WEBVTT 1 00:00:02.560 --> 00:00:09.039 Welcome to Economics Tata your financial Podcast. Here we will speak lightly and sincerely 2 00:00:09.119 --> 00:00:16.280 of money where together we will turn the difficult into easy and clear we will 3 00:00:16.399 --> 00:00:19.760 take our finances to another level. From now on, your numerals will be 4 00:00:19.839 --> 00:00:25.160 as if you' ve never made mistakes for a lecturing past, a healthy 5 00:00:25.320 --> 00:00:29.960 present, a promising future, and a grateful pocket. That' s why 6 00:00:30.039 --> 00:00:32.759 we' re following us on Instagram, Facebook, tiktok, linking and Twitter. 7 00:00:32.920 --> 00:00:37.600 Arroba ecoromis silver Hello welcome to a new episode more economic Tata your Podcast 8 00:00:37.679 --> 00:00:41.640 of Finance. I' m Kimberly and I' m Laura, Laura. 9 00:00:42.240 --> 00:00:47.679 What do you think if today we dedicate this episode to talking about a dream 10 00:00:47.840 --> 00:00:53.000 that has so many people, so many friends, so many acquaintances and I 11 00:00:52.880 --> 00:00:58.799 think that even you and I, for certain moments we also talk about that 12 00:00:58.880 --> 00:01:04.879 we want this structure and it is nothing more and nothing less than to live 13 00:01:06.040 --> 00:01:07.439 from rents of one invest in real estate and to be able to rent them 14 00:01:07.439 --> 00:01:08.760 to be able to live from them. I mean, my childhood best friend, 15 00:01:10.200 --> 00:01:11.599 still today' s sun tells me, I mean, I remember in 16 00:01:11.599 --> 00:01:17.200 alcohol like she said, I want to have lots of real estate and I 17 00:01:17.319 --> 00:01:19.959 want to rent it and live on it. And yet the soldier had been 18 00:01:19.079 --> 00:01:23.519 fifteen years and she still has that goal. Okay. Even today I was 19 00:01:23.560 --> 00:01:26.799 watching a story that came to me on Instagram and I sent it to my 20 00:01:26.840 --> 00:01:32.159 husband, to Marcos, that a couple at thirty retired and it was actually 21 00:01:32.239 --> 00:01:38.040 for buying rental properties properties and now they only live from those eight houses that 22 00:01:38.400 --> 00:01:42.920 have rents and see that they retired super young and I sent it to them 23 00:01:42.959 --> 00:01:46.439 as an indirect. Like, look, we got to get to the pile. 24 00:01:47.120 --> 00:01:49.560 I saw a video that I don' t know if it' s 25 00:01:49.959 --> 00:01:56.319 the same thing you had, that he was working on selling Donans in Don 26 00:01:56.319 --> 00:02:00.719 Hin Donands, in the United States, and she doesn' t know in 27 00:02:00.920 --> 00:02:06.920 a fast food chain as well and how we' ve delivered to the beginnings 28 00:02:07.079 --> 00:02:12.240 and then as they were developing a portfolio of investments in real estate, and 29 00:02:12.240 --> 00:02:15.520 they already live from that exactly they' re young too, so it' 30 00:02:15.639 --> 00:02:17.919 s really a dream that I think many of us do, especially in our 31 00:02:19.080 --> 00:02:24.319 country, that we' ve been instilled in that investments in real estate are 32 00:02:24.319 --> 00:02:27.479 the investments of the million and the most transitable. But definitely to be able 33 00:02:27.520 --> 00:02:30.719 to take the step to buy a first investment property. Gentlemen, it takes 34 00:02:30.759 --> 00:02:34.560 a lot of money, because they are this way overnight, not with two 35 00:02:34.639 --> 00:02:39.479 pesos, we have to accumulate an initial expenses also related to the loan of 36 00:02:39.520 --> 00:02:45.400 the transfer tax. I' ve wanted three percent, which hurts a lot 37 00:02:45.479 --> 00:02:47.439 and a lot of other expenses that we' ve detailed even in other episodes. 38 00:02:47.479 --> 00:02:52.800 At the start of the podcast we made an episode of loans and there 39 00:02:52.800 --> 00:02:57.039 we talked about all the casts related to mortgage loans. But, in other 40 00:02:57.039 --> 00:02:59.439 words, you have to accumulate a good money, so it is not the 41 00:02:59.479 --> 00:03:02.319 morning night and you have to consider that goal that many of us have to 42 00:03:02.360 --> 00:03:07.240 buy. Our own house and even as you say a portfolio of real estate. 43 00:03:07.280 --> 00:03:09.759 For me to live from that, but it' s not overnight. 44 00:03:10.199 --> 00:03:16.159 I need liquidity, I need capital to make that investment. But since we 45 00:03:16.199 --> 00:03:23.039 like everything innovative and we don' t like it we don' t like 46 00:03:23.120 --> 00:03:27.560 to limit ourselves to just one option. Today we want to talk about a 47 00:03:27.560 --> 00:03:30.319 Kimberley instrument, which you can invest in a portfolio of real estate. Be 48 00:03:30.599 --> 00:03:37.400 part of that portfolio with little exact captain. So, that' s why 49 00:03:37.520 --> 00:03:42.879 we' re going to bring a solution for all these people who dream of 50 00:03:42.919 --> 00:03:46.919 investing in real estate and generating a return on the rents of those real estates, 51 00:03:47.080 --> 00:03:50.240 but not with the tremendous capital that is required. Then let' s 52 00:03:50.599 --> 00:03:55.039 talk about the closed real estate funds found in our country' s stock exchanges. 