How to Start a Real Estate Fund

Steve Trang: Hey, everybody. Thank you for joining us for today's very special episode of Real Estate Disruptors. Today, we got Vina Gedi with Vyde Funds, and Vina flew in from Dallas, Texas to teach me everything I need to know Yes. To, to launch a real estate fund. You guys heard me hinting.

I'm gonna be doing something, so this is what she's coming out here to coach me on. She was introduced to me through our mutual friend, Pace Morby.

Veena Jetti: Yes.

Steve: Right? And he was telling me, like, because he's got his fun going on.

Veena: He does.

Steve: Right? And I was over at Astro, at their mastermind a couple of months ago, and he was like, Steve, you need to be my friend. She's the smartest person in the space. You absolutely need to talk to her. I was like, okay, pace.

Right? And he's then we get this message on Sunday. It's like, hey, Venus in town. It's like, okay. Fantastic.

Because this is really, really worthuitous timing because I've got a bunch of questions. I got a bunch of ideas. And what better way to learn from someone that has done, what was it, $900,000,000 Yes. In multifamily?

Veena: I'm gonna cross a billion dollars this quarter.

Steve: Gonna cross a billion dollars Yes. In multifamily. Yes. So you know a thing or two?

Veena: Oh, you know a couple things.

Steve: About fun.

Veena: Yes. Absolutely.

Steve: Perfect. So, again, this is a live show. So ask your questions to for for being an answer as well. So while I'm selfishly learning for myself, please jump in here, ask your questions, because this is one of those things where you can get a lot of trouble Yes.

Veena: If you

Steve: do it wrong.

Veena: Yes.

Steve: So, you know, let's do two things first. Let's talk about the disclaimer. Yes. Let's talk about things that can happen if you do do this wrong, and then we'll ask all the good questions.

Veena: I love it.

Steve: So disclaimer.

Veena: So disclaimer, we are not attorneys, CPAs, financial professionals. We have no licenses. So all of this is for educational purposes only. Right. And you should always circle back with your professionals to give you the right advice for your fund.

Steve: Right.

Veena: But, you know, I'll share my experience and what we do or how it works for us or how, you know, generally, how it works.

Steve: Yeah.

Veena: But there are gonna be a lot of nuances that you need to make sure you are following and you're fitting into these boxes. Because if you don't Yeah. There could be really bad consequences. Right. And, you know, you don't want any three letter agencies asking you questions.

Steve: Yeah. So, like, you know, if you copy another wholesaler's contract, like, should you have an attorney review it? Yes. Does everyone do it? Maybe not.

Veena: Yeah. We look the other way. Right?

Steve: Contracts, whatever. Right? But this is the one area where I always operate with a healthy amount of paranoia.

Veena: Yes.

Steve: Because the last thing you want is the SEC Correct. To knock on your door. Because Correct. They don't come in, like, hey. Did you realize you didn't do this?

Veena: That's correct.

Steve: It's like, hey. You did this, and you need legal help.

Veena: Yes. This is a problem. Right.

Steve: Another thing too, you know, we talked about it on the show before, is when the government comes after you, they don't fight fair. Right? They seize all your assets. Mhmm. So you can't even afford your good attorneys.

Veena: Right. And that's the thing. Right? They have a lot of resources. So it's better.

It's cheaper. It's the right thing for your investors to do things the right way and put in the upfront diligence and prudence to make sure it's done correctly.

Steve: So let's talk about some of the bad things that can happen so everyone's fully aware and attentive, and then we'll talk about

Veena: Yes. Starting funds.

Steve: So where are all the things that go bad if you don't do this the right way as far as legal compliance issues?

Veena: Well, depending on how wrong you do it, you could go to jail. Right? But, really, the bigger, probably more likely risk is that you are not in compliance with either securities rules or investment company act or investment advisers act, and then you are potentially putting yourself in a situation where you can be fined. You can be deemed a bad actor, which means you can't do this ever again. It means you can't invest into deals doing this even passively.

Yeah. So there you know, there's a lot of implications, but what I like to do is I like to, you know, go to our attorney, get everything we need. And then when my investors go, this is such a pain or this is so awful, and we'll talk about, you know, PPMs a little bit here. But the proper response on this, the SEC makes us do this. Like, we are compliant.

We follow all the rules. And at our company, we believe how you do little things is how you do everything. Mhmm. So if we're cutting corners here, then where else are we cutting corners?

Steve: Right.

Veena: Right? So now it's like, no. We don't cut corners here at this really difficult thing that we maintain vigilance over. So we don't cut corners anywhere else.

Steve: Absolutely. So now that we got

Veena: Yes. The Now we scared everyone away.

Steve: Now we

Veena: scared everyone. Yes.

Steve: Which is really important. Yes. So I want to start my own real estate fund.

Veena: Yes.

Steve: So what do I need to know to start my own real estate fund?

Veena: So I think first is what is the structure of your fund. Right? Are you going to raise so there's three main types of funds you're gonna have. Right? You're gonna have one which is like a single asset fund.

So you're gonna come to your investors and you're gonna say, investors, I want to buy one 23 Main Street apartments. It's 200 units in Orlando, Florida, and this is what the business plan is. Right? So that's one way. It's a single asset fund.

It's a known asset. It's identified. The second way is a semi blind fund. That means, hey, investors. I'm gonna go out and I'm gonna buy large multifamily assets in Florida and Texas.

They're gonna be around a 100 to 300 units or whatever your business is.

Steve: Clarify a buy box.

Veena: Yeah. You have a buy box in mind. And then the third way is, like, truly blind fund where you're like, I'm gonna buy things. Trust me with your money. Right?

So, that could be anything. It could be multifamily. It could be single family. You could fund wholesale. You could buy debt notes, you know, whatever that looks like for you.

And so depending on what your ultimate goal is, you'll pick kind of one of the three. Now when you're first starting out, it's always the easiest to start with a single identified asset fund because otherwise, people are like, well, you have no track record. You have no history. How do we know what we're investing in? And people want, you know, the business plan, and they have more questions about the specifics of it.

Once you've done that a couple of times successfully, then you can move to a semi blind or a blind fund.

Steve: Gotcha. Gotcha. Okay. So, what's the first step? Right?

So, like, okay. I I wanna start a fund and I mean, for me, my plan is to kinda, like, compete with those other hedge funds. They're just buying and holding. Right? So what's step one for me?

Veena: So step one is

Steve: Besides besides asking if you need to come on.

