Jake and team, thank you so much for prepared remarks. Cameron, you probably saw we have folks from all over the country today, which is fantastic. I’m curious on the folks that are having audio issues if you can hear us now. Um, if not, you won’t be able to hear this, but I dropped details in chat. Um, so let us know if you’re still facing that issue. For all folks on the line, we will send um the recording to all registrants, so you’ll have that as well. Uh, Robbie Robbie mentioned audio is very quiet if you turn volume level low. Okay, awesome. Looks like we got some folks clear here, which is great. Uh, feel free to drop any and all questions in chat. This is your time. We want to be sure that you if you’re confident in choosing to invest on arrived or not. Also, I will call out too, we currently have a $25 credit offering. So, this is for new folks. Um, you have to have a new account and then connect your bank account to arrive and then attend one of these webinars. Um, and then you’ve if you’ve not received a credit before, you’ll receive a $25 credit post webinar. So, definitely take a peek. I dropped a handout at the beginning of the webinar for your for you all to take a look at. But Cameron, you’re the most important part here. What are you sipping on this morning? I have coffee. It is. It is uh cloudy season in Seattle now. So, definitely have to be on my second cup. Absolutely. I’m I’m not letting go of iced coffee quite yet. So, we will see uh how long I last, but it definitely is quite drizzly in Seattle today. But, all right. Feel free to drop any on and all questions. Cameron, maybe the first one we go through um is how fees operate on arrived investments and then maybe we’ll jump into liquidity. We covered both in prepared remarks, but I feel like those are typically our top two questions that we get. Yeah, sure thing. So, the general fee framework arrive at arrived um you know there’s variations depending on the product, but there’s really uh two primary types of fees. The first one is called a sourcing fee. So, as we procure assets and whittle down the market from everything you could possibly invest in in real estate down to the very uh specific and select investments that we uh underwrite and that we transact, we go under contract with, we do all of the due diligence um and most of the time that we’re putting up the money and purchasing it before investors are even uh having to come in. So, we derisk um a lot of that upfront procurement process. that sourcing fee, you know, ranges on different products, but for properties, it’s about 3.5% of the purchase price of the home. So, for every $100,000, then that would be a $3,500 charge on the sourcing fee. And, you know, that accrudes all to the investment. So, it’s not like you, the investor, are paying a single, you know, portion of that. It’s whatever prata um of that. So, if you’re buying a $100 shares, then, you know, it’s it’s scaled down to that amount. And then on the back end there is ongoing management and monetization of that asset on a recurring basis. Um so the asset management fee it comes out to about6% of the purchase price of the property per year. So on that same $100,000 investment then it would be about $600 per year that is taken out from that and that is for really the experience of being completely passive in the investment. So we take care of all the monetization. Uh every asset sits within an LLC. So there’s a lot of entity administration. It pays for um also like the tax statements at the end of the year. And really just you know you invest your money, you get your dividends and the the returns and then you get a tax statement um at the beginning of that uh tax year. So really that that whole experience of active to passive um is what that asset management fee is for. And again different products with different fee schedules, but that is the general framework of you know a onetime sourcing fee up front and then a recurring smaller management fee on the back end to go active to passive. Fantastic. All right. Okay. And I dropped an FAQ um in chat too on how fees work and then we outline all fees on each and every offering page for all investments under the financial section. All right, moving back over a good one from Brent. So you go to connect account and then it’s automatic, etc. before we kind of decide our investments. Good question. So um in prepared remarks, I think Cameron we mentioned or Jake said that it takes roughly 4 minutes to create a new account. From there, Brent, you can go to our invest page and choose which investments that you’d like to invest in, but it’s entirely up to you. I know for new accounts, we are also offering um a diversification option, which essentially invests a certain dollar amount into all investments on a ride, and it’s instantly diversified, but essentially, it’s up to you to decide which investments you would like to invest in. All right, moving back over here. A good one from Abraham. It sounds like our audio is working too, which I love to hear. Uh, how much do I have to invest to make a monthly steady income of $500? Yeah. So, you know, the answer is going to vary depending on which product, but our most um income and dividend heavy product are our credit funds. So, historically, it’s paid out around 8% on the credit funds. So, let’s do some back of the envelope math. So, let’s say that uh you want steady income of $500 per month. So on an annual basis, you’ll be looking at about $6,000 per year. And if you’re monetizing at a rate of 8%, then you would take the inverse of that to be a multiplier of how much principle would you need to invest to get that type of a return. So the inverse of 8% is 12.5. So if we take 6,000 * 12.5, then we’re at $75,000. So, if you were to make a $75,000 investment into the credit funds, that would generate on a stabilized basis around that $500 uh monthly income that you’re looking for. Caveat, any different uh type of investment