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Arroba ecoromis silver Hello welcome to a new episode more economic Tata your Podcast of Finance. I' m Kimberly and I' m Laura, Laura. What do you think if today we dedicate this episode to talking about a dream that has so many people, so many friends, so many acquaintances and I think that even you and I, for certain moments we also talk about that we want this structure and it is nothing more and nothing less than to live from rents of one invest in real estate and to be able to rent them
to be able to live from them. I mean, my childhood best friend, still today' s sun tells me, I mean, I remember in alcohol like she said, I want to have lots of real estate and I want to rent it and live on it. And yet the soldier had been
fifteen years and she still has that goal. Okay. Even today I was watching a story that came to me on Instagram and I sent it to my husband, to Marcos, that a couple at thirty retired and it was actually for buying rental properties properties and now they only live from those eight houses that have rents and see that they retired super young and I sent it to them as an indirect. Like, look, we got to get to the pile.
I saw a video that I don' t know if it' s the same thing you had, that he was working on selling Donans in Don Hin Donands, in the United States, and she doesn' t know in a fast food chain as well and how we' ve delivered to the beginnings and then as they were developing a portfolio of investments in real estate, and they already live from that exactly they' re young too, so it' s really a dream that I think many of us do, especially in our
country, that we' ve been instilled in that investments in real estate are the investments of the million and the most transitable. But definitely to be able to take the step to buy a first investment property. Gentlemen, it takes a lot of money, because they are this way overnight, not with two pesos, we have to accumulate an initial expenses also related to the loan of
the transfer tax. I' ve wanted three percent, which hurts a lot and a lot of other expenses that we' ve detailed even in other episodes. At the start of the podcast we made an episode of loans and there we talked about all the casts related to mortgage loans. But, in other words, you have to accumulate a good money, so it is not the morning night and you have to consider that goal that many of us have to buy. Our own house and even as you say a portfolio of real estate.
For me to live from that, but it' s not overnight. I need liquidity, I need capital to make that investment. But since we like everything innovative and we don' t like it we don' t like to limit ourselves to just one option. Today we want to talk about a Kimberley instrument, which you can invest in a portfolio of real estate. Be
part of that portfolio with little exact captain. So, that' s why we' re going to bring a solution for all these people who dream of investing in real estate and generating a return on the rents of those real estates, but not with the tremendous capital that is required. Then let' s talk about the closed real estate funds found in our country' s stock exchanges.
A clarification needs to be made because many people, when they hear an investment fund, relate them to investment fund managers, to AFFICs and, indeed, AFFIs are the ones who manage the day- to- day of these closed investment funds. But we, as investors, can do it at the stock markets. So there' s a confusion that many people have to say. Ah I went to an AFI and they told me that I can' t invest in a closed fund through them, because you have to go to
a stock exchange to be able to invest in a closed fund. Exactly. But AFIs and investment fund managers do make up the closed fund and manage it as well. But it is sold only through the stalls you bowl, so it was already in the first step, is that in order to be able to invest in a closed real estate fund it is through a stock exchange.
Now, what this investment product consists of, what it is, what it eats with, what it eats with those cell phone mounts well, basically to the objective of the closed real estate funds is to invest in a diversified portfolio of properties that are commercial, industrial, production. I mean, we' re not talking about housing. No, no, we' re not talking about commercial real estate. They are the AFE and they are the ones who
make up this fund. They are in charge of buying a variety of properties from different industries, and these properties have a company inside that stays as a tenant. Then how they stay as a tenant. They stay paying a rent to the AFE and as they have many properties say fifteen, real estate, eighteen, twenty, twenty- five and furniture inside the fund are receiving rents
by many different tenants who are business tenants. That is to say, the risk decreases greatly, because it is not the same for you to have housing properties that you know may be in arrears, you can pay to see your companies, which are already much more regulated and, above all, that in order to enter into this structure of the Fund it will be real estate.