53 00:03:57.080 --> 00:04:00.400 A clarification needs to be made because many people, when they hear an 54 00:04:00.400 --> 00:04:05.000 investment fund, relate them to investment fund managers, to AFFICs and, indeed, 55 00:04:05.039 --> 00:04:10.759 AFFIs are the ones who manage the day- to- day of these 56 00:04:10.800 --> 00:04:16.079 closed investment funds. But we, as investors, can do it at the 57 00:04:16.279 --> 00:04:20.480 stock markets. So there' s a confusion that many people have to say. 58 00:04:20.920 --> 00:04:24.680 Ah I went to an AFI and they told me that I can' 59 00:04:24.720 --> 00:04:27.879 t invest in a closed fund through them, because you have to go to 60 00:04:27.920 --> 00:04:32.519 a stock exchange to be able to invest in a closed fund. Exactly. 61 00:04:32.639 --> 00:04:39.639 But AFIs and investment fund managers do make up the closed fund and manage it 62 00:04:39.680 --> 00:04:46.000 as well. But it is sold only through the stalls you bowl, so 63 00:04:46.040 --> 00:04:48.279 it was already in the first step, is that in order to be able 64 00:04:48.319 --> 00:04:51.279 to invest in a closed real estate fund it is through a stock exchange. 65 00:04:51.720 --> 00:04:56.480 Now, what this investment product consists of, what it is, what it 66 00:04:56.519 --> 00:04:59.959 eats with, what it eats with those cell phone mounts well, basically to 67 00:05:00.480 --> 00:05:06.240 the objective of the closed real estate funds is to invest in a diversified portfolio 68 00:05:06.319 --> 00:05:14.399 of properties that are commercial, industrial, production. I mean, we' 69 00:05:14.439 --> 00:05:17.639 re not talking about housing. No, no, we' re not talking 70 00:05:17.680 --> 00:05:21.480 about commercial real estate. They are the AFE and they are the ones who 71 00:05:21.839 --> 00:05:27.839 make up this fund. They are in charge of buying a variety of properties 72 00:05:27.879 --> 00:05:33.720 from different industries, and these properties have a company inside that stays as a 73 00:05:33.720 --> 00:05:38.240 tenant. Then how they stay as a tenant. They stay paying a rent 74 00:05:38.279 --> 00:05:43.120 to the AFE and as they have many properties say fifteen, real estate, 75 00:05:43.959 --> 00:05:48.360 eighteen, twenty, twenty- five and furniture inside the fund are receiving rents 76 00:05:48.360 --> 00:05:53.319 by many different tenants who are business tenants. That is to say, the 77 00:05:53.360 --> 00:05:57.279 risk decreases greatly, because it is not the same for you to have housing 78 00:05:57.319 --> 00:06:01.240 properties that you know may be in arrears, you can pay to see your 79 00:06:01.240 --> 00:06:05.759 companies, which are already much more regulated and, above all, that in 80 00:06:06.319 --> 00:06:10.360 order to enter into this structure of the Fund it will be real estate. 81 00:06:10.439 --> 00:06:13.399 The company is purified as if they were a loan that they are going to 82 00:06:13.399 --> 00:06:17.279 give it, that is to say that AFFI And is also taking care of 83 00:06:17.319 --> 00:06:21.199 my money when it is managing what I invest in and I don' t 84 00:06:21.399 --> 00:06:26.079 have to have the stress of what a tenant does not pay if he paid, 85 00:06:27.079 --> 00:06:30.560 so, apart from me being able to invest with little money that we 86 00:06:30.639 --> 00:06:34.600 are going to go to the minimum amounts now, I also free myself from 87 00:06:34.600 --> 00:06:35.199 the stress of being charging the tenant, of being outstanding. If you didn 88 00:06:35.279 --> 00:06:40.720 ' t pay, no, I just got to keep putting my money there 89 00:06:40.800 --> 00:06:45.160 so that it keeps generating profitability. About you saying rents, rents paid by 90 00:06:45.480 --> 00:06:53.240 those tenants. And besides that that property is also going to generate an exact 91 00:06:53.720 --> 00:06:57.959 surplus value and how is that valid plus generated? The now let' s 92 00:06:58.000 --> 00:07:01.439 explain then now with spoons as an inverter, how you can see the profitability 93 00:07:01.560 --> 00:07:06.240 that you are generating with this investment and how eventually I will see a plus 94 00:07:06.240 --> 00:07:10.399 valie as well, just like when you invest in a property, perfect, 95 00:07:10.639 --> 00:07:14.360 then the first thing is to understand that when you invest in a real estate 96 00:07:14.439 --> 00:07:17.519 lockdown fund, you become a shareholder. Literally, you' re buying a 97 00:07:18.000 --> 00:07:21.560 piece of all the real estate that' s inside that fund. So your 98 00:07:21.560 --> 00:07:25.800 dreams just multiplied, because instead of investing in a single- tenant building sun, 99 00:07:26.120 --> 00:07:30.319 we' re talking about you investing in a diversified portfolio of high- 100 00:07:30.480 --> 00:07:35.000 quality real estate. Even that' s what I also love about closed funds 101 00:07:35.040 --> 00:07:41.600 that have properties that are too appetizing and with clauses in the contracts that if 102 00:07:41.680 --> 00:07:46.000 a tenant didn' t pay, if he paid late, because that has 103 00:07:46.160 --> 00:07:48.319 an implication that takes care of the profitability of my money, so that, 104 00:07:48.720 --> 00:07:53.839 apart from the avide, as you said at the beginning, it is very 105 00:07:53.879 --> 00:07:57.920 rigorous in which tenant to choose Or that' s not going to go Juan 106 00:07:57.959 --> 00:08:03.040 de lo Pelote, but there goes a company that is purged, that the 107 00:08:03.040 --> 00:08:09.079 Superintendence of Values has rules so that that that that closed fund, because it 108 00:08:09.079 --> 00:08:13.160 can take care of us, the investors, and it has those clauses that 109 00:08:13.279 --> 00:08:18.519 protect us in case a company doesn' t