I'd like to ask you Ken Gee, what is the BIGGEST RISK?
Ken Gee 33:57
Sure, the biggest risk right now as I see it in the market, is it's very difficult to find deals, that will work. And the reason I call that a risk, is, if we're not able to make the deal work, and someone else does the deal, it probably won't work for them either. So the risk here is that people will do deals that they really shouldn't do, just to get the deal, right. If you've ever heard of FOMO fear of missing out, there is a lot of that going on. And if we you know, if we do lose a deal, it's probably because someone else was concerned about missing out, they're willing to pay more to make deals that didn't make sense. A because maybe they're inexperienced, or B, they just want to get in the game because they're dying to get in the game. So that's the biggest risk. I don't that's a risk to me, but I think that's a risk to the entire industry. Because when people do things that they shouldn't do, you you need to hope you're in a growth market. That's going to go fast enough to allow you to grow out of your mistakes. And if you're not, then you're going to get stuck with them, and it's going to impact the market. So that's the biggest risk. Now having said that, the number one reason we do multifamily is because I can't find a better risk adjusted return profile. Everybody needs a place to live, they just, they just do, I can't figure out a way to make that go away, I can figure out how to not need an office, I can figure out how to not need storage, I can figure out how to maybe not need medical, right, think about all the different assets, real estate asset classes, retail strip centers, I can figure out a way for that demand to really significantly decline. But what I can't figure out is a way for you to not need a place to live. So as long as I have that, I view that as a relatively low risk asset. And then if we're able to take that asset improves 1525 35% plus annual returns for our investors, I see that I look at risk very similar to the way the way you do, I shouldn't be able to get those returns with this level of risk. But because we're good at what we do, and because it's real estate, and it's leveraged appropriately, it we really are able to get a significant return. So the number one risk back to your question, is people doing deals that they shouldn't do, because it's it's going to hurt the entire industry as a whole eventually.