WEBVTT 1 00:00:00.120 --> 00:00:04.639 Hello entrepreneurs, how are you welcome to one more session of start- up 2 00:00:04.679 --> 00:00:09.279 Scoffi Tolks Finance Division, where, in company of mac Bness Flow, we 3 00:00:09.400 --> 00:00:13.880 bring this podcast for you, where we will talk about issues of investment, 4 00:00:14.919 --> 00:00:20.960 finance, entrepreneurship, business and also the importance of how we could bring our 5 00:00:21.039 --> 00:00:27.679 investment business to the real estate, local buildings, houses as a source of 6 00:00:27.760 --> 00:00:31.199 important diversification in that wald management of your business, business or natural person. 7 00:00:31.920 --> 00:00:35.799 And for that we have today a great guest who comes in our company from 8 00:00:35.799 --> 00:00:39.920 Buenos Aires, Argentina, that today we have three good guests, two cohs 9 00:00:39.960 --> 00:00:44.359 and a guest, of course, he is called Miguel Doffy, who is 10 00:00:44.399 --> 00:00:49.399 an investor and expert in issues of roll State as real estate intermediary that will 11 00:00:49.479 --> 00:00:51.960 tell us all his experience in the subject today after this presentation. So we 12 00:00:52.119 --> 00:01:11.519 start right now welcome to Stark Cups Cutty Tolks, the first podcast designed by 13 00:01:11.599 --> 00:01:18.480 the incubator and accelerator of Stark Cups companies and conducted by Alejandro Lomas. Our 14 00:01:18.560 --> 00:01:23.239 main objective is to connect more entrepreneurs with the ecosystem of innovation and penture capital 15 00:01:23.319 --> 00:01:29.560 in Mexico, Latin America and if licon Valley, while we enjoy together a 16 00:01:29.719 --> 00:01:38.599 delicious cup of coffee, we start very well, because now we will start 17 00:01:38.680 --> 00:01:42.640 and I love him from the divinida. First of all, my cohobosts both 18 00:01:42.959 --> 00:01:48.200 Augusto Anekini and Mauro Ferreiro, who not only became as they are boys, 19 00:01:48.560 --> 00:01:53.000 Hello ale a pleasure to be here with Mauro and Miguel, friends all friends 20 00:01:53.079 --> 00:01:57.519 today, so it is to see. If we learn anything from Real State, 21 00:01:57.959 --> 00:02:00.159 you are pleased to be with all of you again Mauro. Likewise, 22 00:02:00.159 --> 00:02:06.400 on the contrary, it seems a pleasure that from Mexico and also from Argentina, 23 00:02:06.879 --> 00:02:13.039 we are connecting with employers, entrepreneurship, investors to always let them know 24 00:02:13.120 --> 00:02:15.360 good news of what they can do. And this occasion is no exception, 25 00:02:15.840 --> 00:02:21.319 because I want to give Miguel Doffin, an expert in Real State, who, 26 00:02:21.759 --> 00:02:23.680 from Buenos Aires, Argentina, is going to tell us a little bit 27 00:02:23.840 --> 00:02:28.680 about all that experience in this important area that, in fact, we have 28 00:02:28.800 --> 00:02:32.879 never taken as such a reference in the podcast. We always talk about digital 29 00:02:32.879 --> 00:02:38.560 investments, about the venture capital stock exchange, but we haven' t taken 30 00:02:38.639 --> 00:02:40.520 up the issue of land. We have not taken up the subject of the 31 00:02:40.680 --> 00:02:45.560 most traditional investment, which has human beings since we have known each other to 32 00:02:46.199 --> 00:02:47.120 invest in land and I welcome them. Hey, Miguel, Miguel, how 33 00:02:47.120 --> 00:02:52.639 are you welcome to Startus coffy tolks hello Alejandro, thanks for the invitation, 34 00:02:53.879 --> 00:03:00.639 but to play them a little guide to the world. Very fantastic, Miguel, 35 00:03:00.919 --> 00:03:06.240 hey, we' re starting with this podcast talking about investments in the 36 00:03:06.319 --> 00:03:10.159 real State. First I will like to know where Miguel doffy comes from how 37 00:03:10.439 --> 00:03:16.599 was your great incursion into this world, to investments and also to the subject 38 00:03:17.240 --> 00:03:22.560 of placing support people to become a real state, in a real estate on 39 00:03:22.719 --> 00:03:25.120 land houses. Let me talk a little bit about you where it comes from. 40 00:03:25.240 --> 00:03:30.840 How you formed in your career to get to this point. Basically by 41 00:03:30.240 --> 00:03:37.520 profession, I' m a lawyer, but the right kind of bore me, 42 00:03:37.879 --> 00:03:42.120 so I' m on the marketing side. I started working in a 43 00:03:42.159 --> 00:03:46.599 company related to the real estate world, so that was like my first steps. 44 00:03:47.639 --> 00:03:54.520 Then I lived in a small town in Córdoba, Argentina, and there 45 00:03:54.639 --> 00:04:01.879 my sister started with her own furniture. I started playing. I liked it, 46 00:04:02.319 --> 00:04:04.520 and that' s where I got in good. Now I have my 47 00:04:04.639 --> 00:04:14.319 own real estate business, always with the aim of trying to help people make 48 00:04:14.400 --> 00:04:18.839 the money invest. I can do it the best way, because it' 49 00:04:18.920 --> 00:04:28.879 s generally quite a lot of money you invest and a mistake can cause a 50 00:04:29.319 --> 00:04:31.519 maybe quite big damage. That' s interesting,' cause I' m 51 00:04:31.600 --> 00:04:35.000 looking at a little bit, your biography, your ball where you talk good. 52 00:04:35.079 --> 00:04:39.600 Today you are a real estate broker who already with many years of experience, 53 00:04:40.360 --> 00:04:44.680 but your professional training comes two areas. First, lawyer, he is 54 00:04:44.680 --> 00:04:48.240 an expert in the parts of law and law, where it is very important 55 00:04:48.240 --> 00:04:53.199 when making an investment, especially in land issues. And above all, you 56 00:04:53.319 --> 00:04:58.680 are also a marketing expert, where selling is a great quality to support those 57 00:04:58.720 --> 00:05:01.560 who are perhaps placing. Your Comes a piece of furniture to sell it, 58 00:05:01.759 --> 00:05:05.759 rent it to an option of these or also for you to reach these real 59 00:05:05.759 --> 00:05:10.600 consumers. This perfect client has served you a lot these two races, or 60 00:05:10.680 --> 00:05:18.000 these two main professions you have for the time of that real estate broker, 61 00:05:17.560 --> 00:05:23.160 clearly to give marketing. The better the sale, the easier it gets, 62 00:05:23.560 --> 00:05:28.600 because people know you. And if people know you, it' s a 63 00:05:28.639 --> 00:05:30.480 lot easier to make a sale, so, on the side of that, 64 00:05:30.680 --> 00:05:35.319 conciir clientes para me, si contra me serves And, on the other hand, 65 00:05:35.560 --> 