh, really? 00:06:38.560 --> 00:06:40.000 I have grandparents from Atlanta. 00:06:40.160 --> 00:06:40.639 Oh shit. 00:06:40.720 --> 00:06:42.800 Yeah, we were multiple generations in Atlanta. 00:06:43.040 --> 00:06:47.920 In Atlanta, yes, and what was uh what did your grandparents and parents do? 00:06:48.079 --> 00:06:49.519 Where'd your grandparents come from? 00:06:49.839 --> 00:07:04.639 So on my mother's side and my dad's father, all Eastern European Jews from Russia, Poland, all the the places that you know that moved over in the late 1800s, early 1900s. 00:07:04.959 --> 00:07:09.759 My grandfather, my dad's father, uh so was born in Atlanta. 00:07:09.839 --> 00:07:28.959 His his family, I guess, left Russia, had children along the way, and uh ended up in Atlanta somehow, and married a woman, uh, my grandmother, who was at least third, if not fourth generation, non-Jewish farm family from Austell, Georgia. 00:07:29.120 --> 00:07:29.519 Oh, wow. 00:07:29.759 --> 00:07:35.199 So a very interesting uh you know pairing for that period of time back in the 30s, 20s, 30s. 00:07:35.360 --> 00:07:37.120 And is there a big Jewish community in Atlanta? 00:07:37.279 --> 00:07:37.519 There is. 00:07:37.680 --> 00:07:38.160 There is, right? 00:07:38.480 --> 00:07:38.879 Yeah, there is. 00:07:39.040 --> 00:07:39.680 I didn't realize that. 00:07:39.839 --> 00:07:40.160 Yeah. 00:07:40.399 --> 00:07:40.720 Okay. 00:07:41.519 --> 00:07:46.959 So you got a little uh US like old country people in the U.S. 00:07:47.120 --> 00:07:48.800 I have some old country people, yes. 00:07:48.959 --> 00:07:49.360 Yeah, yeah. 00:07:49.839 --> 00:07:51.279 Do they call Miami Miama? 00:07:52.000 --> 00:07:52.959 Not those people. 00:07:53.040 --> 00:07:55.600 I have uncles that live down here that call it Miami. 00:07:56.319 --> 00:07:57.360 Yeah, for sure. 00:07:57.680 --> 00:07:58.319 Yeah. 00:07:58.959 --> 00:07:59.279 Yeah. 00:07:59.519 --> 00:08:03.279 So and uh so my grand, so you asked what they did. 00:08:03.519 --> 00:08:15.120 Um my grandfather, my dad's side was they were in the they had a a store, you know, all the family worked in the back in the day where no one went to college because everyone had to help the family make ends meet. 00:08:15.199 --> 00:08:24.079 And the brothers had a a bottling business that, you know, the family lore goes back and thinks that maybe they were selling supplies to moonshiners. 00:08:24.240 --> 00:08:40.159 Yeah, well, they were either selling supplies to moonshiners or maybe they're involved with moonshining a little bit, but they actually, um, as prohibition was repealed, um, ordered the first truck of legal liquor into the city of Atlanta when and started a distributorship. 00:08:40.399 --> 00:08:43.200 And so the family was in a liquor distributorship business for many years. 00:08:43.679 --> 00:08:44.960 Probably a great time to get into that. 00:08:45.120 --> 00:08:45.440 Yeah. 00:08:46.559 --> 00:08:47.600 Yeah, not a bad time. 00:08:47.919 --> 00:08:49.279 So your grandfather started that. 00:08:49.600 --> 00:08:52.399 My grandfather and his brothers uh started that. 00:08:52.559 --> 00:09:02.960 Um, and they had a big business, but all of those, my grandfather, his brothers all had sons and daughters, you know, they had family and kids, so it got pretty crowded around there. 00:09:03.039 --> 00:09:10.240 And in 1972, they had an opportunity to buy a failing PAPS distributorship in Miami. 00:09:10.399 --> 00:09:10.960 What's PAPS? 00:09:11.360 --> 00:09:12.399 Paps PBR. 00:09:12.559 --> 00:09:12.879 Oh, okay. 00:09:13.360 --> 00:09:13.919 Yeah, PBR. 00:09:14.000 --> 00:09:15.200 So I didn't think of PAPs. 00:09:15.679 --> 00:09:18.000 Yeah, Pap PBR, so the hipster beer. 00:09:18.159 --> 00:09:20.240 Yeah, so 1972. 00:09:20.480 --> 00:09:28.000 Um my dad, who had recently graduated and was doing real estate brokerage, just getting his career off the ground. 00:09:28.159 --> 00:09:36.480 His my uncle, who was six years older and worked at the distributorship, and my grandfather bought the PAP, the PBR distributorship down here when we moved to Miami. 00:09:36.799 --> 00:09:37.200 Wow. 00:09:37.360 --> 00:09:37.679 Yeah. 00:09:37.919 --> 00:09:40.559 So uh it sounds like a long line of entrepreneurs. 00:09:41.120 --> 00:09:41.679 Yeah, yeah. 00:09:41.759 --> 00:09:42.639 I guess you could say that. 00:09:42.720 --> 00:09:43.039 Yeah. 00:09:43.360 --> 00:09:44.799 From hustling during prohibition. 00:09:45.039 --> 00:09:45.440 Yeah, PB. 00:09:45.519 --> 00:09:46.080 They were hustling. 00:09:46.320 --> 00:09:46.559 Yeah. 00:09:46.799 --> 00:09:48.320 Real estate broker just hustling. 00:09:48.559 --> 00:09:49.519 Yeah, uh, that's for sure. 00:09:49.679 --> 00:09:50.399 You guys know about that. 00:09:50.559 --> 00:09:51.039 Oh, yeah. 00:09:51.279 --> 00:09:53.039 And you you were a broker at one point too. 00:09:53.279 --> 00:09:53.519 I was. 00:09:53.679 --> 00:09:55.519 Yeah, I was talking about that a little bit. 00:09:55.679 --> 00:09:56.000 Yeah. 00:09:56.240 -->

00:10:03.120 Um so so your so your so your dad moved down here in 72? 00:10:03.360 --> 00:10:03.759 Yes. 00:10:04.000 --> 00:10:08.399 And he moved down here to run to run this this uh PAPS distributor. 00:10:08.639 --> 00:10:08.879 Correct. 00:10:09.039 --> 00:10:09.919 My dad, my uncle. 00:10:10.080 --> 00:10:10.720 Okay, yeah. 00:10:11.279 --> 00:10:14.000 And uh how long did they own that business for? 00:10:14.960 --> 00:10:21.120 So I think my dad they owned it till the late 80s. 00:10:21.360 --> 00:10:21.600 Okay. 00:10:21.759 --> 00:10:23.200 So they built a pretty big business. 00:10:23.279 --> 00:10:36.399 They got Miller ultimately and it expanded, and Miami was growing up and they started getting pressure from the um the breweries to sell. 00:10:36.639 --> 00:10:43.039 They I think they wanted as Miami became more Hispanic, they wanted to have someone Hispanic running the business. 00:10:43.120 --> 00:10:47.600 And I think they ultimately kind of pushed them to the point where they ended up selling it. 00:10:47.840 --> 00:10:50.320 Um, and so that was late 80s. 00:10:50.639 --> 00:10:50.960 Okay. 00:10:51.519 --> 00:10:56.399 And they uh and so what'd your did you grow up in that business at all? 00:10:56.559 --> 00:10:57.919 Or do you remember I do? 00:10:58.000 --> 00:11:00.320 Well, I didn't grow up in the business because I was too young. 00:11:00.399 --> 00:11:00.559 Yeah. 00:11:00.720 --> 00:11:12.639 Um, but during the, you know, as a kid, I mean, and I'm talking like young, I would go there during the summers and work in the warehouse, and really that meant someone was stuck carrying around the boss's kid for the day. 00:11:13.120 --> 00:11:16.879 Drive the golf carts around and go up to the trucks and get their orders. 00:11:16.960 --> 00:11:18.159 So I spent a little time there. 00:11:18.399 --> 00:11:19.360 And you got siblings? 00:11:19.600 --> 00:11:23.759 Yeah, I have a brother that's uh two and a half years younger and a sister that's 12 years younger. 00:11:23.919 --> 00:11:24.399 Oh wow. 00:11:24.480 --> 00:11:24.879 Yeah. 00:11:25.120 --> 00:11:28.879 And uh so what did your dad do after uh after selling the business? 00:11:29.120 --> 00:11:41.279 So my dad, let's go back to my Georgia roots that are not the Jewish side, um, grew up going to the country and was, you know, that side of the family exposed to fishing in the outdoors and things like that. 00:11:41.600 --> 00:11:43.360 And we moved down here. 00:11:43.759 --> 00:11:54.159 Um my dad met a guy named Flip Pallet, who uh actually my mom met Flip's wife at the time at a swim I was three years old or four years old getting a swim lesson. 00:11:54.480 --> 00:12:00.879 Flip, uh, who unfortunately passed away last year, was a legend in the fly fishing world and the outdoors. 00:12:01.120 --> 00:12:03.279 But I hear your dad's also a legend in fly fishing, too. 00:12:03.440 --> 00:12:13.120 So yeah, so my dad met Flip and suddenly was just became bonkers over fly fishing fly fishing and became really a world-class fly fisherman. 00:12:13.440 --> 00:12:16.080 And when he left that business, he moved down the key. 00:12:16.320 --> 00:12:32.879 My parents got divorced probably in the mid-80s, and he moved down the Keys and bought some real estate um that he ran for a while, just you know, a couple of strip centers, and started Florida Keys fly fishing school and Florida Keys Outfitters, and it's been down there ever since. 00:12:32.960 --> 00:12:34.720 So I didn't know there was fly fishing in the Keys. 00:12:34.879 --> 00:12:35.759 I thought it was all about it. 00:12:35.840 --> 00:12:37.919 Oh, yeah, no, saltwater fly fishing is like a big thing. 00:12:38.080 --> 00:12:38.799 I knew nothing about that. 00:12:38.960 --> 00:12:43.440 I think uh we had uh Charles Foshini on the podcast, and he's a big fly fishing. 00:12:43.679 --> 00:12:44.559 Charles the big fisher. 00:12:44.720 --> 00:12:47.200 We were talking, I was talking to him about that just last week. 00:12:47.360 --> 00:12:48.320 Yeah, it's awesome. 00:12:48.559 --> 00:12:52.240 Yeah, um, I I went fly fishing for my first time uh several weeks ago. 00:12:52.559 --> 00:12:52.879 Oh, really? 00:12:53.120 --> 00:12:53.440 In Georgia. 00:12:53.679 --> 00:12:54.080 How was it? 00:12:54.240 --> 00:12:54.399 Really? 00:12:54.480 --> 00:12:55.200 Yeah, was it fun? 00:12:55.360 --> 00:12:55.840 It was cool. 00:12:55.919 --> 00:12:57.440 I mean, you know, I had never been. 00:12:57.519 --> 00:13:01.039 My son loves fishing, and like it's well, I mean, fishing's so boring normally. 00:13:01.200 --> 00:13:02.320 But I play fly fishing. 00:13:02.559 --> 00:13:05.840 Uh I'm not I'm not that into fishing, but my son is still into it. 00:13:05.919 --> 00:13:09.519 So he's 13, and uh we go up to Georgia every summer. 00:13:09.679 --> 00:13:13.360 We have a friend that has a house on a lake up there, and they invite us every summer. 00:13:13.440 --> 00:13:16.000 And so this summer we went fly fishing for the first time. 00:13:16.159 --> 00:13:16.799 It's pretty cool. 00:13:16.960 --> 00:13:17.279 Yeah, yeah. 00:13:17.519 --> 00:13:20.720 It's different than normal fishing because you like see you're like going after the fish at least. 00:13:20.799 --> 00:13:22.320 Here it's like it's more like hunting, I think. 00:13:22.559 --> 00:13:24.879 Yeah, I mean, listen, we did it on a on a boat, you know. 00:13:24.960 --> 00:13:27.679 We had a little rat with like a little Oh, you weren't walking the river. 00:13:27.840 --> 00:13:31.919 No, we weren't walking the river, and so you were just casting and so it was pretty cool though. 00:13:32.000 --> 00:13:33.279 I I was spoiled. 00:13:33.360 --> 00:13:35.600 My first time fly fishing was in Sun Valley, yeah. 00:13:35.679 --> 00:13:38.639 The river fishing like that is that's a I mean, I love that. 00:13:38.799 --> 00:13:43.279 When I go out west, I mean I love nothing more than going down the river for a couple hours.

