Thank you Debbie.

That's that he said that
it is a family business.

My father found it forty years ago and
he started from scratch and

created this paper with his ation but
we'll get into that a little right or

read a bit about me in the few the proud
native Atlantans born and raised here

actually not far from where we're standing
and I've been in the industry for

time for fifteen years and if anybody's
involved in the family business.

You know you enter that business
at both it comes home at night

if you want to see your father or
mother or

whoever's in the business you've got
to get to the business to see it.

So I've been around it.

My entire life and
it's been an interesting

trip and as deadly said I
did start from the bottom.

Literally my first job was actually

knocking down drywall in an office
building on Peachtree Street.

One of my cohorts taught me how
to run through the rock walls and

missed the studs was not a fun
second job as a groundskeeper and

I suddenly moved my way up and I literally
have held ever almost every position

when I wouldn't say from the ground up and
we'll talk a little bit more about that.

How important I feel
that doing that process.

Starting at the bottom and
working your way up.

I have a bad science
school in construction.

From southern tack.

So I can relate to some of
the classes I'll take not often and

read and study said where the builders
were developers first round.

Writers we do it on some.

Matter so a few of us left in the way
that being able to do everything

in-house as a privately
held company right.

Getting to the fun stuff I start
with the RIAA feel so important.

Started to bottom out when you get down
from here you are going to offer jobs

no doubt about it at a fantastic school.

You know it's real when our jobs

are to be offered not necessarily entry
level jobs as I see it it's not me

picking up cigarette butts on
a property can be offered somewhere

about that it's important I feel it's very
important to understand what the person

thinking of the server about every day
because if you're going to be responsible.

Don't take that is literally as
it sounds because you might not

have anybody here in the company
that picks up a cigarette.

But if you're going to be asked to
manage that person you have to know that

person's job and
you have to take everybody's

job be able to read up
into what you do but

it's probably one of the most profound
things I've learned over the years is that

I've dealt with a lot of people that
ended up in middle management that

have never had jobs grow that and they're
telling all these people what to do and

that person is NO idea what that person is
supposed to be doing because they've never

had that job many ways to figure out what
that person has without having a job but

it's just very important to do so.

So you can make your own
decisions as to how to better.

Whatever it is you're doing.

If you're going to be a general
contractor you need to know how

your subs do their job.

I was happy managing checking their work

if you don't know what
they're supposed to be doing.

I mean you're probably hear me say that a
few times today because just I'm a product

of it and I think it worked well but
I also think that is probably one of

the things society misses in life and
one of the things that lot about

Georgia Tech is they either require or
recommend strongly let you go get a job

during the summers are going to have
to augment the educational process.

Debbie gave me a list of questions because
I was kind of like I would like to talk

about here you have
are probably in your teens and

twenties and you get a smack of your
system every bit older than that

but you know you go through life and you
learn things but how do you sit down and

talk about which it's actually more
complicated than I thought but

the key things that I have
known one of them being

when I was in school was a lot of
projects worked with teens but

it typically ended up where one
person really got a lot of work and

a bass kind of tagging are all
right well it's got leadership

and that's how leadership and
falls over time but it's

when you get into the work
environment working your way up

was one of the most important
things because it's

not all about the leadership and
who's in charge not stuff but

if you get your team on
the same page to do a project.

Whatever it may be you're
not going to get anywhere.

That's the first thing that
you're batting heads and

I haven't all inevitably the guy who has
the ability to give you that promotion.

If you say I could but he has with
you I'm going to give you promotion.

So teamwork is kind of the crux of

everything in the business environment.

If you can't work in a team
environment anyway to be a leader

which is obviously what we all
want to be a great follower.

That's OK to everybody
can't be the leader so

experience has taught me how important is
that to be able to deal with all types.

You know you've got to
be able to do the dolly.

All the way from the Dalai Lama can see
right in that meeting him one day I'll go

back to the guy picking up cigarette butts
you have to be able to deal with different

cultures you have to really
deal with every different

race different sex different every
Thanks Rob different around the edges and

you got to be able to take all that and
make it work to your advantage.