00:05:42.879 to be able to reach buyers or potential stakeholders, if you apply web 66 00:05:43.040 --> 00:05:47.079 marketing, it becomes all much easier, So that, on the one hand, 67 00:05:47.279 --> 00:05:50.399 was a great point in favor, in fact, marketing on the moon 68 00:05:50.439 --> 00:05:57.160 I like most. And, on the other hand, in terms of knowing 69 00:05:57.160 --> 00:06:02.319 the law, knowing how the legislation is applied and more in Argentina that the 70 00:06:02.680 --> 00:06:06.720 legislation is valid, it comes back all the time. It is useful, 71 00:06:08.040 --> 00:06:14.680 because that generates confidence in potential buyers and sellers, also one who perhaps knows 72 00:06:14.759 --> 00:06:17.720 a little more than the traditional broker who, although he has had legal subjects, 73 00:06:18.319 --> 00:06:23.639 it is not the same good to be a lawyer, to have studied 74 00:06:23.680 --> 00:06:29.720 some subjects. So, at some point, those two topics have sweated me 75 00:06:29.720 --> 00:06:32.879 up and brought me up on my day to work. That' s fantastic. 76 00:06:33.639 --> 00:06:39.639 I can tell you that in Mexico, one of the great investors that 77 00:06:39.639 --> 00:06:44.800 everyone knows worldwide, Carlos Slim, made his great financial legacy and his great 78 00:06:44.839 --> 00:06:48.680 legacy of investments beginning to occupy land when in the time of the thousand nine 79 00:06:48.879 --> 00:06:54.600 hundred and seventy, where we would not yet have the world to Mexico as 80 00:06:54.680 --> 00:06:59.399 such with our Free Trade Agreement, as a large part of investment was to 81 00:06:59.399 --> 00:07:03.040 compare land. At that time, I remember that it was relatively economic and 82 00:07:03.079 --> 00:07:08.600 there were crises in Mexico and he began to buy first a land, this 83 00:07:08.600 --> 00:07:12.480 way, from a building, this way. He took them almost bankrupt and 84 00:07:12.639 --> 00:07:16.000 today, thanks to those investments, he bought much of the historic center of 85 00:07:16.040 --> 00:07:21.279 Mexico City And well, those time places are worth millions. You, as 86 00:07:21.319 --> 00:07:26.839 an expert on the real state part, what would you suggest to those people 87 00:07:26.839 --> 00:07:32.319 who are interested in investing their capital, because it is important to make investments 88 00:07:32.399 --> 00:07:36.720 in land issues as well. To give the first thing is that you have 89 00:07:36.800 --> 00:07:46.079 to be patient and you have to know how to find the opportunities because to 90 00:07:46.079 --> 00:07:56.279 give On the one hand, you named Carlos Link, who is clearly in 91 00:07:56.680 --> 00:08:00.720 another galaxy that ordinary people taking out houses like that say, always present themselves 92 00:08:00.720 --> 00:08:03.920 to opportunity. The point is that the opportunities as they present themselves, go 93 00:08:05.040 --> 00:08:09.439 away quickly, so if you see an opportunity, a property, you don 94 00:08:09.480 --> 00:08:13.439 ' t have to doubt it much and you have to take it and how 95 00:08:15.120 --> 00:08:20.399 you get to those opportunities and having runners and muleros friends, why, because 96 00:08:20.519 --> 00:08:22.399 those opportunities don' t usually go to the general market. Well, one 97 00:08:22.439 --> 00:08:31.080 finds out and comments to the innermost circle. That, on the one hand 98 00:08:31.120 --> 00:08:37.519 and on the other. Also and going again about Carlos Liam trying not to 99 00:08:37.720 --> 00:08:41.440 do what everyone else does, because if everyone buys in one place and you 100 00:08:41.600 --> 00:08:48.159 ' re probably late. If one buys in a place where no one buys, 101 00:08:50.279 --> 00:08:54.519 and probably this early, the theme is how early one is about, 102 00:08:56.440 --> 00:09:01.679 one twelve, if it is indeed at some point they will jump, because 103 00:09:01.840 --> 00:09:07.960 there are places that never give. He bought and there was a good difference 104 00:09:07.039 --> 00:09:15.200 with big investors like Lina being able to see the future and achieve that. 105 00:09:15.639 --> 00:09:18.320 I believe that, as you comment here, seeing the future is important. 106 00:09:20.320 --> 00:09:24.159 We have here an expert in the economy, Mauro Ferreiro, who I would 107 00:09:24.240 --> 00:09:28.600 like to ask you what you are telling me to see the situation in Argentina 108 00:09:28.600 --> 00:09:31.759 right now. Argentina is going through a stage. Let' s call it 109 00:09:31.759 --> 00:09:37.039 growth, after many years of economic trouble. Of course, they are still 110 00:09:37.039 --> 00:09:39.840 on those issues, but there is already a change. Not this issue of 111 00:09:39.919 --> 00:09:43.000 government. I think it' s going well just what you hear. You 112 00:09:43.000 --> 00:09:46.039 will tell me, however, whether you are an Argentine or a foreigner. 113 00:09:48.840 --> 00:09:52.200 Mauro, what do you think about investment issues if we could start investing in 114 00:09:52.200 --> 00:09:56.559 Argentina right now, because there are fantastic things. Argentina is a formidable land, 115 00:09:56.720 --> 00:10:03.639 beautiful places, landscapes, what would be in your strategy, as an 116 00:10:03.720 --> 00:10:07.960 expert in economics, for someone to be able to invest in these places in 117 00:10:07.000 --> 00:10:13.480 Argentina today. Well you remember that in the previous podcast we were talking about 118 00:10:13.519 --> 00:10:16.799 the price of the square meter, at least in the autonomous city of Buenos 119 00:10:16.799 --> 00:10:22.240 Aires, which were at a historically important opportunity because at the price level it 120 00:10:22.279 --> 00:10:26.480 was again at a low historical level and sorry to bring the above theme. 121 00:10:26.519 --> 00:10:30.840 But it made me remember a lot, as you talked to Miguel and gave 122 00:10:31.360 --> 00:10:33.480 the example of Slim, that there is a well- known phrase that is 123 00:10:33.480 --> 00:10:37.519 historical, that is, when there is blood on the streets. Buying properties 124 00:10:37.679 --> 00:10:43.519 a super historic phrase that without going to the extreme or having to wait for 125 00:10:43.639 --> 00:10:48.519 a civil war or an event of that style, it is before disruptive events 126 00:10:48.559 --> 00:10:52.840 where properties fall sharply in price for a matter of expectation. It may be 127 00:10:52.919 --> 00:10:56.519 a good opportunity to uppse re- enter the real estate market. That' 128 00:10:56.559 --> 00:10:58.960 s a bit what Miguel said. If everyone is already buying and you are 129 00:10:58.960 --> 00:11:03.200 the last one to buy, it is probably focusing late on the party and 130 00:11:03.600 --> 00:11:11.039 the opportunities are in finding those moments of time, space where the probability that 131 00:11:11.159 --> 00:11:18.080 the price will rise the value of the property you buy is interesting. Argentina 132 00:11:18.120 --> 00:11:24.159 is hyperconcentrated in Capital and Buenos Aires. There is a huge opportunity at the 133 00:11:24.200 --> 00:11:26.600 territorial level in the rest of the country, but it depends again on infrastructure, 134 00:11:28.159 --> 00:11:33.759 security, services, employment. There is a large population and productive matrix 135 00:11:33.759 --> 00:11:37.480 of population policy that must be changed in order to exploit the Argentine territory. 