Weina Zhang 0:00
Let’s break down the Matrix System. First of all, it’s a supply chain. People think about ground up construction brought up constructed was often the materials, right? We are supply pretty much all the material ourselves. Second, the ball, we pre engineer, pre fab, offside structure and a facade because that’s our background facade, all glass aluminum facade. And then the reason Mike matrix system so unique about is hard, you know, to scale like I can sell my product, because you still need that hand of ball subcontractors. Right? So that’s where the other part of vertical materials supply chains vertical. The other is a handful of sub who work with me the last 20 years in Vegas, they are just Institute insulation for me. This is triggered by you know, usually you cannot go find subcontractors that hey, you installed my Glass there’s no no no all the law to liability. So that’s another part of about Matrix System. We have vertical from supply chain to subs consultant. That yeah, that’s all vertical.
Welcome to CRE PN Radio for influential commercial real estate professionals who work with investors, buyers and sellers of commercial real estate coast to coast whether you’re an investor, broker, lender, property manager, attorney or accountant we are here to learn from the experts.
J Darrin Gross 1:54
Welcome to Commercial Real Estate Pro Networks, CRE PN Radio. Thanks for joining us. My name is J. Darrin Gross. This is a podcast focused on commercial real estate investment and risk management strategies. Weekly we have conversations with commercial real estate investors and professionals who provide their experience and insight to help you grow your real estate portfolio.
Today’s interview is sponsored by Building Insurance and Risk. When you invest in real estate it pays to work with a real estate investor protection specialist to protect yourself and your investment from catastrophic loss. The experts at Building Insurance and Risk focus on real estate investor protection. They provide you with multiple insurance coverage offers and a side by side coverage comparison. To learn more, go to Building Insurance Risk.com.
Today, my guest is Weina Zhang. Weina is the CEO and founder of the Z Life Company, a ground up developer builder based in Las Vegas. And in just a minute, we’re going to speak with Weina Zhang, about Z Life and the use of their proprietary model to develop mid rise projects that are changing the path for young adults to enter the urban housing market.
But first, a quick reminder, if you like our show, CRE PN Radio, there are a couple things you can do to help us out. You can like share and subscribe. And as always, we encourage you to leave a comment we’d love to hear from our listeners. Also, if you want to see how attractive Our guests are, be sure to check out our YouTube channel. You can find us on YouTube at Commercial Real Estate Pro Network. And while you’re there, please subscribe. With that I want to welcome my guest, Weina Zhang, welcome to CRE PN Radio.
Weina Zhang 3:42
Thank you so much for the time invited me to the podcast.
J Darrin Gross 3:47
You bet. I’m looking forward to our conversation. But before we get started, if you could take just a minute and share with the listeners a little bit about your background.
Weina Zhang 3:57
So my background, I’m a emigrate, I moved to New York 1998 I was 25 years old. Now 25 years later, I spend 20 years in brown the line of supply chain manufacturer and high rise construction. From 2005 to 2008. I was build a company from a 1 million revenue to 55 0 million revenue $8.3 million in here Las Vegas. With all the years of high rise, commercial construction, me and my partner and all n we create this system called matrix system, which is a solution for urban housing shortage. What our special tes me the rise all arise matrix system built with steel concrete glass aluminum, not wood structure. Our construction time from nine months to 12 months per project, we build English hotel in nine months. English hotel is four stars Marriott tribute program three months and the grand six months vertical nine months. The hotel style was cool was nice restaurant. So I arranged projects around the 12 months construction that magic about matrix system. We build fast also for the person less anyone else can do. So that’s why we call It’s a solution for urban housing shortage. We don’t need a lot of luck, either. We don’t need acres acres. English hotel, as hotel itself does not include the pool and the restaurant. Only 10,000 square foot.
J Darrin Gross 6:08
Wow. How many stories is that? The English hotel?
Weina Zhang 6:12
This hotel the full story stories? Because that’s the proof of concept for metric system. I have no investors all my own money. And I couldn’t afford the bill. My sender matric a story. Sorry, six stories. I only do four. But that’s enough for proof of concept.
