77: How You Can Invest in Real Estate with Only $1 with addy's Stephen Jagger

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Welcome back to the Kelowna Real
Estate Podcast.

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I'm your mortgage broker your
mortgage broker host, Taylor

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Atkinson.

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And I'm your real estate agent

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host, Matt Glenn.

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What's happening today, Taylor?

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Another beautiful day in the
Okanagan.

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What's going on with you?
Okay, I've been thinking a lot

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about what's happened in our BC,
because we've all heard by now

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that the BC United Party has
dropped out.

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So I have just been thinking about
this.

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I think what Kevin Falcon has done
to that party is crazy.

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I wrote down a bit of a timeframe
frame of how this all went down.

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Okay, so I'm just going to rip
over this just so we can see how

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historically bad his leadership
has been of that party.

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All right, so in 2017, there was
an election.

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The NDP won only because they
teamed up with Green's three seats

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to get over the Liberals, right?
The NDP and the Liberals were

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basically tied in 2017.

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2020, there was an election, which

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was right in the center of COVID.

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NDP ended up with 57 seats.

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The Liberals with 28.

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The Conservatives in both of those

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elections, zero seats.

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Basically, a non-existent fringe

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party.

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The way the elections work in BC

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is BC Liberals are basically the
Conservative Party for BC.

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They're the center-right party,
like they're on the right of

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centre, right?
So after the last election in

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2020, when the Liberals lost 28 to
57 from the NDP, Andrew Wilkinson

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resigned as leader and Kevin
Falcon became the leader on May

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16th, 2022.

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That's like just over two years

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ago.

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They changed the name a year

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later, April 12th, 2023 to the
BCUP up party bc united the b cup

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party probably like the worst name
change in history besides twitter

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turning to x i actually don't mind
the name it's just a bad it's just

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a bad timing and bad marketing
what the bc united i don't mind

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what the bc united i don't don't
mind the name it's just everyone

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was confused on well you don't
have to have to get used to it

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because it's over now literally
not even a party anymore so they

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change the name and drop like
horribly in the polls go way down

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just continuously over the last
year so bad that a couple of weeks

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ago kevin falcon comes out and
throws a hail mary out and says

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listen i'm going to scrap the
income tax in the first 50 000 for

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everybody like what on earth like
you're a party that is polling in

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like the single digits and you
come out and say something crazy

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like that last week comes out
pulls his party so like you think

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if you're a leader doing this
badly what you would do is you'd

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fall on your sword and you'd
resign not this guy pulls his

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entire party totally throws all of
his candidates all the bc united

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candidates under the bus still is
in power so now they can't even

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use like the BC liberal name
because they still own that.

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Now they all run independence.

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They can't run their own party

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because he is still the leader
that is just driving this party

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into the ocean.

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All this in one year and there has

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never been an election.

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He has basically resurrected the

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Conservative Party.

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Nobody in BC has actually voted

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for anything.

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We had basically two parties in BC

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and now one of them is in the
garbage when there was not even a

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vote for him at all.

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It's insane.

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And then now we're running into
the election where we have the

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right of centre vote is for the
Conservatives.

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I think the BC United Party is
going to have about 10 of their

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candidates running in this
election out of 57 seats or

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whatever.

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I don't know how many seats there

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are, but only about 10 of them are
going to get in and the rest are

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either going to not run at all or
they're going to run as

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independents.

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So basically, since the

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Conservatives are not really a,
like they were a fringe party like

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a year ago or two years ago, the
most, they don't have the party

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apparatus, like they don't have
like the gears that run a

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political party.

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So they haven't vetted all the

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people like when we had loyal
Woodridge on this podcast, like we

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had to get vetted to come on by
the NDP, right?

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Like you have the machinery behind
these parties that vets people,

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because the conservatives haven't
been, we don't have that.

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So we have a lot of these
candidates for the conservatives

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that are honestly a little bit
crazy.

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And you have all these awesome
candidates like Steve Johnson,

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who's coming on to our podcast
next week on the liberals, who is

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like a solid two-term city
councillor, clearly meant to be in

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politics, doing the right thing,
voice for the people, completely

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thrown under the bus.

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As of today, like I think it's

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like 10 days after they forfeited
the election, Steve Johnson has

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still not got a call.

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I just find it absolutely crazy.

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And like, think about, we have the
NDP, which is a strong party on

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the left.

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And now on the right, you're

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basically have the choice to vote
for a party that is running

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non-vetted candidates, who's a
little bit crazy.

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Like just yesterday, Rustad was on
Jordan Peterson's podcast saying

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that climate change is just not a
real thing.

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And this is the only other choice
you have besides the NDP now.

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Not only have you thrown your own
candidates under the bus and

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ruined your own party in an
amazingly short amount of time,

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but you've basically thrown
everybody else under the bus too

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because we don't really have a
viable choice.

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You know?
I think it's insane.

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I love the rant.

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I a do.

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viable choice you know yeah i
think it's insane i love the rant

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i do i think it was potentially
the right decision to not have a

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minority ndp they were splitting
votes but incredibly splitting

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vote timing and to do what he did
to the mla nominations like steve

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johnson brutal absolutely brutal
poor communication and poor

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planning and poor execution but
yeah like you said we're bringing

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steve on next week to to speak to
him about it.

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Yeah, his two cents.

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And we're not putting words in

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anyone's mouths here in terms of
that.

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But yeah.

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No, this is my opinion.

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No, this is my opinion.

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Yeah.

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I just, I can't believe that this
has happened, honestly.

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And like, you got to think of
this.

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Nobody has voted.

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So all this happened according to

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polls, which Kevin Falcon has been
saying on the news, who cares

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about polls?
That's basically the only thing he

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said in the last year is who cares
about polls.

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Well, apparently this guy cares
about polls.

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I've always been fascinated by
that as polls.

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I've always been fascinated by
that as well, because we're just

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like, oh, who's polling better?
Like, yeah, nobody's ever asked

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me.

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Yeah.

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Right.

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Nobody's asked, but we're telling

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you anyways.

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Exactly.

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Well, I mean, like with the polls,
right?

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Like, come on, man, let us vote.

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Yeah.

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So now I think he did everybody a
disservice.

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right like come on man let us vote
yeah so now i think he did

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everybody a disservice it's one
thing to resign and fall on your

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sword but like he didn't resign
and basically force everybody else

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to yeah right it's like killing
your family to save your family

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like what is that what is that you
know like i just i had to get that

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off my chest because my god okay
so but now we have an election in

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october we'll see how that works
out.

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Yeah.

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Well, moving on to something a

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little more positive.

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so to something a little more

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positive.

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Bank of Canada announcement came

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out.

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We saw a quarter point cut.

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So not as aggressive as we would
like.

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All this being as we would like.

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All this being said, after all my

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rant, my prediction was way off.

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I thought it was going to be for

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sure a half a point decrease or
maybe even a three quarter.

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And it was just a regular quarter
point decrease, which happy about

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but i was way off off yeah i think
we could have used more but at

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least we'll see more you know a
bit of positivity out of it is the

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fact that like it's not all wasted
what we just went through like at

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least they're not given one point
cuts and then we're going to be in

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inflation again and it's all this
volatility so honestly good point

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but there was a financial post
i'll go over it quick.

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Pretty interesting.

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I thought household spending per

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person has dropped 1.3% in the
second quarter.

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That's been one of the lowest
we've seen in recent years,

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basically since the last
recession.

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Yeah.

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So I'm looking at a chart.

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There are some candlesticks here
that spending went up massively

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during COVID.

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Obviously we know that that's

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probably partially due to interest
rate cuts and inflation.

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And nothing else to do with that
online shop.

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Yeah, yeah.

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However, we've seen a pretty

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substantial decrease in spending.

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It doesn't mean that people don't

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have money to spend, actually.

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They said households saved 7.2% of

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their disposable income in the
second quarter.

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It's the most since 1996.

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So I thought it was pretty

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interesting that, yeah, we're in
like a pretty bad economic state.

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Like we are in a recession, a
quiet recession, mostly due to

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population growth was kind of
hiding that.

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But yeah, apparently people still
have some savings.

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So that's a good sign.

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Let's hope these rate decreases

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continue.

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In terms of investing, if you have

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some extra savings, we brought on
Steven Jaeger.

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And you don't need much.

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No.

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Yeah.

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We brought on Steven Jaeger from

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Addy.

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I feel most people have heard

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about this, but maybe they
haven't.

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I've been following them for years
now.

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Really, really cool guy, like
serial entrepreneur.

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He's been in this kind of tech
business for the last 20 years.

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Him and his co-founder started
Addy seven years ago.

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So in 2018, essentially what it
is, is it was a little as a

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dollar.

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You can invest in real estate.

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Yeah, you basically can invest
with smaller amounts of money into

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real estate investing.

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Yeah.

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Through other people.

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So they facilitate the platform.

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They don't like essentially bring
in or vet the deals, but they

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facilitate a platform that brings
in investors and brings in people

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that need the capital.

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So it's a quasi syndication.

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But you can vet your own deal.

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So you can go on there and you can

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pick which deal there is you want
to invest in or what they're

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offering.

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And you can offer as little as $1,

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he said, or as much as you want.

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What he's built there is such an

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awesome app.

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Like it is a great opportunity.

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And the fact that like And the
fact that like you can do as

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little as a dollar i don't think
most people understand like how

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difficult it would be to do that
because legal documents that

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people need to sign and facilitate
like the cost of the expense that

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they have to bring on an investor
for one dollar is going to be

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outrageously high so they've had
to build all these systems to

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basically reduce their costs.

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So yeah, the software alone is

249
00:08:31,996 --> 00:08:32,239
fantastic.

250
00:08:32,239 --> 00:08:33,654
But yeah, and he's going to be up

251
00:08:33,654 --> 00:08:36,552
here next week for the Clone
Infill Housing Synopsis, which is

252
00:08:36,552 --> 00:08:37,328
Tuesday, September 10th.

253
00:08:37,328 --> 00:08:38,386
So tonight when this gets

254
00:08:38,386 --> 00:08:38,740
released.

255
00:08:38,840 --> 00:08:40,113
So if you're going to that,

256
00:08:40,013 --> 00:08:42,816
introduce yourself and touch base
with him, but we'll get to the

257
00:08:42,816 --> 00:08:44,605
show because it's a good one.

258
00:08:44,605 --> 00:08:44,605
It is an awesome one.

259
00:08:44,605 --> 00:08:44,835
one.

260
00:08:44,835 --> 00:08:45,871
We were looking forward to this

261
00:08:45,871 --> 00:08:47,942
one too, a long so did not time,
Very disappoint.

262
00:08:47,942 --> 00:08:49,437
We were looking one.

263
00:08:49,437 --> 00:08:51,264
forward to this one a long time.

264
00:08:51,264 --> 00:08:53,609
too, So did not disappoint.

265
00:08:53,609 --> 00:08:54,111
Very good.

266
00:08:54,111 --> 00:08:54,363
Yeah.

267
00:08:54,362 --> 00:08:56,289
This like every episode, episode,

268
00:08:56,289 --> 00:08:58,460
is sponsored by Century 21
Assurance Realty, the best

269
00:08:58,460 --> 00:08:59,557
brokerage in the Okanagan.

270
00:08:59,557 --> 00:09:01,546
It's where I cut my teeth.

271
00:09:01,546 --> 00:09:02,610
I love being here.

272
00:09:02,610 --> 00:09:04,189
I'm actually in my office right

273
00:09:04,189 --> 00:09:04,781
now.

274
00:09:04,781 --> 00:09:07,960
It is the place to be if you want

275
00:09:07,960 --> 00:09:10,580
to build your career, you want to
work in real estate where you're

276
00:09:10,580 --> 00:09:15,473
not all by yourself, you're kind
of working in a team, but you're

277
00:09:15,473 --> 00:09:17,060
still doing your own business.

278
00:09:17,220 --> 00:09:18,008
It's the place to be.

279
00:09:18,008 --> 00:09:21,060
If you're an agent looking for a
broker to switch into, or you're a

280
00:09:21,060 --> 00:09:23,154
buyer or seller looking for an
agent, call Century 21 Assurance

281
00:09:23,154 --> 00:09:23,300
Realty.

282
00:09:23,154 --> 00:09:24,313
We can help you out for sure.

283
00:09:24,247 --> 00:09:24,480
Right on.

284
00:09:24,540 --> 00:09:24,665
Enjoy the show, guys.

285
00:09:24,634 --> 00:09:25,009
Okay, welcome to the Kelowna Real
Estate Podcast.

286
00:09:24,846 --> 00:09:25,040
Steve Jaeger from Addy.

287
00:09:24,934 --> 00:09:25,040
How are you doing?

288
00:09:25,053 --> 00:09:25,890
I'm good.

289
00:09:25,853 --> 00:09:26,500
How are you guys?

290
00:09:26,407 --> 00:09:26,540
guys?
Good.

291
00:09:26,680 --> 00:09:28,240
Doing awesome.

292
00:09:28,205 --> 00:09:28,240
Good.

293
00:09:28,213 --> 00:09:28,240
Yeah.

294
00:09:28,223 --> 00:09:30,886
I've been reaching out to you for

295
00:09:30,847 --> 00:09:32,882
a little while now.

296
00:09:32,738 --> 00:09:34,381
Really excited to have you on.

