Such property that will do something like that. So the way we look for those things itself, it's um. I would say it comes with a defined level of expertise because you know, for people who are in the capital market, for people who are in the same money markets, you know, everybody as people. There are people who are specialized in these places. There are people there someone who can tell you, you know, for example, now
was it some was it how many days ago? Um, there was probably like a spreadsheet of prices that will share there on FMDQTC market for narrow futures, So it means the market is pricing narat's probably like eight fifteen, nine hundred thousand, it's like a thousand. So people have their own expertise in this splace and this is where we are. You know, we are very good and we've been able to you know, deliver um this rates are this you know, very attractive rates. So so so if I had you say,
I had to say twenty five percent, that's that's apy paranum. Is that what you're saying exactly wires around twenty five twenty six now of just at the top of my head and our lives for what it's current. So it means that if we can even increase our occupant series and you know, for example, now we are in themed, we're immediate right, this is this is just you learn, our prices are still quite you compared to what we
should actually charge. So imagine when the festive season arises, say October and November December, when the demand you know, skyrockets, right, there's there's there are lots of people who are coming back to jail they want to you know, take So the prices will rise by the time and that means that the yield or needs will also go and the operating costs will stay the same. Right, Because where I like or not, we run on these zoo we some of our costs are you know fixed. A lot of our costs
are fixed. We know how many times a week or in a month we change, for example, the mattresses, we are how much repair our cleaners and all of that. You know, those prices are fixed. They did. The potential revenue is I won't say gimit less, but you know it's the outside is significant because we can raise prices. We can and as Mana said, our occupant series this month, I think probably my one media,
you know, as as the seal and the sales man. You know, it's quite optimistic about that, but I would probably like share, you know, a screenshot of you know, the report that was sent to our investors um for June. I would just share it suits to show people the we have basic data like you know, number of on nights that we were able to sell, the town, number of knights that were able to sell, occupant average occupant seriates. Then also average length of speed, So for example,
I would hold on hold on five sixties. Right, So people don't just want to stay for one day because when they come to see the experience the signal for all their king, they want to renew. So that shows that you have product market fits and upside of that is significant. Okay, I just yeah, let me ask a few questions. Right, So if what I'm hearing you guys, so you guys are more less like a corporate
You guys manage airb and b's. If I could not, then just put it out with just some who can follow you manage Airbnb, and I can invest in you guys to go get more airbnbs. And what you're got a doing, you are taking away that I have a house in Sulary. I want to do AIRB and B, but I don't know they're not some boats. I call you guys, You guys can take my house or take my land, run that air and B. That's understand of the owner of the
property. But on the side of the investor, I want to get into something that pays me a higher yield, and you guys are telling me that because it's real estate orcupancy it rises with inflation. You can sell your prizes to match inflation. Because I want to come to town, I have to sleep at sleeping so so I'm able to then get a higher yield panyra investing in this quote unquote airbnb with you guys than if I put in the bank or even help or that's basically what I'm hearing. Yeah, let me,
let me, let me have to work at yourself. Um So, one thing is there's an optimization problem in in in a general as sub markets. So take for example, they developers developed Trinity Flats and it's selling so different universals and even buyers of this apartment because not a room, almost a bad bad apartment to give him there, some just want to buy and put it up for rents now it developers sending to different buyers and telling them that you
can use it for rental, you can live in there. You can also use it a short let. I'll tell you it will work. You will really optimize as as as a buyer or as an iniversal, as as an owner. It might not really be a problem, right because I personally manage about six different abase different quiets. Eventually they have to close down. Why
because you when not really optimize. And imagine you spending about fifty two hundred thousand dream marketing when your entire revenue is around like three hundred and fifty thousand, you know, at the same time you have to I mean is around like five hundred thousand. At the same time, you have to page the manager. You have to fold it. You have to fold the apartment,
buy dissult of four. You know, anything spoils they check can you know, they think they can blow up and you have to replace it two hundred thousands. At the end of the day, when you do the maths, you Matt will no adult, you know. And that's the problem with AB and B. If you want to take AB and B as a business and multiple apartments, you're not really optimizing because if you have a jail like a pattay flats but you're yeah, you're not. They're not optimizing the universal.
So that's one thing. And we have been one in the NBA, been like a retail because people come and they say, like fifteen different pas. If you check out page on the Instagram Criss Cross Real Apartments, you'll say that every flat has its own unique design. Some have been maliged, some
are sophisticated, some are you So we didn't designs for different flats. So it gives this home away from home hotel million, but better value because you have your room, you have a power, you're having kitchen, there's there's no irritation. You know, you're not you're not stream lined with watching the sputure as in DStv. You have full access, you have necetniture of Wiffi. So it's it's a more value. So we realize that we're even like
taking taking the chunk from the hospitality business. Noting on you know the ratisin is blue and and the share of tens right the star turns of which are
like forty kid. They are guests now seeing better values from what we're doing and and that's the real need that that's the real business opportunity that we have saying that we're trying to like scale up and you know build multiple multiple apartment Now we have we have done, were finished one in the dual, went backing on the next one in sol area and we are like seventy percent solder because almost more declined are putting looking projects after getting their returns for like three
months, they're areather like making you know, taposit for the new one because it's something that's still like relating the new of your and buying, you're managing, you're doing on the marketing, and you're sending me money every month with are having to do anything and and this this font come with occupancy reports, um um financial I mean occupacy reports untially with financial statesments and um you know some of the articles that we you know write for example, in like three
years, somebody somebody comes beside us and buys up the attap house. I'm saying, wants to do something back what we're doing. We can easily discussing all the investors are saying, you know what we want to like in praise our prize and increaser as the standard we we all need to contribute or sacrifice this month's return just so that we can also refu each and increasing value of
the property. So it's a business venture. We want the investors to see us as our business partners and not even the facility managers because the way the more they make money is how we make money. So the more occupacy they get, we also make money true management fee. So to be way for both investors and we will be a city of us. As I just said, we're just starting and we have not really like nip out of the opportunity that Okay, we have how many how many how many unities you guys manage?
I e. Is this a project or how many do you guys manage right now? Correctly about twenty one twenty one when we completely next, when completely next projects that we're developing into Larry becomes less to nine. And this is all in legas, all in legas. Okay, what is the let's talk about the investor side. If I wanted to invest in this, is there a minimum? So we we we have bce the one in bed.