pay time, that is that 110 00:08:18.519 --> 00:08:22.560 it also takes care of the profitability of that fund and, at the same 111 00:08:22.600 --> 00:08:26.120 time, as you say, my money is not in a single property, 112 00:08:26.879 --> 00:08:31.639 but it is in different properties, that is that there also the risk is 113 00:08:31.639 --> 00:08:35.960 diversified, apart from that a tenant doesn' t pay and they are going 114 00:08:35.960 --> 00:08:35.960 to charge it a penalty, because I also compensate with the others that make 115 00:08:35.960 --> 00:08:39.559 up the portfolio exactly. So, I, as an investor, want to 116 00:08:39.559 --> 00:08:43.039 invest in a closed real estate fund. How I do it. I have 117 00:08:43.120 --> 00:08:48.080 to go to a stock market, but the fund to not be able to 118 00:08:48.080 --> 00:08:52.759 buy truth. Quotas are purchased that are small parts of all the assets that 119 00:08:54.159 --> 00:08:58.480 make up this portfolio. All of you are buying a small part that is 120 00:08:58.519 --> 00:09:03.679 called quota. The fee has an amount that can vary every day. Then 121 00:09:03.879 --> 00:09:09.600 you see that on the AFI page. Then that fee can have a value 122 00:09:09.720 --> 00:09:16.120 of, for example, five hundred thousand dollars. In those s ajá also 123 00:09:16.159 --> 00:09:20.039 in pesos ten thousand pesos but every day this varies then, as well as 124 00:09:20.039 --> 00:09:24.080 if you, for example, buy today a quota and the quota cost you 125 00:09:24.279 --> 00:09:30.840 a thousand hundred a dollar, it may be that in three days you review 126 00:09:30.840 --> 00:09:33.919 them. The quota is already at a thousand one hundred and eight and it 127 00:09:33.960 --> 00:09:35.679 may be that in a month you check it and it' s at a 128 00:09:35.679 --> 00:09:39.320 thousand one hundred and twenty. Then the quota moves, as well as when 129 00:09:39.320 --> 00:09:41.399 one buys, for example, dollar that one is buying a price and then 130 00:09:41.440 --> 00:09:46.399 is seeing another price. Exactly so, you' re buying a fee at 131 00:09:46.519 --> 00:09:48.799 a price and as that goes up, you' re seeing your profit. 132 00:09:50.399 --> 00:09:56.039 So this profit is accumulating and quarterly that' s usually when they pay you 133 00:09:56.120 --> 00:10:01.840 dividends. These dividends are not always paid, sometimes they simply accumulate to keep 134 00:10:01.879 --> 00:10:09.360 growing. But they are usually paid quarterly to your bank account and they then 135 00:10:09.399 --> 00:10:13.759 pay you the profit that the fund had at that time. For example, 136 00:10:13.840 --> 00:10:18.000 you bought a thousand hundred dollars your fee and in three months it went up 137 00:10:18.120 --> 00:10:24.720 to a thousand one hundred twenty, as you usually got paid the same twenty 138 00:10:24.600 --> 00:10:26.159 dollars that was generated and then the fee goes back to its thousandth price. 139 00:10:26.600 --> 00:10:31.039 That' s usually the case. But besides, they can also do it 140 00:10:31.080 --> 00:10:35.720 another way, which is to decide that it has added value and that they 141 00:10:35.919 --> 00:10:37.559 will pay you only. For example, it rose to one thousand and one 142 00:10:37.559 --> 00:10:41.600 hundred and twenty. They' re gonna pay you seventeen dollars for every fee 143 00:10:41.639 --> 00:10:46.519 you bought and three dollars are gonna stay in your investment as capital. So 144 00:10:46.519 --> 00:10:50.799 you had a plus worth there, too, and that' s all totally 145 00:10:50.799 --> 00:10:56.600 public. It is reported and makes sense that profitability is variable, because, 146 00:10:56.039 --> 00:11:03.480 like the portfolio, it is composed of different properties, different tenants, cannot 147 00:11:03.480 --> 00:11:07.919 guarantee us a fixed rate. In other words, the profitability is variable. 148 00:11:07.279 --> 00:11:13.879 And, as you said, you without being a client right now, without 149 00:11:13.000 --> 00:11:18.639 investing in a closed fund, you can see on the websites of investment fund 150 00:11:18.639 --> 00:11:24.519 managers the profitability of the last thirty days, last ninety days, last year 151 00:11:24.519 --> 00:11:31.399 of that closed fund. And so it allows you to compare between different funds 152 00:11:31.440 --> 00:11:35.080 and see what your best option is. Not only can you see the profitability, 153 00:11:35.360 --> 00:11:41.279 that is, how much it has generated, but also see in which 154 00:11:41.320 --> 00:11:45.080 real estate the fund has invested who the tenants are, So you can see 155 00:11:45.120 --> 00:11:50.399 all that detail to also nourish yourself from which real estate you are investing exactly 156 00:11:50.440 --> 00:11:54.080 something that you must know, in addition to the currency, truth that there 157 00:11:54.159 --> 00:11:58.080 are real estate funds both in pesos and in dollars, so the expected profitability 158 00:11:58.120 --> 00:12:01.399 of a closed fund immobile day in pesos is different from that of dollars. 159 00:12:01.440 --> 00:12:05.039 In dollars. Already you, who have heard us talking a lot about investment, 160 00:12:05.480 --> 00:12:09.320 know that the dollar rates are lower than those of the investment weights and 161 00:12:09.320 --> 00:12:15.440 also the term of the closed fund You have to know of the fund will 162 00:12:15.480 --> 00:12:20.240 be real estate usually expires long term. We' re talking about it usually 163 00:12:20.320 --> 00:12:24.919 opening for ten years, fifteen, years, twenty, years. But this 164 00:12:24.960 --> 00:12:28.000 doesn' t mean you have to stay to maturity, because while it' 165 00:12:28.039 --> 00:12:31.399 s true that you can buy it today and in a year you want to 166 00:12:31.480 --> 00:12:35.720 sell the quotas you buy, you can do it through the same stock market. 