Ep 493: The LP Avenger on X- Aleksey Chernobelskiy

Transcript

hey welcome to the high podcast I'm your host Daniel Martinez today I have co-host Anthony

[Music] gaana and today we have a special guest

Alex say guess his last name no last name yeah thanks for having

me guys I appreciate it D thanks for coming on we're really excited about this one you've become the Twitter the

ex police of fake G P's and all that stuff so glad is our our first conversation together but we've been following you for a long time so I'm

glad to open this one up and see where it leads to yeah yeah same don't mean to be a

police but but yeah let's see where it goes I actually love it dude I actually love it so one of our best mentors his

name is Cory Thompson he's a real estate investor out of Dallas and like he's a he's a guru griller and he's a he's a

man he'll find somebody and he'll get a hold of them and he'll blast them all over social he had to even put out a lawsuit because of that

yeah yeah yeah I I think my position in the space is tough right I I really just

try I mean first of all I try to be super independent yeah um because I I I

don't want for example like I I probably get five to 10 requests a day from GPS

asking me to raise money for them and I just always say no because I don't want to be biased towards any one GP or any

one deal or any given asset class for that matter or or real estate in general like I I I openly publicly state that I

Alex's Stance on Real Estate Investment.) - Alex discusses his cautious approach towards investing in real estate, advising that many people might be better off focusing on their careers and investing in index funds instead, stressing the unnecessary risks for some investors.

think think you know a very good chunk of the population probably shouldn't be investing in real estate they should

like just focus on their careers and like put some money in an index fund or whatever and I I just I don't know like

as far as I'm concerned I don't think it's for them like they're not able to take that level of like sort of binary

risk but you know I I think some people don't like it and uh that's valid I I totally know that like not all of my

opinions are right I I'm always open to uh others and happy to

debate see I think it's funny because they asked you for questions that they want to hear answers the way they want to hear them and that you don't

necessarily give them the answers they want to hear so now it's like oh come on man like I wanted to hear the good thing

about the good thing I want to invest in you know but high level high level let's do like a brief like one minute elevator

pitch what you do what you've done to kind of give your like Authority on the space because I think you've done a lot

of big things and I'm curious to see what you've done then we can kind of cover like The Good the Bad and the Ugly yeah I mean I as far as Authority

goes I think it's pretty Limited like I don't I don't I don't really feel authoritative I I feel like I'm learning

day-to-day in many ways I uh you know before this I did all types of investing

on the private markets and then I did I I guess most relevant to what I'm doing now was leading a 20% team at a public

Reit uh which invested in private real estate deals the 20 person team invested in I honestly didn't keep track but

certainly over a billion in properties you know that that same team that I led

also managed everything that had to do with the portfolio which by the time I left was around 2900 properties in the

US and you know that was like a really phenomenal experience I think because it's it's very tough to sort of balance

needing to buy which is like a very real thing for any asset manager or re for

that matter right like there's sort of a pressure to buy and grow right but at the same time there's sort of like the

risk component of do you know what you're buying and and are the incentives between you and the seller and or the

tenant right aligned properly and you know so I I basically got really fortunate and was able to cut my teeth

across I think in any given week we typically had somewhere between 10 deals in the shop that I led sometimes it was

up to like 20 or 30 of which all of them were single tenant but lower Middle Market so single tenant lower Middle

Market think like anything from a guy that owns his own pizza shop and that's the only thing he runs all the way to

like a KKR owned private Equity Firm that has 500 locations all across the US

uh but not including like public companies for example or like investment

grade credit which would be sort of you know I think many people would think that's a lot easier in other words you

sort of buy I'm going to use Walgreens as an example in a second I'll tell you why but like you kind of like use a