We do one bed until bed right, but we don't realize that we get more demands from one bed until bread, so people people would just come in and you know, just stay in the one bed because it's cozy and it's less expensive on the two birds really get together, you know. So we the one in Tory. We made it strictly work beds. We really have the clients that wanted to buy two birds because of demand and supply. She feels like, oh, if that's the only two beady things our facility,
then it would make sense for our own our own apple council. Right, so we we build just one birds or cup, giving just one birds to learn. So a you need to one bed co thirteen million half with the fundation, so it comes with the tv, it, ty console, the funiture. What what's thirteen million? What's thirteen million? So the thirteen million is your owning that ginit of one bido apartment for twenty three years, consistent
returns for twenty three years. So it's a one time payments. You can be within three to six months because we deliver a development within nine months. So it's just one single block of flats. It's not like multiple flats or esthx, so just one single block flats ground floor, first and second right. So it takes about nine months to draw much with the fundation. So because of the reflation, we usually like five all about function items in talk.
So that's why we set a cap and a limit to them. The payment period so that's six to night, I mean three to six months. If you appening within zero to three months, that's the ten million. If you oppin with your three to six months, that's for teen media. Then three months typically after you musself computed your payments, if your partner will pay, um will be ready. We do who they launch or transfer ownership that
we start. We said it did for the combinatements of the business. Oppression got So I asked an investor gets into buy the property, there is then
in fractional opportunity available there. Oh yeah. So so we have some clients that got We have implied that like like like post phones that post phones together, so we have like because when you're sending their emails, say like three different emails for a single property, right, so we can we can do that, although it will have to be the first of you know, pulling funds with people. So we had client that they like for fum million on
the like this computer the money and monks each other. So Okay, got you, like like a joint account where we're sending the returns to at the end of the month. All right, So if you can, you can you can connect with your own friends or association and then buy one flat and that's you. So when I buy this flat, I give it to you guys. Do you guys the managers? And I get that quote unquote yield? Yeah? Got you in terms of let's just talk in terms of is
there a guaranteed return if I invest in these? Are you guys gonna tell me whatever happens, is it's gonna be the ranch you're gonna get, or is it gonna be it's gonna be on usage. I'll tell you one short story. Right, So, when when we started the first project, we had the clients that was all bent on having that in this agreement. So he called his lawyer and I was like, oh my god, that is what I want, because if you guys tell me fifteen these and you guys,
are you guys got it? Indeed? I am I supposed to know? What if you don't get any clients, how how am I supposed to be to to to the rest a show that you're busy? Made this guarantee. I look at no problem. We can guarantee you if you want that you're not taking any risk image increase my prize by doing anything. You're not
taking any risk. No problem. At turn five k times eighteen days, we redocted our only personal expenses and we told him, okay, we signed the papers and but we're you know, we have like a like an investors platform, right, so where we sent reports after the first month, the second month, and the twelve months, the investory realized that they all the investors got and have rights of more than what we promise them at eight in
this count. And now it's all this community office to like reptiate the times. So the thing is this, right, there's there's no fixed return, but the return is proportional to the occupancy, right because we ourselves cannot run that place without at least six to five percent occupancy. Because check for example, we know we're Nigeria. There's no life for two days. We have
to run on diesel. I would most say, because I have just ten guests when I can have eighteen guests, and I would not want to power the jail you put on the diesel. So me are so be as a friend. We are even multivator. So sometimes so many can coming around like eight pm and say it wills to stay for United that is leaving tomorrow morning around it am I know very well that normal the propider is and it's offering
twenty thousand, eighteen thousand. Sometimes we are accepted because cash free is really important for us. And you know where we remit to investors, we put
it that we put it in their reporters discounts allowed. So we are also like a deflectable looking at the I mean the returns, the cash flow and what it's what we really need to run that place effectively because at the end of it, they won't really matters to the investoral it's not really the occupancy is the is the return the return as to match up with what their expectation works before purchasing the property. So we're beflectable around I mean ensuring that the
investible optimizes return. We have we car that at least at the end of the years you're able to end. We send them financial out tobjection, so we don't just sell to them. We have like am allergic after national execation for the next few periods, so we sign it to there. So it's it's our own responsibility to ensure that we do approve that I wanted if we didn't well approve what we even promise before Wenament gotcha. Okay, So the
risk there is that I'm basically still exposed to this economy in Nigeria. You know, if if there's no occupancy, then I have I still have my flats, but I don't get the revenues. Is there any other riscue guys would want to bring up to him best to like what is the what else should I watch out for? So? Um maybe UM probably just chip in
there. So UM, I think for Nigeria. Um, if there's in general Nigeria risk, I won't promise you that probably Lego State is edged desire risks because Legos is big, big pig, and I won't tell you wanting
legotions like enjoyment. I accept, um for accept there's any business, if any any business that basically collapses that collapses or doesn't you know, maybe fails to make money or something like that or goespan crops in illegals is either one they positioned in a probably bad location for that business or they're not doing in norf marketing or three, they're not operating efficiently. So because in llegals basically we can't. For example, the report is outside there were nbas you know,
how must the enjoy spared on you know, consumption. But year then compared that to illegals, the percent thing legals is occupying and that is more than more than twenty percent. So and everyday people are moving to these states, people are flying in basically all the one million you know passengers are flight that are coming through the airport every day like probably like eighty seventy to eighty percent end of them are coming to legal So I feel this is this,
this is like significantly on the top. I do think, um that the risk for now, for now and for the risk, the risk is there there's like liberalization of the exchange rate. This is no longer there. There's
there's more predictability basically around the cannot the law to complan. So so I think the upside is um um. I think for me, the opside is there's there's a lot of potential website that people US might not even be thinking about now, and so I think there's it's a no brainer for anyone, all right, So so so the risk is there, but for you, the upside is that there's going to be demand there. So that's let let's
ask you the last question for it. Like folks speaking, a few guys have been waiting here in terms of the overall direction of the real estate market. So how Airbnb changed America? You know, change the way you book hotels, the way you travel. Do you think this trend of short leases is here to stay and as it pulls a threat to the traditional hospitality in Nigeria? I know, I've seen this happening narw are those bits of big
boom now in a we and also in in Nugu. In Abuja, this is very very big in Abuja. I know if you guys doing this in abujab taking homes converting into one bedroom flat in their own cases for rentals because Budja doesn't have a lot of spells want and two bedroom. But you have a lot of folks that earning off books simply can get a house within the Buja metropolis. So well, get this five bedroom luxury homes and converted to one bedroom self contained that this banker boys can stay in. Do you think
just general view, what's your take? Do you think that the hotels are in trouble and this is gonna be a trends gonna take over, just like how happened in America. Thank you, Okay, okay, I you want to Okay, let my I'm like the like tap marketing officer. So like I see the entire the etail marketing and this is what I can I can be from my experience in operating this for for the for the past three months. Right, so the til der tail business might and might not be affected,
right, but from from the pata that we have currently. If I chow this so everyone listening, yet, would you go and pay thy thirty five thousand there for a single room matail when you can pay twenty five to thirty thousand there for your room and battle nine out of ten would want to stay in the room at the bottle. Don't want to be flexible, don't want to move around? Now where we were, where we where we choose the first location at a lookage of Canue. You can call to me.