167 00:12:35.200 --> 00:12:39.559 What you do know is that you bought a price the fee, then 168 00:12:39.639 --> 00:12:43.159 you have to see what price it' s going to be at in that 169 00:12:43.159 --> 00:12:46.320 moment that you won so much in the interim of that time, that you 170 00:12:46.320 --> 00:12:48.440 had it to see if it really suits you. But usually the bag stand 171 00:12:48.480 --> 00:12:54.039 even guides you with this which is very important. That advice totally. And 172 00:12:54.159 --> 00:12:58.399 one very important thing to include is also the difference between closed funds and open 173 00:12:58.480 --> 00:13:03.399 funds, because there you said one that is maturity the closed funds do have 174 00:13:03.480 --> 00:13:09.240 maturity to ten years fifteen years, as Kimberly said, does not mean that 175 00:13:09.279 --> 00:13:11.799 you have to stay ten years and fifteen years, but that through the stock 176 00:13:11.840 --> 00:13:18.480 exchange, you can sell your proportion. You notify him and they help you 177 00:13:18.480 --> 00:13:22.519 sell it at the price of that day. But, on the other hand, 178 00:13:22.720 --> 00:13:28.240 in the open funds that we, as investors, get them, in 179 00:13:28.279 --> 00:13:33.120 the investment fund managers, not in the stock market, they have no expiration 180 00:13:33.159 --> 00:13:37.799 date. So even if you can get your money out in thirty days, 181 00:13:39.039 --> 00:13:43.559 ninety days, sixty days, in twenty hours, on working days, you 182 00:13:43.600 --> 00:13:48.840 can leave it there for fifteen years, for twenty years, and that open 183 00:13:48.080 --> 00:13:52.200 fund won' t close. It has no maturity in the case of the 184 00:13:52.720 --> 00:13:54.480 closed fund at fifteen years, if it is a fund at fifteen years, 185 00:13:54.679 --> 00:14:00.559 because at that time it closes and already the AFI and the stock exchange post 186 00:14:00.559 --> 00:14:03.399 if they are going to open another closed fund number two. So do I. 187 00:14:03.679 --> 00:14:09.759 Another difference is that, in the case of open funds, this portfolio, 188 00:14:09.799 --> 00:14:16.799 that piggy bank, mostly invests the highest percentage in financial instruments, say, 189 00:14:16.360 --> 00:14:20.799 in financial certificates, in savings accounts, high performance accounts, in corporate 190 00:14:20.360 --> 00:14:26.919 bonds, in government bonds. In contrast, the closed funds, that portfolio 191 00:14:28.080 --> 00:14:35.600 invests a little bit in these financial instruments very much, but most invests in 192 00:14:35.639 --> 00:14:39.279 the case of closed real estate funds, in commercial real estate, as we 193 00:14:39.639 --> 00:14:45.679 said, and there are other funds such as infrastructure projects that invest in projects 194 00:14:45.759 --> 00:14:50.879 such as road projects, for example, projects that drive the economic development of 195 00:14:50.960 --> 00:14:56.440 our country exactly. And another thing people need to know, tell me about 196 00:14:56.519 --> 00:15:00.960 the rate of return on those closed real estate funds. Well, Laura has 197 00:15:01.000 --> 00:15:05.279 already mentioned to them in the interrion of the episode that they are variable rates 198 00:15:05.360 --> 00:15:11.279 never assure you a profitability. You can' t know exactly how much you 199 00:15:11.279 --> 00:15:13.200 ' re going to generate. However, if there is a history of how 200 00:15:13.240 --> 00:15:20.279 closed real estate funds have behaved in our country in pesos, they usually range 201 00:15:20.320 --> 00:15:24.600 between eight to ten percent and in dollars, between four to six percent. 202 00:15:26.279 --> 00:15:33.159 These thirty skills have to be held back by ten percent of taxes. And 203 00:15:33.279 --> 00:15:37.519 they' re annual cups. Although you are paid quarterly, you understand what 204 00:15:37.720 --> 00:15:43.919 annual cup means, that that rate is going to be divided to calculate based 205 00:15:43.960 --> 00:15:46.200 on that quarter what you are going to be paid, that is, divided, 206 00:15:46.279 --> 00:15:48.639 for example, by two and multiplied by three. And you already know 207 00:15:48.720 --> 00:15:54.120 how much you generate in the quarter. And a lot of people will say 208 00:15:54.840 --> 00:16:00.320 good, but right now, right now, we' re in March, 209 00:16:00.039 --> 00:16:03.120 two thousand twenty- two, four, then people will say good, but 210 00:16:03.120 --> 00:16:03.440 right now there are better cups. Let that be in pesos. I may 211 00:16:03.440 --> 00:16:08.080 find the same ten, but in the short term or in dollars you can 212 00:16:08.120 --> 00:16:12.360 find a six, fifty short term too or in a sovereign bond that has 213 00:16:12.440 --> 00:16:17.840 a rate. Make it clear, then why you tell me about this fund 214 00:16:17.960 --> 00:16:19.519 you' ll be furniture and maybe you don' t have the best rate. 215 00:16:19.639 --> 00:16:26.039 The moment you' d tell these people, Laura, first we have 216 00:16:26.080 --> 00:16:29.519 to diversify the portfolio. Gentlemen, we cannot have a single instrument, but 217 00:16:29.559 --> 