297
00:09:34,257 --> 00:09:37,536
Matt and I both kind of know your
business model, but how we like to

298
00:09:37,449 --> 00:09:40,131
start our show, just connect with
our listeners, kind of what does

299
00:09:40,088 --> 00:09:41,758
your perfect Friday look like in
terms of work, productivity, what

300
00:09:41,672 --> 00:09:42,200
gives you energy leading into the
weekend?

301
00:09:42,240 --> 00:09:43,080
I enjoy walking to work.

302
00:09:43,080 --> 00:09:44,485
I've got the luxury of that.

303
00:09:44,485 --> 00:09:46,539
So on nice days, I like to walk.

304
00:09:46,439 --> 00:09:47,920
I actually listen to your podcast,

305
00:09:47,920 --> 00:09:48,365
other podcasts.

306
00:09:48,365 --> 00:09:50,208
I find a good use of time walking

307
00:09:50,208 --> 00:09:53,011
for about half hour, 45 minutes to
start the day.

308
00:09:53,111 --> 00:09:53,613
I'm usually early.

309
00:09:53,613 --> 00:09:54,767
I'm up relatively early most days.

310
00:09:54,867 --> 00:10:00,735
And yeah, as far as productivity,
generally, as long as we've got

311
00:10:00,735 --> 00:10:03,155
everything organized and by the
time Friday rolls around,

312
00:10:03,155 --> 00:10:07,080
hopefully we've got all the things
we want to achieve by the end of

313
00:10:07,300 --> 00:10:10,011
the week mostly wrapped up and
ready to rock so that we can step

314
00:10:10,011 --> 00:10:10,688
into the weekend.

315
00:10:10,688 --> 00:10:12,143
For me, weekends is about hanging

316
00:10:12,143 --> 00:10:14,020
out with my family as much as I
can.

317
00:10:14,020 --> 00:10:16,218
Kids are in sports, doing the
sports thing and maybe getting

318
00:10:16,318 --> 00:10:18,563
over to the cabin as we can find
the time.

319
00:10:18,563 --> 00:10:19,136
That sounds wonderful.

320
00:10:19,136 --> 00:10:20,314
What is Addy?

321
00:10:20,214 --> 00:10:22,903
What's the business model for our
listener that doesn't know?

322
00:10:22,903 --> 00:10:25,540
as maybe getting is Addy?
What's the business model for our

323
00:10:25,620 --> 00:10:26,330
listener that know?
Yeah.

324
00:10:26,430 --> 00:10:29,377
So Addi is a investment platform
that enables regular Canadians to

325
00:10:29,477 --> 00:10:31,420
be able to participate in
ownership society.

326
00:10:31,420 --> 00:10:34,793
So we're a tech company that has
eliminated barriers to entry so

327
00:10:34,793 --> 00:10:38,002
that people can participate in
what usually is a very restrictive

328
00:10:38,002 --> 00:10:41,551
or high barrier to entry business
of, you know, making and

329
00:10:41,451 --> 00:10:43,196
participating in investments in
institutional commercial grade

330
00:10:43,196 --> 00:10:43,957
real estate.

331
00:10:43,957 --> 00:10:46,063
Either you need to have a lot of

332
00:10:46,063 --> 00:10:46,197
money.

333
00:10:46,197 --> 00:10:47,623
And even if you do have a lot of

334
00:10:47,623 --> 00:10:50,796
money, you need to know of the
opportunities and our platform

335
00:10:50,796 --> 00:10:53,942
kind of eliminates both of those
needs so that opportunities can

336
00:10:54,042 --> 00:10:54,535
come available.

337
00:10:54,535 --> 00:10:55,776
And the need for high investment

338
00:10:55,776 --> 00:10:56,547
minimums is not required.

339
00:10:56,547 --> 00:10:57,821
You can invest literally as little

340
00:10:57,721 --> 00:10:59,360
as a dollar on the platform.

341
00:10:59,360 --> 00:11:00,803
How did your career start to lead

342
00:11:00,803 --> 00:11:02,907
you to here?
Were you an agent or an investor?

343
00:11:02,907 --> 00:10:39,571
How did you How did your career
start to lead you to here?

344
00:10:59,051 --> 00:11:05,837
Were you an agent or an investor?
How did you get to Addy?

345
00:11:06,342 --> 00:11:09,880
No. So my business partner is a
guy named Mike Stevenson.

346
00:11:09,880 --> 00:11:14,616
He and I have been business
partners now for 24 years.

347
00:11:14,516 --> 00:11:18,141
Since 2000, we've been working
together on a handful of different

348
00:11:18,141 --> 00:11:20,909
companies that we've started and
sold some of them.

349
00:11:20,909 --> 00:11:24,087
One of them you guys might
remember was a company called

350
00:11:24,087 --> 00:11:24,609
UberTour.

351
00:11:24,709 --> 00:11:25,720
We did residential realtor

352
00:11:25,720 --> 00:11:25,890
websites.

353
00:11:25,890 --> 00:11:28,782
We started that company in 2003.

354
00:11:28,782 --> 00:11:30,200
We sold it in 2013.

355
00:11:30,200 --> 00:11:31,330
Still today, if you look up the

356
00:11:31,230 --> 00:11:32,178
site, the company we sold it to
still operates.

357
00:11:32,178 --> 00:11:33,860
It's still a going concern for
residential realtor CMS platforms.

358
00:11:33,860 --> 00:11:37,708
But how we got to Addy was Mike
and I have been doing this stuff

359
00:11:37,708 --> 00:11:37,934
together.

360
00:11:37,934 --> 00:11:39,105
We've had some success.

361
00:11:39,105 --> 00:11:40,920
We've always been personally
buying real estate.

362
00:11:41,020 --> 00:11:43,992
So for myself with my wife and
family, like doing our thing, he's

363
00:11:44,092 --> 00:11:45,606
been doing his thing with his
family.

364
00:11:45,606 --> 00:11:47,434
And as kind of life progressed, we
started deciding that maybe we

365
00:11:47,434 --> 00:11:45,606
could look into becoming limited
partner, like investing as LPs

366
00:11:45,606 --> 00:11:47,434
behind some of these real estate
developers in town and where we

367
00:11:47,434 --> 00:11:48,571
could participate in a development
opportunity.

368
00:11:48,571 --> 00:11:50,753
And so one of those opportunities
came Mike's way in, gosh, 2017,

369
00:11:50,753 --> 00:11:50,971
maybe.

370
00:11:51,071 --> 00:11:52,062
The whole thing looked good.

371
00:11:52,062 --> 00:11:53,843
Mike was interested in it.

372
00:11:53,843 --> 00:11:55,222
The math made sense.

373
00:11:55,122 --> 00:11:56,827
The opportunity made sense.

374
00:11:56,827 --> 00:11:57,680
The risk made sense.

375
00:11:57,680 --> 00:12:01,086
But the problem was the developer
wanted a minimum of a $1 million

376
00:12:01,086 --> 00:12:01,325
check.

377
00:12:01,325 --> 00:12:03,532
And so Mike had asked him like,

378
00:12:03,532 --> 00:12:06,384
hey, I like the deal.

379
00:12:06,384 --> 00:12:09,696
I like what's going on here.

380
00:12:09,696 --> 00:12:12,180
But basically, can I have set up a
syndicate?

381
00:12:12,280 --> 00:12:14,452
Can I incorporate an entity and
have a handful of friends put

382
00:12:14,452 --> 00:12:18,320
money into the entity and the
entity will invest and be your

383
00:12:18,320 --> 00:12:19,000
investor.

384
00:12:19,000 --> 00:12:21,040
And this developer said, sure.

385
00:12:21,040 --> 00:12:25,685
Like, yeah, you can do that, but I
don't want to talk to any of your

386
00:12:25,685 --> 00:12:25,934
buddies.

387
00:12:26,034 --> 00:12:28,356
Like I just deal with you.

388
00:12:28,356 --> 00:12:30,530
I want one investor, one entity's
name, and that's it.

389
00:12:30,630 --> 00:12:32,891
Like I'm not trying to have a
whole syndicate.

390
00:12:32,891 --> 00:12:34,357
And so Mike did that.

391
00:12:34,257 --> 00:12:36,431
He reached out to me and a few

392
00:12:36,431 --> 00:12:38,915
other people saying, hey, here's
what I'm up to.

393
00:12:38,915 --> 00:12:41,586
Do you guys want to participate?
I said, yes.

394
00:12:41,586 --> 00:12:43,388
A few other guys said, yes.

395
00:12:43,388 --> 00:12:44,133
That's what happened.

396
00:12:44,133 --> 00:12:47,176
And while the developer had the
minimum $1 million check

397
00:12:47,176 --> 00:12:50,220
requirement, when Mike set up the
syndicate, the way he structured

398
00:12:50,640 --> 00:12:51,783
it was minimum $50,000 investment.

399
00:12:51,883 --> 00:12:53,275
And one of our employees at the

400
00:12:53,275 --> 00:12:55,573
time heard about what was going on
and wanted to participate.

401
00:12:55,652 --> 00:12:56,402
And he had $10,000.

402
00:12:56,402 --> 00:12:57,700
And he asked if he could

403
00:12:57,700 --> 00:12:57,988
participate as well.

404
00:12:57,988 --> 00:12:59,429
And sort of the unfortunate answer

405
00:12:59,429 --> 00:13:00,697
for him was no, you can't.

406
00:13:00,697 --> 00:13:02,080
And he didn't really take that

407
00:13:02,080 --> 00:13:02,579
lying down.

408
00:13:02,479 --> 00:13:03,960
He kind of got upset about it.

409
00:13:03,960 --> 00:13:05,898
It's like $10,000 is a lot of
money.

410
00:13:05,898 --> 00:13:07,436
Like what's the difference between
$10,000 and $50,000?

411
00:13:07,436 --> 00:13:09,294
Like it's still a lot of money.

412
00:13:09,294 --> 00:13:10,271
It's still an investment.

413
00:13:10,271 --> 00:13:13,140
The developer is still trying to
raise their capital.

414
00:13:13,280 --> 00:13:14,607
Why can't I participate?
And it was that kind of

415
00:13:14,589 --> 00:13:16,335
conversation that got us going
down the path of like a lawyer

416
00:13:16,316 --> 00:13:19,069
needs to touch the paperwork and a
lawyer charges a fee.

417
00:13:19,069 --> 00:13:21,380
And if it's $100,000 investment or
a $50,000 investment, the lawyer

418
00:13:21,480 --> 00:13:22,262
is the lawyer.

419
00:13:22,262 --> 00:13:23,792
It's the same price to have them

420
00:13:23,792 --> 00:13:24,086
do stuff.

421
00:13:24,086 --> 00:13:25,800
When you wire money, there's a

422
00:13:25,675 --> 00:13:27,550
cost for the wire to be sent as
well as to be received.

423
00:13:27,650 --> 00:13:30,540
Setting up tax slips, T5 slips,
T5013s, those need to be done

424
00:13:31,260 --> 00:13:31,873
every year.

425
00:13:31,873 --> 00:13:33,941
So the developers want the least

426
00:13:33,941 --> 00:13:37,520
number of investors possible
because there's a bunch of admin

427
00:13:38,220 --> 00:13:39,770
requirements that go around having
investors.

428
00:13:39,770 --> 00:13:44,068
And so it was like these barriers
after barrier after barrier of why

429
00:13:44,068 --> 00:13:45,454
this individual couldn't invest
his $10,000.

430
00:13:45,454 --> 00:13:49,806
And kind of the outcome of that
whole conversation was like, huh,

431
00:13:49,806 --> 00:13:51,151
like maybe he's right.

432
00:13:51,151 --> 00:13:53,468
Maybe these barriers are silly

433
00:13:53,468 --> 00:13:53,830
these days.

434
00:13:53,830 --> 00:13:56,151
And there's a way for us, like

435
00:13:56,251 --> 00:13:57,820
we're good at building technology.

436
00:13:57,820 --> 00:13:59,571
Maybe there's a way for us to

437
00:13:59,571 --> 00:14:01,784
build a technology platform that
eliminates those barriers so that

438
00:14:01,784 --> 00:14:04,164
anybody, regular people, regular
Canadians could participate in

439
00:14:04,164 --> 00:14:06,554
this asset class that is, like I
said, generally quite restrictive.

440
00:14:06,554 --> 00:14:08,170
And so that's what we set out to
do.

441
00:14:08,170 --> 00:14:11,673
We went and bought a single family
house on the east side of

442
00:14:11,673 --> 00:14:12,332
Vancouver in late 2018.

443
00:14:12,332 --> 00:14:14,421
And we put it on what the sort of

444
00:14:14,421 --> 00:14:17,203
early version of what is Addi
today with the goal of trying to

445
00:14:17,203 --> 00:14:19,633
understand do regular Canadians
want to do this type of investing,

446
00:14:19,633 --> 00:14:21,668
investing in smaller dollar
amounts into a specific property

447
00:14:21,668 --> 00:14:22,541
or a specific address.

448
00:14:22,541 --> 00:14:24,180
It was like the proof of concept

449
00:14:24,300 --> 00:14:26,688
just to figure out like, are we
nuts or is this a thing that

450
00:14:26,688 --> 00:14:29,764
people might be interested in?
And obviously, long story short,

451
00:14:29,664 --> 00:14:30,655
it was a thing.

452
00:14:30,655 --> 00:14:32,867
People were interested, 300 or so

453
00:14:32,867 --> 00:14:35,806
investors chose to participate in
that Trout Lake property.

454
00:14:35,806 --> 00:14:39,929
And that kind of set us on the
path of like, all right, maybe

455
00:14:39,929 --> 00:14:40,523
we're onto something.