I think some of some of the pople that listen to twent this place and by the time I was like seven months ago, they visited the property and you told me this isn't my way it would work. Nobody will come here. I come and page twenty five thousand for one bad and fifty thousands to bed in this area because the houses around we're not like you know, Naki standard now, you know like brown roods, boom dodow houses around. Now, he said, it will no more, people will know, people will
feel secured. But one thing I told them was because the shotlet market is a lot of money. To be able to buy your property, you have converted to shoplate. So typically the average prize for a shotolet one bedroom in Lake Ross like forty five fifty thousand, like very good standards, standard chocolate. So I told them, man like, yes, the room, I know it will be fitting, but what we are going to do, it's going to be good value for money thirty thousand. First I was for a
single room. People will come. They said, no, it's not possible. And in three months now we are told the possibility. They realize that people are people were paid for what they leading to what they really does need. These people talk about security and whatsop. We provided security in the entire
street before we got in there. They really know it was just you know, or not there like you, I would say, just traditional men that they paid twenty thousand a week and got like security uniform BN we mounted in the entrance of the streets. We had the security in the premises. Two of them. Two are the gates, and you know we made it secured with our own you know songs like everything and what we sided posting online.
We decided marketing people did not even visit the property calue they saw the pictures online. They saw how the building was, did the interior and he compared it about two years ago. On last year when I came down to an Adrea xplace forty thousand for the standard and it's for twenty five thousand. It kept playing online. It was when they came in and they realized that,
oh wow, at the environment is really not that nice. But I think, I think you guys are going to overall job and I tant that speaks for you six days return shot I read intentional time. So despite the fact that the environment wasn't like Naked of Bear or a typical and being married to tell standard, people saw so value for what he paid for and he kept on coming back and we are valuating why they faced fifty thousand previously before they
before they change in this apartment. Like like I was saying three days ago, I was I was discussing with the guests that saw the alb on Twitter and he said he was about to pay at the five thousand are in a hotel in the Charger, and he remembered that he saw one hard and he called immediately used to have apartment available and coming for two nights. It drove all the way from the Chager despite the four s obviously you know he drove
your westide. This form came all the way from the Chager to repage you and stayed for two nights. So you know, when when I when I, when I experienced that, I called Diet United, said dial, we have improduct market faith, we need to scale up quickly, you know, get my project running and try to revolutionize this market. And they stay where it just so all right now, I think I think that demand is way way of the suppli especially on the male hand. Maybe do some you know,
extra data. So I think a lot of people forget that the Nigeria um are let me say, income demographics is stratified, so you have I think probably anyone here has probably ready this doctor abrows article in ningera one nineger are two nineer are three nineger and four. So this is it. Whenever you're doing a business, you need to know who you are appealing to, and you need to know how that UM. You know, demographic is growing UM for legos. Now, basically I will tell you that our target market
for legals is at a least four to five million people. If you look at UM, you know the percentage of people who basically and let's say like two hundred to fifty three hundred as rapper mode, someone ways ending three hundred to fifty three undred per month can comfortably maybe two days or three days in the months, can take out say fifty thousand arras to just enjoy themselves,
you know, rest in one place. So when you have like that market of potential market of three to five million people, and you can capture just one percent of that number, and you know the bulk of them, the majority of them, more than more than sixty to seventy percent of them residing legals, you can capture just one percent of that number. Do you know how much your tonover is going to be? I think was it? One day? So someone said a lady who was who started an air business basically
sold at business for five hundred thousand dollars. I was at probably a one or two years ago. This is not so worse. She was selling to the mass market. Basically, she wasn't even selling to the lem city. She wasn't selling the high price is you know, the five hundred six hundred, seven hundred it thousand. She was just selling the ones of you know,
twenty thirty something. And look at this millennials gen z Nigeria now has you know, our populations killing towards below twenty five, you know, below twenty years average medium age now and enjoys our nineteen years. So you look at these people and these guys, they are ostentatious. They want to live
their life even before they get that living. And when you can bring that price in bit, but you give them equalities of safeties that we can enjoy even as you know at another price, but that one that we can't afford. But you can bring that price in bit to them and make sure that your own economies are skilled missing, but you can just get that mass market demand. So I believe this market is growing and we are we are we are data driven. We're data driven business basically, and we don't just you
know, take land anyway. We don't just take we don't those built anyway. Basically. We there's a lot of analysis as all markets and you know, there's a lot of feasibility analysis that we do you know before. So it's it's not just something that anyone can just come on. They are just build somewhere. There are a lot of people who have all those and we just when they are we can't built it. Um you know, so we
know what the market wants and we are continuously tracking. I think even in the next five to ten years, depending on the market dynamics, we are going to switch to the model. Um I myself, let me say a finance true to risk management person and I so that's my own aspect of the business. My wi is the sales guy, is the marketing guy, right. I so I am continuously looking at this data every day every day.
This is what I'm looking at. I'm not I'm look thinking of. So there was the data someone told those are who there a lot of people. We are rushing, the lot of developers. We are rushing to the demain. Lad I took my okay, the problem. There's this area that we're
looking at. Let's just do it. Let's you know, you when you when you focus, and I tell you that even if the dynamics change, if short lets for example, is not, we switch it and we just make sure that the economies are skill of the business, mixed sense and we continue to deliver. So that's our own target. We are not just salesman. Basically, we are also data driven and so business and we we as we skill, we are also you know, are going to be the business
base. All right, great, okay, I want to open up the floor now. So I think I've got a few points. Let me open up the floor. And I know Skip four has been waiting, um and Kenny has also been waiting. Let me see if they have any questions to ask you guys, skipfol You've got the floor. Go ahead, sir, skipfol Can you hear me? Or can I get a Kenny? If SKIFO is unable to speak Kenny? Can you want to hop in real quick? Okay? Let me let me let me hop in? Can you hear me?
