Ari Rastegar 0:00
I’ve definitely failed, failed more than most and kind of in the words of John Maxwell, you know, fail forward, you know, if you find that failure and I think a lot of people try to separate failure from success and the word failure has this, you know, negative connotation and it has this baggage that I think is just not fair because, you know, failure is how we learn, you know, being on the brink of failure, and failing is when we actually do find success and those that I’ve been very fortunate enough to know and mentors, whether in books, reading autobiographies are friends or colleagues, you know, billionaire friends of mine are the ones that have actually failed the most.
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 experts.
J Darrin Gross 1:02
Welcome to commercial real estate pro networks. CRE PN Radio. Thanks for joining us. My name is J. Darrin Gross. This is the 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, my guest is Ari Rastegar. Ari is the founder and CEO of Rastegar Property Company has earned a reputation as a thought leader in real estate with his innovative technology driven investment strategies. And in just a minute, we’re going to speak with Ari about opportunities that Biden’s sustainability initiatives will bring. But first a quick reminder, if you like our show, care pn radio, there are a couple things you can do to help. 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’d like to see how handsome 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 own Welcome my guest, Ari Welcome to CRE PN Radio.
Ari Rastegar 2:22
Thank you for having me.
J Darrin Gross 2:25
I am so grateful you could join us today I’m looking forward to our talk. Before we get into it, if you could take just a minute and share with the listeners a little bit about your background.
Ari Rastegar 2:36
Sure, happy to do it. I’m actually an attorney by trade. I started my first investment Real Estate Investment Company when I was in law school with a $3,000 loan from the father of one of my friends that I went to college with and started building single family homes around five o’clock in the morning and driving about 3045 minutes to make it to law school and was a was a pretty busy pretty busy few years. And I graduated in 2008 from law school. And right around that timing should tell you kind of what happened to the world and kind of what happened part of the business. Luckily, I had a great partner and was able to leave with you know my hat kind of you know, in my hand and you know paying back by investors you know not making the money I thought I was gonna make you know for a kid that delivered pizzas through college it was just going to be something pretty great, but I certainly learned a lot and moved to New York City and spent many years on Wall Street working for some of the greatest minds in the business. Today Rastegar has invested in over 38 cities 12 states seven asset classes, our investors, our public pension funds, family offices, insurance companies, high net worth individuals. You can find out more about us by a simple Google search if you just Google Rastegar that you can kind of see in the background or my name Ari Rasta Gar you might see more articles than than you bargained for of what we’ve done. It’s been pretty public. And being in seven different asset classes over the past six years under our own banner. We’ve been very agile, you know, we found a lot of value in discount retail at one point, stuff anchored by target TJ Maxx and Ross and we did some student housing and did some office industrial redevelopment. But we see a tremendous, tremendous amount of opportunity right now in vintage multifamily. And that’s really kind of sub 100 doors very well located properties outside the urban core, very much a post COVID strategy that we started before COVID even started renovating the properties, taking them down to the studs, increasing grand spring institutional risk controls in place and really capitalizing on this renters market. But if you look at it In our global portfolio, which is well, in the nine figures, you know, we were breaking ground on four major development projects in 2021, including an office building a small office building on East eight that I 35. We’re based in Austin, Texas, where I was born and raised. We’re building some condos in Phoenix that in downtown Phoenix in the opportunity zone 500,000 square feet of industrial near the near the airport in Austin, in addition to about 150, condos on self first, outside the urban core, but our core businesses, vintage multifamily renovation, certainly for the foreseeable future, being able to capitalize on the creative financing that Fannie Mae, Freddie Mac, and, you know, HUD has provided being in this kind of low rate, interest rate, you know, kind of era that we’re in, and I see, I see a very, very positive outlook for those asset classes.
J Darrin Gross 5:57
That’s a quite a list of accomplishments there. And I applaud you from just the start as a student, having the gumption enough to get up and go,
Ari Rastegar 6:08
I it was stupidity, I think it was a little bit of brain damage. I don’t know if it was, if it was intelligence, but, you know, the old old definition of an entrepreneur is someone that jumps off the side of a cliff and builds a plane on the way down. And, you know, that was certainly me. Luckily, I kind of glide it, you know, there at the end.