456
00:14:40,523 --> 00:14:42,961
Maybe there is an opportunity here

457
00:14:42,961 --> 00:14:45,860
to keep building out the
technology and automating and

458
00:14:46,740 --> 00:14:47,857
eliminating all the barriers to
entry.

459
00:14:47,857 --> 00:14:52,024
But you can imagine we had to
build the tech to get rid of all

460
00:14:52,024 --> 00:14:52,428
of it.

461
00:14:52,428 --> 00:14:54,145
And it's like it goes on and on of

462
00:14:54,145 --> 00:14:56,744
what it is, right?
Enabling an investor to create an

463
00:14:56,744 --> 00:15:00,132
account, connect a bank, move
money back and forth, sign a

464
00:15:00,132 --> 00:15:00,809
subscription agreement.

465
00:15:00,809 --> 00:15:02,823
The subscription agreement's got

466
00:15:02,723 --> 00:15:04,292
to be auto-generated.

467
00:15:04,292 --> 00:15:06,931
If you live in Alberta, it's a

468
00:15:06,831 --> 00:15:09,520
different agreement than it is in
BC.

469
00:15:10,060 --> 00:15:11,309
If you're retail eligible or
accredited investors, different

470
00:15:11,309 --> 00:15:11,417
agreements.

471
00:15:11,417 --> 00:15:13,001
All the T5 slips or T5013s, doing

472
00:15:13,001 --> 00:15:15,039
the dividends and distributions
back out to thousands of

473
00:15:15,039 --> 00:15:17,718
investors, like all of that stuff
had to be built into the software

474
00:15:17,718 --> 00:15:20,979
to make this thing a viable
platform for people to use.

475
00:15:20,979 --> 00:15:24,729
I think you touched on on a good
point previously too.

476
00:15:24,729 --> 00:15:28,609
It was like, yeah, how do you
communicate to clients on specific

477
00:15:28,609 --> 00:15:31,051
investments?
Like if I want to know what my

478
00:15:31,051 --> 00:15:32,841
portfolio is looking like, who do
I talk to?

479
00:15:32,841 --> 00:15:35,010
Or do you send out a newsletter?
Like obviously people kind of want

480
00:15:35,010 --> 00:15:37,260
to know where things are at and
how things are performing.

481
00:15:37,260 --> 00:15:38,160
How do you address that?
Yeah.

482
00:15:38,260 --> 00:15:42,143
So we're not the ones buying any
of the properties or running them,

483
00:15:42,143 --> 00:15:44,196
with the exception of the very
first Trout Lake property.

484
00:15:44,196 --> 00:15:47,650
They're all owned and operated by
third parties that are using the

485
00:15:47,650 --> 00:15:49,058
ID platform to raise capital.

486
00:15:49,058 --> 00:15:52,008
And part of what they can use the

487
00:15:52,008 --> 00:15:54,220
software for is to do investor
updates.

488
00:15:54,460 --> 00:15:57,602
So they can go into the system and
type in an update, load a PDF,

489
00:15:57,602 --> 00:15:59,164
load a video, load photos, load
whatever.

490
00:15:59,164 --> 00:16:00,669
And our software syndicates it to
all of the investors.

491
00:16:00,569 --> 00:16:02,394
If there's 50 or 5,000, it doesn't
matter.

492
00:16:02,494 --> 00:16:04,802
That's how investors keep up to
speed with what's going on.

493
00:16:04,802 --> 00:16:08,660
So when you log into your Addi
account, you'll see your

494
00:16:08,780 --> 00:16:08,856
portfolio.

495
00:16:08,856 --> 00:16:09,828
In your portfolio, you'll see all

496
00:16:09,822 --> 00:16:12,359
the different opportunities that
you've chosen to participate in.

497
00:16:12,359 --> 00:16:14,953
Within each of those
opportunities, you will see

498
00:16:14,953 --> 00:16:17,104
updates from the different
issuers, right?

499
00:16:17,104 --> 00:16:19,320
And some of them are pretty basic.

500
00:16:19,320 --> 00:16:20,293
Like there's a Starbucks in

501
00:16:20,293 --> 00:16:21,998
Chilliwack that's on the platform.

502
00:16:21,998 --> 00:16:24,100
It was a brand new building built

503
00:16:24,100 --> 00:16:25,268
for Starbucks Canada.

504
00:16:25,268 --> 00:16:26,912
It's done 14 quarters of

505
00:16:26,912 --> 00:16:27,511
consistent dividends.

506
00:16:27,511 --> 00:16:28,310
It's a new building.

507
00:16:28,310 --> 00:16:29,108
It has a drive-through.

508
00:16:29,108 --> 00:16:30,769
It has a great tenant.

509
00:16:30,669 --> 00:16:32,620
It just kind of does what it does.

510
00:16:32,620 --> 00:16:34,628
There's not a lot of updates,

511
00:16:34,628 --> 00:16:35,472
except like the building's still
reasonably new.

512
00:16:35,461 --> 00:16:36,782
The tenant is still paying the
bills.

513
00:16:36,782 --> 00:16:37,348
Everything is kind of working.

514
00:16:37,348 --> 00:16:38,480
And so the updates are much

515
00:16:38,700 --> 00:16:40,978
simpler around the financials of
that quarter, where if it is a

516
00:16:40,978 --> 00:16:43,650
development where they haven't dug
the hole yet or got permits yet,

517
00:16:43,750 --> 00:16:46,295
or they are digging the hole and
they've run into some challenges,

518
00:16:46,295 --> 00:16:50,001
or it's an asset that needs a
whole bunch of work and there's a

519
00:16:49,901 --> 00:16:52,879
huge renovation program going on
like those ones also need to do

520
00:16:52,879 --> 00:16:55,605
updates and they can be much more
robust again depending on the type

521
00:16:55,605 --> 00:16:58,704
of opportunity that people have
chosen to participate in but

522
00:16:58,604 --> 00:17:02,659
that's how it works is you log
into your account and you can keep

523
00:17:02,659 --> 00:17:06,942
up to speed with what's going on
and then we've also got a discord

524
00:17:06,942 --> 00:17:09,368
server set up and each property
has its own channel so there's

525
00:17:09,269 --> 00:17:12,057
thousands of our community that
are in the Discord and they're all

526
00:17:12,057 --> 00:17:13,465
chatting with each other about the
different opportunities.

527
00:17:13,465 --> 00:17:15,962
Many of the issuers are in there
chatting with them.

528
00:17:15,962 --> 00:17:17,578
Some market dealers are in there.

529
00:17:17,578 --> 00:17:19,249
So it's pretty neat.

530
00:17:19,249 --> 00:17:22,300
How many properties do you guys
have in your portfolio then, I

531
00:17:22,300 --> 00:17:26,767
guess, or access to investors?
Yeah, 44 properties have come on

532
00:17:26,767 --> 00:17:28,260
the platform thus far.

533
00:17:28,760 --> 00:17:29,861
All have been equity deals.

534
00:17:29,861 --> 00:17:31,458
The 45th is about to launch.

535
00:17:31,458 --> 00:17:33,114
It'll be the first we call adding

536
00:17:33,114 --> 00:17:33,646
credit.

537
00:17:33,646 --> 00:17:36,115
It'll be the first debt side where

538
00:17:36,115 --> 00:17:37,363
people can invest.

539
00:17:37,361 --> 00:17:39,653
In this case, it's going to be a

540
00:17:39,653 --> 00:17:41,540
first mortgage where people are
going to be able to participate in

541
00:17:41,620 --> 00:17:42,760
the credit side of real estate.

542
00:17:42,840 --> 00:17:45,544
So 44, number 45 is coming.

543
00:17:45,644 --> 00:17:49,315
And you can see them all when you
log into your ad account,

544
00:17:49,415 --> 00:17:51,257
everybody can see all the
different opportunities.

545
00:17:51,257 --> 00:17:53,605
There's been three hotels in
Quebec.

546
00:17:53,605 --> 00:17:55,248
There's multifamily buildings
across the country.

547
00:17:55,248 --> 00:17:57,357
There's an 11 building business
park in Calgary.

548
00:17:57,357 --> 00:17:58,161
There's been three hotels in
Quebec.

549
00:17:58,161 --> 00:17:59,233
There's multifamily buildings
across the country.

550
00:17:59,233 --> 00:18:00,840
There's an 11 building business
park in Calgary.

551
00:18:00,840 --> 00:18:02,115
There's that Starbucks in
Chilliwack.

552
00:18:02,115 --> 00:18:03,330
There's developments all over the
place.

553
00:18:03,330 --> 00:18:05,031
So people can just like dollar
cost average, right?

554
00:18:05,031 --> 00:18:08,250
And they could, you know, spend a
500 bucks on one property, a

555
00:18:08,250 --> 00:18:11,587
thousand bucks on the next, like
they can pick and choose what they

556
00:18:11,587 --> 00:18:12,962
want to invest in.

557
00:18:12,962 --> 00:18:14,775
And you guys have a general

558
00:18:14,775 --> 00:18:16,826
perform of, you know, we're
looking for an 8% return or like

559
00:18:16,826 --> 00:18:18,424
what would encourage people to
invest in certain properties than

560
00:18:18,424 --> 00:18:19,628
others?
Yeah, so it's up to each

561
00:18:19,628 --> 00:18:20,937
individual investor, right?
We're the software and the

562
00:18:20,937 --> 00:18:23,142
platform that facilitates making
it possible for all of this to

563
00:18:23,142 --> 00:18:23,268
happen.

564
00:18:23,268 --> 00:18:24,446
When an investor comes on the

565
00:18:24,446 --> 00:18:26,213
platform, they've got their own
ideas as to what they're

566
00:18:26,213 --> 00:18:27,180
interested in.

567
00:18:27,360 --> 00:18:28,866
Like some of them might be from

568
00:18:28,866 --> 00:18:30,082
Vancouver, but don't like
Vancouver.

569
00:18:30,082 --> 00:18:32,951
Or others are from Vancouver, but
priced out of Vancouver and like

570
00:18:32,951 --> 00:18:34,773
the idea of investing in
opportunities in Vancouver.

571
00:18:34,773 --> 00:18:36,594
Lots of people are like
pro-Alberta, right?

572
00:18:36,594 --> 00:18:39,174
They're interested in multifamily
buildings in Alberta, and they

573
00:18:39,174 --> 00:18:42,703
wouldn't do a multifamily building
in Ontario or BC due to rent

574
00:18:42,703 --> 00:18:43,066
control concerns.

575
00:18:43,066 --> 00:18:44,051
Or some like certain developers

576
00:18:44,051 --> 00:18:46,072
and will invest in a developer
into their development development

577
00:18:46,072 --> 00:18:48,246
wherever it might be, but they
like the developer themselves.

578
00:18:48,146 --> 00:18:51,133
So it really depends on who you
are, what your risk tolerance is,

579
00:18:51,133 --> 00:18:52,389
what you're interested in.

580
00:18:52,389 --> 00:18:53,513
Are you interested in cashflow?

581
00:18:53,513 --> 00:18:55,987
Are you interested in higher risk,
like development opportunities?

582
00:18:55,887 --> 00:18:56,244
It depends.

583
00:18:56,244 --> 00:18:57,432
Everybody can choose their own way

584
00:18:57,432 --> 00:18:58,680
that they want to go.

585
00:18:58,820 --> 00:18:59,998
And then like the platform enables

586
00:19:00,098 --> 00:19:01,865
you to invest as little as $1.

587
00:19:01,765 --> 00:19:03,255
And it's not meant to be like a

588
00:19:03,255 --> 00:19:03,519
marketing shtick.

589
00:19:03,519 --> 00:19:04,591
Like imagine you had $400 and we

590
00:19:04,523 --> 00:19:05,394
said the minimum was $500.

591
00:19:05,394 --> 00:19:06,583
All of a sudden Addy itself is the

592
00:19:06,583 --> 00:19:06,952
barrier to entry.

593
00:19:07,052 --> 00:19:08,909
And so the point of the $1 is

594
00:19:08,909 --> 00:19:10,690
just, if you've got 400 bucks, you
can decide.

595
00:19:10,690 --> 00:19:12,470
You can put $400 into one
opportunity.

596
00:19:12,470 --> 00:19:14,074
You could put 50 bucks into a
bunch.

597
00:19:14,074 --> 00:19:16,883
You could do 101, skip this one,
do 50 in the next.

598
00:19:16,883 --> 00:19:18,327
Like it's totally choose your own
adventure.

599
00:19:18,327 --> 00:19:21,232
You know, skip this make, do 50 in
one, the It's totally next.

600
00:19:21,332 --> 00:19:22,200
choose your own adventure.

601
00:19:22,200 --> 00:19:24,123
Make a decision that's prudent for

602
00:19:24,123 --> 00:19:24,473
you.

603
00:19:24,473 --> 00:19:26,713
And there's no minimum that you're

604
00:19:26,713 --> 00:19:29,024
pushing yourself to try and get
to.

605
00:19:28,924 --> 00:19:33,448
You can decide if $5,000 is good
for you or if five bucks is good

606
00:19:33,448 --> 00:19:34,451
for you.

607
00:19:34,451 --> 00:19:36,311
So as a developer, how would a

608
00:19:36,311 --> 00:19:38,289
developer get on Addy to start
raising money?

609
00:19:38,289 --> 00:19:41,503
Are they vetted or is there any
kind of situation like that?