Please? I can? I can go ahead? Okay. So the question I just want to ask is that, um, you know the what happened? Okay, I think we lost in this place. So I've shared the snapshot of the data in the common section school taking. Okay, can you speak, and I don't know what's happened to you? I can hear yourself. Go ahead, Okay. I'm saying that if the leases for twenty five twenty five years, for instance, UM, what is the can you hear me? Yes? Yeah, I'm saying that if the lease is for
twenty five years. Now, my wife is here, which is colleague, and they are to listening this product very well. Now the question is who else is behind you know, the company, how structured, how we're structured? Is the organization to ensure that even beyond um, you know these two gentlemen, you know, um, where's it going to be able to get value? Because you know, anything can do happen to you know, an
organization. So I just want to know what will happen how so, how we're structured that day, um, beyond them, can this business stay last? Can the continue um bunder twenty five years and you know, delivered returns to you know the investors? Thank you? Good question. He's asking I need corporate governance. That's sort of thing that that's when his questions are going towards like okay, people, thank you very much. So, um, of course we are let me see a a I'll say a small business small
medium business size. So we have some level of givens we have liked, right, we have some the persons that chairman is let me see you has like over um, you know it's into twenty years experiencing in m consulting in oil and gas, in finance basically in Nigeria, and he's kind of experiencing that place. So um, we have some level of corporate governors that would
follow. And we we've also like developed like an upper structure now that's good be managing all that has so that that structure is basicalable with design and that's
that's what we'll be using to interface we will investors going on. So that structure now is I wouldn't want to probably like um saying the name of that now, so nobody goes out there and probably like so, I just want to make sure that I'm not revealing too much, but I want to promise you that we have a bold right we're also trying to bring in as we grow bigger, right, as we have more predictable revenue. Um, we are going to institute a lot of those structures in and you know, bringing
more experts as we are able to even attract more investments. Now are we have like about two t three projects in the pipeline. So once you reach out to some of these hasset managers and the coal VII, we are looking to diversify. So we are trying to scale up now. So we are even we are very very well interested open to that. And if they want us to institute they want to even place people and are able to make sure that their investment is secure, we are we are willing to have that structure
in place. So if they want to even place someone from their own distem to have like probably like a non executive director from them on the board, we are open to that to make sure that this this this lasts. So um, we have some level of coporate governors. That's even you know that basically like nineteen to nineteen five percent Westens an enjurer to not have most essements are one you know, one man business. So we are not like that.
This is this is a partnership one and also it's um um you know um it has some it has is UM you know, measurable over site, considerable over site for the size that it is. Basically basically, you know, looking at an insurance standards. So we are you know and your we have insurance. Basically all our investors investments are insured UM. So all of
those things are in place. I want to show anyone with with working with those that you show investments are secure and we are putting in every UM effort to make sure that this UM, your your return are sort of you know, guaranteed you own this hassets. So it's it's that that's just basically I don't think mine one as much cheapen in that area. No, no, that you're saying, all excellent, good job. Let's get I think it. Can you ask you what the answer that can? I? You are
speaking your mic window, didn't know to ask you a question again? Hello, Hi, you can hide tank God, I really don't have a question. There's basically a contribution. I don't know if that's welcomed, so go ahead, all right. So basically, when we're talking about rental incomps in Nigeria, a lot of times we're mostly proposed to order a single demographic which has always affected by the state general than Anguria, which is the luxury end
we talk about. Let's we talk about buying expensive properties and all of that, I'm promised so many returns that the possibilities disloged the properties produced. But with every day increase in the news, we see that the non bus assuring that Nigerians are going down into property life is becoming hard and things are dificult and as such many people can no longer about the lottery houses sense. One of the things we we're doing this when we're talking about rental income to improper
to take experts where the discuss how do we make is easier. One of the major problems where rental income it thins or rental housing isn't producing so much returns in Nigeria because because of the funding packing it incomes a lot of respect and peoples to a whole lot of people out there comment small communities or cooperatives
where people can put money together for investments like people fractional real estates. But then there whole lot still needs to be done by creating more problem for funding so that we can now begin to build properties that are designed for rentals. Like you said, earlier on you said, you don't know how much a computer has been done about people taking up these lookali five bedrooms and compating them
to one bedroom two bedrooms. But then when you look at the demand for these one bedrooms and two bedrooms and compare it to the price that are compating, it takes a whole lot of time for you to break even non property. Sometimes you're looking at thirty eight because these properties are very expensive when you buy them. When you still break them down even at monthly payments, they
are still extremely expensive. So except there is a new funding system, there's a new design in our housing market, we need to down build properties with these mindsets that with the mindset from the development states that these properties are going out for rent. Now we build properties we want to sell. When we sell it to people, we tell them you can convert to two rent.
But these properties we are not built as a rental structure. They are very large, they are very expensive, and when you buy them, you can't easily compatit. So a whole lot of times with integrat a lot of regicator and most of it starts at the loopment page where we have to look into the type of properties we are building and build properties that are specifically for rents. From the point of development investors comming in, I can come yeah,
I got your okay. So the investors coming in are coming into bringing their own specifically to build properties that are for rent. No order please, no order a deviation these properties from the start the advert out I can, I gotta, I gotta rotate the room view of them. Yeah, I got your okay. All right, yeah, but that's my contribution makes sense. So your basically kind of saying that we have to build from purpose ab initio.
So the design, the construction is built for rent, so it's in and out like our having the UK flats and all that kind of it's a good point. It's a good point to make. Let me get actually probably address something. He says. It just very short. Um, I think something I I give a comment to the Guardian some months but it's like where
we are exactly where we're launching this are in position lets. They asked the question around that, and I think, um, in President in moves manifesto, he said something up there have like an housing policy and they I don't know if how serious they are about launching their policy. And I don't know how you know, Um, I think with the momentum he has coming with from the beginning, I probably I think he probably wants to do this. So and this is what he said, is mostly going to be dependent on
government policy. Developers will filter towards the market that can pay for their product, and they wouldn't wantly take too much risk to develop. For you know, if you go and develop a lot of beauties for rents and then you don't find people who rent those places, you know, that's so much so
um. And also if you don't get people who are going to like buy because if you you you you also want to sell those places and release some of those poting on owning those hassets yourself, you want to leave those hassets too. You want to free up those assets to other people to do.