136 00:11:39.080 --> 00:11:43.000 To plenary commenting on what they recommended, what you say, remembering the past 137 00:11:43.080 --> 00:11:48.120 few that we made of investments, we talked about as an opportunity that investing 138 00:11:48.200 --> 00:11:52.360 in real strete is extremely good and Argentina is an important moment. Sure, 139 00:11:52.080 --> 00:11:54.600 and I guess it' s the same thing as Mexico. Security issues affect, 140 00:11:56.320 --> 00:12:03.399 perhaps even climate change issues in areas that may have snowed before, and 141 00:12:03.440 --> 00:12:07.720 today there is less or no. I saw now I wear too much to 142 00:12:07.759 --> 00:12:09.399 love the versions. But one thing that' s clear to me is what 143 00:12:11.120 --> 00:12:13.840 you say if everyone' s buying and everything' s the last one buying 144 00:12:13.840 --> 00:12:16.879 you' re late. No. You' re probably already late. No, 145 00:12:16.200 --> 00:12:20.360 then I guess so. Just like the theme of the beat coins. 146 00:12:20.799 --> 00:12:22.159 When you see everyone buying you haven' t bought, it' s just 147 00:12:22.200 --> 00:12:24.279 that something' s going wrong with your decision- making. We' ve 148 00:12:24.320 --> 00:12:28.559 got to do the rapid tomastions here. I would also like to ask Miguel 149 00:12:28.600 --> 00:12:33.000 to see Miguel, if you, as an expert in the part of the 150 00:12:33.080 --> 00:12:37.799 roll state decisions, would recommend an investor who has a management of his portfolio 151 00:12:39.360 --> 00:12:45.320 of investments. Say hey I got leftover capital you' d tell her there 152 00:12:45.399 --> 00:12:48.960 are good options to invest. Look, I propose you make short- term 153 00:12:50.039 --> 00:12:52.279 investments first, this, medium- term, this or long- term, 154 00:12:52.600 --> 00:12:56.720 which will be part of your suggestion to convince a person who can invest or 155 00:12:56.799 --> 00:13:00.840 make a good investment in real estate network or is. That' s obviously 156 00:13:00.840 --> 00:13:05.720 going to depend on what capital it has and what its objectives are. But 157 00:13:05.759 --> 00:13:11.759 to see what it is if you go to Buenos Aires, basically what is 158 00:13:11.799 --> 00:13:16.600 land does not remain so much and now and what the person has to think 159 00:13:16.679 --> 00:13:22.000 is whether he wants to buy to make a building or not. There are 160 00:13:22.000 --> 00:13:24.960 areas that are in demand, there is a counter demand and it is sold. 161 00:13:26.879 --> 00:13:31.000 The issue that is happening today is good, good news is that inflation 162 00:13:31.000 --> 00:13:37.879 is falling, but wages have not yet settled, so there is still certain 163 00:13:37.960 --> 00:13:43.519 that it may be happening. The cost of construction is high or about$ 164 00:13:43.679 --> 00:13:50.000 1, 300 a metre, so if you don' t buy land at 165 00:13:50.120 --> 00:13:54.480 a good price. Clearly it will not be able to roll the egg, 166 00:13:54.120 --> 00:14:00.360 the demand the price the investor needs to earn money, but does nothing. 167 00:14:00.759 --> 00:14:07.559 Basically that on the one hand. On the other hand, there' s 168 00:14:07.559 --> 00:14:11.480 the good thing. The investor may buy an opportunity value, because clearly, 169 00:14:13.600 --> 00:14:16.759 opportunities are not so easy to get. And besides, there are investors who 170 00:14:16.799 --> 00:14:22.639 say I want to house my money in a real estate. At least in 171 00:14:22.679 --> 00:14:31.120 Argentina. It never occurred to any Government to confiscate or anything like immovable property, 172 00:14:31.600 --> 00:14:39.159 which is known to have happened. So, the Argentine, particularly has 173 00:14:39.279 --> 00:14:45.360 a lot to be able to touch his capital, which is to touch the 174 00:14:45.440 --> 00:14:48.799 real estate mule, to touch the cement, the brick is told here then. 175 00:14:50.279 --> 00:14:52.879 Another thing that is happening now is that the rental market is getting a 176 00:14:52.919 --> 00:15:00.919 little settled, which is relatively good news, because there is more balance in 177 00:15:00.919 --> 00:15:07.639 the issue and what I always say is an investor buys a property to rent 178 00:15:07.679 --> 00:15:11.720 who deals. That' s what he hires. A third person does nothing 179 00:15:11.799 --> 00:15:18.039 on his own. Every investment is at risk. Clearly, you have to 180 00:15:18.399 --> 00:15:22.639 see every investor what he wants to do. And a third point too that 181 00:15:22.799 --> 00:15:28.639 one always warns. Obviously, the Argentine has it more clearly or not. 182 00:15:28.799 --> 00:15:31.320 Sometimes I don' t. Therefore, but if one, a graph of 183 00:15:31.399 --> 00:15:35.399 the properties, Buenos Aires was born over the years, it is a rise 184 00:15:35.480 --> 00:15:41.679 and bafa both in quantity of sale of properties and in values. In two 185 00:15:41.720 --> 00:15:46.919 thousand seventeen, two thousand eighteen had credits and could see difference with Mexico. 186 00:15:46.480 --> 00:15:52.279 In Mexico, if it is not wrong, the credit market as it does 187 00:15:52.320 --> 00:15:56.000 not mean a blunder, but once hear it as twenty percent of the pdé 188 00:15:56.080 --> 00:16:02.039 me a very high number. Well, here' s zero mortgage credits. 