610
00:19:41,503 --> 00:19:43,375
Matt's asking for a asking for a
friend.

611
00:19:43,375 --> 00:19:45,012
He wants to fundraise some money.

612
00:19:45,112 --> 00:19:45,697
Yeah.

613
00:19:45,597 --> 00:19:47,159
Well, no, it's super common.

614
00:19:47,059 --> 00:19:48,814
There's kind of two sides to the

615
00:19:48,814 --> 00:19:48,989
system.

616
00:19:48,989 --> 00:19:50,828
Where's what we call a public

617
00:19:50,928 --> 00:19:52,260
issuance and a private issuance.

618
00:19:52,260 --> 00:19:54,364
A public issuance is something

619
00:19:54,364 --> 00:19:57,076
that you're choosing as the issuer
to make available to the Addy

620
00:19:57,076 --> 00:19:58,734
community, where you know what
you're getting into.

621
00:19:58,734 --> 00:20:02,833
You're planning on having or
knowing you're going to have a

622
00:20:02,833 --> 00:20:04,609
thousand or 2000 investors
participate in your opportunity.

623
00:20:04,609 --> 00:20:07,160
A private issuance is where you're
looking to use the Addy software,

624
00:20:07,600 --> 00:20:11,920
but you are only going to make it
available to your 10 or 20, you

625
00:20:11,870 --> 00:20:14,008
know, investors that you know,
your friends, your family, you

626
00:20:14,008 --> 00:20:16,980
know, your father-in-law, your
sister, you know, whoever, you've

627
00:20:17,120 --> 00:20:18,166
already got your people.

628
00:20:18,166 --> 00:20:19,252
You're just looking to use the

629
00:20:19,220 --> 00:20:21,602
software to make your life a
little bit easier as far as

630
00:20:21,602 --> 00:20:23,715
running the cap table, running
investor updates, running movement

631
00:20:23,715 --> 00:20:25,268
of money, that kind of stuff.

632
00:20:25,267 --> 00:20:27,610
So there's kind of two sides that

633
00:20:27,610 --> 00:20:28,710
an issuer will choose.

634
00:20:28,710 --> 00:20:30,877
If they are going on the public

635
00:20:30,877 --> 00:20:33,988
issuance side, there is a whole
bunch of information that they

636
00:20:33,988 --> 00:20:36,412
supply that they put into the
platform around the due diligence,

637
00:20:36,312 --> 00:20:37,991
the pro forma, the building
condition reports, the

638
00:20:37,991 --> 00:20:39,217
environmental documents, you name
it.

639
00:20:39,217 --> 00:20:42,095
And again, depending on the type
of opportunity, if it's a

640
00:20:42,195 --> 00:20:44,820
development or if it's just a
straight up cash flowing asset,

641
00:20:44,663 --> 00:20:45,363
like there's a bunch of
information and documentation that

642
00:20:45,172 --> 00:20:45,558
gets shared in there that
investors can see.

643
00:20:45,366 --> 00:20:47,335
And then we do some work to make
it easier for the investor

644
00:20:47,335 --> 00:20:48,214
community to make decisions.

645
00:20:48,214 --> 00:20:50,525
So we pull title on the property

646
00:20:50,525 --> 00:20:53,247
and put the title into the account
so people can see it.

647
00:20:53,247 --> 00:20:56,167
We do court searches on the issuer
to figure out have they been sued

648
00:20:56,167 --> 00:20:59,139
before, what's gone on in their
past, like track record, that kind

649
00:20:59,139 --> 00:20:59,998
of stuff.

650
00:20:59,998 --> 00:21:01,685
And the goal is just to put it

651
00:21:01,685 --> 00:21:04,179
into the platform to enable people
to be able to make an running

652
00:21:04,079 --> 00:21:06,344
people to be able to make an
investment decision.

653
00:21:06,344 --> 00:21:09,157
But those are kind of the two ways
that people can go, public

654
00:21:09,057 --> 00:21:09,892
issuance or private issuance.

655
00:21:09,888 --> 00:21:10,817
And definitely not all public

656
00:21:10,816 --> 00:21:12,411
issuance is making out of the
platform.

657
00:21:12,411 --> 00:21:15,341
There's a bunch of things and due
diligence that needs to be done to

658
00:21:15,329 --> 00:21:18,114
hit a certain level that we're
comfortable with of making it

659
00:21:18,114 --> 00:21:18,933
available to the community.

660
00:21:18,933 --> 00:21:20,443
And then the community does make

661
00:21:20,443 --> 00:21:21,461
their own decisions.

662
00:21:21,461 --> 00:21:23,498
The exempt market dealer that's

663
00:21:23,498 --> 00:21:26,689
involved in the transaction also
makes sure that the investment is

664
00:21:26,689 --> 00:21:29,093
suitable for each of the
investors.

665
00:21:29,093 --> 00:21:32,406
Is Addy registered on title?
Are you guys in a position?

666
00:21:32,306 --> 00:21:35,471
I'm assuming there's a first
position lender, like a mortgage

667
00:21:35,571 --> 00:21:36,680
for most of these.

668
00:21:36,760 --> 00:21:38,940
And then you guys are the capital

669
00:21:38,940 --> 00:21:40,772
that has essentially the down
payment and closing costs and

670
00:21:40,772 --> 00:21:42,214
everything, or however the
developer wants to use it.

671
00:21:42,214 --> 00:21:43,670
But do you have any security on
the property?

672
00:21:43,770 --> 00:21:46,500
It depends on do on how they
structure it.

673
00:21:46,400 --> 00:21:47,734
Most times, investors are not on
title.

674
00:21:47,734 --> 00:21:50,038
Most structures, either you're in
a GPLP, a general partner, limited

675
00:21:50,038 --> 00:21:50,273
partner.

676
00:21:50,273 --> 00:21:51,864
If you're on the investor side,

677
00:21:51,964 --> 00:21:54,964
you're coming in as an LP, which
is a limited partner, which means

678
00:21:54,964 --> 00:21:55,336
it's limited.

679
00:21:55,336 --> 00:21:56,612
The developer is the general

680
00:21:56,612 --> 00:21:56,771
partner.

681
00:21:56,871 --> 00:21:58,100
They are usually the ones

682
00:21:58,100 --> 00:22:01,464
guaranteeing the mortgage, taking
on all the risk.

683
00:22:01,464 --> 00:22:04,558
There's a lot more that they take
on, and that's why they are the GP

684
00:22:04,558 --> 00:22:06,090
versus the LP is limited in what
their risk is.

685
00:22:06,090 --> 00:22:08,536
So the LPs are never usually
listed on title.

686
00:22:08,536 --> 00:22:11,813
Lots of times these opportunities
or these properties are sitting in

687
00:22:11,713 --> 00:22:13,150
bear trusts or they're sitting in
corporations.

688
00:22:13,150 --> 00:22:16,891
Like a lot of times, even the GPs
aren't listed on title.

689
00:22:16,791 --> 00:22:18,519
It depends on the legal structure,
but every opportunity that comes

690
00:22:18,519 --> 00:22:20,821
out of the Addi platform, you will
see the legal structure of it.

691
00:22:20,821 --> 00:22:22,681
And it's a diagram of here's how
this works.

692
00:22:22,681 --> 00:22:24,711
Here's how your money's coming in.

693
00:22:24,692 --> 00:22:25,099
Here's the title.

694
00:22:25,199 --> 00:22:25,731
Here's the mortgage.

695
00:22:25,831 --> 00:22:26,906
And so people can see and

696
00:22:26,906 --> 00:22:28,104
understand how the structure of
the deal is situated.

697
00:22:28,104 --> 00:22:29,830
But usually there's kind of two
choices.

698
00:22:29,830 --> 00:22:29,958
You're investing, you're buying
shares of a corporation that has

699
00:22:29,958 --> 00:22:33,028
beneficial ownership of the
property, or you are an LP and you

700
00:22:33,028 --> 00:22:34,310
bought into a limited partnership
unit.

701
00:22:34,310 --> 00:22:37,932
And that's how you're owning that
piece of that slice of the

702
00:22:37,932 --> 00:22:38,283
property.

703
00:22:38,283 --> 00:22:38,752
Right.

704
00:22:38,752 --> 00:22:41,448
Are you ever thinking about going
public with this or what's the

705
00:22:41,448 --> 00:22:43,249
long-term play for you?
Are you ever thinking about going

706
00:22:43,249 --> 00:22:45,422
public with this or what's the
long-term play for you?

707
00:22:45,422 --> 00:22:48,511
Like I know off air, you said you
had about 50,000 people on your

708
00:22:48,511 --> 00:22:48,639
platform.

709
00:22:48,739 --> 00:22:50,223
What's the 10-year game plan for

710
00:22:50,223 --> 00:22:52,227
you?
We would like to grow and continue

711
00:22:52,227 --> 00:22:55,180
growing to enable as many
Canadians as possible to be able

712
00:22:55,700 --> 00:22:57,984
to participate in sort of
ownership society of this

713
00:22:57,984 --> 00:22:58,992
institutional commercial grade
real estate.

714
00:22:58,992 --> 00:23:02,540
We have ambitions of having
millions of Canadians on the

715
00:23:02,540 --> 00:23:03,260
platform, for sure.

716
00:23:03,360 --> 00:23:05,340
As far as going public or not,

717
00:23:05,340 --> 00:23:07,502
that's a path for sure of building
a sizable company.

718
00:23:07,502 --> 00:23:10,176
There is an end result of
potentially going public,

719
00:23:10,176 --> 00:23:12,100
especially if you've taken outside
capital that we have investors in

720
00:23:12,100 --> 00:23:12,944
the company itself.

721
00:23:12,944 --> 00:23:14,092
And so usually to give them

722
00:23:14,092 --> 00:23:16,749
liquidity at some point would be
an IPO.

723
00:23:16,749 --> 00:23:19,396
But we're still a long way from
that.

724
00:23:19,396 --> 00:23:22,085
We're still continuing to scale
the business, bringing on more

725
00:23:22,085 --> 00:23:24,387
issuers on the platform and more
Canadians on the platform to

726
00:23:24,287 --> 00:23:24,541
participate.

727
00:23:24,541 --> 00:23:26,167
So what are you guys looking for

728
00:23:26,267 --> 00:23:28,641
most right now?
You're looking for more kind of

729
00:23:28,641 --> 00:23:31,408
developers or more investors or
what do you need of right now?

730
00:23:31,408 --> 00:23:32,609
Growing both sides.

731
00:23:32,609 --> 00:23:34,331
In our case, we're a double-sided

732
00:23:34,231 --> 00:23:34,452
marketplace.

733
00:23:34,452 --> 00:23:36,441
So you can't do much with one

734
00:23:36,441 --> 00:23:36,957
without the other.

735
00:23:36,957 --> 00:23:38,938
You need the opportunities and you

736
00:23:38,838 --> 00:23:41,197
need the investors who choose to
participate in those

737
00:23:41,297 --> 00:23:41,753
opportunities.

738
00:23:41,653 --> 00:23:44,222
You can't have too much or too

739
00:23:44,222 --> 00:23:45,875
little of one or the other.

740
00:23:45,875 --> 00:23:47,735
So it's always a matter of pushing

741
00:23:47,735 --> 00:23:47,993
both forward.

742
00:23:48,093 --> 00:23:49,440
We've got a pretty good pipeline

743
00:23:49,440 --> 00:23:50,808
of issuers that are coming onto
the platform.

744
00:23:50,908 --> 00:23:53,981
The neat thing about the issuers
is we're finding that real estate

745
00:23:53,881 --> 00:23:55,807
operators or real estate
developers are using the Addy

746
00:23:55,707 --> 00:23:57,190
software, not because they're
looking for capital necessarily.

747
00:23:57,190 --> 00:24:00,050
Lots of them are coming onto the
platform because they're looking

748
00:24:00,150 --> 00:24:00,954
for capital necessarily.

749
00:24:01,054 --> 00:24:02,772
Lots of them are coming onto the

750
00:24:02,772 --> 00:24:05,919
platform because they're looking
for a way to enable their

751
00:24:05,819 --> 00:24:08,640
employees to participate in the
buildings that they're building or

752
00:24:08,540 --> 00:24:12,207
that they're operating or they're
maintaining or whatever it is.

753
00:24:12,207 --> 00:24:16,280
The operator is just trying to
figure out like how do I enable

754
00:24:16,280 --> 00:24:19,481
the person on the tools to have a
life of ownership?

755
00:24:19,481 --> 00:24:22,492
How do I enable my accounting
team, my office staff to be able

756
00:24:22,492 --> 00:24:24,493
to participate?
And lots of the developers haven't

757
00:24:24,493 --> 00:24:22,492
been able to figure out a way
that's cost-effective, right?

758
00:24:22,492 --> 00:24:25,788
They're able to do it if you're
letting your executive staff, but

759
00:24:25,788 --> 00:24:26,685
they're putting in minimum $25,000
checks.

760
00:24:26,665 --> 00:24:29,116
But some employee that wants to
put in $1,000 or $2,000, the

761
00:24:29,116 --> 00:24:31,491
operators, that's a big reason why
they're coming to us.

762
00:24:31,491 --> 00:24:33,781
They see the software as like a
ESOP program.

763
00:24:33,781 --> 00:24:35,660
It's like an employee stock option
program.