The company is purified as if they were a loan that they are going to give it, that is to say that AFFI And is also taking care of my money when it is managing what I invest in and I don' t have to have the stress of what a tenant does not pay if he paid, so, apart from me being able to invest with little money that we are going to go to the minimum amounts now, I also free myself from
the stress of being charging the tenant, of being outstanding. If you didn ' t pay, no, I just got to keep putting my money there so that it keeps generating profitability. About you saying rents, rents paid by those tenants. And besides that that property is also going to generate an exact
surplus value and how is that valid plus generated? The now let' s explain then now with spoons as an inverter, how you can see the profitability that you are generating with this investment and how eventually I will see a plus valie as well, just like when you invest in a property, perfect, then the first thing is to understand that when you invest in a real estate lockdown fund, you become a shareholder. Literally, you' re buying a
piece of all the real estate that' s inside that fund. So your dreams just multiplied, because instead of investing in a single- tenant building sun, we' re talking about you investing in a diversified portfolio of high-
quality real estate. Even that' s what I also love about closed funds that have properties that are too appetizing and with clauses in the contracts that if a tenant didn' t pay, if he paid late, because that has an implication that takes care of the profitability of my money, so that, apart from the avide, as you said at the beginning, it is very rigorous in which tenant to choose Or that' s not going to go Juan de lo Pelote, but there goes a company that is purged, that the
Superintendence of Values has rules so that that that that closed fund, because it can take care of us, the investors, and it has those clauses that protect us in case a company doesn' t pay time, that is that it also takes care of the profitability of that fund and, at the same time, as you say, my money is not in a single property, but it is in different properties, that is that there also the risk is diversified, apart from that a tenant doesn' t pay and they are going
up the portfolio exactly. So, I, as an investor, want to to charge it a penalty, because I also compensate with the others that make invest in a closed real estate fund. How I do it. I have to go to a stock market, but the fund to not be able to buy truth. Quotas are purchased that are small parts of all the assets that make up this portfolio. All of you are buying a small part that is called quota. The fee has an amount that can vary every day. Then
you see that on the AFI page. Then that fee can have a value of, for example, five hundred thousand dollars. In those s ajá also in pesos ten thousand pesos but every day this varies then, as well as if you, for example, buy today a quota and the quota cost you a thousand hundred a dollar, it may be that in three days you review them. The quota is already at a thousand one hundred and eight and it may be that in a month you check it and it' s at a
thousand one hundred and twenty. Then the quota moves, as well as when one buys, for example, dollar that one is buying a price and then is seeing another price. Exactly so, you' re buying a fee at a price and as that goes up, you' re seeing your profit. So this profit is accumulating and quarterly that' s usually when they pay you dividends. These dividends are not always paid, sometimes they simply accumulate to keep
growing. But they are usually paid quarterly to your bank account and they then pay you the profit that the fund had at that time. For example, you bought a thousand hundred dollars your fee and in three months it went up to a thousand one hundred twenty, as you usually got paid the same twenty dollars that was generated and then the fee goes back to its thousandth price.
That' s usually the case. But besides, they can also do it another way, which is to decide that it has added value and that they will pay you only. For example, it rose to one thousand and one hundred and twenty. They' re gonna pay you seventeen dollars for every fee you bought and three dollars are gonna stay in your investment as capital. So you had a plus worth there, too, and that' s all totally
public. It is reported and makes sense that profitability is variable, because, like the portfolio, it is composed of different properties, different tenants, cannot guarantee us a fixed rate. In other words, the profitability is variable. And, as you said, you without being a client right now, without investing in a closed fund, you can see on the websites of investment fund managers the profitability of the last thirty days, last ninety days, last year
of that closed fund. And so it allows you to compare between different funds
and see what your best option is. Not only can you see the profitability, that is, how much it has generated, but also see in which real estate the fund has invested who the tenants are, So you can see all that detail to also nourish yourself from which real estate you are investing exactly something that you must know, in addition to the currency, truth that there are real estate funds both in pesos and in dollars, so the expected profitability
of a closed fund immobile day in pesos is different from that of dollars. In dollars. Already you, who have heard us talking a lot about investment, know that the dollar rates are lower than those of the investment weights and also the term of the closed fund You have to know of the fund will be real estate usually expires long term. We' re talking about it usually
opening for ten years, fifteen, years, twenty, years. But this doesn' t mean you have to stay to maturity, because while it' s true that you can buy it today and in a year you want to sell the quotas you buy, you can do it through the same stock market. What you do know is that you bought a price the fee, then you have to see what price it' s going to be at in that moment that you won so much in the interim of that time, that you had it to see if it really suits you. But usually the bag stand
even guides you with this which is very important. That advice totally. And one very important thing to include is also the difference between closed funds and open funds, because there you said one that is maturity the closed funds do have maturity to ten years fifteen years, as Kimberly said, does not mean that you have to stay ten years and fifteen years, but that through the stock exchange, you can sell your proportion. You notify him and they help you