We will do like fractional selling. Right. So, if there is no government policy that helps in you know, defining the you know, the financial space around that and the financialization of that kind of then for example, if we don't have like, say, you know, a mortgage program, if you cannot bring down inflations and needs significantly, so bounds can lead to people to buy houses, you know, to so this policy environment is very critical
for something like this, even not the ob no scalability, So most developers will still probability towards the logsury markets, or you know, do some small time work in areas where they know, yes, people still have some disposable income to pay for this. So that's just it. So in the long rectialist, I know, if I, if I have money to build, right, I am going to build where I can get my capital back with
returns if I if I borrow and build. I think we had a guy here that was building homes and I was saying they used to build off plan and they said they stopped building off plan because when they do the off plan as they are going on, it's no longer profitable. So it's better for them to go to the bank and borrow at the high interest rates and sell the home at the high resale price and make his margin than trying to make
a difference between selling early building comes. So he made that point, and I think it's what you're also saying, that Nigeria is so unpredictable prices go up inflation between two today that you really can't plan with this off plan. You have to build what you can sell and get your capital back. Good point. Let me get I am yeah, let me get I am an, I am every lua in here. How are you doing? So you've got the floor and you can hear me. Okay, what is getting Let's
get real estate bond? I got real estate bond. Go ahead, sir, all right? So um, I don't know to ask questions to this. Speak up, but let me address it. Go ahead away now, hear me? Yes, all right. So as why developers are in beauty for red, I mean this is not a charity. Everybody is looking for the best exits. Right. Let me give you an example. So we want to start a new project. We are looking for a land going to
start. Wanted to get the cat or kind of the catain anymore the cantain now, um, four thousand curtains about three pmter now right, but now pushing down to some part of that we can still find, you know, properly prized land we are seen on already start land one thousand, five hundred I mean one thousand five pound sperm going for going for two hundred million plus right now? What what what do I want? I mean, I wouldn't I would build it apomment that to you. Now I have to my profit.
So let's say, for example, now typically to build the standard to bedroom about one twenty squimitters. It's going to take me ordinarily one hundred pops squimitters. So let's say let's say somewhere in the range of m so let me let me quickly do the mats to land to get to something. Okay, So it comes to me ordinarily eighteen million nar. Right that it's in twenty millionnars what it cost to be this standard to mead with my apartment of
one hundred and twenty squamatar. But then I'm buying land on documented land or this one this land, I also have to comment for two hundred million nars. You know, I will spend probably another twenty million Nar to get the papers right, then spend another thirty millionar better landswer feeling and everything before on that study construction. You know. So what's what, what's what's kind of what? What's aenigmatic you want to please for me to come and give you
cheap prints? So as a developer, the easiest exits for me is to sell their property to somebody else, and then those people not trying to not get the rent, but it's it has money. Or these clients that buy these property to rents, they end up selling it because they don't doesn't make any sense. Like if you're buying property for sixty million and you know you're trying to get them percent six six million, nobody is renting the heart because
people cannot just afford it. And then what you're getting offers three millions for a million. Then no longer reasense to you. Somebody's not business money nagier lem those guard by property in London or you know somewhere sometimes the point in know there's mutarity. Yeah, people don't have to do that. You can't go to if you go to places where land is cheaper, you see a
lot of houses for rendre. That's what you're renting there because people don't want to live that if you go dout it, but you like if you go down to the way, there are lots of properties for rend there, or people want to live in this you know expensive, you're what cost of land is not cheap and not developer from I'm built some people you and the government, you know guys that them to the speakers, it's it's it's a fantastic
idea you have both. I'm looking at it as a developer now and it doesn't make sense to me, like how are you getting your retords because I'm assuming you're building this house, is right? And what is this also defense? Right? And how how are you paying back this phone? So you're selling the apartment for their timillion NAR for twenty five years, so physically or getting into the GYP agreement with the landowners? You know school, how do
you get defense to built the house? Then how do you pay back the landowner? Because I believe they're not just touching your house with at anything there that from retords they expect probably every mode every year you know, while you're running that twenty five years. You also how how then do you do run
this? You know, managed to short lets the steepeop back investors? I mean so lear to me, like a lot of from from your beach, your your realist and developer too, right, and I mean you wouldn't expect me or my partner, you know, to put out all all of that numbers in the public. We re accredited managing a lot of apartment and if it is not profitable, would still would not be in the market today would
not be building a four projects and doing millions of revenue. And you know I wouldn't review that to you or to any of I think the point of person I can have a conversation with is an universal that has made a deposits and maybe will have access to our agreements with your landowners. Interesting. So but let me just also ask, right, the modeling that we talked about how when we started was that you basically go to the house owner. You
take the leads from the house or landowner. When you then own that property, you then develop short leases. You then get investors to come into those short lead business and invest their own capital. You use the capital from the investors to build out the property, and then investors then get the return,
you get your management fee. So it looks more like your main capital is to acquire the investment in the first place, but your working capital comes from the investors that basically are funding your Should we stated developments out, yeah, not entirely totally being found them totally. We're not like totally founded. So we have like like short term investors that you know, want to be involved
in just want to be involved in the entire developments. I want to after one years now we have like the entire front projects like funded by some investors and after because we make like profits, you know, selling off the lease and the long term profit manage them the apartment on behalf of the investors right from some investors community and you know short term after construction, after sale, the profits and capital work. Gotcha? Okay, good point, Yeah,
good point. So let's get It's a great question. Let's get them. I am Aria lower in here, the little names that can't tell you so much. You know, I'm excited to be here tonight because I remember the first time they came around and explain the model. A lot of people challenge them because they don't know it could work, I know. And even though they had some difficulty actually explaining it properly, there, you have seen how
far they have come, how much they have grown. The truth is, if you can bet on their integrity, or if you can bet on the integrity of any realistic person verse with them, that's these it. Because there's some nitty gritty that they can't actually explain more than what they can give you. But when you look at what they have explained so far and what they
have given as you would know. And I really had to resolve my hand when the other person made mention of the issue of having to build a house for rentals and this and that it's practically impossible, you know, because these
are government functions. And I'm happy, mister Carlo. Another persented. They explain, because if you try to actually do shareity with it, then you will realize, as it is right now, anybody doing real estate building or development in legals and it's not doing this model or not doing exact shortnes model, it is practically impossible to make that your money, let alone actually doing long temper rents. So it's impossible. The government will take care of that.