product, it will be subject to kind of the es and flows of the market as well as what the composition of that fund’s assets are. So, it can oscillate back and forth, but for some back in the napkin math, it’s that. And then if you were to invest in say our single family residential fund or various combinations of our individual properties, those monetize at about half the rate. So around 4% on the dividend yields. Uh rental homes do yield lower than credit products. But there is the expectation of a longerterm hold with appreciation that is tax advantage built into that. Um, so roughly if we double that and let’s say you were to generate $500 per month on properties, let’s say that you would need about $150,000 investment to be generating that income. But then over time, your portfolio will change with the change in property values and appreciation over time. And there’s also depreciation that is being taken out as well. Also there’s some tax advantages of investing in real estate versus credit uh instruments which you know is basically you become the bank where you lend money out and then uh real estate entrepreneurs who are doing groundup construction fix and flips etc. They are paying interest into the fund. So it’s interest income which doesn’t really have um those tax advantages that investing in depreciable property like an underlying rental home would have. So, the math is not quite that simple once you factor in taxes, which are a real impact. Uh, but with that said, if I were to back in the napkin math for you, about 75K into the credit funds or double that for pure property investments. Oh, you’re on mute. Perfect. Awesome. Thanks for walking through it, Cameron. Let us know if there’s any follow-up questions there. Happy to walk back through a great one in here. So, how long do you keep a property before selling it? And will that decision depend on market condition? Great questions. Yeah. So, you know, the north star on when we sell a property is really what delivers the highest irr, which is the internal rate of return or kind of the annualized return um during the holding period for investors. So, if we’re in a down market, we tend to not want to sell for a loss and like lock in that loss. So to the extent that we’re trying to maximize the IRR um while during that holding period that that’s our north star for a lot of properties we initially estimated about 5 to seven years and there’s a couple that we’ve sold um on the arrive platform um you know around in that time frame. Um but you know to the extent that we need to hold longer to wait for appreciation or if it’s more of a buyer market right now and more of a consolidation opportunity to to make investments but not sell then you know we would hold it longer. So there’s not a hard defined period where if it hits 10 years we absolutely have to sell. It’s really following that northstar of what is best for the investors in that property uh to make sure that they get the highest return that they can. So, we do look towards normal market signals of like when it when there’s a fast runup, then that would be more of the time to sell. Um, and if there’s, you know, a down market, it’s probably not the best time to sell. But there there is another solution in here cuz everything that I was talking about was at the property level liquidity. So, if we were to sell the property, say you and your thousand friends who are invested in that individual property, you know, we would close, we would wind down that one specific investment and then return all of the proceeds back to the investors. Um, there’s that other option where if you need to sell before the property is ready to be sold, let’s say that you wanted to redeploy cash somewhere else or there’s a life event where you want to pull out that cash to service that life event. Then there is investor level liquidity which is I think one of the really cool things about the arrive platform is that you can get your cash out of the investment um even without arrived selling the underlying property itself. So for individual properties we have the secondary market which functions much like a stock market like we’re famili like what we’re familiar with of buyers and sellers coming together to transact at an agreed upon price through a mechanism that kind of matches that interest. um in the in the investment. Um so there’s a minimum hold period of 6 months but once you clear that then you are able to uh participate in the secondary market to pull your money out. Um so that is uh I think a really great feature that gives flexibility to an asset class that traditionally doesn’t have that much flexibility. Uh you know real estate is a long-term hold in general it’s going to per perform better as a long-term hold. But with that said, life happens and you may need to pull your cash out. So we have that available for individual offerings. And then for all of our fund offerings, so whether it be the real estate income fund, the single family residential fund, our Seattle city fund, any of those funds, we have the redemption program, uh, where on a quarterly basis, the price of the shares, they get revalued and then arrived will serve as the intermediary to cash out those shares for you. So, if you bought in at $10 and let’s say that a fund is now at $10.50 and you decide, well, I need to pull my money out, then you submit for that redemption request and then in that quarter period, Arrived will fill that order. Uh, to my knowledge, we’ve been able to fill 100% of orders in all of our history. So, that liquidity is real. It’s not just a uh, you know, a marketing slogan. And then in our secondary market, um, I believe the overwhelming majority of orders, they usually find a match with them. So if you need to exit then you know we have mechanisms both for individual offerings and uh fund offerings uh but yeah you know the hold period for properties they vary with that northstar of let’s make sure each