Featuring Ira Zlotowitz, Founder & CEO of Gparency

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Episode Transcript

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The following is a paid podcast.iHeartRadio's hosting of this podcast constitutes neither an
endorsement of the products offered or theideas expressed. It's time for Mind Your

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Business on seven ten w R andthe iHeart Radio Network to present the weekly
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(00:49):
Sapless. Thank you for joining mehere on another edition of Mind Your Business
on the Voice of New York seventen w R. And my guest this
evening none other than Irislatowitz, founderand CEO of g Parency. And we're
gonna be talking about really the maintopic, streamlining CRI transactions, streamlining CRI

(01:14):
T commercial real estate of course,and we're gonna be talking about the benefits
and the risks of investing in realestate and the strategies to getting into the
world of real estate. Well,thank you for joining me here on Mind
Your Business. By the way,to pick up all the past guests that
we've had on the show, mybradio dot com MWYB radio dot com and
on the powerful robust YouTube channel youcan get the interview I just had recently

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Class clips, which reach over twentyfive thousand people every single day. Without
further Ado Iris autoits Ira, thefounder and CEO of g Parency, Thank
you so much for carving out ofyour crazy hectic schedule and joining me here
on the set mind your business.Welcome back, Thank you so much,
thanks for having me. It's greatto be back. And like the new

(02:40):
studio, LA's time me in thedifferent studio as right upgrade here. Thank
you, thank you. Let's talkabout g Parency. It's a dynamic brokeridge
marketplace that streamlines the commercial real estateexperience and membership based commercial mortgage broke Ridge.
They specialize and assisting players and findingfinancing, underwriting and tracking their deals

(03:02):
within minutes. IRA. The lasttime you were here, I don't want
to say you were in a differentcareer. You're in the real estate space,
but you founded and were running amajor company. I don't want to
say you you threw it all away, but you I don't know what got
into you decided to take some typeof crazy risk and jump into g Parency.

(03:23):
First you tell us about your backstory, and then like, like,
what happened to you? He tooksome big gamble here. Thank you very
much. So I would like tobelieve as my former partner, I'm still
a partner, but day to daywith him in the business used to say
that there were two train companies.Once Tagline was something best in transportation and

(03:45):
one of his best in train transportation. One best in train transportation doesn't exist.
How do you get around today carsand planes and whatnot. The other
one still exist. They adapted.I always called myself a trusted advisor,
so you know, it's trying tostay ahead of the curve. I went
into the brokerage business, the mortgagebrokerage business, as a trust advisor.
And then as the market evolved andI saw, you know, the technology

(04:08):
is also changing, I felt thatto be able to stay that trusted advisor
and be able to provide that samevalue as the market's going to change,
just to a vow to a differentbusiness models. So I use it similar
to what they call Netflix versus Spockbuster. So I used to read these books.
I said, I'll never want tobe Netflix that of my own business,
and I said to myself that Isaw the handwriting on the wall.
Then then two years ago, peoplesaid, crazy, the market's going amazing.

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Why would make a change and whymake a risk? And today where
it's it's most most self out butevidence, we just rolled out a few
our marketplace the technologies. People say, wow, there's a big difference in
the world providing a value. Thenwho thought about technology when it came to
commercial real estate, it was allabout, you know, the human interaction,
only the broker. So on onehind, yes, you can't tie

(04:51):
my market. Maybe I could havewaited six more months again, six months
out of the old market if Iwent, But thank god I saw that.
You know, we were fortunately bedoing five billion bells year and transactions
number three in America and the numberof transactions a year. But I felt
the next market corrected itself. Thatbusiness was gonna change totally, just like
travel agents change, stockbroker's change.It's gonna change drastically now. People as

(05:13):
tonic to see it now as wespeak. So it's not that it's like,
you know, take that risk.I don't want to be Netflix out
of my business. You gotta becomethat Netflix and take that risk at that
time. So glad I did toughtwo years, but thank god we took
that risk. Now parents Who wasofficially founded in twenty one. Yeah,
a November of twenty one, Okay, so it's less than two years old
as of this interview which is coming, which is taking place in August of

(05:35):
twenty three. In twenty two,you were named one of the top fifty
startups by LinkedIn. Okay, howdid that? I mean that's like liftoff
is like just wow, right,so I appreciate that. So actually it
is interesting is that normally as beinginto marketing, so you try to find
you you apply to certain things.This was like out of left field.

(05:57):
Didn't even apply to it. Someoneand we reached out to LinkedIn and they
said, like, how did youlike, No one applied. They actually
said, that's the power of LinkedIn. Numbers. They know where, they
know where things are at there.It's not you know, a lot of
surveys, they get an opinion,you say you're great, the interview,
they check people out. But youcan't. You can't fudge by the numbers.
You know. That's uh. Canwe ask when you had Crane's forty

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under forty, how did that comeabout? So Crane's forty on the forty
that came about. I met anews reporter once and you know, Crane's
like and then like I got aphone call back like six months later that
was nominated, but it came againbecause that nose reporter remembered when they met
me. They went through So youknow what I mean like that was the

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but here with LinkedIn, it's itwas driven by the numbers. It's driven
by the numbers. It was thankgod, now let's talk about that again.
When you started in twenty one,it was a it's a fair to
say, a crazy risk. Okayto you was more calculated because you understood.
But it was you know, whenpeople invest in real estate, and
there's two terminologies they could use.One is called cash and cash. I

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put in a dollar, how muchcashman getting back? The other thing is
called RR. It's really complicated.Basically, over the life of the investment,
I don't care if I get zeroyear one and zero year two,
but I make up enough in threefour or five six and when I sell
it to make up for that losttime. To me, the cash and
cash was a terrible idea. Iwas going to the world educating them that
they could get the same services potentiallyjust by paying a subscription to me,

(07:20):
or they could pay me immasiately fortyfive hundred dollars to place a deal when
broke is charging sometimes one hundred thousandand half a million dollar fees. So
I was going to a place whereif it wasn't successful, I bet the
house. So I'm educating people toothat the old way is going to change
and how people are gonna go.So yeah, so at that time,
but I was pretty confident in thei RR. It's pretty confident that when

