0:00

today we're going to be talking about whether

0:02

investors are making the affordable

0:04

housing crisis. worse

0:07

or better So get buckled up

0:09

for an awesome show Welcome

1:29

everybody to the Tuesday edition of

1:31

the Not Your Average Investor Show.

1:33

I'm your host, Greg Cohen, and to

1:35

my right We have a dear

1:38

friend of mine a super special

1:40

guest We have over

1:42

a 10 year veteran of JWB

1:45

and over those years She

1:47

has done incredible things for our organization

1:50

and today We're going to talk about

1:53

the management of operations, which is what Tara

1:55

does, as a part of managing

1:57

operations. Well, if you don't know what managing operations

2:00

is at JWB, we're an organization

2:03

that buys hundreds

2:05

of properties a year, builds 400

2:07

homes a year, raises millions of dollars

2:09

in order to do that, sells hundreds of

2:11

homes a year, manages 6,

2:14

000 rental properties. And operations

2:16

is the backbone of all of that. In

2:18

addition to that, Tara is also the

2:21

mother of the flywheel here

2:23

as we all know here on the Not Your Average Investor show.

2:25

Super, super excited to have you, Tara.

2:27

Welcome to the show.

2:28

I'm so

2:29

excited to be here. Well, we are all

2:31

excited, and we're excited to have you all here, too.

2:33

Of course, Pablo's not here today, but this is going to

2:35

be an awesome opportunity for you all,

2:38

of course, to get to know Tara better, and

2:40

for us to dive into a topic that is super

2:42

important to all of us in our country

2:45

right now, which is the affordable housing crisis.

2:48

And I got something else to kind of kick off here,

2:50

and Tara, why don't you help me out a little bit? Something else

2:52

that's Oh yeah! Buh buh buh

2:54

buh buh buh buh buh! We got some breaking news. Why don't we talk

2:56

about some of the things that are super important

2:59

right now in JWB's halls

3:01

that we kind of talked about in our team meeting today.

3:03

Yeah, um, we have our golf tournament

3:05

coming up. We have 54 days until

3:07

the golf tournament happens. And a way

3:09

that you guys can get involved as part of

3:12

the community is our 50 50

3:14

raffle. So we are selling 50

3:16

50 raffle tickets. They're selling until

3:19

March 29th. So make sure

3:21

you grab yours today. And 50

3:23

percent of that raffle will go to support

3:25

JWB Cares and the home that we're giving

3:27

away. I think they announced it just last week

3:29

that we are giving away a home this

3:32

year to a JWB resident,

3:34

which is mind blowing, super

3:36

awesome. What a way to give

3:38

back to our And. 50 percent

3:41

of that will go to whoever wins. So

3:43

make sure you get your tickets today. Right

3:45

now, I just got a notification right

3:48

before here that the pot is up to 3000,

3:50

but our goal is 15, 000.

3:52

So help us get there. And you

3:54

guys have been such a big part of it already. So thank

3:57

you to all who have bought tickets so far. You

3:59

know, last time we came to our community

4:01

last year and asked. for their support and

4:03

they just showed up by the

4:05

hundreds of people that donated into

4:07

the thousands of dollars and

4:10

so a very special ask

4:12

of us is to help donate and to

4:14

be a part of the raffle here.

4:16

And we're also making it super special

4:18

for everybody who donates through the show.

4:21

We have these awesome looking,

4:23

yeah, you want to grab one of those? All right, sweet.

4:25

We've got these awesome summit sweatshirts,

4:28

which are like. Which

4:29

I'll be super jealous of because I don't have one yet. You

4:31

don't have

4:31

one yet? Oh my goodness. See, you

4:33

can get something that Tara doesn't even have yet.

4:36

We have we had nine of those.

4:38

For anybody who buys a hundred

4:40

dollars worth of raffle tickets. We had nine

4:43

and eight of you all have donated so far.

4:45

So there is one. Lucky person,

4:47

the first person who just lets us

4:49

know in the chat that they're committed to donating

4:51

and buying a hundred dollars of raffle. Oh

4:54

my goodness. We're going through that camera. I don't

4:56

even know how. All right, fantastic. Well,

4:58

there you go. Welcome. Welcome all

5:00

of you. so

5:03

for anybody that donates and buys

5:06

a hundred dollars worth of raffle tickets, you'll get that

5:08

last remaining Sweatshirt, and then

5:10

the other thing is my daughter Bella

5:12

has been making bracelets. Tara has

5:14

a special bracelet that is coming to her as

5:16

well. And for anybody that donates 100,

5:19

my daughter Bella is gonna make you a special Don't Be

5:21

Average bracelet as well. So let's

5:23

keep those donations coming in and thank you all

5:25

for your support and Really

5:28

can't wait to share more and more

5:30

experiences and what

5:32

it looks like to change somebody's life as we give

5:35

that home away coming up in a couple of months

5:37

here. So thank you all. Tara,

5:39

we have this special tradition that we do here.

5:42

You might be aware of it. I know it.

5:44

What's it called? It's the roll call, baby. The

5:46

roll call, baby. All right, let's start it off. We've

5:48

got our amigo, Mr. Buenas

5:52

tardes desde Duval. We

5:54

have the patron Santorios. Oh,

5:57

Michael. Michael Santorios. This is very

5:59

good. So Tara is an avid watcher of the

6:01

show. And I'm like, Tara, before I'm like,

6:03

do you know all the nicknames? She's like, I want to give

6:05

it a shot. So we're going to see how good she

6:07

is. I apologize if I forget any.

6:10

Well, if you know a few of them, we're going to start right there.

6:12

How about the MVP? Do you know the MVP? Oh, that's Mr.

6:14

Lee Bishop. Mr. Lee Bishop. We have Christopher

6:16

Lee from Fernandina, who's becoming more and more

6:18

of a regular. Super appreciate you, Christopher.

6:21

We've got Matthew Edwards checking

6:23

in. We've got big poppa. You know who big poppa is?

6:27

Pops. How are you, man? All right.

6:29

Let me see what we've got here. As I move

6:31

down the list here, we have,

6:33

Oh, our regulars, Gary

6:36

and Rosalyn Riley from Marietta,

6:38

California. We regard

6:40

you. We have Regé Fonsé,

6:44

who is from the Inland Empire there.

6:46

And funny thing, that is absolutely not

6:48

how you pronounce Regé's last name, but Pablo

6:50

just fell in love with it. So, Regé, I hope you're

6:52

cool with it. We've got Kevin O'Brien.

6:55

Kevin doesn't know if he's from Rhode Island or from

6:57

Boston. Was here at the Summit. And,

6:59

uh, him and his lovely wife. Actually

7:02

lives in Rhode Island. We've got the

7:05

mama bear, Cody Adams, checking in there.

