Money & Wealth w/ Nadir Settles

This special episode features Nadir Settles. 

 

Nadir is the Global Head of Impact Investing at Nuveen Real Estate. He oversees all transactional and asset management activity for the affordable housing portfolio as well as sector staffing-levels, focused investment initiatives, performance, annual operating plan/budgets, and affordable housing services/outreach. He is responsible for sector growth through innovation, new products, community services, and expanded business lines/services. Nadir also serves as a principal spokesperson for Nuveen’s real estate Impact sector to the greater community, including, but not limited to, federal, state, and city local officials, state housing finance agencies, policymakers, advocates, affordable housing and social justice organizations, lenders, etc. He also serves as Head of Investments for the New York MSA for opportunistic-value add investments.

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:00):
Speaks to the Plannet.

Speaker 2 (00:01):
I go by the name of Charlamagne the God, and
guess what, I can't wait to see y'all at the
third annual Black Effect Podcast Festival. That's right, We're coming
back to Atlanta, Georgia, Saturday, April twenty six at Poeman
Yards and it's hosted by none other than Decisions, Decisions Man,
D B and Wheezy.

Speaker 1 (00:16):
Okay, we got the R.

Speaker 2 (00:17):
And B Money podcast were taking Jay Valentine. We got
the Woman of All Podcasts with Sarah Jake Roberts. We
got Good Mom, Bad Choices. Carrie Champion will be there
with her next sports podcast and the Trap Nerds podcast
with more to be announced. And of course it's bigger
than podcasts. We're bringing the Black Effect Marketplace with black
owned businesses plus the food truck court to keep you
fed while you visit us.

Speaker 1 (00:37):
All right, listen, you don't want to miss this.

Speaker 2 (00:40):
Tap in and grab your tickets now at Black Effect
dot Com Flash Podcast Festival.

Speaker 3 (00:45):
Welcome the Money in Wealth with John O'Bryant, a production
of the Black Effect Podcast Network and iHeartRadio. Hey. Hey, Hey,
this is John Hope Bryant and this is the Money
and Wealth Podcast Series, Season two. I want to thank

(01:08):
you all for making this one of the top thirty
entrepreneurship podcasts in America and one of the top one
hundred for business and one of the top five percent
of all podcasts out there period. We are breaking down
and making real the entrepreneurship opportunity and the opportunity economy.

(01:35):
We are acknowledging you as part of the aspiration generation,
and we are never taking you for granted. You are brilliant,
you are amazing, you are talented, But no one ever
told you how capitalism works. No one ever told you

(01:55):
our free enterprise works. There's no seminar or classes for
that in school unless you were raised, got lucky and
raised by wealthy parents. So is what you don't know
that you don't know that is killing you, but you
think you know. So we're gonna step by step, week
by week, unpack the mystery. This week, you're gonna get

(02:21):
a double barrel beautiful surprise. On the one hand, we're
going to talk about institutional investing. Those are two phrases
that you may not be familiar with, certainly not used
in a sentence, institutional investing. We're also going to introduce

(02:44):
you to a certified role model, and I believe hero
in business for people of color, certainly Black America. He's
a professional in somebody who everybody should respect, period, irrespective
of race. But when you have the bonus of having
someone who's not a black leader, but a great leader

(03:07):
who happens to be black, well that's just extraordinary. And
that person is Nader Settles. He is the global head
of real Estate Impact. Will explain what that means at

(03:27):
Nouveen will explain what that means. You probably never heard
of him, probably never heard of it. It's underneath all
ascidts of your life that you're unaware of. It gets deeper.
Nouveen is a company part of a larger company called

(03:49):
Tia Craft. And now you're like, well, who in the
heck is that? Unless you're an investment professional. Well, Tia
ti AA we used to be calling, I think it's
still called tia Craft, but Tia Tiah for short, is
a just about two trillion dollar company. It's trillion with

(04:13):
a T. And the CEO of that company a friend
of mine, the Sun de Ducket also happens to be
a system meaning a black woman. Again, extraordinarily competent with
CEO before that of the consumer bank at JB. Morgan Chase.

(04:34):
So she no one gave her anything. She had to
earn it every step of the way. And so is
the case for the Deer Settles. Before I bring him on,
let me tell you a little bit about him. He
graduated with a BA in Business Administration from Saint John
University and NBA from Villanova School of Business, a master's

(04:58):
in Real estate finance from New York University. Before he
worked at Nevene, he was a professional in asset management.
Will explain that, portfolio management, will explain that, acquisitions, will
explain that, although it's a little self explanatory, strategy and

(05:20):
product development. He joined a Novene in twenty eleven and
before that was involved in asset management and acquisitions at
Silverstein Properties and RLJ Development Urban Lodging Trust RLJ. You
would know that it's Bob Johnson, one of Bob Johnson's companies.

(05:43):
If I'm not mistaken, He'll correct me if I'm wrong. So,
in short, this is a bad brother. Welcome to the podcast, Nadir.

Speaker 1 (05:53):
Hey John, thank you for having me. Thank you to
your audience. I think this is an important time, and
appreciate all you're doing to bring the education right. The
education helps us to then go after and try to
find and identify those opportunities that can help to again improve.

(06:14):
You know, are are are are wealth positioned, and so
thanks what you doing, brother.

Speaker 3 (06:18):
And for those my pleasure. For those who are listening
to this and you aren't seeing him normally, when you
introduce somebody with these kind of credentials, well they're a
national figure. They are, you know, dealing with lots of money.
You're used to somebody who is blinged out. They're in
an entertainment business. They've got fancy clothes on, they've got

(06:41):
a bunch of jewelry. Uh, they're flossing. For those who
can't see him, my man's got a hoodie on. He's
slightly unshaven, but he's he's he is dangerous from the
shoulders up. He's reasonably comfortable in his own skin. I
know him because he's a friend. I can say that
no one comfortable in their own skin. We're all a

(07:01):
little insecure, all of us, including me. But in fact,
courage is nothing more than your faith reaching through your fear,
displaying itself as displaying it yourself as action in your life.
Courage is nothing more than your faith reaching through your fear,
displaying itself as action in your life. In order to
be Nadircettos, you got to be courageous. In order to

(07:22):
be me, you got to be courageous. He is courageous,
He is real, He is a good guy, is a
good man, and he is reasonably comfortable in his own skin,
which is why he doesn't need to wear his credentials
on his arm around his neck. Why am I saying

(07:43):
this because he manages eight billion dollars in assets. Drop
the mic, all right, for hopefully anybody driving a car
didn't swerve off the road. You didn't hit a ditch,
you didn't hit you didn't hit a bump in your phone,
he didn't fall out your seat. I didn't say fifty

(08:04):
thousand dollars or five hundred thousand dollars or five million,
or eight million or ten million, or I didn't say
eight hundred million. That would be impressive. I said he
manages this eight billion dollars US currency, not Mexican pay
cells US currency. And my man is rocking end of

(08:28):
the day, as he's had meetings all day a hoodie
and a barely shaved face because he's been working all
day as my guest and most of that stuff. People
don't see him and I want you to model him.
He was also talking to his wife before this. He's
also taking care of his kids. He's trying to figure
out how to get them to their after school activities.