(07:43):
the market was going to change,was settle in. They'll make up for
that lost time because the other businesshas also it's flaws. As now it's
becoming clear in the current market todaywith the ount of how business is taking
place. All right, just wantto still hold on for a minute.
Here you were running a successful businessand then twenty one he decided, Okay,

(08:03):
I have the vision for something,but this risk involved And you're fair
to say it was a comfortable positionthat you were at before I in.
What was some of the risks involved? Maybe you could discuss that from that
angle. So there were a lotof risks. It was nerve wracking.
I'd like to be it was calculatedat that time. You know what made

(08:24):
it more comforting is that it wasthe largest seat round from Ventric capital.
So there was money in the bankand a belief over a one hundred real
estate professionals. One hundred fifty realestate professionals invested in the company. But
still the risk. The biggest riskwas what was gonna be the reaction of
the players at that time number oneand with clients skepticism, ready for a

(08:46):
change. So on the first part, what was interesting is that, you
know, I was thinking to myselfin my mind, what would I do
if a competitor to this? ButI matched them, not match something about
the Blockbuster story. So I tookit. I you know, it's in
the beginning. I said, ifthey match me, that was only trouble

(09:07):
I could have. But then Ican imatchine me because I got gonna give
their business overnight, I at leasthave a plan to go into So that
didn't happen, but I thought thatmaybe they were gonna get together. A
few of them are quote the banksto say, if you take deals from
your parency, we're never doing business. To hear again and then hold them
like you've seen industries. But Irealized when I opened up that was a
big fear. It's my biggest fearthat when I opened up, they didn't

(09:31):
take that approach. Not because they'renice, they didn't take the approach because
number one, that they so believedthat like they're never gonna have competition,
like this little thing is going tocompete again. This idea is never con
compete against them, So which workedon my favor. They knocked that day
you always need a broke you needa person. Need to this. I
agree, you need a broken aperson. But they were taking the quotes
out of context. But no problem. That was one. It was a

(09:52):
help. Number two. The commercialreal estate business and that's why I even's
trying to tackle it is so fragmented. If you look at every other industry
in the world, look at lookat the iPhone. What percent does the
iPhone have a market share? Whatwhat percent does a certain car company have
a certain there's huge market shares.The number one brokerage firm in the country,

(10:13):
I had less than a ten percentmarket share. So then no like,
and there's so many lenders and everyonehas a different So when I realized
that that's that's the view of thebusiness. I'm in a business. I'm
in a space now where I havethe whole market open to me. So
that's that was my fear. OnceI got passed a few months in no
anticipate how quickly the market was goingto slow. But but I had have
a marketplace. I have a technology, so that technology applies for everyone involved

(10:37):
in real sit at that time.I don't want to ask how many of
the other companies actually leverage your owntechnology? No, I'm not that Yeah,
so I do know that there arethere there are several competitors that I
know of, even telling me openlyby the way your bank lists had to
think your bank lists. I getthe benefit, I pay subscription, I
have it. Then he comes inunder that guide. So you know,

(10:58):
you know, I'd like to tellpeople if you're brokeer is using my bank
list, right, so it meanswe have a great bank list. Their
counter is yeah, but you don'thow to use it? Oh, I'm
the broker. No, how sothat was like the band that goes back
and forth. Now, let's talkabout the really the foundation of g parency.
What every business exists to solve apain point in the marketplace. Maybe

(11:20):
you can get straight to what wasthe pain point that g parency solved.
So we used we used to usethe terminology equitable access. If someone came
over to you and said, Iwant to go and get involved the commercial
real estate, where do I go? Right? No one has an answer.
I didn't have an answer. SomethingOh start by finding you get money.
Start by someone who's brokera and callthat's gone to this website, and

(11:43):
every step is like someone else.Like you know, you're in a mall
and you have to go like tothe to the to the to guide to
say where's the story? How doyou go there? And there's no,
it's not it's not out there,it's no solution. So I wanted to
build a front of commercial state,come to you parency, equitable access.
I don't care if you have money, you don't have money to use my
tools, and depending to what levelyou want to engage the tools and use
the tools, even if you've reallyfall in love, you want to use

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everything. Top tier membership there's onlyfive hundred dollars a month, five thousand
a year for your whole company.So anyone tell you commercial real estate,
there's nothing that you do with a'sless than five thousand dollars a year like
it's And that was the goal.So we started from zero. There's a
freemium model zero, there's one hundredlimited access and unlimited five hundred. So
I want to be the front door. And that's why we're saying it before

(12:28):
in the intro, we are abrokerage marketplace which we provide all the tools
for commercial real estate player at anylevel to find finance, underwrite, track
all the deals overlaid on a map, and I will signature product is if
you want a broker to place yourdeal, you could do that to a
forty five hundred or for one hundreddollars, I'll tell you the five banks
to go to. So that's howit all wraps together in the system we

(12:52):
have. And obviously we have data. We have one hundred thousand list things,
and we have comps on thirty fivemillion properties, have a lot of
stuff there. But those little piecesexist in different places, and maybe some
of those pieces people say, oh, there's better data for this here better,
but holistically, come here as astarting point or a place to keep
your notes in your documents and organizeand alerts that holistic FrontDoor marketplace doesn't exist.
So you know, as you know, you know working my dad,

(13:15):
when I went into business, mydad told me, he says, let
me take two things. Build aproduct that you don't know a way how
to make it better, and chargethe cheapest you could charge, so you
don't leave room for competition to getin. So of late when people start
seeing the calculator. We rolled outa couple of weeks at the beginning of
July said wow, I spent twomillion dollars and a calculator that any that
any novice could all set to knowwhat they're doing and could underwrite a deal

(13:35):
IRAQ cash and cash splits and shipand talk like they know with questions to
ask this from it. I dida real estate course that used the calculator
as an overlay, and when peoplelook at they say, like, how
much is this? Oh free?You're not charging us to play with it?
You could? I mean think ifI only have less than twenty five
deals, I never pay you obrown, So they think, and even
the top does talents to cheap.What's the catch. There's no catch because

(13:56):
you know the answer is there's tenmillion commercialsty players. You're either a GP
you buy real estate, you're anLP, or you're a service provider that
markets the GPS. So I allowyou even if you're a service provider.
The building we're in, if therewas a title company but there was a
general contractor, could go to thisproperty and say I was the service provider.
When someone's on the map in thearea. Looking at a building across
the street, they say, oh, there's someone connected across the street.