189 00:16:03.320 --> 00:16:06.879 Four months ago, the credits came back. He' s watching now. 190 00:16:07.240 --> 00:16:11.759 But the last time there was more massively was two thousand seventeen, two thousand 191 00:16:11.759 --> 00:16:17.159 eighteen, the values were up here. Credits disappeared, crisis in Argentina, 192 00:16:17.759 --> 00:16:22.679 etcetera. The values went down, down, down, and it' s 193 00:16:22.679 --> 00:16:27.159 about October last October, in November they began to stagnate. After going down, 194 00:16:27.960 --> 00:16:32.960 then the first thing I could say is a good time to buy a 195 00:16:32.960 --> 00:16:36.360 prioric. If Argentina is always cyclical, it is going to be so, 196 00:16:36.440 --> 00:16:38.960 that is, now we should go here. The issue is how much, 197 00:16:40.799 --> 00:16:45.039 when and if it really happens, maybe now would be a good time. 198 00:16:45.799 --> 00:16:48.480 Which I don' t know if the moment I have to sell, the 199 00:16:48.480 --> 00:16:53.360 person will be here or he' ll be down here. Maybe unlike some 200 00:16:53.480 --> 00:17:00.240 other country, everything is a little more stable. Then you buy there when 201 00:17:00.279 --> 00:17:04.400 you have to walk to Prior and you won' t lose money here. 202 00:17:04.400 --> 00:17:07.599 You don' t know everyone can make a lot of money or they can 203 00:17:08.119 --> 00:17:12.759 lose money or that. That point is interesting and sometimes there is a little 204 00:17:12.799 --> 00:17:18.000 fear, not because not having confidence in the type of investments when I consider 205 00:17:18.079 --> 00:17:22.839 that the real state is as sure as there can be, at least in 206 00:17:22.880 --> 00:17:29.200 our Mexican culture that there is nothing safe here either. However, if I 207 00:17:29.319 --> 00:17:33.880 don' t want to risk it, we buy land, we buy a 208 00:17:34.119 --> 00:17:37.200 house, some building, something. Physically not and, in fact, of 209 00:17:37.200 --> 00:17:40.799 the culture of Mexico, of investments in quite a lot of land. If 210 00:17:41.160 --> 00:17:45.920 I see many people who are investing in land and leave it there for five 211 00:17:45.960 --> 00:17:52.039 or ten years and break up tomorrow, do a split or make a house 212 00:17:52.039 --> 00:17:56.400 or already sell a higher price. I see it as an even many entrepreneurs 213 00:17:56.480 --> 00:18:00.119 who have that management of surplus capital for the most part. I don' 214 00:18:00.200 --> 00:18:04.519 t want to abuse or give us any nonsense, but I can assure you 215 00:18:04.599 --> 00:18:07.880 that more than ninety percent of their investments go to land. Surely not, 216 00:18:08.200 --> 00:18:14.640 because there is also a lot of ignorance on issues of investing in shares or 217 00:18:14.759 --> 00:18:18.720 not, because here the market. Besides, I totally don' t know 218 00:18:18.799 --> 00:18:22.599 if or if a soul- merduals very small like there' s no education 219 00:18:22.599 --> 00:18:26.359 about that. What does happen here is if the band people did it because 220 00:18:26.480 --> 00:18:30.119 they can' t touch it. The thing is, you don' t 221 00:18:30.119 --> 00:18:32.680 always win. That' s what I want to make clear. So, 222 00:18:32.920 --> 00:18:36.559 in Argentina, you don' t always win. It can make a lot 223 00:18:37.480 --> 00:18:41.279 of money, which in other countries may not happen, as it can also 224 00:18:41.319 --> 00:18:45.559 brown something important that is surely also happening in Argentina. You use, you 225 00:18:45.559 --> 00:18:49.839 will tell me in Mexico the big, well, the, the best places 226 00:18:49.920 --> 00:18:57.160 and I talk about places like beaches or very traditional beautiful ancient villages. Those 227 00:18:57.200 --> 00:19:02.880 who are investing are not Mexicans, they are foreigners, usually Americans, Canadians 228 00:19:02.920 --> 00:19:07.079 or one that another European only have in capital. Then they arrive, they 229 00:19:07.240 --> 00:19:11.559 buy and everything rises automatically. So, for a Mexican, it becomes almost 230 00:19:11.960 --> 00:19:15.480 impossible to buy his prices. I guess in Argentina I don' t know 231 00:19:15.480 --> 00:19:15.960 if it happens right now. But if it' s not what' s 232 00:19:17.079 --> 00:19:21.279 going to happen, because those nice places, the big world capitals, are 233 00:19:21.319 --> 00:19:23.200 the ones that come and dominate the markets. All so dollars, all so 234 00:19:23.240 --> 00:19:27.720 euros and on time everything is going to be on gene issues. Also here 235 00:19:27.759 --> 00:19:33.279 I would like to ask you at ease, as an expert, taste in 236 00:19:33.359 --> 00:19:41.319 business wat management issues and that you handle those financial issues of your business clients 237 00:19:41.559 --> 00:19:45.240 usually suggest when there is a surplus capital without investing in land in the long 238 00:19:45.240 --> 00:19:49.519 term. There we also connected a little bit with what Mauro De has brought 239 00:19:49.680 --> 00:19:53.960 and the previous podcasts. Sie master of diversification. So yes, yes an 240 00:19:53.960 --> 00:20:00.039 excellent important that we make stocks and bonds and between good, we make corporate 241 00:20:00.480 --> 00:20:06.240 and corporate and public debt and we also go to different countries, both for 242 00:20:06.279 --> 00:20:11.160 stocks and bonds. Another important gamer can be the real state, which can 243 00:20:11.200 --> 00:20:15.359 be in the tangible literal brick that I will touch you. Or afterwards there 244 00:20:15.440 --> 00:20:21.519 are many options that are growing with pache in startups and others that allows you 245 00:20:21.640 --> 00:20:26.759 to buy a little bit of something that I' m built or you own 246 00:20:26.799 --> 00:20:30.559 a piece of an apartment. That' s incipienting Argentina, but I think 247 00:20:30.559 --> 00:20:33.799 it' s going to develop and it' s going to be interesting, 248 00:20:34.359 --> 00:20:41.720 like buying an index of I don' t know that replicates the soy or 249 00:20:41.720 --> 00:20:44.240 oil in some bag with lidiez. Good to buy something similar. I think 250 00:20:44.240 --> 00:20:48.039 she' s going to an interesting lie. So yes, obviously recommended with 251 00:20:48.119 --> 00:20:52.799 the precautions that Miguel clarifies, especially in Argentina, that we have those swings 252 00:20:52.920 --> 00:20:59.759 of being rough. I take advantage of Mauro' s. I make him 253 00:21:00.079 --> 00:21:06.880 a tamié that he, for me, drives good. I know him from 254 00:21:06.960 --> 00:21:11.359 events and so on, but he handles the networks very well. Something you 255 00:21:11.400 --> 00:21:15.559 asked him about marketing. Why I had studied that and wanted to see how 256 00:21:15.599 --> 00:21:21.200 it was managed, if you have a team, if you like to do 257 00:21:21.240 --> 00:21:30.359 it, if you know what it is because you sing some of that customers 258 00:21:30.480 --> 00:21:37.759 to see The first question answer is totally not to me the networks I don 259 