Walgreens and you're like oh that's like that's mailbox money right like you just buy it and it prints money and like you

just sleep at night and everything works the the reason why used Walgreens is one of the many things I learned at this

place was I Think Credit in in terms of Business Health is very transient and so

Walgreens is a good example recently they got downgraded which essentially means that anyone owns those properties recently

got devalued I mean the property is now worth less you know I I don't want to digress but yeah so I mean so that's

kind of a background uh in terms of what I'm doing now I I just saw this like missing Market I

Challenges with Syndicated Investments.) - Alex describes the opaque nature of the syndicated LP universe, emphasizing the recent boom in inexperienced investors entering the market, leading to potential pitfalls due to a lack of background in investing.

guess I don't know how else to say it I think there's billions that go into the syndicated LP Universe more now than

ever in the sense if you sort of compare like five years you know today minus five years

compared to like the five years prior to that like I think things have boomed I also think a very big chunk of those

participants don't come from an investment background and it's not uncommon for me to have a conversation

and give some feedback and and the lp is like hey can you remind me what a cap rate is but but like but an hour before

like they were ready to commit a million dollars which is a very substantial amount to them so yeah it just it felt

like this very opaque space that as far as I know like at

least at the retail level no one is addressing and so I decided to go after it and take the hits

hey hey man where where do you think we're going to get to how you got your seat right now on X but where do you

think this massive influx of of new investors came from because that would be a significant jump based on that that

prediction that you've seen in the last five years where where did all that traffic come from I mean to be candid I

think uh I think a decent amount of it has to do with like Tech right like if you think about like crowdfunding

platforms those weren't really like a thing 10 years ago or at least weren't like a very material thing the there

also a lot of I'll call them fund the funds but many of them aren't true funds like they're just syndicating glorified

LP position all call it across a bunch of little LPS and a lot of those have

popped up and and some of those by the way have raised billions like I'm not talking like small money here and

there's a lot of those like a lot way more than I ever thought uh existed and

then I think number three is just look look I go back to 2021 mhm there's no

place to put your money someone comes to you and says hey like I just 3x my investment with this guy and he is my

uncle or cousin or whatever you should trust him and the person just exited a $20 million

I mean I I'm I'm not making these stories up like I've actually heard them the person exited like a $2 million

business and they're like well what the hell like I don't know where to put this money like I guess I'll put a few million bucks with this person it's real

estate so like I can't lose anything like worst case scenario I just you know I just get my money back like that's the

worst thing that could happen and uh yeah and then you know and then uh in some cases that does okay in some cases

it does really well and in some cases I get a call and and you know they've lost their few million

bucks damn that's crazy one one thing I want to talk about this and I love that you're addressing the situation is that

a lot of people don't have and they might be accredited investor but they don't have any type of investing experience and then they they're

throwing around those money things thinking that it's gonna real estate doesn't go down but they don't know what

type of investment they're even investing in that real estate they could be a second position a third position

Lan bar they could be a connection of the connection you know with no security or or or or or legality to to to strike

back or anything like that I think it's such a huge disservice that the GPS

aren't educating and I really I'm really glad you're doing that as a whole because this is this is I think it's it's I didn't know it was a rampant

problem so you brought it up and then you you have all these horror stories and I'm like okay this is a this is a big

problem that someone needs to address yeah and I I'll tell you two things first of all I mean I don't think

many people will believe this most people don't believe most things they say on Twitter but I I I just I think

people don't understand how deep this world goes right and I think the sentiment when I post something negative

is you you're you're like ruining the Vibes so to speak like which by the way

I'm I'm very cognizant of I I think it's true to some degree ruining the Vibes as far as what like just like the

environment on X or like ruining the vibe for the GPS like trying to hunt for money I think both both like you know

you have like an LP there and he you know for whatever reason they're like let's like you know let's go stonks and

like YOLO a few million bucks with some GP and like and and all of a sudden this

like random ass guy is like posting on Twitter about people losing money so like it ruins the vibe man like stop

with the neg I get these DMS and sometimes these comments some most people have me muted at this point some

blocked and but but like what people don't see is I post that and then I have

two different calls in the same day where people have lost millions of dollars and sometimes