J Darrin Gross 6:36
Yeah, got it. Well, that’s fascinating. I’m really looking forward to our conversation and learning more about all this. So let’s back up just a little bit here. You said in 98, you arrived in New York? Was that specifically to get into real estate or construction? Or was that something how did you end up in real estate?
Weina Zhang 7:02
I was growing up in Mongolia but China. So I was self Self Made Millionaires. 21 years old. So then I want to go to America. So I told my father, I said, I’m going to America. He said, Where are you going? I said, I’m going to the capital city, New York. My father, schoolteacher. He said my understanding capital city in America is Washington DC. I say, I don’t care, I go to New York. I really go for capital on the land at JFK, and to chase my American dream. No, nothing. I don’t know how big this whole lot of the podcasts are. Just to give you one example. I live in in Washington Square apartment for a month. I couldn’t find eggs in the market. So I asked my roommate. I said lawless. There’s no eggs in this country. So what are you talking about? He grabbed me to the supermarket. He grabbed up a case of eggs open, he said here’s eggs. I say, Oh, you put eggs in the box.
So this is how much I learned from Yeah,
J Darrin Gross 8:26
I love it. I love it. I mean the eyes wide open. That’s great. So when you before you came to New York, then what would you do to make your your money in Mongolia?
Weina Zhang 8:38
Not Mongolia. I grow up in Mongolia with me them are nowhere in between Russia and the China. It’s almost like no man life. They were it was no electricity, no running water until I was eight years old. Walk in the snow in the winter to three miles a day seeking for education. We were forced to be vegan the first 17 years or so poor. That was a very healthy life. Okay, let’s begin. Then. I was one get into college and China that time. It’s almost like a caste Assist system in India. If you were born with farm, your whole life farm, you cannot say Oh, I go New York for five job, whatever I can do. No, you’re the only way you can get out of Mongolia. It was get into college. I did it. So I was the one change my family’s life. I bought my mom. million dollar condo in shinjin. And she passed away three years ago. So yeah, I change to my family life then. From there, I met millions in China. 21 years old and then I came to New York for your sleep. either 25 years.
J Darrin Gross 10:02
So, again, I didn’t quite understand what did you do to make your money there?
Weina Zhang 10:07
Oh, that’s this is taking much longer to explain. I just do it as fast as I could. I, I was in tourism industry by then early 90s China still the money if we’re leaving on the stamp, right food stamp, whatever is that. So I was a tourist guide to taking the tourism gold gray the wall making make some tips. So one thing we do is we take the tourism to the art store or antique store. Then after tourists left, we always come back collect a 20 person kickback. So after well I realize because those are arts like there’s nothing for tourism, right? So then I call all my tourist guides friends. I said guys, I’m going to start my own store. You everyone come to my store, I will give you an 80% kickback i 20%. Commission commission commission. Yeah, guess what? I was a millionaire. Not only that long, Big Boss lined up front my store. Not only all the tourists guide, they came to me, they said, We know thank you so much because of you. I’ve been able to buy apartment in the city like shinjin that can bring my family here. Now we’re smelling right it was 100,000 by them. So that’s how they’re paid. We’re quick, I became a millionaire as 21 years old. So I have enough money that can move to New York.
J Darrin Gross 11:56
Got it? Can I was kind of curious how you did that. I mean, solving a problem, you see the opportunity and you you know made it work for you and others. I mean, you know, I’m guessing the fact when you when you change the pay rate all that’s why you had everybody lined up out the door they were gonna get they were gonna make money too. So that’s great. So you arrived in New York? How did you end up in the real estate business?
Weina Zhang 12:24
Not I started with New York. Three months in New York, I realized I couldn’t survive here. I need to learn language, learn everything, barely find the eggs in the market. So my I moved to California. So by year two saw that I moved to Las Vegas, I started working for the architect who built laxer MGM, I was assistant for him to help him build a casino 3000 rooms casino to source all the construction material from overseas, which is China. That’s how I started my construction material supplier. First business then became Glaser, contractor.