J Darrin Gross 6:26
Well, but but I think also, the important note to that, that I, you know, I encourage people to understand or to dig into or try is recognizing that when you take that risk, I mean, you you are empowering yourself at the same time, you know, there’s, there’s so many people that I think that go to college or go to school, or their ambition is to get a job. And basically, they’re, you know, they’re, they’re capped by whatever their employer will pay them. Whereas what I love about real estate, they should, the opportunity is there to, to, you know, create the terms make the deal. And keep making more deals. And right for you, for you to start at such an early age and see that opportunity, I think is, is, you know, one, it’s admirable, and I’m sure you learned a lot, even in the downturn, on what not to do and is probably made a stronger sense.
Ari Rastegar 7:20
Yeah, well, I think learning what not to do is been much more beneficial. My book is actually coming out in May called the gift of failure. And I very much, you know, been a student of my failure and using it introspection to you know, to understand kind of what went wrong. And early in my career, you know, I found, you know, a lot of ego kind of coming in wanting to, you know, have the right answer myself. And as the business matured, we’re vertically integrated. Now, we have about 60 construction workers that are full time at our projects, you know, 20 folks and our wholly owned property management company, in addition to the PE firm irasburg our property, you know, so we run the whole gambit, right? And you know, you’re making mistakes and it’s, it’s how you bounce back from them and what you learn from them. But you know, those failures are certainly a gift if you have, you know, the resilience to go in and look at them from a you know, for from a non biased point of view and surround yourself with what I call believable people, you know, people that will really, you know, look at the situation and, and bring believability to whether you’re underwriting a deal whether you’re looking at the numbers and you know, really use mathematics, you know, we see ourselves as you kind of mentioned as a technology data analytics company. The joke Rasta Gar is that light bulbs don’t go out and rest of our buildings. And I say that because we have chips and all the light bulbs and the water heaters you know, we quite literally in real time can see if you turn on your microwave inside, inside your unit and we’re you know, collecting all that data, bringing on data scientists to make better investment decisions and offer a better kind of end user consumer experience because it Rasta Gar, you know, we’re very much obsessed with our, with our customers, and those are our tenants in our apartment tenants in our office buildings, in addition to into our investors, and the better experience that we can provide for them, you know, the better the better it can be. So, yeah, I definitely failed, failed, more than most and kind of, in the words of john Maxwell, you know, fail forward, you know, if you find that failure, and I think a lot of people try to separate failure from success and the word failure has this, you know, negative connotation and has this baggage that I think is just not fair because, you know, failure is how we learn, you know, being on the brink of failure. And failing is when we actually do find success and those that I’ve been very fortunate enough to know and mentors, whether in books, reading autobiographies, or friends or colleagues, you know, billionaire friends of mine are the ones that actually failed the most, you know, but they got back up, and they did it again. And I think that’s a tried and true concept. And, you know, it’s, it’s something that I’ll be talking about a lot of my book called The gift of failure, as I mentioned, coming out in May.
J Darrin Gross 10:22
Awesome. I want to ask you quick about the different asset classes. You know, I think that so many people know sounds like now you guys are focused on the vintage multifamily. But as you you pivoted or however you you went from asset class to asset class, was there a strategy with that? Or was or an opportunity that you recognize? How did you make a decision to go from one to the other?
Ari Rastegar 10:50
Well, it’s math, right? I mean, in, you know, for example, you know, in 2015, and 16, we were investing in discount and discount retail a lot. And then you started to see Amazon and online retailers, like, you know, really, really take that void, you started to see big box retailers, like the Sears of the world of JC Penney’s, go dark, and he started to see the writing on the wall and started to really understand the the sales per foot. So one of the metrics that we’d look at in retail is, you know, what are the sales per foot against the price per foot that they’re paying in rent. And, you know, we, you know, that’s called a health ratio. So the higher sales, you know, that you know, that the the area’s generating, in comparison to the rent, that they’re paying, you know, will really tell you, you know, how solvent that business is, and we, we started to see some of those health ratios decline in very stable businesses and great businesses, great companies, we saw an opportunity to exit and I’ve never been scared to sell. So if we find an opportunity to create liquidity, we’ll do that. And you know, I’ve built a business around singles and doubles, you know, I’m not the I’m not the home run guy, you know, I just rather just kind of just keep getting on base and kind of keep it moving a little bit. But agility has been very, very important and taking the emotion out of it, understanding the math, but at the same time, you know, handicapping that against the gut instinct, right, I mean, you walk these properties, you see them, you understand the neighborhoods, when we were investing in self storage, you know, you’d go in there and, you know, you’d, you know, you talk to them about renting a unit, you’d walk the area, you get to know management. And it’s unbelievable how much you can learn from touring an apartment complex that you want to buy, as a prospective tenant, or you know, or self storage facility that you want to be a prospective renter, you know, just from speaking to management, and putting some of these things in place, in addition to the 70 point due diligence, proprietary process that we created over the past 12 years to really understand how we underwrite these deals. And by using our 70 point due diligence checklist, in addition to bringing in a third party to do the due diligence, we separate the two teams together. And then once the two teams are done conducting their diligence, without communication, we do almost a Venn diagram, and what we find is that we miss a lot of things, and they miss a lot of things. And by putting those things together, you can get to a place where you have a high degree of probability that you’re purchasing something that, you know, that would have long term value.