it's like damn 70% of their net worth and it's some in some in some instances

it's tied to a one GP in some instances it was spread across five different GPS

and they all failed and and so and I guess my my response to those people you know the

people that sort of my haters it's just that like I I really

and I mean this in the most like sincere way like if if there's someone that sees

one of my posts and they said and they say holy blink I I don't think I want to

be in LP now because I realize that you can lose money it's like I don't think that person should have been an LP in

the first place right like I agree if you're going to be an LP and be completely blind to the fact that you

can lose money I don't think you should be an LP right so meaning if my post

scares someone off from being an LP they probably shouldn't be one you know and

of course like you know the GPS will say yeah but like I'm a great LP like like

the other guys are bad and and that might be true but at the end of the day I I I still sort of hold on to my

comment you know so yeah I don't know I don't know if that [Music] helps no I I think I think it's a it's a

highlight to adherent risk that most GPS don't don't disclose what the inherent risk are and one thing I've been

noticing is the more the higher level I talk to my lenders I'm glad they're asking me these questions but they're

asking me what's the worst that can happen and what's the worst that has happened and a lot of my lenders are

asking me that now and I'm like really glad they're asking me that because a lot of our lower tiered lenders they

haven't asked me that none of them and I don't know Anthony Anthony raised a lot of money too for us they haven't been asking like what's the worst that can

happen so knowing the good and the bad of it is is 100% it's if if you haven't

lost money like you're you're probably you probably shouldn't be going too heavy into invest because we've lost

money we've had people steal from us we've had all the all the bad things happen to us so I know what to look for now and I'm actually glad that now that

I'm taking other people's money I know that I know I know what to look out for

because I've already lost money you know and I do think I I would say that

you know losing money shouldn't be sort of like a prerequisite in order to be an LP investor but but I would say that

understanding that you can yeah is very much a prerequisite and that's why I I I'm not sort of backing down from like

the the the negativity that I I I I I really do try to like tone it down I try to like not do it

every day you know but but I think it's important it's important for people to understand what's happening and I think

it's also important for for people for for LPS that are sort of retail to have

a voice in a sense and I think many of them sort of feel like they have Voice through me many of them don't want to publicly State what's going on maybe

they don't have a decent audience I mean I think my audience isn't massive but it's something well who wants to get on

on a soap box and say I lost a million dollars like no one wants to do that right I mean one of them can you know

create a Twitter account and post it but no one is going to see it right so so I think in some sense they they feel like

their experience at least helped other people and again like at the same time

LP Investments are great like otherwise I wouldn't be in this industry I think they're awesome it's just they take work

and and if someone I get some sometimes I get these calls of like hey I sold a

company for 50 million like I want to place about half into LP Investments can you tell me where to invest and my

answer is no like I'm not going to I can't work with you and they're like well like I just don't have time blah

blah it's like okay I can't work with you like if if you can't spend the time to understand what you're investing in

we're just not good for each other you know like you can you can you can invest

and and sort of feel like you're investing but really you're just a casino and and uh at a casino at a

casino you know that you're gambling so you sort of like limit or at least most people well you

know like you know we limit how much they gamble with but when you're investing it feels like you're investing

so like why should I limit it so you know anyways yeah you know just just I've never taken

anything that I've seen you post as negative man so I I guess if you're if you're predatory or if you're uninformed

or you want to be predatory and you hear somebody like saying hey you got to watch out with this stuff if somebody takes that negative maybe that speaks to

what their intentions are right because uh you know we do a lot of that in the real estate Community is like hey you

know watch out we we did a video on how to not get scammed so you know we do look out for people man we at least we

we try to look out for people I think we do a pretty good job we have a mastermind with over 300 people and there's always about 40 people on the

call I think it was this past Tuesday we talked about wholesalers or buyers that at the very last minute drop out of the

sale or else try to get a massive price reduction from the seller not because they need it to make the deal work but

just to make more profit and I said on the call it's recorded I said if I catch anybody in this group doing that you're out no warnings you know to just

unjustifiably just up your profit just because you want you know get the seller because you have them in that position

so we we do try to do a little bit of policing ourselves man and our own community and and so I'm I'm proud of what you're doing man I think it's

badass yeah thanks man yeah yeah like I said the big the biggest reason I want I want you to come on here is because like