(08:48):
Like he's a real man and a full example of
what you want to role model for the future. Vishal
Tdjakes told me recently in the there he said that
boring is the new sexy.

Speaker 1 (09:03):
I agree. We got that slogan around our shop as well.

Speaker 3 (09:07):
So explain the people. First of all, the eight billion
got their attention. How many black men in the world
are managing the likes of eight billion dollars give or take.

Speaker 1 (09:22):
I mean, it's well, one, thank you for the time words, John,
And two, it's not that African Americans can't manage eight
billion or we don't have the competency to do it right.
We just haven't been given the access an opportunity to
go ahead and manage eight billion. So yes, today I'm
an exception, but there were people that paved the way

(09:44):
before me. And to your point, hopefully I'm paving the
way by the way I'm conducting myself as a businessman
in the investment arena, that's going to pave the way
for more diversity to come and manage even more money
than I'm managing today. But when you look at today,
it's actually a disgrace. It's right, it's not something we

(10:05):
could be proud of. You got Robert Johnson, you got
Robert Smith. You have and they're managing more than eight billion. Actually,
but I'm just saying for folks that are are even
at that level, there's probably a couple of other investment managers,
maybe even managing a billion dollars that are diversified. And
so let's even just lower the bar to say a billion.

(10:25):
A billion is very qualified, very very credible, and it's
not enough of us even managing a billion dollars. And
it's not due to our competency, right, it's access isn't
given out equally. And so you know, right now, there's
a handful of folks that are managing a billion dollars
and we got to continue to continue to perform. Performance

(10:46):
is everything does matter, be black white, Performance is everything right,
and is that we continue to perform, people will look
at that and say, I don't hear that an idea?

Speaker 3 (10:54):
It was black.

Speaker 1 (10:55):
Yes, I acknowledge he's black. That's visible, but he performs.
And then when we perform, will continue to not only
open the door, but kick the door open for all
of our people behind us to be able to come
in and have people have confidence that it's not about
DEI and I'm giving some concession to a job. It's
that No, these applicants that are coming behind them, they're

(11:15):
qualified and they could manage this money.

Speaker 3 (11:18):
So let me tell the audience how I met Nadir
to this point. So, I was in Switzerland, zah McCall.
I was heading to the World Economic Forum for their
annual Domos meeting. I think I was speaking speak. I

(11:39):
was speaking and heading to my speaking venue, and I
was on the phone with a friend from a major
consulting firm who was helping my team then at the
Promise Homes Company. I sold the company since, but at
that point I was a Prince Bell owner and chairman

(12:00):
of the Promised Homes Company and founder, and we were
trying to access additional capital to grow that company. And
this gentleman Caucasian very powerful at this major consulting firm
wanted to introduce me to someone who could help, and
my team had already been talking to someone at this company.

(12:25):
But he's like, no, John, You've got to meet the boss.
And I was like, okay, well that's cool. And he
said his name is Nader Settles and I thought that
was an interesting name. And I made the presumption wrongly
that it was from the Middle East. It was some
chic or something like that and part of some royal

(12:48):
family or something. Who knows. But I said, fine, great,
I'd be happy to talk to him. And he put
me in touch with Nadir, I think by email, and
Nadir was very spot very gracious. We did not end
up doing business with Levigne. In other words, Avin never
wrote a check to the Promise Homes company, but we

(13:10):
built a nice friendship, a wonderful friendship actually in a
bond and a relationship which is even more important. The
Nvine's done well. Promise Homes did well. I did well,
all good, But the real richness was in my awakening.
Here was a black man sitting on top of an

(13:32):
eight billion dollar pool of funds, and nobody knew him.
Not nobody, I mean people in the Wall Street and
the investment communities knew him well, like this gentleman who
introduced me to him, but the average everyday person didn't
know him, My.

Speaker 1 (13:45):
Community didn't know him.

Speaker 3 (13:46):
And I thought, how what an inspiration? Right? And he
made it clear, you know, you know, you get no
breaks because you're black, right, you got to come with
this right. He didn't say that, he didn't have to
say it, but it was clear, I'm gonna give you
a shot. I'm gonna open the door for you. You're
gonna walk through, and you know, my team has to
buy into what you're saying. And that's exactly the right,

(14:09):
right answer, That's exactly what was supposed to happen. And
too many of us feel that you get some extra
advantage because it may be a black person talking to
a black person or a Latino person talking to a
Latino person or whatever. No, you just get a shot
to show out and show up or show up and

(14:29):
show out, but you got to deliver, as he just said.
So I'm letting you under behind the sheets, behind the curtain,
to see how relationship capital works and how the mechanics
of investment works beyond your brokerage account, beyond your four
oh one gate account before you trading beyond your trading

(14:50):
stocks or people hear about investment, thinking about bitcoin, all
kinds of things. I'm talking about a very sophisticated version
of investment. And he's about to show you some game
in the next let's say, thirty minutes. I'm gonna do
very little talking other than killing him up for questions.
You tell all your friends that come around the radio,
come around the phone, come around the TV. Listen, open it.

(15:11):
God gave you two ears and one mouth, so you
listen twice as much as you talk. He's about to
give you a bunch of game for none ninety nine,
which means you're not paying a dime for this. I
want you to listen. I want you to absorb it.
This guy is tight, right and smart. By the way,
you're also related. We found to someone who actually they
do know, this audience wouldn't know, which is somebody who's

(15:34):
done a lot, given a lot of good information, and
helped to pioneer mainstream financial literacy advocacy.

Speaker 4 (15:42):
One of your relatives, right, that's right, Rashad Balalin. The
arn your Leisha group is what to you. My cousin
can't make this up first. Cousin coincidence is God's way
of remaining anonymous. Yeah, okay, So I'm going to back
into your background.