(14:18):
Call the person up. It's ahuman side of the business and say hey,
what's going on. So I havea product that's accessible for ten million
people in commercial real estate at anylevel, and there's a certain percent that
will use all the services, andone hundred thousand a month and one hundred
twenty five move up the highest offive hundred. My guess is Iris Lotto.
It's founder and CEO of g Parency. Tonight show brought to you in

(14:39):
par by g Parency gparency dot com. Right, that's sort of someone we'll
go to find that more information.We're gonna take a short commercial break.
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To be successful, you need tounderstand what you do best and do more
of it. One of the giftsI believe that we have as entrepreneurs to
be blue sky visionaries. Come upwith amazing ideas, Yet you're only as
good as your execution. I've alwayshad coaches my entire life. Once I
got into business, coaching for mewas a natural must have. When I

(16:47):
found in the past was most coachingprograms were more focused around me earning a
certain amount of income or taking acertain amount of time off, versus me
building a business that has value farbeyond me. As soon as I engaged
in group, I could distinctly seethat difference. Working with the Covenant Group,
I've gotten away from being controlling aboutso many of the facets of our

(17:07):
business. It has given the peoplethat are in my organization freedom to be
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(17:56):
the succepts right here on seven tenWR the voice of any are and around
the world on the powerful iHeart Radionetwork. Uh My, guess Iris a
lot of it's the founder and CEOof g Parency and he actually is.
So he's I mean, anyone thatknows Iris a lot of its knows that
he's very frank, very upfront,and very transparent. And it's no different

(18:18):
THANET. He's sharing a lot ofsecrets. I'm surprised by how much he's
sharing. But what can I say? Thank you? Thank you for being
so open and frank and honest andtransparent so that people could see the name
transparency. Transparency that's what it is. Wow. Let's you know, I'm
gonna go to a question that's probablyon many people's minds because again, for

(18:41):
all the people out there that arein and have been in real estate many
years, it's they know the answersto these type of questions. But let's
say there's someone out there that hasan extra ten, twenty five thousand,
whatever it is. Is there acertain threshold that a person who is we're
going to talk about LPs soon.Some of this it says the LPs correct.

(19:02):
So this is really at the coreof of of being an LP limited
partner. They they have a separatebusiness. They're in B two C.
They have an eyeglass store, butthey have some extra cash to invest,
and they're saying, you know,okay, interest rates Okay, now it's
actually let's say, pretty good.But but still there's like they they've heard
real estate Slisha Bakarca, this realestate. I should put money in real

(19:27):
estate. What is that a certainis there a minimum threshold to be thinking
to jump into real estate investing?So I'm gonna answer this question. Like
I was saying before, we wantto be the front door. So let
me start to the other extreme.Okay, we have like we call its
two personas this GP Gary. Okay, who is the big real estate tycoon?
Do you think of could or acquisitionalist. I'm just starting, Okay,

(19:48):
So the acquisitionalice could be one oftwo people. Okay, it could be
someone that's looking to invest with theGP Garry or sell the glasses store once
the stop boring real estate. Sothey just it's really a few points to
really I want to give as abackbone for realty and investing from all the
years of experience and spending time atGPS and LPs, and you know now
obviously have all the nightmare stories comeout, it wasn't as great as they

(20:11):
thought. That now people say thisis the time to invest because the right
price eyon has a different timing,you know. So I think Number one
is you have to realize when yougo into real estate it's an ill liquid
asset. That means you put yourmoney in the bank, you can pull
it out when you want to buya stock, you can pull it out.
Realstate, you can't pull it outwhen you want. It's you're gonna
sell it when the time comes tosell. If you're desperate for the money,
you're gonna lose it all because you'regonna sell it out a discount.

(20:33):
So it's an illiquid asset. It'sa type of deal when you're putting away
for the long term. Number one, it has depreciation and tax benefits.
That's all fine, but just realizean illiquid asset. Number two is that
if you're going into real estate,before you look at the numbers of any
deal, the first thing you wantto do is look at the person you
want to go follow, Someone thatyou trust, that's honest, that you

(20:55):
believe has your You know, obviouslythey have an alterior motive to a certain
extent, because I said to makemoney, but it's usually aligned. And
you want to try to go withsomeone that their motive is too is if
they're successful, you're successful, andvice versa. But someone you trust,
because a bad deal with the trustworthyperson is better than the other way around.
So those with those two intros,I would also tell you should never
like this is as an orthodox Drewbring brought up in the Tumult States,

(21:18):
put a third or third or thirdon the different things. One of the
third and D real estate. SoI would say put up to a third
in D real estate and using thatas a cap. As far as a
minimum, there's no minimum number.It's about the people you're investing with.
If you're buying homes, and youyou decide to get in violent in real
estate by flipping homes that you couldbuy somewhere. I don't know exist any
worse at these prices, But twentythousand dollars home, okay, then twenty

(21:40):
thousands is the whole price. Ifyou if you're getting a mortgage for fifty
percent, then you're buying it forten thousand putting down, they have closing
costs. Yeah, so I thinkthat there's no it's what size of the
building that you're buying number one.Number two, it's the person the GP.
So in real estate investing is twopeople basically the GP, the general
pontner. That person calls all theshots, and then as the group the
LPs all the limited partners, theinvestors that invest in the GP has a

(22:03):
minimum. Each GP could have aminimum, so this GP could say I
only take money ten thousand checks,fifty thousand checks, whatever the lis I
figure about licensings, just as securitylaw is just it's simple. That's set
up. That's where the certain platformsopen that will like crow crowdfunding, where
a crowdfunding platform open up and sayhey, you have the ability to put
as low as five thousand dollars andthey would invest in a bunch of different

(22:23):
deals. My personal opinion and recommendationis the best if you're investing, you
want to really invest directly with theGP, so someone who can put you
in touch with the GP. Iffurther you are out in the in the
spectrum. I wouldn't I wouldn't advisethat if you have know the choice,
there's a options stake. But ifeverything is even, that's your preference because
you get to know them, youbuild a report them, you could grow