00:16:34.639 we must also diversify by type of instrument and also by deadlines. Then it 218 00:16:34.720 --> 00:16:40.879 can be with bonus have a period that is recommended to two years, that 219 00:16:40.919 --> 00:16:42.519 you, at least, stay in this bonus, in this closed fund. 220 00:16:44.000 --> 00:16:47.799 We saw that even though they have expirations of ten years, fifteen years, 221 00:16:48.320 --> 00:16:52.840 you can have your money easily and quarterly. They' re going to be 222 00:16:52.200 --> 00:16:56.639 paying you dividends and apart Kimberly, something super important that people don' t 223 00:16:56.639 --> 00:17:02.080 see right now, but we saw it when in the market in general the 224 00:17:02.200 --> 00:17:07.839 rates were super low, these funds remained with the cup rank that you commented 225 00:17:07.000 --> 00:17:14.079 on why, because they already had tag contracts, with established amounts, with 226 00:17:14.119 --> 00:17:17.640 clauses, that those companies had to keep paying those rents. Gentlemen, even 227 00:17:17.640 --> 00:17:19.599 in the pandemic you had to keep paying those rents. And, therefore, 228 00:17:19.920 --> 00:17:26.319 many investors who had invested in this fund protected their money through the profitability of 229 00:17:26.359 --> 00:17:30.839 these funds, which were not as affected as the other instruments that do depend 230 00:17:30.880 --> 00:17:37.680 on how they walk the rates in the market. Exactly from here we are 231 00:17:37.839 --> 00:17:40.640 seeing one of the big sales of real estate radio funds, which is that 232 00:17:40.680 --> 00:17:45.240 they do not depend so directly on monetary policies or do not depend on the 233 00:17:45.319 --> 00:17:49.839 Central Bank lowering the rate of monetary policy, because they are concentrated mainly in 234 00:17:49.839 --> 00:17:55.160 investments, in properties that have already fixed tenants paying a rent. So that 235 00:17:55.160 --> 00:17:57.240 ' s what I love about closed real estate funds. In fact, I 236 00:17:57.680 --> 00:18:02.759 remember in the middle of two thousand twenty- two thousand old that we were 237 00:18:02.759 --> 00:18:07.960 only talking about real estate funds, because when everything was down, we are 238 00:18:07.000 --> 00:18:11.240 talking about that there were rates at that time on long- term bonds in 239 00:18:11.240 --> 00:18:15.240 mutual that right now. Truth is supposed to be what was renting more or 240 00:18:15.359 --> 00:18:18.559 at that time they were walking on the ground four percent in pesos to one 241 00:18:19.279 --> 00:18:25.480 eighty percent in dollars and the closed real estate fund equal to five and peak 242 00:18:25.559 --> 00:18:29.839 dollars, to six and peak. At that time there were still no closed 243 00:18:29.839 --> 00:18:33.400 real estate funds in pesos because there are more than three hundred. But at 244 00:18:33.440 --> 00:18:37.519 that time everyone wanted funds was real estate deo, because at that time the 245 00:18:37.799 --> 00:18:45.119 difference was notorious. But we must not forget that in the end the rates 246 00:18:45.160 --> 00:18:48.920 are cyclical. So, now we' re at a point where we have 247 00:18:48.960 --> 00:18:51.559 still very high cups, both in fish and in dovers. But not all 248 00:18:51.599 --> 00:18:56.839 life is going to be like this. And another point is also that in 249 00:18:56.960 --> 00:19:03.079 these funds by law they have to make an appraisal of all their properties once 250 00:19:03.119 --> 00:19:08.319 a year, and this also you win with the plus worth of those properties. 251 00:19:08.359 --> 00:19:14.799 So, that range that we said, there' s a time of 252 00:19:14.880 --> 00:19:18.200 the year that shoots up that we' ve seen up to 14 percent in 253 00:19:18.240 --> 00:19:23.119 the dollar profitability rents that many people and, for example, go to the 254 00:19:23.200 --> 00:19:26.160 size website and they' re looking at a closed bottom say ah no, 255 00:19:26.440 --> 00:19:30.119 but I saw a higher return than Kimberley said, but it' s because 256 00:19:30.200 --> 00:19:34.559 it was affected postponsively in taman with the property' s plus worth. I 257 00:19:34.599 --> 00:19:37.839 mean, it' s also another way of seeing that at one time of 258 00:19:37.880 --> 00:19:41.799 year you' re also going to win so it' s increased the value 259 00:19:41.880 --> 00:19:45.440 of those real estate that the portfolio has. Yes, and in fact, 260 00:19:45.519 --> 00:19:49.119 you just touched on the subject of the risks, the risks that go with 261 00:19:49.279 --> 00:19:55.039 this product, and mainly are the depreciation of the real estate that, instead 262 00:19:55.119 --> 00:19:59.359 of being appreciated, as you mentioned, when they do that valuation that actually 263 00:19:59.480 --> 00:20:03.960 disappeared, this does not usually happen in our country, but it is a 264 00:20:03.079 --> 00:20:07.279 risk that is and what can happen then, if you go the price of 265 00:20:07.319 --> 00:20:10.559 the real estate in that valuation, your capital does be affected. Likewise. 