J Darrin Gross 13:39
Now, I, as an insurance broker, I really appreciate you sharing the, your due diligence or a little look into your due diligence, because I think that that’s something that I find a lot of newer investors are kind of, they may be strong on like one aspect of the due diligence, like the, what the guy is reporting this or what the sellers reporting is, rents, and comparing to what the the market might be, but not understanding, you know, capital improvement budgets, or just whatever else that that Iraq’s they don’t know, to look under. So they don’t and then they, they get into something and have a problem there. So I appreciate Yeah,
Ari Rastegar 14:17
that’s right. I mean, this is, you know, I’m a risk manager for a living as you mentioned, you know, being an insurance broker, that’s really risk management People ask me all the time, all your real estate investor, you’re an owner operator. And for you know, I’m fortunate in building this business that I still own 100% of the company, you know, starting from literally from nothing and my you know, my wife works at the company and my sister in law is our chief operating officer. And I, you know, this is all for my kids. You know, I have a very, very simple man, I don’t wear fancy watches or, you know, kind of anything of that sort. You’ve obviously built an enormous business but you know, we’ve done it by creating value and doing something really special for our consumers, but I I see myself as a risk manager, that’s what I do for a living is I manage risk. And, you know, I don’t have a crystal ball, you know, there’s, you know, anybody tells you that there’s a, you know, a guarantee or anything about such I would cautiously be a little bit a little bit weary because there’s no guarantee that I cross the street, no, get hit by a car, God forbid, right? So, so we do our best to manage risk and run sensitivity analysis and run stress tests and run different scenarios, and really focus on what could go wrong. Like it’s very, very rare you’ll you’ll hear me talk about making money or you know, how much money can be made in this deal, you know, so much is focused on the downside and understanding what that downside risk is, and, and how that plays into the deal. And what we found statistically is, the more that we focus on the downside, and the more that there’s kind of less scenarios that there could be downside risk to have a possible loss, the higher the probability there is actually generating healthy risk adjusted returns.
J Darrin Gross 16:07
That’s, that’s so true. If you take care of business there, it’ll take care of you. That’s good. So let me ask you, you touched on a couple of different asset classes that you’re in. You mentioned that your focus now is on the the vintage multifamily. Can you speak a little bit to how you landed on that? And what the opportunity as you see, in the vintage multifamily? Yeah,
Ari Rastegar 16:33
so there’s a lot of things right. So during COVID, people were very scared of the urban core for the obvious reasons because of proximity. And it’s why you’re, you know, that and many other reasons why you’re starting to see the demise of Silicon Valley, we’re based in Austin, Texas. Recently, you saw Tesla bought 2000 acres here, Oracle moved their global headquarters, and Austin has really become the new Silicon Valley, you know, in many ways, and it’s gonna continue to grow. I’m a native austinite. So I’m, you know, a little bit biased and my love for the city. But when you look at when you look at the math, I mean, you have 156 people a day that are moving here, and it’s it’s tremendous, and most of them are renters, you know, we have a very young population, and millennials, I’m actually the oldest millennial, which is kind of a funny, you know, funny thing I like to joke about and that I’m right on the cusp, Brad, I’m 38 years old. So I’m on the cusp of both, and I’m kind of the API plugin, right, if you use technology terms between kind of the older generation, I’m still kind of the old school that, you know, went to undergrad graduated top of my class went to law school, my bar is still good in good standing, but I understand technology to some degree, you know, and just understanding how those things, you know, really, in a really play into each other, and seeing the millennials mostly are renting, and that doesn’t have as much to do with money, a lot of people like to turn that on that they’re not making as much money or jobs aren’t as plentiful. And the data actually shows that that’s inaccurate, they have the money to be able to purchase things, certainly with interest rates being where they are. But the core values are different. They travel, they travel more, I should say we travel more, we’re interested in being outdoors and more adventurous and millennials changed jobs more