sell it at the price of that day. But, on the other hand, in the open funds that we, as investors, get them, in the investment fund managers, not in the stock market, they have no expiration date. So even if you can get your money out in thirty days, ninety days, sixty days, in twenty hours, on working days, you can leave it there for fifteen years, for twenty years, and that open
fund won' t close. It has no maturity in the case of the closed fund at fifteen years, if it is a fund at fifteen years, because at that time it closes and already the AFI and the stock exchange post
if they are going to open another closed fund number two. So do I. Another difference is that, in the case of open funds, this portfolio, that piggy bank, mostly invests the highest percentage in financial instruments, say, in financial certificates, in savings accounts, high performance accounts, in corporate
bonds, in government bonds. In contrast, the closed funds, that portfolio invests a little bit in these financial instruments very much, but most invests in the case of closed real estate funds, in commercial real estate, as we said, and there are other funds such as infrastructure projects that invest in projects such as road projects, for example, projects that drive the economic development of our country exactly. And another thing people need to know, tell me about
the rate of return on those closed real estate funds. Well, Laura has already mentioned to them in the interrion of the episode that they are variable rates never assure you a profitability. You can' t know exactly how much you ' re going to generate. However, if there is a history of how closed real estate funds have behaved in our country in pesos, they usually range between eight to ten percent and in dollars, between four to six percent.
These thirty skills have to be held back by ten percent of taxes. And they' re annual cups. Although you are paid quarterly, you understand what annual cup means, that that rate is going to be divided to calculate based on that quarter what you are going to be paid, that is, divided, for example, by two and multiplied by three. And you already know
how much you generate in the quarter. And a lot of people will say good, but right now, right now, we' re in March, two thousand twenty- two, four, then people will say good, but right now there are better cups. Let that be in pesos. I may find the same ten, but in the short term or in dollars you can find a six, fifty short term too or in a sovereign bond that has a rate. Make it clear, then why you tell me about this fund you' ll be furniture and maybe you don' t have the best rate.
The moment you' d tell these people, Laura, first we have to diversify the portfolio. Gentlemen, we cannot have a single instrument, but we must also diversify by type of instrument and also by deadlines. Then it can be with bonus have a period that is recommended to two years, that you, at least, stay in this bonus, in this closed fund. We saw that even though they have expirations of ten years, fifteen years,
you can have your money easily and quarterly. They' re going to be paying you dividends and apart Kimberly, something super important that people don' t see right now, but we saw it when in the market in general the rates were super low, these funds remained with the cup rank that you commented on why, because they already had tag contracts, with established amounts, with clauses, that those companies had to keep paying those rents. Gentlemen, even
in the pandemic you had to keep paying those rents. And, therefore, many investors who had invested in this fund protected their money through the profitability of these funds, which were not as affected as the other instruments that do depend
on how they walk the rates in the market. Exactly from here we are seeing one of the big sales of real estate radio funds, which is that they do not depend so directly on monetary policies or do not depend on the Central Bank lowering the rate of monetary policy, because they are concentrated mainly in investments, in properties that have already fixed tenants paying a rent. So that
' s what I love about closed real estate funds. In fact, I remember in the middle of two thousand twenty- two thousand old that we were only talking about real estate funds, because when everything was down, we are talking about that there were rates at that time on long- term bonds in
mutual that right now. Truth is supposed to be what was renting more or at that time they were walking on the ground four percent in pesos to one eighty percent in dollars and the closed real estate fund equal to five and peak dollars, to six and peak. At that time there were still no closed real estate funds in pesos because there are more than three hundred. But at that time everyone wanted funds was real estate deo, because at that time the
difference was notorious. But we must not forget that in the end the rates are cyclical. So, now we' re at a point where we have still very high cups, both in fish and in dovers. But not all life is going to be like this. And another point is also that in these funds by law they have to make an appraisal of all their properties once a year, and this also you win with the plus worth of those properties.
So, that range that we said, there' s a time of the year that shoots up that we' ve seen up to 14 percent in the dollar profitability rents that many people and, for example, go to the size website and they' re looking at a closed bottom say ah no, but I saw a higher return than Kimberley said, but it' s because
it was affected postponsively in taman with the property' s plus worth. I mean, it' s also another way of seeing that at one time of year you' re also going to win so it' s increased the value
of those real estate that the portfolio has. Yes, and in fact, you just touched on the subject of the risks, the risks that go with this product, and mainly are the depreciation of the real estate that, instead of being appreciated, as you mentioned, when they do that valuation that actually disappeared, this does not usually happen in our country, but it is a risk that is and what can happen then, if you go the price of the real estate in that valuation, your capital does be affected. Likewise.