266 00:20:11.720 --> 00:20:15.880 If there are tenants who stop paying for x or for y or withdraw from 267 00:20:15.960 --> 00:20:19.880 the property, your profitability will also be affected for a moment as long as 268 00:20:19.920 --> 00:20:25.720 they keep looking for another quality tenant to occupy the property. If there is 269 00:20:25.720 --> 00:20:29.519 a fire, even if the insurance resolves, but there is an interim, 270 00:20:29.920 --> 00:20:32.680 a lapse where the profitability can also be affected. So all of these risks 271 00:20:32.720 --> 00:20:37.799 must also be known about the risk of the variable rate. Yeah, well 272 00:20:37.920 --> 00:20:41.279 maybe a person who lives off the interest, who' s already pensioned, 273 00:20:41.559 --> 00:20:47.119 retired, and he' s going to put all his capital in a fund 274 00:20:47.119 --> 00:20:48.960 will be real estate, because maybe you' ll say it' s not, 275 00:20:49.319 --> 00:20:52.079 because we' re talking variable rate. You. If you need that 276 00:20:52.119 --> 00:20:56.880 income for your medicine, for your food, to pay the electricity for transportation 277 00:20:57.359 --> 00:21:02.720 and you don' t get the amount you expected, it will totally set 278 00:21:02.720 --> 00:21:06.720 your life apart. So, for those cases, not now to diversify, 279 00:21:07.279 --> 00:21:11.359 for also, that is, not only in product, but also in currency, 280 00:21:11.039 --> 00:21:17.559 to diversify in dollars, seems to me a product too good, too 281 00:21:17.559 --> 00:21:22.200 attractive. It allows you to diversify to a large extent because of that very 282 00:21:22.279 --> 00:21:26.799 reason, because you are investing mainly in properties that are diversified, which are 283 00:21:26.799 --> 00:21:29.440 not only in one sector, but are from different sectors. You also have 284 00:21:30.119 --> 00:21:33.119 the advantage of having an AFI and managing it that it is not I who 285 00:21:33.240 --> 00:21:37.039 have to call a tenant, Lords, that I have a property that is 286 00:21:37.119 --> 00:21:45.400 good. I had truth that it was my first real estate with my husband, 287 00:21:45.359 --> 00:21:49.319 which was the property that we moved from there to buy where we are 288 00:21:49.359 --> 00:21:53.200 living now, we left it rented in the intering. Then we sold it, 289 00:21:53.480 --> 00:21:59.039 but the tenants stayed inside the property. So I know the total numbers 290 00:21:59.200 --> 00:22:03.599 is real. So, when we did the calculation of good, we bought 291 00:22:03.640 --> 00:22:07.920 the property at such an amount and we' re renting it. We' 292 00:22:07.920 --> 00:22:12.480 re renting it so you guys know a thousand hundred dollars a month. When 293 00:22:12.519 --> 00:22:18.559 we multiplied that by twelve and subtracted the maintenance we were paying for. We 294 00:22:18.599 --> 00:22:22.279 ' re talking about the profitability of income per tenant only being a six- 295 00:22:22.759 --> 00:22:26.160 and- a- half, right, but the tenant was calling me all 296 00:22:26.160 --> 00:22:30.960 the time. Look how damaged such a thing looks like the bathroom key looks 297 00:22:30.119 --> 00:22:34.720 at that heater. Then all the time. I' ve got the trot 298 00:22:34.720 --> 00:22:37.799 upstairs and thank God, I' m out of it. For now I 299 00:22:37.799 --> 00:22:41.960 ' m happy I don' t have an exact property. But yes, 300 00:22:41.119 --> 00:22:47.920 I mean, that was the truth, a tedious time, because the truth 301 00:22:48.000 --> 00:22:51.519 that I would say that if I went back into that business, having rented 302 00:22:51.559 --> 00:22:56.440 properties that eventually good, because I wanted to hire someone who manages it exactly. 303 00:22:56.079 --> 00:23:00.440 You pay him a percentage for that and that' s just a discount 304 00:23:00.559 --> 00:23:03.839 on your profitability, that that' s used a lot in the United States, 305 00:23:04.000 --> 00:23:07.160 like there' s people who charge you say ten percent, eight percent 306 00:23:08.079 --> 00:23:14.839 of that rent they' re going to get, or that' s what 307 00:23:14.839 --> 00:23:18.400 they rent engarbnb and so you can have, because imagine those people who own 308 00:23:18.480 --> 00:23:22.000 eight real estates and you have eight cats there calling you unless you do that. 309 00:23:22.079 --> 00:23:26.440 If not. Here' s an emerging business about that, too, 310 00:23:26.640 --> 00:23:29.559 but I think we' re still at the point where we don' t 311 00:23:29.559 --> 00:23:32.039 want to win it. We all say that no mother is not going to 312 00:23:32.039 --> 00:23:36.799 negotiate another person, but when you think about it, you may be able 313 00:23:36.920 --> 00:23:40.920 to have even more business and take care of another person for that or more 314 00:23:40.920 --> 00:23:42.759 property. Of course you' re going to have more time and you' 315 00:23:42.880 --> 00:23:48.000 re not going to have the deal all the time a call like you say 316 00:23:48.039 --> 00:23:52.920 totally and also one thing you can ask about the risks is what happens if 317 00:23:52.920 --> 00:23:56.480 the fiquiebra. I lose my money well, first of all the AFI and 318 00:23:56.519 --> 00:24:02.079 remember that it manages those properties that portane, but they don' t own 319 00:24:02.759 --> 00:24:07.759 that one of those properties. The only owners are the contributors. You who 320 00:24:07.839 --> 00:24:11.480 decided to invest in that closed and real estate fund, because you own it. 321 00:24:11.559 --> 00:24:12.960 Kimberle who put a proportion, she' s a dream too. I 322 00:24:14.000 --> 00:24:17.640 put in another proportion, I own it, too. But the AFI doesn 323 00:24:17.680 --> 00:24:21.480 ' t own this. The AFI charges a commission that is already so net 324 00:24:22.079 --> 00:24:26.880 of the returns that you see on your website. And if the AFI breaks, 325 00:24:27.000 --> 00:24:30.920 then