Speaker 1 (16:01):
And I'll say I'll say one thing, and I just
want to because I don't want to lose that just
for the audience and whatever they decide to do. It
is our obligation as leaders and diverse leaders to create
diverse teams. Diversity is good business and that's been proven
over and over again, even if the world doesn't want
to agree, right, and so from that perspective, it is

(16:26):
our obligation as leaders, as anyone on this call is rising.
Doesn't matter where you're at in your leadership level, at
whatever level you're at, your obligation is to understand that
if I can create a diverse team, if I can
be an advocate for creating a diverse team within my team,
that is your obligation. We need to open those doors.

Speaker 3 (16:47):
Uh.

Speaker 1 (16:48):
But the but, but the candidates and the people will
refermed there is no handouts and they have to walk
through that door and they have to walk through that
door confidence and be able to perform. So I just
wanted to build on that job because it is once
we get in the door, as it is our obligation
to make sure we open them. But we got to
open them with folks that are coming in and then
dedicated and then motivated and they're ready to perform. And

(17:09):
that doesn't mean we're not going to make mistakes. We're
all going to make mistakes. But that means that you
don't take this ass I cannot have the hand, I
cannot put in the work before, whether that's schooling and
the way that I went to conventional schooling, or you
can educate yourself in whatever way. You got to prepare
yourselves to be effective in whatever you plan to pursue.

Speaker 3 (17:28):
Well, I agree with that, of course, and I'm gonna
go on to the further. I believe in the James
Brown version of affirmative action. Open the door. I'll get
it myself. Now that you've said that, I think we

(17:51):
probably need to go to your background first.

Speaker 1 (17:54):
Yeah, so that no one.

Speaker 3 (17:56):
Believes that you had the silver spoon that was shoved
in your mouth. It somehow you made it and they can't.
Can you tell what you share with the audience, a
bit of where you came from, your back with mom
and dad.

Speaker 1 (18:07):
Story. You're coming up stories, so they're clear, absolutely. So
I'm from a single mother in the Bronx. We grew
up in the Bronx till uh and we grew up
with a lot of love. And you know Rashad and
his family below and his family, but from the Bronx
as well. We grew up a little bit farther uh

(18:30):
south in this in the South Bronx. But we had
a lot of love as families. But my in particular family,
my mother was was wash you know, basically carrying a
load of our family. I got two brothers and one
sister and basically we got a great break by the
time I was about to go to high school. And

(18:52):
this is a break in a very unfortunate way, and
but it was a break is that by the time
I was about to go to high school, my mom
got into a car accident, was able to get a
and she's okay, I seen your fish John, She's okay.
But but but was able to get an insurance check
because somebody re ended us. So back then she had

(19:13):
to go through the therapy and everything like that. But
from the process, from the proceeds of that, she was
able to move up, move us up to what was
Spring Valley, New York, Rockland County, New York. Not by
any ways a wealthy town. It's a town of Accia,
a lot of immigrants, so a lot of Haitians are there,
and a lot of people that migrated came there because

(19:33):
it was a real, revery affordable place, you know, back
twenty something years ago. But it had great school districts
as well. And as she looked at, you know, the
foward prospect of me growing up in the city as
being the last My sister was younger than me, so
we would be the last people to go through the
city school system, or trying to get out of there
and provide what could be a better vision of academics

(19:59):
and civility. Like living in a home, the city is
really hectic. It just allows and opens the door to
various different things you probably don't want exposure to. And
so just moving up there gave us that sense of calm,
that sense of different exposure, that sense of life actually
could be better and you actually saw it for the

(20:19):
first time. I think one of the biggest things about
me as a kid growing up poor is that I
always thought about I don't want to be poor, and
that sort of drill drove my motivation. But I actually
never seen an African American that looked like something I
wanted to do. And I always say that that in
itself is a disgrace. And so that's why I show

(20:40):
up in the communities and we'll get to how I invest.
But I show up in the communities and I show
up like this, or I'll show up with a tie
in and whatever way if I got it, But I'm
showing up in a way to show these young African
American boys or females that hey, somebody looks like my
uncle or my dad, or somebody that looks like my
brother actually has a profession that actually would be you

(21:02):
want to join if and it helped to educate them
on what is institutional real estate and we could talk.
We'll talk a little bit about that, but I'll tell
you when I came up, I never seen African American
male that looked had had a had a job that
I was like, oh, I wanted to do. Now when
I moved to the suburbs, I actually did. Now I
don't know what those African American men did, but actually

(21:23):
seeing people in close that I thought was like, wow,
I would like to, you know, understand what this person does.
So that was the benefit of moving to the suburbs.
It was sort of this this this access and this
ability to be able to take my dreams and merge
them with reality and say, oh, this is real, like
people live in these homes and this is what this

(21:44):
looks like. And so that's sort of how I grew up.
So I grew you know, I did high school in
Spring Valley, and then from there sort of bumped into
a lot of good fortune, by the grace of God
for sure, first and foremost, and then by people kind
of talking to me and me extracting, Hey, that's an

(22:06):
opportunity I want to pursue. Because if if you ask
me as a kid what I thought about real estate,
I would have told somebody real estate, it's not something
you gotta go to college for. But the kind of
real estate I do is very sophisticated to the type
of real estate someone does that's hanging up a sign
on a yard and selling a home, right But that's
all the real estate I would have seen. And so
it's this access that is another obligation of folks to

(22:28):
go and you know, and and and and back to
our communities and what you're doing here john around spreading
the word world wide. Somebody's gonna hear this and say, wow, well,
I didn't actually know the distinction between real estate agent
and somebody hanging a sign on a on a front
lawn to what an idea was talking about. And maybe
I don't even totally understand all of the idea was
talking about. And we'll try to keep it as simplistic

(22:49):
as possible. But but that's going to allow someone's mind
to roam to say that there's something more that I
don't understand that I'm going to go try to unpack
and pursue, and that in itself is spreading the message
and allowing folks to know that there's something better out there.