00:13:43.519 --> 00:13:46.000 Do you take you take a little boat down the river too, or how do you usually do it? 00:13:46.159 --> 00:13:47.039 You walk the rivers? 00:13:47.279 --> 00:13:53.120 Um depends on where we are, but I'll like we were in in aspen for a couple weeks. 00:13:53.200 --> 00:13:57.200 I'll go out, I'll work till whatever time here and go hit the river for a couple hours. 00:13:57.279 --> 00:13:59.279 Just walk the waiters on and go to the river. 00:13:59.519 --> 00:14:00.000 So peaceful. 00:14:00.240 --> 00:14:02.559 Yeah, but and then there's other places where you do float trips. 00:14:02.639 --> 00:14:04.080 You book a guy and you float down the river. 00:14:04.159 --> 00:14:05.679 Yeah, we do that in Wyoming early. 00:14:05.759 --> 00:14:06.879 That's that's awesome. 00:14:07.039 --> 00:14:10.720 Yeah, but salt water is like you said, there's a hunting element to it. 00:14:10.799 --> 00:14:13.759 You're going out there, you're looking for the fish, you see them, you cast them. 00:14:14.080 --> 00:14:16.559 Yeah, yeah, different than just waiting for something to bite. 00:14:16.799 --> 00:14:18.879 Yes, which I I I get so bored. 00:14:19.120 --> 00:14:21.120 Yeah, I can't do it. 00:14:21.360 --> 00:14:23.120 You gotta have a certain level of patience to do that. 00:14:23.279 --> 00:14:23.840 Yeah, yeah. 00:14:23.919 --> 00:14:24.240 Yep. 00:14:24.480 --> 00:14:26.000 That's cool, very cool. 00:14:26.240 --> 00:14:29.840 So you grew up not really in the business, but you were around it. 00:14:30.000 --> 00:14:32.799 Um, how old were you when you when your parents split up? 00:14:33.120 --> 00:14:33.679 15. 00:14:33.840 --> 00:14:34.080 Okay. 00:14:34.240 --> 00:14:35.679 And so you lived with your mom? 00:14:35.919 --> 00:14:36.240 Yes. 00:14:36.639 --> 00:14:37.840 Your dad moved down to the keys. 00:14:38.000 --> 00:14:40.000 Dad, yeah, was here for a little bit. 00:14:40.080 --> 00:14:41.440 Um, had a place both. 00:14:41.519 --> 00:14:43.200 So we would go back and forth to the keys. 00:14:43.279 --> 00:14:43.759 He would come up. 00:14:43.840 --> 00:14:44.000 Yeah. 00:14:44.240 --> 00:14:45.120 What were you into as a kid? 00:14:45.200 --> 00:14:46.000 Do you have any hobbies? 00:14:46.080 --> 00:14:47.679 And I was in the outdoors. 00:14:48.000 --> 00:14:51.279 So I grew up fishing and you know, we had airboats. 00:14:51.360 --> 00:14:52.000 I mean, weird things. 00:14:52.240 --> 00:14:52.799 You had airboats. 00:14:53.679 --> 00:14:54.480 Holy shit, dude. 00:14:54.799 --> 00:14:55.120 Miami. 00:14:55.360 --> 00:14:56.720 Yeah, this is Miami boy. 00:14:56.879 --> 00:15:02.320 My my parents would like pull in to pick us up at Temple Beth on from Sunday school and have the airboat behind the car. 00:15:02.639 --> 00:15:04.080 That's the southern airboat. 00:15:04.320 --> 00:15:04.639 That's the southern. 00:15:05.039 --> 00:15:06.960 You ever caught an you ever caught a gator? 00:15:07.120 --> 00:15:07.279 No. 00:15:09.039 --> 00:15:10.080 What did you do with the airboat? 00:15:10.159 --> 00:15:10.639 Where would you go? 00:15:10.879 --> 00:15:14.080 We'd go out in the Everglades and grew up doing some duck hunting. 00:15:14.240 --> 00:15:14.720 Yeah, cool. 00:15:15.440 --> 00:15:16.320 He's got southern blood in him. 00:15:16.879 --> 00:15:17.759 I got southern blood. 00:15:17.840 --> 00:15:19.279 Yeah, I got some southern blood. 00:15:19.759 --> 00:15:21.600 I I love that, but it's so fucking hot here. 00:15:21.679 --> 00:15:23.440 Like, I guess you go in the winter, yeah. 00:15:23.679 --> 00:15:25.120 Yeah, you don't go in the summer. 00:15:25.360 --> 00:15:30.399 Um, yeah, played sports uh through through uh through uh you know as a kid. 00:15:30.639 --> 00:15:31.279 What were you good at? 00:15:31.360 --> 00:15:32.159 What sports? 00:15:32.399 --> 00:15:36.799 Well, I played, I mean, ultimately, um, I played football in high school. 00:15:36.879 --> 00:15:48.080 I went to Gulliver, played football all through there, and I went to D3 school college with the intention of playing football, but I ended up hurting my shoulder before and not carrying that on. 00:15:48.399 --> 00:15:49.679 Do you know Anton Maritos? 00:15:50.240 --> 00:15:52.799 No, he went we went to Golliver, he was about your same age. 00:15:52.960 --> 00:15:54.159 He went to Syracuse than me. 00:15:54.240 --> 00:15:56.799 So put what position did you play in uh football? 00:15:57.039 --> 00:15:58.000 Outside linebacker. 00:15:58.320 --> 00:15:58.799 Oh shit. 00:15:59.039 --> 00:15:59.279 Yeah. 00:15:59.440 --> 00:16:01.440 I was more I wasn't super fast. 00:16:01.519 --> 00:16:06.799 I was more of a spend a lot of time in the weight room, work really hard, yeah, go try to hit people. 00:16:07.279 --> 00:16:07.840 Sounds funny. 00:16:07.919 --> 00:16:13.039 Yeah, I like my son played in college tufts, actually, all the same school, and he's a wide receiver. 00:16:13.120 --> 00:16:15.279 He's more of the speedster hands guy. 00:16:15.360 --> 00:16:15.919 That wasn't me. 00:16:16.080 --> 00:16:17.200 And how old are you kids? 00:16:17.440 --> 00:16:19.679 My kids are 24, 26, and 28. 00:16:20.159 --> 00:16:20.960 Wow, yeah. 00:16:22.159 --> 00:16:23.039 They're not really kids anymore. 00:16:23.200 --> 00:16:23.600 No, they're not. 00:16:23.919 --> 00:16:24.320 They're adults. 00:16:24.559 --> 00:16:26.639 And you have are they all boys, girls? 00:16:27.039 --> 00:16:28.159 Girl, girl, boy. 00:16:28.399 --> 00:16:28.639 Wow. 00:16:29.039 --> 00:16:29.519 From the top. 00:16:29.679 --> 00:16:29.840 Yeah. 00:16:30.080 --> 00:16:30.559 That's great. 00:16:30.720 --> 00:16:31.200 Yeah. 00:16:31.840 --> 00:16:34.240 Um, so growing up, what were you good at in school? 00:16:34.799 --> 00:16:35.519 Any subjects? 00:16:35.600 --> 00:16:36.960 What were we good at in subject-wise? 00:16:37.360 --> 00:16:41.360 Um I guess more critical thinking. 00:16:41.440 --> 00:16:50.320 I mean, math, you

know, I I would say I was a fine, you know, I was a okay, you know, good student, I guess, through like sixth grade. 00:16:50.639 --> 00:16:52.080 Went to Palmetto Junior High. 00:16:52.159 --> 00:16:58.559 We had moved from I mean, we lived in Kendall in 147th, which that was like cow country back then, wasn't it? 00:16:58.720 --> 00:16:59.279 Strawberry Country. 00:16:59.519 --> 00:16:59.759 Strawberry. 00:17:00.399 --> 00:17:02.480 Like the next street with strawberry fields. 00:17:02.639 --> 00:17:05.759 That was the end of society at that point, 147. 00:17:06.559 --> 00:17:09.039 And we we lived in 146. 00:17:09.519 --> 00:17:12.559 And then when I was nine, we moved to Gables by the Sea. 00:17:12.720 --> 00:17:14.240 So then grew up on the water. 00:17:14.319 --> 00:17:17.119 So that's you know, I was exposed to boating and had a boat. 00:17:17.200 --> 00:17:20.400 And so that was a really a great place to grow up. 00:17:20.640 --> 00:17:30.480 Um and I was a decent student, but seventh grade, I don't know, hormones kicking in, whatever, went to junior high, and I just I fell off a cliff. 00:17:30.559 --> 00:17:33.440 I was got into girls, I did terrible in school. 00:17:33.759 --> 00:17:34.000 Really? 00:17:34.160 --> 00:17:35.839 Yeah, I just said I don't know what happened. 00:17:35.920 --> 00:17:39.920 My parents, like, you're out, and I went to Gulliver, and then it was like I did great ever since then. 00:17:40.079 --> 00:17:40.400 Uh-huh. 00:17:40.559 --> 00:17:42.799 But uh you did all right in high school. 00:17:43.039 --> 00:17:44.240 Yeah, no, I did well in high school. 00:17:44.480 --> 00:17:44.960 You know, yeah. 00:17:45.519 --> 00:17:46.559 I was a good student in high school. 00:17:46.640 --> 00:17:47.359 I guess I guess I yeah. 00:17:48.000 --> 00:17:49.359 What subjects did you like? 00:17:50.720 --> 00:17:53.119 I mean, I guess I was more math oriented. 00:17:53.200 --> 00:17:54.720 I wasn't like a literature guy. 00:17:54.960 --> 00:17:59.359 I mean, I I like I went to I liked business in business school. 00:17:59.759 --> 00:18:06.240 You know, I was really into finance courses, and I really liked clear critical thinking type classes in law school. 00:18:06.799 --> 00:18:09.359 So things that, you know, you gotta figure solve problems. 00:18:09.519 --> 00:18:10.400 That's kind of my thing. 00:18:11.119 --> 00:18:12.559 What was your first job? 00:18:14.240 --> 00:18:33.359 My first job besides screwing around warehouse is um my dad and uncle at the time in the beer business um opened a chain that did not succeed of allegedly healthier fast food restaurants called Delights. 00:18:33.519 --> 00:18:37.039 Delights, Herschel Walker, I think, actually had the chain up in Atlanta. 00:18:37.359 --> 00:18:42.799 And I think when I was 15, I uh I worked in the kitchen flipping burgers. 00:18:42.960 --> 00:18:44.799 Nice, yeah, healthy burgers. 00:18:46.240 --> 00:18:47.279 Less unhealthy. 00:18:47.359 --> 00:18:48.640 I don't know what was healthy about them. 00:18:48.960 --> 00:18:49.759 Why didn't they work out? 00:18:49.839 --> 00:18:51.519 I mean, I mean FB is brutal anyway. 00:18:51.680 --> 00:18:52.079 Yeah, it didn't. 00:18:52.240 --> 00:18:52.559 I don't know. 00:18:52.640 --> 00:18:58.000 They opened a couple stores and it never really caught on as a chain, so the chain failed, and that was the end of that. 00:18:58.240 --> 00:19:03.680 And then I spent most of high school working at Hagendas at the food court. 00:19:03.920 --> 00:19:05.519 Where in the Dayland Mall. 00:19:05.599 --> 00:19:06.720 No, yeah, that was a hot spot. 00:19:06.880 --> 00:19:07.279 That's great. 00:19:07.440 --> 00:19:09.519 You could trade for other foods at the court. 00:19:09.599 --> 00:19:10.400 Yeah, that was obscene. 00:19:10.720 --> 00:19:11.440 How old were you? 00:19:11.680 --> 00:19:16.000 From 16 through probably did it when I came back from college for a little break. 00:19:16.480 --> 00:19:18.000 Is this in the late 80s, early 90s? 00:19:18.079 --> 00:19:20.319 When it was yeah, graduated high school 87. 00:19:20.559 --> 00:19:23.119 So this is like 84, 85, 85. 00:19:23.759 --> 00:19:24.640 Prime mall mall era. 00:19:24.960 --> 00:19:26.799 Prime malls were peaking, popping. 00:19:26.880 --> 00:19:31.279 Yeah, I mean, that's where all the teenage boys would hang out, the teenage girls. 00:19:31.599 --> 00:19:34.720 I mean, we're gonna work at the Haganda to get the cute girls free ice cream. 00:19:35.359 --> 00:19:36.880 Yeah, it was a pretty good gig. 00:19:37.759 --> 00:19:39.279 Yeah, yeah. 00:19:39.519 --> 00:19:40.559 What a great era. 00:19:40.720 --> 00:19:42.559 Yeah, so you graduate high school. 00:19:42.640 --> 00:19:45.359 Um, did you have any idea what you wanted to do in high school? 00:19:45.440 --> 00:19:48.319 Like, did you and by the way, were you into the dead back in high school? 00:19:48.640 --> 00:19:51.279 Yeah, no, no, no, that's no, I wasn't. 00:19:51.519 --> 00:19:52.400 Didn't even know who they were. 00:19:52.480 --> 00:19:54.000 I had heard of them, but not at all. 00:19:54.240 --> 00:19:56.319 So when did you start getting into the dead? 00:19:57.039 --> 00:20:01.599 Um Passover freshman year of college. 00:20:01.759 --> 00:20:02.319 Yeah. 00:20:02.640 --> 00:20:09.519 So um I'm at I'm at I went to school and to one school in at Tufts in Boston. 00:20:09.759 --> 00:20:14.240 Um, and I was looking for a place to go for Passover. 00:20:14.640 --> 00:20:25.599 Um, and a friend of mine, Dave Mendelson, who is a musician, actually, yeah, he's got a bunch of including a pretty successful dead tribute band that's gonna be playing at the band shell in January. 00:20:25.759 --> 00:20:26.240 Oh, cool. 00:20:26.400 --> 00:20:33.680 He's like, You can come home with me to Long Island for Passover, but we're stopping at Brendan Byrne in New Jersey to see the Grateful Dead. 00:20:33.839 --> 00:20:36.640 I'm like, eh, all right, fine, you know, whatever.

00:20:37.039 --> 00:20:42.880 Yeah, so I went with him and I ended up seeing four more shows in the next seven days. 00:20:43.119 --> 00:20:43.599 Wow. 00:20:44.880 --> 00:20:49.279 Yeah, we stopped at Hartford on the way back, went to Worcester the next week. 00:20:49.359 --> 00:20:50.240 Yeah, it was like that. 00:20:50.319 --> 00:20:55.680 Was it then we you know, for the next two years while I was up at Tufts, we traveled to see him all the time. 00:20:55.839 --> 00:20:56.240 That's so cool. 00:20:56.400 --> 00:20:57.440 Have you ever been to a dead show? 00:20:57.519 --> 00:20:57.759 Never. 00:20:57.920 --> 00:21:00.240 I went to one, and it was I mean, it was an incredible experience. 00:21:00.400 --> 00:21:03.200 I've tried to get into them a couple times, but I maybe I haven't given for the chance. 00:21:03.279 --> 00:21:04.400 Like, how do you get into the dead? 00:21:04.559 --> 00:21:07.119 Like, well, what would you say to someone that's how would you break in? 00:21:07.200 --> 00:21:08.640 What's the album to listen to? 00:21:09.119 --> 00:21:11.359 It's is there an album or is it a show? 00:21:11.680 --> 00:21:17.759 If you're gonna go album now, you probably do like American Beauty or something, but like I'm an album guy, exactly what I did. 00:21:17.839 --> 00:21:20.319 You go to well, okay, so that's one thing. 00:21:20.480 --> 00:21:31.440 But the you know, there's to go to the show, there's interviews with the dead where I think David Letterman says, you know, you guys don't sell that many albums or something, or how come you let people record your shows? 00:21:31.599 --> 00:21:32.960 Aren't you supposed to sell albums? 00:21:33.039 --> 00:21:38.640 And they'd make a line like, We never, you know, if we ever made a good album, we'd you know, maybe people would buy it. 00:21:38.720 --> 00:21:50.400 But the whole thing was that you know, there would you go to the shows and there'd be this section of tapers with little microphones, and they'd record the shows, and then you'd like to trade the shows like baseball cards, you know. 00:21:50.640 --> 00:21:52.000 Oh, trade the the audio from the show. 00:21:52.160 --> 00:21:52.799 You'd get the audio. 00:21:52.880 --> 00:21:55.519 Oh, I got a you know, second generation version of the show. 00:21:55.759 --> 00:21:58.319 Everyone had a little cassettes that they would because they're they're a jam band, right? 00:21:58.400 --> 00:21:59.039 So it's all improvised. 00:21:59.359 --> 00:22:00.480 Every show's Different. 00:22:00.799 --> 00:22:01.039 Yeah. 00:22:01.200 --> 00:22:04.000 So yeah, I mean, best way to get him was go to a show. 00:22:04.160 --> 00:22:04.480 Go to a show. 00:22:04.799 --> 00:22:05.680 Wow, that's super cool. 00:22:05.759 --> 00:22:07.599 So I unfortunately don't have that opportunity. 00:22:07.839 --> 00:22:09.519 So how many shows did you go to? 00:22:09.920 --> 00:22:13.359 Um, the original Grateful Dead 25. 00:22:14.400 --> 00:22:15.039 So Phil Cole. 00:22:15.359 --> 00:22:17.279 It's amazing he still has brain cells left. 00:22:18.880 --> 00:22:22.160 You guys are making assumptions that aren't necessarily correct. 00:22:22.480 --> 00:22:23.119 Yeah. 00:22:23.680 --> 00:22:26.640 And so May Mayer was playing with him for a while, wasn't he? 00:22:26.720 --> 00:22:27.119 John Mayer. 00:22:27.279 --> 00:22:27.359 Yes. 00:22:27.519 --> 00:22:28.799 And you said they didn't they're not anymore? 00:22:29.359 --> 00:22:31.039 No, well, Bobby Weir passed away. 00:22:31.119 --> 00:22:32.079 So that was kind of the glue. 00:22:32.319 --> 00:22:32.799 When did that happen? 00:22:32.880 --> 00:22:33.359 Like last year. 00:22:33.519 --> 00:22:35.680 He died in uh he died in January. 00:22:35.839 --> 00:22:35.920 Okay. 00:22:36.319 --> 00:22:36.640 This year. 00:22:36.880 --> 00:22:37.039 Okay. 00:22:37.200 --> 00:22:37.440 Yeah. 00:22:37.599 --> 00:22:42.640 So they played their last shows were in August, I think, in Golden Gate Park. 00:22:42.799 --> 00:22:43.119 Wow. 00:22:43.279 --> 00:22:43.440 Yeah. 00:22:43.680 --> 00:22:44.720 That have been epic. 00:22:44.880 --> 00:22:45.200 Yeah. 00:22:45.359 --> 00:22:45.680 Yeah. 00:22:45.920 --> 00:22:46.319 Wow. 00:22:46.559 --> 00:22:48.400 But we we uh we went on a dead tangent. 00:22:48.480 --> 00:22:48.880 Let's go back. 00:22:49.039 --> 00:23:03.440 So what when you graduated high school, did you have any idea what you wanted to do or like um I knew I wanted to be in business and and and this is so I was in high school, you know, very different world back then. 00:23:03.599 --> 00:23:12.880 There was no such thing as the internet, you know, it was a you know, your your access to information and involvement and knowledge about options and things was very limited. 00:23:13.200 --> 00:23:16.799 Um, you know, got in the University of Florida, was interested in Colorado. 00:23:17.119 --> 00:23:19.519 So you went to Tufts first and you were only there for a year, right? 00:23:19.680 --> 00:23:19.920 Two years. 00:23:20.079 --> 00:23:20.400 Two years? 00:23:20.559 --> 00:23:20.799 Two years. 00:23:20.960 --> 00:23:22.160 And then why did you want to leave? 00:23:22.480 --> 00:23:26.000 So, okay, so that's that kind of ties into the same question you asked. 00:23:26.160 --> 00:23:28.880 So I knew I was interested in business for sure, 100%. 00:23:29.279 --> 00:23:33.599 And and part of it was just exposure at Gulliver, like through career day. 00:23:33.680 --> 00:23:37.759 I I was actually the president of the first chapter of Future Business Leaders of America. 00:23:38.160 --> 00:23:39.359 Look at you, you overachiever. 00:23:39.519 --> 00:23:41.279 Yeah, I did little things like that. 00:23:41.680 --> 00:23:51.200 And um, and you know, kids' parents at Gulliver, you know, you look around, you'd see some of these families that were at a different, like they were all in real estate, and I was intrigued by real estate. 00:23:52.000 --> 00:23:55.039 So um it's