J Darrin Gross 13:10
Gotcha. Gotcha. All right. Well, that makes sense. There’s a the the path is clear. Now I understand it. So you’re in Las Vegas? And is that primarily where you you invest in and build right now? Or do you? Do you limit yourself to Las Vegas,
Weina Zhang 13:26
I moved Vegas here to Salvan participate in between. I moved back to New York, I was a contractor for Freedom Tower during the recession, then that moved to San Francisco. I was pretty much a 50% us contractor 50% market share in downtown San Francisco, I build a first sells Salesforce 350 mission, I built Transbay a bunch of a project in San Francisco, then I moved back to Vegas to soften 17. And to prove that matrix system gonna work. That’s how I started build a first English Hotel.
J Darrin Gross 14:13
Got it? Got it. So you’ve been on the material side of things. And I’m just curious, you mentioned the cost savings, the 40% Less is that primarily or I mean, you’ve got your your matrix system, but is it your connections to the materials and your ability to understand where and how to source the materials? That’s really the key to your savings? Or is it or is it truly your, your your system your your matrix system or or is that are they integral Are they are they one in the same?
Weina Zhang 14:47
Yeah, it’s okay. Let’s break down the matrix system. First of all, it’s a supply chain. People think about ground up construction. Right up construction was All in the materials, right? We are supply pretty much all the material ourselves. Second, the ball, we pre engineer, pre fab, offside structure and the facade, because that’s our background facade, all glass aluminum facade. And then the reason like matrix system so unique about it’s hard, you know, to scale like, I can sell my product, because you see with me that hand of ball subcontractors, right? So we’re the other product, vertical materials, supply chains vertical. The other is a handful of sub who worked with me the last 20 years in Vegas, they are just installed the insulation. For me. This is tricky. You know, usually you cannot go find subcontractors that, hey, you install my Glock, there’s no no all the law to liability. So that’s other parts of about matrix system. We have vertical from supply chain to SOPs consultant. That, yeah, that’s all vertical.
J Darrin Gross 16:25
Got it. So you basically have it all, all in house. from the, from the idea to the the sub or the subcontractors you brought in house, material you’ve sourced and all also sound like the the winter describing is the the materials and kind of your design is cost conscious to as well as the way that you’re proceeding my understanding. Right?
Weina Zhang 16:51
Right. The most important we we make the matrix system so simple, we only have a three type of a unit, a studio, one bedroom, one bath, two bedroom, two bath, that’s it will 3000 of them. Whether Marriott condo, sorry, Marriott Hotel Marriott apartment on the next phase, they are all going to same.
J Darrin Gross 17:19
No, I think it makes sense. It’s kind of the you know, when you keep the the menu limited. You don’t have to get involved in all the the outside noise you can kind of focus and keep it very, very narrow and very, very lean. Makes a lot of sense. So let me ask you, so you’re in the construction? Are you building these for others? Where are you? Are you building these for your own portfolio? Or what’s the?
Weina Zhang 17:48
Yeah, my own portfolio only. So mid town Vegas, we own, including the English hotel been open almost two years around the four acres. Midtown, because of the location in between City Hall and the strip, we’re inside of our district. So mid tower will be the first 15 minutes walking 100% electrical. So our matrix is 100%. Electrical. No gas, no gasoline. So we just get to see the Las Vegas proved our 300 units with nine parking only by this other problem of the salt. It’s cars, all the problems urban. Big problem is a parking. Right. So what I did was I told the city I said I build the city for 15 minutes walking. But we still need a car because we’re not like New York or San Francisco. I do have parking. Not only that, I also have Tesla as a manatee to encourage my residents keep up a car which is a financial burden. Because there’s a unit for people they can walk or bike in two or three blocks leaving the Midtown so the Tesla as a manatee the user have let’s say seven hours per week, for weekend whatever to use for free you only pay for the insurance per hour when they use that. So that’s how saving proof my non parking for 300 unit condo and Marriott apartment because I do have this Tesla program.