Speaker 3 (23:06):
So I want to go back, great summary of your background.
I'm going to go back a little bit to a
decision your mom made, single mom, single parent of household.
So no one thinks that this was this guy had made.
He grew up in an underserved area, and mom got
to an accident nobody wishes out on anybody. She survived,

(23:28):
got an insurance payment, and she had a decision to
make go floss this money off, go shopping, go travel
in the world, blow it whatever, or let me move
my kids out of this neighborhood to another neighborhood. And
I assume, but I may be wrong. She bought a
house house. See I didn't know that, just just making

(23:50):
the assumption. Yeah, she bought a house with the proceeds.
And what I want the audience to hear was that
choice was very intentional. A wealthy neighborhood, a wealthy you neighborhood,
A middle class neighborhood starts with really middle class and
goes from here. Are quiet. Poor neighborhoods are noisy. I
want the audience to think about that. A poor neighborhood

(24:13):
is noisy. It's distracting, it's got your head spinning. You're
you're always looking at your head's on the swivel, you're
looking over your shoulder, you're you're, you're, you're full of anxiety.
You can't focus on your dreams. You're too busy trying
to save your life. But when you move to these suburbs,
any kind of middle class are upscale neighborhood, they're very quiet. People.
Wealthy people love quiet. Rich people love quiet so they

(24:40):
can think, so they can process, so they can dream.
And that's not obvious to somebody. I just wanted to
make it plain that the mother made a move that
was actually very elegant and very sophisticated and was transformational
for her family and for this young man put him

(25:00):
her place where he could dream.

Speaker 1 (25:03):
And you know what, my mom was always actually very
without She never had any financial training by by sort
of formal education, went to you know, she didn't she
didn't go to uh colg uh Cynthia Settles. But but
but she just was very business like and it was

(25:26):
just some things are in folks and wanted, and she
was very disciplined around thinking about I think, looking around
the corner, around things that will add to the family's
nest egge to say, I wouldn't even say we created
a whole bunch of wealth, but that was a way
to create wealth for sure around this household. So by
by no means that we move into like we moved

(25:47):
into a very middle class neighborhood. It was very it
was very much civilized in the Bronx for sure, but
it still was people where my mom had to work,
you know, two and three jobs and and then when
she got a really good job at the group home,
you know, the group home was a twenty four hour operation.
So there was times my mom literally worked eighteen hours.

(26:07):
She worked as much overtime and just to her eyes,
couldn't hold up anymore, came home to sleep and then
go back at it again. Right, And that's what it
took to sustain the family into sustaining the household and
everything like that. But what was important in that and
I didn't realize that so much later, because you're right,
she could have took those proceeds and just moved up

(26:28):
to Spring Valley and reaped the same benefits of the
access to the good schools and the civility. But she
went and did everything she could to own a home.
And that was a conscious decision that I didn't realize
actually till much later. But that was just her from
like what she had full together with her own wherewithal

(26:51):
you know, not necessarily talking to you know, not necessarily
something that was formerly given to her around Hey, I'm
gonna create wealth with this, like to that intentional decision.
Not only I'm gonna move my kids to Rockland, but
I'm also going to purchase this home and I'm gonna
do whatever it takes to sustain this home. So they
not ultimately create well started this home off. This is
check that I was just fortunate to be living still and.

Speaker 3 (27:13):
Get My mother did the same thing for folks who
know my story, So you now know that there there's
a system, there's a process, a there is a business
plan for going from surviving to thriving the winning. And
if you look at my mother's story and Up from Nothing,
or my book Financial Literacy for All or the memo

(27:34):
you listen to this story by the Deer, it's very
consistent and so you just need to follow this model.
Don't complicate it. Just follow the model and you'll be successful.
Five pillars of success as much education as you can
shell down your throat, learning, financial literacy, family structure and resiliency,

(27:54):
self esteem and confidence. Those two things are different, are
different role models in the environment. If you have three
of those things or more, you'll be very successful as
long as you never give up. As my friend Tony
Restler would say, if you don't give up, you can't fail.
As you listen to the dear story, I think you
heard almost all five of those things. Education. You heard
his credentials, financial literacy. That seems pretty obvious. He understands money,

(28:20):
family structure and resiliency. Second, a single parent of household
and not a broken home and not a broken mother,
in fact, very well put together. She gave him self love,
which gave him self esteem, and he started looking around
for people doing interesting things and saw all black men
in the suit and go, wow, maybe I can do that.

(28:40):
That led to role models in an environment that led
to this guy in front of you, who's managing eight
billion dollars. Let's get into the what of this? What
is nuvine? How does it manage? Why does it manage
eight billion dollars? Is it do with that money? And

(29:01):
how does it make money? How does an investment how
does an institutional investor like Levine for the audience benefit,
How do you make money?

Speaker 1 (29:10):
Yeah? So at the very basics of what we do.
And I know we've talked about the eight billion uh,
and that's that's that's that's humbling and uh and a
privilege to manage, you know, to be the leader and
manage that kind of money. But more important is the
intentionality and the purpose of what I do. So I

(29:33):
managed eight billion dollars of affordable housing, and we're talking
about affordable housing in the retirement crisis being two of
the most prevalent crisis we got to solve not only globally,
but certainly domestically. Right, So, you know, when we think

(29:55):
about the sort of housing that we own, we own,
you know, assets with a Section eight contract. We own
assets capitalized through what is a mechanism that allows for
capital efficiency, which is a tax credit llowing them housing
tax credit?

Speaker 3 (30:11):
You just lost And everybody who's not a Wall Street
professional in a sentence, right, what's Section eight? It's a mechanism, right,
you know?

Speaker 1 (30:22):
So so I thought, you know, I thought, because we're
so used to landlords that we've you know, a lot
of us are used to Section eight. We we live
in it.

Speaker 3 (30:33):
Right, I thought, as a subsidy.

Speaker 1 (30:38):
Hundred percent?

Speaker 3 (30:38):
Right?

Speaker 1 (30:39):
Now? What what what? What? What?

Speaker 3 (30:41):
Where? What where?

Speaker 1 (30:44):
What we're used to and how we actually own and
operate and manage this is very different. So like how
I grew up, we we we we had subsidized living,
and we had support when we were in the city,
for sure. And I know a lot of the viewers
here do a lot of those buildings those landlords manage
are are not quality standards, not dignified living, and and

(31:09):
and and don't represent what allows the residents to be
pride for of that building they live, and we just
managed the opposite of that. So we buy buildings that
could be a Section eight building. We'll talk one by
one and but overall, you know we're we're emphasizing the

(31:29):
s right, So.

Speaker 3 (31:31):
You're good capitalism. You're trying to do well and do
good at the same time.

Speaker 1 (31:35):
And we and we know we can do that right.
So we know we can get the real estate right.
So if we break down a component to get whether
it's it's how, it's how it's sort of subsidized or
anything like that, but it's real estate. And when you
buy real estate, the one thing I love your audience
to also walk away with is ownership. Always think about

(31:57):
how I can be a owner some right, and so
real estate. As an investment manager, our capital is the ownership.
I represent the actual operations of how to run that
real estate and make sure we make money out of it.
But at the end of the day, the capital is
ownership to real estate.