individual investor gets um the highest return that we can that you know our that our judgment is based on. Fantastic. All right and I’ll move back over here. Another one from Abraham. I can take this one really quickly, but Cameron just walked through how liquidity operates for all funds. So, the redemption program applies to Seattle City Fund, uh, real estate income fund, and single family residential funds. The secondary market is only for individual properties, so long-term rentals and vacation rentals. The one call out here is minimum investment for all or minimum hold period for all investments on arrived is 6 months. But I just want to call out that it’s quarterly redemption windows. So I shared an example or shared an FAQ rather on what those dates look like. So once you’ve hit that six months for any new investment then it becomes eligible to submit for a redemption but then it’s within the quarter. So it can be longer that you are not having access to those funds. So I like to mention that so there’s zero surprises if you should need to redeem um your funds at any time. So I dropped that FAQ just for a little more insight there. But let us know if there’s any other questions. Happy to walk through it. Um I’ll also say with once you invest like Abraham, let’s say you invest in reef or um SCF this month and then you do one next month and then the following. You can go into your investments and see those dates for eligibility as well. And then it’ll have a green check mark u once it is eligible. Lots of details there, but let us know if there’s any followup. Happy to walk through it. Kelly had asked, um, please explain the credit fund in a little more detail. Again, when we’re referencing credit, that is our real estate income fund. So, I’ll kick it over to you, Cameron. Yeah. Yeah. Great question. So, uh, let’s let’s take let’s take this question in in two parts. First, a fund versus an individual offering, just so we’re kind of, um, clear on the mechanics of that. And then I’ll explain credit versus a rental homes. So on the individual investment, uh let’s say that we take one house that’s 300K and then we’re putting it into its own contained investment. So we we create arrived Main Street LLC that is the title holder to that property and it is one contained uh investment where we’ll fund 300K into that property. So you you and your thousand friends will will fund that investment and then it becomes closed. So no more investment coming into it, no more dollars coming into it, no more assets coming into it. it is one LLC with one property and a thousand people that are invested in in that property and you’re kind of co-owning that home for the life of the asset. Uh a fund is and more specifically an evergreen fund is an investment vehicle where there’s one LLC and then there’s a lot of assets in there and then there’s a lot of investors in there and you can keep investing 24/7 all day all night 365 days a year and it’s and that’s why it’s called evergreen because it’s always it’s always open to take investment and as we get more cash into those funds then we deploy them into assets. So we’ll be purchasing rental homes or we’ll be purchasing credit assets. Okay. So that’s first the difference between the individual offering that we have versus the evergreen funds uh that are open the three that Karin had mentioned. Okay. So now let’s talk about credit versus rental homes because this gets to the heart of what is the a what are the assets within each of those vehicles and how do investors earn dividends off of that. So when we say a credit fund like the real estate income fund, which it is, we’re saying that the underlying assets are credit-based investments. So a real tangible way to imagine this is that we are buying loans from different originators that work with real estate entrepreneurs. So let’s say that there’s a local developer out there who’s building up a five unit uh you know, he he bought a 2acre parcel and he’s putting five houses on there. So developers uh almost always borrow to be able to build homes because they’re super capital intensive, but this is good collateral. They’re, you know, their homes, right? You know, it’s it’s it’s not that it’s not a risky venture, but it’s, you know, different than like an automobile loan or a credit card loan. You know, those those have a lot more risk involved in that. So the originators or the lenders as you know and banks are also originators you know for mortgages but in the the niche that we’re playing in is really uh real estate entrepreneurial ventures where it’s groundup construction or fix and flips and really just adding inventory to the market. So the underlying security of these loans are the homes themselves, right? The parcel of land with the building going up on it. So, we purchase these loans from the originators because these originators, they’re not in the business usually of holding all the loans because that’s capital intensive. You need a you need a lot of money to be able to support the loan. What they do is they find borrowers, builders, flippers who are in need of the money. And they create the terms of the borrowing and they say, “Okay, here’s your loan on closing day. Those five properties, that’s going to be a $2 million project. we’re going to lend you $1.5 million on this. So they they issue the loan for $1.5 million and then arrived. We have relationships with originators where we are purchasing those loans because we need to we we buy that for the we buy the $ 1.5 million loan and maybe it’s a uh 10% interest rate on that loan. So those originators, they want to recycle their capital because they want to keep issuing money to new borrowers for new projects because that’s the business they’re in. They’re not in the business of buying and holding for the interest. They’re out there making the relationships with the real estate entrepreneurs to issue the money. Then they want to recycle their capital. That’s how