Veena: Well, okay. You've already done step one. You've kind of identified what the overall business plan is. What we do at our company is then we'll go and we'll create a more in-depth business plan. Right?

So we'll really start looking at, like, targets. We'll look at pro formas. We'll look at kinda what it looks like over a five year hold, seven year hold. Once you have all that and you're like, okay. Now I know what I'm going on doing.

The first thing I do every time without a doubt is I call my securities attorney. Mhmm. And given how we started this show, it seems apt for you to do the same. Absolutely. And this is why.

Because there are different exemptions that you can rely on. Because what you're doing when you raise capital for a real estate fund is you're selling a security. And so you wanna make sure you have a certain exemption from registering those securities. So we utilize there's four may or I guess three major exemptions that real estate relies on. One of them has two pieces to it.

So I'll go through what the four buckets are.

Steve: Mhmm.

Veena: So first, you have your reg a raises. Those raises are very time consuming. They can take six, nine, twelve months to set up properly. They probably cost about a 150 to $200,000 to set them up.

Steve: Ninety four months?

Veena: Yes. It's a very long runway. Yes. Very long runway. But the benefit of it is you can raise capital from accredited or unaccredited investors in it.

Steve: Mhmm.

Veena: And you can publicly advertise it. So it's there's a lot of really good benefits to it, but it's a very high bar to overcome, especially if you're just starting out. So most people don't start with a reggae. We've never done a reggae.

Steve: Yeah. I it's first time we've actually had any kind of conversation about reggae.

Veena: Really? Okay. Yeah. It's and it's because the bar is so high

Steve: for it.

Veena: Right? And I I think Pace is actually getting ready to set up a reggae Mhmm. Because he's been doing it for a while. Right? And he has funds.

He has experience. He has the resources to put in the time and the money to get it set up properly. So it's reg a. Then you have one called reg CF, which is regulation crowdfund. And this regulation is actually like a baby reg a, but the limitation on it is you can only raise $5,000,000 on it.

Cap. Cap.

Steve: That's it.

Veena: That's it. Yeah. Not $5,000,001, not 5.1, not 6, not $10.05. Mhmm. And so for the deals we transact on, we buy usually 200 plus units, 75,000,000 and up.

$5,000,000 is like a rounding error on those deals, so I cannot use a reg CF.

Steve: Is this the one that, Grant Cardone was using a lot of?

Veena: He uses reg a.

Steve: He uses reg a.

Veena: Reg a. Yeah. Okay. So because he reg a has a higher limit. I think it's, like, 75,000,000

Steve: or something. But, I mean, like, there was a time where he was just taking money from everybody. Right? Accredit or not. Was or money I

Veena: think he no. He he does, and that that's through the reg a.

Steve: So reg a, it doesn't have to be accredited only. It could be

Veena: Correct. It can be both accredited or unaccredited.

Steve: Okay. So if I got, like, $2,500, I can invest in his reg a.

Veena: I think you can I don't know what his minimums are, but I think that sounds right?

Steve: Gotcha.

Veena: Okay. Yeah. So reg a, reg CF, actually, all of them, there's no minimum. You the sponsor sets a minimum.

Steve: Got

Veena: it. So then you have reg d, which is my favorite exemption because it is I think it's the most practical for how quickly real estate deals move. Right? There's not a lot of deals where you can sit for, like, six months before you fund that.

Steve: Mhmm.

Veena: So reg d has two pieces to rule five zero six b and five zero six c.

Steve: Right.

Veena: I think I read somewhere that five zero six b is the most common exemption relied on. So what reg d rule five zero six b says is you can raise as much money as you want from accredited investors and up to 35 unaccredited but sophisticated investors, which sounds great because you're like, oh, I can go and raise all this money. Here's a caveat to it. You could only raise capital from people you have a preexisting substantial relationship with, and you cannot publicly advertise it. So there's no general solicitation allowed on it.

Steve: So for the uninitiated, what does preexisting and substantial relationships?

Veena: Yes. So the SEC is not very clear about this. Mhmm. I think most attorneys will give you the guidance, and this is why you need your securities attorney because they will tell you exactly what they deem to be the bar. You should already have a very good idea of whether they're accredited or unaccredited when they come into your fund.

Right? So that's number one. Like, you have that much knowledge of them that you know what their standards are, whether they're accredited or not. Second, you probably know about, you know, like, their family. Maybe you know about who their kids are, where they vacation, where they went to undergrad.

You have a substantial relationship. It's not someone that, you know, you met at a networking event once and never talked to them ever again, and now you're going back to raise capital from them. They probably wouldn't meet the bar. But there's no clear guideline. Like, you have to have met seven times and have talked for two hours total.

It's not like that. It's kind of open to interpretation a

Steve: little bit. I'm gonna speak on the advice I've received. This is not, again, not legal advice. Yes. The advice I've received was you have to have them at least opt into your database.

Veena: Yes.

Steve: You need to have at least one conversation with them Yep. Where you're not soliciting their

Veena: mind. Correct.

Steve: Just talking about them Yes. What they're trying to accomplish.

Veena: Yes.

Steve: And the third time, at least after

Veena: a third time. Yes.

Steve: Yes. You can say, here's what I'm doing.

Veena: Yep. Let

Steve: me know if you're interested in it.

Veena: And I think that's the general advice most attorneys are going to give you. Yeah. And, you know, here's the key. The key is documentation. Right?

Because if I meet you twice and I've spent eight hours with you both times, that might be enough to meet that bar. It just it's so subjective. Right? Yeah. And so it's definitely a gray area.

So document, document, document. If, you know, you are being asked these questions, then if you're able to say like, oh, no. I know Steve. We did all these things, and this is his who he's married to, and this is where he lives, and this is where he went to college, and this is the frat. He was I mean, like, all these things.

This is he might be like, okay. This is a pretty substantial relationship.

Steve: This isn't this isn't, like Glengarry Glen Ross where, like, you filled out a form

Veena: Right.

Steve: And then we just took your money.

Veena: Right. Exactly. That you don't wanna do because that's probably not substantiated. And you don't wanna post about it on social media. Right.

So

Steve: Yeah. And I I do wanna spend some time talking about this.

Veena: We will. We will because this is an important, I think, distinction. So the rule five zero six c under reg d allows you to post on social media or to generally solicit, and you can raise as much capital as you want. It moves much faster just like the five zero six b does. But the caveat of it is you cannot have even one unaccredited investor

Steve: Mhmm.