So that way that is a huge thing
that I the other thing I lined

is that school that everything

is a crucial piece of rebuilding Iraq and
how you're going to be it teaches you

how to find things at a frank
how to work with others

right is taught in a classroom is
very is it's not very different but

it's very it is very different from
what happens in the real world.

You're in an isolated scenario
in a school environment school

has dicey like you because we don't have
the resources to throw you into a job and

monitor you while you're working on a job
just how it works around how families

are really put together in the here and
help all the different

aspects of everything you've learned
throughout your life comes together.

And if you're one of the people
that are fortunate enough to

work on enough time you
start to get that feel.

Yeah I will miss in school but
this is not what they're doing out here.

One of my favorites is
some business classes

I taught they say well here's
the textbook of how you do it.

This is how you get through and
do a budget or you do a business model and

I don't want anything like
what I did in school but

what you learned in school gave
you the ability to go from what

you know in school today are very very
quickly versus having one have process.

So really teaching out of the real world

works which there is no
textbook on that it's kind of

I know this is probably the most
everybody who hears it's like parenting

mission a textbook preparing you figured
out as you go rock is no different.

Life is no different.

You just take the pieces that
you can relate to the different

function your life and try to apply
it to actually trying to kind of push

another thing

I learned from this is
from the family business.

I have I'm going to work for
my father two things went through my head.

Ron writes us is great.

I got the leg up on that company on up and
running and some that the other

flip side is it's my father's company and
I got to see my father every day.

What I wanted and

it took me a lot of this I did not want
to miss the first day on my job is even

though it was my father he wasn't going to
give me a job because what my last name

was I had on it and I had to work quite
as hard as the next guy around that same

position because I was assigned in
the I guess the battle to that story.

I don't care what anybody
tells you you have to own it

how you want that it's a whole separate
discussion but you have to own everything.

There's no give me source no
handouts in the real world and

it's you got to get in there and dig and
you got to be wrong to do the dirty work.

Don't be one of the fallacies I
see with a lot of my generation

when they came out of
college educated person.

I don't I can go ask
somebody else to do that.

I don't need to do it.

My philosophy is if you're willing to ask
somebody else to do something you better

be willing to do it yourself because
that person might not be there tomorrow.

You might have to do it but
it also shows that I'm not asking

you because I think you're beneath me
recession because I got to do these other

things that that battle speak volumes
if you were to write doing that.

You know even to this day.

Well I'm the chairman and I don't have to
worry about some of the nit picking stuff

I dealt with hiring somebody that
was I guess threat levels but

one of the other day and I said Why do
you wear that he's a person I'm a person.

It's important to me this is a company
it's more than making money and

I'm going to get in there in a way it's
very very important that everybody

around she sees that over time we'll get
into companies big or small when you

have that person sitting out there that's
got to get it's like that's beneath me and

you also see that that person can be
a lot more except successful if they

didn't take that attitude because people
would be willing to do more for them.

You know

back to the kind of cover that
having been here I understand all

aspects that is you know everybody's job

from start to finish especially Can
you not know every nuance but a.

When you can do bad.

You are going to be much better position
to make good judgment calls into decisions

because you're going to die all
the ramifications of what you're doing

the next thing I see by me questions about
anything and you have got to stop me

both things happening where I don't
bother me to have questions or

comments as we go to the next thing
I want to talk about as mentors.

I had my father as a mentor which my
father did a lot of great things and

he was a decent mentor

cracked one of the things I found that
hampered me in doing that is I got one.

If you with thanks and only one here.

I was I had one mentor who was my father

routed me most about him because
I lived with my entire life.

Second thing is I'm working with him so
I have no outside exposure and

he took me a lot of worry about.

Finally I need to deal with people
not only outside of the company but

outside of our industry because there's
no one individual that is an expert

on all the topics you're going to
address in whatever you do in life

you have to get the full
exposure because ultimately if

you're successful you're going to be
one of the top making decisions in

with the exposures of multi
disciplines and different people.

You're not going to have the information
needed to make that decision.