Speaker 3 (32:19):
What is an investment manager?

Speaker 1 (32:21):
Okay, yeah?

Speaker 3 (32:22):
And what is capital?

Speaker 1 (32:24):
Uh? Yeah?

Speaker 3 (32:26):
Manager?

Speaker 1 (32:27):
So the investment manager is going to get paid a
fee by let's call capital being a pension fund, any
pension fund. Everybody here has some some form of a
retirement sat right. So yeah, right, so that's why I
say some of retirement. So just think about your retirement provider.

(32:49):
In order for you to sustain what is going to
be to get you to and through retirement, they have
to allocate and allocate means. They have to to decide
where to direct your investments, right, and so that person
that's that you're that's your retirement provider. They're figuring out, okay,

(33:10):
what's your age, how much you be directed to to stocks,
to bonds into what we call alternative investments. And within
within alternatives investments, there's real estate, there's infrastructure, there's agriculture,
there's a number of different it's private credit, there's a
number of different investments within alternative investments. And we could

(33:33):
do another segment on breaking down all this kind of stuff.
But then I fall in alternative investments as a real
estate alternative investment manager.

Speaker 3 (33:40):
Right. So, so so short version of everybody, your your
money that you get for your retirement through whatever retirement
view you have. The returns that come from that are
in part because there's an investment manager that's been entrusted
with that money or part of that money likely dear

(34:00):
uh like the sun. A ducat who takes that money
and invested in prudent smart things gets a return from
that that's more than the cost of their capital. Capital
is debt in equity, by the way, both debt inequity
or forms of capital, and they take a little fee
for managing that, and they return a large return to

(34:22):
their investor, and the core investor in this example, it's you.
So he's investing your money. If you're a teacher, it's
a good chance he's investing your money.

Speaker 1 (34:32):
It's pretty cool, right, that's right. And then we invest
across various different through affordable housing. And I won't even
go into the different segments, but I will say is
our affordable housing largely is directed at those that are
made sixty or below the area meeting and to put person, yeah,

(34:55):
exactly exactly. So this is our art. What we own
is truly for the audience here, we don't you know,
within uving. More broadly, we're a diversified real estate investment manager,
and so we have stuff that are luxury. But for
what my book of what I own of eight billion
in real estate and manage is truly for the average

(35:16):
working class person. That that's where as a nation we're
falling very short of providing the right affordable housing for them.

Speaker 3 (35:25):
And the book for those people who Again, I don't
want anybody to think, oh my god, I don't say
how these acronism is a book is a portfolio? It
is It is literally a book, a portfolio of assets.
So portfolio book, same thing. But a book might consist
of several portfolios. So his book of business all the
investments he's made, so they out of an eight billion,

(35:48):
maybe he's invested. I'm making this out seven billion. You
don't want a lot of money sitting around not earning
money on money. Now we decide we've explained you, we've

(36:09):
explained the what. Let's get into the a little bit
into the how.

Speaker 1 (36:15):
And the where. So yeah, you're national.

Speaker 3 (36:18):
By the way, the reason that they didn't invest in
my then company that I had sold the company since,
But it wasn't he didn't like me. It wasn't that
his people didn't like me. They were not at that
time investing in single family residential rentals. They were doing multifamily.
And his bread and butter is multi family. So I
couldn't take that personal. And to exint they were doing it,

(36:39):
weren't doing it at that time, so it wasn't their
core business and the timing was wrong, so it was
not personal to me. Don't take business personal. It's just business.
Business is a gladiator sport. But the gift I got
was he and I got to have three or four
lunches together, breakfasts together over time. One time was at

(37:01):
this little dumpy restaurant Unarridge on a Saturday morning. You
remember that in Harlem? In Harlem, I love that fast.
I knew that there was a real dude after that.
All right, Yeah, when you find an investment, let's get
into a transaction that you can talk. You found an investment,

(37:21):
you underwrote it, which means you did the analysis of
whether you want to invest in it. You've been an
analysis of the management team that was bringing that investment
to you to see what they were credible. I wanted
to make sure they had the experience.

Speaker 1 (37:35):
So one thing on that is we'll just take you
through that process. So we actually own, operate, and manage
everything ourselves. So we're fully so we're fully we're vertically integrated.
If everybody that wants to know what that means. Uh,
we're not disintermediated from our operating partners, so right, like
we're not just the ownership group. That then is to

(37:57):
the point John was making trying to find a day
to day operator to make day to day decisions. We're
making day to day decisions.

Speaker 3 (38:03):
By the way, there's another reason why they didn't do
a deal with me because I was I'm an operator
and they don't. They weren't making outside I didn't. I
just got this just now, Like they weren't making outside
capital allocations. They were like, everything that we manage we own. Yeah, yeah,
that's cool, okay, And we.

Speaker 1 (38:18):
Think and we think that's the best way to execute
on the two bronk to two prong strategy. One is,
at the end of the day, we're investing in real
estate and we are fiduciary, right, and so when we
go through that process, Oh yeah, yeah, so we we are.
So yeah, let me let me break that down. I

(38:39):
figure out so so so you know, we are to
make we are to make the best decision on behalf
of the people people invested in us, and the best
decision will always will always be right, and that will
always be to make sure that we're not taking any
concessions on return and we're getting the best risk adjusted return.

Speaker 3 (38:59):
That means an that without taking undue risks, they're making
the most money for you as the investors they can
while protecting your money.

Speaker 1 (39:09):
Right and so and then so with that we approach
the business then as as a five hundred and fifty
person team, and then from the real estate side, and
then I'll get into the intentionality of the double bottom line.
But from the real estate side, we have everything. So
when we go into d D, we have our own

(39:29):
construction team, we have our own property management on the
construction side where a GC a general contractor as well
as we provide project oversight. We have our own development team.
We have our own security team. We go into tough
neighborhoods sometimes and we're not afraid of that. We change
communities and make sure that any community that we are

(39:50):
operating in that there's a quality of life there that
will not be compromised. We have asset management. So asset
management is is the folks that are actually day to
day the strategy looking after the assets. I'll call them
the CEO of the asset. We have the we have
the underwriters. Right, So John talked about acquisition and the underwriter,

(40:12):
and that seems pretty self explanatory, but those are the
folks that are actually underwriting the deal, understanding what the returns,
are putting together to cashlow models so that we can
discuss are we getting the best risk adjusted return and
really walk through what are the risk of these various
different deals that we see. And we also have an
impact measurement and management, and that sort of takes me

(40:33):
to what is like the double bottom line of how
we invest in how we really view affordable housing. As
you're intentionally transforming communities right in this in this in
this transformation creates greater economic integration. So you cannot separate
affordable housing from economic development. To me, as you build density,

(40:58):
as you build, as you build security and ensure housing
stability at an affordable price. Right, So today you know
you got you got many Americans paying fifty and eighty percent,
especially in New York City where I'm at of their
net take home pay for rent? Well, how much how
much more can you do with that?