J Darrin Gross 19:57
Wow. So 300 units how many cars Was it required to to meet the need? 1.511 and a half cars?
Weina Zhang 20:07
Correct. Per unit? That’s yeah.
J Darrin Gross 20:11
So, wait, back back. So 300 units, correct? Yes. And you’re gonna have 1.5 car per unit? No,
Weina Zhang 20:23
that was that was the that was the call
J Darrin Gross 20:26
parking requirement. Code.
Weina Zhang 20:28
Okay, cool. The code. So city waived that, because I provide each five households share one Tesla. So
J Darrin Gross 20:41
555 units, there’s one vehicle available than than the usage and do they like calendar, reserve, whatever, when they they need a car? And they get up to seven hours per week?
Weina Zhang 20:54
J Darrin Gross 20:58
That’s that is a that’s a first time I’ve heard that. And it makes a lot of sense. Because it seems to me like you’ve combined a lot of the kind of the apps that are available. I know like you can, in Portland here you can. At least it used to be I don’t know if he was still available. But there was a kind of a rideshare program where he like zapper or zippers app or something like that, where there was a car share thing where you could just basically go up on your phone and type in and unlock and you could start the car and drive off. But
Weina Zhang 21:29
it was easy. The Tesla program share that was caught on some times. And we literally have like, proof of PhD work in the on the simulation model. Because whatever I do is came from original idea. Yeah, it’s easy. There’s so but we got in the program.
J Darrin Gross 21:57
That’s awesome. And so the, the area you mentioned, you’re between the courthouse in the strip, or city hall, and then in the strip. So you’re basically in the middle of it where people can actually walk or use other means of transportation that don’t require them owning a car. That’s fascinating. How did you? I mean, I love what you’ve been describing so far as basically the speed in which you can put a project together. It sounds like you’ve, you’ve designed it well to it with a limited menu of options. You’ve sourced it well, you’ve brought in all of the the needed trades in house where you’re not relying on third party and whatever cost inflation that they can provide you you’ve contained all that. You said you’ve got how many was it four? Or 40? Or how many you said the acres there that you have four acres,
Weina Zhang 23:05
four acres? Okay. Last week as shortage for 4000 to 7000. Houses were this is how the shortage, right? Yeah, not for for middle class professional people, not for super rich people. Okay, so the four acres the phase one we’re doing is we call me Tom Plaza what new template that is on Phase one is all a manatee will be here. So the Phase One we build out all the manatee for two or 3000 Rest units outside Midtown Plaza.
J Darrin Gross 23:51
So we’re talking like grocery stores and and all kind of stuff or when you say amenities, what are you referring to?
Weina Zhang 23:57
So it’s, it’s mixed use. We have a second floor. Concrete our biotech companies. Ground Floor are my core. Size retails. We want to gravity we want to people come here to stop 50 Different hundreds were 300 local small business stores we make them affordable for small business while second floor are biotech company. So the other the other problem that I solved, be beside the parking and commercialize the amenity so reduce the HOA the condo buyer don’t have a paid dollar $2 For HOA because of standard construction here in downtown anywhere in the urban is you have the bill all the manatee. The roof does the pool on the roof or the gym The clubhouse usually cost the developer a lot of money to Bill and the residents have the P dollar I’ll pull out $2 and 208 to maintain them to what what I’m doing right now as I commercialize everything my actual is 20 cents a square foot right? So which is me if you want to use in gym you have to pay for I never even gym. I’m outdoor runner, I don’t have a pay for other people. So that’s a solution to commercialize a manatee reduce the HOA make more affordable.
J Darrin Gross 25:38
No I love it. I love it. It’s kind of the more than menu thing and and, you know, it is funny that that those amenities that you described, I mean that they’re clearly the brochure that everybody gets the you are but the actual usage, it’s, it’s in practice, I mean, you know the number of people that actually use it very, very few. So that’s, that’s, uh, that’s interesting. I was just doing a little bit of math so you took what was necessarily or what would have been a 450 car parking lot and reduced to what 60 cars is that what you have to have space for with it.
