Fantic. Looks like we have folks from all over today. Arizona, Texas, California, London, across the pond, and New York. We’re thrilled to have you all here today. I see others in the chat as well, which is great. Um Jake, I dropped a few poll questions in here, which I thought was interesting. I asked folks if they’ve invested in real estate. Roughly 75% have, 25% haven’t. And then um I asked also which arrived offerings are folks most interested in. And we had 20% say real estate income fund. So more on the credit side. We had 20% say equity. So that’s the Seattle city fund, single family residential fund and individual properties. And then 67% which I love to see you said both, which is great. So lots of diversification. And folks are interested. Uh for people that are new here, feel free to drop any and all questions in chat. This is your time. I want to be sure you get all your questions answered so you decide to move forward or move a different direction. But Jake, we’ll get things started here. Um Ryan walked briefly through secondary market. I think it’s always good to walk through uh what our hold periods look like, especially when it comes to real estate given that we have had folks that have invested and haven’t uh what options they have for for uh those hardearned funds if they should be removing them at any time. Yeah. So there’s there’s liquidity options for all of the different arrived investments. um exactly which option you know there is depends on what you invest in. So for the funds products, the Seattle fund, the single family fund, and the real estate income fund, we have what’s called a redemption program. So you can submit a redemption at any time and then we’ve processed them quarterly. So it’s a fourtime per year option where you can effectively sell your shares back into the fund. You receive the the cash from the transaction and the fund buys back those shares. There are some early withdrawal fees for doing so. um you can’t do a redemption for the first six months after you make an investment and then from six months to three years there’s a 1% penalty for um you know doing the redemption. After three years there’s no fees. So if you invest in one of the funds, you hold it for three or four years, you decide that you want to liquidate, there’s no penalty. The fund will just redeem those shares for you. It just happens on that quarterly schedule. For the individual properties, we have a secondary market. And the secondary market is a lot like the stock market where you’re actually listing your shares for sale and other arrived investors are, you know, attempting to buy them. And so, similar to the stock market, you put in a a sell order or a buy order. And then the market determines the price and the number of shares that actually transact. Just depends on if buyers and sellers agree on, you know, the price they are willing to transact at. The secondary market has a 2% fee for buying and for selling and but it runs a little bit more frequently. The secondary market runs monthly, generally around the first week of the month, and we have the whole schedule published for the next year, so you can kind of take a look and plan things out. So, with the individual properties, you have the ability to um you know, sell more frequently than with the redemption program on the funds, but there’s a little bit less certainty in the price in which you’ll be able to transact at. With both options, it’s good to remember that real estate is meant to be a long-term investment. you know, you don’t just generally buy a rental property and try to flip it within three months unless you’re actually doing that as your strategy for these more type of buy and hold real estate options. You know, we we tend to aim to hold the properties for five to seven years. And that’s intended on purpose so that you can kind of capture a number of years of cash flow and some appreciation in each of the markets. So, as you think about, you know, what you’re wanting to allocate to real estate, you know, it’s generally best to consider it part of the liquid part of your portfolio. You certainly can get out of the investment if you want to, but you know, you’ll have the best returns and performance if you’re able to invest and leave that cash invested for a number of years. Absolutely. Yeah, Jake, thanks so much for walking through it. I dropped an FAQ that outlines the differences too between the fund investments and the individual properties. I’ll say too, one thing that’s very exciting about the secondary market is it unlocks the opportunity for folks to invest in properties that are that pre are previously fully funded. So, for example, if there’s a vacation rental that you’re excited about or a property in a specific market, so on and so forth, uh once you’ve met the qualification of, you know, your first investment and been on the platform for roughly 60 days, then you’ll be able to participate in the secondary market as well. So, it’s uh it’s definitely another place uh for folks to get in there and invest in a different way. All right, moving back over really quickly, I’ll answer this one from Moses. Are non US residents allowed to invest in arrived? Currently, arrived is open to US citizens and permanent residents to date. Uh we definitely hope to expand in the future. We just don’t have an estimated time frame at the moment. Um if you are not a US citizen or permanent resident, we definitely appreciate your interest in arrived and we will be sure to share from the virtual rooftops if we expand in the future. All right. And one thing I’ll say too, Jake, you made a great point about real estate. I think um in terms of holding it, if we were to go purchase, you know, another property today, we wouldn’t be looking to hopefully sell that within 6 months, a year, even 5 years, the goal would be to hold on to that property as long as possible for that appreciation. So, even though this is fractional real estate and all these properties are living on an invest page, um I like to think about, you know, the house that you’re living in or the ones that are across the street just to um make it feel a little bit more tangible. All right, moving back over here. Let’s see. And feel free folks to drop any and all questions in the chat. Um we can always wrap early if folks don’t have any today, but um Jake, we’re well into Q3. What would you say that you’re most excited about um in terms of what we’re building? Um I’m really excited for the the auto invest feature that we’ve got coming up this fall. Our team’s working on a way for you to make recurring investments automatically. So right now if you want to just say, “Hey, I’m going to invest into the real estate income fund and I just want to generate cash yields and I’m just going to invest in this every um you know regularly.” Well, in order to do so, you have to come back every month in order to make a new