Speaker 3 (41:19):
Right?

Speaker 1 (41:19):
But if you can create this affordability, you can create
you know, economic participation because people can go and spend
money in their neighborhoods. Also, what we want to make
sure we try to create in the neighborhoods that we
go in is people to participate. If we're doing large developments,
we want to figure out how we get these entrepreneurs

(41:40):
and to be able to participate in the barbershop. How
do we do that? Right, So we are really intentional about,
you know, what we can do within the four walls, right,
how do you make sure that you're building your building
management systems are efficient, your building is very sustainable, it's
energy efficient, you can maybe tap into. That's all good,

(42:01):
But then we want to be the catalysts for how
do we create this community that can thrive? As as
as we're making these investments, how do you emphasize the s?
A lot of times the tel folks, we're not an
ESG integration group, right, like we're a real estate investment group.
But the reason why we just don't call ourselves affordable
housing and we call ourselves impact you see my title

(42:21):
impact investment because we do emphasize the S and we
think about that whatever you.

Speaker 3 (42:27):
Mean by the S, and then I want to get
into an actual deal that so people can get their
hands around this, So it's not like, what is the
talk about.

Speaker 1 (42:36):
So the S when you hear about environmental, social and governance, right, Like,
everybody has leaned too much when you think about real
estate and ESG, everybody has leaned too much into the
E because it's easy. It's the sustainability side. It's how
do I create the lowest carbon footprint for building the buildings,
operating buildings and things like that, And it's easy to do.
But when you start to lean into the S, a

(42:58):
lot a lot of people start to feel like, hey,
what does that mean. It's a little bit more of
a commitment. It's a little bit more all right, And
so we do a lot of that, right and like
and we'll get into some examples as a part of
complementary to a deal. But when we're doing that, we're
focusing on things like exactly what we're doing here, right,

(43:18):
Like financial literacy, and you and I talked about between
what you do from the financial literacy, how do we
maybe set up little outposts and maybe some of our buildings,
And that's still something that we're discussing, right, So, like
financial literacy, education, job training, we're doing you know, health
health care. Health care is a big, a big issue
in the black community and underserved communities and people zip

(43:40):
codes has determined how how long they live and that
shouldn't happen either. So we're focusing on on on health
and wellness right on different ways for people to understand, Hey,
you know, why not why buy that soda when you
can take that same amount of money and save that
and see how much you say by not killing yourself
with diabetes.

Speaker 3 (43:58):
Right.

Speaker 1 (43:59):
So it's these kind of things, and that's just an
easy example. We got real sophistication around this. But we've
seen the digital divide happen, right, and so how do
we go and work with the various different We've seen
this very prevalent during COVID. How do we go work
with the various different internet service providers to provide free
Wi Fi into some of our buildings and things like that.
So that's the stuff that we do from a really

(44:19):
really intentional way to be able to create what is
ultimately and this is very bespoke. So we own senior senior,
you know, buildings that you have to be sixty two
or or older to qualify, or or families. You've got
to have a family and you qualify for it. In
any event, we make sure that the services we provide

(44:39):
are very intentional around ensuring that those residents are benefiting
and becoming a better version of themselves. As where the
landlord involved in this investment. Because it is an investment.

Speaker 3 (44:51):
So let's get it in fifteen minutes. I want to
get into some details. We have fifteen minutes left of
just give or take. Let's get into some one or
two deals so people can get their hands around an
actual project.

Speaker 1 (45:03):
Yeah, so we so you take, we got a project
in New York City, right so or or so we
we we We will identify a project whether it's off market.
And when I say off market means it wasn't solicited
broadly through uh some sort of broker, intermediary, somebody's sort
of acting on behalf of the owner trying to sell something. Right, so,

(45:27):
whether it was marketed or off marketed, will come in
come under an opportunity. When we come under that opportunity,
we'll sign NBA's if necessary, and do some of that
formal stuff. But then we'll start to underwrite it. And
we're trying to and we're trying to underwrite to what
exactly you said, We got a cost of capital. And

(45:48):
and you explained that earlier, and we got and we
got to make sure as we invest any dollars that
this deal measures up to our cost of capital.

Speaker 3 (45:58):
So now audio, and it's cost of capital. So if
the here's a bank, your savings account is paying two percent,
then administrative costs is another three percent to run the company,
run the bank. Then they got to add profit to that.
Let's call that two and a half three percent. So
two percent plus three percent is five percent plus profit

(46:18):
is two to three percent, seven to eight percent. That's
the interest rate that you're paying to borrow the money
to buy a house or rent to buy a car
or whatever. So the cost of capital, and that example
was two percent. His cost of capital is what he's
talking about here, and he's got he's got a layer
on his cost of doing business, the administrative costs, the

(46:41):
cost of the vertical integrated model, and then a modest
amount for profit so that the teachers get a return
on their capital so they can retire.

Speaker 1 (46:51):
Okay, continue, you're just right, So we'll look at those deals.
Understand from cash flows and cash flows are extremely important
and for the for the group here, as you think
about cash flows it's just the annual income you will
get from this property, right And to make it very

(47:11):
expense very easy, it's your revenue. So what and you know,
and this could be from any business to say, right,
we're going to make it really simple here, what's your
revenue minus your expenses? Is your income? Right?

Speaker 3 (47:27):
Right?

Speaker 1 (47:27):
And so so we're looking at the annual cash flows,
and we're usually looking at because real estate is a
long term hole, we're usually looking at ten year cashlows.
There you go, and then we're looking at the return
from those cash flows. Does this make sense for the
investment that the seller wants us to buy the real

(47:48):
estate for? Got it?

Speaker 3 (47:49):
So you bought this project in a question in New York?

Speaker 1 (47:53):
Right, so we purchased We got over twelve thousand units
in the Tri state area. Wow, so we've purchased. We've
purchased a lot of units in New York. We have
over thirty two thousand units domestically, So we do business everywhere.
We've purchased a lot of deals. That was just sort

(48:15):
of illustration of sort of one you know what a
deal could look like that we purchased in New York.

Speaker 3 (48:31):
So you purchased the building in this example, you paid
a broker's fee, and listen was direct into the seller.
You paid a broker's fee to the real.