Veena: In your deal. And a big But

Steve: see, I can post on social media, but I but everyone must be accredited.

Veena: Everybody. And a big difference in administrative hurdle between, b and c raises is that on a b raise, because you have a preexisting substantial substantial relationship, you theoretically probably know what their profession is, if they're accredited or not. So you can rely on self attestation for their accreditation status. Mhmm. So if I know you're accredited, you invest in my five zero six b, and then I give you a questionnaire and you tell me you're accredited and you sign saying that this is true and correct, that's likely enough to meet the hurdle for whether you're accredited or sophisticated.

Steve: Yeah.

Veena: Now in a five zero six c raise, even if you're like my best friend, you told me about all this money you made in the last, like, ten years or you've been making money and or you I know you have the net worth, I have to take reasonable steps to verify your accreditation status. And the SEC specifically says that self attestation is not enough to meet that criteria.

Steve: Got it.

Veena: So what we do at our company is we have a third party give us a letter saying, like, I'm a CPA in the state of California, and I am familiar with Steve's financials. And according to it's like rule five zero one, whatever, of the SEC, he is an accredited investor.

Steve: You wanna hear something ridiculous? Tell me.

Veena: I always wanna hear something ridiculous.

Steve: So, you know, we say we're on a mission to create a 100 millionaires.

Veena: Mhmm.

Steve: Right? And we say, hey. If you're a millionaire, let us know, and we're gonna, you know, celebrate this and get a plaque or Yeah. This video about this. Right?

We do all these things. Yeah. And so I get people messaging me like, hey. Just wanna let you know I'm a millionaire. I was like, that's awesome.

I need proof.

Veena: Yep. Yeah. That's the thing.

Steve: Right? And so I asked them to send something from their CPA or screen capture their bank statement, this or that.

Veena: This is perfect. You already have the whole system set.

Steve: And more than less than 30% of the time will someone do that. Really? Unfortunately.

Veena: Do you think it's because they're not actually a credit or they're not actually a millionaire, or do you think they just don't wanna go through the hurdle for it?

Steve: I think there's a healthy mix of, like, it feels like I'm a millionaire, but I haven't actually done the the actual assessment. Right? So we put together, like, a whole thing. You know, it's wealthwealthevaluation.com.

Veena: Mhmm.

Steve: Right? I actually have, like, a six page PDF on, like, how to figure out what your net worth is

Veena: Love it.

Steve: Your, your your monthly, expenses Yeah. And after tax take home. Like, just all these things you need to figure out your wealth.

Veena: Yeah.

Steve: So we put provide that for free to help people with it.

Veena: Right.

Steve: But I also know just in my experience, and I'm included in this, we hate doing the things that are necessary

Veena: Yes.

Steve: To figure out what we're actually worth.

Veena: Yes. You know, it's funny that you say that because I I am just like, oh, the idea of having to fill that out is because I have to fill out a PFS for anytime we go for funding. And it's like updating it is so cumbersome because real estate values, like, they move. You don't always know how much you're worth at any given moment. So I I feel this in my bones.

Yeah.

Steve: So, anyway, continue.

Veena: So yeah. Okay. So and maybe we should talk about what's accredited versus unaccredited. Right? Because that's, I think, a big question question a lot of people ask.

And a lot of people who are accredited don't know that they're accredited.

Steve: Mhmm.

Veena: So there's a whole list of definitions, but, like, 99.9% are gonna meet one of two definitions. The first one is they're gonna have a million dollars of net worth excluding the primary home. That means, like, all the people in California, you cannot include your the equity in your primary home when you are counting your net worth. So assets minus liabilities. But you can't.

Steve: You do a cash out refi.

Veena: That's why I tell people that's, like, the bonus to doing a cash out refi because then you can take that cash and buy another investment property or whatever you do, and then you probably are meeting the net worth requirement.

Steve: Right.

Veena: So I think that's always smart to evaluate just in general. The second way is gonna be through income. So if you are a single person, you have to made have made 200,000 or more for the last two years

Steve: Mhmm.

Veena: With a reasonable expectation of maintaining that. Or if you're married, it's 300,000 or more for the last two years with a reasonable expectation of maintaining that.

Steve: Yeah. So, I invested in a fund officially beginning of last year, but I actually started the process earlier. Right? And my friend, Stephanie Better, she's the owner of Left Main. She's like, hey.

You know, like, here's the process, this and that. And I was like, well, how do you know I'm accredited? She's like, Steve.

Veena: I know you're accredited.

Steve: I I can look at your Salesforce and see your business. I know you're making more than 300,000 a year.

Veena: So and that's, like, a reasonable step. Right? So the SEC does not say you have to go and get a letter from your CPA. It doesn't actually define that clearly.

Steve: Right.

Veena: But that's a reasonable step that she has intimate knowledge of your financial

Steve: Right.

Veena: Picture to say, like, okay. I know you're making more. And it's so funny because, you know, the investors I have that make the most money are the most annoyed with having to show their status. And I'm like, just get your CPA to, like, write a letter. This isn't that hard.

And they're like, I don't have a CPA. I'm like, you make, like, $2,000,000 a year. What do you mean you don't have a CPA?

Steve: So my theory on this is that I think, generally speaking, the people that are most successful Yeah. Tend to be the less detail oriented.

Veena: Yes. I think that would be true given my

Steve: And also less rule followers.

Veena: Okay. I could definitely see that.

Steve: Because if you're a rule follower, you probably stayed within the Yeah. The normal ecosystem Yeah. Versus deviating.

Veena: Yeah. That might be true.

Steve: Yeah. So you mentioned sophisticated investor, and I was actually talking to someone else about this. I'd love to get your take on what a sophisticated investor is. I know I'm not gonna hold you in court on this. Right?

But generally speaking

Veena: Well, the reason I'm, like, and huffing and puffing about it is because, this is another area where the SEC is clear as mud on

Steve: it. Right.

Veena: So they don't really tell you necessarily what a sophisticated investors. But listen. What the SEC is designed to do, and I think it's important what they do, is they're designed to protect the public. Mhmm. And what the SEC doesn't want to happen is have someone who maybe has never invested in anything before, has, like, a high school education, works in, like, a retail store saying, okay.

Here's 25,000 or 50,000 or a 100,000, like, my whole entire life savings and put it into a high risk venture, which, you know, whether it's high risk or not, that's debatable. But there are people out there that do not know how to run real estate funds. Right? Like, they don't have the resources and the connections to run it correctly.

Steve: Right.