764
00:24:35,660 --> 00:24:40,011
So they see it as like, well,
that's as neat, I could use this

765
00:24:40,011 --> 00:24:43,147
Addi platform, make the
opportunity available to my team,

766
00:24:43,147 --> 00:24:46,907
my trades, the realtor that did
the deal with me, the mortgage

767
00:24:46,907 --> 00:24:50,772
broker that did the deal with me,
like all of these people are able

768
00:24:50,772 --> 00:24:53,281
to participate in the ownership of
that building.

769
00:24:53,281 --> 00:24:57,084
And by doing that, obviously the
default is if they choose to make

770
00:24:57,084 --> 00:24:59,805
it available to their smaller
public community, it could be

771
00:24:59,805 --> 00:25:00,980
available to all Canadians.

772
00:25:00,980 --> 00:25:02,380
There's lots of reasons why

773
00:25:02,380 --> 00:25:03,858
operators are coming to us.

774
00:25:03,858 --> 00:25:05,493
That's like an example of one

775
00:25:05,493 --> 00:25:05,727
another.

776
00:25:05,727 --> 00:25:07,615
A great one is we've got this

777
00:25:07,615 --> 00:25:09,656
hotel group out of Toronto that
buys small hotels in Quebec.

778
00:25:09,656 --> 00:25:12,467
Their kind of concept is like, why
wouldn't I want 2000 shareholders

779
00:25:12,449 --> 00:25:14,807
of a hotel?
Like if you're ever going to go to

780
00:25:14,807 --> 00:25:16,780
Montreal, you're probably going to
stay in your hotel, right?

781
00:25:16,780 --> 00:25:20,097
If your friends and family go to
Montreal, you say, hey, you should

782
00:25:20,097 --> 00:25:21,334
go stay in my hotel.

783
00:25:21,334 --> 00:25:24,154
And so the guy sees it as like

784
00:25:24,154 --> 00:25:26,541
word of mouth of helping the
commercial aspect of the business.

785
00:25:26,541 --> 00:25:28,195
We see it with our Starbucks in
Chilliwack.

786
00:25:28,195 --> 00:25:30,126
People drive by five, six other
Starbucks to go to their

787
00:25:30,126 --> 00:25:32,518
Starbucks, right?
If your so the They send us

788
00:25:32,518 --> 00:25:35,576
selfies from the drive-thru all
the time of people like, hey, I'm

789
00:25:35,576 --> 00:25:36,625
in the drive-thru.

790
00:25:36,625 --> 00:25:38,335
I'm telling my kids that I own

791
00:25:38,335 --> 00:25:39,493
part of this building.

792
00:25:39,493 --> 00:25:40,320
That's very cool.

793
00:25:40,320 --> 00:25:43,919
So we've got a lot of those types
of opportunities or issuers that

794
00:25:43,919 --> 00:25:45,813
are wanting to come onto the
platform, utilize the software,

795
00:25:45,802 --> 00:25:46,920
make their lives easier for how
they do a lot of the basics within

796
00:25:46,775 --> 00:25:46,920
their business.

797
00:25:46,920 --> 00:25:48,280
But those basics are usually quite

798
00:25:48,280 --> 00:25:49,726
manually done for them.

799
00:25:49,726 --> 00:25:52,398
And so they're able to use that

800
00:25:52,398 --> 00:25:55,708
automation and use the tools that
we've built that makes this all

801
00:25:55,708 --> 00:25:57,114
work for thousands of investors.

802
00:25:57,090 --> 00:25:58,354
So is there like an average amount

803
00:25:58,354 --> 00:26:00,970
that's raised or like a max, like
a high watermark or a low

804
00:26:00,970 --> 00:26:03,119
watermark?
How much can an investor expect to

805
00:26:03,119 --> 00:26:06,549
raise from Addy for a project?
Depends on the opportunity,

806
00:26:06,549 --> 00:26:09,149
depends on the time of year,
depends on how many other

807
00:26:09,149 --> 00:26:09,900
opportunities on the platform.

808
00:26:10,000 --> 00:26:11,515
But generally we've seen issuers

809
00:26:11,515 --> 00:26:12,085
raise anywhere from $500,000.

810
00:26:12,085 --> 00:26:14,062
I think the biggest was 1.7

811
00:26:14,062 --> 00:26:17,043
million and all into it's like a
specific property.

812
00:26:17,043 --> 00:26:18,624
So it's kind of in that range.

813
00:26:18,724 --> 00:26:20,291
As the community gets bigger,

814
00:26:20,291 --> 00:26:21,836
those amounts can get bigger.

815
00:26:21,836 --> 00:26:23,256
That's where it's been over the

816
00:26:23,256 --> 00:26:24,784
last 44 opportunities that have
come onto the platform.

817
00:26:24,784 --> 00:26:27,224
And then the average investor is
about five, $600 per property,

818
00:26:27,224 --> 00:26:28,176
right?
So it's thousands of people

819
00:26:28,176 --> 00:26:30,390
choosing to participate to make
that happen.

820
00:26:30,390 --> 00:26:32,933
Like there is a development in
Mission.

821
00:26:32,833 --> 00:26:35,167
It's 109 unit purpose-built rental
building that was being built in

822
00:26:35,067 --> 00:26:35,580
Mission, BC.

823
00:26:35,580 --> 00:26:36,713
That one's being rented right now.

824
00:26:36,700 --> 00:26:39,644
I think 1.7 million went into that
one over three tranches.

825
00:26:39,644 --> 00:26:41,016
The issuer broke down the
issuance.

826
00:26:41,116 --> 00:26:42,696
It wasn't 1.7 million total.

827
00:26:42,596 --> 00:26:43,867
The first slice was $500,000

828
00:26:43,867 --> 00:26:45,360
before they even dug the hole.

829
00:26:45,360 --> 00:26:47,128
And then they did another $500,000

830
00:26:47,128 --> 00:26:50,701
when the parkade was built and it
was starting to come out of the

831
00:26:50,701 --> 00:26:51,012
ground.

832
00:26:51,012 --> 00:26:52,359
And then they did a final $700,000

833
00:26:52,359 --> 00:26:53,500
slice when the building was almost
complete.

834
00:26:53,500 --> 00:26:56,160
There's lots of different ways
that these opportunities can be

835
00:26:56,160 --> 00:26:59,614
structured depending on what the
issuer is trying to do, what the

836
00:26:59,514 --> 00:27:01,409
challenges they're having,
especially when it's a

837
00:27:01,409 --> 00:27:02,178
development, like things change.

838
00:27:02,178 --> 00:27:03,303
That building was built through

839
00:27:03,303 --> 00:27:04,787
COVID, obviously it slowed it
down.

840
00:27:04,787 --> 00:27:06,547
They ran into some underground
stream that wasn't expected.

841
00:27:06,547 --> 00:27:08,726
Are you going you going to say
they ran into some underground

842
00:27:08,726 --> 00:27:09,463
bats and released the COVID
pandemic?

843
00:27:09,463 --> 00:27:10,774
the COVID pandemic?
No, definitely not.

844
00:27:10,774 --> 00:27:12,215
There's always these challenges
with the mouse, why they're

845
00:27:12,215 --> 00:27:14,520
potentially higher paying, but
they're definitely higher risk

846
00:27:14,640 --> 00:27:17,053
versus making an investment in
making investment in like the

847
00:27:17,053 --> 00:27:19,140
Starbucks in Chilliwack, where
it's a brand new building already

848
00:27:19,140 --> 00:27:10,428
have a tenant built for Starbucks.

849
00:27:10,428 --> 00:27:22,236
Like it's a different risk

850
00:27:22,236 --> 00:27:22,527
profile.

851
00:27:22,527 --> 00:27:24,502
But that's kind of the neat thing

852
00:27:24,602 --> 00:27:26,128
about the platform is people can
pick and choose.

853
00:27:26,128 --> 00:27:28,148
Have there been any projects that
you guys have invested in that

854
00:27:28,087 --> 00:27:29,394
have defaulted?
There are some projects that have

855
00:27:29,394 --> 00:27:30,110
had challenges, yes.

856
00:27:30,110 --> 00:27:32,377
The group out of Hamilton that had

857
00:27:32,377 --> 00:27:35,240
challenges when interest rates
went up, they were not prepared

858
00:27:35,240 --> 00:27:36,970
for the amount that interest rates
were gonna go up.

859
00:27:36,970 --> 00:27:41,559
And they ran into a bunch of
problems across a whole bunch of

860
00:27:41,559 --> 00:27:42,084
their portfolio.

861
00:27:42,084 --> 00:27:43,811
That definitely was not a good

862
00:27:43,811 --> 00:27:46,140
situation for the investor group
that chose to participate in those

863
00:27:46,140 --> 00:27:46,380
opportunities.

864
00:27:46,380 --> 00:27:47,520
Across 44 properties, there's been

865
00:27:47,520 --> 00:27:49,406
a handful that have had
challenges.

866
00:27:49,406 --> 00:27:51,674
All of the details for the
investor group that chose to

867
00:27:51,774 --> 00:27:52,206
participate in those
opportunities.

868
00:27:52,206 --> 00:27:54,664
Across 44 properties, there's been
a handful that have had

869
00:27:54,664 --> 00:27:54,793
challenges.

870
00:27:54,793 --> 00:27:56,660
All of the details for the

871
00:27:56,660 --> 00:28:00,212
opportunities that have come on
the platform, people can see them.

872
00:28:00,212 --> 00:28:01,800
Just go to adianvest.ca and you
click on properties.

873
00:28:01,769 --> 00:28:05,140
You can see all of the
opportunities that have come on.

874
00:28:05,140 --> 00:28:09,281
And then if you are an investor in
them, you get all the property

875
00:28:09,281 --> 00:28:10,235
updates within the app.

876
00:28:10,235 --> 00:28:11,737
But people can join the Discord

877
00:28:11,737 --> 00:28:14,840
server and see there's a channel
for each property and kind of see

878
00:28:15,280 --> 00:28:17,243
what's going on with each
opportunity and what's been

879
00:28:17,243 --> 00:28:19,100
happening and how certain
developments are going, how

880
00:28:19,240 --> 00:28:21,699
certain cities are going, how
certain, you know, provincial

881
00:28:21,599 --> 00:28:25,160
politician changes affect things,
how, you know, Alberta, no rent

882
00:28:25,160 --> 00:28:27,995
control versus BC, Ontario rent
control, like there's just,

883
00:28:27,995 --> 00:28:31,037
there's good and bad to all of
these things.

884
00:28:31,036 --> 00:28:35,832
And so people are able to follow
along and learn about all the

885
00:28:35,832 --> 00:28:38,140
different opportunity types, as
well as all the different

886
00:28:38,140 --> 00:28:39,271
environments these properties are
in.

887
00:28:39,271 --> 00:28:41,770
I guess it would depend on the
type of investment.

888
00:28:41,870 --> 00:28:46,218
But is your investment locked in
for the duration of the project?

889
00:28:46,218 --> 00:28:49,744
Or is it liquid at all?
Or how does that work?

890
00:28:49,744 --> 00:28:50,944
Generally, you're locked in.

891
00:28:50,944 --> 00:28:52,635
Like there is a mechanism to sell

892
00:28:52,635 --> 00:28:52,744
early.

893
00:28:52,744 --> 00:28:53,398
It's not widely used.

894
00:28:53,398 --> 00:28:56,213
Again, the average investor is
$500, $600, $700 for the property.

895
00:28:56,213 --> 00:28:59,326
And so all the estimated
timelines, everything are back.

896
00:28:59,326 --> 00:29:01,550
They are estimates or projections.

897
00:29:01,550 --> 00:29:03,457
Our very first exit that happened

898
00:29:03,457 --> 00:29:06,126
in the building, people invested
in this building called the Lex

899
00:29:06,226 --> 00:29:06,951
downtown Vancouver.

900
00:29:06,951 --> 00:29:08,897
It was projected to be a five-year

901
00:29:08,797 --> 00:29:12,487
hold and everybody was exited in
11 months at like a 22, almost 23%

902
00:29:12,487 --> 00:29:12,726
return.

903
00:29:12,726 --> 00:29:15,212
So it was way faster than

904
00:29:15,112 --> 00:29:16,064
expected, way higher of a return
than expected.

905
00:29:16,064 --> 00:29:18,028
But the opposite can also be true.

906
00:29:18,028 --> 00:29:18,980
You could be in a five-year

907
00:29:18,980 --> 00:29:24,162
projected timeline and end up
being in at seven or eight because

908
00:29:24,062 --> 00:29:27,117
something happened, COVID
happened, a flood in whatever city

909
00:29:27,117 --> 00:29:29,361
it was in, like, you know, things
change over the timeline of an

910
00:29:29,361 --> 00:29:29,831
opportunity.

911
00:29:29,831 --> 00:29:31,292
And that's why when people are

912
00:29:31,292 --> 00:29:33,845
looking at opportunities, of
course, none of this is investment

913
00:29:33,745 --> 00:29:33,954
advice.

914
00:29:33,954 --> 00:29:35,989
But part of it is like, where is

915
00:29:35,989 --> 00:29:36,981
the property?
What type of property?

916
00:29:36,981 --> 00:29:38,338
What's the risk level of that
property?

917
00:29:38,338 --> 00:29:41,312
What city is it in?
What's the tax regime of that city

918
00:29:41,312 --> 00:29:43,887
and province?
And then a big one, like who's the

919
00:29:43,887 --> 00:29:45,711
operator, right?
The operator is a really important

920
00:29:45,711 --> 00:29:48,190
piece of like, do they know what
they're doing?

921
00:29:48,190 --> 00:29:49,752
Can they withstand problems and
changes?