I said I'm trying to get your voice out there and I think I mentioned it to you yesterday I think it's important that I

don't care what you invest in I think one thing I I think unique to your skill is that you have diverse knowledge

different asset classes that I don't even know of I've never even heard of I've heard of I know like about the credit space and all that stuff but even

that like it intrigues me like if a g the GP is doing credit ratings and all

that stuff they're investing in Wallgreens and they have to close 500 locations in 2024 like you should know

what you're investing in Dam yeah so but Daniel it's it's it's mailbox

money man oh it's mail let's talk about this until until the mail doesn't come

have you seen my check let's talk about this so like what you're doing like consultations and I think you made a

tweet like if if if you invest $ thousand dollar for a consultation about your your type of investment and it

saves you from that diving down that road you mentioned like a your little thing your consultation thing what type

of and I think you're you're doing like all different types of stuff but like what's what's that that consultation look like and what type of stuff are you

educating them on in that in that thing are you looking at their individual GP PPM to kind of poke holes through it

that they might even understand where um so I I'm not a legal person and I'm pretty public about that so like the

only time I really look at legal docs is if business terms aren't clear in the

deck which does happen like some decks aren't great in terms of outlining fees or the waterfall or whatever or

co-invests right so like to the extent that something like that isn't clear so I'll look at the legal Ducks but

typically my feedback is very business Centric you know it's like

The Importance of Due Diligence.) - Alex explains his goal of educating investors about the intricacies of transactions they're getting into, including both the potential upsides and the risks, to ensure they fully understand what they're committing to before making investment decisions.

and really my goal in the biggest way possible is to just educate them on what

they're getting into the good and the bad in other words and and I I think

this also gets confused a lot on Twitter like I think people think I'm sort of like anti LP investing or whatever like

I just basically tell people not to invest but the reality is I like I never tell people what to do at all like I I

don't think I have legal rights to do that even yeah and the only thing that I do is I try to educate them on like this

looks pretty good this is interesting you know like this assumption if this

assumption doesn't work out here's what might happened and make sure that they understand that right and and what comes

out of those discussions is it's pretty binary actually either the lp will be

like oh yeah like I I was expecting something along these lines I knew what

I was getting into and I'm I'm pretty sure I understand the mechanics of this transaction and the risk that I'm taking

on thank you for the digal color like let me ask a few more questions from the GP to just make sure I understand some

of your questions and and then they invest like and and that's totally on them um the other side

is you know some LPS are like I mean

some of the people go from wait like I don't understand like what what do you you have like lurbon here that says that

if the cap rates don't move in the right direction you might lose all your money and here's how that would happen and

they're like I don't understand like I thought real estate is safe and like you can't lose money like and and so like

when you have those conversations then the lp is just like oh like I am not ready to risk Capital right and and to

me that the success isn't that they invested or they didn't invest the success is that they simply understand

what they're doing like to me that's a success it's just educating them on the possibilities and and that in and of

itself is I think a lot more complex than people think especially when you're

dealing with retail like if you go to like a sophisticated institutional LP like they don't need me right because

they already think about this stuff and they know that the downside exists and they're trying to compensate for it but an average retail person doesn't so do

you do you have anything that you provide to uh people that you coach or that you you sit with like do you have some kind of like like cheat sheet to

like hey watch out for these 10 red flags or anything like that uh so I I write weekly on on a Blog

it's just LP lessons. sub.com one of the articles there that's open for anyone to

read is top 15 syndication mistakes I think you can just Google it and you'll find it and that is meant to be

essentially a summary of like basically if if you look at all the deals that I've seen that go bad that went bad and

then you sort of like pull up the deck that they invested based on two years earlier you'll you'll find some

combination of these 15 it might be three of them it might be 10 of them

right but you'll start seeing a decent chunk of them right and and one of the like really intricate things about what