Veena: And so it can be dangerous in that way. And so the SEC is trying to protect you and I from taking money from those people.

Steve: Well, I mean, if things go south

Veena: Right. You have to be able to withstand the law.

Steve: Those people are, and I think rightfully so, gonna be heavily protected.

Veena: And they should be.

Steve: By the federal government against.

Veena: Absolutely.

Steve: Potentially, you said bad actors was the term you're saying?

Veena: Bad actors. Yes.

Steve: Right? Like, these people do need to be protected Yeah. Because they might not fully understand what's involved in real estate investing.

Veena: Exactly. And so the sophistication rule is really to prevent those people Mhmm. From making these decisions because they get, like, excited in the glitz and the glam. And, you know, the FOMO is real. And so

Steve: I mean, just go to any of these, like, massive guru events.

Veena: Yeah. It take

Steve: doesn't take a lot to get someone to, like, open up a credit card line.

Veena: Yeah. And be excited about it. Right. Exactly. And so that's what it's designed to that's who it's designed to protect.

So, generally, like, sophistication, have you made these types of investments before? Do you understand them fundamentally? I you know, my degree is in finance. So I might if I didn't have the net worth or I didn't have the income, then I might have fallen under the sophistication because I, you know, I'm a finance degree. I worked in corporate real estate.

So I understand I have a general understanding of these better than the average person. You could also another way you could kind of mitigate some of the potential risk there is if maybe you're not accredited, but you're and you'd maybe you don't have the sophistication background, but you have a financial adviser who's now signed off on this for you. Because then that's someone who's looking at your portfolio and saying, okay. You know what? If you wanna take this risk on, it's appropriate risk for you.

Steve: You understand the risk.

Veena: Correct. Correct. Then you have someone who really understands the risk that's saying yes or no. No. Financial advisers usually hate these types of investments anyway.

Yeah. There's very few that are really savvy. Fun. Yeah. There's very few that are savvy enough to really understand why this is beneficial.

And then in any financial advisors that aren't fee only, they're not incentivized to let you invest into these types of deals.

Steve: And that's a whole different

Veena: That's a different topic for a different yeah. Totally different topic.

Steve: Yeah. When I first learned about the concept of fiduciaries, it's like, oh my god.

Veena: Life changing. Right?

Steve: Vultures. Like, everything that's horribly said about wholesalers Yeah. Is actually true by stock brokers.

Veena: Anyway That's a different show, Steve.

Steve: Different show. So were are these the four funds?

Veena: Yep. These are, like, the four major types. I mean, there's others, but these are the four major ones that you're likely gonna

Steve: use. So let's go back into the reg d, five zero six b. Okay. So, obviously, I'm doing a lot on social media.

Veena: Yes.

Steve: What are the things I absolutely cannot say on social media?

Veena: So I think that the SEC's position is you cannot induce investment into a five zero six b raise. And for someone like you, as not an attorney, what I would say is because you utilize social media so much, I think a five zero six c is probably a better fit for you because then you don't really have to worry as much about how you're who you're taking in, how they're finding you. You know, you say one thing on social media, and you might have ruled yourself out of using a five zero six b exemption. Mhmm. So and this is why I say your first call has to be to your securities attorney.

Right. Because, and I'll introduce you to Nick from Polymath Legal. He's phenomenal. I've been working with him for, like, a hundred years.

Steve: Yeah.

Veena: It's been, like, I think, like, thirteen or fourteen. Hundred. It feels like a hundred. But he's just he's so good. He is so knowledgeable.

And what I love about him is he's really conservative. So which also I hated about him, and I fight with him about this all the time.

Steve: I hate it, but for this instance

Veena: You love it. Yes. That's exactly because, like, you know how attorneys are. They can, like they're so great when they're good, but, like, man, they are deal killers. Mhmm.

They're, like, never want they're, like, no. No. No. No. But this earthquake could happen in Japan, and that could be a problem for your real estate deal in Florida.

I'm, like, really? Like, that's what we're disclosing to investors right now. This makes no sense. Yeah. But it's really good in this instance because he will do a really good job of protecting you and making sure it's done the right way.

So my first call is always to Nick even though I've done so many funds now and we always use 506 c now. We used to do 506B, like, way back in the day. And when you're first starting out, a lot of people will start with a five zero six b because the people most likely to write you a check when you're starting out is someone that knows you well enough to be in a five zero six b race. Yeah. When you have more reach like you do, usually, a five zero six c starts making more sense.

So I would really consider and this is where a good attorney like, when you call Nick, the first thing he's gonna do is he's gonna ask you these questions. He'll be like, who do you wanna raise from? What's their demographic? Are they accredited, not accredited? Where do you want to be able to talk about your deal?

And then he's gonna say, okay. Based on your answers to these questions, you're gonna use a five zero six b or you should use a five zero six c, and then you'll talk through it. So that's the power of a really good securities attorney is you don't have to tell them which exemption you're gonna use. They're gonna tell you which exemption you should use.

Steve: But, you know, for the, newer person

Veena: Yes.

Steve: Or that yeah. For a newer person that's posting social media. Yeah. You know, like, they hear this episode. Mhmm.

Man, I wanna start real estate. Yeah. What are the things you can't say

Veena: Mhmm.

Steve: That will get you in trouble?

Veena: Well, if you have a deal on the table, that is the biggest, like, barrier to posting for a 05/2006 b. Mhmm. So right now, you don't have a deal. You don't have a fund yet. You're getting it set

Steve: up. Right.

Veena: So right now, you can be talking about it. There's no issue there because now you can be forming those relationships. And, actually, it's like one of my secret sauce tips is anybody who's trying to raise capital, raise capital before you have a deal. No matter what exemption you're using because this is a relationship business. People invest with people they know, like, and trust.

Steve: Right.

Veena: It's much easier when you're talking to somebody to get them excited about a deal and be like, I don't have anything to sell you right now. Like, I have no opportunity to provide you with at this moment. But when I do, I'll let you know. Mhmm. It's much more powerful than being like, see if I have this deal and you're gonna love it because then your immediate defense is up, and you're gonna be like, no.

No. No. No. No. Whereas if I'm like, oh, this is what we do, and I'm so excited about it, and this is why you should love it, and this is our strategy and our track record and all the things, you're gonna be excited about it.

And I'm gonna be like, you're gonna be like, okay. Great. Sign me up. And I'm like, oh, no. To Zoe yet.