7:07

We've got Stephen Chmielewski checking

7:09

in as well. He really is from Rhode Island, so

7:11

welcome, Stephen. We've got John Moran

7:14

saying good afternoon. Good afternoon to you, my

7:16

friend. Ooh, we have the patriarch and

7:18

the matriarch and the first family of

7:20

the Not Your Average Investor show. Ken

7:22

and Carolyn Maleen, we salute

7:24

you. We have,

7:26

let's see here. Oh, we have the shaman. Do you

7:28

know who the shaman is? Nadeem Shah. Nadeem

7:31

Shah. The ride along partner, right? Well, he

7:33

also rode along as well. The ride along partner. Barrage.

7:35

Yeah, that's right. You're doing so great with all these nicknames.

7:37

Way to go. We've got Laura Colby saying hello

7:40

from Washington State. We have

7:42

The Maven from Denver,

7:45

Colorado. Current client

7:48

starts with an L. Last

7:50

name Wilson. Leslie!

7:52

Leslie Wilson! Check it in. Very

7:54

good, very good. Let's see here. Oh

7:57

man, you guys are just showering us with

7:59

love in this chat. We appreciate all of you. And if you're listening

8:01

on the podcast right now and you want to get in on all this

8:03

love, just jump right into the actual

8:05

Zoom meeting here. You can register at

8:07

nyais. com.

8:10

And with that Tara, we're going to jump right into

8:13

the content today because this topic

8:15

I think really is important to a lot

8:17

of folks. And I think that

8:19

You know, we can really, I, what

8:21

I think is share a, a not your average perspective

8:24

here. many of us are aware

8:26

of the affordable housing crisis. And

8:28

so I put a couple of stats here

8:30

together just to kind of highlight what

8:32

a big crisis we are facing here.

8:34

And so, now, well, let me

8:36

see here as I kind of share the screen a little bit.

8:39

So right now, let's talk about this affordable

8:41

housing crisis and what do we really mean? Well,

8:44

over the past 40 years,

8:46

home prices are up over

8:48

500%. And when I saw

8:51

this graph, I was like, wow,

8:53

look at how much they've gone up just in

8:55

recent years. It wasn't

8:57

always this way that home prices went up

8:59

this much or this fast.

9:01

But then I'm like, well, 40 years is a long

9:03

time. Is 500 percent

9:06

normal or not normal? I don't know.

9:08

But what I dug into and found out is

9:11

that We really need to pay attention

9:13

to what percentage of rent

9:15

or mortgage payments are

9:18

of somebody's income are going towards their

9:20

housing. And that has gone

9:22

up at a staggering percentage. So

9:24

now, average renters put more than 30

9:26

percent of their income towards

9:28

housing here. And you can see. The

9:31

rate at which that has increased

9:33

over the short term here, really

9:35

since 2019 is where you see this incredible

9:37

spike. 30 percent is really

9:40

important because if you start to look at

9:42

how people maybe fall behind in

9:44

payments of anything,

9:46

credit cards, housing.

9:48

Once you start to account for

9:50

more than 30 percent of your income

9:53

going towards your housing, the rest

9:55

of life gets a whole lot more difficult

9:57

to pay for. And so now

9:59

we're over 30 percent and it's something that's

10:01

really the backbone of why this affordable housing

10:03

crisis is making so

10:05

many headlines out there. But

10:07

speaking of headlines, Taryn, I'd love to get your

10:09

real world. But the headlines

10:12

say that investors are a big part of

10:14

the problem. I just happened to pull this one from

10:16

the other day, from CNBC, that Wall

10:18

Street has purchased hundreds of thousands of

10:20

single family homes since the Great Recession.

10:23

And this is their impact on

10:25

rental prices and tariffs. You sit

10:27

in this unique seat at

10:29

JWB. You are sort of

10:31

at the intersection of a lot

10:33

of, call it stakeholders here.

10:36

On the operations side, you're responsible

10:38

for setting rents for our 6,

10:40

000 rental properties that we manage. On

10:43

the side of selling our properties

10:46

to homeowners, to, to

10:48

owner occupants, you're responsible

10:50

for setting prices there and you

10:52

get feedback. From everybody

10:55

along the way. You also are here as

10:57

a part of JWB, which we are

10:59

an investment firm. We're not Wall

11:01

Street, but we're an investment firm. And

11:03

I just think you're at a unique, you're in a unique seat here.

11:05

So what do you think of when you read these

11:08

headlines? You hear it in the media, but you see

11:10

what goes on on a daily basis. What? What are you

11:12

seeing? I think

11:13

it's interesting because the media wants to portray

11:15

that, like the big institutional buyers

11:17

are the ones out there gobbling

11:19

it all up. When it comes down to it. I'm

11:22

seeing, I mean just on our. owner

11:24

occupant sales alone that out of 114

11:27

properties that we closed on last year sold

11:30

to owner occupants only three of them were from

11:32

big time investors. So, I think that says

11:34

a lot especially here in Jacksonville

11:37

with such a big market and area.

11:40

So,

11:40

I just want to make sure I got that stat right. So, out

11:42

of how many homes we sold only three?

11:44

114 homes that we closed

11:46

on. Okay, that's really an important

11:48

nugget. So, you're getting information like on the

11:50

ground from an investment firm here in Jacksonville.

11:53

And Jacksonville has made a lot of headlines as being

11:55

kind of like this mecca for institutions

11:58

and all of this. But for a company

12:00

that is leading the way in selling properties

12:02

under the 300, 000 threshold,

12:05

only three of those were actually sold

12:07

to an investment firm. Well, that's pretty

12:09

good stuff. So, all right. So, when

12:12

you read these headlines, do you feel

12:14

like it's accurate or what,

12:16

what do you see for your daily basis? I

12:18

think it's

12:18

a way to place blame.

12:21

I know my millennial group is going to hate

12:23

that. But it's a way that we can

12:25

point a finger at something that we can't

12:27

currently afford. You hear a lot of, you know,

12:29

I'm in TikTok and Facebook and

12:31

all those kind of things. And you hear people complaining

12:34

that, Why they're not able to afford

12:36

things and, you know, in general,

12:38

prices go, are going up but

12:40

to be able to point at one person specifically,

12:43

it feels a little

12:44

better. Yeah. And I think we, we all

12:46

look for somebody to blame here. And I think the, the

12:49

key here is that There are investors

12:51

that are making affordability more challenging.

12:54

There, there are a section of investors

12:56

that are doing that. But there's also a section of

12:58

investors that are actually helping with the

13:00

affordable housing crisis. And today,

13:03

because you all are investors and you're interested

13:06

in either, you're already an investor or you're thinking

13:08

about it, I want you to know how you're

13:10

a part of the solution. Because that's what Tara

13:12

sees here sitting with InsideJWB.