Weina Zhang 26:12
I have a two I have a 200 parking spot 100 are reserved for Tesla and the other 100 for whoever need and the retail business. So before I forget the most important other problems solve it’s the security so that’s a big
J Darrin Gross 26:36
What did you do for the security?
Weina Zhang 26:38
I did? We’re in the specials called Safe right? So with with English hotels good example. This place was homeless occupied before I started construction. I literally the day I broke a ground I gave all the fruit the chickens to the homeless campaign on my lap that please move. I’m gonna shove the ground tomorrow. All right. So now we’re almost two years this place become we manage four anchors, three city blocks and the Center for the criminals reduce the homeless everything it’s reduced. So this is what do we do for the whole Midtown the plaza and above to provide private security improve all the landscaping road?
J Darrin Gross 27:40
Yeah. So So basically, you you took a kind of a gentrified area. I mean, you you basically took a rundown place and gentrified it and made it you know, appealing. Now it sounds like I’m guessing. Is there a lot of attracting? Or have you been able to attract additional development around you? I would assume that would be the case. Is that not?
Weina Zhang 28:00
Was there additional development?
J Darrin Gross 28:02
Well, are there others seeking to develop around you? Is there more construction?
Weina Zhang 28:08
Oh, yes. Yeah. Everyone ever seen the run? There’s more restaurants gonna build because every business wants to be around me. And then finally the tech company city of Las Vegas try to track them for years. Now the tech company come to me that Weina what’s the boundary for Midtown? We want to be near you.
J Darrin Gross 28:31
Right right. That’s so exciting to see the transformation and so let me ask you your your your build schedule sounds phenomenal. I mean, nine nine months is is incredible. But what kind of red tape and tell me about that before you started building How long did it take the you know the powers that be the the city the permits all of that fun stuff? Before before you I mean when from the time you first engaged in the you know, you made the offer on the property before you turn the first shovel of dirt. How much time are we talking about there?
Weina Zhang 29:13
That’s where I have to promote my City of Las Vegas the they have been a phenomenal partner. So which is from entitlement right? Three to six month entitlement then six months for permit so well we waiting for the permit often tatelman Six months that’s where Matrix system pre construction. So all the material all that order structure which is our lead gauge steel structure will be pre engineered prefab on the side all the facade will be pre engineer prefab on side. So now you go whether nine months construction, autonomous construction, lay the lay Once we start rotate, will be every three to six months, I will handle the building 300 case 100 kids City Las Vegas very fast. That’s why I choose Vegas. San Francisco will kill me. Doesn’t matter how fast I can bill, I’m waiting for five years getting settlement. Right.
J Darrin Gross 30:19
Right now that seems to be a common theme when I’m talking to people and I know even here in Portland, they just laid off a bunch of people at the you know, the the planning commission because they’ve made it it’s become so expensive that there’s you know, people aren’t wanting to build is much even though there’s huge demand. The hurdles that they’ve put in place have made it prohibitive for a lot of the people that like to build. So you mentioned that the different or at least I think what I heard you say was so we’ve talked about hotels we’ve talked about apartments and condos are the is that basically the the three asset classes you’re in you’re you’re building?
Weina Zhang 31:02
Right. Unit 800 will be in this full acres call Midtown Plaza Midtown Plaza are two plus eight Mixed use Out 800 units in the Midtown Plaza 200 are Marriott 74 rooms Marriott Hotel and 129. Case Marriott apartment then the rest 200 condo for sale then the rest of our apartment then outside of Midtown Plaza remember we only need a very small lot 7000 square foot we can have a little tower with 100 units there are 50 Puppy units there depends on studio or one bedroom will be too solid.
J Darrin Gross 32:02
Wow. So on the the operation of the property do you manage that yourself or do you source out you mentioned Marriott? Or is that a lease? Are they a tenant then and operating their their hotel? Or have you sold that as a coffee condo and sold a portion of the project or how’s that?