(22:45):
with them, you could do thethings with them if you're just a check
in a number somewhere. Like someof the stories you can hear coming out
now, they came out on bothsides of the equation. But the frustration
is more when people like gave toa group, they gave to another group
to grave to another group. Butagain, if there's a great deal and
trust the end of the movie,that's what it's publicly traded reads. People
can invest the read. That's liquidyou could sell if you wanted to.
But that's really a long winded answer, but I think it gives a general

(23:08):
direction across the board. Now,from your perspective, let's focus on someone
who's just thinking about getting into realestate. From your perspective, the investment
of time, money effort, isit worth it for an average person,
not someone who has a lot ofliquid. But someone will like it wants
to start dabbling in real estate.Okay, so again it's I'll answer it

(23:29):
to side it. If the personwants to become a GP, that means
they want to be the person who'sgonna buy the deal and collect other people's
money. So that's the career thatchoosing for themselves then obviously that's the career.
Do ude diligence and go in ityour first deal. You should finally
find an experience GP and COGP becomelike a partner them Together that person will
take the main lead. You'll geta smaller piece of the pie proportionately,
and then together you'll raise money inthe deal and you build your account from

(23:52):
there. If it's on the otherside of the equation, like I said,
if you have the eyeglass story youmentioned, I think for sure you
should go in it. Go intoreal estate because take up to a certain
percent with the right person and invest. You know. Also, like people
say, is there a better assetclass? Should I invest in these types
of deals? And those types ofdeals should do construction development land? A
lot of this has to do withyour own risk tolerance and more around them.
Just like certain things pulls at you. Like I tell people all the

(24:15):
time, if you if I wastalking to a group of thirty people right
now on the show. Here allthe listeners, and I would say,
and none of them are on realestate. I take a group none in
real estate, and I say,you found out that your great uncle left
you in a will ten million dollarsand you can't spend it. You have
to buy a piece of real estateand live off the return. What would
you buy? Some people buy tenone million dollar buildings, so we buy

(24:37):
one ten million dollar bilids. Ifyou buy houses to keep flipping it self
the profit, There's no right orwrong answer. That's why real estate's different
strokes different folks, but the fundamentalsthe starting points of the same. Find
some of your trust, make sureyou do due diligence, and you know,
keep taking the steps in there.Okay, I read this question really
applies to anyone embarking into jumping intoany any type of business. What are

(24:57):
some of the potential ben ifs andthe challenges for as it relates to jumping
into real estate, And it's apretty open question. The benefits are the
easiest benefits. If it goes well, you're probably a building that area supplying
demand. That's like, you know, think about industrial Alison, Amazon's opening

(25:18):
warehouses. You could have bought somethingfor twenty million, trugs alling along.
I think it's with twenty one andtwenty two, and all of sudden,
Amazon wants to be that neighborhood andit goes through the roof. It's worth
more than your business inside sell itfor forty fifty million. So you can
have that kind of upside like crazy, this tax benefits. All the great
things exist on the good. Thebad is that who's attendant. You can't
afford the payments the bank wants forclosing you. So there's a lot of

(25:41):
these risks that can involved. Sothat's not your business. So that's why
if you're going with it, asyndicator or a GP that you trust,
the general partner that you trust,and they have a good track record,
they know the cycles, they knowthat never take more than this amount of
leverage. Or even though I could, I could have maybe I've borrowed a
little bit more, or I maybecould have taken a loan with a and

(26:03):
have more of a return. Butthis it's not as long, it's not
fixed for the same period of time. You know, maybe I should take
it. You know, a coupleof years ago people taking floating rate deals
because they said this reals it's onlygetting better and better. Why lock in
now? Those people, in hindsightdon't look great today. Some people say
the opposite. Don't take a longterm rate today, rates her up.
Take a floating rate today because youget the benefit's gonna keep going down.

(26:23):
The people say, no, it'sgonna keep going up. Safe. You
can't time these things. You can'tyou know you know I client, you
s tell a client what business areyou in? The stock business? By
stocks? If in a real estatethe loan makes sense today, Take the
loan. It gives you the safestthing to go. Do the loan.
But other people of different opinions.So if you're going in the ups and
downs, it's risk with anything else, But it has one huge difference in

(26:45):
anything else is that it's illiquid.The pro though, to a certain extent,
if you're big enough an investor inthe deal, you have a say
in what we should different for thebuilding, should we upgrade? Is it
worth taking that risk? You investin Microsoft, you invest in Apple,
list in Google, you have nosay. So that's like some people like
the fact that I have to saysomething, like the fact that this actual
tangible asset at the end of theday, is there's a building hearing and

(27:06):
if I can figure out to jugglethe payments for the next thirty years,
one day I don't have a mortgage. In theory, there's another game.
It's always bar as much as youcan. You'll see all different strokes of
different folks about how they do businessbased on how their mentor told them how
they should buy real estate. We'respeaking with Iris Lotto. It's tonight show
Streamlining see our transactions, benefits andrisks of investing in real estate and the

(27:27):
strategies to getting into the real estateworld to find it more information geparency dot
com. It's that simple. Whatabout the app? Maybe talk about some
of the tools you have for smartphoneSo right now we were interesting. You
mentioned that that when we started buildingout the technology, we found that when
it comes to all the apps arepopular role around when it comes to doing

(27:51):
research on real estates, on commercialreal estate, and it's not like Zili
see a house. You actually wantto see the neighble. What's calling the
building next door? I want tosee it's in documents on upload documents.
People do overwhelming majority to do thisfrom the desktop, So we're really based
on it's not optimized that great.The whole mapping system for the phone.
We're getting better, but it's meantfor the desktop because at the end of

(28:12):
the day that's really the person probablyhas multiple screens open and they're checking different
types of information. As a point, we're hoping that they don't have to
check multiple shares. Like the beautyof our system is the way I explaining
to somebody is that people like tohave reference points. Oh, you're like
blank compit like you know, SoI tell people, imagine if you had
Zillo or Google Maps. We arelicensed Google Maps. If Google Maps overlaid