00:21:37.759 --> 00:21:42.200 ' t like the truth simply for commercial purposes, basically because I don' 260 00:21:42.279 --> 00:21:45.680 t know what percentage, in a high percentage of my potential customers are all 261 00:21:45.680 --> 00:21:48.160 day looking at Instagram. Basically, then, well, you have to be 262 00:21:48.279 --> 00:21:52.160 where the client is there, there' s no way to change it. 263 00:21:52.400 --> 00:21:59.160 I close parentheses on that. Basically, the first thing you have to think 264 00:21:59.160 --> 00:22:04.880 about is marketing. There are thousands of definitions of marketing. One of these 265 00:22:06.400 --> 00:22:10.720 is to be able to be in the consumer' s head when the consumer 266 00:22:10.720 --> 00:22:14.799 needs to be. Whatever one offers or doesn' t. What I first 267 00:22:14.839 --> 00:22:22.960 point out as a first fence is that my contacts and my close circles or 268 00:22:22.039 --> 00:22:30.960 that they will be one hundred and one hundred and fifty people about to remember 269 00:22:30.039 --> 00:22:37.599 me when those have to sell or meet someone who needs to sell. That 270 00:22:37.640 --> 00:22:42.640 ' s the first point because I do this basically once a day I do 271 00:22:42.759 --> 00:22:47.640 a riell that' s me. I make the rill pardon are my grade 272 00:22:47.759 --> 00:22:51.880 and edit it to a publisher who knows, because I could only do, 273 00:22:52.920 --> 00:22:55.400 but there would be several works if not. I would also, as someone 274 00:22:55.440 --> 00:23:02.039 who knows, be better about related issues in the real estate world, but 275 00:23:02.160 --> 00:23:04.680 topics well down to the plain. I don' t know. Yesterday I 276 00:23:04.920 --> 00:23:10.960 recorded one of if you' re going to buy an apartment look. The 277 00:23:11.039 --> 00:23:15.960 elevator size of the elevator. I don' t remember very good. Yes, 278 00:23:15.119 --> 00:23:19.440 yes, I am, because there are times when elevators are very small. 279 00:23:21.119 --> 00:23:25.200 And if she' s too young and a mother has a baby and 280 00:23:25.359 --> 00:23:30.240 she can' t get in the cart, then that can be a reason 281 00:23:30.359 --> 00:23:33.319 not to buy. If maybe someone doesn' t realize that, well, 282 00:23:33.960 --> 00:23:37.599 then you do. I' m telling you a personal anecdote. Last year 283 00:23:37.640 --> 00:23:42.960 I had to go through the experience of buying my first apartment and it is 284 00:23:44.039 --> 00:23:48.119 much more difficult and you find unknown or variables that you didn' t even 285 00:23:48.119 --> 00:23:52.720 imagine existed. And the truth is that I don' t want anyone in 286 00:23:52.759 --> 00:23:56.880 the sense of going through that process, in which you feel naked because you 287 00:23:56.920 --> 00:24:03.480 don' t know anything and produce you what you think are the main risks 288 00:24:03.559 --> 00:24:07.359 or issues that we have to see when we go to buy our first property 289 00:24:07.440 --> 00:24:14.880 in order not to surprise us but to have a hard time or to discover 290 00:24:14.880 --> 00:24:15.759 worse, to discover something once you own that property. First of all, 291 00:24:17.200 --> 00:24:22.279 there are no perfect properties and there are no perfect properties for the$ 80, 292 00:24:22.599 --> 00:24:23.759 000 buyer, neither for the$ 1 million, nor for the$ 293 00:24:25.240 --> 00:24:27.160 2 million buyer. Capable of two million. I don' t know. 294 00:24:27.160 --> 00:24:30.559 The sun hits him until eleven in the morning and I want him to hit 295 00:24:30.599 --> 00:24:34.160 him until one in the afternoon, well, and it doesn' t hit 296 00:24:34.240 --> 00:24:37.119 because it doesn' t hit. They did it like that and that' 297 00:24:37.119 --> 00:24:41.839 s it then. That' s the first thing that there are no perfect 298 00:24:41.920 --> 00:24:44.680 properties and there' s always going to be something that you' re going 299 00:24:44.680 --> 00:24:48.720 to have to resign. To give the example of the elevator capable that someone 300 00:24:48.839 --> 00:24:52.759 buys the same and good, I resent it because it is worth five thousand 301 00:24:52.839 --> 00:24:56.200 dollars less than another of has a bigger elevator. When I have the drink 302 00:24:56.279 --> 00:25:00.559 and I have the cart and well, I don' t know how to 303 00:25:00.559 --> 00:25:03.279 climb the ladder. She' ll have to move. That' s about 304 00:25:03.359 --> 00:25:11.359 today. If there is as a question Miguel, what is the greatest trend 305 00:25:11.400 --> 00:25:14.720 of sale of real estate in Argentina. Well, it' s very big 306 00:25:14.799 --> 00:25:18.839 for you, but maybe every city is different. But it is vertical, 307 00:25:18.960 --> 00:25:26.640 that is to say, buying flats in strips or really something that I remember 308 00:25:26.640 --> 00:25:30.759 a lot of places in Argentina is, for example, Patagonia, many forests, 309 00:25:30.319 --> 00:25:33.680 farms, large lands with those wonderful views. What moves most to this 310 00:25:33.720 --> 00:25:41.160 day. Vertical horizontal, okay answer your question and then take back from eda 311 00:25:41.559 --> 00:25:47.119 maurer or patoon, etcetera. Buy people have a lot of money in general, 312 00:25:48.039 --> 00:25:53.640 w the average investor not ruled out then ARKI par pardon. In Patagonia 313 00:25:53.680 --> 00:25:59.400 you can buy cheap properties, so to speak, but that is when they 314 00:25:59.480 --> 00:26:03.559 are typical fields of many hectares and in general, it is already another type 315 00:26:03.599 --> 00:26:11.279 of investor, the investor here that usually buys. It' s two two 316 00:26:11.319 --> 00:26:15.680 would also be one bedroom, one bedroom, or two bedrooms, two bedrooms. 317 00:26:15.200 --> 00:26:21.519 And with that he rents it, basically rents it and usually does it 318 00:26:21.559 --> 00:26:25.519 in the city where he lives, in general, not in the city where 319 00:26:25.720 --> 00:26:29.240 he doesn' t live. Here the investor usually buys where he knows. 320 00:26:29.440 --> 00:26:33.680 In fact, he usually buys in the neighborhood he knows. Don' t 321 00:26:33.799 --> 00:26:37.720 buy neighborhoods you don' t know. It' s not a parallelism and 322 00:26:37.880 --> 00:26:45.359 I' m either Mexico City. I' m not clear about the parallelism, 323 00:26:45.279 --> 00:26:48.799 but I don' t remember just stopping. I stopped in polanco, 324 00:26:48.960 --> 00:26:56.599 but maybe the one that' s polanco doesn' t buy in a low 325 00:26:56.119 --> 00:26:57.680 - middle- income neighborhood. Maybe I don' t even know that one. 326 00:26:59.039 --> 00:27:00.559 That neighborhood didn' t tell him. I don' t remember. 