The business people will take care of business. But I just want to show your thank you. Okay, that's a shout out to the guys on AM Realty. Let me let me also ask you a question, guys, um, if you don't not to do it AM Realty, just overall, right, if you were to compare the return and say bonds equities real estate, if I was a young man, no, I just at work. I have one million niner. Maybe my uncle gave me. I have that
woman on nairo with me. Just your own view your own view. Would you put it in in a bond, will you put it in equity or would you put it in real estates? What would what's your take on this? If I someone ask you that question, what would you what would you answer? Okay, thanks for the question, calum. So firstly you have to think of what do you want to askieve? What? What is your your goal? Right are you? Are you looking for something to show them?
Are you looking for something the medium technity? You want to like finance in a wee car, or maybe you want to buy a nice guy in the next two to three years or four or five years, or you want to secure your future or your retirement. You know, those are the kind of things you're meant to think about first because so and also depending on the environment. For example, bonds for example, are risk free. Government bonds for example are risk free, so those ones are already defined. So once
you are now looking for is something that can't beat it? You're looking for a premium as I said before, So are you trying to if you want
to? If I was a young person right maybe like twenty five years, I have like one million to put I think I would just diversify basically I would put say twenty percent of gods to probably relisted, right, I'll put another like ten percent of gods in saying equities I would know now I do now want to go to deep into whether US equities or Ningerian equities, or you want to invest in the broader market all that you know, those ones
are I think those ones that you, let me say, more sophisticated decisions that you probably have to like talk to financial advice so to probably understand that. But just off the top of my end, I think it's just beast for you to diversify. Maybe you can just put in the broad tyf you know, or if you are looking for you know, a good entry price now, I think the crypto market, for example, is completely dead. Equality is more so if you're looking for a good enterprise into an investment that
you're targeting see five to eight years. I think crypto for example now is probably a good entry price as good enterprise. The issue buy UM for equities. UM, it's been a parish market in Nigeria for you know, many years now from the previous government. And I think now that you know the market has been real liberalized. For example, UM probably a lot of foreign investment is going to come back to FPI art money is what the college right,
they might they are most likely going to come back. I knew of I know that the the when I used to work as you know, a research and they start one of the the investment shams in legals, I know the Stock Exchange lenacy or I think, I think and all the NGX. Right, they published what's called the Domestic and Foreign Investors Reports. So those
are things that you should also look at before you invest in. So it she does to your research basically, but I will still advise a young person to diversify, right, both realestate, cashuring, realestics in legals, how
the spastic a part that it should be cashfling realistic because capital gains. Again, I know the way you want to legals, because where is the money to buy that very expensive forty fifteen million land up from as um the real estate lasted board guys said, you know how to foc out that money of food? Is it not right? So you should look for something that will give you cash flows. So you know, something that has probably like a lower um um a um you know, a reduced barrier to entry. So
that's what should we should be looking for. Cash flowing real estate is better than anything else leaguers now and that's for example, that's what we do at am Rooting. Um we also know how to you know, structure the capital against plus cash flow Indians book. We are very very very very very as you said, as you look at the title of this, let's to problem maximizing rental income. So we are very very very particular about cash flows.
It is it is because impression is ballistic in Nigeria and now not in difficult Oh so that's where capital against do not learning how the soul of practice records. Girlfriend, my whole personal experience. You re client that that brought the
property two years ago on a twenty year lease. You know, he has gotten about say two million are um on that on that property for two years, but as a retire year he had the projected return returns rather had increased by like fifteen percent, you know, and when he wanted to sell it's so what it's what I had enterprising party two years ago. Despite the fact
that his ownership his ownership, his ownership on that property is reducing. So if you've got a property at say five million for twenty years and you've got to rent for two years and you're selling for six point five when when when the lease is remaining um seventeen years, So you've you've gotten positive cash through i mean cash flow for for two years and now you're selling with capital gains.
Why because we helped the client to resell and and when the result is by projecting our future of returns that so how how how then you value property Nigeria. Nagural markets will value property based on how much they put into the property. So you're building forty five, you stilling for fortified, They don't really care in the rent how there is one million? Right? So the one the value our property is projected cash flow. So we are not overprising
any of our assets. We are not overprising it because and then the price that we put on it on the property is based on the current market dynamics like how much you can possibly make, you know, in one year, in two years, so even when you can possibly make after the third year, it's trying to preserve more than how much you got it as any time you I mean how much you're making any time you put it, then you have you have to make more money public capital from the capital gain right,
because the projectory goalie is higher, so it's it's still capital gains plus cash flow for us. Okay, good for I like the though. I like the way he said that specification, which is the correct answer. You really don't have to have a basket in Nigeria. You know, if fixed income goes up, property saves. If property doesn't go up, maybe equity saving. But Nigeria is a very very dynamic economy, let's put it that way. So you want to be diversified. You want to be very mobile and
nimble, take advantage of opportunities. Let me get John or Diegmity to come to come in here and speak. I think it's been waiting. John. You've got the floor and then we'll start to round down towards the end of the session. John, go ahead. Kind of you've been following the day um lest space, especially with um just equiporation. As you guys, people that want to invest a get by pitt, but the their ending flu is value is greater than there and you also have to make the same equivalence amount
of money from investing. So I am investing in a couple of deals and I just want to I have kind of spare cash about those given an approximate of let's say a millionaire album just to invest? Was the structure as you guys making an equivalence amount in an instructure in this I'm letting discussions. Who are my ailion? So are you asking that if you want to invest, maybe as a payment plan, can they do that for you? Yes, not only as a payments plan, but also getting revenue not equivalent, but
an a visual equivalence of particular money. Well, I said, that's a good question, and that's what I had. What I asked at the very beginning. I was like, is there a space for it? I don't want to own this building, you know, but I want to invest. Is there a window for me to say, I have five hundred k, I have one million? I like this twenty five percent you're talking about. Can I drop my twenty five percent my one million? There? Maybe in
you guys own pockets and you guys can pay me the return. Is that something that is out there? Yeah, that's that's one of these For example, I think one apartment or one space like testing media or jail birds. Yeah, and they definitely want to make this money at this point but you are very sure or if you're don't big ground on the investor that this business can people to you know, police money as so superior at every month and
you'll start making the money at that point. Would you get the return just from the points when you start making the deposits or its until after the completion of days all money. Let let's get them to answer. Let's get any
returnswer go ahead? Okay? Yes? So typically, um, you can spread your payments within preit or six months and the development span is within nine months, so you still have like five more months to spread your payments and three months after full completion you for any Indian returns and it needs doesn't count until the property and being to believe to you. So that's why we we
got more years than we are. So listening to our unrest as soul to catter for on on for seeing circumstance that mine you know might come up doing development or even pretty development. Gotcha? So the second question, let me ask you my own question, is there a window for guys that want to
put money into invest and get this yield? But my not being interested in the property itself, um, so that I would be in the pressed position to answer this, okay, um, So so now I would say because of the market dynamics and in the environment, UM, I would say it's better for people like that to you know, look for UM partners right too,
because you can really finance that UM. You know, for the scale of what we do and the you know, the the the sales cycle, the development cycle, we always need that cash flow up front, you know, working capital. That's what we call it, working charpital. So it would be efficient for us to take UM small you know money, that's not like at least our prices are not too high, right as I said, we're selling the twenty three years for tatting millions, so that's not too high
considering what other people say in legles. So what if you want to buy something like that? You can patner too or three of your friends like that. You are quite serving and it's it's it's a great investment for you.