there are two paths that the Superintendency of Values, that excellent, 326 00:24:32.079 --> 00:24:36.920 that regulates them, then makes the decision. One way is to pass the 327 00:24:36.960 --> 00:24:40.920 portfolio from that closed fund to another AFI and everything is still the same. 328 00:24:40.960 --> 00:24:45.839 They communicate to which stock exchange you change your investment and so on, but 329 00:24:47.200 --> 00:24:52.839 the whole remains the same after and the other option is good, because it 330 00:24:52.880 --> 00:24:59.240 is already finishing the contracts, seeing the penalties they have to pay and so 331 00:24:59.279 --> 00:25:03.279 on and how much has been generated to date and paying each investor what it 332 00:25:03.319 --> 00:25:06.200 touches that day. But remember, AFA doesn' t own that portfolio. 333 00:25:07.079 --> 00:25:11.599 We' re the only ones who own it. Yes, then also what 334 00:25:11.640 --> 00:25:15.400 is required to not be able to invest in a fund, real estate serradio 335 00:25:15.400 --> 00:25:18.519 again from a stock exchange post. A brokerage account is required. Gentlemen, 336 00:25:18.519 --> 00:25:22.559 you know, you' re pro on this, but for whom you don 337 00:25:22.599 --> 00:25:26.039 ' t know, who' s listening for the first time to an episode, 338 00:25:26.039 --> 00:25:29.559 a brokerage account. It' s like I' m your customer profile 339 00:25:29.640 --> 00:25:32.960 at a stock market. It' s like it' s your card in 340 00:25:33.039 --> 00:25:37.240 the stock market. You need it 100% to be able to invest it 341 00:25:37.279 --> 00:25:41.599 opens with your identity card, the document that justifies how you earn income, 342 00:25:41.119 --> 00:25:45.480 whether it' s a work letter or if you' re independent, with 343 00:25:45.599 --> 00:25:49.880 checks, invoices, movements you count and also to be seen in those movements. 344 00:25:49.960 --> 00:25:53.680 He tells you about the last three months how you generate revenue. That 345 00:25:53.759 --> 00:25:57.440 ' s enough for you to sign some forms. Those forms can see you 346 00:25:57.559 --> 00:26:03.039 at home. There are some that allow you to complete it online and sign 347 00:26:03.079 --> 00:26:07.519 it online digital signature and ready it. That' s what your account is 348 00:26:07.519 --> 00:26:11.119 open for. It does not entail any cost of opening or maintenance and from 349 00:26:11.119 --> 00:26:14.759 there you can invest, not only in the background will be of furniture, 350 00:26:14.799 --> 00:26:18.839 but in all the products that offer you the stalls, That is to say, 351 00:26:18.880 --> 00:26:22.079 you do not have to be with a paperwork of contracts of everything real 352 00:26:22.240 --> 00:26:26.319 estate that have a folder there with each of those, but that digitally you 353 00:26:26.480 --> 00:26:32.279 can already once you are a customer, you can manage everything by email and 354 00:26:32.400 --> 00:26:36.279 apart every month also comes a state of account of how your investment is going. 355 00:26:36.680 --> 00:26:40.240 Yeah, that' s always good to monitor clearly I love it, 356 00:26:40.480 --> 00:26:41.200 because above all you get excited when you' re going to watch generate. 357 00:26:41.319 --> 00:26:47.880 So clear well, then let' s see some questions we asked in the 358 00:26:48.039 --> 00:26:56.920 instagram to see what doubts they have about the closed real estate funds. Minimum 359 00:26:57.000 --> 00:27:03.920 amount of investment of bread from which fund you will want to invest. Usually 360 00:27:03.200 --> 00:27:08.720 a fee is the minimum amount, but a fee can be worth a thousand 361 00:27:08.720 --> 00:27:11.960 hundred thousand, two hundred, one thousand three hundred depending on the fund. 362 00:27:11.400 --> 00:27:15.079 There are others who have a smaller minimum mount than there are five hundred dollars, 363 00:27:15.319 --> 00:27:18.640 since it depends on the bottom, but usually between five hundred and a 364 00:27:18.799 --> 00:27:22.960 thousand and a thousand dollars the minimum mount. Income can be generated by both 365 00:27:23.039 --> 00:27:27.880 appreciation and interest. Yes, I mean, you can generate for those dividends 366 00:27:27.960 --> 00:27:33.119 that are going to be paying you every three months and apart for the surplusity 367 00:27:33.119 --> 00:27:37.119 of those properties. Two ways to see how your investment is going is with 368 00:27:37.200 --> 00:27:41.519 that profitability you see on the websites and also with what Kimberley told them at 369 00:27:41.519 --> 00:27:45.160 the beginning of the value of the quota. That' s where you' 370 00:27:45.319 --> 00:27:48.079 re going to see how it' s increasing the value of that fund' 371 00:27:48.119 --> 00:27:52.680 s share you' re investing in. Exactly another person asks I have a 372 00:27:52.680 --> 00:27:56.519 conservative profile. They' re a good choice for me. If you have 373 00:27:56.559 --> 00:28:02.519 a conservative profile, you' re probably not going to put all your capital 374 00:28:02.559 --> 00:28:04.519 in that background, but you' re going to place a small proportion to 375 00:28:04.519 --> 00:28:07.480 get to know the product. You know the risks here. It' s 376 00:28:07.519 --> 00:28:12.480 a variable counting product. The profitability you generate can vary considerably. Even in 377 00:28:12.480 --> 00:28:18.319 some moments you can reflect it as negative and this may be normal, but 378 00:28:18.319 --> 00:28:22.240 I mean, it' s processes