they make their money. So, we purchase those loans or those credit assets and hence kind of the heart of the question explaining the uh the credit fund in more detail. And as we’re purchasing all those loans from, you know, the $90 million now that we have in the real estate income fund, we’re buying that, we’re deploying all of that cash that investors are putting in, and we’re buying a lot of different notes or loans uh issued to these, and they’re all secured by the homes themselves and these different the the different projects uh from different borrowers. So, we create this diversified portfolio of loans all across the country, secured by different types of real estate with different borrowers. And then we’re getting paid interest into the fund because as the lender we are now entitled to collect the interest from those borrowers. So in a nutshell that’s how the credit fund works and what are the assets underneath and kind of the evergreen nature of it. But basically we’re receiving interest income and then we distribute that interest income out as dividends to the investors. So the um one of the initial questions was asked about creating steady income of $500 a month. Um, and I said, “Okay, let me give you an example using the credit fund.” That’s all supported by borrowers paying interest to the fund because we own the credit assets, which are the loans that support the dividends. And then once they finish their project, they will sell it on the open market. So, there’s a home buyer out there who wants to purchase the home. And then on closing day, they pay the loan back with interest and principal. Um, usually they make monthly payments. Sometimes they’re deferred, but they’re paying the principal back. And then that’s when we recycle the money back to buy the next loan. And that and that’s how it works. Um very much like any other type of fund. And we have other funds out there that are more supported by properties. So as investors are putting cash into the single family residential fund and the Seattle City fund. We’re taking the cash that investors are putting in and then we’re buying assets with them. So in that case we’re generating rental income and we can also put some credit assets in there. So, a lot of our funds, they also have credit to kind of boost the yield a little bit um as a cash management strategy. But that’s really the core difference between say a credit fund and a real estate income or and and then a real estate fund uh is just what are the assets in the fund that support the cash flow and then the growth of the share values. Um credit funds, we don’t really have the expectation of appreciation because we’re only entitled to our principal back, right? So if we lend that $ 1.5 million, somebody pays, you know, 10% interest for a year and then pays the 1.5 million back. There’s no appreciation on that 1.5 million. It all all the returns come back in the form of interest payments and then we issue those out to investors. So hopefully that was a uh that explored the mechanics of of what you were looking to understand, but if there’s other questions, please let me know. Fantastic. Always very well in depth. All right, moving back over here. A good one from Tina. There’s a couple different ways to answer it. What is the lowest and highest investments? I dropped some details in chat. Uh, essentially the lowest investment across all offerings is $100 and then the max is 9.8% of the equity available in those offerings, but there’s no max to the number of investments you can make. So, for example, our individual properties, it’s going to be a lower amount because of due to that 9.8%, 8% but you could max in multiple properties at one time. For our uh fund investments, the max is much larger given all the funds that are available there. So, it really depends on um the funds you want to allocate and what you want to do. Cameron, maybe we talk about the why behind that 9.8%. Yeah. So, almost all of our investments are are registered as uh real estate investment trusts. So REITs and the reason to do that a REIT is just a tax designation. So what it allows you to do is to create what is traditionally two layers of taxation in like a company structure where first the profits of the company get taxed and then the distributions to the investor get taxed. A real estate investment trust collapses that into one pass through tax treatment that has the connection with the investor to to make and that was kind of words but like abstract like what does that mean? So let me give you a quick example. Let’s say that there was a rental property in California and you live in Texas. So in California, we all know that there’s state income tax there, and that applies both to individuals as well as to entities that are, you know, making profit. But in Texas, there’s there’s no state income tax. So if the investment, the LLC that’s held in California is structured as a real estate investment trust, then any profits that are generated there, they pass through to the investor tax-free. So the first part where I said is if the entity has a tax obligation and it and it’s in California, it can avoid that and it can go straight to the investor who lives in Texas and then you escape state income tax that California would have had a claim on um had it not been uh registered as a real estate investment trust. One of those rules though is that there can be um there has to be a 100 minimum shareholders in any real estate investment trust. So the way that we make sure that each one of our investments meets that hurdle is that we have to cap the amount that any one investor can own. Because imagine that you know there were 30 people who really liked investment. They’re like I’m going to make larger investments because I just really like this one. the that’s great that they love it, but the problem is at the entity level, it wouldn’t qualify for real estate investment trust tax treatment, which is one of the