327 00:27:03.720 --> 00:27:14.160 It can be splits or probably buy polanco or polar- style neighborhoods that good 328 00:27:14.279 --> 00:27:21.720 that and taking up the question of mauror when buying the horizontal property, which 329 00:27:21.880 --> 00:27:26.720 would be an apartment, what would look good would be the state. What 330 00:27:26.759 --> 00:27:32.960 the state of the building is like. Well start because the apartment one by 331 00:27:32.960 --> 00:27:37.039 one can fix it for putting money, it can repair it if the condition 332 00:27:37.119 --> 00:27:44.960 of the building is much less and it is difficult to improve why. Because 333 00:27:45.440 --> 00:27:56.920 basically, the level of income decline of the average Argentine is increasing. So, 334 00:27:57.079 --> 00:28:00.519 basically, if a building was coming down, it' s very difficult 335 00:28:00.640 --> 00:28:06.119 for them to take it back. On the other hand, also take a 336 00:28:06.160 --> 00:28:08.200 good look at the expense, and the expense is very cheap. That wouldn 337 00:28:08.240 --> 00:28:12.839 ' t buy why. Because when the expense is cheap, the building is 338 00:28:12.920 --> 00:28:18.839 falling apart. I mean, in Argentina, there' s something in the 339 00:28:18.839 --> 00:28:22.839 DNA. The Argentine is that things have to be free and work. Okay. 340 00:28:22.960 --> 00:28:27.599 What' s free doesn' t work basically. For it to work, 341 00:28:27.839 --> 00:28:32.200 things have to work, because you have to pay the manager, you 342 00:28:32.279 --> 00:28:37.599 have to pay a maintenance company, you have to pay Nobody works for free 343 00:28:37.640 --> 00:28:42.799 and you don' t keep us fixed alone Then, if it' s 344 00:28:42.839 --> 00:28:48.759 too cheap the expense, you' d only think because sooner or later it 345 00:28:48.759 --> 00:28:51.759 ' s going to impact. There are apartments that have to be priced because 346 00:28:51.960 --> 00:28:56.480 the building is in bad shape. Basically, you go into the building, 347 00:28:56.759 --> 00:29:03.599 you see moisture and people say but I don' t like this. Or 348 00:29:03.680 --> 00:29:06.240 it' s a problem you' re gonna see that fix and it' 349 00:29:06.359 --> 00:29:07.880 s gonna be left for a silver. So that makes one' s property 350 00:29:08.000 --> 00:29:17.640 or price drop nothing. Basically look at the expense, see also if there 351 00:29:18.519 --> 00:29:22.759 are incoborable loving ones, or basically that' s going to be to increase 352 00:29:22.799 --> 00:29:27.920 the expense, but not that the building better. So that and then, 353 00:29:30.160 --> 00:29:37.359 as far as the apartment is concerned, it' s actually going to depend 354 00:29:37.440 --> 00:29:41.160 on the goal you have when buying, if it' s for living, 355 00:29:41.359 --> 00:29:45.319 if it' s for renting or if it' s for whatever. What 356 00:29:45.640 --> 00:29:49.480 I say first when you go into the apartment is to see what' s 357 00:29:49.480 --> 00:29:53.920 around, if there' s buildings around, if there' s land, 358 00:29:55.160 --> 00:29:56.160 if there' s a floor, if there' s a house or a 359 00:29:56.160 --> 00:30:02.119 floor. And then the first thing to start asking is if next door they 360 00:30:02.200 --> 00:30:06.960 make a building where it can affect my apartment. Yes or no. The 361 00:30:07.079 --> 00:30:11.640 answer' s not great. If the answer is yes, think what could 362 00:30:11.720 --> 00:30:18.160 be the worst consequence of it? If the worst consequence of that is a 363 00:30:18.240 --> 00:30:22.960 no buy good. We go there and stop asking if the answer is not 364 00:30:23.279 --> 00:30:30.240 so serious good. We keep thinking about it. But that also goes to 365 00:30:30.480 --> 00:30:37.519 the money that you have basically and to the location, because maybe you have 366 00:30:37.640 --> 00:30:45.720 fifteen hundred thousand dollars and you want a certain location and well, I' 367 00:30:45.759 --> 00:30:48.519 m willing to that location for a hundred thousand dollars. I hope that in 368 00:30:48.599 --> 00:30:52.480 two years they will build a building next to me, which is going to 369 00:30:52.519 --> 00:30:57.000 be three years of hour, three years of noise and that maybe my apartment 370 00:30:57.000 --> 00:31:00.759 is fuzzy. Okay. There you go on each one. What is good 371 00:31:00.880 --> 00:31:04.200 is to be able to realize that that can happen and, if it can 372 00:31:04.200 --> 00:31:11.240 happen, make the decision whether or not to buy good. That, on 373 00:31:11.319 --> 00:31:15.680 the one hand, which is something else than one at some point there isn 374 00:31:15.720 --> 00:31:18.720 ' t much I can do. And then, what' s inside the 375 00:31:18.839 --> 00:31:25.440 department already depends on one. Then you can see what the distribution of the 376 00:31:25.640 --> 00:31:32.119 department is like. You can see how good guidance is. Clearly it is 377 00:31:32.200 --> 00:31:34.079 what it is, so whether you like it or not, you will have 378 00:31:34.160 --> 00:31:41.400 to see it, you can see if the dining room leaveing is big enough 379 00:31:41.599 --> 00:31:48.079 or not for the goal you want to fulfill. The same is true of 380 00:31:48.920 --> 00:31:55.880 the bedrooms, if they have a bathroom or two damages, depending on the 381 00:31:55.880 --> 00:31:57.559 objective one wants to fulfill. And one more thing that I forgot is to 382 00:31:57.599 --> 00:32:04.559 try to understand how the pipes of the building and how the gas installation is. 383 00:32:05.920 --> 00:32:08.359 Basically because that' s gonna be money. Someone' s gonna have 384 00:32:08.400 --> 00:32:12.720 to pay, but well, after all, all at the price. Of 385 00:32:13.920 --> 00:32:16.559 course I have a bit of experience in topics. You come and die in 386 00:32:16.559 --> 00:32:21.920 America and there are very complex issues. I had to take number one is 387 00:32:22.000 --> 00:32:24.480 the theme of the schools where you live that school that your kids go yesterday. 