13:15

We happen to be a part of the solution here. Here's

13:17

a stat. that many people

13:19

don't know. When we talk about

13:22

Wall Street and institutions buying

13:24

up all these single family homes, the

13:27

data just doesn't support it. Of

13:29

all the single family homes, rental

13:32

homes in the country. There are 14

13:34

million single family rental homes in the country.

13:37

These big institutions own

13:40

less than 5 percent of all

13:42

single family rental property. So

13:45

while they have purchased more

13:47

over the last few years than they

13:49

did 10 years ago, and

13:51

the rate at which they bought those assets

13:54

was higher, The overall

13:56

impact there is still incredibly

13:59

small. Right. And so

14:01

there's really not an opportunity for

14:03

investors to come in on a large scale

14:06

and start to set rents. Because

14:09

the only way you do that, if you act like a monopoly,

14:11

you have to have much higher

14:13

than 5 percent of the units

14:16

under your control. And it's just, it's just not

14:18

reality. So I think that's a, that's an important

14:20

part of it. All right. So Tara,

14:23

let's talk a little bit about. If you're

14:25

going to be a part of the solution

14:27

as an investor, what

14:29

are some of the things, how do we fix

14:32

affordable housing? What, big picture,

14:34

what are some of the things that we need to do as a

14:36

society in order to solve

14:37

the problem? Supply. Supply is the biggest

14:40

thing. I mean, basic supply

14:42

and demand, right? And so being

14:44

able to supply more affordable housing

14:47

is absolutely necessary. So every time

14:49

you buy an investment property whether

14:51

it's here in Jacksonville or somewhere else, you're

14:53

supplying another property

14:55

available for those who are in

14:58

demand of the

14:59

property. That's a great point. I'll give

15:01

some, some stats here behind it, but, you

15:03

know, at the end of the day, It's just a

15:05

demand and a supply problem. And

15:08

we talk a lot, geez,

15:10

over the last few years, the, the headlines

15:12

have all been about this crash

15:15

of real estate, which never happened.

15:17

And on the show, we've talked over and over and over again,

15:19

how we didn't see that happening and it didn't come

15:21

to fruition. But what

15:24

did crash a long time ago was

15:26

supply of housing. And

15:28

supply of housing being so

15:30

low is what is

15:32

leading and is the main cause of

15:34

this housing affordability crisis.

15:37

So the solution is more

15:39

supply. And it's not

15:41

just any more supply. I pulled some stats

15:43

here that I wanted to share with you guys. It's specifically

15:46

workforce housing that is the

15:48

most in need of supply.

15:51

So according to Freddie Mac, the country overall

15:54

is short 3. 8 million

15:56

housing units, but the problem

15:58

is worse for the affordable

16:00

housing segment. There

16:02

are only 7 million units available

16:05

for a renter population of

16:07

11 million. households

16:09

that are in need of affordable housing.

16:11

Those with either extremely low incomes

16:14

or low incomes. So

16:16

if you want to pick the best

16:19

part to be a part of the solution

16:21

of affordable housing, it is how do

16:23

you increase supply in

16:25

workforce and affordable housing? Which

16:28

is one thing that as

16:30

a JWB investor, that's what

16:33

you do. That's part of the indirect

16:36

benefits that you get when you buy, when you

16:38

buy rental properties with JWB.

16:40

Or with any other turnkey provider

16:43

that is creating inventory, building

16:45

new houses, in the workforce

16:47

housing part of the spectrum

16:49

here. Because what you're doing

16:52

actually, in addition to creating

16:54

a great investment for yourself, is

16:56

you're investing in a company that

16:58

is creating more housing units and workforce housing

17:01

as well, but that company is

17:03

also maybe creating units that

17:05

might not be just for rent. They might also

17:07

be creating units for sale. Do

17:10

we do that here at JWB?

17:11

Absolutely. Some of you guys on the summit

17:13

might have seen one of them.

17:15

Can you, can you talk a little bit about that? So

17:17

on the summit here when we were here just a few

17:19

weeks ago, we went and we did a property tour

17:21

and we were able to see two houses

17:24

and they were right next door to each other and they were

17:26

two brand new construction homes. One

17:28

of them well, we were actually able to see

17:30

many homes, one

17:33

right next door to the other was. A

17:35

turnkey investment property, which was sold to a

17:37

client. The other one right next door

17:39

was a retail property sold to a home

17:41

and owner occupant. So can you talk about

17:43

how that right there is an example

17:46

of how when you invest with a turnkey

17:48

company, a vertically integrated company, you're helping to

17:50

be a part of the affordable housing

17:51

solution. Yeah. I mean, the more properties we sell,

17:53

the more we're able to build and, you

17:55

know, building 400 properties this

17:57

year is one of our goals as a new construction

18:00

company. That's 400 new doors to

18:02

the market. Out of those four 400

18:04

new doors. We plan on selling 208

18:06

of them to our owner occupant

18:09

side of the business. And most of those are under

18:11

300, 000, so that's another way that we're

18:13

providing affordable housing.

18:15

That's right. So, last year, we,

18:19

I think there were, I might not have any stats

18:21

right in front of me. 42%. 42%?

18:23

Thank you. Yeah, so 42 percent of all

18:26

the homes that were sold in Jacksonville under

18:28

300, 000 were sold

18:30

by Tara's team. So

18:32

one outfit here in Jacksonville

18:35

created 42 percent of sales for

18:37

those properties that are sold under 300, 000.

18:40

But all of those new homes needed to be built.

18:43

And those new homes weren't just built out

18:45

of the, you know, a new line

18:47

of credit for JWB. It was built

18:50

because of all of your investments in

18:52

our turnkey inventory. and

18:54

all of your investments in private lending.

18:56

So, I want you to feel really, really

18:59

good that when you choose a certain

19:01

way to invest, you're a part

19:03

of the solution. You're not the big

19:05

bad Wall Street that people like to

19:08

blame for this entire housing affordability

19:10

crisis. And I'm seeing some

19:12

questions start to come in. We're going

19:14

to make sure we get to those questions

19:16

as well. And, uh, I see a ton of

19:18

stuff going on in the chat too, and I always

19:20

appreciate that. If there's anything that

19:22

you'd like us to talk to Tara about and

19:24

to address on the show, please make sure you put it in

19:27

the question and answer section, because guys,

19:29

too much going on, I can't pay attention to

19:31

the chat and pull it out of there for you. So we'll

19:33

make sure we get to those questions for sure. But I

19:36

thought, Tara, this would be a great time to shed a light

19:38

on something that is really something

19:40

that you brought and developed from

19:42

scratch here at JWB.

19:45

It's something that we haven't had the opportunity to

19:47

shed so much of a light on in the past,

19:50

um, but it's the way that we help our

19:52

clients not only just sell their

19:55

turnkey investment properties when it's time

19:57

for them to sell, but it's also something

19:59

that we do to provide more housing inventory

20:01

and sell homes to, homes to owner occupants.