So it gives you a much broader perspective
of the pieces to the puzzle but

you've got to add in one other thing with
the different mentors I found his and

my father was a very expansionary
person keep expenses

Spence's down never really
talked about revenue.

Talked about expenses.

Well you know what revenue
is pretty important and

without the revenue I don't care what your
expenses are you're not making any money.

You know you've got to find that balance
and I'll tell you it's difficult to find

a balance a mentor say the people that
are willing to commit the time to you and

I know when I started and
you know what I was working for

I don't even know you know
what different aspects.

I want to but I'll tell you if you
think you want to be find a G.C.

mentor find a finance mentor and
find some as marketing

basically but that relates to as
a business person a marketing person and

somebody specific to what you
do if you can find those three

you'll be able to do
anything if you listen and

it's in the persons of quality obviously
the quality of the person is crucial.

So you get you just got to start the
process now you come across people today

that you will want to spend some
time with help me around with X.Y.Z.

in five years from now
you say you know right.

I doubt Brown the person I want
to tell a different direction.

I need to replace that person mentor

sure it's very important mentorship
comes in very different films

for different people.

Sometimes it's just too bad you sit
there at night drinking a couple beers

talking about crazy stuff you come
up with some really great ideas

sometimes it's that gray haired
guy who's seventy years old and

has created a billion dollar company
just kind of feel your way through it.

Any questions

on the worse next topic is challenging.

Challenges Rewards of entrepreneurship.

I guess the overall picture of
entrepreneurship is make it

real well it's not showing up enough and
I mean you there isn't a between right but

you're doing a lot taking
a lot of risks for the right.

There's got to kind of manage

you've got to kind of decide inside
yourself if you're an entrepreneur or

not it's not your career is a risk taker
you're taking everything you have and

putting on the line to try to
create something you believe in and

the risks are huge and
I will tell you the way to better.

I believe in entrepreneurship.

I think it's the greatest thing
as I say some size back but

not everybody is cut out for it.

Not everybody has the ability to do it.

It's

entrepreneurship really

takes it goes back to mentors it's

not a doesn't want to be a trooper
entrepreneur you cannot just be

OK I'm a software designer and I got this
great products I'm going to market with.

Well you got to build do a business to do
that you have to do marketing to do that.

So you can be the best engineer in the
round in fail as an entrepreneur a perfect

example today of failed
entrepreneurs is home builders and

I'm not talking about the credit markets
and all this other stuff I'm talking.

I just bought a house.

So I've been running through
the process on my third builder now.

But what they do there's

a lot of builders out there
today that build a one hundred.

Product but they have no idea
how to manage a business if

they would just take the time to partner
up with somebody that knows about business

because these guys don't have a creative
type they don't want to be with us.

But the business guy I gather.

Everybody wants more you have the other
side of Homebuilders where they know

about the business and they just try to
cut corners I would I can't increase their

profits and then their customers mad
at them and they go out of business

a lot of the big challenges of

becoming an entrepreneur is today's
market value as well as capital.

It takes money to do it.

You can't just start receiving and

create something off I mean it doesn't
necessarily mean you have to have

one hundred million dollars in the bank
account to be an entrepreneur.

It could be a few thousand dollars but
you have to have some capital and

a big part of entrepreneurship is
managing risk in my world of apartments.

Every time we're going to deal
whether it's a development deal or

an acquisition we have to say I'm going to
have to put X. amount of dollars then is

it worth my risk an effort at
the end of the bag to do this deal.

And if I run out of it is not
quantifiable it's a gut check.

Take this risk of raising X. amount
of dollars on the table rocking away

from it or actually losing more than what
I'm putting on the table to begin with one

of the things you can do to help
manage risk in the entrepreneur

environment is systems and

processes and
what I mean by that is there's

a lot of things will be humans have to
make judgment calls about in business.

Computer can't do it for you.

You can hire it out to consultants and
everything else but

there's just a lot of decisions
humans have to make it if you take

those processes and apply them to all
the things that are Monday in routine

like you know approach a solar system
where it's done the same way every time

you don't need to think about
the process create that process and

the time I like the model I like
use is manufacturing model.