Weina Zhang 32:22
We keep everything except a condo. So the ones that I learned from living in the city develop her after they built they have a third party manage when the third sort of the party charges through prison manage and that’s where the surveys have a problem right? So what I do is every single vertical we are manage ourselves we provide our residents our full stars Marriott level service talking about my hotel English hotel, we are pretty much always um sometimes top 10 Sometime like pub 15 It depends on the month the bathroom good review for customer service cleaning so that’s why we do ourselves if we stopped to other people it’s no point to build the brand the brand is not only you have a beautiful glass condo it’s all the other service constantly there the cleaning all the other service Yes, we manage ourselves.
J Darrin Gross 33:40
Got it. So is a Marriott D Do you have a franchise and for Marriott as well then that you you operate? A Marriott?
Weina Zhang 33:48
So the currently hotel it’s even the next phase is Marriott franchise.
J Darrin Gross 33:55
Weina Zhang 33:55
And right now English hotel we have third party Hotel Management manage. But the next one we’ll do ourselves.
J Darrin Gross 34:04
Got it? Got it? No, I love the you know, top to bottom concept there. I think it gives you the most control. And like you said if you’re if you are trying to build a brand. Nobody cares more about their brand than you know than you. And so for you to do that. I mean, I That’s That’s impressive. It’s really impressive. I guess my question is I you you’ve commented that you all of this is under your brand, but it seems like your your building process would be very attractive to anyone that’s looking to build based on just the speed and kind of the cost savings. Is that anything you’ve ever considered either contracting your services out? To build for another investor,
Weina Zhang 35:03
I get this question all day long. The answer’s no. Because we are not a selling product. Matrix system is not a product like Tesla, right? You’re down model Y, you can sell millions run up construction. That’s why people spend billions 600 million to try to do prefab the other business, right? It doesn’t work that way, even in city, even in Las Vegas to building code. county and the city. Imagine you ever go Portland San Francisco, right? So but nature system, allow the knee, go to Portland go to San Francisco to build for ourselves, I cannot sell the product to other people.
J Darrin Gross 35:53
Right. Let me ask you, you clearly identified the benefits to being in Las Vegas as far as the way the municipality works with kind of the ease to work with them, and also the speed and you comment in San Francisco, you know, just the time have you been approached by other municipalities about saying, hey, come Come here, we’ll make it easy for you. I just feel like the the speed at which you move and the product that you’re delivering would be enticing for anybody that has a need for housing.
Weina Zhang 36:31
So let me give my vision, right. We just started I am legally just we’re having the email official announced the project yet. January 8 2024. We’re going to official launch the project. So yes, it will be other CDs either. Hey, we’re we are urban. We need you will be here. We’re just it’s a housing shortage. Right? But my vision is I’m a private community to help lift up middle class Oh, people work for me in the hospitality. They’re not really some are like not even middle class. Yeah, right. So my restaurant is employee on their on the revenue share, which is if there are lower than middle class or their middle class, I will leave them up they are going to become middle class. And other new middle class revenue share from $65,000 a year middle class Vegas was revenue share PEPRA clap clap today. Now they’re like 80,000 Already I call them new middle class AI cannot replace us. So my goal is help people work for me build up equity. So so they can leave them up to upper one more up class. So they can have the place where they work where they leave their kids can grow up. This is my goal. And then for the outside my company, other people I have say this, they work so hard, they have done payment they’ve been priced out of the market, right? They want to live in the city they don’t want to the car they just want to you know but nothing no product for them. I want to call for the ball in English a second language why is that affordable? Not me like really affordable, affordable is your working class. You have 20% down you want a home? This is where I’m providing I think were really we’re here already Las Vegas. We have like hundreds hundreds people on the waiting list for the condo. The first one the next one is condo, I have only 87 units pre sold the first family condo person are gone already. And there’s 100 100 people on the waiting list. Yes, I would go other cities. Depends on the city. If you want me to go there, you do what say the last week is doing for me? We have special team from Santa see the Las Vegas just work with us.