that are cyclic. Then it returns to 379 00:28:22.359 --> 00:28:26.640 its positive state and if you didn' t cancel at that time that negative 380 00:28:26.640 --> 00:28:30.440 didn' t affect you. That' s super important because many times people 381 00:28:30.519 --> 00:28:34.519 see the profitability of a single day and look negative and you want to go 382 00:28:34.559 --> 00:28:37.119 want to leave and look no. No. No. No. No. 383 00:28:37.240 --> 00:28:41.480 If you leave, then you will materialize a loss, then the ideal is 384 00:28:41.720 --> 00:28:47.960 you to stay there, to go negative. A day in the background closed 385 00:28:47.960 --> 00:28:52.839 real estate. It doesn' t mean the other twenty- nine days of 386 00:28:52.880 --> 00:28:56.000 the month or, the other months, that you can last there in that 387 00:28:56.000 --> 00:28:57.319 background. And no, and anxiety is real. I remember in the two 388 00:28:57.319 --> 00:29:03.480 thousand twenty- one I don' t know in two thousand twenty- one 389 00:29:03.640 --> 00:29:07.279 in the middle that there were some clients who wrote to us Laura said hey, 390 00:29:07.279 --> 00:29:08.480 it' s negative. I' m leaving the bottom and we' 391 00:29:08.480 --> 00:29:11.039 re not. No, don' t expect it to come back up. 392 00:29:11.079 --> 00:29:15.720 Don' t take out the money because they materialize the loss. They materialized 393 00:29:15.799 --> 00:29:18.440 the loss because the anxiety did not let them see that negative and in the 394 00:29:18.440 --> 00:29:22.079 end they invested again in the closed fund. So, gentlemen, since you 395 00:29:22.119 --> 00:29:25.440 know the basis, that you know the theory, some know how it works, 396 00:29:25.640 --> 00:29:29.160 you don' t have to have anxiety. When you see or negative, 397 00:29:30.480 --> 00:29:33.160 you also ask which is the best in dollars. We are not going 398 00:29:33.200 --> 00:29:37.039 to tell you never look at this is the best investment instrument, but you 399 00:29:37.119 --> 00:29:41.400 always have to compare. Likewise, when you are going to get a service, 400 00:29:41.519 --> 00:29:45.599 a product, you compare several options. Likewise when they are going to 401 00:29:45.599 --> 00:29:51.400 invest, then there are different closed real estate funds, both in pesos and 402 00:29:51.400 --> 00:29:56.079 dollars. Ideally, you compare without being a customer. You can publicly address 403 00:29:56.319 --> 00:30:03.599 certain investment fund management websites and compare their returns and properties they have invested in. 404 00:30:04.640 --> 00:30:10.200 We' ll leave you the AFI list for in the episode description, 405 00:30:10.720 --> 00:30:15.440 so you can compare two or three and the funds closed. But remember, 406 00:30:15.559 --> 00:30:19.039 here you can only see profitability. As clients. You have to go to 407 00:30:19.039 --> 00:30:22.039 a stock exchange and tell him ah look. I want the closed bottom of 408 00:30:22.200 --> 00:30:29.240 such an exact AFI. And one last question. They say when you invest 409 00:30:29.279 --> 00:30:32.920 in real estate funds you can get ownership of the property. No, ma 410 00:30:33.000 --> 00:30:34.960 ' am No, as much as that means, you' re going to 411 00:30:34.960 --> 00:30:40.240 be buying a piece or all the real estate that' s inside the bottom, 412 00:30:40.920 --> 00:30:44.599 but isn' t it that you' re going to have signed up 413 00:30:44.640 --> 00:30:45.519 for, truth, on the contrary, that it' s real estate that 414 00:30:45.519 --> 00:30:45.799 ' s in that commercial square is yours? No, no, no, 415 00:30:45.920 --> 00:30:48.839 you' re being shareholders of the fund, you' re going to buy 416 00:30:48.920 --> 00:30:52.319 a little bit, you' re going to benefit from all the rents, 417 00:30:52.559 --> 00:30:56.640 but you' re never going to have a signed contract that such a property 418 00:30:56.640 --> 00:31:00.440 from such a place is yours. And well we' ve come to the 419 00:31:00.440 --> 00:31:03.200 end of this episode. I hope you have learned a lot about the truth 420 00:31:03.440 --> 00:31:07.559 that this product is quite attractive. Most of all, we' ve already 421 00:31:07.599 --> 00:31:11.680 heard in the interint of the episode. When the cups don' t walk 422 00:31:11.720 --> 00:31:17.480 like rats are now still, when everything is regularized, when the rate of 423 00:31:17.559 --> 00:31:21.799 monetary policy drops a lot when everything in the low market, the Fund will 424 00:31:21.799 --> 00:31:23.759 be of a furniture. It is a great alternative for your investments, because 425 00:31:23.839 --> 00:31:29.079 we already know that it does not depend so much on the rate of monetary 426 00:31:29.119 --> 00:31:33.759 policy or the economic situation, but rather on tenants, who are high quality 427 00:31:33.759 --> 00:31:37.920 tenants. Totally so you counter with when the cups go down, which is 428 00:31:38.039 --> 00:31:41.680 estimated to go down, because you already know that this is your time to 429 00:31:41.720 --> 00:31:47.279 soak up this instrument and put a little of your portfolio, of your savings 430 00:31:47.680 --> 00:31:52.519 in these closed funds, either in pesos and dollars, so don' t 431 00:31:52.799 --> 00:31:56.319 be alone with this episode share it. I hope you' ve had your 432 00:31:56.400 --> 00:32:00.799 libretto and that from now on you can compare two or three closed funds to 433 00:32:00.880 --> 00:32:04.599 include it in your portfolio. See you next goodbye, Chao.