time to go to college. 00:23:55.359 --> 00:24:06.319 I applied to some schools as a football recruit back when you took a VHS tap tape, your coach did and sent it, and I went on some recruiting visits and I got an offer to go to Tufts. 00:24:06.559 --> 00:24:06.960 Dang, dude. 00:24:07.119 --> 00:24:11.279 And what that means really is that you're getting in a school that you might not have gotten into otherwise. 00:24:11.440 --> 00:24:13.119 So you got a scholarship there or no? 00:24:13.359 --> 00:24:14.640 They don't give scholarships in D3. 00:24:14.880 --> 00:24:16.559 I got a I got an admission bump. 00:24:16.640 --> 00:24:22.000 Yeah, I got in a tufts ahead of people in my class with better grades and credentials to play football. 00:24:22.079 --> 00:24:24.480 So it still happens the same way today in D3. 00:24:24.720 --> 00:24:31.839 They they recruit people, they basically pre-screen them and say, if you want to go here, you can we'll basically get you in. 00:24:31.920 --> 00:24:33.200 Yeah, they give you the green light. 00:24:33.359 --> 00:24:34.960 So got into Tufts. 00:24:35.680 --> 00:24:38.799 My shoulder was messed up before I got there. 00:24:38.880 --> 00:24:42.559 And I knew it was gonna be an issue, and I went there and didn't pass the physical. 00:24:42.640 --> 00:24:45.279 They're like, All right, well, you're not gonna play this year, you need surgery. 00:24:45.440 --> 00:24:51.839 And unfortunately, well, whatever, for whatever reason, I got to college and started having fun and doing other things. 00:24:51.920 --> 00:24:53.359 I'm like, all right, I'm not gonna sit around. 00:24:53.599 --> 00:24:55.279 Did you put on the freshman 15 like I did? 00:24:55.680 --> 00:24:56.079 I did, yeah. 00:24:56.240 --> 00:24:57.200 I did, yeah, for sure. 00:24:57.440 --> 00:24:58.240 Yeah, I put it on. 00:24:58.319 --> 00:24:59.440 Yeah, maybe 20. 00:24:59.519 --> 00:25:00.160 Yeah. 00:25:00.880 --> 00:25:01.519 That yeah. 00:25:01.759 --> 00:25:04.079 So so I went to Tufts. 00:25:04.319 --> 00:25:07.759 At the time, Tufts was such an extreme liberal arts school. 00:25:07.839 --> 00:25:11.920 Like now, my son just graduated from there, and so did my middle, my daughter. 00:25:12.079 --> 00:25:18.079 You know, they have entrepreneurship majors, they have finance classes, like there was nothing touching business. 00:25:18.240 --> 00:25:23.599 Economics at Tufts was like high-end crazy calculus and theory and whatnot. 00:25:23.759 --> 00:25:30.000 And after a couple of years, also growing up in the South, used to going on the boat in the afternoons and whatnot. 00:25:30.079 --> 00:25:32.160 I'm just like, I don't want to be in the North. 00:25:32.319 --> 00:25:40.240 And so Florida, University of Florida, was one of only a handful of schools in the country that actually offered a real estate major. 00:25:40.480 --> 00:25:47.119 And so I applied to Florida, transferred there, and became a major, you know, got a real estate major in the business uh program. 00:25:47.759 --> 00:25:50.480 So you so you finished out two years in gains two years in gains. 00:25:50.880 --> 00:25:51.200 Yeah. 00:25:51.359 --> 00:25:51.839 Yep. 00:25:52.079 --> 00:25:57.599 And then um what kind of classes did you take in that real estate major? 00:25:57.839 --> 00:26:04.240 Um, valuation, feasibility analysis, construction, marketing. 00:26:05.119 --> 00:26:12.319 Yeah, there was an old program that was like XL, it would say probably Puriag is XL called Homer Jr. 00:26:12.480 --> 00:26:14.319 that you try to run a cash flow model on. 00:26:14.400 --> 00:26:18.880 But yeah, it was basically exposure to real estate as well as regular finance classes. 00:26:19.119 --> 00:26:23.920 So you graduate from Gainesville, and then um what's your next move? 00:26:24.240 --> 00:26:26.400 So I graduated in 1991. 00:26:26.799 --> 00:26:33.119 Um, those history buffs will know that that was like the abyss of the SNL crisis. 00:26:33.279 --> 00:26:37.119 So start applying to jobs, which remember we have no internet back then. 00:26:37.279 --> 00:26:41.039 Back when you apply to jobs, you know, look at a couple of paper and classifying. 00:26:41.599 --> 00:26:44.400 The job market was terrible. 00:26:44.640 --> 00:26:49.920 Um I started doing some work going back to our friend Phil Gross. 00:26:50.000 --> 00:26:54.799 Phil worked for a guy named Bobby Ballow, who was a big buyer of tax certificates. 00:26:55.039 --> 00:27:01.519 And Phil had this gig where he would like give all of his friends contract work where you basically drive around the state. 00:27:01.599 --> 00:27:05.359 They would buy these tax certificates on properties all over the state. 00:27:05.440 --> 00:27:12.559 And you'd have to go down the county courthouse and look through the documents and find the property and where it is and go see it. 00:27:12.640 --> 00:27:18.480 And so, and spent, I don't know, months just driving around the state evaluating properties. 00:27:18.640 --> 00:27:24.480 Yeah, this is a actually a real property, or no, this is submerged land at the bottom of the lake. 00:27:24.720 --> 00:27:32.480 And they, you know, just so they can make the decision to go ahead and buy the tax deed and pursue foreclosure or hope to get paid off, whatever else. 00:27:32.799 --> 00:27:38.240 So did that for a while and decided that I would apply to law school. 00:27:38.319 --> 00:27:41.200 And maybe I'd go to law school, kind of focus on real estate law. 00:27:41.279 --> 00:27:46.079 And then when I get out, I could either become a lawyer or focus on real estate or go on the business side. 00:27:46.160 --> 00:27:46.799 So that's what I did. 00:27:46.960 --> 00:27:55.119 Applied to UM, got in, um, and started uh UM law school in fall of '92. 00:27:56.240 --> 00:27:57.920 And you were there for three years. 00:27:58.240 --> 00:27:58.640 Three years. 00:27:58.799 --> 00:27:59.680 Did you work during that time? 00:28:00.240 --> 00:28:00.559 I did.

00:28:00.640 --> 00:28:00.720 Yeah. 00:28:00.880 --> 00:28:01.119 I did. 00:28:01.279 --> 00:28:02.319 What did you do? 00:28:02.640 --> 00:28:05.279 So I actually was a pretty decent law student. 00:28:05.440 --> 00:28:06.079 Yeah. 00:28:06.319 --> 00:28:16.160 And I had uh uh a clerk uh an internship or whatever you call it with a firm called Kubicki Draper, uh between first and second year of law school. 00:28:16.240 --> 00:28:27.599 They were more of an insurance defense firm, but they had a small corporate practice um and ended up working there both summers, um, but was able to also work there part-time through law school. 00:28:27.680 --> 00:28:28.240 So it was great. 00:28:28.319 --> 00:28:30.640 I you know, I can go work 10 hours a week or whatever. 00:28:30.960 --> 00:28:32.079 You were living at home at that time? 00:28:32.240 --> 00:28:40.720 Or you're um I lived at home for the first year and then lived on Miami Beach um the second two years. 00:28:40.960 --> 00:28:42.240 What year is in the Miami Beach? 00:28:42.400 --> 00:28:44.000 Like 93, 94? 00:28:44.319 --> 00:28:45.680 Well, yes. 00:28:46.000 --> 00:28:56.079 So orientation with for law school, like the night we went out for orientation was um August 23rd, 1992. 00:28:56.319 --> 00:29:00.400 So I grew up in Miami and it's August 23rd, 1992. 00:29:00.480 --> 00:29:06.240 We're at Cocoa Walk, I think I forget Wetwillies or whatever the frozen drink place is. 00:29:06.480 --> 00:29:09.359 And I look up at the TV, I'm like Fat Tuesdays. 00:29:09.519 --> 00:29:10.640 Fat Tuesdays, thank you. 00:29:10.720 --> 00:29:14.160 You I'm like, that's a fucking cat five hurricane. 00:29:14.240 --> 00:29:15.920 It's gonna be here tomorrow, right? 00:29:16.000 --> 00:29:21.599 That was the like no one paid attention to hurricanes because we hadn't been hit for so long. 00:29:21.839 --> 00:29:26.640 And so it's the Sunday, no, it was Saturday night. 00:29:26.799 --> 00:29:31.039 I look up at the TV, I'm like, holy shit, that thing is like off the coast. 00:29:31.119 --> 00:29:32.319 It's gonna be here in a day. 00:29:32.559 --> 00:29:35.279 And no one's leaving, no one's really paying attention. 00:29:35.440 --> 00:29:40.480 I come home, I was living at home, I'm like, do you guys realize we're about to get smacked by a hurricane? 00:29:40.640 --> 00:29:47.039 My parents are like, Yeah, I think we just so all of a sudden we go into full lock up the house, get the hell out of dodge mode. 00:29:47.200 --> 00:29:50.319 So the bottom line is Miami obviously got smoked. 00:29:50.559 --> 00:29:53.359 Law school got delayed for three years. 00:29:53.680 --> 00:29:56.319 I mean, three years, sorry, three weeks, three, four weeks. 00:29:56.400 --> 00:30:04.640 There was no power, there were no traffic lights, and so it was a little bit of a free-for-all that first six months kind of moving around because our house got toasted. 00:30:04.799 --> 00:30:05.920 Oh, your house got toasted. 00:30:06.000 --> 00:30:06.160 Yeah. 00:30:06.400 --> 00:30:07.359 Where'd you guys go? 00:30:07.599 --> 00:30:08.880 You got in you, this was the house. 00:30:09.279 --> 00:30:10.720 This is a house in Gables by the Sea. 00:30:10.960 --> 00:30:11.200 Yeah. 00:30:11.359 --> 00:30:16.079 I mean, there was there was uh seawater up 15 feet on the side of the house. 00:30:16.160 --> 00:30:22.400 Like all the boats in the canal were piled up, the closet caved in, every every bit of clothing I had was coming soaked up. 00:30:22.960 --> 00:30:23.759 Everything was totally gone. 00:30:23.839 --> 00:30:24.640 The house was totaled. 00:30:24.799 --> 00:30:28.000 It wasn't, I mean, it got soaking wet and had to be redone. 00:30:28.079 --> 00:30:28.400 But yeah. 00:30:28.640 --> 00:30:30.240 How many feet of water did you have in your house? 00:30:30.480 --> 00:30:31.519 You know, it was weird. 00:30:31.599 --> 00:30:34.960 The water was there, but it it it didn't flood all the way. 00:30:35.039 --> 00:30:43.039 I mean, the floor was soaked, the roof parts came in, so like you had water coming through different places, it was in all the wrong places. 00:30:44.480 --> 00:30:47.200 Were you guys there for the you guys got out of there? 00:30:47.440 --> 00:30:47.920 You got out, yeah. 00:30:48.559 --> 00:30:49.920 Because you guys were right on the water, too. 00:30:50.079 --> 00:30:50.799 Yeah, so yeah. 00:30:50.880 --> 00:30:54.960 So then you like run up to Boca, get a hotel, and then start thinking, well, shit, where are we gonna live? 00:30:55.039 --> 00:31:00.000 Because this is yeah, you don't the mind doesn't process how how this is gonna go. 00:31:00.319 --> 00:31:09.839 So we realize that we got a problem and we're able to get a place at the grand downtown, like within a couple of days. 00:31:10.000 --> 00:31:18.000 So I start off at the grand now that school opens up, but the drive to get from the grand to University of Miami was like two and a half hours. 00:31:18.240 --> 00:31:19.200 Because none of the traffic lights. 00:31:19.440 --> 00:31:21.279 We had the traffic lights and everything. 00:31:22.000 --> 00:31:34.960 So I bounced around in some places, and then about a month later, the power goes on back at our house, and the air conditioning goes on, even though a ton of windows are blown out. 00:31:35.200 --> 00:31:49.599 So I basically, for the next couple of months, lived in at my house, like put in an air mattress, would go to law school, you know, do my stuff all day, and then coming back would have to go through two National Guard checkpoints to get to the house. 00:31:50.160 --> 00:31:51.039 Was your mom living in the house? 00:31:51.359 --> 00:31:52.400 No, they were living in Graham. 00:31:52.480 --> 00:31:53.599 I'm like, I'm not I'm out of here. 00:31:53.759 --> 00:31:54.640 No, it's just me. 00:31:54.799 --> 00:31:55.440 It was just me. 00:31:55.519 --> 00:31:56.960 So it was it was a little bit of a disruptive. 00:31:58.079 --> 00:31:59.200 It was