And from there you have an asset that you can't touch. Good to your back and tell them, oh, yes this, I have this asset that has been giving me this kind of income in the past, and many mores you can get in and from there it grow your income, you know, we don't really have a financialized environment in the well have small digits like what's in the US, where people can you know, go into something like this with just twenty percent up front and then they just spread out the rest and
the bank takes the risk. The banking itself packages these products and takes it to the capital market sales into so that market, that structure market is not the avengers. It makes it more difficult. So that's the reason why the love of developers don't want to take that risk to take money from So if
you are looking for distructional investment opportunities still better now. So in the future, I know we might we are thinking of you know, um, you know, by the time we see what's in the market and we see that, you know, there's a lot of that we have like pharma projects and our pipeline we can bring in probably like an I wouldn't want to see much around that, but just you know, something that can give opportunities for these
kind of people too. I got you make sense. Let me also ask you a question before bringing to christ car M what about for foreign investors or what about maybe heading and iras stay in any discussion around if I have dollars. Maybe you could answer by saying, what is the next step? Maybe I should act questions if I want to invest, maybe I live in the u UK, What do I do? Was the next step? Do I
contact you? Is? Do I DM you watch litould I do? And the second question is that if I'm investing in dollars, can I get paid back? And say, for rex, now that there's a forward market, are you guys thinking that direction to say, hey, we'll guarantee you that if you're bring in dollars, we can buy you out in three years two years? Is there something you guys are thinking about? Um? For the contact aspect of it, UM, I think my word will talk about that
boat for them. You know the delivery returns in USD. So we are walking around that now we know that, UM, some of the people who would like to buy from most also for some of the people who are bought for most are not in too. So we have a lot of foreign clients to that Nigerians are broad on to who have invested laws. So what we do is now that the markets liberalized, UM, we would work around that because you know, UM, it's it's it's over the years has been very
difficult for people to exit their investment. Most investors. So both for now, now that the market has been liberalized, we are going to work with some um um um listen and probably you know, be able to repatriate funds for people who want to invest. So now I think we'll be able to do that easily UM would with with the current mum currency environment. All right, my work can't talk about them, you know, if you want to contact or buy for most the best position to talk about that, and if
my work can hold on it, I'm just gonna get UM. I hope it's dropped off. I think you're dropped off years my work. Go ahead. If my work gives us comment, I think we'll just maybe rounded up. What are the next steps? If I'm interested, Our games are opened so they can contact us via our Twitter DMS that you can also call me directly. UM. I can drop that at the comment sasion xory t one sixteen nine nine. I think even our air realty in some ram page.
My my contacting Comma sure is there and that of our VP marketings Vivian, so they can they can reach us via Instagram, via Twitter or even like send us a DM via Cress View apartment because we have like two different pages. The one for the investment is a realty and the one for the shop. Let the terms Crest View apartment. So they send us the game that they would like to impress in the apartment. When a true Cress View apartment in clam page or air mutes in cerb lam page, who will be happy
to um so gives them the room. We have like five units available right now. We are like seven percent sold out, like a fixt percent of our clients we turned back to buy to buy Cress prior to so although we have we have some bipeline projects that will be launching the next couple of months as well. So it's open. Gotcha. Okay, guys, who spent about an hour, But let's take take care take is gonna be the last UM speaker, Oh my god, then we'll just round it up from death.
Let's take it. Go ahead, sir. Thank you so much, Hollow for for your continuous UM spaces. I'm bringing some of these gems that were so hard to find in an injuria. UM. I really appreciate it. Thank you your handles there. I take those attentions for this reason. Thank you so much. Um so the gentleman here. Okay, so I have I was listening in announced you know, um so, I mean I've missed some things. Um, but I heard you talking about your investment Porsodia
where we have um to this three year investment. So I have a question
for you. Or the property that is maybe nineteen percent complete and let's say lecky um and you ad just wants to was built built it originality for your traditional you know, you know train duplex rental income that there about ninety percent, But I noticing the the Marca dynamics now knowing that hey, this is uh, this is this is not going to work and that craziness that we have in n you're aware you get releasing it out for the first four years
and after six years are in court, um trying to recoup rental income that the personal understanding or what what kind of platform do you guys have to such people that have investments and properties like that almost complete. It's not too late to make our adjustments to and to put it as far all your properties that you guys manage and are you just looking to invest to do the same thing outside of legals like say I saw or somewhere environments of that nature. Thank
you, good question. I mean taking what I hear you him asking is that you know, at what stage do you have a cut off to say we can take over? Or really can you guys take over? Maybe that's what I hear him asking. So sorry, sorry, I actually didn't get
the food came into I don't even that your heard this question. What I think what he's asking is that he's got a property, saying lecky, it's about three bedroom the traditional he's building for friends, and I think it's some way trying to say at what how can he converted maybe to work with you guys, What do you guys look out for? What is the cut off points? Is it that he is he already too late? I guess that's
where he's going exactly. Okay, So it was like maybe converted to like correct yeah, correct, yeah, okay, okay, So so like ye're like so many um dynamics around around shot nets, and one thing I d saying like BMB typically the way the way it will structure, I mean at the very beginning, is you have a three the room apartment or a three bed duplex for example, and you're just staying in one of the rooms and you want to let out two of the rooms. You already on the assets.