keys to making our model work as real estate investment trust to be able to pass on the um tax advantage nature of having reinvestments. So that that is one of the primary reasons why we do limit it to 9.8%. um and and and why we qualify them as real estate investment trusts. Fantastic. Awesome. Thanks for walking through it, Cameron. Let us know if there’s any questions there. Happy to resurface. All right, moving back over here. Uh does one in does one investment in a particular property or sorry does one invest in a particular property or the investment is distributed across arrived larger portfolio. In that regard can one deduct uh that the return you advertise depends on the specific property performance or arrived overall performance across all portfolio compounded together. Sorry, it was wordy and I needed to slow down a little bit. Yep. Yep. For sure. Um so there’s really two different types of investments that we have on arrived. One is a fund and one is an individual offering. So you know to to your question about does one investment spread over many properties in a fund that is the case. So in our single family residential fund for example we have 56 properties. So you can still make a $100 investment into that which is great to be able to have beneficial ownership of 56 different properties. Now, it is a smaller percentage, right? Because that fund is over $20 million of capital in there. Um, so $100 investment is a small percentage of that. But nonetheless, the cash flows and the performance are supported by those 56 different homes. It’s just chopped up into much smaller pieces. Um, on the other hand, if you have an individual offering, those are self-contained because you are a shareholder in that company that is on the title for the property. That’s how the whole fractional model works is we spin up a company, call it Arrive Main Street LLC, and then the title holder to 123 Main Street is Arrive Main Street LLC. So, you’re a shareholder in that one company, but one company only. So if you do really great on that property, but then there’s another property that just does average, it’s not a, you know, and and and you don’t own that other property, it’s not averaged as part of your total return. Those are self-contained. The only kind of sharing across different assets is when you invest in a fund and then you then you get the the benefit of spreading out your investment across all of those different assets. Um, so it’s really at the product level that determines the answer to your question of are returns distributed over a pool of assets or are they self-contained. Fantastic. Awesome. And I dropped a FAQ or a blog post where you can see all those different investments, but I’ll say to the in our invest page is a great place to go take a look at it because you’re able to see all the different funds in there, the individual properties, and take a look for further detail. All right, a good one from Christopher. I answered in chat, but always good to chat live. Will there be more vacation rentals soon? Yeah, you know, it’s an asset class that has gone through a lot of changes over the last four years, and I’m happy to say that we have internalized the management of 32 out of our 40 uh vacation rentals. Long story short, the industry grew a lot during the pandemic era. Um, and there were just a lot of property managers that weren’t up to our standards in performance. So over the years, we’ve gone from eight different property managers in around 18 markets down to two property managers, ourselves and one other property manager in the Scottsdale, Phoenix area that we really like that has great results and you know, we’re very happy with um that company’s performance, but we’ve internalized most of ours. So I I the direct answer to your question is we are still in a phase of um internalizing, stabilizing, and getting our own operations. uh we feel that we’re much more aligned with our own investors whereas the property managers that we had before um again they just weren’t up to our standards. So as we finish stabilizing those out re make reinvestments into those and then really kind of rehabilitate their performance then I think um more vacation rentals is on the table uh where you know we can look at really unique experiences. I one of our most successful investments on arrived ever is a vacation rental um that was internalized fully by us and it’s uh we we call it the buyer’s house but what it is is the actual house used in the filming of the first three seasons of Stranger Things. It’s where Will Buyers and and his family lived and that as a vacation rental experience has been just a a wild success. So we have people from all over the world who actually specifically come to the US to go stay in that house and then they you know they go on a kind of movie and media tour but um you know it’s been a super successful vacation rental. So we’re eyeing those types of um you know kind of IP brand intellectual property branded and like really unique vacation rentals um because that’s where we think the the best investments are. Uh but those are also more deliberate. They’re a little bit rarer in opportunity, but now that we have our vacation rentals largely internalized and managed, I think that expands the range of flexibility that we have in making additional investments. So, you know, it’s a little bit quiet right now as an asset class, but it’s definitely a core of what we do here at Arrived, especially because we internalize the property management of those. Um, so look out in the future, but right now we’re still um repairing the existing uh 32 out of those 40. Absolutely. It’s been a massive overhaul. Huge kudos Cameron to you and the team for all the operational behind the scenes. As we know, vacation rentals are their own beasts in terms of how active they are. It’s another uh if we weren’t making changes, that’s when I would be concerned. So, it’s awesome to see everything the team’s