investment. um which is fine, but it’s just a number of clicks and you have to remember to do it. And so we’re really excited about this recurring investments feature where you’ll be able to just set up an auto invest um you know at any point to just say hey I want to invest you know $200 a month into this fund and then kind of take a step back walk away and let the you know ability of the market to compound returns start to work on your behalf to start you know putting some money in getting the dividends from that and then reinvesting those dividends um automatically. I would be a really cool way for people to, you know, be able to build their real estate equity. Absolutely wonderful. And Jake, what would you say too about like state of the market right now, real estate as a whole, uh, very broad, high level. What are your general thoughts on real estate right now? Yeah, it’s been kind of a squirrely market, you know, where we have still um high inflation, you know, that people had thought was going to come down a bit this year and we might even start seeing rate cuts, but inflation’s kind of stayed around and then now the Fed is talking about raising rates this fall. So, generally the appreciation on most things has been, you know, kind of flat over the last year or two. Um, you know, there’s been not a lot of demand to buy properties, but prices haven’t come down because there’s been not a lot of supply on the market either. folks that are locked in on mortgages in the, you know, three, four percent range are just not willing to sell to trade into a five or six or at this point a six and a half percent mortgage. So, you have a a lot a lack of supply and a lack of demand at the same time. So, prices haven’t dropped the way that folks thought they would when interest rates went skyhigh, but they also haven’t come down. Um, and so, or they also haven’t gone up. So, we’re kind of seeing this this moment in the market where there’s certainly more renters in the the pool of people looking out there. We’ve seen really strong rental demand on our properties. Um, and you know, renewal rates are are going quite well. Um, you know, new leases are going quite well, but we’re, you know, kind of biting our time a little bit. You know, generally with appreciation, it’s it doesn’t all happen linearly. So, the historical, you know, single family homes have kind of appreciated at about 4% per year nationally, but it doesn’t all happen at, you know, an even 4% per year cluck. Um, it tends to be that you have years that are flat, then years that have crazy appreciation, and then years that are flat again. Right now, we’re kind of in one of those plateaus where um you know, we’re able to buy properties at cash flow right now and we’re kind of holding them and kind of waiting for the market to turn a little bit. Um but it’s really made for a good opportunity on our side to purchase homes because we’re buying a lot of homes from home builders and they’ve got set homes that are under construction that they need to sell and there’s not as much, you know, homeowner appetite to go out and buy those properties right now. So, we’ve been able to go out and buy properties well below list price, get a bunch of concessions from builders, um, and really get some good deals on new properties. So, we’ve been selective in what we’re buying and, um, we’re still out there, you know, acquiring properties. You know, we still believe in the the long-term tailwinds in the single family market. The reality is there’s a lot of people that want to buy homes and not a lot of people that can do so right now. So, that is going to lead to, you know, long-term appreciation. It’s just hard to know, you know, exactly um forecast exactly when that will come. Absolutely. Sometimes we wish that we had that crystal ball, but the good thing about real estate, to your point, Jake, is typically whether’s the storm or whatever takes place in the macro environment. So, very much appreciate you walking through it. There’s one last question before we close our virtual door since it seems to be a little quieter today in chat, but Jake, maybe we walk through what the 1031 exchange program is and maybe how it’s going. uh you’ve been at the helm of building the whole program alongside a whole team, but uh would love to share more details with the team as I didn’t include that in a poll as an option to on arrived. Yeah, for the 70% of you that have invested in real estate before, if you own a rental property that’s appreciated, um you can actually sell that property and not pay any capital gains. It’s called a 1031 exchange. And essentially as you if you sell a property, reinvest the proceeds into a new property, you can defer all of the capital gains and you can defer them indefinitely to ideally, you know, never end up paying the IRS for that. So we’ve recently launched a 1031 exchange program where Arise will help facilitate the process for you. There’s a bunch of tight IRS deadlines and complexities involved with the 1031. Um, and we realize that, you know, we’re out here buying single family homes every day. it’s really pretty easy for us to buy some for an individual owner. Um, you know, the same way that we buy them right now for 500 people that are going to co-own the property. So, the the 1031 program is off to the races. We’ve got several clients that are going through it right now. Um, and we’re similarly seeing good discounts from builders, good opportunities to buy. Um, and so we’ve been really excited about this program. Um, Mark, I’ll I’ll shoot you an email. I’ve got your email. I’ll shoot you a note after this. um would love to chat if you guys um have rental properties you’re considering selling. It’s really easy for me to run a couple of numbers to see kind of what makes sense and for your potential situation um and see if it might make sense. Absolutely. Wonderful. So, appreciate it, Mark. Um Jake, any other uh thoughts that you have before we close our virtual doors today? I think that’s all I’ve got. Um I know we went through a lot of information. Um, so feel free to take a look through the site, take a look at all the different property pages. We’ve got lots of good information and FAQs. Um, and we host these sessions weekly, so feel free to come back if you want to hear more, ask questions live, and otherwise just shoot us a note at supportive.com. Absolutely. Well, Jake, thanks so much for your time walking through all the questions for folks that spent 35 minutes on your Tuesday morning or afternoon. We so appreciate you. Uh, feel free to email supportive.com at any time. We also have a live chat function in the bottom righth hand corner of our platform. As a note, we do have an AI um bot that starts right away. You can ask for a human at any time in there if you prefer not to. So, uh I hope you have a great rest of your day and happy investing. All right. Thanks, folks. Take care.