20:04

And what I'm foreshadowing here is, of course, JWB

20:06

Realty. Yeah. So why don't you share

20:08

a little bit about what JWB Realty is and

20:11

maybe where it started, where it came from, and

20:13

how it can help investors today. Yeah,

20:15

so, we've sold homes

20:17

to owner occupants probably since 2016

20:20

ish and that's just kind of been a study when

20:22

it makes the most sense for JWB

20:24

as a company. But now that we're 18 years

20:26

into this that's crazy to say, huh? Oh my

20:29

gosh.

20:29

I feel every one of those gray hairs.

20:32

Now you're making me get them too. and

20:35

now that we're 18 years into it, it's It's, you know,

20:37

time for some of our investors

20:40

to, you know, get out of the investment or make

20:42

more liquid investment. And so to be able

20:44

to really have that turnkey

20:46

property for someone and help service

20:49

throughout their investment being a

20:51

part of the sale of the investment is something

20:53

that we have opened up. And so, now

20:56

when it makes sense we are there to

20:58

help assist our clients

21:00

sell their investment on the backend. And so.

21:03

we have three agents now in

21:05

house previously we kind of referred

21:07

business out, but now we have three agents in house,

21:09

Cassandra Conetzer, Mo Mala,

21:12

and Daniel Danius who are selling

21:14

homes for us here at JWB.

21:16

They have been working with us. Since that

21:18

2016 back in the day when we started

21:21

selling to owner occupants and they're just

21:24

wonderful teammates of ours. And

21:26

this gives the opportunity for us to really

21:28

show our clients full service throughout

21:31

the purchase, throughout the duration of your

21:33

ownership, and when you go to liquidate your

21:35

home.

21:36

You know, it is. I want to make sure we get some face

21:38

time for those beautiful people that are on JMEB.

21:41

realty group here if I can figure out how

21:43

to do all that good stuff.

21:44

And the great thing about Dan and Mo

21:46

and Cassandra, you guys

21:48

probably have met Cassandra. She was at the Summit.

21:51

She goes by KJ often here in office.

21:54

Together they have over 30 years of

21:56

experience, have purchased

21:58

and closed and sold over

22:01

2, 000 properties

22:03

across the three of them. So lots

22:05

of knowledge here in the local

22:06

market. And it's I mean, I'm

22:08

even blown away by the

22:11

things that we're able to do if we just focus on

22:13

maybe just even first time homebuyers as

22:15

we're under the lens here

22:17

of solving the affordable housing crisis.

22:19

I mean, the things that Cassandra,

22:22

Mo, Daniel, everybody,

22:24

Tiffany, everybody can do on J. W. B. Realty

22:26

Group to help with down payment assistance. And

22:29

I got this message from KJ. She was telling

22:31

me that up to 50, 000

22:34

of down payment assistance is what we're able

22:36

to get for folks to be able to buy their homes.

22:38

Yeah. And that's dependent on each person.

22:40

But usually up to 50,

22:43

000 and it's, you know, straight from

22:45

city assistance from

22:47

state assistance, from federal assistance. And

22:49

it's a really awesome opportunity.

22:52

We're actually hosting a class. On

22:54

March 20th, a first time homebuyers

22:56

class and have invited

22:58

people here locally to come to our class so that

23:00

we can teach them what is available for

23:02

them to be able to purchase their first property.

23:05

There

23:05

you go. So all of these things, when you invest

23:07

in JWB as a turnkey investor

23:09

or a private lender, you're also a part

23:11

of all these other things that are going to help

23:13

the Jacksonville market. And if you're like

23:15

me, you know, the opportunity to make

23:17

money is is exciting. I like to be

23:19

able to invest and be able to make money. But if I

23:21

can attach that to a greater good that

23:24

I am a part of, then I'm really

23:26

excited. And this connection to this

23:28

greater good hasn't always been made.

23:30

But I want you to know that you are so, and

23:33

then that stat there because of the down

23:35

payment assistance, because of the knowledge and

23:37

the experience of doing this for decades

23:39

and decades and the first time home buyer classes,

23:42

that's why we were 42 percent

23:44

of all sales. In that,

23:46

in the lowest price points within Jacksonville.

23:49

And I think that's just the start. I mean, we've, our

23:51

focus has been opened

23:53

even wider as affordability continues

23:56

to be a hot button topic that I think

23:58

42 percent is where we are now,

24:00

right? But I think hold us to that. That's

24:03

not something that's going to change it. Something we want

24:05

to be even more Part of

24:07

a bigger part of to the solution

24:09

100 percent 100 percent So,

24:11

we also get to help with affordable

24:13

housing through this wonderful golf tournament

24:16

and this housing donation that we get to make every

24:18

single year. Can you talk to people about how much it matters

24:20

to you on the care side? Well, you're gonna

24:22

make me cry again. I cried this morning.

24:25

JW cares and our initiative

24:28

to gifting a home to a local

24:30

resident is I can't imagine

24:32

the change that we're Giving that

24:34

person in their life. The last five

24:36

years we were able to give to a veteran And

24:39

now to one of our own residents and it's just

24:41

life changing event life changing for

24:44

that person individually, but for their family

24:46

and generationally you imagine the

24:48

amount of things

24:50

that that changes for the future

24:53

generations of that person who receives

24:55

the home and it's just it's really awesome. Not

24:57

only does that part get

24:59

to be awesome, but also our team coming together

25:01

to make this happen is

25:04

such a special part of being a JWB teammate,

25:07

being part of this community. It's

25:10

my favorite part of the year. We work

25:12

all year on it really hard and it's a

25:14

great, great event.

25:16

Tara is one of the hardest workers

25:18

for this event too. Tara

25:20

is the biggest cheerleader that we have when it comes

25:22

to JWB Cares. Some of the things

25:24

that you may not see is you know, whenever

25:27

there is an opportunity to raise money,

25:29

Tara's there. Whether that's giving her

25:31

time or her talent, her incredible

25:33

teacher skills about getting everybody rallied,

25:36

which we see every Tuesday morning meeting. But,

25:38

it's just, you know, the way that we're able to do so much

25:40

of this good stuff is not by going to

25:44

a rich uncle somewhere or a

25:46

big institution that, you know, funds

25:48

all this stuff. It comes from, it

25:51

comes from you. It comes from the hundred

25:53

people on our team and small. Small

25:56

victories, daily victories is how we raise

25:58

over 200, 000. And if

26:01

you can think of the very best way that

26:03

you can help solve the affordable housing crisis

26:05

on a one to one level, if

26:08

you have never been there the day that

26:10

somebody gets a brand new home, Your

26:14

life will be forever changed. If you have the

26:16

opportunity to be there. And we at JWB

26:18

get to be there every single year. Yeah, that's great. So

26:20

it's, it is really, really incredible. And

26:22

something that, again, I want you all to know that you're

26:24

connected to that. When you invest and

26:27

you invest with JWB, you're connected to that.