glamping, yeah. 00:31:59.599 --> 00:32:03.119 Anyway, it's so it's so then you eventually moved to South Beach. 00:32:03.359 --> 00:32:03.680 Yes. 00:32:03.920 --> 00:32:06.000 South Beach, what year did you move to South Beach? 00:32:06.079 --> 00:32:10.000 Because that's kind of like the 1994-ish. 00:32:10.319 --> 00:32:10.799 Yeah, yeah. 00:32:10.960 --> 00:32:12.079 That's like prime South Beach. 00:32:12.400 --> 00:32:13.359 It was, yeah, it was pretty prime. 00:32:13.759 --> 00:32:19.200 Yeah, that's when all the the fashion and photography was happening. 00:32:19.359 --> 00:32:23.359 It was just starting to like starting to trend, right? 00:32:23.519 --> 00:32:24.720 It was a pretty nutty place. 00:32:25.039 --> 00:32:25.519 Yeah, yeah. 00:32:26.240 --> 00:32:27.440 Where in the beach did you live? 00:32:27.680 --> 00:32:29.039 Morton Towers. 00:32:29.440 --> 00:32:30.480 Morton with the Flamingo. 00:32:30.720 --> 00:32:31.920 That's on the Flamingo. 00:32:32.799 --> 00:32:33.519 But the old Morton. 00:32:33.839 --> 00:32:40.400 So the back then Morton Towers was these two older buildings, like old. 00:32:40.799 --> 00:32:46.480 The population there was still probably 60% old person. 00:32:46.640 --> 00:32:46.880 Yeah. 00:32:47.039 --> 00:32:59.920 So you'd have young people like us, like doing our thing and going out at midnight, you know, coming back at four, and then you'd have you'd get in the elevator with like old lady on stroke on a walker. 00:33:00.000 --> 00:33:02.240 I mean, it was a definitely an eclectic mix. 00:33:02.400 --> 00:33:02.559 Yeah. 00:33:02.799 --> 00:33:05.359 I think I went to Morton Towers when I was in in like '97. 00:33:05.920 --> 00:33:08.400 Um a friend of mine from high school had moved there. 00:33:08.559 --> 00:33:10.720 And it's exactly as you described. 00:33:10.880 --> 00:33:18.640 Like it was just like it was pretty dated, but it was like a mix of you know, young and then very elderly people. 00:33:18.799 --> 00:33:19.680 Yeah, it's cool, man. 00:33:20.000 --> 00:33:21.279 Actually, they redid it completely. 00:33:21.359 --> 00:33:24.640 They built another tower, and my daughter and a boyfriend just moved in there. 00:33:24.720 --> 00:33:26.319 They just moved back from New York and they live there now. 00:33:26.400 --> 00:33:26.880 Oh, really? 00:33:27.039 --> 00:33:27.440 Full circle. 00:33:27.839 --> 00:33:28.240 Different world. 00:33:28.319 --> 00:33:29.200 I mean full circle moment. 00:33:29.440 --> 00:33:31.759 Yeah, it's just like super highly amenitized. 00:33:31.920 --> 00:33:33.119 It looks like a Vegas hotel. 00:33:33.359 --> 00:33:33.519 Yeah. 00:33:33.680 --> 00:33:35.759 Isn't it like a national apartment firm that owns it now? 00:33:35.839 --> 00:33:38.000 Like yeah, it's not Amley, but it's like one of those. 00:33:38.559 --> 00:33:40.319 I forget who it is, but it's like that. 00:33:40.400 --> 00:33:41.200 Yeah, yeah, yeah. 00:33:41.519 --> 00:33:48.880 So uh okay, so you're you spent two years on South Beach while you're in law school. 00:33:48.960 --> 00:33:50.079 You graduate from law school. 00:33:50.160 --> 00:33:51.119 What happens? 00:33:52.079 --> 00:33:54.000 Um, graduate from law school. 00:33:54.240 --> 00:33:55.920 Did you intend to practice? 00:33:56.240 --> 00:33:56.960 Oh, okay. 00:33:57.039 --> 00:33:57.839 So that's a good point. 00:33:58.000 --> 00:34:00.079 So I I was agonizing over it. 00:34:00.319 --> 00:34:11.760 And I, you know, do I probably I had an offer from a firm, I don't remember what their final name was, whether it was Rudin Bark, it was Rudin Barnett that became Rudom McCloskey or vice versa. 00:34:11.920 --> 00:34:16.000 It was a Fort Lauderdale-based firm that did a lot of real estate. 00:34:16.159 --> 00:34:22.400 And so um I had an offer to go work for them and I had to decide, make a decision. 00:34:22.719 --> 00:34:33.360 And I had been at Kubicke, you know, I got a taste of what it was like to be at a law firm where you're keeping track of every, you know, 0.1 or every six minutes of your hour and billing time. 00:34:33.519 --> 00:34:36.800 And I realized that I did not want to be on that side of it. 00:34:37.119 --> 00:34:41.119 So I started looking for real estate jobs. 00:34:41.440 --> 00:35:02.400 And I um my stepfather, who was a pediatrician, actually, my pediatrician, um was um one of his patients was Carol Brooks, uh, who was the owner, one of the partners of founders of Crack Content Real Estate Company where I originally worked. 00:35:02.559 --> 00:35:07.199 And so I met Carol, you know, once again, back then, no internet, you got a network, who do you know? 00:35:07.519 --> 00:35:09.360 Introduced me to this person, that person. 00:35:09.840 --> 00:35:15.280 And they're like, look, and I had no real estate on my resume other than the tax certificate gig a little bit. 00:35:15.519 --> 00:35:26.559 So second semester, third year of law school, I left Kubicke and started working there, really part-time while I was finishing law school. 00:35:26.639 --> 00:35:36.719 And I didn't necessarily think I was gonna continue, but did that, took the bar, and then after the bar, I ended up um going back there, and that's where I started my real estate career. 00:35:36.880 --> 00:35:41.679 But but Craig was were they they weren't just brokers, they did some other stuff as well, right? 00:35:41.920 --> 00:35:46.400 So in 1995, Craig was found, they started Kreck in '93. 00:35:46.880 --> 00:35:47.920 What does that stand for, Craig? 00:35:48.239 --> 00:35:49.519 Continental Real Estate Company. 00:35:50.079 --> 00:36:00.000 So Warren Weiser's dad, Woody, was an icon of South Florida real estate, Woody Weiser, you know, just a huge pillar of the community in real estate. 00:36:00.159 --> 00:36:04.719 He had a company with Donnie Lefton called the Continental Companies, and they were a big hotel company. 00:36:04.960 --> 00:36:06.559 Warren had worked there. 00:36:06.639 --> 00:36:09.199

And Warren and Carol, about 10 years older than me. 00:36:09.360 --> 00:36:12.639 Carol's father was Mel Greenberg, who founded Greenberg Trowick. 00:36:12.719 --> 00:36:16.159 So they were both two connected real estate families, Miami families. 00:36:16.400 --> 00:36:21.840 They decided to start this company to be a real estate service, a commercial real estate service company. 00:36:21.920 --> 00:36:27.440 So they started in '93 and were doing management leasing and a little bit of brokerage. 00:36:27.679 --> 00:36:33.760 Um, and at the time, started buying a couple of office buildings with some larger joint venture partners. 00:36:34.000 --> 00:36:36.239 Colony Capital was the big group at the time. 00:36:36.320 --> 00:36:41.199 And so I basically started out doing landlord office leasing. 00:36:41.280 --> 00:36:44.079 I mean, that's what there was an opportunity to do, you know. 00:36:44.400 --> 00:36:45.920 Kind of like an in-house agent. 00:36:46.159 --> 00:36:49.599 Yeah, we had we had uh, you know, we had a handful of properties we were handling. 00:36:49.840 --> 00:36:58.000 Um, some that we had our company had some owner, our principals had some ownership interest in, and others that were purely third party. 00:36:58.239 --> 00:37:01.599 And like, okay, you know, go go lease space. 00:37:01.679 --> 00:37:06.320 And basically, you know, you're like, you're dealing with inbound calls, you're meeting with brokers, you know. 00:37:06.559 --> 00:37:10.639 Um, but it started teaching me the elements of the business. 00:37:10.800 --> 00:37:13.679 You know, I learned like, all right, where's value created? 00:37:13.840 --> 00:37:15.360 How do you get lease deals done? 00:37:15.440 --> 00:37:16.639 How much do you have to spend on TI? 00:37:16.880 --> 00:37:20.800 So that's that's how I started um in the business. 00:37:21.119 --> 00:37:23.440 So how how long did you do office leasing for? 00:37:24.159 --> 00:37:28.639 So I started doing that in '95, full time. 00:37:28.960 --> 00:37:34.079 And then what happened, kind of my evolution um occurred as follows. 00:37:34.320 --> 00:37:44.639 So in 1997, I think it was, yeah, maybe it was 96, 96, 97, um, we started expanding the brokerage business. 00:37:44.960 --> 00:37:55.199 And we got a listing, not we, I wasn't involved with it, they got a listing to sell a shopping center in Durral, the public steal, Durral Plaza at the time that Lenaro. 00:37:56.079 --> 00:38:04.320 And they were going through the there's a guy named Jeffrey Brown who came over, who was a great, you know, salesman broker, but wasn't necessarily as much of a detail guy. 00:38:04.480 --> 00:38:13.840 And we started getting in the transaction, and they're like, shit, we need to know who's gonna manage this transaction and figure out the due diligence process and like, hey, you're a lawyer, look at this LOI. 00:38:13.920 --> 00:38:15.039 What do we need to do here? 00:38:15.280 --> 00:38:20.159 So I jumped in the LOI, okay, we need to prepare a contract, we need to send over due diligence materials. 00:38:20.320 --> 00:38:24.400 Oh, you know, so I basically jumped into the transaction team. 00:38:24.719 --> 00:38:29.119 Um, and after that deal really became part of the sale process. 00:38:29.360 --> 00:38:44.960 So anytime we got something to sell, and at the time, you know, affiliates of Lenar Investments, which was the predecessor, predecessor of LNR, um, had bought these giant pools of distress loans from the RTC. 00:38:45.199 --> 00:38:53.360 And so we would get the man, we would get the job of go fix, you know, go triage these, take them over, lease them up, manage them, stabilize them, sell them. 00:38:53.519 --> 00:38:58.400 And so we would get a, you know, we were selling a handful of shopping centers and office buildings every year. 00:38:58.559 --> 00:39:06.000 And so at that point, now I'm doing spending half my time on office leasing, half my time on investment sales. 00:39:06.320 --> 00:39:18.480 And then what happened was we started talking around the water cooler and Carol Warner, like, hey, you know, we'd really like to get into Orlando and we really need to figure out a way to start buying things. 00:39:18.639 --> 00:39:23.840 So, you know, being young and dumb and hungry, I'm like, no, we can start looking at property. 00:39:24.079 --> 00:39:29.519 So I started calling brokers and going to conferences and trying to find things that we could buy. 00:39:29.679 --> 00:39:40.239 And so in 1998, I found a shopping center up in Orlando that had all kinds of moving parts and mixed up things. 00:39:40.480 --> 00:39:49.920 And we ended up putting together a deal to buy it, bringing in a partner, and basically we ended up flipping it to them, and they gave us like the leasing of four other centers in Orlando. 00:39:50.000 --> 00:39:54.800 So boom, we had an Orlando market, and that's how I got a new acquisition. 00:39:54.880 --> 00:40:04.400 So from like '98 to probably 2002, I was doing a one-third brokerage, one-third leasing, one-third acquisitions. 00:40:04.559 --> 00:40:10.400 And then by like 2002 or three, I pretty much moved into the acquisition side completely. 00:40:10.880 --> 00:40:15.440 And and Craig mostly did offices and some retail. 00:40:15.760 --> 00:40:17.840 Um, by the end, it was the other way around. 00:40:17.920 --> 00:40:22.719 It was it was office and retail, you know, not multifamily, not industrial. 00:40:22.880 --> 00:40:26.079 Um, at the end of the day, we were much bigger. 00:40:26.159 --> 00:40:29.760 We had a we had a strong office presence, but we were much bigger in retail. 00:40:29.920 --> 00:40:30.159 Yeah. 00:40:30.480 --> 00:40:30.800 Yeah. 00:40:31.360 --> 00:40:32.800 And so, yeah. 00:40:33.679 --> 00:40:36.239 And so you were you were with Krek for how long? 00:40:36.880 --> 00:40:41.440 Um, I was with Krek for 20 years, right? 00:40:41.599 --> 00:40:48.719 Yeah, from two 90, well, a little more, 95 until January of

2016. 00:40:49.039 --> 00:40:52.559 And how does that work as a like an you were an in-house broker, kind of? 00:40:52.719 --> 00:40:56.000 Were you were you brokering deals for Crek, or were there two parties? 00:40:56.320 --> 00:40:56.719 No, no. 00:40:57.280 --> 00:40:58.239 I mean, what do you mean? 00:40:58.320 --> 00:41:08.320 What when you said what you said you started getting investment sales, were you so Craig look, Krek was to the community, and first and foremost, a third-party service provider. 00:41:08.400 --> 00:41:17.760 Okay, did management leasing accounting, brokerage, construction, everything affiliate associated with that for retail and office, both as owners and also on the tenant rep side. 00:41:18.000 --> 00:41:30.159 Um, that being said, the principals, you know, we Carol Warren, myself, Alan Eskenazi, and others who were there would always be looking for deals for us to buy. 00:41:30.400 --> 00:41:33.280 Sometimes it'd be smaller deals, we just buy them ourselves. 00:41:33.360 --> 00:41:34.800 Sometimes it'd be a little bit bigger. 00:41:34.880 --> 00:41:38.800 We go out and bring in money from friends and family, and sometimes they'd be much bigger. 00:41:38.960 --> 00:41:42.480 We bring in like a big, large fund capital partner and institution. 00:41:42.719 --> 00:41:42.960 Got it. 00:41:43.039 --> 00:41:45.440 So you kind of the same thing I'm doing now, right? 00:41:45.679 --> 00:41:51.679 But in the confines of a service platform, which had some pros and some cons. 00:41:52.079 --> 00:41:52.719 Interesting. 00:41:52.880 --> 00:41:54.880 Well, what was the pros and cons of that? 00:41:55.119 --> 00:41:59.440 I mean, the you had to be sensitive to the conflicts, right? 00:41:59.679 --> 00:42:10.480 We were out trying to pitch business and be a service provider to buyers of real estate, and yet on the other side, we were looking to potentially compete with them and buy the same real estate. 00:42:10.639 --> 00:42:10.800 Right. 00:42:11.039 --> 00:42:24.079 So we always kept the investment side hush-hushed and kind of marketed as a a secondary component, which is part of the reason why I wanted why I made the change ultimately and started Highline. 00:42:25.199 --> 00:42:27.039 So you started Highline in 2016? 00:42:27.280 --> 00:42:27.599 Yes. 00:42:27.920 --> 00:42:29.440 And what is Highline? 00:42:30.079 --> 00:42:35.519 Highline is a uh real estate investment platform. 00:42:35.920 --> 00:42:40.880 Um, we do some advisory work, uh, but mostly a real estate investment platform. 00:42:41.039 --> 00:42:51.599 Our primary focus is that we have um a discretionary fund vehicle where we've raised capital commitments and we go out and we look to buy value add real estate. 00:42:51.840 --> 00:43:02.880 Um and sometimes it's just through our fund, sometimes it's with our fund and joint ventures with strategic operating partners, and sometimes it's with larger capital partners. 00:43:03.199 --> 00:43:03.840 And what was that