Yeah. I don't have anything. I have nothing no opportunities on the table at the moment. So it's always good to do this before you get a deal. So if you're posting on social media, you might be posting about what your company does.

Mhmm. You might be posting about what you're trying to do or who you're looking to connect with or build relationships with. But you don't have a deal right now, so there's nothing to solicit anybody for.

Steve: So the things I've seen, you know, like so I guess what you're talking about is once I start pitching a deal Mhmm.

Veena: This is

Steve: where you can go in trouble with five zero

Veena: six piece.

Steve: So if I say, hey. I have a fund.

Veena: Mhmm.

Steve: You're getting trouble, potentially. But if I say I'm starting a fund, you can say almost whatever.

Veena: Yeah. And depending on what kind of fund you're starting, it might be okay. Because if you're doing a five zero six c, then it's probably not an issue, as long as you're taking the steps to properly verify your investors.

Steve: So I know, like, one of the things that SCC hates is when you, like, guarantee returns.

Veena: I never say the g word. That is the worst word you can or the g word and the p word of promised. Yeah. Never. Never, ever, ever.

These are pro form a, anticipated, expected Mhmm. Projected. All of those words are words we love. Right. Never say the word guarantee ever again because it's not a guarantee.

Steve: Well, it's not. But, you know, just, you know, for anyone that's listening, like, those are just, like, guarantee and promise.

Veena: Never. What do those words mean? We don't even have them in our dictionary.

Steve: Got it. Got it. And then, you know, this is not necessarily a fun deal, but, like, if you say, hey. I'm looking for some private lenders. I'm looking to pay 10% interest.

Mhmm. It's not an investment in a property. Mhmm. It's just I need some private money lending. It's for a very specific property where there's a promissory note, deed of trust, and all these other things.

Veena: And they're recorded on the And

Steve: they're recorded.

Veena: Okay.

Steve: That has nothing to do with what we're talking about today.

Veena: No. That is different because there's also, like, mortgage exemptions. So there this is what the attorney will say. It depends. Right?

Because it depends on a lot of factors. So it's likely not selling a security if it's done the correct way, which is why it's so important that you follow people that know what they're doing. Right? Because they'll make sure that the contracts and the structure of it is done correctly so you're not accidentally selling a security. Yeah.

And, you know, the SEC does not like, I didn't know. Like, that's not a good enough response for why you're not selling. Yeah. It does not work.

Steve: Yeah.

Veena: What is ignorance from the law is not an excuse from the law or something?

Steve: Yeah. Ignorance, yeah, ignorance is not an excuse, but it can still sometimes work its way through. But with SEC Yes.

Veena: No. Nope. No. No. Just don't do it.

And if you're unsure, it's totally worth it to pay for an attorney's hour of time Yeah. To learn and understand what you're trying to do and what works or doesn't. And there's something called a Howey test. I know you didn't ask me this, but I think it's important we talk about it. Okay.

Steve: But before you go into that Yeah. So you let you know, you guys are jumping in the middle of this. You know? Vina is here. She's teaching me.

Right? I'm I'm about to start a real estate fund, and who better to ask than someone that's done almost a billion dollars in multifamily. So thank you so much for coming in and sharing that with me. Alright. So the Howey Test.

Veena: Yes. The Howey Test. Okay. So the question is always, am I selling a security or not? Right?

So there's four major parts to whether or not you're selling a security. So the first part is, is there an investment of capital? Right? So you give me a $100,000 to invest in my deals. Yes.

We've met the first part of the Howey test. Right? Is it in a common enterprise? So does that mean that if I ask five people for money, that's a common enterprise. So a common enterprise, that's the second piece of the Howey test.

The third is, is there an expectation of profit? So are you just giving me the $100 and I'm giving you back the $100 or I'm just keeping the 100? Do you expect to make a profit, which

Steve: Right.

Veena: Obviously, yes. An investor does expect to make profit. Right? And is it primarily based off of the work of somebody else?

Steve: Mhmm.

Veena: So if you and I are doing a deal together, let's say we're going to buy a house and we're gonna renovate it and, you know, I'm gonna handle all of the administrative work and I'm gonna put in my money, you're gonna put in your money, and you're gonna take care of running renovations, and I'm gonna handle leasing and property management and everything, then you're not relying primarily on the work that I'm doing. You are putting in work too and we're making decisions together. So that doesn't meet the fourth test. But if you're giving me the money and I'm going out and I'm investing and I'm making all the decisions and you're a passive investor, then that does meet the Howey test.

Steve: Sure.

Veena: So when you meet all four of these rules, then you are selling a security and then you either need to register that security or you need to have an exemption you can rely on.

Steve: Got it.

Veena: So once you understand that fundamental, and I think that's where a lot of new investors mess up, is they go, oh, but so and so did it this way. There are a lot of people that do it wrong. That is not a good way to do it because the SEC won't like, oh, but someone else did it like this.

Steve: True. I mean, that's true with everything. Right? This is yeah. Just because someone else did doesn't mean It's

Veena: not mean it's right. Yeah. Even really, like, big companies, well known companies don't always do things the right way. And so

Steve: And you might not know what kind of fun they

Veena: have. You don't. Yeah. You don't always know what they're doing, how they're doing it, how they're structured. So just be wary of just copying it because someone else did it.

But once you can answer, like, this how we test question, you then really know if you're selling a security. And a good securities attorney is gonna tell you if you're not selling a security Yeah. Because they're not gonna have any work to do on it.

Steve: So then another thing that seems to be trending

Veena: Mhmm.

Steve: Is this concept of a fund of funds. Yes. What is a fund of funds?

Veena: So a fund of funds is so let's say I have a parent fund that's, like, 123 Main Street Apartments. Right? I'm gonna go buy it. It's gonna be great. I need to raise $10,000,000 for it.

I'm making these numbers up, obviously. And then you come and you say, hey, Vina. I have a fund, and I've raised $2,000,000 from it. And I'm gonna take your $2,000,000, and I'm gonna invest it in your $10,000,000 fund. So now maybe you get a preferential position for your investors, or maybe you get to negotiate a better payout for you your fund.

Steve: Mhmm.

Veena: So, essentially, just think of it like kind of where it falls in the org chart. Right? You have your parent fund, and then you have all of the investors underneath it. And this is one investor underneath it, and it's usually an entity. Mhmm.

And your entity, you know, the Steve Trang Fund goes here, and then your investors will be underneath that. So it's just basically carving out a slice of a much larger deal. What's nice about it is you get access to deals that you might not have done otherwise. So if I'm buying a $100,000,000 deal, you you might not be able to go out and do that today, but you can take a piece of it by being a fund of funds in that fund.