(28:33):
with public data. So I lookat the property and Google Maps say,
I wonder who when the mortgage istaken? Oh, right there, you
don't have to go to another sitebecause I bring the head. I wonder
if something in the neighborhood closed recently. Oh, these are the building of
the comps in the area, basiccomps, anything for sale the neighbor but
other things, Oh these buildings haveWe have one hundred thousand properties where we
link with the broker is so youcan call the broker what's going on.
So you have one the Google StreetView, all the all the Google functionality overlaid

(28:57):
on a map with real stayed ontop of it. That's the public information.
Then you have you could have yourprivate information, which deals in the
United States do my own. Soimagine every time you open up a property,
it puts a star on it.It gets added to you a pipeline.
So you know, I once setup building in Brooklyn. What was
that address once? So the dealin Texas? What was that address?
Zoom out of Texas you'll see thedatas and dream down you see it that

(29:18):
property. So also I saw thisbuilding two years ago, who's the broker?
Put notes in? You can putdocuments in so a calculator could on
the right a deal on with minutes. You could send an alert if anything
goes for sale, closes, orrefine as that neighborhood. So all these
tools. It basically takes your worldoverlight on top of a map. So
it's a it's a marketplace because onthey have a list of lenders, have

(29:38):
the rates. We actually did chatGPT is all the rage, so we
have instead of you having to goto the top few real estate sites,
it goes to the top of yourreal sites. Summarize the news. So
right there, while you're on thismap marketplace, whatever you could need is
there for you at that time.And that's you keep your notes. Because
it's interesting you speak to the typicalperson in real estate and you know from

(29:59):
the LP to GP, say whatbuildings do you own? I have Excel
spreadsheet to the top of my head. There's no system. People have a
great systems on the billion trillion dollarsystems start from the second step. They
start once you already know you wantto buy this building, then this software
to do AID, the software todo B to raise it. But where
do you holistically put all together?Where do you compare notes? Where's the
CRM for commercial real estate? Where'sthat one centralized place geparency dot com.

(30:25):
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(34:21):
And we're back Mind your Business righthere on seven to ten w R
and around the world on the powerfuliHeart Radio Network. My guest iris a
lot of its founder and CEO ofg parency Ira. As mentioned before,
you're quite transparent. A quick question, if I may just you know,
during a commercial break came to mindearlier. You were discussing a tip that

(34:44):
you got from that, and thatis about creating a product. And one
of the ways of being mindful aboutcompetition is put it out at a price
point that will that will well,we'll get tremendous buying from the mass,
but it will be competitive enough thata competitor will say, ah, I
can't do it for that price.Could you elaborate on that? So it

(35:07):
really goes with the first piece ofthat that I said. The first piece
of advice was build the best productyou possibly could build. Okay, left,
then with that that really applies toanything. And then with that,
what is the cheapest that you couldsell it for? Not to be a
cheap product. So if if Iwas building like i'm I built the brokerage

(35:28):
team over all the years I tookwith me my best broke that worked on
my own personal deals, and Ijust ran the math that if I would
be able to get if you lookat the life of a mortgage broker,
a mortgage broker a team could closeon a hundred deals a year. So
when when when we would we havea product that for about eleven thousand dollars
or so, We'll do everything froma to z as a broker the whole
everything. Okay, over time peoplejust won't place the deal. But let's

(35:52):
go with the eleven thousand, becausehow do you do it cheap? I
said, most brokers? How muchthe thing they make? The people that
do at actual work, right,they make a half a million dollars.
They have another writer works for them, two three hundred thousand, they have
an analyst on the number on hundredthousand, and they close on a hundred
deals a year eleven thousands, onehundred a million. One. It's profitable.
Oh, I've never realized it thatway, because the universe is charging
who took the money? The brokerageshop or the broker took the money while

(36:15):
the people did the work. SoI built the best broker, best brokerage
team with all the tools, andyou could access that tool just pay the
eleven thousand. Is that some tomorrowning? Could they come for ten thousand,
nine hundred? I don't know howthey're gonna do it, but if they
did do it, that's not blowingway the competition. Think about when I
went into business, Will you openup a business anyone on this any of
the audience, They won't open abusiness. What's the first they say,

(36:37):
barrit Entry, who is there now? So if there was another company that
was charging twenty thousand dollars to doa deal and they failed to do it
for ten or they were charging fora marketplace giving all these tools for five
thousand, ten thousand, they cando it for five thousand. Okay,
that's your I think I could doit for cheaper. I could do it
better for cheaper. Those are onlytwo things you could do it and improve.
I built the product that bait.There's nothing I know that I could

(37:00):
make it better, and there's nothingI know that I could do it at
a cheaper price. So if I'malready the incumbent, what's thoughts now?
Will someone coming from a different dooror have a reason to lose money on
this is a lead gen for thebusiness which I don't know, Maybe that
could possibly happen. Similarly, I'msure that your competitors I'm in the space

(37:21):
that are realizing, Hey, theywere selling one slug of a tool or
one slug of a piece of datathat I'm incorporating for free, and why
is someone buying their software? Orthere was no play in town for a
certain things. So they able tocharge a premium. But now the client
says, hey, I go toyour parency for this, Why should I
come to you for that? Soobviously it's an element that I'm doing to
other people. Happens in business,but I'm not giving someone that's thought out

(37:45):
with a business plan to say,let me open this. Also the cost,
you know, when it comes toreal estate, that's just a good
example. In the real estate,you know, conversation, there's always that
big debate what's called a good deal? Is it the right return? Some
people have a metric called replacement costs. I bought this building for ten million
dollars. If it burnt down,it'll cost twelve millions to build. I'm

(38:07):
buying it below replacement costs, meaningit can't it can't go down like that
type of mindset. Obviously, likethe tatanic syndrome. When you say it
can't go that's when it goes.So we spent the list two years building
the technology, and we built itknowing if to twenty years of living in
this space, and I was dreamingabout this for twenty years and knowing what

(38:30):
to build and how to build it. Even if someone said they could build
it tomorrow. I don't think theycould build it for cheaper than we built
it to get the same brand.But again, is there someone out there
that could use me as a legionand the whole tool goes like when Google
gave away different features. So that'sa risk. But I can't plan for
that, you know, like youknow they talk about when when you could
plan for a lot of things,or someone's willing to commit sus and blow