than any other generation in history. So you know, having a home or what would have been the American dream to our parents or grandparents is very, very different from a core value standpoint. So having that agility and that flexibility will bode well with renters. And another statistic that was unbelievably staggering to me was if you look at individuals aged 18 to 29 years old, as of the 2020 census, over 53% of them are living at home. So when you take that massive population, as in the United States, we actually are a very young population as a whole 18 to 29 years old living at home 53%, which is the highest in history. That’s what I call shadow demand. So once the vaccine really is populated, is really distributed, and we’re starting to see that happen, which I think is great, giving people a lot of peace of mind. And once we get over the mental toll that you know, people have gone through during this time, which I think is really understated. And you know, Billy and Jane start kind of moving out of, you know, mom and dad’s house, you know, they’re not moving into the fancy shiny high rise and, you know, downtown San Francisco or downtown Austin, you know, they’re gonna find, you know, a nice suitable place that they can live. And I kind of call it the $5 Uber ride. So if you’re within kind of the $5, Uber ride of the restaurants and bars and you know, those things are still well within a reasonable and economical proximity to all the places that you want to be. So that’s really where the strategy has come from, is that we build That shattered demand will continue to increase for this older product. Because when you buy the older product and you fix it up, you can charge significantly less than new development, because in most instances you’re buying at a discount to replacement costs. So you can still hit your margins has still hit the IRR is that you’re looking for. But with that, you know, you can you’re charging much less when it comes when it comes to rent. And I believe that trend is going to continue, certainly for the next five to seven years.
J Darrin Gross 20:31
So tell me a little bit about your, you know, you mentioned buying discount replacement costs. You also mentioned, you’re going in and down to the studs. What does a renovation for you guys look like? Are you? I mean, is it stem to stern are you going all the way through
Ari Rastegar 20:51
the Oh, it’s so down to the studs is kind of a term that, that you’ll hear kind of in any kind of industry and what we use and effectively that means that gut renovation, you’re talking new sheet rock, new insulation, doing all the deferred maintenance, changing roofs, plumbing, electrical, and really upgrading the the property from a whether a Class B or Class C, certainly on an interior basis to an A minus product. So a lot of the interiors that we have, whether it’s I mean, it’s brand new lighting, brand new hva sees, I mean, you’re really getting a class experience, but the but the structure itself is kind of like you know, like kind of the old motel six, right? Like you walk up, it’s a two story walk up or three story walk up, you know, in very, very well located areas. So you watch those maintenance costs go down. And a lot of times you can buy these from mom and pops. And you know, the older products have a lot of maintenance issues which bring that expense ratio up. So when you’re able to renovate the interior, you can increase rents, but once you divert do all that deferred maintenance, by changing the roof, there’s not as much leaks, the toilets are breaking, or whatever variety of issues that happen. And there’s always, you know, you know, maintenance calls and things that need to be dealt with. But it brings that expense ratio down significantly, which adds to the bottom line. So, you know, saving money on expenses, in addition to raising rent is really how you pop in a lie, which, which in the long room in a long term is what is going to ultimately create value.
J Darrin Gross 22:28
No, that’s, you know, you’re preaching to the choir, there’s four, as I said, insurance guy, and also an investor myself, the if you cannot get those capital expenses upfront, you can’t have a an annuity. Yeah, I mean, it is. Yeah, exactly. I mean, a property that’s he basically got the the well located property. You know, and just to take care of all those problems, or potential problems right away, whether or not problems that’s, that’s beautiful, and I’m sure, it’s certain, from an insurance standpoint, that by doing that your insurance companies are are more than happy to insure your risk, knowing that you’ve done all the system updates, as opposed to not, which is more often the case, it’s somebody who’s come in and they’ve put new paint on something and made it look all
Ari Rastegar 23:17
or they call it lipstick on the pig, right?