Speaker 1 (48:41):
The seller usually paid a broker's fee.

Speaker 3 (48:42):
The seller pays a broker fee, right, Okay, good, right,
and there's a commercial broker involved with that. The seller
paid that brokeers fee, so we didn't have to pay it,
So the pensioners didn't pay for didn't have to pay
for that. You guys didn't get an underwriting of that transaction.
How long did the consideration period take where you made
a decision.

Speaker 1 (49:02):
So after you really get going, let's say from start
to finish, And let's put aside the fact that these
deals are all largely these deals are all regulated deals,
so there is an approval process that is from the
housing authorities and so forth, like New York City Housing

(49:22):
Authority or something like that, because these are de restricted.
Let's put that aside, because then these the timeframe could
get a little longer. But let's just say if we
from start of identifying the opportunity to no complexity around
approval from any regulating authority, we can get a deal

(49:44):
closed and call it one hundred and twenty days.

Speaker 3 (49:46):
Wow, that's pretty fast.

Speaker 1 (49:48):
Yeah, that's four months from starting effect. Yeah, it could before.

Speaker 3 (49:52):
It could be four months, It could be a year, but.

Speaker 1 (49:54):
It could be it could be exactly. That's why I
didn't want to go to what the normally, just because
you're going through various regulatory approvals, it can easily be
six months or longer. But just typically, if everything worked
our way, you could do it. You can from evaluating
and first getting the opportunity to closing could be four months.

Speaker 3 (50:17):
So I want to cut to the chase. I want
to leave a little room for you to give advice
about if somebody wants to become a U, how do
they do it? And I want you to think about
advice you give to people the steps they could take
in five years to become a U. But on this deal,
someone listening this is going okay, They're buying a building
that already exists, and after four months to eight months

(50:41):
or twelve months, they now own that building. They've given
the capital to the seller. No one knows, like there's
no new owner sign on the side of the building.
No one really knows that Nuvene now owns this building.
Somebody might be saying, here, what's the big deal, why

(51:02):
does it matter whether they own the building or the
former owner owns the building? Of course I know the answer,
But why don't you educate people about why it is
important of who owns that building.

Speaker 1 (51:12):
Yeah, so we do acknowledge that there's been a management change.
We don't put Neuvene as the owner or anything like that.
We are in the back. Well, our capital is in
the background. Nuviene is the manager, but our capital is
the ownership. But just as a part of the business,
we put our property management as hey, there has been

(51:33):
the there is a new owner and is a new
property manager, and we do we do notify residents of that,
and we'll start to have community meetings to actually inform
residents of what new program and that's going to support them,
and start to listen into residents a little bit more
to make sure that we actually get it right as well,
that we don't put actually too presumptive.

Speaker 3 (51:53):
Oh go ahead, John, not right there, there's your answer, audience.
They notify there's not this, this is legal. They notify
the residence there's a new owner. We got no big
deal there. Then they put programs in place that are
Nouvene approved for the residents. There there's no requirement to
put a program in place. All landlord has to do
is to collect rent. Really, and if they and some

(52:15):
of the landlords will starve you to death on resources,
will squeeze you, will give you fees and give you
raised hikes every time they can, and they give you
the least and charge you the most, they're gonna put
programs in place. And hold on, what did he say,
We're gonna meet with the residents. They want to hear
what you have to say. Okay, now you're starting to
see the new vene difference. Then the deer settles difference.

(52:38):
This is why it matters who's in charge. This is
why having people in this example of color, who are
really overly qualified to do his job could be doing
something else, but to have them in charge, they're gonna
be more sensitive to you because they argue they came
from where you came from.

Speaker 1 (52:56):
And he remembers his inarment. It's it's it's so it
resonates with me so much that you say that, John,
because I often say when I walk our communities, because
I walk our communities, is I look at some of
those residents and like, that's my uncle. That's right, that's
that's my brother. That's right, and it and and we
do and I have to ensure that we're investing in

(53:20):
operating our assets in a way that is making a
profit for sure, and so and so that's why it's
exactly so it's not like I'm looking at this person saying, oh, okay,
that's my brother, so let's go and do something that
makes no sense, no business sense. I'm not saying that.
It's just the fact that that actually is where the
purpose driven of what myself and our whole team does

(53:42):
is that we underwrite it. We we we are We're
constantly out there talking to various different nonprofits trying to
understand how we can coordinate with them because they actually
got a mission, they actually have capitals. Sometimes they just
don't have a population. So we're so we're doing the work.
And that's where you know, as a leadership team, we're
helping to drive that. And that's where that's meaningful to
me because I say, I know any building that we're

(54:03):
owned there is going to be an improvement in the
residence life one hundred percent, not only just from the
housing that they're living in that we're going to improve,
but also from the services and how we touch them personally.
And in that part when I'm walking our communities, when
it does hit me and it resonates that that could
be my uncle, that could be my grandma, that could

(54:24):
be my mom, I know that we've done the responsible
way of approaching the business to ensure that our residents
are taken care of.

Speaker 3 (54:31):
So it's personal to you, not just professional.

Speaker 1 (54:33):
Right, And I think that kind of transitions to when
you say, what advice I would offer folks. Yes, the
first advice I would offer folks is don't chase money boom.
And I know that, and I'm a contextualize that a
little bit, but I know people are like, oh, well,
like you're talking about people that have money. They like

(54:56):
always tell people not to chase money, and I'm not
somebody that comes from money. And I also always say this,
which is going to be second to me first saying
don't chase money. Reason why I tell whoever's listening to this,
and this is why I say prepare yourself. Prepare yourself
for whatever you want to do, and don't chase money
because when you have talent, people will pay you for

(55:16):
that talent and you'll make the money you're supposed to
make and you don't chase money, go prepare yourself. And
so I don't prepare yourself for what you want to be.
And the only way to prepare yourself for what you
want to be is go find what you're passionate about.
So that's my other connection. So kids come out of
school state and I did, like, how'd you end up
in real estate? And do this?

Speaker 2 (55:37):
And that.

Speaker 1 (55:37):
I kept seeking things and asking questions until I found
something that I could be passionate about. And I was
passionate about real estate. And then now I'm even more
passionate about what I'm doing in real estate today. But
I always just passionate about real estate. I love being
an owner. I loved investing. I love figuring out how
to fix a building up and sell it and make money.
So that was always a passion to me. And so
with that, I went to all these schools and tried

(55:59):
to I'm better as a business person, as a finance person.