(38:52):
themselves up and they talk about inthe war. You can't plan for that.
You could plan for a normal case. In the normal case, So
can I get competition? We'll havea competition. Yes, certain people will
be like Blockbus that they waited toolong. They won't be able to compete.
But my bigger fear is I'm notworried about the big shops. What
I'm worried about is telling to happen. Now. There's a guy work in
a shop and he leaves the shopwhen he realized he was making only a

(39:14):
small percent of the commission on thedeal. He's only looking to recoup as
lows two hundred thousand dollars so hecould walk into an honor and says,
I close your deals. I'll doall your deals a year for twenty five
thousand dollars, he gets ten clients, it makes his living, and he
goes home. Okay, I losethose ten, But is that a scalable
business. Maybe ye ant, butI'm really a step before that. My
goal people, I'm not looking atthe mortgage business. My goal is not

(39:35):
to sell the forty five hundred placement. I'm looking just for the five hundred
five thousand dollars a year build upto that. That's it. If there's
ten million people paying five thousands ayear, or a million people or one
hundred thousand, that's my exit.So people came to invest in the business,
and that CHERYLDS came in is becauseand I truly believe that we have
the potential for a hundred times exitbecause they could be competition. I want

(39:58):
tempests at market. There's ninety percentI'm believing. So even if you came
in and it's good for this,it's different, different approaches, But I'm
fine. This time is going inand out. I'm the first door.
So that's the long winded answer.That's how it comes to thank you.
Let's talk about LPs limited partners.Just even before I get into specific questions.

(40:19):
Perhaps you can just talk about thatarena and especially how g parency opens
up a whole world to that arena. So when g Parency opened, g
parency is primarily focused as the nameG parency GP transparency all the tools that
a GP can need, and weopened up you said, maybe some basic
tools that an LP could benefit alsobecause they need the same things. Calculator

(40:43):
rates, they want to check thingsout. Sometimes sometimes an LP is a
GP, right, so he builtturn features because one of the perks also
is that's the one On a superficiallevel, LPs want to invest in deals,
don't have access to deals. Gpswant the LPs. So if I
have a platform connected to together,but I will tell the audience something that
most people don't realize I know isthat when investing in real estate and raising

(41:07):
equity, that's a security. It'slike selling a stock. So there's a
lot of laws that govern it.If you notice, you don't really see
too many companies going out there.I'm raising money, Do you want to
invest with me? That's called apublic solicitation. There's laws against it as
laws. If you do it,what you have to what it has to
take place. It's very coarsely,not what you do how you do.
So many gps can really only goto friends and family and a credit and

(41:31):
invest There's a lot of laws thatgovern it from the GP perspective because we're
a marketplace. It's an advertising platform, so you can't have a success fee
and Japanis's whole business models. Wedon't take success fees, so we take
you want to engage me, I'lldo your deal for the forty five hundred
you pay front. How do youknow if it's going to produce a not

(41:52):
You're hire an attorney, you hireother vendors. If you want to go
ahead and take the risk, I'lltake the risk, pay me, triple
pay me, double pay me tentimes. I'll take the risk. But
I'm willing to tell you to paythe money up front. And it's good
right and so far we got greatreviews, great feedback. The business is
the business. There's no like flufffrom there. But on the on the
LP side, same thing now,because I'm not on the brokerage. If

(42:12):
I want I used to broke requity, you have to be a licensed security.
In the previous firm at a divisionthey would broke a equity. They
charge a big fee because you haveto find an LP convinced them you have
a reputation risk for parents when youopen the plane. Was let me potentially
help raising of equity. And theway we were going to help potentially raise
equity is that if the LPs onthe platform and make introductions. Obviously this
market is a little things, sowe backburned that idea. What happened now

(42:37):
is that as the real estate marketwent where it went, we're getting so
many calls from LPs that and reallyit's GPS. Also what's happening is a
lot of deals went sour, nofault to the GP. They ran the
business great. There are bad appleseverywhere, but the brand and people started
to attack the general GP the badwhy do they take a floating rate?

(42:57):
Why they bought this deal and it'svery good being Monday morning quarterback and knocking
them from there. So are thebad apples? Yes? So I believe
the overwhelming did the right thing andtry to do the right thing on good
people without a doubt. So alot of them are calling and saying,
you know you parencies transparency and likeis there any tools like you know,
I realized LPs have a need.My LPs have a need that they don't

(43:20):
even know what the deals are holding. Tracking could help out. I'm getting
calls like that. So we actuallyroll out a feature. This is literally
as we speak, BEATA a fewdays ago. The official launch is tomorrow.
You know, we're on every singleproperty card, which you discussed before,
We added a button called LP andthe LP could instead of their Excel

(43:42):
spreadsheets or nothing, the LP canhave a ledger how much they put into
the deal every time they received money. When they received money, they could
then say what are they supposed toget on their next check? What's the
frequency monthly, quarterly, yearly,and then how much and then set an
alert And the alert will be inthe event that you don't update the ledger

(44:04):
when you say you're supposed to,or you update it but lower then you
said he's supposed to get, he'llsend you an alerts at least you're in
the know. And on top ofthat, it will give you live what
your cash and cash return is.Like I said before, cash and cash
and I RR and you call itthe GPZ. If I sold today lump
check B put it in, I'llcalculate it live with your IR would be
so in these scenarios. Now wegave a tool for an LP to be

(44:27):
in the know. No LP hasit. So when we're building this,
I you know, I tell peopleall the time. One of my clients
teld me that I was speaking tome about the business. How we choose,
he goes the goal in life isto help people and make money.
Some people are fortunate enough that theycould do both at the same time.
You could have another thing at workin a soup kitchen, you're helping a
lot of people, you're not makea living. Other times, you could

(44:50):
do the nastiest job, make alot of money, and you have to
only be able to help people byusing that money to do good. So
if you could be in both betsand I was staying stuff like, here's
the situation is an LP who's inpain has no way to keep track.
It doesn't make sense and to spendbig money. There's no system out there
that's LP centric. There's no systemthat has the interests of the LP of
a system. There's a lot ofsystems out there, great systems that are