like? 00:43:03.920 --> 00:43:07.440 I mean, that's a big jump to leave what you had for 20 years. 00:43:07.519 --> 00:43:10.639 I mean, that's a hell of a run at a at a at the same place. 00:43:10.800 --> 00:43:12.000 It's a big leap of faith. 00:43:12.159 --> 00:43:13.840 So, what was that process like? 00:43:14.719 --> 00:43:16.800 Um, it was a little tricky. 00:43:17.039 --> 00:43:30.719 I mean, so we were very we were very active buying distress and dislocation around the financial crisis and servicing it, you know, acting as a receiver to at crack. 00:43:30.880 --> 00:43:31.039 Right. 00:43:31.199 --> 00:43:31.440 Right. 00:43:31.599 --> 00:43:32.559 So were you buying? 00:43:32.639 --> 00:43:33.599 You're buying distressed debt? 00:43:33.679 --> 00:43:34.480 Like what were you buying? 00:43:34.719 --> 00:43:35.440 All the above. 00:43:35.519 --> 00:43:35.840 Yeah. 00:43:36.079 --> 00:43:47.360 So what happened is in 2008, nine, really nine, when the world was falling apart, we started calling all the servicers and the banks and saying, What can we buy from you? 00:43:47.760 --> 00:43:48.239 The best time to buy. 00:43:48.400 --> 00:43:48.960 Yeah, what can we buy? 00:43:49.039 --> 00:43:49.440 What can we buy? 00:43:49.679 --> 00:43:49.920 Yeah, yeah. 00:43:50.239 --> 00:43:58.880 And what we found, especially with the special servicers, is we don't want to sell, we want to like take it back, work it ourselves, and we're gonna make the money. 00:43:59.039 --> 00:43:59.760 So then we're like. 00:44:00.159 --> 00:44:03.760 Like, all right, well, we have all the infrastructure to do that. 00:44:04.079 --> 00:44:06.000 Let us do it for you. 00:44:06.239 --> 00:44:11.840 So on one side of the table, we were acting as a service provider. 00:44:12.000 --> 00:44:14.719 I think, you know, Warren and I did a bunch of receivership. 00:44:14.800 --> 00:44:24.480 Some other guys in the other people in the office did too, but we would act as court-appointer receiver for special servicers and different banks and be responsible for receiving these properties. 00:44:24.639 --> 00:44:27.840 Crack would do the management leasing and ideally do the sales. 00:44:28.000 --> 00:44:30.880 So we were doing that to keep the lights on. 00:44:31.119 --> 00:44:38.159 But at the same time, those relationships were giving us certain advantages from time to time to buy assets. 00:44:38.239 --> 00:44:45.599 Sometimes we'd have a service like, hey, I'm not going to use a receiver here, but you know, you come buy this thing, we'll sell it to you. 00:44:46.079 --> 00:44:46.239 Yeah. 00:44:46.320 --> 00:44:52.239 So we did some pretty cool deals that were the result of us being a server service provider doing that work. 00:44:52.320 --> 00:44:58.639 And so we bought non-performing loans, we bought real estate that prop, yeah, that lenders took back. 00:44:58.880 --> 00:45:00.000 Very different environment. 00:45:00.079 --> 00:45:01.039 I mean, there was no capital. 00:45:01.119 --> 00:45:02.480 You had to buy everything all cash. 00:45:02.559 --> 00:45:04.239 We had different partners we bought it with. 00:45:04.400 --> 00:45:06.639 But we did a bunch of those deals. 00:45:06.960 --> 00:45:13.840 And by 2016, 15, 16, we had either sold through them all, right? 00:45:13.920 --> 00:45:23.920 We had bought them, taken it back, repositioned them, sold them, or they were stabilized enough where I wasn't, you know, I knew that they would be okay and they'd be sold in the next couple of years. 00:45:24.000 --> 00:45:26.719 And I had several deals that would keep coming through. 00:45:26.880 --> 00:45:29.119 So it was kind of an ideal time. 00:45:29.199 --> 00:45:30.800 We were going to have to rebuild the portfolio. 00:45:30.880 --> 00:45:38.639 I'm like, all right, if I'm going to go take the jump and start something new, I'm going to do it now while we're kind of starting fresh and have sold out of what we already had. 00:45:38.880 --> 00:45:40.159 And how do you raise a fund? 00:45:40.239 --> 00:45:45.440 Because I feel like that's such a I mean, obviously you had 20 years of track record to lean on, which I think is huge. 00:45:45.519 --> 00:45:49.039 But is that the biggest thing to lean on when raising like a fund with discretionary capital? 00:45:49.119 --> 00:45:53.760 Because when you're telling people, give me money, trust me, I'll do good deals, they really have to believe in you. 00:45:53.840 --> 00:45:56.320 I mean, that's a big like how do you how do you do that? 00:45:56.639 --> 00:45:57.920 It's not easy. 00:45:58.079 --> 00:46:09.519 Um, and so um, you know, one of my partners, Matt Papinen, was one of the first um MDs at Rialto Capital when they formed. 00:46:09.760 --> 00:46:21.760 And so Matt had a tremendous amount of experience buying distressed debt, working through all the things that Rialto Dill did, building that up, and being in a fun context. 00:46:21.920 --> 00:46:28.320 Uh, David Milgram, other another partner, was at um the Sterling organization. 00:46:28.480 --> 00:46:31.039 So he had fund experience. 00:46:31.119 --> 00:46:34.719 So I got two partners who had worked for with bigger funds, you know. 00:46:34.880 --> 00:46:38.639 Andrew Remick's another partner with me who was with me at Krek. 00:46:38.960 --> 00:46:41.679 And so there's continuity and track record there. 00:46:41.840 --> 00:46:48.320 And so, look, a lot of the people in our fund were repeat investors, have been investing with us for many years. 00:46:48.400 --> 00:46:50.320 So they've seen what we've done. 00:46:50.559 --> 00:46:56.480 Um, and a lot of it was built on trust and reputation and things of that nature. 00:46:56.639 --> 00:47:08.719 You know, it was it was a tricky time to raise because it was 2023-24, and we were calling a cycle that hadn't happened yet, and trying to identify what it would be. 00:47:08.800 --> 00:47:19.840 And as we sit here today, you know, it turns out I think we were generally

right, and we're finishing fund one and we're getting ready to start raising fund two in the next couple of months or so. 00:47:20.400 --> 00:47:22.159 How much money did you raise for fund one? 00:47:22.800 --> 00:47:26.880 So, I mean, we have a couple different ways that the fund's set up. 00:47:27.039 --> 00:47:34.480 We have kind of direct investments and just the base fund that are fully discretionary commitments, and that's it's not a big number, it's 50, a little over$50 million. 00:47:34.880 --> 00:47:38.079 And we have a handful of sidecar commitments that flex that. 00:47:38.320 --> 00:47:42.639 But, you know, we've deployed about 70% of the fund. 00:47:42.880 --> 00:47:46.880 And with that, we've acquired about$520 million worth of real estate. 00:47:46.960 --> 00:47:51.599 So a lot of what we've done have been in joint ventures with large fund partners. 00:47:51.760 --> 00:47:59.280 So the fund serves as kind of a mix for like our deal in Hyalea, we did with you guys, the fund was the capital. 00:47:59.519 --> 00:48:01.280 We just did another portfolio. 00:48:01.360 --> 00:48:04.159 We bought, you know, five little shopping centers in Atlanta. 00:48:04.239 --> 00:48:07.119 That was funds capital that fits within the right size. 00:48:07.280 --> 00:48:12.880 But when we buy a you know$220 million office building, then the fund is kind of the sponsor's capital. 00:48:13.039 --> 00:48:16.639 We have a larger LP behind us or alongside of us. 00:48:16.880 --> 00:48:19.679 And what are the logistics of raising a fund? 00:48:19.760 --> 00:48:24.079 Is them does the cash literally come into like a fund bank account and just sit in like a money market fund? 00:48:24.400 --> 00:48:26.000 No, it's called capital commitments. 00:48:26.320 --> 00:48:32.239 So an investor in a fund says, I'm committing, I'm committing to give you this amount of money. 00:48:32.559 --> 00:48:40.639 You have a certain period of time to call it, usually two years from the final close, when you when you close out the fund. 00:48:40.800 --> 00:48:43.280 You know, you often have extension options. 00:48:43.440 --> 00:48:50.719 Um, and once you've called the money, then you're not calling, you know, you can hold back some money for future needs, but that's it. 00:48:50.800 --> 00:48:55.360 So you you don't fund the money until there's deals to use it or expect things to use it for. 00:48:55.679 --> 00:49:00.719 And then you start returning it as the fund um returns capital. 00:49:00.800 --> 00:49:02.159 Uh the contract. 00:49:02.239 --> 00:49:02.800 Like I will pay. 00:49:03.039 --> 00:49:03.760 It is a contract. 00:49:03.840 --> 00:49:05.039 Yeah, it's a contractual relationship. 00:49:05.280 --> 00:49:08.000 But do the deals have to hit certain return hurdles or anything? 00:49:08.079 --> 00:49:09.199 Are there like metrics like that? 00:49:09.280 --> 00:49:10.239 Or it's not. 00:49:10.400 --> 00:49:19.199 I mean, at the end of the day, there is a box, like only a certain amount outside the Southeast United States, and you're supposed to do these kinds of investments. 00:49:19.280 --> 00:49:24.159 So there are there are elements within the documents that we have to stand behind. 00:49:24.239 --> 00:49:28.159 And if we were to deviate from that, we'd go to an advisory committee and get approval. 00:49:28.320 --> 00:49:34.159 But basically, it's kind of our judgment to say that they meet the criteria we're seeking. 00:49:34.480 --> 00:49:35.119 That's cool. 00:49:35.280 --> 00:49:35.599 Yeah. 00:49:35.760 --> 00:49:49.039 And it look, it it changes in a cycle, and we could talk about the cycle if you want to, but in a in a in a disrupted cycle, it's a game changer because you got to act decisively. 00:49:49.119 --> 00:50:00.960 And, you know, so the model of you know, going to a bank and saying we want to buy your debt, and you know, where's the oh we have to we have to go raise it, like that doesn't work, you know. 00:50:01.119 --> 00:50:07.440 But being able to say we have access to the capital, we can use the subscription line to close when we're ready to. 00:50:07.679 --> 00:50:10.559 Here's, you know, kind of proof that we have those funds. 00:50:10.880 --> 00:50:17.679 And for the investors and for us, because we're an investor in it too, the benefit of the diversification is huge, right? 00:50:17.840 --> 00:50:30.639 Like, you know, you go out in a market like this where things are a little bit broken or shaken up, like there's a huge benefit to diversifying among product type and and risk profile and things of that nature. 00:50:30.800 --> 00:50:31.840 And what is that in highlighting? 00:50:32.000 --> 00:50:34.400 Do you have are you product type agnostic? 00:50:34.480 --> 00:50:36.079 Like, what's the focus of the fund? 00:50:36.639 --> 00:50:53.039 So the focus of the fund um from a you know at the at this yeah, it's basically a value add fund, you know, seeking high mid to high teens, kind of leveraged IRRs, go to hit a you know, hopefully double the investor's equity. 00:50:53.280 --> 00:50:58.559 We focus on office, retail, multifamily, and industrial. 00:50:58.639 --> 00:51:04.239 Um, our primary operating focus is uh uh office and retail. 00:51:04.320 --> 00:51:09.760 And we have strategic partners in different areas that we execute on those businesses. 00:51:10.000 --> 00:51:19.920 Um multifamily is something that we do generally in joint ventures with others who are vertically integrated professional multifamily investors. 00:51:20.400 --> 00:51:28.159 Um, but look, our whole approach to most reels is like trying to figure out the problem and solve it, right? 00:51:28.320 --> 00:51:41.760 We seek things, you know, we've got this market cycle going on that we, you know, there are different elements to it, but at the end of the day, we look for properties that are underperforming due generally to something going on with the current ownership. 00:51:42.000 --> 00:52:03.760 They either pay too

much for it, they have too much debt, they inherit it, don't know what they're doing, they're from out of town, things like that, where we can then call on our relationships, you know, call tenants, call brokers, uh, you know, lean on 30 years of knowledge in these markets and figure out how to solve the puzzle really before we buy something. 00:52:03.920 --> 00:52:12.000 And and, you know, to that end, you know, a lot of the investors in the fund, a lot of our smaller investors are are brokers that are specialists in different areas. 00:52:12.159 --> 00:52:19.840 So we've got like a great industrial sale guy, great retail sale person, a great leasing person that's a head of retail leasing for a big company. 00:52:19.920 --> 00:52:22.239 So people are actually have a vested interest. 00:52:22.400 --> 00:52:24.000 When we go, hey, we're looking at this deal. 00:52:24.079 --> 00:52:24.880 What do you think? 00:52:25.119 --> 00:52:26.400 Like they go the extra step. 00:52:26.559 --> 00:52:29.679 Well, let me talk to my person in this market, let me figure this out. 00:52:29.760 --> 00:52:32.960 And you know, because they can and and it helps sourcing deals too. 00:52:33.199 --> 00:52:33.440 Totally. 00:52:33.519 --> 00:52:34.400 That makes a lot of sense. 00:52:34.559 --> 00:52:37.119 And you're focused on the southeast or yes, okay. 00:52:37.280 --> 00:52:40.400 Yeah, not to say, I mean, we have the ability to do things out of the market. 00:52:40.639 --> 00:52:44.400 So, you know, what we also source through our relationship. 00:52:44.559 --> 00:52:52.800 So we see opportunities from time to time where you know there's a unique situation, maybe a deal's out of market, and so we'll we have the ability to do it. 00:52:52.880 --> 00:52:55.519 We haven't thus far really left the southeast. 00:52:55.840 --> 00:52:59.440 Southeast includes is basically SEC football. 00:52:59.840 --> 00:53:01.679 Yeah, Texas, Southeast. 00:53:01.760 --> 00:53:01.920 Yeah. 00:53:02.159 --> 00:53:02.639 What's your favorite? 00:53:02.800 --> 00:53:04.400 What's your favorite part about this fund? 00:53:05.760 --> 00:53:11.599 Um my favorite part about it is yeah, look, I'm a deal junkie. 00:53:11.760 --> 00:53:17.360 I I I I mean, we we have a we just there's always a robust pipeline. 00:53:17.599 --> 00:53:27.679 You know, we don't generally buy things that are down the middle of the fairway, like a mark, you know, a great publix deal with perfect term and beautiful tenants is not our thing. 00:53:27.840 --> 00:53:40.079 You know, we like to look at things that have some wrinkle to them and figure out if those that issue, that wrinkle, that glitch is uh can be solved and then try to solve it. 00:53:40.320 --> 00:53:46.400 And, you know, doing this for as long as we have, you know, just especially in retail. 00:53:46.559 --> 00:53:54.960 Retail is probably the this the uh asset class I like the most because you know, the ability to pick up the phone and call a tenant, be like, hey, you're here. 00:53:55.039 --> 00:53:55.599 What do you think? 00:53:55.679 --> 00:53:58.239 You know, tell me about your store spacing, why does this work? 00:53:58.320 --> 00:54:00.719 And or you're not here, would you come here? 00:54:01.039 --> 00:54:03.039 Would you come here if I can bring this tenant along? 00:54:03.199 --> 00:54:14.880 And that's a very nuanced asset class that that really there's a much bigger delta uh between what someone can do who knows what they're doing and is focused and not. 00:54:15.039 --> 00:54:22.079 I mean, we've bought deals from big REITs that you would think have squeezed every dollar out of their asset that were asleep at the wheel. 00:54:22.159 --> 00:54:38.400 We're like, why you know we bought a we bought a deal back in my, you know, my at Crack Um from a from a REIT or an affiliate of a REIT that this is like May of 2007, right? 00:54:38.639 --> 00:54:45.519 There's no month that signifies the absolute peak of the market more than May of 2007. 00:54:45.920 --> 00:54:56.320 And there was a shopping center that had um a tenant paying 12 bucks gross, and we just did the last box deal in the market at 20 triple net. 00:54:56.480 --> 00:54:56.719 Wow. 00:54:56.880 --> 00:55:00.800 And we went to the tenant who didn't have any locations in the market. 00:55:00.960 --> 00:55:02.079 We're like, hey, would you go away? 00:55:02.159 --> 00:55:04.000 And like, yeah, pay me 75 grand. 00:55:04.239 --> 00:55:07.679 I mean, there's a 25,000 foot tenant, and they left. 00:55:07.760 --> 00:55:11.599 And then we went ahead and put a$19 triple net tenant in there. 00:55:11.920 --> 00:55:18.719 So a lot of times people are just asleep at the wheel, and you got to come in with fresh eyes and really shake things up and figure out how you can reposition something. 00:55:18.960 --> 00:55:25.360 And retail is interesting because there's a lot of taste involved, like knowing what's good in terms of tenants and what's cool and what's working. 00:55:25.519 --> 00:55:26.800 It's a lot of curation. 00:55:27.119 --> 00:55:38.559 It is, it is, and now look, there's like what Michael Comras does, which is you know, super taste oriented and curated Lincoln Road and High Street Urban. 00:55:38.960 --> 00:55:42.159 We're more focused on community and neighborhood center. 00:55:42.320 --> 00:55:43.920 So it's a little less sexy, you know. 00:55:44.320 --> 00:55:50.079 Like, yeah, can we get rid of you know so-and-so tenant and put in Ross? 00:55:50.320 --> 00:55:51.519 Who's you know, right? 00:55:51.679 --> 00:56:02.079 Yeah, do we yeah, a lot more of that kind of middle of the road, another grocer, you know, but not, you know, you know, not what Craig Robbins did in the design district, which is super cool. 00:56:02.239 --> 00:56:03.840 It's just not what we specialize in. 00:56:04.079 --> 00:56:04.559 Makes sense. 00:56:04.639 --> 00:56:04.800 Yeah. 00:56:05.039 --> 00:56:05.840 Makes sense. 00:56:06.079 --> 00:56:08.159 So