I do and LP investing in general and and I would say investing as as a whole is

no transaction is going to be perfect right and so one of the things that I talk about in that in that in that

article is you you you these are I didn't name this top 15 red flags for a

reason because emotionally and like psychologically people are like oh like I found that

their fee is 4% and you said it should be 1 to 3% therefore this is a bad deal

like pass right or I found that like the irr is 9% and you said like it's pretty

normal to be in 10 to 15% range and they're like oh I don't want to do that and in in both of those cases you can

easily understand why like for example 4% on a100 million deal is insane four

4% on a $1 million deal is not so insane right and and like there's context right

and the context is really important and and sometimes like the the different variables also matter so for example you

know people talk about prefs and like what the pref should be and someone sees that there's no pref and they're like oh

no pref forget about it like I'm out and it's like well did you did you look at the next slide where they said that

there's like a 50% co-invest which and usually there isn't one that of that size and and there's also a 9010 split

did you see that and they're like oh no I I never got to that like I just got turned off by the fact that there's no

pref and it's like well that's not investing like you can't you can't like look at one variable and just sort of be

turned off right you can sort of like see what's the word like you can see

several variables right like several of these I guess you can call them pink flags maybe or like reasons to stop and

think which is what I like really called them an article and at look at some point no doubt like if if you have other

deals to look at at some point you you start like oh man like this is a lot of like pink things in one you know in in

in one deck and at some point you might pass right but yeah that that's sort of

like the the best advice I've given is just like that list of top 15 and I I've

also been very hesitant actually wrote about this last night I've been very hesitant to

give guidance on like one or two things that people should look out for because again the same thing happens people

listen to that and they're like oh so like if there's no cap rate compression this deal is great it's like no that's

not what I said right or or like or like if the fees are good or like sometimes

though some I had one LP that reached out and they're like I found this indication with no fees that means it's

good right I'm like well no like that's just one thing and I almost wonder how the GP is paying everyone without any

fees right anyways I digress dude those are all excellent

excellent points man if you've never invested money in your life and they you're looking at these things you have no idea what you're looking at right and

if you're just going off of the the two or three basic rules like you said like how much am I going to get back what's the term and there's little things that

you can see that say hey something's wrong with this deck but if you've never seen one before at all you don't know even even know what to go off of because

these decks look pretty convincing some of them look great I I I would say further it's not

that some yeah some of them look great some of them don't look so great which is also okay by the way like some people

are not so good at like making a pretty deck which is okay like you know in many ways people I think discount the fact

that AG GP is an investor and not a marketer and those two are very

different mindsets that certain you know they have an overlap right get me wrong but like they're different yeah I just I

think people tend to overreact to to variables that in the grand scheme of

things should be kind of irrelevant but they still should know what they mean at and the grand scheme

of things too of course of course but but that that look if you should try

your best to to realize that you don't know stuff right that's really important

in this world and and and be honest about it because what tends happen I've

spoken to many LPs that are just like first of all many of them are afraid to ask questions so they're just like ah whatever like I'll just throw a few

hundred grand like what's the worst thing that can happen and you know the the answer is you can lose it all right

I mean that's that's the that's the worst thing I can happen now what can be even worse which I've also seen is some

people not only get behind the lp position but they also start guaranteeing the debt for the GP and

then it gets even worse and it's like well I like I don't know it's real estate like what what's the different

like yeah like yeah so like people to your point Anthony and and and Daniel

both of you like people don't know what they're doing like to your earlier Point

Daniel like they don't know the difference between first position and second position many like Deb Investments are

presented as Equity Investments LPS don't even know the difference sometimes GPS don't know the difference which and