done over the years. I’ll say too for any fully funded property, so that means that you can no longer invest in them. All of the equity has been purchased. The properties can become available again on the secondary market. So to access the secondary market, investors must have made their first investment at least 60 days before the start of the trading window. So if it’s right on the cusp there, it will have to be before uh that 60 days to be eligible. I mentioned that because I saw folks asking um about investments um in Florida and Georgia, which are two um states that we currently have investments in. They can become available again on the secondary market. But Cameron, thoughts on expanding to more properties uh in Florida or Georgia? Yeah, so I think with Florida, you nailed it with the the insurance costs. When when we first started and and made our investments into Jacksonville, uh insurance costs were running somewhere around 80.8% 80 basis points to 1% and since then have gone to over 2.4%. uh is basically like paying another expensive property tax. So on long-term rentals, the issue has been um making the dividend yields work and and the rental economics work with really high uh insurance costs, and we just haven’t found that it’s been worth it to um ma make that offering. I will say though that Jacksonville is a bit of an anomaly. To my knowledge, it’s it’s the one major city in Florida that actually doesn’t get directly hit by hurricanes. Um so I do think that there’s potential and and and possibility there um for the future where we have more investments is actually on the vacation rental side. The reason why it can work there despite being subject to high insurance costs as well is that the monetization is higher. The cash flow is higher. So if you have we have uh beach market rentals in u Panama City Beach for example. There are some in the Tampa area and those can work out because we generate enough rental income through uh vacation rentals to be able to offset the high insurance costs. With long-term rentals, you don’t have quite that flexibility because you’re kind of moving within a range of like 1,500 bucks to 2,200 bucks a month for long-term rentals. And when you have an insurance cost that is $8,000 be because, you know, on a on a $300,000 asset, you can uh really rack up an $8,000 insurance bill. Like the the the cash flow just hasn’t worked out there. Um so vacation rentals, yeah, I mean, we already have a presence there. We’re internally managed. We could expand there. I think long-term rentals is going to be tougher, especially because insurance is an annual contract. So if rates go up, like there’s not much you can do. Like you can’t lock in your rate for like 10 years and say like, “Okay, I’m I’ll locking it in like a mortgage.” Insurance is just is repriced every year and you can’t do anything about it. So it’s one of the additional reasons to not make that bet when you’ve seen an increasing cost and to subject yourself to a changing insurance contract every year. Maybe it goes up to three, maybe comes back down. And if it does come back down and the insurance industry repairs itself and distributes its costs in a different way, sure, that’s back on the table because it’s certainly a high growth state. There’s no state income tax. A lot of people move there. There’s a lot of reasons to be attracted to Florida, but insurance is the absolute killer. Um, at least on the long-term rental side in that market. Definitely. Yeah. Thanks for walking through it. Uh, for Tina and folks on the line, feel free to drop specific markets with within those states. Cameron’s the best one to hear it and we’re happy to share with our team as well. All right, it looks like I believe we walk through this in prepared remarks, but always a good one to walk through our conviction and the investments we have. Uh do you uh can you share Cameron why we have great conviction in single family residential properties as a whole? Yeah. So, so primarily, you know, to date we have been single family residential oriented. I would say it is not the only asset that we’ve invested in. It is not the only investment that we will uh invest in. In fact, we’re actively looking to uh different asset classes right now. But the reason that we had the strongest conviction in it is that it’s a really good blend of a couple things. So, first, you can monetize it and uh still get, you know, some good appreciation on it over, you know, over your holding period. Real estate is one of the few assets that actually appreciates and it’s not the building itself. It’s actually the land, right? land appreciates building they but the value of a home goes up because land becomes more valuable. So there’s there’s that reason where you can monetize it and that really keeps you in the game for a long period of time because as you’re monetizing you can you can continue to earn income that’s tax advantaged and wait for the right cycle to then capitalize on appreciation. two, it’s one of the most uh lendable assets that there that there is in America. We have all these different government agencies and banking infrastructure that supports borrowing against those properties. So, you know, it’s it retains its value and appreciates. It creates income. It’s tax advantaged. It’s highly lendable. It’s highly liquid. You know, with all things considered within real estate, you know, you compare that to a skyscraper. there’s not many participants in the market who are going to buy a skyscraper, you know. So, so commercial property has much much lower liquidity like buyers and sellers um that transact. U so if you had to sell at a discount like sometimes you hear about these office buildings that used to be $100 million that are now selling for like $22 million some some insane discount uh because there’s there’s no liquidity in that type of a market. There’s just not as many participants. But then with single family residential, you