what's uh what's fun two gonna look like? 00:56:08.239 --> 00:56:09.679 Is it the same strategy? 00:56:10.239 --> 00:56:11.360 Um, it is. 00:56:11.599 --> 00:56:17.760 I think that um, you know, this cycle has Are there cycles anymore, by the way? 00:56:17.920 --> 00:56:22.239 Like I feel like everyone talks about real estate cycles, seven years, all this bullshit, and none of it's played out. 00:56:22.400 --> 00:56:24.960 I started in real estate in 09 buying distressed debt. 00:56:25.119 --> 00:56:28.239 All right, so you were in every everyone's like, oh, it's a seven-year cycle. 00:56:28.320 --> 00:56:33.280 And I feel like the distressed debt dried up in like 2011, 2012, the good deals anyway. 00:56:33.440 --> 00:56:36.320 And then uh it's just been like up and to the right ever since. 00:56:36.400 --> 00:56:39.679 It's been um but it's but now it's it's weird. 00:56:39.760 --> 00:56:41.679 It's like asset class specific. 00:56:41.760 --> 00:56:42.719 It depends on who's doing what. 00:56:42.960 --> 00:56:44.239 Yeah, I think we're in a cycle. 00:56:44.400 --> 00:56:52.000 I mean, look, the GFC was a major, major event, right? 00:56:52.239 --> 00:57:01.599 I mean, you would like what bank failed today every Friday, even after like even in like 2008, 9, you're like, okay, what bank got taken over? 00:57:01.679 --> 00:57:06.480 They they they'd wait till Friday afternoon, yeah, so people couldn't run on the bank, and you get a notice. 00:57:06.639 --> 00:57:09.119 The FDIC just came in and rated such and such a bank. 00:57:09.280 --> 00:57:13.760 I remember I was living in LA at the time and I saw all the regulators rush into Cynovis Bank. 00:57:13.920 --> 00:57:14.800 I remember Cynovis. 00:57:14.880 --> 00:57:18.159 It was like Cynovis is around and it's a healthy bank. 00:57:18.239 --> 00:57:21.199 One of our yeah, we really think it was Cynovis, but I can't maybe it was a different one. 00:57:21.280 --> 00:57:24.800 But I remember, and then I remember seeing their their pools pop up in DedX like a week later. 00:57:24.880 --> 00:57:25.760 We were bidding on them. 00:57:25.920 --> 00:57:28.639 Yeah, and so it was crazy to see like the correlation. 00:57:28.960 --> 00:57:30.079 Yeah, it was a mess. 00:57:30.239 --> 00:57:34.320 I mean, yeah, and and it wasn't so you had a financial crisis, right? 00:57:34.480 --> 00:57:41.360 The banks all went down, so everyone hoarded cash, and then you had a huge economic crisis, right? 00:57:41.519 --> 00:57:47.360 So your retail occupancies dropped off a cliff, you know, office tenants blew out overnight. 00:57:47.519 --> 00:57:51.519 Um, people moved into their parents' house because they couldn't afford their rent anymore. 00:57:51.599 --> 00:57:52.400 No one traveled. 00:57:52.480 --> 00:57:55.360 So it was a disaster across the board. 00:57:55.760 --> 00:58:08.159 Now you look at what happened in, and the economy was like humming on crack because all this free money after COVID and interest rates were zero, and all of a sudden rates go up. 00:58:08.400 --> 00:58:14.800 Okay, so rates go, but yet the economy has still remained robust. 00:58:14.880 --> 00:58:21.599 You know, we can talk about the K-shaped economy, and that's real, and there are definitely people hurting, and it it's there's a lot of weird dynamics. 00:58:21.760 --> 00:58:32.079 But if you work in Florida or the Southeast with the in-migration, like I've never seen office rent growth like we're seeing today, right? 00:58:32.239 --> 00:58:34.320 I mean, and I started out in office leasing. 00:58:34.480 --> 00:58:35.119 This is like a joke. 00:58:35.199 --> 00:58:42.639 I mean, rents grow, you know, each year by what the whole rent was when I started, you know, brickle rents were 25 bucks. 00:58:42.800 --> 00:58:44.800 They grow by 25 bucks a year right now. 00:58:44.960 --> 00:58:46.079 It's it's insane. 00:58:46.239 --> 00:58:52.559 And so at the same time, you have these, you know, the cost of capital is higher. 00:58:52.880 --> 00:58:58.880 You have these property type biases that are causing the debt to be shuffled. 00:58:59.119 --> 00:59:04.400 And so there's there's a repricing based on that cost of capital. 00:59:04.800 --> 00:59:09.840 Um, and what that means is, but things are still strong enough that people can hold on. 00:59:10.079 --> 00:59:10.800 That's what I was gonna say. 00:59:10.880 --> 00:59:13.599 There's there's no one, the sellers aren't motivated to sell. 00:59:13.679 --> 00:59:14.400 There's no push. 00:59:14.719 --> 00:59:24.960 But they are, you know, so what that what I see that as translating to is we have a larger section of the market that is underperforming, right? 00:59:25.199 --> 00:59:27.119 So you have have and have not. 00:59:27.280 --> 00:59:28.880 And that doesn't necessarily mean who you are. 00:59:29.039 --> 00:59:35.840 So we have institutions that have all the money in the world that bought assets 15 years ago that aren't investing in them. 00:59:36.000 --> 00:59:38.000 So those assets are underperforming. 00:59:38.239 --> 00:59:43.360 We have someone who bought it in 21 with crazy debt who's just smoked. 00:59:43.519 --> 00:59:52.800 And then we have someone who bought it last year with a fresh capital stack who's building out and let's talk office spec suites and did their lobby, and they're pushing rents to the sky. 00:59:53.119 --> 00:59:59.599 And so I think we're gonna be in this cycle where buildings are gonna they're underperforming. 00:59:59.679 --> 01:00:08.239 I mean, multifamily, everyone who bought multifamily at a three cap and now is borrowing north of 5%, and they know they're underwater. 01:00:08.480 --> 01:00:12.880 Maybe maybe they're at the debt level, but their equity's impaired. 01:00:13.039 --> 01:00:16.000 They're not investing in the asset, so they're underperforming. 01:00:16.159 --> 01:00:27.760 And so while we may not be in GFC style distress, we're really it, which by the way, coming out of GFC, it was

like cheap interest rates for the next 10 years that that fueled the market. 01:00:28.000 --> 01:00:32.079 We're in a market where it's going to be operator driven, right? 01:00:32.159 --> 01:00:47.920 So there's gonna be so many opportunities of under you know to buy underperforming assets, assets that have been underinvested in for the last several years, that in a in an economy that is generally strong, where you can reposition it and add value. 01:00:48.000 --> 01:00:52.239 So it's back to like, you know, it used to be if you just bought it, you won, right? 01:00:52.320 --> 01:00:58.880 You bought something in 2011, it was, you know, now it's gonna be there's gonna be lots of things like we talked about before that are underperforming. 01:00:58.960 --> 01:01:00.880 There's a puzzle to solve, you can solve it. 01:01:01.039 --> 01:01:06.079 And if you are able to do that, you're gonna be able to, and you're good operating, you know what you're doing. 01:01:06.239 --> 01:01:08.159 I think you're gonna be able to add value. 01:01:08.400 --> 01:01:12.480 And you've got a shrinking supply of most things, right? 01:01:12.559 --> 01:01:16.559 The fact of the matter is, construction costs have gone up, debt costs are high. 01:01:16.800 --> 01:01:23.679 So, really, across asset classes, we're gonna see reduced supply pressure, I think, for the foreseeable future. 01:01:23.920 --> 01:01:27.199 Are you guys finding a lot of deals that that fit your buy box right now? 01:01:27.519 --> 01:01:28.400 Yeah, we are. 01:01:28.559 --> 01:01:35.519 I mean, that doesn't mean we're winning them all, but we are, I think we're I'm happy, we're happy with the pace of investment. 01:01:35.760 --> 01:01:40.559 I mean, you know, at any given point in time, we're seriously underwriting. 01:01:40.719 --> 01:01:46.880 Yeah, right now, I think we probably have like four to five deals I would say we're seriously pursuing. 01:01:46.960 --> 01:01:50.400 I you know, we could win zero or we could win two. 01:01:50.960 --> 01:01:55.440 But yeah, we uh we're we're we're pleased with the opportunities that are out there. 01:01:55.519 --> 01:01:57.039 They're not easy, like that. 01:01:57.119 --> 01:01:59.360 It's not an easy, it's never an easy time, right? 01:01:59.440 --> 01:02:02.000 Even when it feels easy, you're scared because something seems wrong. 01:02:02.079 --> 01:02:10.880 I I'd much rather be in this market than in 2021 when we could everyone who can fog a glass could go borrow at three and a half percent. 01:02:11.519 --> 01:02:12.159 Yeah. 01:02:12.480 --> 01:02:14.320 But oh nine was pretty fun. 01:02:14.960 --> 01:02:15.199 Yeah. 01:02:15.679 --> 01:02:17.119 If you weren't on the wrong side of it, yeah. 01:02:17.360 --> 01:02:21.039 Listen, if you were in the game, we were all listening we had a little bit on both sides of it. 01:02:21.119 --> 01:02:26.559 I I I you know, you sharpen your workout skills as a service provider, but you really sharpen them on your own

asset. 01:02:26.800 --> 01:02:32.800 So we had a couple of deals that we had uh roll up our sleeves and and um that weren't fun. 01:02:33.599 --> 01:02:34.559 We lost some money, you know. 01:02:34.639 --> 01:02:43.119 That that's if you were, but you know, that the other thing is like going in 09, like the off-the-shelf debt quote was 80%. 01:02:43.760 --> 01:02:49.840 Like that's what you got, 80% leverage, like with 1-0 debt service coverage, no problem, at least CNBS. 01:02:49.920 --> 01:02:54.400 And so you're going into that cycle with a much different leverage point. 01:02:54.480 --> 01:02:58.239 You know, now like we don't go higher than 65%. 01:02:58.639 --> 01:03:01.440 You know, 65% you know, it gives you a little bit of cushion. 01:03:01.519 --> 01:03:06.880 And and I think that's part of the reason why we don't see the level of distress that we've seen. 01:03:06.960 --> 01:03:12.079 Uh, and once again, there's distress, and then there's when does it get addressed? 01:03:12.400 --> 01:03:22.079 So I think there's a lot of deals that were done at 65% financing that's sized at with 3% or whatever interest rates that are sucking wind. 01:03:22.239 --> 01:03:25.920 And eventually they're going to be dealt with. 01:03:28.079 --> 01:03:32.400 And uh you think you so you think the deal pace is gonna pick up, or where do you think we're at in the cycle now? 01:03:32.559 --> 01:03:49.840 Like you think it's gonna we're gonna keep seeing more and more deals, or what's your yeah, I do, and uh because one well, when you say deals, so first of all, liquidity, debt liquidity is like improving by the day. 01:03:50.079 --> 01:03:55.519 So even though interest rates are a lot higher and they're bouncing all over the place, spreads have come in. 01:03:55.599 --> 01:03:57.760 So there's a lot of capital for debt. 01:03:57.920 --> 01:04:02.719 A year and a half ago, um, you wanted debt for an office building. 01:04:02.800 --> 01:04:08.480 You know, you were borrowing at a year and a half ago, yeah, whatever, year and a half, two years ago. 01:04:08.559 --> 01:04:10.320 Well, let's go back, let's do it this way. 01:04:10.559 --> 01:04:16.719 You were buying office in 2023, your seller was your lender, or there was no debt, seller financing or nothing. 01:04:17.039 --> 01:04:31.039 2024, if your deal was transitional, there might be a couple of debt funds, and you were looking at all in rate that probably was flirting with 10% one way or the other, you know, unless you did recourse or whatever and it was a small deal. 01:04:31.199 --> 01:04:38.079 Um, debt markets really started coming back in 2000, into 2024, 25. 01:04:38.159 --> 01:04:40.239 You started seeing a big improvement, 25. 01:04:40.559 --> 01:04:44.000 And between there and today, it just continues to get better. 01:04:44.159 --> 01:04:45.920 So you got debt coming to market. 01:04:46.079 --> 01:04:49.519 You've got institutions and other big funds. 01:04:49.599 --> 01:04:53.679 Like we've seen, we've had conversations with funds, like talk to them in January. 01:04:53.840 --> 01:04:55.119 Uh, we won't touch office. 01:04:55.199 --> 01:04:57.199 If I bring office to committee, I'll get fired. 01:04:57.280 --> 01:04:58.960 You know, thanks for calling, but nobody. 01:04:59.280 --> 01:05:05.199 And then you talk to them three months later, like, oh, we just closed out our new fund and we got new capital and we're back looking at office. 01:05:05.360 --> 01:05:11.519 So I think everyone knows that they're the baby's been thrown out with the bathwater, right? 01:05:11.599 --> 01:05:13.760 It's it's similar to retail, although worse. 01:05:13.920 --> 01:05:16.559 Like there was a period of time where retail was a four-letter word. 01:05:16.639 --> 01:05:19.039 Everyone's going to shop online, you'll never go to a store again. 01:05:19.119 --> 01:05:21.039 And if you invest in retail, you're crazy. 01:05:21.199 --> 01:05:28.480 And now retail is probably the favorite asset class that people want to get into that often can't because they don't understand it. 01:05:28.639 --> 01:05:37.119 And so we're seeing people start to realize, even institutions, that there's good office and there's bad office. 01:05:37.360 --> 01:05:39.360 And the flight to quality. 01:05:39.679 --> 01:05:41.280 Flight to quality is real. 01:05:41.440 --> 01:05:45.599 And if you buy good office and growth markets, you know, you're gonna do well. 01:05:45.760 --> 01:05:49.840 I mean, people are fighting over San Francisco office 24 months ago. 01:05:50.639 --> 01:05:52.400 That was like crazy to really. 01:05:52.480 --> 01:05:54.559 I thought San Francisco is still a dumpster fire. 01:05:54.800 --> 01:05:58.960 No, San Francisco is like the best multifamily market in the country, yeah. 01:05:59.039 --> 01:05:59.679 Even with all the bums. 01:06:00.159 --> 01:06:00.480 Shit everywhere. 01:06:00.800 --> 01:06:01.039 Yeah. 01:06:01.119 --> 01:06:06.159 Even with like uh they have like homeless shelters that's like three or four stories, right? 01:06:07.119 --> 01:06:07.840 I haven't been there. 01:06:08.000 --> 01:06:11.199 Look, I we don't that's not our market, but I understand that's been clean up. 01:06:11.360 --> 01:06:20.480 And and when we talk to capital providers and ask what they've been doing, there's a common thing of people, some of the most conservative groups that we know. 01:06:20.639 --> 01:06:25.039 Like I call, hey, I got this great office deal, it's in Tampa, the market dynamics great. 01:06:25.119 --> 01:06:25.840 Look at the rent growth. 01:06:26.000 --> 01:06:28.400 Like, no, we're but we just bought in San Francisco. 01:06:28.719 --> 01:06:29.039 Okay. 01:06:29.440 --> 01:06:31.519 So people really love San Francisco. 01:06:31.679 --> 01:06:32.000 Really? 01:06:32.400 --> 01:06:35.599 Yeah, I think the I thought people were scared of California with all the crazy. 01:06:36.000 --> 01:06:38.960 I think there's a lot of lot of money going in there