26:30

If you're not an investor yet, and you donate

26:32

and you're a part of the JWB raffle today,

26:34

you're a part of that. And Connecting that opportunity

26:37

to make money with doing a whole lot of good in

26:39

this world is I think how we can move

26:41

mountains out there so I wanted

26:43

to go take it a little bit of a different direction

26:45

here because here's what we know. We

26:47

know that we've got this affordable housing

26:50

problem out there. We know that

26:52

housing needs to be affordable for our society

26:55

to work that way that we want. We can't have

26:57

a society of haves and have nots, right?

26:59

We need to make sure that there is a place for the middle

27:01

class. We need to make sure that there is a place

27:03

for affordable options for people to live.

27:07

And the government knows this too. And so what

27:09

the government has done

27:11

is really focused on creating

27:13

incentives and yeah,

27:15

incentives, subsidies for developers

27:18

to go out there and create this affordable

27:20

housing stock. And

27:23

it is something that I think should be

27:25

really celebrated, right? Anything that we

27:27

can do to create more affordable housing en

27:29

masse is going to help all of us.

27:32

And, you know, but

27:34

if you can do it without having

27:36

to give all of these incentive dollars.

27:39

Wow, that, I think, would

27:41

be the win across the board for everybody

27:43

because, you know, the general public doesn't like incentives

27:46

to go to big, bad developers. And

27:48

so, I wanted to kind of thread this needle here

27:50

with you guys of showing you, just in Jacksonville,

27:53

how this affordable housing works and

27:55

the type of incentive dollars that are going towards

27:57

it. Because we need affordable

27:59

housing. Because the government knows we need it. And

28:02

then, hit you with a little something that you might

28:04

not have put the dots together on. So, let

28:07

me show you this here. here's

28:09

an article from the Jacksonville Business Journal. It was just

28:11

last week, and it talks about how most

28:13

of the time, These big developers

28:16

are using government incentives

28:18

and subsidies, and I want you to know that. I think that's a

28:20

wonderful thing because it's going to solve the big

28:22

problem. But here's an example.

28:24

So this is a project that just

28:26

was announced called the lost South Bank, and it

28:28

consists of 100 apartment units. 80

28:31

of which will be reserved for renters making

28:33

60 percent of the area's annual

28:35

median income, and all of the units will be

28:37

rented to people making less than 120

28:39

percent of the area's median

28:41

income. What you should take

28:44

from that is that's affordable and that's

28:46

workforce housing. All

28:48

right, but then at the bottom it talks

28:50

about how The company is seeking

28:53

20 million from the state and tax

28:55

credit equity to develop the property, and it's

28:57

also asking the downtown investment authority

28:59

for 600, 000 to help it secure

29:02

the tax credit it applies for.

29:04

And I just want to say that. I

29:06

think this is wonderful. Incentives

29:08

are helping here. But I also

29:11

wanted to connect the dots. Because JWB

29:13

is the largest provider

29:15

of affordable housing in

29:18

Jacksonville that has never

29:20

received any incentive

29:22

dollars to do it. And if

29:24

there is a way to get affordable housing and we

29:26

don't have to create incentive dollars to do it, I

29:28

think that's something we can all be a part of. So

29:31

the way that we do this, of course, is

29:33

by being able to build infill

29:36

lots, like we are talking about, and being

29:38

able to sell those lots either to investors

29:40

like you. Or to be able to sell those

29:42

lots to owner occupants like

29:44

Terra and JWB Retail, excuse

29:47

me, uh, JWB Realty Group,

29:49

Get2Do. But that's

29:51

huge, guys. Right? Not only are

29:53

we able to provide 42

29:55

percent of all the homes that sold

29:57

on the market last year. under

30:00

300, 000, but not a single

30:02

amount of government subsidies or incentives

30:04

was required to do that. It makes me feel

30:06

pretty good.

30:07

How about you? Yeah, I think it's awesome. I think

30:09

the big thing that, you know, the reason

30:11

incentives are going that way is to solve

30:14

the density problem, right? And we

30:16

have creatively thought of a way to Work

30:19

on density as well. And that's through

30:21

the ability to build

30:24

an infill lots rather than needing, you

30:26

know, five acres to to build

30:28

300 units, right? We're

30:30

able to build units throughout

30:32

all of the neighborhoods. And I think the interesting

30:35

part about that is we are continuing

30:38

to raise the, the

30:40

appreciation of homes in the neighborhoods

30:42

that we work in by continuing to

30:44

build in

30:45

those neighborhoods. Bring up a good point. Why don't we shed a little more

30:47

color on that? You know, sometimes when people

30:49

are investing in rental properties with JWB, they

30:51

say, number one, I

30:54

don't know if I can sell that house later

30:56

on. And then number two, how do I

30:58

know that it's going to appreciate because people

31:00

have this preconceived notion that If

31:02

you're buying a rental property in a neighborhood

31:04

where it's, there are a number of rental properties

31:06

that it must not appreciate. Can you debunk

31:09

some of those thoughts or some of those myths there? Yeah.

31:11

When we look at the properties

31:13

we currently have available for our owner occupants,

31:16

they're in the same neighborhoods that you're investing

31:18

in. They're in Arlington, they're in the North side,

31:20

they're in West side. They're in those same

31:23

neighborhoods right next to, right? Like Chenango,

31:25

right next to the ones that are going

31:27

for our investors. And, It's a great

31:29

opportunity for, what is it that

31:32

Pablo always says, rising

31:34

tide. Lifts all boats. Yeah, and

31:36

that's exactly what's

31:37

happening. There you go. And

32:19

that flexibility that we have because of

32:21

Tara's leadership and JWB Realty Group

32:23

is, it's critical to know that JWB

32:26

as a company. can survive and thrive

32:28

in any real estate market. You know, that's the reason

32:30

that we started in 2006

32:32

and we're here 18 years later and

32:34

we've endured pandemics and eviction moratoriums

32:37

and all these good things. It's because

32:39

we have incredible flexibility as

32:41

a vertically integrated operator. You know,

32:44

you know, and maybe if you could shed some light on

32:46

some of the neighborhoods, how do we make the decisions

32:49

of what to make as a retail home, one

32:51

that would sell to an owner occupant? And how

32:53

do we make the decision of what would sell to

32:55

a turnkey investor?

32:56

So a lot of that depends on what's happening in the

32:59

market at the time. I mean, in 2020,

33:01

there were a lot. Less retail

33:03

homes available because our demand

33:05

for investment properties was much higher.

33:08

But a lot of what we're doing is just

33:10

looking at the basic numbers, investment

33:12

wise, what makes sense, and then to the

33:14

market right now, what makes sense. And

33:17

we're not cherry picking anything. Most of what we're

33:19

doing is just saying, hey you know, for

33:21

our amount of sales that we need right now for

33:23

investors. These three work and

33:25

for our, for our retail side, these

33:27

three work. And it's flexibility. Absolutely.