I I'll just say it publicly like that's okay like everyone has to learn right but but the point is you just you just

have to understand that this is like a new landscape and if you don't understand what you're investing in it's

okay to not invest like it's okay it's okay to just pass and look at five other ones I mean

when I was in the institutional World they probably we probably bought one out of every 10 maybe 20 deals that we

looked at and and like there was a filing process to even get to that and I don't think in the lp World it should be

so different you know like people get the sense of like they got a deal at their on their lap and it's like oh like

this is it like I how much should I put a million or 500 you know like I got to

invest like I'm I might not hear from the GP again you know whatever like you have to like

stay you have to realize that the worst thing that happens is you put this in 5% treasuries right like it's not so bad

yeah so how I have to double- EDG question how can GPS find LPS and how can LPS find

GPS it's a good question there there's no uh you know I I've honestly been very

surprised by those guys there's no obvious answers to this which which is kind of shocking like if I I speak to

LPS all the time that have millions to place and they don't know where to find GPS what I typically tell them to do is

just try to actively find them right but but like when you're a passive investor

I think it's normal to be active in terms of reviewing deals but sometimes it's very tough for people to find time

to like reach out to GPS and and reach out to a lot of them right um and so it

it becomes sort of like this weird thing where it was supposed to be like passive

Investments but they become very active on the front end and I'm a big proponent of that once you have a deck in front of

you right but but the problem is getting those decks in front of you is unusually

strangely like difficult even though you have like GPS on the other side that are like I need LPS like I can't Lo like

it's so hard to raise money right and so I'll have both of these conversations and you know I'm trying to figure out a

way if I can help now I don't think I'm anywhere near the scale where like I can make a real dent in this Marketplace but

like I think at some point I might build a solution for it you said build a solution I might yeah I'm about it like

what I mean I I think it could just even I mean let's start super simple like if

if I'm an LP and I live in Phoenix Arizona and I have $20 million to place

I should have a pretty easily accessible database of all GPS who invest in

Arizona like that's not that that's not like so complicated you're talking about like filtering an Excel file or an other

table right yeah and and you should also I don't know like if you're obsessed you

live in Phoenix but you're obsessed with Florida you should be able to find all the GPS who invest in

Florida and within those GPS that invest in Florida you might only care about the ones that are doing land deals for

example like I don't care about multif family and Industrial and blah blah blah like I just want to talk to the 20

people that do land in Florida and then within those I only want to talk to people that have been doing this for 10

years let's say again like all of the stuff feels very simple to build the

challenge with it is it needs a decent amount of monitoring to make sure that the data is clean and like that there's

I guess honesty behind the the content and it's it's it's a bit of a network on

both sides like you need GPS to be interested in this nlps to be interested in this and I I just think I need a much

larger audience for that to be like really effective well we we'd be happy to to team up on that man we're we're

continuing to grow the audience and yeah we like to work with Noble causes so if you ever decide to put something like

that together man we would love to be on that front first phone call and we'd love to help too I think it's the biggest thing I think if more GPS LPS

came and offered to help I think it it would become fruitful to the whole Marketplace and that's I think it's the

it's a giving part of the side of the whole side of it I agree I mean I it's wild to me that it's so hard to do this

you know like and because I I literally at least once a day I speak to LPS that are frustrated about not being able to

place capital and by the way it's not because they're looking at 20 deals and all of them are bad it's that they only

have a few deals and and some of them they already placed money into but they just don't to overexpose themselves to a

given deal right yeah and on other side you have GPS that are like screaming about money like they have so many deals

but they can't raise enough money and yeah I mean it's it's like a pretty

apparent thing for me I just uh uh it's only me in my guest

house so I'm not not quite ready for it yet can we hear some uh I know we got a couple minutes left but can we hear some

some bad stories and some good stories of LP and GP Investments so I know you got a couple of those if you can share

any I don't know if you can share yeah so I mean good stories I heard I've heard many instances of people going in