J Darrin Gross 23:20
Yeah. And and I think that, you know, as a an investor, it’s always tough when you’re when you’re trying to calculate these things, if you don’t have a kind of a global sense of what is behind the walls and what what is it you’re buying, if you’re if you’re solely focused on what you can charge more rent for, that’s going to be the new floor coverings, and the cabinets and, you know, updated kitchen and bath. But if you’re not opening up those walls, replacing those systems, and then, you know, you’re basically setting yourself up for a surprise later and, you know, some expense. And, you know, so I applaud you for doing that. And are you is your strategy to hold most of your properties or however
Ari Rastegar 24:01
long or long term holder? We’re long term holders as a general rule, we’re certainly not flippers. But you know, it’s really on a deal by deal basis. I mean, there’s a deal that we can go in and, like I said, create value and hit the returns that we think are feasible for ourselves and our investors, then we’re not scared to sell but there’s some properties that certainly that are unlikely opportunity zone. As an example, we’re building over 500,000 square feet of industrial on the, you know, 130 corridor, which is close to Tesla’s 2000 acres next to the airport in Austin. Well, that’s in the opportunity zone, and that’s the 10 year old. And, you know, so that’s the strategy there. You know, so as an example, the condos that we’re building in Phoenix and the condos that we’re building in Austin, you know, those are built to sell, right. So it’s really evaluated on a deal by deal basis and the type of capital that you have in those deals or in those groups. So there’s no you know, Exactly the answer to that question. It’s all really evaluated on a deal by deal basis.
J Darrin Gross 25:05
Right. Now, that makes sense. Here, I did want to ask you a little bit is in the show title, we had mentioned the initiatives or Biden’s initiatives and the opportunities here. Could you speak to, you know, what are the initiatives by God’s plan? And what you see as the opportunities?
Ari Rastegar 25:25
Yeah, well, look, I mean, so so President Elect Biden is, you know, very, very much into sustainability, obviously, a lot of the mandates around around climate change around technology, using alternative energy and using a lot of these things, solar paneling, etc, which I think are great. And I think they can be used prudently in a lot of in a lot of different ways to create that sustainability. And they work in some instances, they don’t work in others, right. And I think there’s going to be a balancing act there, we’re certainly we can lower the carbon footprint. In a lot of these instances, Austin has done a tremendous job of preserving the green, the green space, that’s here in Austin, we actually have more public parks than any top 10 city in the United States. And it’s very, very difficult to get through zoning and entitlements, which actually, you know, bodes well for real estate values. Long term, right? So you know, a lot of those environmental protections, I think, are very, very important. It’s all going to be an execution and how they’re financed and how they’re used and how those tax credits are used. So I’m excited to see how they’re going to be implemented. Because I think a lot of the ideas are, are great. And people ask me all the time, my Republican or a Democrat? And, you know, my answer is I’m an American. You know, I see the merit on both sides. I see good ideas, um, you know, kind of both party lines, I think, both have made some, you know, have some have some issues that I don’t necessarily agree with, but I’m just kind of one opinion. But I think that done right, there’s a lot of sustainability concepts that can be implemented, that would be a great value add for the country and for cities alike.
J Darrin Gross 27:15
You know, we talked just a little bit about managing the risk, do you see any potential risk with the opportunities to your, you know, with the sustained sustainability opportunities her?
Ari Rastegar 27:29
Yeah, I mean, there’s always risk, right. I mean, there’s risk and everything, right, is the, you know, is the generic is the generic answer to that. But I think that I think, the heart values in the right place, I think going towards sustainability, is where we should be thinking, but again, it all comes back to the execution, how’s that going to really be done? Ilan Musk is working on a battery that apparently will, you know, never run out, right, you know, using electricity in different ways, versus gasoline and lowering carbon emissions. And all these things, you know, we’ve spoke about, I think, are all great concepts. And, you know, I’ve seen some, you know, some really fabulous things as a constant. There’s a group called the ocean cleanup plan that was actually founded by a 19 year old kid several years ago. And he’s created a filtration system that’s actually can go through and take out the plastics out of the ocean, I mean, literally clean the ocean. And then, you know, repurpose a lot of the plastics and a lot of that debris, recycle it, and then reuse it, which is pretty innovative. And I think, you know, focusing on a lot of those endeavors, and the right way is where is where the world needs to go. And, you know, using, you know, working with innovators like that, gentlemen, Mike and Mike and Ilan Musk, and folks like that, I think, I think Biden will be very, very supportive of, and I’m excited to, to kind of see the the route that they’re going to go on and see those initiatives. But for me, it’s all it’s always an execution. It’s always in, you know, they used to ask Michael Dell, you know, years ago about his suppliers and who he uses and how he builds computers, and he was actually very open about it, you know, he shared a lot of the things were people were shocked by go, you tell us where you’re, you know, where you were, your supplier is or, you know, kind of this, that and the other and I’m, you know, kind of flub in the quote a little bit, but, but the net net was, he said, Look, I can tell you who my suppliers are exactly what I’m doing, but you can execute like me. And that’s really where this comes down to. So there’s a lot of great ideas, a lot of great minds that he’s surrounding himself by, but it’s going to be in what the execution as
J Darrin Gross 29:39
well said, Hey, Ari, if we could, I’d like to shift gears here for a second, as I mentioned a couple times here by dam and insurance broker, and I work with my clients to assess risk and determine what to do with the risk. And, most often, there’s three strategies we typically consider. We look to see if we can first avoid the risk. If that’s not an option, we’ll see if we can minimize the risk. And when neither of these are an option, we look to see if we can transfer the risk. And that’s what an insurance policy is. Sure. And I like to ask my guests, if they can look at their own situation, could be your client who properties investors, tenants market, however you want to define it. But if you can take a second and identify what you consider to be the biggest risk, and again, for clarity, I’m not necessarily looking for an insurance related answer. But if you’re willing, I’d like to ask you Ari Rastegar, what is the BIGGEST RISK?