Whatever you can throw into manufacturing
model throw it in there put it on the back

of the back shelf because you're
after updated every now and again but

put it away and worry and
take your time and effort on

the things that matter creating revenue
creating concepts and selling the product.

Whatever the item may be and

the other part of the main
engine the rest that

I want to my father's mistakes I
was lucky I had added advantage.

Stick with what you know too many
times I see companies fail because

you know let's just say they were
in they built industrial plants.

Well they said I'm in a good place for
twenty years I got it down.

I'll do some different.

So I start to see a family business.

There are some similarities between it but
they're completely different.

It's a different sub-S. it's a different
knowledge base is a different product

base there is much more that's different
than some of your financing is different.

Over the last

four years our company has been in
apartments which we're still running.

That's where what we've always done we've
done many stories we've done shopping

centers.

We serve laptop computers.

I mean you name it we've done it but
I want to.

Truly successful we haven't
lost a lot on any of it but

then I want to truly been successful
as apartments because we understand it.

So it's very important to stick with
what she can run environment and

that's where we bring in other people that
are experts in those areas to help you

with that piece and
it's right now to talk a lot

about my father because he said he was
a and I kind of know the industry but

he he was a graduate from
Georgia Tech mechanical engineer.

He worked in Apex supply.

He had air conditioning and I think
that building when he finally dabble

in a little bit was pretty good with his
hands and everything so he figured out how

to do it and then he said I'm paying
somebody else to manage my assets

myself and I doing that where he was
smart this instead of trying to do it

himself he hired someone to do it had some
of that I was an employee was an expert at

managing partner and so on and so forth.

That's how the game is kind of played and
that's where it's hard not to think you're

an expert of everything because
if anybody in here has met so

light as an expert in everything I love
to know the names I'd love to meet them.

I've never met that person may
not exist but they have not.

It's just there's too much to know about

discipline in the news

to try to do the multi-discipline
wanted to vidual I mean it's

possibly that we have three companies
where an operator builder or

developer also an owner so you can
say there's four companies really but

they all want to find the same
type of doing with the.

Same thing on the dairy gave me a run.

That's one of my favorite topics
especially sitting here at six o'clock at

night when I have a wife and
two kids and I don't know how to

balance work social family live
work play type of scenario.

I'm thirty eight years old and
I'm just starting to figure it out.

I mean it's hard it's really hard but

it takes a very strong individual
high energy to actually do it to make

it to the kids baseball games and soccer
games plus you know be productive and

also keep the wife happy or
the husband half a day.

It's a it's it's one of
the hardest things I have had

to especially considering
all of us are at.

So most people in this room are saying and
it's I worry about myself I have to write

about emails and you spend most of
your life that way and then you flip

a switch and you're married and that's
what you have kids and you're working.

So different environment and
the reality is I don't think there's

a complete right now I have
I know a lot of people

that have decided you know what family and
social is the most important to me.

So as long as I make X. amount of dollars.

I'm really happy and I'm going to move
on when you have the other extreme.

I want the fifty million
dollars in the bank account.

So I'm going to have to give
up some of the family stuff

that the other guy found important and

I grew up in an environment where my
father worked eighty ninety hours a week.

I didn't see him suffer right
before bedtime about the only

time I got to see him he created
something with his life and

he somehow raised us to understand freedom
from values and that's that's where the.

It's comes in to play.

I love that doesn't have
to be mutually exclusive.

It has to be understood that I

might go life is to make a lot
of money but I want a family.

So how do I do that you can't do it.

You can't be ultra successful
in Russia lucky and

win the lottery or invent something
that nobody's ever invented for

you're not going to be you're not going
to have the ability to make tons and

tons of money without putting in
the time there is a relationship there.

It's a little easier today where you can
work from home but you're still going to

spend time away from the house and
it's just you

got to take those breaks even if
you want to be the billionaire

you have to take breaks in line with
your family to deal with the social or

whatever because if you have one
without the other it's not a lot of

fun but

the reality is to be ultra successful
you're going to spend less time

with your family but
you can work and work so

less now than in the last year
I have a five year old kid.