922
00:29:49,752 --> 00:29:51,884
How have they handled that in the
past?

923
00:29:51,884 --> 00:29:54,050
What's their track record like?
All of those things matter because

924
00:29:54,050 --> 00:29:58,690
some of those things can throw off
the deal, you know, in the way

925
00:29:58,690 --> 00:30:02,540
that not a good operator can maybe
mess up a great property, but in a

926
00:30:02,540 --> 00:30:04,736
way that a great operator can
really do wonderful things with a

927
00:30:04,836 --> 00:30:05,703
terrible property or a property
that's got a lot of challenges,

928
00:30:05,571 --> 00:30:06,337
right?
So there's a whole bunch of

929
00:30:06,237 --> 00:30:06,965
factors when you're looking at
different opportunities to

930
00:30:06,885 --> 00:30:07,153
participate in.

931
00:30:07,021 --> 00:30:07,072
Yeah.

932
00:30:07,072 --> 00:30:10,151
Well, I think it's pretty valuable
too, to be able to invest a small

933
00:30:10,251 --> 00:30:11,800
amount, right?
Like we kind of need to separate

934
00:30:11,800 --> 00:30:14,448
the software and the investment
because otherwise you're left with

935
00:30:14,448 --> 00:30:17,805
what investing, you know, hundreds
of thousands of dollars on one

936
00:30:17,805 --> 00:30:19,280
project that could as well have
the downside.

937
00:30:19,180 --> 00:30:21,841
So, you know, if you're averaging
like nine wins out of 10

938
00:30:21,841 --> 00:30:22,711
investments, that's pretty good.

939
00:30:22,711 --> 00:30:24,093
I know you're obviously on the

940
00:30:24,093 --> 00:30:27,114
tech software side of the but as a
real estate investor and as the

941
00:30:27,114 --> 00:30:28,960
projects are coming where's kind
of the insight?

942
00:30:28,960 --> 00:30:31,674
business, up, Like what markets do
you like right now?

943
00:30:31,774 --> 00:30:34,918
Provincially, like where
municipalities, are you kind of

944
00:30:35,018 --> 00:30:36,881
seeing opportunities in the near
future?

945
00:30:36,781 --> 00:30:38,300
seeing opportunities in the near
future?

946
00:30:38,380 --> 00:30:40,663
the good news is maybe Well, for
is Good you,, answer.

947
00:30:40,663 --> 00:30:40,751
Kelowna.

948
00:30:40,751 --> 00:30:40,882
Nice.

949
00:30:40,882 --> 00:30:40,970
answer.

950
00:30:40,970 --> 00:30:41,190
Kelowna.

951
00:30:41,290 --> 00:30:41,597
Nice.

952
00:30:41,497 --> 00:30:42,609
Definitely didn't put me up for

953
00:30:42,609 --> 00:30:43,028
this.

954
00:30:43,028 --> 00:30:45,333
I'm coming up to Kelowna in a

955
00:30:45,333 --> 00:30:46,606
couple of weeks.

956
00:30:46,606 --> 00:30:48,234
I'm going to be on this infill

957
00:30:48,234 --> 00:30:50,646
housing symposium that the city of
Kelowna is putting on around

958
00:30:50,646 --> 00:30:50,947
missing middle.

959
00:30:50,947 --> 00:30:52,881
Kelowna is moving very fast on

960
00:30:52,881 --> 00:30:54,638
fast tracking development permits
for single family houses that can

961
00:30:54,638 --> 00:30:55,631
turn into six flex rental
apartment buildings.

962
00:30:55,631 --> 00:31:00,347
And the Addi platform is a very
big key to all of that.

963
00:31:00,347 --> 00:31:02,591
And it's not just Kelowna.

964
00:31:02,591 --> 00:31:05,895
We've got the city of Mission,

965
00:31:05,895 --> 00:31:06,892
Calgary, Edmonton, Regina.

966
00:31:06,792 --> 00:31:08,382
There's cities across the country

967
00:31:08,382 --> 00:31:12,660
that are looking to do this type
of stuff and fast-track these

968
00:31:12,660 --> 00:31:14,176
smaller, missing-middle-type
rental developments with the

969
00:31:14,176 --> 00:31:17,041
changes that CMHC has made,
there's lots of opportunity now to

970
00:31:17,041 --> 00:31:19,238
enable housing to get built
quicker.

971
00:31:19,338 --> 00:31:23,930
And a big piece of what's missing
is what Addy can do.

972
00:31:23,930 --> 00:31:28,199
It's like we can be the plumbing
or sort of the pipes or the glue,

973
00:31:28,199 --> 00:31:31,238
whatever you want to call it,
underneath all of these aspects of

974
00:31:31,338 --> 00:31:33,277
enabling community capital to
invest in these opportunities

975
00:31:33,377 --> 00:31:35,895
because most of them need capital
to make it work.

976
00:31:35,895 --> 00:31:38,460
But then they also need the
infrastructure on how do you do

977
00:31:38,560 --> 00:31:41,237
dividends and distributions and
the tax slips and all that kind of

978
00:31:41,237 --> 00:31:43,407
stuff that can not only enable
like a citizen builder, someone

979
00:31:43,507 --> 00:31:46,994
who might already own the single
family lot and is wanting to rip

980
00:31:46,894 --> 00:31:48,811
down their property and build a
sixplex, but might need some

981
00:31:48,811 --> 00:31:51,200
community capital, but might need
some support on like how to run

982
00:31:51,200 --> 00:31:51,637
their opportunity.

983
00:31:51,637 --> 00:31:52,886
We're deep in it.

984
00:31:52,886 --> 00:31:55,071
And Kelowna is kind of our first
one that's moving relatively

985
00:31:55,071 --> 00:31:55,321
quickly.

986
00:31:55,321 --> 00:31:57,558
So like I said, I'll be up there

987
00:31:57,458 --> 00:32:00,752
in a couple of weeks for this City
of Kelowna event where it's all

988
00:32:00,852 --> 00:32:04,634
about the missing middle and how
do they kickstart a whole whack of

989
00:32:04,634 --> 00:32:06,677
these projects and utilize the
community capital that's available

990
00:32:06,677 --> 00:32:08,332
through the attic community to
support them.

991
00:32:08,332 --> 00:32:10,074
I love what you guys are doing.

992
00:32:10,074 --> 00:32:11,526
You know, I heard about you years

993
00:32:11,626 --> 00:32:11,895
ago.

994
00:32:11,795 --> 00:32:12,655
It's such a great product.

995
00:32:12,655 --> 00:32:14,030
Like, do you not have any
competition?

996
00:32:14,030 --> 00:32:15,857
I was going to ask that.

997
00:32:15,757 --> 00:32:16,686
Like, is anybody else doing it?

998
00:32:16,686 --> 00:32:19,044
Depends on what you look at as
competition.

999
00:32:19,044 --> 00:32:20,675
Depends on what you look at as
competition.

1000
00:32:20,675 --> 00:32:23,166
There's competition from the like,
you've got a thousand bucks to

1001
00:32:23,157 --> 00:32:23,363
invest.

1002
00:32:23,363 --> 00:32:24,637
What do you do with it?

1003
00:32:24,637 --> 00:32:26,157
Like, oh, there's the stock
market.

1004
00:32:26,157 --> 00:32:27,105
There's this, there's this.

1005
00:32:27,105 --> 00:32:28,591
There's things from a competitive

1006
00:32:28,491 --> 00:32:29,621
point of view, from that point of
view.

1007
00:32:29,621 --> 00:32:32,125
As far as if you look at it from
like, I want to invest

1008
00:32:32,125 --> 00:32:35,499
specifically in real estate with
that same $1,000 as a retail

1009
00:32:35,399 --> 00:32:38,096
investor, not a lot of options out
there for you.

1010
00:32:38,096 --> 00:32:41,267
Like our platform is available for
all Canadians in all provinces and

1011
00:32:41,267 --> 00:32:44,389
territories, as long as you're
over the age of majority.

1012
00:32:44,389 --> 00:32:53,900
So it's like 19 in British
Columbia, 18 in Alberta, it

1013
00:32:53,800 --> 00:32:53,894
bounces back and forth depending
on the province or territory that

1014
00:32:53,848 --> 00:32:53,900
you're in.

1015
00:32:53,853 --> 00:32:53,900
But the software and the

1016
00:32:53,886 --> 00:32:55,880
technology that enables all of
this, and it is different for each

1017
00:32:55,842 --> 00:33:01,431
province, like each province has
its own rule set.

1018
00:33:01,395 --> 00:33:01,580
There's different requirements for
each one, different paperwork that

1019
00:33:01,422 --> 00:33:06,576
needs, like if you're in
Saskatchewan, you sign marginally

1020
00:33:06,395 --> 00:33:06,495
different paper than someone in
Alberta.

1021
00:33:06,481 --> 00:33:06,600
Like it's just pieces of paper
that are different.

1022
00:33:06,627 --> 00:33:11,786
Our software can facilitate all of
that in real time to thousands of

1023
00:33:11,786 --> 00:33:12,741
transactions all at the same time.

1024
00:33:12,641 --> 00:33:13,139
So someone in Saskatchewan who's

1025
00:33:13,139 --> 00:33:15,097
25 and someone in Alberta who's 56
and someone who's accredited in

1026
00:33:15,097 --> 00:33:17,886
this place and someone who's a
retail investor here can all get

1027
00:33:17,886 --> 00:33:21,697
served up the exact correct
paperwork for them in real time.

1028
00:33:21,697 --> 00:33:26,365
And that really is what makes the
platform very, very unique for

1029
00:33:26,365 --> 00:33:27,438
what we do in Canada.

1030
00:33:27,438 --> 00:33:29,088
We've also had our first American

1031
00:33:29,088 --> 00:33:30,985
property come on the platform.

1032
00:33:30,985 --> 00:33:34,024
So Canadians were able to invest

1033
00:33:33,924 --> 00:33:36,076
US dollars into a US property.

1034
00:33:36,076 --> 00:33:37,640
So they're not only now enabled to

1035
00:33:37,640 --> 00:33:42,920
diversify across the country,
we're starting to enable them to

1036
00:33:42,920 --> 00:33:46,742
diversify out of the Canadian
dollar into the US dollar and from

1037
00:33:46,742 --> 00:33:48,619
the US dollar into American real
estate.

1038
00:33:48,619 --> 00:33:53,099
Like the first one was a student
housing complex in Oklahoma.

1039
00:33:53,099 --> 00:33:54,942
They were suggesting or predicting
quarterly dividends, I believe.

1040
00:33:54,942 --> 00:33:57,069
But it's like for a regular
Canadian trying to invest in

1041
00:33:56,969 --> 00:33:58,155
American real estate, again,
there's this.

1042
00:33:58,255 --> 00:34:01,851
There's things it's a huge
headache if you're going to do it

1043
00:34:01,851 --> 00:34:04,469
You got to deal with the tax
problem, yourself.

1044
00:34:04,469 --> 00:34:05,483
you over border stuff.

1045
00:34:05,483 --> 00:34:07,130
It's so much that most people are

1046
00:34:07,077 --> 00:34:08,368
like, I'm not going to bother
doing that.

1047
00:34:08,368 --> 00:34:09,914
It's too much work.

1048
00:34:09,914 --> 00:34:10,994
But using the Addi platform, the

1049
00:34:10,994 --> 00:34:13,560
way that the structure works, you
can do that and diversify into

1050
00:34:13,560 --> 00:34:14,763
different currency, different
country.

1051
00:34:14,763 --> 00:34:15,043
Yeah.

1052
00:34:15,043 --> 00:34:16,902
Well, you said a word I love and

1053
00:34:16,902 --> 00:34:18,088
Matt hates, but it's tax.

1054
00:34:18,088 --> 00:34:19,112
It's interesting because you're

1055
00:34:19,112 --> 00:34:21,639
probably like avoiding speculation
tax, capital gains tax.

1056
00:34:21,639 --> 00:34:23,913
Like if you're just paying a
straight dividend in terms of an

1057
00:34:23,913 --> 00:34:26,940
investment, it's not like people
are going to get penalized on

1058
00:34:26,940 --> 00:34:29,762
these flipping taxes that are now
the barrier for a lot of investors

1059
00:34:29,717 --> 00:34:30,487
to try and make money in real
estate.

1060
00:34:30,487 --> 00:34:34,264
You've provided a platform that,
you know, is just a legitimate way

1061
00:34:34,264 --> 00:34:35,739
around that and just pays a
straight dividend.

1062
00:34:35,739 --> 00:34:37,659
So there's probably more benefit
to that now.

1063
00:34:37,659 --> 00:34:38,501
It depends.

1064
00:34:38,501 --> 00:34:41,154
Like when an issuer does a

1065
00:34:41,154 --> 00:34:43,199
dividend or distribution through
the software, they do have to

1066
00:34:43,143 --> 00:34:44,877
choose, is this return of capital?
Is this an interest payment if

1067
00:34:44,868 --> 00:34:46,973
it's on the credit side?
Is it business income?

1068
00:34:46,973 --> 00:34:49,020
Like there's a handful of things
and depending on what they choose

1069
00:34:49,179 --> 00:34:51,820
will dictate what is going to show
up on your T5 slip that also comes

1070
00:34:50,219 --> 00:34:51,130
out of the Addi platform.

1071
00:34:51,109 --> 00:34:53,116
So there can be different tax

1072
00:34:53,097 --> 00:34:55,065
treatments depending on what's
going on with that specific

1073
00:34:55,065 --> 00:34:57,260
issuance and how that issuer is
structured to push capital back.