33:30

There's more than enough to go around for

33:32

all of our owner occupants, as well as our

33:34

turnkey investors. So that flexibility

33:36

really helps. All right, guys. Well, there are a ton

33:38

of really good questions here. I'm counting eight right

33:40

now and I can see more and more coming in. Go

33:43

ahead and fire those questions in. I'm going to kind of wrap it

33:45

up for a bow here. And then

33:47

we've got Tara here who's going to answer some questions,

33:49

for all of us here. So here's the thing.

33:51

When you invest with JWB, here's what you're doing.

33:54

You're a part of the housing of

33:56

the affordable housing solution. You're not a part

33:58

of the affordable housing problem. When you

34:00

invest with JWB, you're investing in housing

34:02

inventory. That is probably new

34:04

to the market. It's either a brand new home

34:06

or it was a newly renovated

34:08

home that probably

34:11

wasn't lived in before. So this is all new

34:13

inventory that you're bringing to the

34:16

market. And new supply, new

34:18

inventory, is the number one solution

34:21

to be able to solve the affordable housing

34:23

crisis. And as a special little

34:25

side note, That's all new inventory

34:28

serving affordable housing that requires

34:30

no government assistance. When

34:33

you invest with JWB, you're providing workforce

34:36

housing, which is the most needed

34:38

section of housing that

34:40

we can provide there. When you invest

34:42

with JWB, you are indirectly

34:44

helping to build additional for

34:46

sale inventory. Just like we've talked

34:48

about with JWB Realty Group.

34:50

You're helping through your rental

34:52

property investments. You're creating a platform

34:55

for more for sale inventory as well. How

34:57

about this one? When you invest with JWB,

35:00

you're creating more tax revenue, which

35:03

contributes to going and paying all of our

35:05

essential workers, our teachers,

35:07

which Tara was a teacher in a former

35:09

life, so that's why I look at her there. She's,

35:12

you're always a teacher, you always teach us, but

35:15

we love our teachers and if we want to be

35:17

able to pay our teachers more, part of that comes from

35:19

our property tax revenue or firefighters

35:22

or police. So when you're investing

35:24

in a JWB property, that's

35:26

what you're contributing to. And when you're

35:28

able to be able to pay our

35:30

essential workers more, those

35:32

who work in workforce housing who

35:35

live in workforce housing neighborhoods and work

35:37

those jobs, you're able to

35:39

solve the affordable housing crisis, not just

35:41

from the supply side,

35:44

but also from the side of raising their

35:46

median incomes as well, which

35:48

ultimately is how you make housing more affordable.

35:51

And then lastly, when you invest with JWB

35:54

and you buy raffle tickets and you contribute

35:56

and you sponsor the golf tournament, all of those

35:58

good things you're doing the most one

36:01

to one thing you can possibly do to solve the

36:03

affordable housing crisis, which

36:05

is supporting JWB Cares so

36:07

that we can build and donate a home.

36:10

to a very deserving resident

36:12

of JWB and change their life.

36:14

And so if you're not feeling good about where your dollars

36:16

are going before, hopefully you do now

36:19

because that's the real. That is exactly

36:21

what's happening and I want you to feel good beyond

36:23

some of those headlines that we read out there. You

36:26

feeling good over there? I'm feeling great. I feel good too.

36:28

All right. Well, let's go to some of these questions that we have.

36:31

And I appreciate all of you for firing those questions

36:33

in here. We've got the patron Santorio's and his first

36:35

question is, Greg, are those numbers for

36:37

rent and mortgage increases adjusted for

36:39

inflation? Great question. Patron

36:42

Santorio's there. I will go and double check that

36:44

and then I'll have that answer for you at a future

36:46

show. MVP Lee Bishop, he said,

36:48

Were the first two slides national numbers or

36:50

Jacksonville only? Those were national

36:52

numbers, Mr. MVP Lee

36:54

Bishop there. He said, I

36:56

think they could represent the national numbers, and

36:58

he is 100 percent correct. Alright,

37:02

Mr. MVP, another question. He said, Changing

37:04

the mindset of younger individuals starting families,

37:07

that affordable housing is a much better solution

37:09

than apartment dwelling. What

37:12

do you think? Do you feel, what's the feel that you're hearing

37:14

from both on the resident side and

37:16

then on the homeowner side who are buying homes?

37:19

I think the difference is knowing how

37:21

to buy a home. I think the education

37:24

of what is out there, what

37:26

you can purchase, and not being

37:28

the scary thing is the most important part

37:31

of it. Everybody's rented before

37:33

and that seems a lot easier.

37:35

And you know, saying You

37:37

put a down payment on a property.

37:40

That sounds a lot scarier than a security

37:42

deposit that you might get back. Right, but

37:45

you had shared a stat in our

37:47

preparation about the difference

37:50

in the income that

37:52

you have from a property or from the

37:54

wealth that you have from a property. When

37:56

you're actually owning the property versus

37:58

renting it. And I believe it was

38:00

San Diego that it looked at. And it was

38:03

like a million dollars worth

38:05

that you would have had as

38:08

as your wealth growth if you

38:10

had owned the property rather than renting the property.

38:12

And so I think just learning that.

38:15

The full financial education of it

38:17

is the most important part and making

38:19

it real and tangible. And that's why I'm really

38:21

excited about our class on the 20th. We've

38:24

had a lot of that knowledge and put

38:26

it out in you know, websites

38:28

and webinars and things of that nature, but actually

38:30

talking to people and telling them

38:32

on their level and understanding their situation

38:34

is going to be really powerful. I

38:36

am so excited for that first time home buyer.

38:38

Session there, and I think you're a hundred

38:40

percent spot on on the lack of just

38:43

education behind how

38:45

beautiful home ownership is

38:48

I think home ownership overall, especially

38:50

since the great recession has gotten a bad rap

38:52

Absolutely And if you don't understand

38:54

how you're setting yourself up and

38:56

your family up and your future generations

38:59

up by helping people

39:01

Latch on to this dream of american

39:03

home ownership you know, you're

39:05

you're missing you're missing a lot Right?

39:08

There is, there's huge correlations between

39:10

those who are financially stable

39:12

and financially strong and even able to

39:15

financially retire and between

39:17

those who own homes. And so,

39:19

at the source of it, and I, and I hope

39:21

to share more about this in upcoming shows

39:23

but just re Falling

39:26

back in love with owning homes, again,

39:28

I really believe if people just knew more,

39:31

if they just understood how this would help them

39:33

later on, you know, it's not perfect, and owning

39:35

a home is not perfect, and there are little things that happen along

39:38

the way, but the, the value

39:40

and the beauty of it is transformational for

39:42

The individual, the community and society

39:45

overall. And

39:45

I think the leverage, I think a lot of people don't understand

39:48

that, you know, everybody thinks of debt

39:50

the same as credit card debt and it being scary

39:53

and you don't want to be in debt, but leveraging

39:55

a property and the power within leveraging

39:57

a property is something. That's amazing.