Yes but I go home at five o'clock every
day and I get back to the office and

seven but at least I get to come
home with my kids or my wife and

spend quality time with them and you
know have a drink whatever the case may

be whatever I want to do I can do that and
still go back and do what I need to do.

It's it's about a fish and sea of time and
working in the process and

really understanding what you
want what's important here.

What's not in there's nothing Whitney
anywhere that everybody's got to make

a fortune and as we all know
the reality is not everybody does.

It's got to decide in yourself
what is more important.

If you like both of them find
the balance and I'm not happy.

We do make a lot of money but

you are going to spend quality
time with your family.

Yes

you're right you're right.

One of my favorite questions now.

Absolutely not.

If anything they are flat to down.

I'm sorry.

The question rise since
the housing crisis has

our occupancy gone up and about the family
sector the answer is No it is flat or

down almost across the board but
not everywhere.

There are some places that have gone up
and the reason is is all these houses and

condos that are not sold are now winter's
that's one piece which we call the shadow

market that is now a competition I
wasn't there six months or a year ago.

So we have more competition than
the other thing we're finding is

what Along with this housing
crisis that went on.

We're having you know expenses
are up people have lost money.

You know to pay for their weight or
anything else for that matter.

So they doubling up tripling
up moving back home.

So your question is
great because when this

was all starting as an industry
I think we got really excited.

We were like OK coming back out.

Yeah that's what we were like that but
the reality was it was not a because it

was all this product on the market but
did not sell here.

So we have to set a lot of those
are now when I was in our capital.

Yes

I repeat the question the money
we invest I had a question was

on capital investments and deals with
how do we expect to get his return.

I mean you're asking the wrong guy.

I expect that the roof.

You know I've heard I
think that most people

were looking first price seven percent
ten percent return with the exception.

You know that's the private sector.

Now you have the hedge funds and
all those guys that were shooting for

twelve thirteen fifteen percent which
actually yeah you can give them those were

times but
then the deal actually doesn't work but

when you have a seven to ten percent.

We're trying to day's market.

You know what the way I personally look
as I try to compare it to if I had that

money and I had it in the stock market.

Not this week or
last week I had a stock market.

What kind of turn could
I make every time and

it traditionally had
been about seven percent.

You could guarantee it would go up to
twelve percent or down to five but

your average was somewhere
around seven percent and

that's where that number
drives from today.

I think really to accept five

percent as compared to what
else I can do with my money.

It's always a balance of if I
didn't invest in this project.

What would I do with that money elsewhere
and we have to balance the risk

with a piece of it and I'm going to take
that risk versus taking my mattress and

we're not growing at all which
obviously I'm in the business I am so

that's kind of where the US.

Well more or less I did I mean I want
to be a contraction like the frog went

to the back of the family to college if
I wanted to come to that Mary Madison I

kind of looked and how when I was going to
school when I didn't get then I did it out

pretty quickly and
that my back up was construction and

my actual plan was to go work somewhere
else for a five year period of time

which for you guys and family business
whoever the family members in the company

that's probably the one time rockets
coming off a benefit to go work so much.

I did not do that and I think it's very
important because you end up in a glass

house you know what I mean outside but
yeah I pretty much knew

I was at some point whether it was right
out of college or something down the road.

I wish I really wish I would've taken at
least five years elsewhere doing whatever

but I got the phone call from bad saying
yeah I know that's what we agreed to but

to that I need you.

Today which is there's always
a story of why they need you today.

I mean

really serious water

fire that we have but

if we have site managers that obviously
just deal with that proper I mean we have

a we you know a company called regional
managers that have two thousand and

three thousand units in
the portfolio college degree.

We have not required but
when I started in this business.

We had zero point zero college graduates.

In our company

people that had college degrees did
not want to get into our business.

Most of the armed people came from

in college living in an apartment
I need to make a few extra bucks.

Only some units and I just stuck with it.