Ari Rastegar 30:41
The biggest risk is ego, always to me, you know, and I say that in whatever instance that you’re working on, you know, as you know, whether as a CEO, as a father as a husband, you know, early in my career, and I’d like to, I’d like to believe that I’ve improved on this a little bit. I don’t know if my wife would agree with me entirely at home. But, but but the key is looking for the right answer. And we touched on that before, and it’s really being collaborative, and it’s really, you know, taking yourself out of the equation, because a lot of times I’m not the consumer, so there might be a countertop that I want to install. And I love this red, I’m just using I’m just using a random color, but I might not be the consumer. And so doing a focus group, you know, asking other believable people bringing up their, you know, using collaboration to find the right answer. And, you know, whether it’s a father talking to our children, and I might think that, you know, this is the way that I should be talking to them or teaching them or disciplining them, but is that their love language? Is that the way they shouldn’t they need to be spoken with? Is that the way that they need to be nurtured? Is that the way that I need to show up for my wife does she need me to listen to me listen to her, or does she need a solution and you know, and really taking myself out of the equation and and and that’s been one of the biggest evolutions of Rasta Gar. Is is really that is that’s the biggest risk, because when we think we’re right, and Mark Twain said it best he said, it’s not what, you know, we don’t know that gets us in trouble. It’s what we know for sure. That just ain’t so. And and I think that’s been the biggest learning experience for me. And the thing that I’ve really, you know, really focused on. I think, some of my childhood friends would say that was a little bit more of an arrogant man, earlier in life, and I’m looking to find a little bit more humility there, but not humility in the sense that I think less of myself or less of, you know, less confident, but thinking less about myself and thinking more about what that end user consumer is, our investors, the property themselves, investments themselves, and all the other facets that come together.
J Darrin Gross 33:08
That’s great. Hey, Ari, where can listeners go? If they would like to learn more connect with you? Yeah,
Ari Rastegar 33:15
I mean, you can just google Rasta Gar, I mean, it’s been up there and I think at the top behind us most of the time, or you can google Rasta Gar, rest of our rest of our property. And it’s been pretty public. We’ve been in the Wall Street Journal, New York Times, Forbes, countless times. So it’s very, very easy to find us. Our website is just Rasta Gar property.com. But a simple Google search will or you can find us pretty, pretty easily we have some incredible opportunities, if I do say so myself that they can fit some certain certain people’s risk profile and in that’s damn that’s our job is to serve our consumers and super serve our investors. And we’d love to hear from you reach out to us and, you know, a human will definitely, definitely get back to you. And a lot of instances I take those phone calls myself just because I very much love the human element. I was a English major and undergrad, believe it or not. And so I’m very much still a voracious reader and love the human element. Love the conversation and you know, love that part of the business very, very much. So I really appreciate you having me today and letting me kind of spew some of my thoughts.
J Darrin Gross 34:32
Well, and we’re glad to have era. I want to say thanks for taking the time to talk. I’ve enjoyed it. learned a lot. And I hope we can do it again soon.
Ari Rastegar 34:43
I look forward to it very much. Thank you so much.
J Darrin Gross 34:46
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