and like let's say starting with 100 Grand in some cases 50 and then over the

course of like 8ish years they grew that to a multi-million dollars which

is I mean pretty incredible mhm you know and a lot of that was done through 1031

and whatnot and then on the bad side I mean I I'll just tell you about an email I got I think it was yesterday like

sometimes I'll get these emails that are like hey I heard about you and this one started the same way and then it just

like ended up with it just kept getting worse it was like Hey like I invested

into deals and they they all like I I invested into deals and all of them

zeroed out and I'm like oh man like I just hate like seeing that and then it's

like is there any is there any one asset class that that crashes more than others

like Apartments versus houses versus commercial versus like crypto or boxer let me let me answer that at the end

yeah but but it's it's a complicated answer but let me answer that in the end so so like it was like Hey like I had these two deals that went bad and I was

like oh man okay like I have an idea of how to answer that and explain and help and then he and then the person was like

well I also have you know these other six deals that all have Capital calls

and I think like My Equity is impaired I just need help like figuring out what's going on and then he says like and I

have a bunch of others but those don't have Capital costs currently but I also have concerns and I'm like man like I

sit there and I'm just like I wonder like I first of all I don't have no idea what how much was put into each one

relative to the net worth somewhat surprisingly like I think only two of

them were with the same sponsor many of them were in different asset classes and so when you see stuff like

that I guess it just reminds me that like there's a lot of pain out there and that's just sort of like the small

segment of people that are actually that actually a know about me and B are actually willing to reach out yeah now

so Anthony going back to your question I think I mean I I think a lot of distress has to do with being a force seller at

the wrong time I mean that's just sort of like a reality right and a lot of what's going on now is rate caps are

expiring or debt is coming to a maturity and sort of like you basically don't have a choice and you sort of need to

make a capital decision in terms of the stories I think most of what I hear most of what I

hear and advis on is probably multif family like probably about 50% 60% but I don't think that means

anything and I'll tell you why because if you think about like the past five years let's say or or forget five years

like forget the past two years like maybe 2018 to 2022 right like that four-year

period and you put an Excel spreadsheet in your mind like every single syndication that

occurred in that space right retail forget about like institutional stuff I'm just talking about retail right I

don't know the answers to this actually I've never seen it I would love to see it so if anyone's listening and they have an answer please reach out but my

hunch is an overwhelming majority of the capital during that per period went into

multif family like my my my hunch would be like somewhere between 60 to 80% like

that that would be my hunch and and the reason why that matters is because when I get 60 to 80% of requests being multif

family that just makes sense like from like from a statistics perspective you would expect a lot more of the distress

to be in multif family because there's a lot more LPS in multif family yeah right yeah so I mean hopefully that answers

your question no that was a that was a great answer man yeah and that's kind of I guess that's where we've seen the most

blood in this market and I know we got to kind of stop short here and we usually like to go about an hour but I

think we need part two of this because the more you talk the more questions I have man so if uh if you're open to it I

I think we would like to do a round two with you yeah yeah for sure we can okay so where can people find you online and

man I have more questions but I'm Gonna Let You Go I know I'm taking notes here

so find me online I mean my my name is pretty unique so I you can Google me and

find me on Twitter and Linkedin I post there I I at least I try to several

times a day and then in terms of my weekly work I I try to publish on these topics at LP lessons. sub stack.com

there you go awesome awesome awesome thanks this has been amazing code Anthony yeah very pleased to meet you

man it's hard to grab somebody's personality based on a whole series of uh tweets or exes right so just just

getting to know you better man like I feel your Vibe and yeah I would love to do this again man yeah maybe I should

have come with like a Halloween costume you know with like with like some you

know some scary face and whatever should have came with it with a judge's

outfit exactly yeah yeah that's how people perceive me for some

reason here everybody here thanks for listening we appreciate you go like share subscribe go go check out leki Le

LP subset LP lessons. subs.com go check them out we appreciate you thanks for

coming on bye [Applause]

guys