40:00

I didn't know when I first came and so having

40:02

that knowledge has really put me in a place

40:04

of power for my future and I think having,

40:07

spreading that knowledge to others is really

40:09

important. I love it. And though, by the way, in

40:11

those first time home buyer classes, like you're talking

40:13

about, helping people secure up to 50, 000

40:16

of down payment to do it, we can really

40:19

turn a lot of folks that might not have thought

40:21

that they could actually own a home. into owning

40:23

a home that was built, that's affordable,

40:25

and just solving the problem one, one family

40:27

at a time. Great question, Mr. MVP. Cynthia

40:30

Robinson asks, when you set

40:32

monthly rental rates, are they below at or

40:34

above market rate? Great question for you, Tara.

40:36

So it depends on the market right, Back

40:38

2020, when everything was going really hot

40:41

we do a flyer out there a little bit higher

40:43

but we do typically look at comparables

40:46

in the area size of the home, bedroom, bathroom

40:48

count, and set at what the market is

40:50

right now. And then we review

40:52

the properties every 14

40:54

days, days ish after being on the market

40:56

to see, you know, are we getting the right leads,

40:58

are we getting enough showings, and then address

41:00

them.

41:02

100%. And when you manage 6, 000

41:04

homes, right, to put it in perspective,

41:06

a normal property management company has about

41:09

10 percent vacancy. So that would be 600

41:11

homes on the market at one time. Luckily

41:14

we have Tara's leadership and we don't have anywhere

41:16

close to that. We usually run about 200 homes

41:18

on the market at any given time. But

41:20

the, the ability to sit in her seat and

41:22

adjust rent rates. I mean, she has

41:24

the ability to change rents for 6,

41:27

000 homes in the Jacksonville market. If you want

41:29

to learn how to do it right, talk to this lovely

41:32

lady over here. We have Patriot Santorio.

41:34

It's another great question. He says, Greg, wouldn't building more

41:36

multifamily quadruplex units or rezoning

41:39

some of the larger single family homes on large

41:41

lots to two homes versus one home

41:43

be a part of the solution? And absolutely

41:46

Michael, great point there. So

41:49

this isn't just about building

41:51

new supply. We have a great

41:53

opportunity to work with our city leaders

41:55

to change some of the zoning requirements

41:58

so that we can bring more density

42:00

onto the land that we already have.

42:03

And JWB works directly with a lot

42:05

of our city leaders. There have been a lot of initiatives

42:07

that have been passed, even over the last year

42:09

or two, that specifically allow

42:11

us to build more density. And,

42:15

you know, that is just as

42:17

big of an opportunity if you can think about.

42:20

That opportunity across the entire

42:22

country, that is just as big of an opportunity

42:25

as is building new inventory.

42:27

And it's a whole lot quicker, too, to

42:29

be able to do that. So, great question right there.

42:32

Mr. Lee Bishop, the MVP, says, Greg,

42:34

while on the tour, we saw those two houses

42:36

looking for, they were looking beautiful. We

42:38

witnessed a few that could be great

42:40

home opportunities for JWB to purchase.

42:43

My question is, are the older homeowners, able

42:46

to reach out to JWB in those

42:48

areas. Tara, you

42:49

want to take that one? Yeah so we have a great

42:51

acquisitions team, KJ and MJ,

42:54

and they purchase properties in in

42:56

Jacksville for JWB. But additionally

42:59

JWB Realty will be able

43:01

to help people sell their properties

43:03

now that

43:04

we've launched. Yes, we will.

43:06

You know, this can be an entire ecosystem. That's

43:08

what being vertically integrated allows

43:11

for us to do. So the amount of

43:13

times that we just are maybe

43:15

out there building or renovating a home

43:17

and a homeowner comes up to our construction

43:19

team and is like, Hey, I want to sell

43:22

my home or can I rent with

43:24

you or whatnot? It's the beauty of this

43:26

all being one ecosystem. And JDOB

43:29

Realty Group is of course a big part of that as

43:31

well. Curious. Did, did you all know that JDOB

43:33

Realty Group existed? And that we have these

43:35

resources for you to be able to sell your

43:37

assets if you needed to, or that

43:39

we're able to sell, call it, you know, 42

43:42

percent of all those homes that are under 300, 000. If you

43:44

could put that in the chat, that's great. I'm

43:46

seeing no from Cynthia Robinson and a few

43:48

other folks as well. Yeah, I didn't think that you all

43:50

knew this. So thank you so much for sharing this week

43:52

with us, Tara. All right. We've

43:55

got the Maven. You remember who the Maven is? Leslie

43:57

Wilson. Leslie Wilson, right? So Leslie says,

43:59

My first purchase with JWB was a resale

44:01

home. I would like to roll out this property

44:04

or I would like to roll this

44:06

property into one of the beautiful new JWB

44:08

homes. Can JWB help me with this process?

44:11

I'm getting lots of unsolicited offers for

44:13

the property, but I don't know those

44:15

people. Well, let me just kind of take that

44:17

one, Leslie. And I think this is where. You

44:19

know, sitting down and talking with our team about the

44:21

best thing for you would be

44:24

a great service. Because, you

44:26

know, the idea of taking this asset

44:29

that you already have with JWB and

44:31

selling that and maybe getting a new

44:33

asset with JWB, I think there's a better way.

44:36

Because what I look at as my

44:38

job and as your job as an investor, is

44:40

to stack up income producing

44:43

assets. I want to build up an army of

44:45

income producing assets. And if there's an opportunity

44:47

for you to continue to own that asset

44:50

but pull out the equity that you might otherwise

44:53

get just from the sale, but still hold on to that

44:55

asset, I think that is always

44:57

a better solution if it's possible. And

44:59

that's especially if it's here in Jacksonville and it's

45:01

a JWB property, it's always that way.

45:04

If you're in a different part of the country, you

45:06

might not have a vertically integrated opportunity

45:09

there or management like JWB,

45:11

so you may want to sell that asset and bring it to JWB.

45:14

But I always root for you to hold onto the

45:16

asset no matter what, because that's the

45:18

beauty. That's how you keep stacking these victories.

45:21

So Leslie, great question. What

45:23

we'll do is we'll have your portfolio

45:25

manager reach out to you and

45:28

set up that phone call and really

45:30

find, I think, the best solution for you

45:32

and explore holding on to the first one

45:36

right off the bat there. So thanks so much, Leslie. Lee

45:38

Bishop says do the investments go to

45:40

both retail houses and investor

45:43

rental income housing? I

45:45

don't know exactly what he's asking there.