You just want to make extra castrow. You know. That's that's how bm be started, Right, So running nbm B or shotlet as a business like you're running an entire duplex or entire apartment for shot nets might not really be profitable in the long run. It's still loud depends on whether there is as a facility management firm running the entire facility as shot nets, right,
So that that's different. But picking out just one flats out of many to use a shot net sometimes when you're operating expenses is so I the numbers might not really match up. So what what we do for situations like this is the go and doing for all research on the property, the environment and you know how how much it can possibly make. And if we have that data, we can then structure management agreements for you. So I mean that that
makes sense. Use what's going to I mean take it againting touch with them, but there's not gonna be one one size fit all answer. Getting tortured them. They take a look at the property location, you know, potential yield and that area and I think that's where they're gonna give you an answer from That's what I would say getting touch with them. Bro. All right, um guys, I think it's been a good session. We've had am
reality with us here. Um Mayo Wa and his team just talking to us about maximizing or trying to squeeze out that extra bit of nira from our property. You know, I've made this point before. Property in Nigeria looks like an investment. When you dig into the numbers, we need to ask yourself, when you invest all that capital, all that time, all those fees, what is actually your rental yield? Because in the end, if you're
investor, that's what you're looking for. Rental yields, especially in locations like Legos a Bujapo Taco, are very very low because the cost of building is very very high. You know, you make more money if you have an existing property in Mushing that you're build in nineteen seventies and you are writing out at today's rentals. Then if you build a brand you have maybe you build it ten years ago in Lackey, you know what's the rental income you're gonna
get. So we get discussions like this is very very important. Even if you're not going to invest with AM Realty, you also understand how you can maybe start to think about your future development. You hear them talk about one bedroom, two bedroom, that's where the market is. As also times Nidrian mortgage with finance companies try to buy more reading so you are asking consumers what kind of more is that they would like to buy from what the mortgage that
they were holding. The overall number was one, two and three bedrooms, especially two and three bedrooms. That's where the demand is. The four or five bedroom folks are taking care of. They have multiple homes, they can buy whatever they want to go to in know like just being using a world of English. But the one to three bedroom is where the demand is and there's lack of supply. You know how many one two three bedrooms you see
going up in Legos or in Abuja for instance. So if you're trying to build out, this is a great, great, great way for you to do it is because you can easily convert into a short term lead. You can also convert to just the traditional rental because it's more there's more demands, so you get more avenues to turn around that property and into increase yield as inflation grows up. So always focused on the yield, the rental yield,
not just the asset value itself of the property. Property is one hundred billion, we are not arguing that, but what's the rental yield from that one hundred billion? That's really the product question you want to ask yourself, right, So if it's not going to give you yield, then you want, you don't know, to do that property investment. This is a good way that we've that you can actually maximize and get more yield from that property.
So excellent discussion. This more receiving guys, Thanks for coming in. Guys. Just a something sure, go for it real quick, real real quick. A right, just for take it, you know, um, just an advice. I mean you can't think about it so basically, um, because I also have short lets to on the other year. Typically the what will moves them is the location and then the size of rooms like anything outside the cartive Victoria and Lucky Fizz. Well, and you're going to struggle with
a probably can't. You're going to strug it's a very low a proper series, right, so I don't know why your property is And then anything outside three bedrooms. So what moves is on to a three bedrooms. But that's an idea. Somebody ship you haven't tried it that I and for some people to think because you know so basically, um what how I put it? Um? What we typically or people that typically confer apartments are, you know, people that want to organize parties, you know, games night, better
parties, you know, brighter showers. UM, video shoots, content shoots right, and there isn't really anybody doing something in the area of creating a space for this kind of people now because of the kind of people that come for the really young people. So most short lets in the US their space. But I believe with your I'm so expecting its ado plays for what described between the players, I believe miss structured and that we're targeting those people you
know you would to see you're able to see something. I mean, somebody share this. Like I said, I'm not tracking before. It doesn't like the ad the show with me. I just cant be like back of my head, you know, whenever they comes, probably, but there's something to think about, yea super Yeah, we'relways open to new ideas and of to collaborate with with everything we're here right, so again thanks guys. I appreciate
everyone that has tuned in. Again, just to close out that, I'm also working on this agrig tech and finance events we're do with the code crash crops hashtag code crash crops on Twitter. Essentially, we're asking folks, young folks, old folks, guys that are interested to brook grow agriculture in Nigeria to bid two pitch to get a prize of state ten thousand dollars. Groups
to be shared if they pitch something agriculture, tech or finance. So if you want to go to Twitter hashtag code cash crop, it's already on Nairobi, Evadan and Kaduna. We're gonna have, of course the closing event twelfth of August, but it's a great way for us to get involved in agriculture, evening one of farming. All right, folks, am realty, don't to close out the session by saying thanks for ione has listened up and then
we'll basically round up. You have the voice yourself, Thanks MYOA or thank you, thank you, can thank you for everyone um that tune in who would be looking forward to working with any prospect interested in our offerings and in addition to what we discuss, if there's any opportunity, if you want also consult with your project, will be a model willing to help you. Thank you very much. You're welcome summaries day buy properties or dailies properties. Then
they turn around and make you an investor in that property. I mean, I hear. I heard them quote an average of about twenty five percent. Ap are based on rental income, also based on off take based on occupancy, so it's not a guarantee it really would go up or down based on occupancy. I think it's a very very good way to beat inflation and Nigeria. They have about how they are structured. They have about twenty one in legos alone to move about thirty nine if their letters project goes in. So
I think it's a good, good, good model. They seem to understand what they're doing. And it's always a good idea to get in at the very bottom of a of a rising trend so that you are basically there and then you can take advantage as everyone then rushes in. You are already an early investor and you are leaping returns would fall as small people understand this should we say idea for us for now that's a high yield because there's no supply.
Once everyone knows about this and supply homes, and of course the yields will start to start to close out. So it's always a good idea to get ahead and to invest if you find a good partner or that you work with. So Air Realty has been shown to be a good partner and we do like them coming here to share that insight with us and that no, guys, I'm gonna let you guys go enjoy the rest of your weekend whatever city you are in. I wish you guys are very best next week and
you guys should have a great date. Thank you so much, Thank you very much. You're welcome. Have a good one. Thank you so much, guys. Good bye,