J Darrin Gross 39:25
Oh, no, I think you’re I mean your your your brand, your program. The fact that you not only are creating a special product, but the way you’ve invested in your people. And your commitment to your people is is very admirable. And I applaud you for that. Because that’s I think that’s that’s really the key to it, I think is to lift, lift everybody up in the process. In in in Well, profits are always the, one of the primary motives for investment. You know, there there is room for, you know, when it’s designed properly, there’s room for, to share the share of the wealth there. So that’s, that’s impressive. Hey, Wayne, if we could like to shift gears here for a second, as I mentioned, before we started recording by day, I’m an insurance broker. And as such, I work with my clients to assess risk and determine what to do with the risk. And there’s three strategies we typically consider, we first look to see if there’s a way we can avoid the risk. If that’s not an option, we look to see if there’s a way we can minimize the risk. And if we cannot avoid nor minimize the risk, then we look to see if there’s a way we can transfer the risk. And that’s what an insurance policy is. It’s a risk transfer vehicle. And as such, I like to ask my guests, if they can look at their own situation, and identify what they consider to be the biggest risk. Could be you’re the lenders, the you know, the city, the permitting the the Federal Reserve could be insurance. But whatever you identify as the biggest risk is what I’m looking for. And again, for clarification, while I am an insurance agent, I’m not necessarily looking for an insurance related answer. And so if you’re willing, I’d like to ask you, Xena, Wang. Er, to me, Xena, Zang. Excuse me, back up. Weina Zhang. Got my letters mixed up there. Weina Zhang, what is the BIGGEST RISK?
Weina Zhang 41:46
So the reason the we crave matrix system, like you said, was 20 years, his parents are from the line, we meet him lies, minimalize excuse the language. A lot of risk already. Right. But still our risk is. So like you said, the Fed. How can I give affordable housing for middle class? Right? The really the interest rate, right? So that’s, that’s I cannot control ever one problem I need to solve that. Right. So that’s the that’s really the biggest obstacle. The interest rate See, I solved the parking I solved the HOA, I solved the great location, beautiful glass condo, small, you know, not like super, like super 505,000 square foot. But there’s a fed? Yes. That’s the risk of I don’t know if you call feather risk. Other than that, I think. Yeah, I don’t think there’s a lot of risk on me. Other developer? Probably, but not me.
J Darrin Gross 43:03
No, I think the the Federal Reserve and their interest rate policies affect you know, they’re directly focused and they affect directly the real estate market. Kind of as kind of the gas for the engine. So I get it. Weina.
Weina Zhang 43:26
Insurance very quick insurance.
J Darrin Gross 43:28
Weina Zhang 43:29
Insurnace always challenging for everyone. So we have to pay every single year the insurance but the one thing that by the Matrix system, my broker told me we not just keep doing what you do. You build steel, concrete, glass, aluminum building, no wood, right? You have the best price already. So other than that, I’m in the same shoes. Everyone else. Insurance wise.
J Darrin Gross 43:55
Yeah, definitely. The insurance market is a little cuckoo right now and and hopefully it’ll settle down. But, you know, we’ll get through it. Weina where can listeners go if they’d like to learn more connect with you?
Weina Zhang 44:10
Where follow us on Midtown, Las Vegas. We have a website. We have social media Instagram, Midtown, Las Vegas, Instagram, passed away. And the number one brunch. Oh, Pepper Club is the number one brunch in Las Vegas. We are from 7am to 4pm. Seven days a week. We’re never close.
J Darrin Gross 44:41
Well that’s awesome.
Weina Zhang 44:42
We have a one million hit on Tik Tok 1 hate.
J Darrin Gross 44:49
Great. Well, Weina Zhang, I cannot say thanks enough for taking the time to talk today. I’ve enjoyed it. Learned a lot and I look forward to doing it again soon.
Weina Zhang 44:59
I really appreciate the time Darrin, I wish I could have expressed myself was better English.
J Darrin Gross 45:09
Oh, you didn’t? You did great. You did great. I appreciate that.
Weina Zhang 45:14
J Darrin Gross 45:15
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