with AI. 01:06:39.280 --> 01:06:39.519 Yep. 01:06:39.840 --> 01:06:40.320 That makes sense. 01:06:40.559 --> 01:06:44.559 That's it's it's very it's a very strong market again. 01:06:44.800 --> 01:06:45.519 Yeah, it makes sense. 01:06:45.760 --> 01:06:46.559 All of a sudden. 01:06:46.800 --> 01:06:50.480 And uh what's your what what's your prognosis on uh Miami? 01:06:52.000 --> 01:06:52.480 Specifically. 01:06:52.719 --> 01:06:55.039 I know you're southeast, but what do you think about Miami currently? 01:06:55.760 --> 01:06:59.119 I think my I mean, listen, I've been here a long time. 01:06:59.280 --> 01:07:00.559 Yeah, it has changed. 01:07:00.800 --> 01:07:06.800 Miami is a first-tier city, it's probably one of the hottest cities in the world. 01:07:06.960 --> 01:07:08.880 Um, it's not without its challenges. 01:07:09.039 --> 01:07:11.119 You know, education is a challenge. 01:07:11.280 --> 01:07:15.920 I I think uh affordability is a gigantic challenge. 01:07:16.480 --> 01:07:26.719 Um you know, I don't know if you've seen these articles about, you know, uh public school attendance dropping 20,000 students this year, you know. 01:07:26.880 --> 01:07:41.920 I don't want to get into politics here too much, but I think you know, getting too harsh on immigration and all those things are are not good for us, but I I still think you know our trajectory is fantastic and this place is going in one direction. 01:07:42.000 --> 01:07:46.480 And and you know, it used to be even dial back, you know, pre-COVID. 01:07:46.960 --> 01:07:51.760 Like if someone, you know, kids graduate from top universities, where do I want to go? 01:07:51.920 --> 01:07:55.840 I want to start a career, like you had to go to New York or both like Miami wasn't an option. 01:07:55.920 --> 01:07:58.079 There were no real opportunities here. 01:07:58.320 --> 01:08:01.599 We have real businesses, real industry here. 01:08:01.760 --> 01:08:05.760 I mean, real uh it's changed dramatically. 01:08:05.840 --> 01:08:08.480 So I feel and I'm very uh bullish on Miami. 01:08:08.719 --> 01:08:09.920 You're bullish on Miami, huh? 01:08:10.079 --> 01:08:13.280 Yeah, I look by the way, it's hard as hell to invest it. 01:08:13.360 --> 01:08:20.319 I'm not saying I'm bullish that I'm gonna find deals we want to buy here at the right price, but I think that Well, we found one. 01:08:20.560 --> 01:08:21.359 We did, yeah. 01:08:21.520 --> 01:08:22.000 There you go. 01:08:22.239 --> 01:08:22.800 There you go. 01:08:22.880 --> 01:08:23.279 That's right. 01:08:23.359 --> 01:08:29.600 Uh Miami, yeah, look, you know, I think Miami is, you know, in a in a great place. 01:08:29.840 --> 01:08:38.880 And I think just the economic impact of the people who've moved down here and the things that are happening and the investments that are being made are great. 01:08:39.039 --> 01:08:46.640 And with that comes um a very hungry um, you know, set of investors who want to buy and compress yields. 01:08:46.720 --> 01:08:48.159 And it's kind of like New York, right? 01:08:48.319 --> 01:08:55.119 I assume you buy something in New York and you can't believe you overpaid for it, and then you wake up five, ten years later and you feel like the smartest guy. 01:08:55.600 --> 01:08:56.000 Yeah, yeah. 01:08:56.319 --> 01:09:07.600 I mean, I I I think I we I think we feel the same way, but I have this like this nagging thought at the back of my head that we're such a cyclic, it's uh Miami's always been such a cyclical city throughout history. 01:09:07.760 --> 01:09:11.119 And we haven't seen a down cycle in a hell of a long time. 01:09:11.359 --> 01:09:12.720 So is that gonna come? 01:09:12.880 --> 01:09:22.720 Are we being you know, you say, yeah, I mean, you're you're right, but at the same time, you know, look, there are it's different this time. 01:09:22.960 --> 01:09:24.000 Yeah, no, I'm not saying that. 01:09:24.159 --> 01:09:25.199 There are all that I am. 01:09:25.279 --> 01:09:28.399 I'm yeah, I mean you want to say that, but it's asset class. 01:09:28.479 --> 01:09:31.920 Like the one thing is Miami definitely has constraints on supply. 01:09:32.079 --> 01:09:40.960 You know, I'm not look, I don't study the multifamily market east of 95, but there's a lot of tall buildings there that that are that are soft. 01:09:41.039 --> 01:09:43.359 Yeah, and but we see that everywhere. 01:09:43.680 --> 01:09:48.399 I think you know, condo market has its its pockets of good and bad. 01:09:48.560 --> 01:09:54.880 Um, there are office buildings in the market that don't meet today's standards that are suck and win. 01:09:55.199 --> 01:10:03.119 Um so, you know, I mean, retail, like there's nothing more undersupplied than retail in Dade County. 01:10:03.359 --> 01:10:06.960 So I think there are pockets of people who own properties that don't feel good. 01:10:07.119 --> 01:10:12.560 There's people who own land all over the place that they thought they were going to build apartments or condos that are suck and win. 01:10:12.640 --> 01:10:20.720 So, you know, there are plenty of people you could talk to who would say that we're in the middle of a really bad cycle, even though overall things are are strong. 01:10:20.800 --> 01:10:25.680 And I think that's kind of what the picture looks like across the real estate landscape. 01:10:25.760 --> 01:10:27.039 There's winners and losers. 01:10:27.119 --> 01:10:32.399 And if you were, you know, but we generally have an economy that's moving forward. 01:10:32.800 --> 01:10:38.159 But it's a bit different than the boom bus cycle pre man, probably even pre-before I got here, right? 01:10:38.239 --> 01:10:40.239 Like pre 2010. 01:10:40.319 --> 01:10:50.239 Like because it used to be like crazy boom and then implosion, like SNL crisis and crazy boom, then GFC, and then it's been kind of but those aren't Miami factors. 01:10:50.399 --> 01:10:50.800 No, no, no. 01:10:51.119 --> 01:10:52.239 Yeah, those aren't Miami. 01:10:52.319 -->

01:10:57.520 Look, I do think that out of the GFC became you know, came some. 01:10:58.640 --> 01:11:04.079 I'm not a huge over-regulate guy kind of guy, but like, you know, banks got smart. 01:11:04.239 --> 01:11:04.399 Right. 01:11:04.560 --> 01:11:09.359 You know, 65% was well, smart's pretty generous for bankers, but yeah, I hear what I'm saying. 01:11:09.680 --> 01:11:21.520 You know, that you know, the leverage was restrained, you know, the stuff that went on and you know, the way jump, you know, bond um securitized mortgages were sold and tranched was just nonsense. 01:11:21.760 --> 01:11:22.800 The synthetic mortgages. 01:11:23.039 --> 01:11:24.079 Yeah, they were default. 01:11:24.560 --> 01:11:27.199 Oh my god, there was just you know, chaos. 01:11:27.439 --> 01:11:28.399 It was a free-for-all. 01:11:28.560 --> 01:11:39.439 And so I don't think I think you could, if you want to say anything, you could say that going in um to this interest rate cycle, you know, those guardrails probably helped. 01:11:39.920 --> 01:11:47.199 Look, I don't think you can underestimate that the how much the uh the AI boom is helping. 01:11:47.439 --> 01:11:47.840 Totally. 01:11:47.920 --> 01:11:48.399 Yeah. 01:11:48.640 --> 01:11:49.840 That saved us, I think. 01:11:49.920 --> 01:11:50.079 Okay. 01:11:50.479 --> 01:11:50.880 It did. 01:11:51.039 --> 01:12:01.119 And you know, now in some people like if you want to talk about the you know, the elephant in the room, it's like, what is the impact of AI on jobs and everything else over the next five to ten years? 01:12:01.600 --> 01:12:02.560 I like AI. 01:12:03.520 --> 01:12:04.720 Claude's a great friend of mine. 01:12:04.880 --> 01:12:05.680 Yeah, me. 01:12:06.000 --> 01:12:06.960 I'm not I'm not an AI. 01:12:08.560 --> 01:12:09.920 Do you use use AI at last? 01:12:10.079 --> 01:12:10.319 Oh, yeah. 01:12:10.479 --> 01:12:13.760 He mentioned on the call yesterday we had he was using Claude for some legal stuff. 01:12:13.920 --> 01:12:15.439 Well, yeah, yeah. 01:12:16.079 --> 01:12:16.960 No, I love it. 01:12:17.039 --> 01:12:17.760 I I love it. 01:12:18.159 --> 01:12:19.439 What do you use, Claude? 01:12:19.920 --> 01:12:20.720 Yeah, it's funny. 01:12:20.800 --> 01:12:25.359 I I I had my chat GPT account, so I keep that for like my personal stuff. 01:12:25.600 --> 01:12:26.079 I'm the same. 01:12:26.159 --> 01:12:26.560 I have both. 01:12:26.640 --> 01:12:27.119 I've missed it. 01:12:27.199 --> 01:12:29.439 Yeah, and Claude is my business associate. 01:12:29.680 --> 01:12:33.199 Chat is like the writing question, or like how much medicine of this do I take? 01:12:33.279 --> 01:12:34.880 And Claude is like, build me a spreadsheet. 01:12:35.199 --> 01:12:36.159 I need a slideshow. 01:12:36.399 --> 01:12:38.560 Yeah, I'm gonna be in this town for such and such a day. 01:12:38.640 --> 01:12:39.920 How many, where should I go to dinner? 01:12:40.000 --> 01:12:40.880 You know, that's Claude. 01:12:40.960 --> 01:12:42.159 That's uh chat, yeah. 01:12:42.479 --> 01:12:46.000 Chat's my uh yeah, chat's my social coordinator or whatever. 01:12:46.399 --> 01:13:01.760 And uh my doctor, my you know, my my concierge doctor, and Claude is our uh our real, but it, you know, it's interesting what they can do so far, you know, it it's definitely helped productivity. 01:13:01.840 --> 01:13:08.399 And when we kind of push the envelope and look at like, all right, let's really like use it for sourcing, right? 01:13:08.479 --> 01:13:22.640 Like, I don't know, we did this thing where we link Claude with our co star and put in prompts and said, while while we're working in the background on the screen, comb through CoStar, do all the stuff, and give me a list of every shopping center that meets these criteria to go by. 01:13:22.880 --> 01:13:28.800 So do my work and whatever come back 30 minutes later, I got this list of 50 or 70 prospects. 01:13:28.960 --> 01:13:30.000 Like, okay, great. 01:13:30.159 --> 01:13:32.880 I got 50 or 70 prospects to go after. 01:13:33.039 --> 01:13:36.800 Well, we'd have to hire another person to follow up on that. 01:13:37.279 --> 01:13:50.239 So I th I think it's called uh Javon's paradox or something that talks about as something becomes um less expensive and and creates more productivity, people will end up consuming more of it. 01:13:50.399 --> 01:13:50.479 Right. 01:13:50.640 --> 01:14:08.880 And so I definitely think there's dislocation on one end, there'll be a shuffling of the deck, but I also think that it's our use of it when we talk about other uses, it the conversation often morphs into okay, we can go do this, but we probably are gonna need another person to actually do it. 01:14:09.279 --> 01:14:15.920 I think it's the classic paradox of people being scared of new technology, replacing jobs, and then people find new new ways to work. 01:14:16.079 --> 01:14:22.880 I mean, I I heard this exact exact same thing with coders, where these coders are busier than ever because they can do more than ever. 01:14:22.960 --> 01:14:31.359 They have like eight agents running like thousands of sub-agents, AI agents, and they're so like into it because they're being way more productive than they've ever been. 01:14:31.439 --> 01:14:38.560 They're working way more than they ever have because it's like this crazy feedback loop that they can do so much more than they've ever done before. 01:14:38.720 --> 01:14:42.319 So they're they're actually doing way more work because the AI is enabling them to do it. 01:14:42.720 --> 01:14:43.199 I believe it. 01:14:43.279 --> 01:14:54.239 I was at a conference earlier this summer, and then there was an AI expert on AI and real estate who was talking about if you think about a deal process as a funnel, right? 01:14:54.319 --> 01:14:58.640 At the top of the funnel are new deals, you got to evaluate, you got to look at them. 01:14:58.800 --> 01:15:04.159 But as the deal progresses from like, do we want to

pursue this to let's go get it done? 01:15:04.239 --> 01:15:08.399 How are we going to capitalize it, bring in partners, get a lender, due due diligence? 01:15:08.720 --> 01:15:12.640 That task goes from AI can do it up here, but it can't do it down there. 01:15:12.800 --> 01:15:16.880 And so what AI is doing is broadening the top of the funnel. 01:15:17.119 --> 01:15:26.000 So if AI is broadening the top of the funnel, instead of, you know, without AI, we could whatever look at 10 deals and do two. 01:15:26.479 --> 01:15:33.199 If we can look at 30 deals, right, and we're now doing six, we need more people to close the extra four deals. 01:15:33.359 --> 01:15:38.159 And so it's creating more work that you know requires more capacity. 01:15:38.319 --> 01:15:41.920 So that that's the glasses half full and you know, view. 01:15:42.239 --> 01:15:42.560 I'm with it. 01:15:42.640 --> 01:15:44.319 I don't I'm the glass half full any eye. 01:15:44.479 --> 01:15:45.039 I think you are too. 01:15:45.199 --> 01:15:45.600 I am too. 01:15:45.760 --> 01:15:47.920 I mean, it's just it's been a game changer for me. 01:15:48.000 --> 01:15:50.880 Yeah, you know, like it's it's incredible what I can do. 01:15:51.119 --> 01:15:53.680 Um, you do still have to double check some things. 01:15:53.840 --> 01:15:55.680 Oh, yeah, no, it's language. 01:15:55.920 --> 01:15:57.039 It's wrong all the time. 01:15:57.279 --> 01:15:59.359 Yeah, especially with contrast. 01:15:59.600 --> 01:16:04.159 Yeah, you have to really know, especially when you're looking at numbers, you have to be like, okay, this is wrong. 01:16:04.239 --> 01:16:08.720 You like look at this and double check, triple check, and it'll go through this process. 01:16:08.960 --> 01:16:23.359 But you have to you have to kind of guide it and you have to really pay attention because there are things that it gets wrong, but when you go back and you say, look at this, double check, it'll start getting to where you and it gets better every day. 01:16:23.439 --> 01:16:28.319 Yeah, we were talking before, it takes away so much monotonous bullshit, like copy paste work, whatever. 01:16:28.640 --> 01:16:30.960 Like you you can just focus on more productive things. 01:16:31.039 --> 01:16:33.039 It's I think it's gonna make a it's gonna be a net positive. 01:16:33.119 --> 01:16:35.039 I I no question about it. 01:16:35.279 --> 01:16:36.239 No question about it. 01:16:36.479 --> 01:16:38.159 Let's talk uh personal hobbies. 01:16:38.239 --> 01:16:40.880 I mean, we talked about you work working out at CrossFit still. 01:16:40.960 --> 01:16:41.840 Are you a morning guy? 01:16:41.920 --> 01:16:43.039 What time do you wake up? 01:16:43.279 --> 01:16:44.479 I wake up early. 01:16:44.560 --> 01:16:45.920 Yeah, I get up around six. 01:16:46.079 --> 01:16:46.399 Okay. 01:16:46.479 --> 01:16:48.800 Um you without your kids out of the house, huh? 01:16:48.960 --> 01:16:49.520 Yeah, yeah. 01:16:49.760 --> 01:16:54.000 You know, that's