388 00:32:24.599 --> 00:32:29.799 Then the price of housing is determined by the quality of the school your 389 00:32:30.039 --> 00:32:32.440 child is going to attend. That doesn' t happen in Mexico and I 390 00:32:32.480 --> 00:32:36.599 don' t know if it happens in Argentina, but this is a very 391 00:32:36.599 --> 00:32:38.079 complex issue in the United States. And then you tell everything about it right 392 00:32:38.119 --> 00:32:42.240 now everything you don' t see, everything inside the house, because it 393 00:32:42.440 --> 00:32:45.039 was beautiful to the pretty house. But then you have to send for reading 394 00:32:45.079 --> 00:32:51.480 a review of people who are going to see that you don' t have 395 00:32:51.519 --> 00:32:55.799 termites or have fauna inside the house, that you have the finishes for example, 396 00:32:57.799 --> 00:32:59.000 of pipes, electric stories and that' s where everything can fall. 397 00:32:59.119 --> 00:33:02.440 You can buy something and then you can fall. The advantage of the United 398 00:33:02.680 --> 00:33:07.119 States is that the law can protect you not something that in Mexico. And 399 00:33:07.119 --> 00:33:09.680 I don' t know if in Argentina it happens that you already bought him 400 00:33:09.839 --> 00:33:14.559 here, because if maybe you' re going to be a lawsuit, but 401 00:33:14.559 --> 00:33:15.240 it' s going to last years and bliss days. In fact, there 402 00:33:15.279 --> 00:33:22.599 are bad horror stories, of fractionators who do business by setting up big houses 403 00:33:22.599 --> 00:33:25.400 and good don' t end up well. The finished ones are not the 404 00:33:25.440 --> 00:33:30.039 best, as you buy as pre- sale compas at a good price. 405 00:33:30.400 --> 00:33:32.839 When they give it to you not what you expected and there are many cases 406 00:33:34.000 --> 00:33:37.440 of error or they move from terror forgiveness. I don' t know what 407 00:33:37.880 --> 00:33:40.839 you' re saying about Argentina. This is the same thing. The law 408 00:33:40.920 --> 00:33:44.920 protects you, because I also know that there is one that we have laws 409 00:33:45.000 --> 00:33:49.440 like the basic law, where we say goodbye to the rental law. That 410 00:33:49.480 --> 00:33:51.079 ' s where he talks to me a little bit about it. Before when 411 00:33:51.079 --> 00:33:54.680 to be the question of there are problems regarding strong demands in Argentina, in 412 00:33:54.720 --> 00:34:01.680 come and furniture, now here, I think the answer more of someone who 413 00:34:01.720 --> 00:34:08.559 knows more about economy than brokerage. What I can say is that the level 414 00:34:08.719 --> 00:34:17.719 of poverty that we have achieved means that there is a lot of building that 415 00:34:17.800 --> 00:34:24.199 is coming down, which, at some point, one does not see that 416 00:34:24.280 --> 00:34:32.320 the pipes of the water pipe have to be changed. One at some point 417 00:34:32.599 --> 00:34:39.719 already knows to see it there is not know, but there is property here 418 00:34:39.840 --> 00:34:47.280 that value is almost ridiculous per square metre and why that happens, because somewhere 419 00:34:47.360 --> 00:34:54.679 in the environment of the building itself is coming down. Then see if the 420 00:34:55.559 --> 00:35:04.079 seller responds for hidden vices, if he, the water pipe of the building 421 00:35:04.159 --> 00:35:09.800 is not working, well, the one who sells should answer for that eventually, 422 00:35:10.920 --> 00:35:15.239 but in practice that on one side and, on the other, to 423 00:35:15.360 --> 00:35:20.639 see who buys in well and if sometimes it is taken, sometimes it is 424 00:35:20.719 --> 00:35:27.239 taken, sometimes it has unpleasant surprises. And that has to do, on 425 00:35:27.360 --> 00:35:34.039 the one hand, with that not many developers take care of their brands, 426 00:35:34.119 --> 00:35:39.559 because one, if you take care of your brand, the udo recommends it, 427 00:35:39.960 --> 00:35:45.039 be it as a real estate broker, be it as a lawyer, 428 00:35:45.039 --> 00:35:45.760 be it as a real estate developer or as a builder. If you deliver 429 00:35:45.880 --> 00:35:52.639 an apartment you had promised that the floor would be of such material and you 430 00:35:52.719 --> 00:35:57.000 deliver it with a floor of inferior material and you are not taking care of 431 00:35:57.039 --> 00:36:00.719 your brand because the one you bought will tell your friends that such thing did 432 00:36:00.719 --> 00:36:06.280 not comply. Let' s see that, on the one hand, I 433 00:36:06.400 --> 00:36:08.599 think it' s about a topic that I don' t know operationally. 434 00:36:09.360 --> 00:36:15.519 They' re bad. Operationally also in marketing they don' t want to 435 00:36:15.599 --> 00:36:22.880 take much care of their brand and also something has to do, which is 436 00:36:22.079 --> 00:36:24.280 not the right answer and they shouldn' t do it. But, as 437 00:36:24.280 --> 00:36:30.599 Argentina goes with the prices, the guy who sold pre- sale here maybe 438 00:36:30.679 --> 00:36:34.639 in three years, when he has to deliver it. Their cost went up 439 00:36:34.719 --> 00:36:39.159 a lot and well, the only way to more or less deliver and not 440 00:36:39.280 --> 00:36:44.599 lose money or lose little money is to deliver it as you can. It 441 00:36:44.639 --> 00:36:47.000 ' s wrong, yeah, it' s wrong. But, on the 442 00:36:47.079 --> 00:36:52.480 other hand, the Argentine economy is very fluctuating and it is very difficult to 443 00:36:53.679 --> 00:36:58.639 calculate the cor The price is put by the consumer either or the owner does 444 00:36:59.400 --> 00:37:01.920 not put it by the consumer. The consumer puts it at the time of 445 00:37:01.960 --> 00:37:07.719 the purchase. If one does not put the price according to the cost, 446 00:37:08.480 --> 00:37:13.320 obviously, if the consumer is not willing to pay or the cost, one 447 00:37:13.400 --> 00:37:20.400 merges and engages in something else. The point is that the builder if he 448 00:37:20.480 --> 00:37:25.639 sold or pre- sold us to a thousand for saying something, and then 449 00:37:25.760 --> 00:37:29.440 to his coasts increased so much that it ends up being more than that. 450 00:37:29.480 --> 00:37:34.639 The guy' s basically losing money and he has to come in anyway. 