That's where most of our waste came
back and today we're at where I'm

actually I'm going to start tracking
that exact thing does a cut.

How does a college degree of
fact performance out of the job

and there's another lady
that I know that has

a similar company Doris that has
tracked that for the last two years and

she has seen a significant
difference in performance positive.

There's a positive part of this
part of the reason is this.

It's a very complicated business to
understand you know we have a system.

You know we're very computer driven
you've got to understand finances

you got to understand maintenance you
had understand building construction but

understand rather awful weather
in the valley maybe like yeah.

Here's how the process works.

Basically a property manager on site

is down for our company managing between
a ten and fifteen million dollar asset

their responsibility they you know with
and play matters of budget not policies or

procedures they are control no
different than a franchise.

Well there's differences I should
say there's no difference.

There's minimal differences.

So they can then you know when
we get to the budget process

the way we do it is the first
budget is created on site.

We don't tell me you tell me what you
think you can do in two thousand and

nine and put on paper.

And they did that in the regional
gets worse and they go through and

make sure everything makes sense and

then it goes to the management team
of the company and request our ship.

And what we found over the years
because we're getting a lot of feedback

from the mayor saying I'll just change
all of that is why we not only do that.

Well we found as we had signed
the original one in the one it's

finally put it was very real differences
and I changed personality allocators on

the bottom line is basically yeah they're
pretty much in control of the asset

within the confines of about his analysis
of procedures they can't go out and

repay the property but
they get to make their decisions

on marketing dollars they
get to make their decisions.

You know what she would start to get ready
to write in which she wants the night and

up until recently they chose they've
got to choose what the rental rates

are we just saw last class A top with
that it was revenue management and

automated systems so
that they do have a bit of control and so

that's why the dynamic has changed to
where basically you're running a major

corporation on your own you're dealing
with all the employees on top of all that

question question was how long before I
think the real estate market turns around.

I think it's trying to be up
to three years like three but

it's going to start trying to move me
away from what's going to happen here is

if you go back to ninety
nine two thousand rallies

people made fortunes in the technology
sector about say that in the state sector.

They're going to get weighted by twenty
thirty forty fifty cents on the dollar.

And I have the wherewithal to hold onto it
until we come out of this in three or so

years and it's going to be worth two three

times what they want to have so you're
going to start to see a turn now for

those that do have liquidity and capital

to go invest in real estate now they're
going to start buying up everything.

Aren't we the gentleman who runs my
management company now we're having

a conversation right before I
came here about this subject when

I was Warren Buffett I would go by
every different housing development in

the country because eventually they're
promised all good locations and

eventually it's going to come back.

It has to it's just a matter of how and
when do I think it's going

to come back to what it was two years ago
and now I don't think what was happening.

Two years ago made sense.

What was happening to our
profit from it unraveling.

Yeah but I didn't set myself to I'm
going to pay a premium for an asset.

Just because there's so
much cash in the market.

I'm not with that but I'll sell my
assets in that kind of market and

I buy so that you're going to I think it's
Christabel that's just my opinion and

I think that's what's going to happen but

it's different

every day is the fear of the question
what is what it would allow I do every

day it's different every
day is the holistic cancer.

You know I'm one of these that I'm hands
around I deal with management issues I do

with operational issues and
I'll deal with all of my right off basis.

Not that I'm trying to run a piece of it.

I'm just trying to give my knowledge
back to whoever's dealing with it but

I'm not you know I look I'm looking at.

Else trying to see if I want to do
when I try to find new deals today.

I also spend a lot of my
time currently with for

a three peat and
nonprofit organizations like I

spend a good bit of my time with apartment
associations state local and federal

and you know I feel all of those that I do
are very important for what is like for

a therapy I think it's very important to
do and I think everybody should do it.

It's part of my crew work and

I think the same thing with
the apartment associations.

If they found out you
know I do apartment so

she Asians because if I'm not doing
you know I'm afraid nobody else is and

it's just going to better our
industry to do such a thing and

I've just got to keep pushing forward and

it also sounds kind of bad we
think of philanthropy but business

comes out of business you know you know
I'll be sitting at a charitable events and

I say you know I just want you in the real
estate business I got this going on.