Steve: So the fund of funds, who which one's the fund of funds? Is it the the guy on top?

Veena: You. The

Steve: the Or the one the smaller operator?

Veena: Smaller one. Yeah. So the fund is the main fund, and then the fund to fund is the smaller fund that goes into the fund. Because it's it's really like a fund in funds. Yeah.

Probably the better way to describe

Steve: it. Yeah. Yeah. Because I was kinda thinking, my conceptual because I haven't done a ton of research here. So, again, thank you for coming on.

Yeah.

Veena: When I

Steve: hear a fund, the funds is like, okay. I have one fund, and within that fund, I got four or five different other funds that like, this one can do the, semi blind one. This one can do the truly blind. This one can do single asset.

Veena: No. You're conflating them now. Yeah. Okay. So you what you could do is, let's say, you did your own fund.

You could say, hey. This is a semi blind fund, Or maybe you have the assets identified. So maybe it's not blind or maybe it is blind. That doesn't matter. But you could say, I'm raising $10,000,000, and I'm gonna take 2,000,000 and put it into Vina's deal number one.

I'm gonna put it in Susie Smith's deal number two. I'm gonna put it in PACE Morbius deal number three. Right? Like, so you can take your fund, and it can branch out and invest into multiple assets, which is more like, you know, how a REIT or a hedge fund is structured with multiple investments, not one investment vehicle. So it really depends on what your investors' tolerance is or appetite is and what your investment thesis is going into it.

Steve: Yeah. So let's talk about the investment thesis because something we haven't talked about is a PPM.

Veena: Yep. So This is very important.

Steve: Explain to me the investment thesis.

Veena: Yes. Okay. So a PPM is a private placement memorandum. And what this is is it's a billion pages of legal jargon, which will make you want to stick a rusty fork in your eye when you read it. Okay.

But, again, it protects you as the sponsor, and it also protects your investors. And what the PPM is is it's very clearly laid out, and it talks about anything and everything an investor needs to know about a deal. Mhmm. It talks about their risks, just in general in real estate, in the market, on the assets specifically with you as a sponsor. It talks about anything bad that could potentially happen.

It says, you know, you're gonna lose all your money. Your neighbor's gonna lose their money. Their grandchildren are gonna lose their money. Like, everybody's gonna lose everything.

Steve: Here are all the different worst case scenarios.

Veena: Exactly. And it is a very scary document. Mhmm. And I remember when I first started, I went back to Nick, and I was like, Nick, what are you doing? If I give this to my investors, they're gonna run away.

He's like, good. This is where you want them to be scared. And then if they still invest because they believe in the deal, great. But he's like, you don't want someone that's scared investing into the deal. Those are not your investors.

And I was like, I hate you, but fine. That makes sense. Right?

Steve: Especially, like, you're talking about someone that wants to invest. Right? An accredited investor. Maybe the first time they see it, they'll be scared.

Veena: Yeah. After they see it, they already and I'll tell you the secret of how I handle it in just one minute. So okay. You have your, like, risk factors. Right?

Then you also have how the funds are gonna move. Like, what's the money being used for? What fees are you as a sponsor taking? You disclose all your fees, your compensation, conflicts of interest. Right?

Like, in our funds, I have to disclose that I am not exclusive to this fund because I have so many deals. Right? So I'm going to be working on all of those. Of course, we have, like, teams that work on everything, but I have to disclose that to investors. Otherwise, you kinda be like, Vina, why are you working on this other investment that I'm not invested in and not focusing your time here?

And I'm I'm gonna point you to the PPM and say, well, I told you I have other investments that I'm handling, but I'm giving this equal time as well. It's gonna talk about how the funds flow. The it's gonna have the operating agreement in there that you're joining the entity that I have this operating agreement for. It's gonna tell you what happens from a tax perspective, what happens in the case of a loss. Like, all of these things are gonna be disclosed.

Like I said, it's gonna be, like, a 100,000,000 pages long. It's gonna be so long, so boring. But it protects both of you guys. And this is, like, the official document. So no matter what you've said, this document is the ruling or governing document.

Yeah. Now here's the way to talk about the PPM to investors that I've learned after, like, a decade. When you're going out to investors and you're talking to them and you're let they're, you know, excited about the deal, you're pitching them the deal, they're excited, they want in, they're ready to move forward, I actually address the PPM out of the gate. So I kind of take out the, like, punch that you get when you receive it. Right?

I go, by the way, you are going to receive a document from me. It's called a PPM. Super long, super boring, super scary. It's gonna, you know, it's gonna be the normal standard disclosures, industry standard. It's gonna tell you you're gonna lose all your money.

Your neighbors are gonna lose their money. Their dog's gonna lose their mind. Like, everybody's losing their money. The sky is gonna fall down. This is something our attorneys require us to do.

The SEC requires us to do this. Mhmm. And we're SEC compliant, and we're SEC compliant in every way. So I just want you to know that it's gonna come out. Feel free to have your attorney review it.

Do not pay them to redline it. We cannot redline the document for you. Everybody signs the same document. You're gonna sign the document. I'm gonna sign it.

My neighbor, my sister, everybody invested signs this exact same document. What it does is it lowers the the negativity that a lot of investors will get from the PPM. Put all

Steve: the negativities on the table.

Veena: Yep. You you just, like, remove all of those as potential surprises or issues. And you say, do you have any questions? Once you read it, let me know if you have any questions. Now I think every investor should read it so that they know what they're getting into.

Steve: Mhmm.

Veena: Most do not read it. But what happens is, when a deal is progressing, like, maybe you have something that's slightly different or you're gonna exit earlier or you're gonna exit later, whatever. There's always gonna be that one investor that's like, but you didn't tell us that. And we're like, but we did. Here's your PPM.

Right? And you wanna have that to refer back to so that they can't ever say you didn't tell them something.

Steve: You have

Veena: to protect yourself. Exactly.

Steve: So one thing we haven't talked about was who can actually start a fund.

Veena: Theoretically, anybody can start a fund, but just because you can, it doesn't mean you should. I think that the biggest thing when you're doing a fund is you're taking in investor dollars. Every single thing we do at our company, the first and last question we always ask is, how does this affect our investors? Is it going to positively affect them? Is it going to have a positive impact on their returns?

If it's not, we don't do it. And so I think that that's the first thing. If you do not feel that level or that sense of responsibility, this is not for you.