the thing I tell people young, like your kids mess you up, right? 01:16:54.159 --> 01:16:56.319 It used to be, you know, you have kids, you could have slept. 01:16:56.399 --> 01:17:01.520 I can't believe I get up at six, and then once you get used to it for many years, you just wake up. 01:17:01.760 --> 01:17:04.319 So um, I get up at six. 01:17:04.479 --> 01:17:07.359 Um, my wife's probably already been up for an hour at that point. 01:17:08.159 --> 01:17:09.760 She's she wakes up early than me. 01:17:09.920 --> 01:17:11.760 I look over, she's like doing stuff. 01:17:12.720 --> 01:17:19.680 Um, but you know, you get a little bit older, the body doesn't move as well early in the morning. 01:17:19.840 --> 01:17:20.960 So I used to like to work it. 01:17:21.199 --> 01:17:27.760 So now, like if I'm just trying to bang it out, I I have a CrossFit style set up at the house. 01:17:28.079 --> 01:17:29.680 So I can do a short little thing there. 01:17:29.760 --> 01:17:37.439 But generally I do weekend mornings and then I try to do a couple afternoon, like a Friday afternoon, yeah, at the six o'clock. 01:17:37.760 --> 01:17:38.960 You're gonna work out after this? 01:17:39.199 --> 01:17:40.800 No, little tequila to crossfit. 01:17:41.039 --> 01:17:46.640 No, I don't I generally yeah, I generally do not mix tequila and barbells and burpees. 01:17:46.960 --> 01:17:47.920 You still ripped like that. 01:17:48.079 --> 01:17:50.479 You're still ripping double dubs, double unders? 01:17:50.640 --> 01:17:53.439 Yeah, we had double unders on Tuesday workout. 01:17:53.680 --> 01:17:57.920 It's when you jump rope and you every time you jump into it goes to. 01:17:58.159 --> 01:17:58.800 I'm good on that. 01:17:58.960 --> 01:18:00.239 You still ripping those? 01:18:00.479 --> 01:18:01.359 I I will do double. 01:18:01.600 --> 01:18:04.960 I I don't I I tone back a bunch of I don't really do a lot of running. 01:18:05.039 --> 01:18:08.239 Yeah, I use the echo bike thing because my yeah, whatever. 01:18:08.319 --> 01:18:09.359 Running those things fuck you up. 01:18:09.600 --> 01:18:09.840 Which one? 01:18:09.920 --> 01:18:10.880 The the the assault bike. 01:18:11.119 --> 01:18:11.920 The assault bikes, dude. 01:18:12.000 --> 01:18:13.199 That's a fucking man maker dude. 01:18:13.600 --> 01:18:14.079 That's my thing. 01:18:14.239 --> 01:18:14.960 That's my jam. 01:18:15.199 --> 01:18:20.079 I used to love that thing too, because that thing, like you do like four minutes on that thing, and then you're on the floor passing. 01:18:20.560 --> 01:18:20.960 Yeah, yeah. 01:18:21.439 --> 01:18:23.520 That's my that's my cardio piece. 01:18:23.760 --> 01:18:24.640 But yeah, yeah. 01:18:24.720 --> 01:18:36.800 I look, I there's a little, first of all, I never I just don't get excited about going in and just doing three sets or like I like the programming and that every day is a little bit different. 01:18:37.119 --> 01:18:39.359 And then you have to like, how am I gonna handle it? 01:18:39.520 --> 01:18:41.760 Am I gonna go straight, you know, push through? 01:18:41.840 --> 01:18:42.960 Am I gonna pace myself? 01:18:43.119 --> 01:18:57.439 So there's something about it that has a little bit of gamanship to it that you know makes it feel like I'm not competing with the guy next to me, but you're like, I don't know, there's something that makes it it, you turn a boring thing of like a workout into a game. 01:18:57.600 --> 01:18:59.199 Yeah, did you ever do the FMA thing? 01:18:59.680 --> 01:19:00.720 We used to do that a lot a lot. 01:19:01.119 --> 01:19:01.520 What's that? 01:19:01.680 --> 01:19:02.880 The obstacle course racing? 01:19:03.039 --> 01:19:09.680 No, no, it wasn't we didn't we never did like the actual racing, but we like the training, yeah, climbing wall, like Ninja Warrior type shit. 01:19:09.840 --> 01:19:22.319 Yeah, I used to do the CrossFit open, you know, like 200,000 people sign up for the open every year, do these workouts five weeks in a row, and then it you know, if you pass, you go to this, and then you end up on TV. 01:19:22.479 --> 01:19:28.319 Like I never had any aspirations of getting out of anywhere or just trying to figure out like, you know, whatever in the world. 01:19:28.399 --> 01:19:31.760 And every year I would be hurt for like a month after. 01:19:31.840 --> 01:19:34.079 Yeah, about five, seven years ago. 01:19:34.159 --> 01:19:35.039 I stopped doing that. 01:19:35.279 --> 01:19:36.640 Um, what other hobbies do you have? 01:19:36.720 --> 01:19:38.319 I mean, we're we talk about fly fishing. 01:19:38.399 --> 01:19:39.680 I I like yeah, I like to fish. 01:19:39.840 --> 01:19:41.279 I don't have a boat. 01:19:41.439 --> 01:19:42.319 I do, I do. 01:19:42.399 --> 01:19:44.000 Um, but not a fly not a fly fish. 01:19:44.800 --> 01:19:47.199 I have uh 30-foot center console. 01:19:47.279 --> 01:19:50.640 So I like to um I do a fair amount of bottom fish. 01:19:50.720 --> 01:19:53.119 I go to the Bahamas a couple of times a year. 01:19:53.439 --> 01:19:57.840 We um, you know, my wife and I like to just run out with the dogs and cruise around. 01:19:58.079 --> 01:19:59.520 Do you live on the water or do you have it in a arena? 01:19:59.600 --> 01:20:00.000 Okay, I'll just go. 01:20:00.159 --> 01:20:01.600 I live on a canal on the beach. 01:20:01.840 --> 01:20:03.520 Um I don't know. 01:20:03.680 --> 01:20:04.239 What else? 01:20:04.399 --> 01:20:12.479 Oh, that's you know, I bike, hang out, you know, like hiking and stuff when we go out west, skiing, snowboarding. 01:20:12.720 --> 01:20:14.960 The name of your company is because of a run, right? 01:20:15.119 --> 01:20:16.079 That you have. 01:20:16.399 --> 01:20:17.760 So Highline? 01:20:17.840 --> 01:20:18.000 Yeah. 01:20:18.079 --> 01:20:18.720 What kind of run? 01:20:18.960 --> 01:20:19.840 The ski run, right? 01:20:20.000 --> 01:20:21.359 Yeah, how'd you yeah? 01:20:21.520 --> 01:20:22.399 So that's good. 01:20:22.479 --> 01:20:23.119

That's good resource. 01:20:25.039 --> 01:20:32.800 When I would when I was making the move to start the company, um, my wife and I were sitting around and like what are we gonna call it? 01:20:33.039 --> 01:20:41.279 And Highline um is uh a double, uh, a pretty gnarly double mogul run on Lyft 10 and Vale. 01:20:41.600 --> 01:20:42.560 You still run that? 01:20:42.800 --> 01:20:44.079 I haven't been to Vale in a while. 01:20:44.239 --> 01:20:45.279 By the way, fuck moguls. 01:20:45.359 --> 01:20:46.319 I want that on the record. 01:20:46.399 --> 01:20:47.279 Yeah, I love moguls. 01:20:47.439 --> 01:20:49.199 I'm a snowboarder, so fuck moguls. 01:20:49.359 --> 01:20:50.079 I do I do both. 01:20:51.439 --> 01:20:56.880 Um and my kids' names are Hannah, Robert, and Ellie. 01:20:57.199 --> 01:20:58.239 So H R E. 01:20:58.479 --> 01:21:01.199 Yeah, so that's what we threw together in our living room. 01:21:01.439 --> 01:21:02.079 It was a mogul run. 01:21:02.239 --> 01:21:02.800 Where did you say it was? 01:21:02.960 --> 01:21:03.199 Vale. 01:21:03.359 --> 01:21:04.079 Vale, okay. 01:21:04.239 --> 01:21:05.600 Which I don't really go to anymore. 01:21:05.680 --> 01:21:06.000 I love it. 01:21:06.079 --> 01:21:07.119 I just haven't been there in a long time. 01:21:07.359 --> 01:21:09.520 Where's your spot out west if you go skiing? 01:21:09.760 --> 01:21:12.000 Uh, we go to snowmass more than anything else. 01:21:12.159 --> 01:21:12.319 Yeah. 01:21:12.399 --> 01:21:13.760 Aspen's Aspen's great. 01:21:13.840 --> 01:21:14.560 I love Aspen. 01:21:14.800 --> 01:21:15.039 Yeah. 01:21:15.279 --> 01:21:16.880 You still ski pretty often? 01:21:17.119 --> 01:21:18.079 Uh once a year. 01:21:18.159 --> 01:21:18.319 Yeah. 01:21:18.560 --> 01:21:18.960 Once a year. 01:21:19.119 --> 01:21:20.159 You ever hit Crested Butte? 01:21:20.239 --> 01:21:20.720 That's my spot. 01:21:20.880 --> 01:21:21.279 I haven't. 01:21:21.359 --> 01:21:21.520 No. 01:21:21.600 --> 01:21:22.399 I hear great things about it. 01:21:22.640 --> 01:21:24.800 If you like spicy runs, crested butte's the spot. 01:21:24.960 --> 01:21:25.359 Yeah. 01:21:25.600 --> 01:21:27.920 It's like the Colorado version of Jackson. 01:21:28.079 --> 01:21:30.399 I'm trying to become more responsible. 01:21:30.640 --> 01:21:32.960 That's like totally I don't recommend that. 01:21:33.039 --> 01:21:33.279 Yeah. 01:21:33.439 --> 01:21:34.560 No, but I love yeah. 01:21:34.640 --> 01:21:35.760 So yeah, I love skiing. 01:21:35.920 --> 01:21:36.159 It's great. 01:21:36.560 --> 01:21:36.960 It's awesome. 01:21:37.039 --> 01:21:37.279 I love it. 01:21:37.439 --> 01:21:39.920 It's so cool how many people in Florida are into snow skiing. 01:21:40.000 --> 01:21:41.520 It blows my mind always. 01:21:41.680 --> 01:21:49.520 But growing up, I I think it was kind of known that Miami had, if not the biggest, one of the biggest ski clubs in the country. 01:21:49.680 --> 01:21:50.000 Really? 01:21:50.159 --> 01:21:50.800 Yeah. 01:21:51.279 --> 01:21:53.680 So people joined the Miami Ski Club to that's hilarious. 01:21:53.840 --> 01:21:54.880 Yeah, go on trips out there. 01:21:55.520 --> 01:21:58.319 I mean, there's so many Argentinians in Vale, it's wild. 01:21:58.640 --> 01:22:00.239 Like it's full of Hispanics. 01:22:00.319 --> 01:22:01.439 Yeah, everyone goes to our Vail. 01:22:01.600 --> 01:22:03.039 Well, there's a lot of Mexicans that go up there. 01:22:03.199 --> 01:22:03.359 Yeah. 01:22:03.520 --> 01:22:04.640 Well, yeah, that makes sense. 01:22:04.720 --> 01:22:05.279 Yeah. 01:22:06.560 --> 01:22:07.680 Well, David, this is amazing. 01:22:07.920 --> 01:22:08.640 Yeah, great. 01:22:08.720 --> 01:22:09.119 I appreciate it. 01:22:09.279 --> 01:22:10.399 We're glad we finally made it happen. 01:22:10.640 --> 01:22:11.920 Yeah, David, thank you so much. 01:22:12.079 --> 01:22:15.119 It was really a pleasure working with you on our first deal. 01:22:15.199 --> 01:22:18.640 So thank you for making that happen as built built world advisors. 01:22:18.960 --> 01:22:19.920 Still working on another one? 01:22:20.159 --> 01:22:28.560 Still working on the other half, which we we can't really talk about, but hopefully we'll get that over the uh finish line sometime in uh the next two years. 01:22:30.159 --> 01:22:31.439 Is that the overunder? 01:22:31.840 --> 01:22:38.640 I mean, listen, our the last year has been tougher to get this one over, so we'll see what happens in the second half, right? 01:22:38.880 --> 01:22:39.439 Yeah, yeah. 01:22:39.520 --> 01:22:41.439 No, listen, it was great work with you guys. 01:22:41.600 --> 01:22:42.399 You were pros. 01:22:42.640 --> 01:22:45.039 Um, you know, awesome opportunity. 01:22:45.279 --> 01:22:51.600 And uh, you know, it wasn't an easy seller, and you know, yeah, finding off-market deals is a knife fight. 01:22:51.840 --> 01:22:52.800 So it's great, you know. 01:22:52.960 --> 01:22:55.199 We'd love to do another one or many more, actually. 01:22:55.439 --> 01:22:55.920 Definitely. 01:22:56.079 --> 01:22:56.720 Yeah. 01:22:56.960 --> 01:22:58.319 Well, best of luck to you guys. 01:22:58.399 --> 01:23:00.079 And uh, well, it's not a new venture anymore. 01:23:00.159 --> 01:23:05.439 At the time, you know, yeah, the world was a new, a new group, but uh you guys are hitting your stride and doing great. 01:23:05.920 --> 01:23:06.960 Finally doing awesome. 01:23:07.199 --> 01:23:08.000 Well, thank you, David. 01:23:08.079 --> 01:23:08.640 Appreciate it. 01:23:08.720 --> 01:23:11.840 And uh good luck at ICS in Orlando next year, next week. 01:23:12.159 --> 01:23:15.279 Yeah, and uh then you're off to uh Nice. 01:23:15.520 --> 01:23:15.840 Yeah. 01:23:16.079 --> 01:23:18.000 Uh lots of beautiful topless women there. 01:23:18.239 --> 01:23:18.880 Is that what they say? 01:23:19.039 --> 01:23:24.000 I mean, listen, I went there when I was 13 and I was like, this is the greatest fucking thing in the world. 01:23:24.319 --> 01:23:28.560 Um and then you're off to uh to where at Mallorca to Mallorca. 01:23:28.640 --> 01:23:29.119 Yeah, yeah. 01:23:29.439 --> 01:23:30.159 So enjoy that. 01:23:30.399 --> 01:23:31.119 Yeah, thanks, guys. 01:23:31.920 --> 01:23:32.319 Catching up. 01:23:32.640 --> 01:23:33.600 Thank you for joining us, Dave. 01:23:33.840 --> 01:23:36.239 Seriously, later cheers.