(45:13):
for the GP could buy and say, hey, these are my investors.
Let them log into the platform that'sgreat for the GP view and the LP
helps. But let's say the LPjust wants I don't invest when someone has
a system, or I just wantmy own dashboards for myself like my own,
there's no system built for them.So I said, hey, here's
a win win. I could addthis feature. Some of the GP's requested
it, and at the same timemy system works because being free, so

(45:35):
you could use the way like itprices up to twenty five deals at any
time. Most don't have twenty fivedeals, and if they do, it's
one hundred thous a month theyre paying. It's not real money that that's making
a difference. But at the sametime, if that LP's on there and
they start using other tools the alsohave. There's a calculator, they can
say wow, they share it people, Hey where do you get this from?
Oh, giparency. So this cango ahead and pay marketing value.
Marketing value. It's more like it'slike the viral valve value. So like

(45:59):
the you know, I read abook years ago called The go Giver.
I would love to say, whatcan I keep building quality and quality and
giving and giving and giving and hopefullythat comes back. And so this thing
worked out. The GPS are sohappy this move. LPs love it to
have something in front of them.There's documents. They could store the documents,
they could store the notes. Theycould put an alert on the neighborhood.
An LP doesn't know anything of theboat building in Texas. I don't

(46:21):
know anything about Texas. Press thebutton on the property. If anything trades
hands in the neighbor comes to sale, they know it. They're not like
they're in the know. They geta new deal. They could use the
calculator and then a real estate Idid a real estate course. Load it
onto the side again, same freevalue. You could go through the real
estate course when you're doing using thecalculator. Even if you're a novice,
even if your acquisition analysts, youcould go through that real estate course and

(46:44):
go through the calculators by the numbersthe clients sent you, and you can
start realizing what questions they ask.I tell chat GPT. One of the
biggest things that begin the chat GPTwas you say, write a contract that
I'm buying a building. It alsodraft this contract. People wowed, you
know the first iteration of it,But you know what the interesting is in
that contract? Its left blank spaceslike mad Lives. So you knew he
supposed to ask, like, andI'll get my deposit. Will before I

(47:06):
didn't tell you the deposits. Itknew you have to have a deposit,
like you guys, go what amI missing? So when someone says tells
you investing, you get a twentyfive percent return to call your fretishi invest
Well, Capri's are buying you atwhat oh you now could take his book
O M and put into the calculatorand all this saves at the same time.
So it's the same tool. Sothe same one tool gets having in
real estate. And my goal isto get that of the GPS, the

(47:29):
heavy hitter GPS, use it allthe time and move through the funnel.
All right, I know we stillI still have around seven eight minutes left
to the show before we get backto the LP Investment Tracker because I still
want to get some more. Itsounds sounds too good to be true,
and that's really what it and itsounds like that's exactly what it is.
But it would like to room forcompetition. Yeah, he discussed that as

(47:52):
well, But how does the youknow the rates are like when you first
got into the industry around twenty fiveyears ago, the rates are quite high.
How does that factor in for anLP. I'm sure you get the
question all the time, like it'snow the right time to get involved in
real estate with the rates are high, or maybe it's a terrible time.
Okay, So I'm going to answeranother question for the LP. It's different
from the GP. So the LPwhat changes as follows three years ago?

(48:16):
Four years ago? Banks are payingzero percent LPs and make money in their
store. In their business, they'rethinking about retirements where they're putting their money.
So if they found the real estatedeal, even a story about five
percent, eight percent, nine percent, it's some money. Yeah, preferred
to terms. What are the terminologies, aren't you What's happening now is that

(48:37):
an LP could but money in thebank liquid pull it out when they want
safe four percent, five percent,six percent, three and it was all
different numbers in that range. Theysay, no something unless I'm getting a
deal that could could price out.The reason why real estate prices are nervous
going down, it's driven by theLPs part of it. They're not a
fourth, they're not doing bad,but they say I'm not going to invest

(48:58):
in a deal where you're only gonnapay me seven percent, then my money
is all liquid and then only haveto wait upside down the line. If
I come on to them on thebank at five six. It's rather secure
if five six, because I don'tknow what's gonna happen real estate, so
they're demanding more. You enough forthem to demand more. I mean,
it's a GP has to be ableto have more profit to pay. They
can't pay the same price at thebuilding right. One of the coolest features
when we rolled out this calculator,you know, and we show it to

(49:21):
someone that says, you got todo one a very important feature. I
know the return I need to make. I finished underrunning the whole deal a
couple of minutes in showed me anI RR twenty five point three. I
know that my investors need a thirtypercent. Just let any numbers make up
the number. We're just we're addingnow. With the calculates coming out and
dropping next week, we could typein I need thirty percent. It will
go back and re engineer a calculate. If that's the case, we gotta

(49:44):
pay so because that the cell says, I'm not telling anymore. So it's
a lot. It's feeding a lotless transactions. What got us to this
point. What got us to thispoint was that real estate was this opaque
business. Who wants to go anddeal tenants? Also, it's a big
issue politically in certain states. Rightthey want the government? Does I mean
not the government? They don't wantlandlord should make money and then they don't
understand the whole dynamic of everything.But so that's a level of risk.

(50:06):
Then you have so over in thebeginning, reals that kept going up,
bought a building for ten millions,for twelve millions, for fourteen million,
cashed out refinance. Everyone everyone wantsto get involved. So someone said I
don't want to take you know,GP went over to someone and said do
you want to invest in real estate? And the guy would say yes and
raise the money. Then you haveLP's approach GPS. That's the GPS.

(50:28):
I have to collect money. Ilove you, said, can I invest
with you? Why should I takeyour money for because I'm wanting to take
less than the other guy. Okay, here I pay nine percent? Do
you want to take eight? Sothey're competing against other LPs Because of that,
this GPS said have cheaper money plusrates trap plus rents went up.
So whatever got us here someth's aninteresting point. Real estate went from being
being about bricks and mortar, rightthe real estate, to financial engineering.