1074
00:34:57,260 --> 00:34:57,384
Yeah.

1075
00:34:57,384 --> 00:34:58,920
I was just talking this morning

1076
00:34:59,360 --> 00:35:01,180
about a lot of purpose-built
rentals being done in Kelowna

1077
00:35:01,120 --> 00:35:03,008
right now, commenting on how it's
kind of favoring the institutional

1078
00:35:03,008 --> 00:35:05,814
investor because you need to have
a large amount of capital

1079
00:35:05,814 --> 00:35:07,472
basically to get these projects
going.

1080
00:35:07,472 --> 00:35:09,823
And not a lot of individuals have
that.

1081
00:35:09,823 --> 00:35:13,567
Kind of funny that it came up
today that we're talking to you

1082
00:35:13,567 --> 00:35:17,164
that you can get into it this way,
get into a project like that.

1083
00:35:17,164 --> 00:35:19,792
Yeah, a normal opportunity is like
if you go and buy a $30 million

1084
00:35:19,892 --> 00:35:21,947
building in Kelowna, some big
multifamily thing, whatever it is,

1085
00:35:21,947 --> 00:35:23,400
200 units, it's $30 million.

1086
00:35:23,500 --> 00:35:24,930
You might slap a $20 million

1087
00:35:24,930 --> 00:35:26,327
mortgage on it.

1088
00:35:26,327 --> 00:35:27,457
So there's $10 million of equity.

1089
00:35:27,457 --> 00:35:31,512
Maybe you put in $2 or $3 million
and then you probably raised the

1090
00:35:31,512 --> 00:35:32,863
other $7 million.

1091
00:35:32,863 --> 00:35:34,723
And usually that's done by running

1092
00:35:34,623 --> 00:35:36,483
around and finding seven
individuals that are willing and

1093
00:35:36,483 --> 00:35:38,323
able to cut you $1 million checks.

1094
00:35:38,323 --> 00:35:39,498
You have seven investors, a

1095
00:35:39,498 --> 00:35:40,549
million bucks each.

1096
00:35:40,449 --> 00:35:42,318
You've got your 3 million into the

1097
00:35:42,318 --> 00:35:43,571
deal, and then the mortgage.

1098
00:35:43,571 --> 00:35:46,102
And that's kind of how you run it.

1099
00:35:46,102 --> 00:35:47,993
You've got a small little group.

1100
00:35:47,993 --> 00:35:49,273
You're the general partner.

1101
00:35:49,273 --> 00:35:50,920
You've got seven limited partners.

1102
00:35:50,920 --> 00:35:52,581
And they get their quarterly or

1103
00:35:52,581 --> 00:35:53,795
annual dividends every year.

1104
00:35:53,795 --> 00:35:54,882
It's definitely a wealthy person's

1105
00:35:54,882 --> 00:35:58,084
game because you need the capital
to be able to do it.

1106
00:35:58,084 --> 00:36:01,615
And it's funny, even with people
that have the money, a lot of them

1107
00:36:01,615 --> 00:36:04,770
don't have the access because they
don't know the people that are

1108
00:36:04,770 --> 00:36:05,637
buying the building.

1109
00:36:05,637 --> 00:36:07,740
So they don't even have access to

1110
00:36:07,740 --> 00:36:09,473
the deal flow of what's even out
there.

1111
00:36:09,473 --> 00:36:10,430
What's the potential?
What's available?

1112
00:36:10,430 --> 00:36:12,265
Yeah, it's a big one.

1113
00:36:12,265 --> 00:36:14,271
It's being able to take that $7

1114
00:36:14,271 --> 00:36:16,775
million and chop it into $7
million, $1 increments is a game

1115
00:36:16,775 --> 00:36:16,889
changer.

1116
00:36:16,889 --> 00:36:17,231
Yeah.

1117
00:36:17,231 --> 00:36:19,816
It seems like you should be
supported and promoted more by

1118
00:36:19,816 --> 00:36:22,486
government at this point because
like, yeah, we're now across

1119
00:36:22,486 --> 00:36:23,000
Canada.

1120
00:36:23,000 --> 00:36:28,740
It seems like more of a renter's

1121
00:36:28,679 --> 00:36:28,740
game, right?
Like it's more difficult for local

1122
00:36:28,716 --> 00:34:58,728
families to afford their own home.

1123
00:34:58,728 --> 00:36:32,460
So they're kind of forced into

1124
00:36:32,372 --> 00:36:32,460
renting, but this is such a
perfect platform for them to at

1125
00:36:32,436 --> 00:36:36,894
least buy into the product that
they want to be into.

1126
00:36:36,802 --> 00:36:37,423
So yeah, kudos to you guys.

1127
00:36:37,523 --> 00:36:38,272
Seems like good timing for you as

1128
00:36:38,307 --> 00:36:38,507
well.

1129
00:36:38,342 --> 00:36:39,072
Like over the last six or seven

1130
00:36:39,072 --> 00:36:40,180
years, probably a good time to
start this company.

1131
00:36:40,200 --> 00:36:41,421
So obviously some ups and downs
recently, but...

1132
00:36:41,391 --> 00:36:44,392
Yeah, there's always ups and downs
with building, you know, I guess

1133
00:36:44,392 --> 00:36:45,919
any business, but a technology
startup for sure.

1134
00:36:45,819 --> 00:36:50,955
And I think, yeah, we've been able
to navigate the path thus far, not

1135
00:36:50,955 --> 00:36:52,140
necessarily knowing the path.

1136
00:36:52,140 --> 00:36:53,352
Like when you're building a

1137
00:36:53,352 --> 00:36:55,474
platform like this, you don't
necessarily know, you oh, do this,

1138
00:36:55,474 --> 00:36:57,927
then we're gonna do that, then
we're gonna do this.

1139
00:36:57,927 --> 00:36:59,096
And you're like, here's what we're
doing.

1140
00:36:59,096 --> 00:37:02,705
You know, a lot of it is just
trying to understand and figure

1141
00:37:02,705 --> 00:37:05,631
out what the challenges are,
figure out where the roadblocks

1142
00:37:05,631 --> 00:37:08,367
are, figure out how do we make it
better, faster, easier.

1143
00:37:08,367 --> 00:37:11,818
And a great example would be at
the beginning, we used to use

1144
00:37:11,818 --> 00:37:12,055
DocuSign.

1145
00:37:12,055 --> 00:37:14,540
You guys probably use it in your

1146
00:37:14,540 --> 00:37:16,097
DocuSign or HelloSign or whatever
you're using.

1147
00:37:16,097 --> 00:37:17,728
We used to use DocuSign.

1148
00:37:17,728 --> 00:37:19,729
You guys probably use it in

1149
00:37:19,729 --> 00:37:19,878
your...

1150
00:37:19,878 --> 00:37:20,809
Still use it.

1151
00:37:20,809 --> 00:37:24,549
DocuSign or HelloSign or whatever
you're We used to use that at the

1152
00:37:24,549 --> 00:37:25,580
beginning as well, using.

1153
00:37:25,580 --> 00:37:27,386
but they charge, what, $2, $3, $4,

1154
00:37:27,386 --> 00:37:27,902
$5 per signature.

1155
00:37:27,902 --> 00:37:29,320
That doesn't really work at scale

1156
00:37:29,320 --> 00:37:32,506
if we are enabling thousands and
thousands of people to be signing

1157
00:37:32,506 --> 00:37:33,180
subscription agreements.

1158
00:37:33,180 --> 00:37:35,783
So now if you guys create an

1159
00:37:35,783 --> 00:37:39,378
account on the Addy platform and
choose to invest in something and

1160
00:37:39,278 --> 00:37:40,050
sign, you're signing using
AddySign..

1161
00:37:40,050 --> 00:37:42,780
We built our own signature
technology to be able to do that

1162
00:37:42,780 --> 00:37:44,659
because we had to eliminate that
cost.

1163
00:37:44,659 --> 00:37:48,962
And that's like one of 50 things
or more than 50 things that we had

1164
00:37:48,962 --> 00:37:49,469
to do.

1165
00:37:49,469 --> 00:37:52,000
And we just kind of stack rank

1166
00:37:52,120 --> 00:37:54,833
them in priority of like, well,
day one, movement of money was a

1167
00:37:54,819 --> 00:37:56,869
big thing of like, how do we deal
with thousands of small dollar

1168
00:37:56,869 --> 00:37:58,038
investors and moving money?
And what can we do?

1169
00:37:58,034 --> 00:38:01,273
We can't use a third party service
provider that charges a percentage

1170
00:38:01,273 --> 00:38:01,933
of the money move.

1171
00:38:01,933 --> 00:38:03,253
That doesn't work.

1172
00:38:03,253 --> 00:38:03,400
Right.

1173
00:38:03,500 --> 00:38:05,847
So we had to DocuSign.

1174
00:38:05,747 --> 00:38:09,043
You guys probably So we had to
figure that out.

1175
00:38:09,043 --> 00:38:11,277
Then we had to figure out
signature technology.

1176
00:38:11,277 --> 00:38:13,347
We had to figure out automatically
creating subscription agreements

1177
00:38:13,347 --> 00:38:16,471
in real time with your personal
details on it, but all filled in

1178
00:38:16,471 --> 00:38:18,632
it accurately and correctly per
form.

1179
00:38:18,632 --> 00:38:22,348
If you live in Saskatchewan or BC,
Alberta or whatever, like I could

1180
00:38:22,348 --> 00:38:26,183
go on and on and on with all of
these things that needed to be

1181
00:38:26,183 --> 00:38:26,658
done.

1182
00:38:26,658 --> 00:38:28,289
What does your team look like?

1183
00:38:28,289 --> 00:38:31,228
Because like as I'm hearing this,
I'm thinking you guys are just

1184
00:38:31,228 --> 00:38:31,795
dreamers that are executors.

1185
00:38:31,895 --> 00:38:33,934
Like I would imagine you had a lot

1186
00:38:33,934 --> 00:38:35,608
of pushback at the beginning from
people.

1187
00:38:35,608 --> 00:38:39,003
Say your legal department must
have been like, are you kidding

1188
00:38:39,003 --> 00:38:41,457
me?
Like we can't do all this.

1189
00:38:41,457 --> 00:38:44,558
Like was it just a couple of you
starting, you know, running uphill

1190
00:38:44,658 --> 00:38:47,399
for a year until you finally got a
bunch of other people on board?

1191
00:38:47,399 --> 00:38:50,592
Or what are you guys at right now?
Like, how many employees do you

1192
00:38:50,592 --> 00:38:51,770
have?
There's 15 of us.

1193
00:38:51,670 --> 00:38:53,056
We're a nice sort of small team.

1194
00:38:53,056 --> 00:38:54,284
That's the neat thing about today.

1195
00:38:54,284 --> 00:38:56,718
You know, our team is pretty
bionic, right?

1196
00:38:56,818 --> 00:38:59,318
With all of the AI and technology
out there, a colleague or a

1197
00:38:59,318 --> 00:39:03,220
teammate can be pretty bionic in
that they can do a lot more than

1198
00:39:03,820 --> 00:39:06,783
they used to be able to do five or
10 years ago.

1199
00:39:06,783 --> 00:39:11,097
You can move a lot faster with a
lot of these technologies that are

1200
00:39:11,097 --> 00:39:11,626
out there.

1201
00:39:11,626 --> 00:39:13,621
And so our team does a really good

1202
00:39:13,621 --> 00:39:17,072
job utilizing them so that we can
grow faster and as efficiently as

1203
00:39:17,072 --> 00:39:17,305
possible.

1204
00:39:17,305 --> 00:39:18,995
As far as like knowing what we

1205
00:39:18,995 --> 00:39:21,565
were doing at the beginning, like
my business partner, Mike's really

1206
00:39:21,565 --> 00:39:24,253
good at being able to kind of see
around corners.

1207
00:39:24,153 --> 00:39:27,253
Like he just, he's got a good mind
for how can technology solve some

1208
00:39:27,253 --> 00:39:30,780
challenge that we're in front of?
Like, he's just got a really good

1209
00:39:30,749 --> 00:39:34,080
way of like, Oh, like a normal
person would be like, that's Oh, a

1210
00:39:35,400 --> 00:39:35,645
problem.

1211
00:39:35,545 --> 00:39:36,922
I guess we can't do that.

1212
00:39:36,919 --> 00:39:40,438
He's just got a good way of
thinking about it and throwing

1213
00:39:40,438 --> 00:39:41,794
stuff up against the wall.

1214
00:39:41,794 --> 00:39:43,039
Like, well, what if we did this?