Steve: Yeah.

Veena: You will never sleep the same again once you take in an investor dollar because the responsibility is so great, and that's how it should be. Yeah. Now with that, if you are not somebody who is going to be meticulous in your accounting, your documentation, following these rules and guidelines, it's probably not a good fit for you, because you do need to keep very solid records. For example, we never commingle funds. There is not one dollar that crosses from one project to another ever.

Steve: Yeah.

Veena: And we, you know, we keep very meticulous records of every investor. We keep all documentation, paperwork. Everything gets filed and stored appropriately. And that is in and of itself, these funds are a big administrative hurdle. And if you don't have the time or resources to invest in building that infrastructure, it's probably gonna be a pretty bad fit.

Steve: Yeah. But we could use the capital that we raise Mhmm. To be applied towards the administrative stuff. So

Veena: Yes. Right. Yeah. And and, you know, that's a disclosure in the PPM is what you your kind of planned expenses are gonna be. That we disclose that.

But, yes, you can.

Steve: To to operate the fund, to pay for the attorney Yep. For all the right paperwork.

Veena: Your tax people. Yep. Everybody.

Steve: Everything's disclosed within that.

Veena: Yes.

Steve: And I I'm glad you brought up the point about, you know, the responsibility operating in a way like a fiduciary to protect your investors.

Veena: Mhmm.

Steve: I actually had a conversation with someone yesterday, and he was like, it's really weird, Steve, that you really dislike this one person. Like, you don't ever blast anybody. Yeah. Like, why do you feel so strongly about this one individual? Yeah.

And I said, well, because he has a track record of borrowing money from people, not the banks. I don't care if you default on the banks.

Veena: Right. That's different. Yeah.

Steve: They know better than anybody else to value the risk. But if I borrow money, right, from Vena for a property and it doesn't work out, I'm gonna make Vena whole. It might not be today. It might not be this year. Mhmm.

It might make twenty years. I don't know. Yeah. But a 100%, you're gonna be made whole. Right?

And so I'm glad you talk you talk about this this idea of, this responsibility because I think it should absolutely be taken with maximum, seriousness is not a right word I'm looking for. But

Veena: no. I know what you're saying. It's a responsibility. That's really what you're saying. It is not.

And you should if you're gonna take it lightly, just don't do it. Yeah. Just don't do it.

Steve: What questions I'm gonna ask you about starting a fund that I should

Veena: Oh my gosh. You've asked me some really good questions so far, and I feel like you're, like, ready to go out tomorrow and start this fund.

Steve: Well, I mean, I've already started the wheels on this. Right? So, like, I already have, like, the best realtor in town that already buys properties for hedge funds. I already know the guy that was heavily involved with Blackstone when they were buying all these properties. So this is, like, the best

Veena: analyst. Amazing.

Steve: I already have the underwriter who is able is who's who's capable of underwriting a 100 deals a day. Right? So I already have all the

Veena: pieces team.

Steve: I already have the team, and I already have the other guy who's got access. He's, I think he says, like, $300,000,000. Love

Veena: it. You got all the pieces

Steve: in place. Pieces in place. I just need to make sure I don't screw it up.

Veena: I mean, that's true in general. So good job on that. Yeah. But, no, having the team in place is actually a really great first step. Have you done, like, a business plan yet?

Have you kinda sketched out what this would look like?

Steve: I have not gone that far. So this is really I wanna say what the the impetus for all this

Veena: Mhmm.

Steve: Was watching, Silicon Valley Bank.

Veena: Ah, yes.

Steve: I was like, hey. This feels like Lehman Brothers.

Veena: It kinda does. Except you know what? I thought it was gonna have a bigger impact than it ultimately ended up having.

Steve: Right. But then we did have Signature Bank

Veena: Yep.

Steve: Credit Suisse. Yep. And I think

Veena: There was one more.

Steve: Yeah. There was a fourth

Veena: one. Was it?

Steve: I don't I don't remember, but there was a fourth bank. Right? Yeah. And, you know, it was actually really cool. Yesterday, I was at a wedding, and I was talking to one of the other guys.

I was like, hey. How are

Veena: you doing?

Steve: You know? How's life? Yeah. Whatever. Small talk.

Yeah. He's like, it's interesting. He's like, oh, what is interesting? He's like, well, Silicon Valley Bank is one of our biggest clients.

Veena: Like, oh, tell me more about that. Interesting? Is that

Steve: the word? Interesting. He's talking about how their businesses slowed down drastically because their their other clients are at Bank of America, JPMorgan Chase. Mhmm. He's like, yeah.

All these major banks, Wells Fargo is like, all these major banks are like, pause everything. Yeah. Right? But then he's like, Visa and, like, American Express, which are also his clients, are, like, spending money like it's going out of style.

Veena: Yeah. No. It makes sense.

Steve: And he's like, and our other clients, FDA. He was like, holy cow. Like, you have All

Veena: the people.

Steve: Amazing clients.

Veena: Yeah.

Steve: Right? But he's talking about, like, he's get to see it firsthand how all the executives are behaving in this

Veena: What are they doing? Shift. I bet you I know.

Steve: It seems like they're fight they're they're they're not as freaked out as they were

Veena: Yeah. A couple of weeks ago. Agree with this.

Steve: Yeah. Which is your point. Right? Like, hey. Like, it doesn't seem to have the same impact, but everything was just fine before.

Veena: Until it wasn't. Yeah. This is

Steve: a bank failure. Oh, it's and then, like, we had, like, Lehman Brothers, WAMU, and then Everything. And it was just, like, this domino.

Veena: It was like a spiral kind of but here's the thing. This is the best time to be getting into this space. Yeah. Because okay. We all made a lot of money in the last ten years in real estate.

We've been in, like, one of the best markets we've ever seen.

Steve: Mhmm. Every day was a party.

Veena: Right. Exactly. But it's not the bull run where people make, like, ungodly amounts of money. It's actually the bear run because this is where the opportunity comes. Mhmm.

And so all the people that have been on the sideline until now and are just, like, learning about this and, like, finding you and finding your education, this is the best time. Yeah. Like, we have a very short window of opportunity in front of us. There are so many especially in the multifamily world, but I'm sure the single family world is gonna feel some of these effects. But there are so many assets that have debt in place Yeah.

And no cap on the insurance.

Steve: Yeah. No. That's that's On

Veena: the insurance rate.