basically have everybody kind of aspiring to that American dream of home ownership and it’s lendable and you want to live somewhere and there’s neighborhoods being built and it’s a smaller price point where you can buy a $250 to $400,000 house and borrow against it. So there’s all these reasons why as an asset class there’s just so many structural advantages for investing in it. Um, so that’s really like the core nucleus of what we build, you know, like what where we have investors build their asset portfolio around. But then as we expand and as we’re also navigating different cycles, well, you know, we brought in credit assets for stronger income because that as interest rates went up in late 2022 and throughout 2023, we needed a new investment product that could compete with higher rates that you could get at the bank through money market funds or or certificates of deposit. So, we’re always evolving um on the products that we’re offering and they’re they’re, you know, really grounded in real estate. Uh but different cycles are going to have different uh plays that are more creative and we’re incrementally layering on those different asset classes that give investors that access to it. You know, we added vacation rentals, we have credit assets now, and we have um multif family investments that we put into the Seattle City Fund and we’re looking to expand uh that as well. So, I think that we’re very nimble when it comes to well, what makes the most sense in the moment, but we still have a strong core conviction that the single family residential asset class for the reasons I just described are kind of that core nucleus of what is a solid real estate portfolio that you can feel good about and hold on to for a long time and then layer in the other things. Fantastic. All right, we have one last question before we shut our virtual doors today. One from Ro. Uh, they just invested in our first Las Vegas property, Cameron, um, the Sophie. Will there be more Las Vegas properties offered in the future? Yeah, definitely. So, I I actually used to live in Las Vegas. I live in Seattle now, but I lived in Las Vegas right before. And I think it is structurally a really great market. Um, so my answer is a strong yes, there will be more properties offered in Las Vegas. It’s more of a timing issue and the right opportunity issue. And I do sense that because it’s a little bit more of a buyer market, there’s some good accumulation opportunities right now. California, its neighbor, is such a strong economic center with such high real estate values that I think that’s going to support the Las Vegas market for a long time. One of Las Vegas’s problems is that it has a very uh discretionary based economy, right? It’s tourism. It’s where people go to have fun. And when the economy is great, Vegas is ripping. when the economy is down and people don’t have much, you know, money to go spend, the the core economy of Vegas itself suffers a little bit. Um, so it’s really kind of a bifurcated market where like a lot of the working class in Vegas, um, you know, that they can they can be in a bit of a a slump, but where I think there’s structural demand is that cost of living disparity between California and Nevada or, you know, Las Vegas. Los Angeles is only a 3 and 1 half to 4 hour drive away. And what a lot of people do as they age in a retirement and they don’t, you know, need to make money anymore in California, they sell their property, they move to Vegas and they kind of have an arbitrage on the quality of life. There’s also no state income tax in in Nevada. So, there’s kind of a a theme that we have in investing with like, well, when there’s no state income tax, that’s a natural, very strong structural reason to encourage people to to move there. Uh, so I feel great about Las Vegas. I think it’ll be a strong market. It’s it’s kind of constrained too from a geography perspective. Like there’s mountains all around it. So there’s only so much area that you can really build around. Um so you know we expect values to appreciate in the long term. Um and there’s plenty of wealth in its neighbor that support the the home values there. Um so I think it’s a great market, but like with all things real estate timing related, um you can feel great about a market, but it may not always be the right time. But I do sense that um ve with with Vegas particularly there there’s good buying opportunities. So I would look out for more and especially since the Sophie did quite well at least up well that you know that’s it’s good validation on it. Um so keep your eyes out for more in the Vegas area. Absolutely. Yeah. So appreciate the interest there. Um we’re grateful to have you on board as an investor now too. All right Cameron, any closing remarks before we shut our virtual webinar doors today? always uh fun and happy to do these webinars. Love the questions. Um you know I think Arrived is just such a great solution for a real problem in the market. When when we first started this company it was really built on this one stat. Um there were 67 or nearly 70% of people had identified in a survey that um they thought that real estate was the best way to acrue wealth and kind of build a solid foundation for their portfolio over a long period of time. And you contrast that with what percent of people owned investment real estate and it was some small single-digit numbers like 6 or 7%. So there’s really this huge dislocation of market where a lot of people want to own real estate and very few people are able to because you need time, capital, expertise in being able to do it um well. So you know I think arrived is just such a great solution for that particular um you know need and and want to invest in real estate but not really having the means to. So, um, you know, we have a great platform and a great investment thesis and it and it’s only going to build from here. So, um, I think it’s just such a cool business model and always appreciate