45:47

I'm wondering if he's asking when we When

45:49

we sell a home and we receive

45:52

income back. Okay. And yes

45:54

we usually build a home to

45:56

build a home and then determine later

45:59

as the home's finishing whether it

46:01

makes more sense to go retail or not. But

46:03

the main goal is to provide affordable

46:05

housing, whether that be for investment purposes

46:08

or for owner occupants. Yeah.

46:10

And I know we throw around the terms affordable

46:13

housing, workforce housing, and then there's This

46:15

affordable housing crisis. I'm going to lump it all

46:17

together just for ease of use here. We

46:19

know that our bread and butter, the

46:22

place that we can make the biggest impact is that

46:24

affordable housing section

46:26

of the pie, right? You've got above

46:29

middle, you've got middle income, you've got above middle

46:31

income, and then below middle

46:33

income is workforce, housing, affordable

46:35

housing. That's where we can make the best

46:37

impact. And we can do that through owner

46:39

occupant sales. We can do that through. Turnkey

46:42

sales. It all kind of funnels into that

46:44

area of expertise for us. Leslie says,

46:46

are the new construction homes sold to a

46:48

home buyer versus an investor?

46:53

Are the new construction homes that are sold to a home buyer

46:55

versus an investor more expensive than

46:57

the ones sold to an investor? I'm thinking

46:59

about the backyard saw that we saw on

47:01

the property. I can provide a little color

47:03

on the backyard saw, but why don't you take that first one

47:05

there? Are there different prices if it's in the

47:07

same neighborhood in the same houses? Are they more expensive

47:10

for a owner occupant

47:12

than it would be for an investor?

47:13

No so we are selling at what the market

47:16

is demanding at that time. And all

47:18

homes have to appraise whether you're purchasing

47:20

it for an investment or for your

47:22

owner occupants. So no,

47:25

they're the same

47:25

prices. It's a great question and

47:27

a great point there as well. So again,

47:30

one of the questions that we hear either

47:32

on the show or on the, on the sales

47:34

side sometimes is, well, I really

47:36

like this idea of getting into

47:38

this asset, but I don't know how I'm going to get

47:40

out of it. I don't know if I can sell

47:42

this later on. And what we try

47:45

to share with folks is, We're selling

47:47

half the stuff we sell is being

47:49

sold to owner occupants

47:51

already today. And it's been this

47:53

way for many, many years. So hopefully

47:56

that answer there takes that off the table,

47:59

right? If, if you love this asset and

48:01

you work with a vertically integrated provider like JWB

48:04

and you get to work with JWB Realty Group.

48:07

You really don't have that concern, whereas

48:09

you may have that in other rental

48:12

property neighborhoods and other markets with

48:14

other providers that might not be so vertically

48:16

integrated. Great

48:18

question. And then DJ McKay, long time client,

48:20

says, Are you seeing more interest in smaller

48:23

type homes, speaking more of lot size

48:25

and exteriors, due to the cost of

48:27

maintenance not being a drain on finances

48:30

compared to more income

48:32

and mid upper

48:33

leve it's

48:35

a mix. I think you h really

48:38

interested in town the ones

48:40

who do the

48:42

yard exterior work

48:44

of the home

48:47

in that kind of covid min

48:49

an extra room to be able they're

48:51

working from home working from

48:54

home and the to be

48:56

outside. Um, so it always

48:59

has been and

49:01

always We are seeing

49:04

a little bit different change as far as parking

49:06

goes in the past. We really noticed

49:08

that garages were something that people really

49:11

craved and wanted. And now street

49:13

parking is okay or having kind of just a pad

49:15

is okay. So that's the one change

49:17

that I've noticed most recently.

49:19

Wonderful team. Well, you guys had

49:21

some fantastic questions. I wanted

49:24

to say thank you guys so much for being

49:26

a part of the discussion today. I know

49:28

it really resonates with our investors

49:30

because they care a lot more than

49:32

just about the return on the investment that they're

49:34

making. They care about the

49:36

resident, making sure it's a win for them.

49:38

And they care about. The affordable

49:40

housing crisis overall. So, thank

49:43

you all. We've had over 70, over 80 folks

49:45

here live on the, on the show here. It's pretty

49:47

cool. You were here in the beginning, back in the day, when

49:49

we only had like five or six people on the show. How's

49:51

it, how's it feel to have 70, 80 folks just joining

49:54

all the time now? The lights are a lot different now.

49:56

Yeah, right? It's really awesome. It's really awesome to

49:58

see the community. It was awesome to see

50:00

how many of you came and visit us for Summit.

50:03

And just, thank you guys.

50:05

Well, thank you, Tara. This has

50:07

been it's been really fun to kind of go back

50:09

a little bit through memory lane with you. I

50:11

love going down memory lane with you. Um, JWB

50:14

would certainly not be where it is today without

50:17

Tara's leadership. So, thank you so much for spending

50:19

some time with us and for everything that you do for JWB.

50:21

Thank you. Of course. And thank you

50:23

all. So we are

50:26

if you are one of those, Lovely

50:28

folks that are listening on the podcast. We

50:30

love that you're listening on the podcast, but the real

50:32

party is here on zoom. So

50:34

you get to be a part of the chat,

50:37

the roll call asking great questions

50:39

and all that. So if you'd like to join us live

50:41

and be in the live audience the next time, just go

50:43

to NYAIS. com

50:46

register to join the live audience. It's free.

50:48

And we'll catch you there on the next show. Speaking

50:51

of the next show, you know who we have on the next show?

50:54

We have Mama Jane. We

50:57

have Mama Jane. Good Alex stories

50:59

for that.

51:00

My business partner Alex's mom

51:03

is Mama Jane. She's like my second

51:05

mom. And for all of you who came to the summit,

51:07

you got to meet Mama Jane. Well, I

51:09

twisted Mama Jane's arm a little bit and I asked

51:11

her to come and be our guest

51:14

investor on Thursday's

51:16

show. So I would love

51:19

all of you to show up, support Mama

51:21

Jane. She's going to share her story. And if you

51:23

want to know really what it was

51:25

like to invest with. Greg

51:28

and Alex, 18 years ago, before

51:30

there was this fancy studio, before we

51:32

had J. W. B. Realty Group or any

51:35

of these things Mama Jane was

51:37

there, and she said yes, and she

51:39

supported us when it wasn't always,

51:41

what I would say, a no brainer decision.

51:44

So, super excited to go down memory

51:46

lane with her. Thank you all for being

51:48

here. We appreciate you. We know

51:50

that you take an hour out of your day every

51:52

Tuesday and Thursday to be here. It warms

51:55

our heart. And so a very, very

51:57

big thank you. And we will send

51:59

you off. You know how we send people off these days? All

52:01

right. You got any advice for the people out there, Tara?

52:03

Don't be

52:05

average. Don't be average. We'll see you, everybody. Take care.