(50:52):
So now that real estate prices wentup, rather now that rates are up,
inflations up, everything that got ushere is exactly the opposite. It's
nerve racking through investor real estate.Sometimes people get scared, it's it's illiquid.
I don't know if I'm cashing ontwo years from now. Plazz deals
is a two years later, Iflip a house, you get it back.
I don't know if I'm getting itback that fast. You got me
to lock it for long term.I gotta make a much higher premium.

(51:13):
Now, the seller says, whoa, whoa, whoa. I was selling
this property at ten million. Youwon't offer me nine. I'm not telling
you. I don't we do withthe money in the last market, the
guys, I'm not selling for ten, Okay, I'll pay you eleven.
Now, it's just the opposite.So for an LP sometimes again, you
know, we're a few clients putthe perspective, and I agree with it,
is that a deal today is probablyif you go into it today is

(51:36):
probably a safer deal if you actuallygo into because by the time you went,
you're ready. The rates are opposesroom to go down, more room
to go down than up you calculated, the rents are not growing. It
I feel makes sense today. Itshould make sense of a time it's opposed
to few years ago. Deal works. What if a rates are gonna keep
never gonna go up, rents arenever gonna go down. Now it's the
opposite, which makes it a positive. But for an LP there's a level
of you want to make sure thatthe people you're investing with today are definitely

(51:59):
honest. Are they are they doinga deal to save themselves for another deal,
or they're doing the right deal.So you ask these questions be transparent,
all right, before I get tomy last question, just they just
to close out on the LP InvestmentTracker again, you just launched it.
It's also on the parents dot com. You go, did your parents that
kind of logging into the marketplace andyou're in and it's an app. You

(52:20):
have it as an app. Youknow it's not an app, it's it's
it's mobile. It works mobile,Go go to the go to the screen.
Right, I saw it, Butit's mobile friendly, it's all all
set up. I want to takea something that to UH to go to
an officers. People are coming tothe business. So I'm pretty active on
LinkedIn. I respond to all themessages on LinkedIn. I definitely see them.
People just want to go to otherplatforms. Because I went to a

(52:42):
bunch of other platforms, I couldn'tbe responding to the messaging there. But
I will say to an audience,if someone has a real estate question,
I will give out my cell numberand you could what's app me. I
prefer what'sapp or text I definitely seeit. Try to respond it's nine one
seven nine seven two one nine seven. I have one number. I don't
have four different numbers of different groupsand different people. And to email me

(53:06):
is irasy at your parency dot com. If it's a quicker question, probably
as an email, because then Icould afford to the right person my team
to be able to go and helpyou. And this is what my goal
is. My goal is to youknow, if I as much as I
could give back, I'd rather,like I said, if I can make
money and help people at the sametime, why do I have to go
do two different businesses? Let's doit all together at the same time.
So at your parentcy dot com it'sbuilt for that like and it's it's it's

(53:29):
mobile, it's mobile. It workson mobile. Not that great compared to
the desktop. We're can get thatbetter. But that's where it. Before
we close out the show, youknow, you also have your your finger
on the pulse and you're you know, you're known to kind of look into
the future. What are some tipsjust as we close in the last minute
or two that you could share withthe audience that kind of a trend that

(53:52):
you see coming up ahead. Weall know that those that follow you on
LinkedIn you call the chat GPT andthe AI revolution early on. Embrace it,
learn it, don't let it,you know, don't let it pass
you by. What are some othertips you could share with for whatever industry
you're in. I think that themost important thing. I think the trend

(54:16):
is going to We're going more toa world of gig economy. And I
says years ago with like with Uber, that's the best example. I have
a car. I met this guyI took an Uber really was a professional
guy. I said, you're anUber driver, Like I didn't fit in
the beginning of the stereotype. Hegoes I work in downtown. He's take
the train. I want to havea car, so I saw him a

(54:37):
zuber. I leave my house extrafifty minutes earlier. I put the destination
in my office building. I driveto work along the way rides and when
I leave, I could leave thatsecond after win on a train and I
go back home and I make moneyand it covers the cost of the gas
and the tolls and half a car. So the world we live in is
a world of like, my wholecompany is remote, and I hire experts

(55:01):
in each space. So I don'thire a marketing guy or marketing gal.
I hire what's your expertise. Weneed someone for SEO, I'm hiring SEO.
I need someone for cerro conversion,right optimization, I need someone to
do different. I hire each nicheof each person. But if they don't
use chat to, if they don'tuse them, if they're not using AI,
I'm not using them. Once ahead of the curve. So I
just think that I think is thathappened going forward? Is that a lot

(55:22):
of companies, especially if using remote, are going to say, what's the
difference if this person's working be parttime, full time, what don't where
the world is sitting. And Ithink that equilibrium is going to start coming
out through people can say I'm gonnahire for a niche. So if you
have a great niche of what youdo, then you can be able to
charge hourly for that at a higherrate. You'll have more clients and customers.
So that's coming more and more fractured, Like do I need a CFO

(55:43):
caliber or what to take fractured CFO? Do we need a CMO? Fractured
CMO? What a I missing?Take the pieces you're missing? And you
know, so I have in myoffice great coordinators, executionists. They could
execute a follow through. But thenthen it works great if you have a
high level CMO because they put theglue together and you have these I think
that's where the trend is going toSo staying ahead of the curve. But

(56:06):
no, that's where it's going togo. If you have a job,
those opportunities for you and your bossis probably looking to see what's the best
of you. They'd rather have youonly for the expertise you bring to the
table. I think that's where thetrend is the next thing is gonna come
to the time. What an incredibleshow, Iris Lotto. It's thank you
so much for joining me here onthe set on seven ten WR, the
Voice of New York. This wrapsup a great additional Mind you Business.

(56:27):
Turning again next Sunday night put anothergreat additional Mind your Business right here on
seven to ten WR. Have asuccessful week. Seven ten WR and the
iHeart Radio Network present Mind Your Business, hosted by the president of bottom Line
Marketing Group jetsaksaplis founded in nineteen ninetytwo. Bottom Line Marketing Group is a

(56:49):
strategic, creative and execution driven marketingagency helping businesses by clarifying and promoting their
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(57:14):
and marketing gurus from a wide varietyof business industries. Now Jetsok and his
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(57:38):
this podcast constitutes neither an endorsement ofthe products offered or the ideas expressed