Find the moment you remember.

Marco Vartanianat 31:31

Yeah. And as I shared earlier, like really don't just say I'm taking market risk. Like what type of market are you taking rent control risk?

Marco Vartanianat 35:12

never spent any time in SoCal, you tried to explain it. It's actually a really complicated market. Interesting. Just because of the all the different areas. You have rent control, you have submarket risk, like it's a very complicated market to street by street even. Totally. Yeah. You could spend your whole career in one like Long We'll stay with Long Beach.

Marco Vartanianat 7:30

…this is the intersection of my worlds like what I would it took institutional real estate knowledge, knowhow, vocabulary to scale single family rental, but dare to force single family rental was this like I mean it was not institutionally owned at

Marco Vartanianat 31:40

…ride. What I learned there is um large institutional equity investors they will create a thesis. In that case, it was we believe single family rental homes are undervalued today based on replacement costs, supply and demand fundamentals, etc. And once you have conviction around that thesis, the largest institutional equity investors, they then want to peanut butter the entire country, the entire board with that thesis. So once Blackstone's like, "This is the lane we're in. We believe in this thesis strongly.