everybody’s interest in in what we’re doing here as well as all the questions on the webinar. Absolutely. Well, Cameron, thank you for all the time spent in hundreds of webinars over the years for building products that investors believe in and placing all your trust in arrived and seeing investors place trust in arrived as well. So, uh, we wouldn’t be where we are today without your, uh, DNA woven into all of the investments that are on Arrive. So, I’m very grateful to have had the opportunity to work together for so long. Um, but one last question here from Tina before we close our virtual doors. Again, we can’t make recommendations because we’re not registered adviserss, but we can always share details here. So, where would you recommend a new investor start? Yep. So I do have a general answer for this. Um and I and I want to try to make it a little bit more um you know not not just like oh blah blah diversifi you know uh but there there is definitely some elements to diversifying. So, you know, I would say both get a couple of properties uh just to mitigate some of the risk that is involved with say rental operations because as we as we think about the idea of diversification that can apply in a lot of different ways. It can mean geographic diversity, it can mean tenant diversity. So I would I would say like everybody’s got opinions and everybody has strong beliefs, but there is some element of diversification that does kind of help protect the the rockiness of investing in any one single investment. This applies to stocks, this applies to homes, this applies to really anything that you’re going to invest in. But the main thing that I would say is be aware that there is a very strong rental operation volatility that can exist even within the same market. So, if you have a really strong conviction to invest in Tennessee, as an example, and you know, Knoxville specifically, I would say make those Knoxville investments, but don’t put all your eggs in that one Knoxville home. You know, if you’re going to if you’re going to invest 200 bucks, spread it out over two homes just because if one tenant is not paying or there’s a move out, your other one can help, you know, help continue the stream. Um, even better is the single family residential fund. That is a great starting investment in the sense that it does help you diversify across those 56 properties and can um serve as kind of a buffer on the volatility in any one investment. So on one hand I say diversify but more so for the the volatility reason of just real operations of people moving in moving out falling under hardship and not being able to pay. But on the other hand, have conviction and invest in what you believe in because most importantly, you need to be able to stay in this for the long run, right? Real estate, you want to be able to hold for a long-term investment. It’s generally going to perform over a longer period of time. In the past, I’ve traded my way out of profits when like I was trading stocks and I was like too active and I was like, “Oh, I’m, you know, just kind of chasing random headlines.” I always lost money doing that. If I had conviction in the things that I was like, “Yeah, I should just invest in that.” and I kind of set it and forget it and looked away, I would have done a lot better, just like my own personal investing journey. So, I say all that to say you have to be able to sleep at night and hold things for the long term because that’s generally how you’re going to be able to get better returns in something and you’re only going to be able to hold it longterm if you really believe in it. So, that’s why I would say invest in what you believe in, but get a little bit of diversification just to absorb the volatility of like real life operations. Um, that’s my general advice and we have a lot of different products, right? So you you know you have rentals, you have credit that we talked about. I think credit is an awesome product just because it it’s it’s interest. It’s secured. Um and there’s a lot of great things about it. It’s a little bit less known because this as an opportunity has not always been available to people. Um it’s usually an accredited investor only type of um investment. So I think it’s so cool that Arrived has been able to turn credit assets into an investable fund that like is significantly higher than what you’d be earning from a bank. Um, so you know, if your if your focus is on like highest income possible, I would look towards credit investments. If your goal is, hey, you’re interested in um, you know, doing the fractional landlording and being passive in it and owning properties, then diversify a little bit, but invest in something you really believe in. Absolutely. Yeah, Cameron, thanks so much for walking through it. And again, we’re not registered adviserss, so we can’t give specific advice as it there’s a lot of different details in there. That said, we are potentially working on ways where we’re unlocking options and uh being able to give more details. So, more to come there, but very excited. Uh Cameron, thank you again for walking through every single question that came in in great detail. For all the folks that spend an hour nine with us on your Tuesday morning and afternoon, so appreciate you all. Fantastic engagement, wonderful questions. You can always join these webinars. are typically Tuesdays at 9:00 a.m. PT to jump into. Uh if any if you have any other questions that come up, feel free to reach out to supportaride.com. You can also use our chat function in the bottom righthand corner of our platform. We’re live on all social channels. The one that’s most community- based would be our subreddit, so you can jump in there as well. Uh but I’m seeing lots of great Tina, um Brent, and others in in chat saying thank you. Well, thank you. We wouldn’t be here without all of you. So, happy investing and hope you have a great rest of your day. All right. Thanks everyone. Thanks Karen. Bye.