Steve: Talking to Pace about this, he's like, he's so excited Yes. For this opportunity in the next six to twenty four months.

Veena: Yes.

Steve: And, yeah, going back to, like, the one I'm looking at is, like, the phone call I made. Right? Because it's like it's like everyone's like a sleeper cell. Like, they're just kinda doing their own thing.

Veena: Yep.

Steve: And the phone call's like, hey. I'm thinking about getting the back the band back together.

Veena: Well, that's how what all of us are doing. Like, right now, we're in expansion mode because I'm getting ready to buy everything.

Steve: Yeah.

Veena: I wanna buy everything. Because the thing about real estate that we know is it always goes up over time. It's cyclical, and it'll always go up over time. So if you can weather a storm for a short period of time, this is what smart money is doing right now. Sophisticated money, smart money, family offices, they are moving hardcore into real estate assets and especially in the multifamily sector because it's such a stabilized asset class out of all the different asset classes that you can be invested into.

Steve: I'm trying to see here. I don't see any questions here. Maybe we got a little bit too complicated.

Veena: Too complicated?

Steve: Yeah. But, I mean, again, like I said, I I'm totally selfish here. Right? I was like, hey. I wanna learn as much as possible to make sure I'm not doing anything stupid along the way.

Veena: Well and I think that's very smart, and I think that's really the first step. I what I would say is, especially because you have a lot of wholesalers that follow you Mhmm. What's important for them to understand about this is even if they're not gonna go out and start their own fund, you can wholesale two funds. And if you can speak that language, you're gonna have a very different conversation with me than if you're like, oh, yeah. You know, I wholesale deals here and there.

If If you wanna wholesale, like, the really big deals and, like, the multifamily deals, no one understand how to speak multifamily language. Right? Like, the language of multifamily. It's different than single family. I and I didn't make it up, but it's, like, all very sophisticated savvy investors.

And if you can speak to that now as a multifamily buyer, when I have a wholesaler who approaches me 99% of the time, they're like, oh, I have this deal, and it's $1,200,000,000 plus 3%. And I'm like, okay. You obviously have no idea what you're doing, and you're emailing me from a Gmail account. Probably, you don't have this deal.

Steve: Okay.

Veena: And so I'm gonna ignore

Steve: send from Gmail.

Veena: Do not send from Gmail, please. It's like $6 a month to get a professional email address. Go do that. It's worth it. Yeah.

Because if someone sends me something from Gmail, I immediately I don't even care how good the deal is. I don't care if they're gonna give it to me for free. I don't even respond to it, and we blacklist them.

Steve: Yeah.

Veena: So that's first. Second is if you come to me and you say, plus a 3% buyer's fee, it automatically tells me you're a single family wholesaler, not a multifamily wholesaler. Because in the multifamily world, we don't even pay brokers 3% on the vast majority of large deals.

Steve: Right.

Veena: Because the numbers don't work when you do that. It's like, we sold a deal last year for over 9 figures. It was over a $100,000,000 on the exit, and our broker fee from one of the top brokerages in the world was under 1%.

Steve: Right.

Veena: So but it's a $100,000,000 plus deal. Mhmm. So, you know, that's like the second thing I would say. But I would say if you can speak, like, in fund language and you can say, hey. This is a great fit for anyone who's running a reg d five zero six b or five zero six c or just a reg d raise.

Sponsors that can actually close on the deal are gonna be like, but you don't that's not what a wholesaler says. Well, how do you know about this? Mhmm. Right? And then it gives you instant credibility with the buyers that can close.

Steve: So maybe one thing they can do is to reach out or not reach out. They can follow you.

Veena: Yeah. Totally.

Steve: Follow you on social media, and they can see what it sounds like.

Veena: Absolutely. And it's easy to learn. I mean, if you can learn how to speak wholesale talk. Right? Like, that's a different language.

If you can learn how to speak wholesale, you can learn how to speak multi family.

Steve: Sure.

Veena: It just takes time.

Steve: How would someone, follow you?

Veena: They can find me on all social media, Veena Jetti, v e e n a j e t t I. Or I have a Facebook community. It's a free community where we talk about all things funds, multifamily Mhmm. Called Mastering Multifamily with Vinojedi.

Steve: Perfect. And so we do have one question before we wrap up here. Claudio, Vino, there are a lot of moving parts, multifamily to underwrite the financials and lots of competition for those assets. How do you quickly sift through the best opportunities?

Veena: Oh, I love that. Okay. So first and foremost, I have a very clear buy box. So if it does not meet this list of criteria, which is, like, class b value at nineteen eighty five or newer, 200 plus units, 75,000,000 or more. I don't even look at it.

I don't even underwrite it. I just say no. Mhmm. Because it's a quick no is better than a slow yes. Right?

Steve: Right.

Veena: And so I immediately don't underwrite those deals. If it meets all of those criteria, then we do what we call, like, a back of the envelope, back of the napkin calculation where we look and say, like, okay. Roughly, it's meeting these metrics. If it green lights there, then we do another level of underwriting.

Steve: Yeah.

Veena: But, like, 99% of the deals you get are gonna be knocked down those first two rounds. Right. We look at probably about in today's market, maybe six to 800 deals before we see one. That's how many we have to look at.

Steve: Wow.

Veena: Yeah. It's a lot. Incredible. There was a time where it was, like, one to 200. Mhmm.

And I actually think we're getting back there, especially as the economy shifts and we're at a different point in the market cycle. So

Steve: Yeah. So we gotta wrap up here. Guys, I see, like, this massive opportunity that's coming up. Obviously, I mean, you can see not only do I see this opportunity. Like, I'm taking

Veena: You're taking the opportunity. Yeah.

Steve: We're taking action with this. So, you know, if you guys wanna just stay in the loop, see what we're doing. Right? Get updates. Go to teamwithsteve.com.

From there, you can kinda find out exactly what we're doing there. And, again, for everyone that's, watching, how can they get a hold of you?

Veena: You can find me on all social media, Vina Jetti, or in my Facebook community, Mastering Multifamily with Vina Jetti.

Steve: Thank you so much for answering all my questions, being extremely patient with me, and thank you everyone that's watching today's very special episode Yeah. Where I was really completely selfish. And I just got to ask as many questions as I could.

Veena: I love it.

Steve: About starting a real estate.

Veena: Well, if you have more questions, I'm here even after the show. Alright.

Steve: Cool. Thank you

Veena: so much. Appreciate you. Shout out to Steve Trane. Jump on the Steve Trane. We real estate disrupt