1215
00:39:43,039 --> 00:39:45,493
What if we did that?
And then if this happened, do we

1216
00:39:45,493 --> 00:39:48,630
end up at the right result?
And a lot of the times that's how

1217
00:39:48,473 --> 00:39:49,835
we've solved stuff is we've solved
stuff with technology, but just

1218
00:39:49,678 --> 00:39:51,292
coming at it from a totally
different angle than most people

1219
00:39:51,281 --> 00:39:53,719
would or most people be like i
guess we can't do it this is the

1220
00:39:53,819 --> 00:39:56,148
way it has to work and we've had
to literally everything i feel

1221
00:39:56,148 --> 00:39:59,902
like next time i have a problem
i'm just going to call you guys

1222
00:40:00,002 --> 00:40:02,660
because it seems like you'd be
literally everything i feel like

1223
00:40:02,660 --> 00:40:03,974
next time i have a problem i'm
just going to call you guys

1224
00:40:03,861 --> 00:40:05,000
because it seems like you'd be
able to solve anything thank god

1225
00:40:04,909 --> 00:40:09,100
another to solve anything thank
god another monkey off my back

1226
00:40:09,077 --> 00:40:15,790
yeah yeah we got to get you guys
running canada i feel like there's

1227
00:40:15,766 --> 00:40:17,733
a i love this like it's kind of
like using a i love this like it's

1228
00:40:17,733 --> 00:40:20,445
kind of like using the technology
like i brought this up a little

1229
00:40:20,445 --> 00:40:23,240
earlier but like using it kind of
a little outside the box is like

1230
00:40:23,240 --> 00:40:26,823
if you say like i'm assuming you
could use it something if you're

1231
00:40:26,823 --> 00:40:29,306
starting like a plumbing company
where you can have like your

1232
00:40:29,306 --> 00:40:32,214
plumbers invest in the company
it's like kind of like a profit

1233
00:40:32,214 --> 00:40:34,273
sharing thing and you just use
your technology or your software

1234
00:40:34,273 --> 00:40:36,453
to do that yeah like technically
yes that yeah like technically yes

1235
00:40:36,453 --> 00:40:39,361
like people are in choosing to
invest money into an asset in this

1236
00:40:39,361 --> 00:40:41,178
case the asset is institutional
commercial grade real estate yeah

1237
00:40:41,178 --> 00:40:44,146
you could technically swap that
out you could technically swap

1238
00:40:44,146 --> 00:40:47,053
that out you could be buying lp
units that owns a picasso or

1239
00:40:47,053 --> 00:40:49,800
something like sure in theory yes
that's totally possible but for us

1240
00:40:49,800 --> 00:40:50,075
no like we'll stick with what
we're doing stay focused on

1241
00:40:50,075 --> 00:40:51,480
institutional commercial grade
real estate like i said we've done

1242
00:40:51,480 --> 00:40:55,080
equity now we're into the credit
side lots more to do to make this

1243
00:40:55,080 --> 00:40:57,827
platform available for more and
getting more people on the

1244
00:40:57,927 --> 00:41:00,534
platform as well as continuing to
expand the types of opportunities

1245
00:41:00,634 --> 00:41:03,991
that come out of the on platform
yeah interesting yeah a lot of

1246
00:41:03,991 --> 00:41:05,450
ways you can go this is super
exciting okay Okay, well, we're

1247
00:41:05,450 --> 00:41:08,000
going to be conscious of your time
and jump into some of our wrap-up

1248
00:41:08,040 --> 00:41:09,449
questions if that's all right.

1249
00:41:09,549 --> 00:41:11,288
If you could buy one property in

1250
00:41:11,288 --> 00:41:14,229
the Okanagan in the next 12
months, what would it be?

1251
00:41:14,229 --> 00:41:16,755
We are actively looking for a
single family house that could be

1252
00:41:16,755 --> 00:41:18,355
converted to a six-unit rental.

1253
00:41:18,455 --> 00:41:19,600
So there's a handful of

1254
00:41:19,600 --> 00:41:19,813
opportunities.

1255
00:41:19,813 --> 00:41:20,720
My business partner, Mike, was

1256
00:41:20,720 --> 00:41:21,811
just up there two weeks ago.

1257
00:41:21,811 --> 00:41:23,394
I'll have more information for you

1258
00:41:23,394 --> 00:41:24,595
in the coming week or two.

1259
00:41:24,595 --> 00:41:26,177
Yeah, Matt and I are just both

1260
00:41:26,177 --> 00:41:26,614
being quiet.

1261
00:41:26,614 --> 00:41:27,596
Like, tell us the inside scoop.

1262
00:41:27,596 --> 00:41:30,165
Where do we buy?
Steve, if you could give your

1263
00:41:30,165 --> 00:41:32,201
20-year-old self any piece of
advice, what would it be?

1264
00:41:32,201 --> 00:41:33,839
20-year-old self, any piece of
advice?

1265
00:41:33,839 --> 00:41:36,340
Gosh, I feel like investing sooner
is obviously good if we're

1266
00:41:36,240 --> 00:41:37,325
sticking on the theme of real
estate.

1267
00:41:37,325 --> 00:41:39,637
Thinking about investing
opportunities and getting started

1268
00:41:39,637 --> 00:41:41,227
earlier, I started, I think,
relatively early.

1269
00:41:41,227 --> 00:41:44,156
Thinking about it even sooner than
I did, I think would be super

1270
00:41:44,156 --> 00:41:46,308
helpful, especially now if you
look at the run-up of Lower

1271
00:41:46,208 --> 00:41:48,330
Mainland or even most of Canada's
real estate over the last,

1272
00:41:48,330 --> 00:41:51,777
whatever, I'm 46, so the last 26
years, it's been pretty good.

1273
00:41:51,777 --> 00:41:53,663
I think that's solid advice for
everybody.

1274
00:41:53,663 --> 00:41:56,173
So what's your favorite charity or
how do you give back?

1275
00:41:56,273 --> 00:41:58,784
I sit on the board back?
I sit on the board of something

1276
00:41:58,784 --> 00:42:00,014
called the Zajac Ranch.

1277
00:42:00,114 --> 00:42:01,329
It's a ranch for basically kids

1278
00:42:01,329 --> 00:42:02,870
with disabilities or have pretty
strict requirements around doctors

1279
00:42:02,870 --> 00:42:06,824
and nurses that need to be with
them and don't get to go camping.

1280
00:42:06,824 --> 00:42:09,388
And so the Zajac Ranch is built
for exactly that.

1281
00:42:09,388 --> 00:42:11,556
So you can get a kid on a horse
and do camp-like stuff, but they

1282
00:42:11,656 --> 00:42:14,029
have all of the medical gear and
staff to be able to make sure that

1283
00:42:14,029 --> 00:42:16,482
that's possible for those kids
that just can't get to a sort of a

1284
00:42:16,582 --> 00:42:18,145
regular camp that doesn't have the
same infrastructure to facilitate

1285
00:42:18,134 --> 00:42:18,464
all of it.

1286
00:42:18,464 --> 00:42:19,858
So it's a really good charity.

1287
00:42:19,757 --> 00:42:20,405
People should look it up at
ZajacRanch.com.

1288
00:42:20,405 --> 00:42:21,507
That sounds great.

1289
00:42:21,507 --> 00:42:21,557
great.

1290
00:42:21,556 --> 00:42:21,948
Love that one.

1291
00:42:21,948 --> 00:42:22,879
Haven't heard that before,

1292
00:42:22,879 --> 00:42:23,173
obviously.

1293
00:42:23,173 --> 00:42:24,055
So that's yeah, cool.

1294
00:42:24,055 --> 00:42:25,416
Started Yeah, by Mel fantastic.

1295
00:42:25,416 --> 00:42:27,346
And if you look up at Zajac.

1296
00:42:27,346 --> 00:42:28,155
That sounds ZajacRanch.com.

1297
00:42:28,155 --> 00:42:29,135
Love that Haven't great.

1298
00:42:29,126 --> 00:42:29,706
heard that one.

1299
00:42:29,697 --> 00:42:30,078
So before, cool.

1300
00:42:30,078 --> 00:42:30,316
obviously.

1301
00:42:30,316 --> 00:42:30,792
yeah, Yeah, that's fantastic.

1302
00:42:30,792 --> 00:42:31,315
Started by Mel Zajac.

1303
00:42:31,315 --> 00:42:33,224
And if you look up Mel Zajac, he

1304
00:42:33,224 --> 00:42:34,809
built a lot of the West End of
downtown Vancouver.

1305
00:42:34,809 --> 00:42:35,919
He was an old school developer.

1306
00:42:35,919 --> 00:42:36,500
Oh, wow.

1307
00:42:36,500 --> 00:42:34,386
He's like 95 now, but he built a
bunch of these towers and all this

1308
00:42:34,386 --> 00:42:34,439
stuff.

1309
00:42:34,439 --> 00:42:36,130
A lot of them are still there, but

1310
00:42:36,130 --> 00:42:37,834
he's the founder of the Zajac
Ranch.

1311
00:42:37,834 --> 00:42:39,614
He's got a neat story.

1312
00:42:39,614 --> 00:42:40,355
That is very All How can Taylor or

1313
00:42:40,355 --> 00:42:42,887
I or a listener help you?
But he's the founder of the Zajac

1314
00:42:42,880 --> 00:42:43,948
He's got a neat cool.

1315
00:42:43,941 --> 00:42:44,279
story.

1316
00:42:44,279 --> 00:42:44,329
right.

1317
00:42:44,327 --> 00:42:44,377
there.

1318
00:42:44,375 --> 00:42:44,575
Ranch.

1319
00:42:44,568 --> 00:42:45,871
That is very All How can cool.

1320
00:42:44,279 --> 00:42:44,575
Taylor or right.

1321
00:42:44,568 --> 00:42:45,636
I or a listener help you?

1322
00:42:45,629 --> 00:42:46,015
or right.

1323
00:42:46,015 --> 00:42:47,366
I or a listener help you?

1324
00:42:47,366 --> 00:42:49,387
more the merrier hopping on the
Oh, Addy you should go to

1325
00:42:49,387 --> 00:42:50,768
addyinvest.ca, platform, sign
create up, an account and start

1326
00:42:50,768 --> 00:42:51,944
your journey on the platform.

1327
00:42:51,944 --> 00:42:53,942
It's not only a great way to

1328
00:42:53,942 --> 00:42:55,929
participate in the ownership of
institutional commercial grade

1329
00:42:55,929 --> 00:42:58,775
real estate, but I think there's a
neat learning opportunity around

1330
00:42:58,775 --> 00:43:01,241
it around people just getting to
learn about what's going on in

1331
00:43:01,241 --> 00:43:03,126
different provinces, different
cities, what different operators

1332
00:43:03,126 --> 00:43:04,072
do, how hotels work, how
multifamily works, like there's

1333
00:43:04,072 --> 00:43:08,948
just a lot of great learning that
comes out of it for people just to

1334
00:43:08,948 --> 00:43:13,611
be able to participate and, you
know, go for the ride of these

1335
00:43:13,611 --> 00:43:15,643
different opportunities in
different places in different

1336
00:43:13,611 --> 00:43:13,950
buildings.

1337
00:43:13,950 --> 00:43:15,643
Yeah, the more the merrier.

1338
00:43:15,643 --> 00:43:18,483
We're trying to add as many
Canadians on the platform as

1339
00:43:18,483 --> 00:43:19,331
possible.

1340
00:43:19,331 --> 00:43:20,086
All right.

1341
00:43:20,086 --> 00:43:21,123
And that's adivest.ca?
Correct.

1342
00:43:21,123 --> 00:43:21,689
Nice.

1343
00:43:21,689 --> 00:43:24,423
I think that's one of the biggest

1344
00:43:24,423 --> 00:43:28,586
value adds for that's one of the
biggest value adds for me,

1345
00:43:28,586 --> 00:43:30,823
actually, in these type of
products or platforms is the

1346
00:43:30,823 --> 00:43:31,848
education piece behind it.

1347
00:43:31,848 --> 00:43:33,214
You get to really learn.

1348
00:43:33,214 --> 00:43:33,761
It's It's huge.

1349
00:43:33,761 --> 00:43:36,117
If you get into our Discord, when

1350
00:43:36,117 --> 00:43:38,320
a property comes out on the
platform, their community is in

1351
00:43:38,320 --> 00:43:38,628
Discord.

1352
00:43:38,628 --> 00:43:40,416
They'll go into that channel for

1353
00:43:40,416 --> 00:43:42,603
that specific property and they're
running their own pro formas.

1354
00:43:42,603 --> 00:43:44,244
They're their own numbers they're
questioning like oh what's rent

1355
00:43:44,244 --> 00:43:47,102
going to be like in four years or
what's this going to be and

1356
00:43:47,102 --> 00:43:49,139
they're just they're all going
back and forth chatting with each

1357
00:43:49,139 --> 00:43:51,434
other about like oh i saw that
this is happening or this

1358
00:43:51,434 --> 00:43:52,880
development down the street's
happening or skytrain's going here

1359
00:43:53,040 --> 00:43:55,070
and like it's just super
interesting and sometimes someone

1360
00:43:55,070 --> 00:44:00,713
lives there so they'll drive by
and take pictures of like oh

1361
00:44:00,713 --> 00:44:03,591
here's what it looks like today
it's just it's really neat and

1362
00:44:03,591 --> 00:44:04,271
it's very educational.

1363
00:44:04,271 --> 00:44:05,179
Yeah, it's fun.

1364
00:44:05,158 --> 00:44:06,189
neat and it's very educational.

1365
00:44:06,189 --> 00:44:06,792
Yeah, it's fun.

1366
00:44:06,771 --> 00:44:10,092
Well, we look forward to having
you up here in a couple of weeks

1367
00:44:10,061 --> 00:44:11,192
and yeah, we'll definitely be
following you along.

1368
00:44:11,192 --> 00:44:13,863
So thank you so much for today's
chat.

1369
00:44:13,851 --> 00:44:14,700
Keep in touch.

1370
00:44:14,700 --> 00:44:14,936
Yeah.

1371
00:44:14,936 --> 00:44:15,784
Thanks a lot, Steve.

1372
00:44:15,784 --> 00:44:17,338
Thanks for having me.