Speaker 5 (56:02):
I spent hours just trying to look at models and
understand and you know what it never ever doing on
me that It could be eleven o'clock some nights and
I'm still doing this and I'm not.

Speaker 1 (56:13):
Even getting paid for it because I loved it and
I was passionate about it. And it goes to the
you know, the great Kobe Bryant, Right, Kobe said he
would he'd be practicing while folks was coming in from partying.
And that wasn't because Kobe wasn't already wealth. It was
because he was passionate about being great at what he
was doing. And guess what, to him, that wasn't work.
That's right, Like other folks that are practicing basketball, aren't

(56:36):
they that work? When I'm at practice, I'm at work.
To Kobe, it was the pursuit of being great because
he was passionate. So that's what I tell folks. First,
go find whatever you are passionate about, and then from there,
I guarantee you you will make money because you will
get that good. You won't even know you're getting that
good because you're just driving. You're getting paid sometime doing it,

(56:59):
and you're not getting paid time doing it. But the
culmination of that is you're getting better at whatever it
is you're pursuing. And then some days somebody's gonna turn
around and say this person got great skills, and you're
gonna make a lot of money from that boom drop
the mic.

Speaker 3 (57:11):
I mean, the reality is you should try and figure
out what you'd be willing to do for free. What
would you be willing to do for free if you
if money was on an issue, would you do this
because you love it? There's your answer.

Speaker 1 (57:22):
That's right, that's right, And so that's what I tell everybody, Right, Like,
we got to prepare ourselves. We got to continue to
educate ourselves. We can't get left behind in what is
a it's a service orientated. It's a higher intellectual economy.
So we got to continue to do that. But while
we're doing that, just because you started in economics and
now you're like, wow, I want to shift to business, like,

(57:44):
be willing to make that pivot to continue to find
what you're passionate about. And then once you find that,
you're gonna go so hard at that that you're gonna
build so much skills and that is going to be
a life you enjoy because you're getting paid, to your point,
John for doing Somethinghere, you're like, I do this for free.

Speaker 3 (58:00):
That's right. Anywhere I started Andrew Young quote, coincidence is
God's way of remaining anonymous. I didn't know where he
was going to go in this conversation, and I don't
really know. I didn't know why I mentioned this, but
I mentioned it, and I knew it was purposeful and
knew it makes sense. I mentioned something odd that we
have not actually done business together yet. We don't have

(58:21):
a transaction that we've done yet. We had several lunches,
a few dinners. I've flown in New York, he's flown
to Atlanta. So we spent money. We looked at a
transaction a couple of times, just didn't work. We tried.
He put me in the room, I put him in
my room. Didn't work out. But I would have done

(58:46):
that for free. In fact, I did it more for free.
I'd paid for it. I mean literally paid for it.
It cost me to have lunch, it cost me to
have dinner or fly it caused me to fly in.
But it was wonderful because I got to know him,
because the relationship was authentic. It was about him and
about us becoming friends and getting to know each other
and really being genuinely interested in his rise and his

(59:08):
success and the success of Nuvine. In this example, and
then and while and then while we stopped talking about
doing business commercially, he said, well, what about this operation
hope thing. This is your philanthropy. Maybe we can do
so financial literacy for our residents. And we're still talking
about that. That may take some while a while, or
may or may not happen. That's fine too. But we
we didn't come with a transaction. We didn't come with

(59:28):
our handout. We came with our heart out. It wasn't
about what we had to get, is what we have
to give. And at the end of the day, he said,
what do you say, essentially, what would you do if
you're just doing this for free? What would you do?
What are you passionate about? And we were passionate about
that relationship and we're friends to this day.

Speaker 1 (59:50):
Uh.

Speaker 3 (59:50):
And we became friends oddly because of a potential business
uh transactions. A lot of times people have a friendship
that leads for business transaction. We had the opposite, a
business proposition that didn't happen. It led to a friendship.
And then I wanted the audience just to know who
this great man was. Any closing commons thoughts you want

(01:00:18):
to share with the audience.

Speaker 1 (01:00:20):
That no, Well, John, I just want to say again,
appreciate everything. You're doing to move the race forward. It's
impact to work, it's post pursue work. And you can
continue to count on me in any way, whether it's
someone in New York that you run into and says, hey,
they're seventeen, they're trying to figure it out. You know,

(01:00:42):
you could always call me up. I'm happy to be
an extension of everything you're driving forward. Brothers. So thank
you for what you're doing. And anytime you need me,
I'm here for you.

Speaker 3 (01:00:53):
John, and thank you for that. And how can people
research you? Find out a little bit more. What's the
website or they can check out?

Speaker 1 (01:01:01):
Yeah, so people can reach out to me LinkedIn my
name my dear in a d I R H. Settles
is the last name s E T T l E s.
You put that in LinkedIn, pop right up. You can
certainly in box me and uh and we can you know,
take it from there.

Speaker 3 (01:01:18):
How many folks managing eight billion dollars gives you a
direct link to them? I told you he's a good dude,
and they.

Speaker 1 (01:01:24):
And they want to learn more about the novene is
in UV that's right. If you want to learn more
about neuvene. You're into financial services. You can go to
nouven in u v e n dot com and you'll
see that we're a diversified asset manager of about one
point two one point three trillion on any given day.

(01:01:45):
And as you as you click through that, you'll see
our real broader real estate portfolio with the fifth largest
real estate investment manager. And then you click through that,
you'll sort of you'll see the Impact Investments League, which
we're eight billion, the largest real estate impact investing outfit.
And just remember right, being big doesn't make you good.

(01:02:05):
So you've got to put in the word to perform,
to build the execution that can allow to deliver the results.

Speaker 3 (01:02:11):
Here's a goal for some of you. Make it your
objective to become an intern and apprentice of some sort,
an entry level employee, maybe at Neuvene or TIA Craft
and they don't have a program. Maybe you recommend once
send a note say have you ever thought about creating
an internship program? In other words, over to rounded through it.

(01:02:32):
You want to get to it, never ever ever give up.
Dreamers are believe are foundational to success. My friend doctor
Dorothy Hyke i rest her soul, said, John, I like
you because you're a dreamer with a shovel in your hands.
Nader and I want all of you to be dreamers
with shovels in your hands. This is John o'brient. This

(01:02:53):
is Money and Wealth on the Black Effect Network at iHeartRadio.
We're Out. Money and Wealth with John O'Brien is a

(01:03:14):
production of the Black Effect Podcast Network. For more podcasts
from the Black Effect Podcast Network, visit the iHeartRadio app,
Apple Podcasts, or wherever you listen to your favorite shows.