You want to put it up on it happened so
you know it's strange how

this happens because this happens because
the relationships you are dealing with

Association or the charity or whatever
people see you in that environment

Yeah that's got to be just passed by
a good guy because he does the stuff and

that's not why I do things but
it is a byproduct of doing that

licensed

in Georgia Florida Alabama Mississippi.

I'm not sure
South Carolina South Carolina.

Well I have no words for
the idea that look at all.

Per square foot on a square footage basis.

We have about eight thousand units
that goes back to the commercial.

Yeah.

Right right right.

But we're currently
looking at number five.

But that's another thing
you know when I was

talking about we have sticking with what
you know don't spread yourself too thin.

We had two hundred eighty.

I think is eighty six units
in Plano Texas trying to

manage a property from which I have eight
hundred miles away and it doesn't work.

Now if I had a thousand years there could
open up an office is a different story but

that's in the real estate racket
it's got to be a small world growth

when you talk Geographic because you've
got to be able to set up some core stuff.

Well to do it.

It's not every night you
know you're there with

it's not it's not very different.

It's not a lot different

downs where you have to do the same
similar research to be able to go into new

markets right Mississippi we have
six hundred units in Mississippi.

We were lucky we would never going to say
because exactly what you're referring to.

So my our system manage their assets
there we ended up buying the assets so

we knew the markets we
knew what was going on.

It's the same deal you hear where
I mention that we're looking

at a fair market and that's
Maryland Maryland is very different from.

It's part of the south face of
the last round I understand it's for

the Mason Dixon line but
it's operates more like the Northeast.

So it's very different and it scares me
because I don't operate in the Northeast

the dynamics are completely different
your customers are different your numbers

are different structures are different but

your rents are over ten times what they
are here so you know there's give and

take that's when you got to be big deal.

John about it.

We you know we've been going for
thirty years and

we've added on over forty years we've
been going up and from the markets.

Usually it's fairly professional right in

this case the rate is about double and

the land cost is about double
what we're used to doing right

now they're not double you
know you to double the land.

I operating expenses you're going
to end up in L.A. and New York.

But is it twenty or
thirty percent more than

that when our budget we try to keep

operating expenses on

a per unit basis at about
four thousand units or

less it just is a lot of
it depends on taxes and

insurance the rest we
can control fairly well.

Besides taxes should you have
one other thing that really

drives your expenses to match or a char.

What you have to pay somebody New York
City is very different than what you pay

me Jackson said because your
cost of living so different so

those are really the things
that drive that.

Yes interesting question

the question is Where do I see
like company ten fifteen years.

I see my company doing exactly
what it's doing right now.

I see us doing that.

Basically the same thing right.

I believe that we will have
about ten thousand units we're

dealing with versus eight thousand and
then we kind of stay put.

Right there and there's a magic to the ten
thousand between seventy five hundred

about twelve thousand units overhead is
about the same as well go to the top and

create the efficiencies of doing that but
we'll still be

doing the same amount of works for us that
work for everybody but it works for us.

Yeah you tweak it at the time.

So what's going on there.

We're going to keep no
we're doing you know and

I just want to we can we
are looking at the markets because

one of the things in this is one
of the reasons we ended up in four

different states is if you have all
your assets in one geographical area.

If that we want to down here in trouble.

So we wanted geographic diversity and

we continually work with
I can't tell you how many

times I've been in North Carolina
South Carolina Tennessee trying to get

into those markets figured out but
with the distance with physical distance.

I can't have one of my region or is
spending a day or two week going to tell.

See from one property a gate
just it's very inefficient.

So you know I go back to what I
said earlier if I had a thousand

units in any one of those markets or
even if I had a thousand units in

Dallas Texas about that the Dallas Texas
market is where we needed to be and

I could have a regional
there now law office.

I do it.

That wouldn't scare me.

It's the you know having one here one
neighbor and having no control over

the assets anybody else.