If there are tenants who stop paying for x or for y or withdraw from the property, your profitability will also be affected for a moment as long as they keep looking for another quality tenant to occupy the property. If there is a fire, even if the insurance resolves, but there is an interim, a lapse where the profitability can also be affected. So all of these risks
must also be known about the risk of the variable rate. Yeah, well maybe a person who lives off the interest, who' s already pensioned, retired, and he' s going to put all his capital in a fund will be real estate, because maybe you' ll say it' s not, because we' re talking variable rate. You. If you need that income for your medicine, for your food, to pay the electricity for transportation and you don' t get the amount you expected, it will totally set
your life apart. So, for those cases, not now to diversify, for also, that is, not only in product, but also in currency, to diversify in dollars, seems to me a product too good, too attractive. It allows you to diversify to a large extent because of that very reason, because you are investing mainly in properties that are diversified, which are
not only in one sector, but are from different sectors. You also have the advantage of having an AFI and managing it that it is not I who have to call a tenant, Lords, that I have a property that is good. I had truth that it was my first real estate with my husband, which was the property that we moved from there to buy where we are living now, we left it rented in the intering. Then we sold it, but the tenants stayed inside the property. So I know the total numbers
is real. So, when we did the calculation of good, we bought the property at such an amount and we' re renting it. We' re renting it so you guys know a thousand hundred dollars a month. When we multiplied that by twelve and subtracted the maintenance we were paying for. We ' re talking about the profitability of income per tenant only being a six- and- a- half, right, but the tenant was calling me all the time. Look how damaged such a thing looks like the bathroom key looks
at that heater. Then all the time. I' ve got the trot upstairs and thank God, I' m out of it. For now I ' m happy I don' t have an exact property. But yes, I mean, that was the truth, a tedious time, because the truth that I would say that if I went back into that business, having rented properties that eventually good, because I wanted to hire someone who manages it exactly.
You pay him a percentage for that and that' s just a discount on your profitability, that that' s used a lot in the United States, like there' s people who charge you say ten percent, eight percent of that rent they' re going to get, or that' s what they rent engarbnb and so you can have, because imagine those people who own eight real estates and you have eight cats there calling you unless you do that.
If not. Here' s an emerging business about that, too, but I think we' re still at the point where we don' t want to win it. We all say that no mother is not going to negotiate another person, but when you think about it, you may be able to have even more business and take care of another person for that or more
property. Of course you' re going to have more time and you' re not going to have the deal all the time a call like you say totally and also one thing you can ask about the risks is what happens if the fiquiebra. I lose my money well, first of all the AFI and remember that it manages those properties that portane, but they don' t own that one of those properties. The only owners are the contributors. You who decided to invest in that closed and real estate fund, because you own it.
Kimberle who put a proportion, she' s a dream too. I put in another proportion, I own it, too. But the AFI doesn ' t own this. The AFI charges a commission that is already so net of the returns that you see on your website. And if the AFI breaks, then there are two paths that the Superintendency of Values, that excellent, that regulates them, then makes the decision. One way is to pass the portfolio from that closed fund to another AFI and everything is still the same.
They communicate to which stock exchange you change your investment and so on, but the whole remains the same after and the other option is good, because it is already finishing the contracts, seeing the penalties they have to pay and so on and how much has been generated to date and paying each investor what it touches that day. But remember, AFA doesn' t own that portfolio. We' re the only ones who own it. Yes, then also what is required to not be able to invest in a fund, real estate serradio
again from a stock exchange post. A brokerage account is required. Gentlemen, you know, you' re pro on this, but for whom you don ' t know, who' s listening for the first time to an episode, a brokerage account. It' s like I' m your customer profile at a stock market. It' s like it' s your card in
the stock market. You need it 100% to be able to invest it opens with your identity card, the document that justifies how you earn income, whether it' s a work letter or if you' re independent, with checks, invoices, movements you count and also to be seen in those movements. He tells you about the last three months how you generate revenue. That ' s enough for you to sign some forms. Those forms can see you at home. There are some that allow you to complete it online and sign
it online digital signature and ready it. That' s what your account is
open for. It does not entail any cost of opening or maintenance and from there you can invest, not only in the background will be of furniture, but in all the products that offer you the stalls, That is to say, you do not have to be with a paperwork of contracts of everything real estate that have a folder there with each of those, but that digitally you can already once you are a customer, you can manage everything by email and
apart every month also comes a state of account of how your investment is going. Yeah, that' s always good to monitor clearly I love it, because above all you get excited when you' re going to watch generate. So clear well, then let' s see some questions we asked in the instagram to see what doubts they have about the closed real estate funds. Minimum
amount of investment of bread from which fund you will want to invest. Usually a fee is the minimum amount, but a fee can be worth a thousand hundred thousand, two hundred, one thousand three hundred depending on the fund. There are others who have a smaller minimum mount than there are five hundred dollars, since it depends on the bottom, but usually between five hundred and a thousand and a thousand dollars the minimum mount. Income can be generated by both
appreciation and interest. Yes, I mean, you can generate for those dividends that are going to be paying you every three months and apart for the surplusity of those properties. Two ways to see how your investment is going is with that profitability you see on the websites and also with what Kimberley told them at the beginning of the value of the quota. That' s where you' re going to see how it' s increasing the value of that fund'
s share you' re investing in. Exactly another person asks I have a conservative profile. They' re a good choice for me. If you have a conservative profile, you' re probably not going to put all your capital in that background, but you' re going to place a small proportion to get to know the product. You know the risks here. It' s a variable counting product. The profitability you generate can vary considerably. Even in some moments you can reflect it as negative and this may be normal, but
I mean, it' s processes that are cyclic. Then it returns to its positive state and if you didn' t cancel at that time that negative didn' t affect you. That' s super important because many times people see the profitability of a single day and look negative and you want to go want to leave and look no. No. No. No. No. If you leave, then you will materialize a loss, then the ideal is you to stay there, to go negative. A day in the background closed
real estate. It doesn' t mean the other twenty- nine days of the month or, the other months, that you can last there in that background. And no, and anxiety is real. I remember in the two thousand twenty- one I don' t know in two thousand twenty- one in the middle that there were some clients who wrote to us Laura said hey, it' s negative. I' m leaving the bottom and we' re not. No, don' t expect it to come back up.
Don' t take out the money because they materialize the loss. They materialized the loss because the anxiety did not let them see that negative and in the end they invested again in the closed fund. So, gentlemen, since you know the basis, that you know the theory, some know how it works, you don' t have to have anxiety. When you see or negative, you also ask which is the best in dollars. We are not going to tell you never look at this is the best investment instrument, but you
always have to compare. Likewise, when you are going to get a service, a product, you compare several options. Likewise when they are going to invest, then there are different closed real estate funds, both in pesos and dollars. Ideally, you compare without being a customer. You can publicly address certain investment fund management websites and compare their returns and properties they have invested in. We' ll leave you the AFI list for in the episode description,
so you can compare two or three and the funds closed. But remember, here you can only see profitability. As clients. You have to go to a stock exchange and tell him ah look. I want the closed bottom of such an exact AFI. And one last question. They say when you invest
in real estate funds you can get ownership of the property. No, ma ' am No, as much as that means, you' re going to be buying a piece or all the real estate that' s inside the bottom, but isn' t it that you' re going to have signed up for, truth, on the contrary, that it' s real estate that
' s in that commercial square is yours? No, no, no, you' re being shareholders of the fund, you' re going to buy a little bit, you' re going to benefit from all the rents, but you' re never going to have a signed contract that such a property from such a place is yours. And well we' ve come to the end of this episode. I hope you have learned a lot about the truth that this product is quite attractive. Most of all, we' ve already
heard in the interint of the episode. When the cups don' t walk like rats are now still, when everything is regularized, when the rate of monetary policy drops a lot when everything in the low market, the Fund will be of a furniture. It is a great alternative for your investments, because we already know that it does not depend so much on the rate of monetary policy or the economic situation, but rather on tenants, who are high quality
tenants. Totally so you counter with when the cups go down, which is estimated to go down, because you already know that this is your time to soak up this instrument and put a little of your portfolio, of your savings in these closed funds, either in pesos and dollars, so don' t be alone with this episode share it. I hope you' ve had your libretto and that from now on you can compare two or three closed funds to include it in your portfolio. See you next goodbye, Chao.