451 00:37:34.840 --> 00:37:40.400 Well, sometimes it happens. That should fulfill his words clearly, but good 452 00:37:40.480 --> 00:37:51.000 sometimes happens. I think there has to be an issue with the widespread disaster 453 00:37:51.159 --> 00:37:59.880 over decades of interesting economics The topic Mauro You how do you think it works, 454 00:38:00.360 --> 00:38:02.159 or I imagine you know a little bit about the issue of the bass 455 00:38:02.239 --> 00:38:07.559 law how this works. In Argentina, the way in which people invest in 456 00:38:07.639 --> 00:38:14.880 bels and furniture has changed a lot after being law on the side of seeing 457 00:38:15.920 --> 00:38:19.119 the investments can come, on the side of looking for an income that is 458 00:38:19.159 --> 00:38:24.159 a rent in Argentina took a lot of preponderance in some areas of Buenos Aires 459 00:38:24.199 --> 00:38:30.639 city, the hervian mb is undeniable And, on the other hand, with 460 00:38:30.679 --> 00:38:35.719 the repeal of the old Law of Rentals, that made the market much more 461 00:38:35.719 --> 00:38:38.960 flexible as to the offer with what one can find, or more departments or 462 00:38:38.960 --> 00:38:44.719 better location, or a question that has to do simply with what there is 463 00:38:44.760 --> 00:38:47.800 more. That on the side from the investor, now from the buyer' 464 00:38:47.920 --> 00:38:52.280 s side, because I think what we talked about a little bit with Miguel 465 00:38:52.440 --> 00:38:57.119 is Che This applies so much to buy it for you to live or to 466 00:38:57.119 --> 00:39:00.800 invest. It keeps putting a lot of your capital into this, which is 467 00:39:00.679 --> 00:39:05.679 going to be immobilized for a reasonable time. I don' t think anyone 468 00:39:05.679 --> 00:39:08.159 buys and comes to their property every year. Then you have to make the 469 00:39:08.199 --> 00:39:12.679 best possible decision. And, obviously, what the law does, along with 470 00:39:12.800 --> 00:39:17.000 other measures brings stability, is the forgiveness of monetary stabilization that allows you to 471 00:39:17.079 --> 00:39:22.000 make certain long- term decisions, such as, for example, being able 472 00:39:22.239 --> 00:39:28.199 to take a mortgage credit that while you were talking before, Mexico has eleven 473 00:39:28.280 --> 00:39:32.119 percent of the PD and in terms of loans. Paraguay has seven. Argentina 474 00:39:32.159 --> 00:39:37.639 doesn' t have one percent, so the big driver that should push me 475 00:39:37.679 --> 00:39:42.079 into the real estate market, in terms of sale, in terms of manufacture 476 00:39:42.159 --> 00:39:45.119 or construction, call it whatever you want, it' s going to have 477 00:39:45.239 --> 00:39:50.400 to be housing. There' s no other driver today that massively pushes you 478 00:39:50.480 --> 00:39:55.000 into the market. And in that we are all hoping that something else can 479 00:39:55.039 --> 00:40:00.119 bring the law bases that are not necessarily the bases itself again. I don 480 00:40:00.159 --> 00:40:04.239 ' t think a law is going to save us, or kill us, 481 00:40:04.400 --> 00:40:07.039 or save us. It is the context that allows you to make decisions and 482 00:40:07.119 --> 00:40:15.119 have some predictability. If within six months the exchange restrictions are eliminated, there 483 00:40:15.119 --> 00:40:20.079 will be capital inflows along with a program called Riji, which allows large capitals 484 00:40:20.079 --> 00:40:24.159 in Argentina to invest amounts that have to exceed, I think, of the 485 00:40:24.159 --> 00:40:28.639 three hundred million dollars and that will obviously be turned into the market or into 486 00:40:28.760 --> 00:40:36.320 the real state sector. I have no doubt about that. Okay, wow. 487 00:40:36.559 --> 00:40:40.480 I think that all works well. Augusto. In terms of credits, 488 00:40:42.400 --> 00:40:44.840 you know how it works. The issue of grape credits, for example, 489 00:40:45.199 --> 00:40:52.119 i e, I imagine that it is very normal in Argentina to acquire credits 490 00:40:52.239 --> 00:40:55.360 to buy homes or here land or even as a company, even if you 491 00:40:55.559 --> 00:41:00.519 have a good management of Capitals if I get this credit, because we are 492 00:41:00.519 --> 00:41:02.039 more economic cs. I got a credit to pay for my money. How 493 00:41:02.039 --> 00:41:07.119 this works, you know how it works. The theme of Christos Ubar gives 494 00:41:07.400 --> 00:41:12.559 it yes, basically UVA is a unit of measure that will follow inflation. 495 00:41:13.880 --> 00:41:17.639 So we' re gonna take a credit at four, five, three percent. 496 00:41:17.679 --> 00:41:24.400 Depends on the bank plus the UVA adjustment. What happens is that this 497 00:41:24.920 --> 00:41:30.079 one we had a small window in the sixteen seventeen years of Christ Suuba, 498 00:41:30.360 --> 00:41:37.199 where people were frightened. He was very concerned because he must always owe more 499 00:41:37.360 --> 00:41:42.800 in Argentine pesos. But if that takes away dollars, he was amortizing the 500 00:41:42.840 --> 00:41:47.559 capital he had taken out. It' s a bit complex to explain around 501 00:41:47.559 --> 00:41:52.920 to the general public. But it was finished to see. The war ended 502 00:41:52.960 --> 00:41:57.760 up being a great opportunity and those who did it I think are now paying 503 00:41:57.840 --> 00:42:02.280 less of that fee than someone who pays rent. So again you don' 504 00:42:02.360 --> 00:42:07.159 t know what' s going to happen to that Argentina. These swings happen 505 00:42:07.159 --> 00:42:12.079 that sometimes eat the crario, it is convenient this. Let' s hope 506 00:42:12.079 --> 00:42:14.760 he' s always asking for credit. Your question you were telling me was 507 00:42:14.840 --> 00:42:19.679 easy or not. They' re just coming out. There' s some 508 00:42:21.280 --> 00:42:24.440 good, yeah, good alarms, good news that didn' t get out 509 00:42:24.440 --> 00:42:29.239 of a restriction on buying dollars when they deposited you that it was for that 510 00:42:29.239 --> 00:42:34.159 kind of credit, so that cut you off. Well, it looked like 511 00:42:34.960 --> 00:42:40.400 that one who' s waiting for the big instructions to be taken off at 512 00:42:40.440 --> 00:42:45.239 the exchange rate level and I think that' s going to modify the numbers 513 00:42:45.239 --> 00:42:50.639 we' re seeing. And notice that there questions for miguel Or a reflection 514 00:42:51.159 --> 00:42:55.400 that we said good temporary rentals year twenty- three and twenty- two. 515 00:42:55.440 --> 00:43:00.280 I think it was the VD I had something idle for. He took out 516 00:43:00.360 --> 00:43:06.159 a very interesting rent on browning a lot, a lot more. Super I 517 00:43:06.199 --> 00:43:13.400 want to say to him what he rented out of a normal year and now 518 00:43:13.440 --> 00:43:15.719 it looks like he' s changing. Then be very careful. We also 519 00:43:15.760 --> 00:43:19.000 make decisions because everyone is doing it, which was what the start of this 520 00:43:19.199 --> 00:43:22.920 podcast, because now I don' t know if it' s that way. 521 00:43:22.079 --> 00:43:25.480 Miguel, I don' t know if I' m wrong. I 522 00:43:25.519 --> 00:43:30.960 can add one more piece of information that you asked me, of course, 523 00:43:30.400 --> 00:43:37.559 how these regulatory changes can positively impact in real state and I remembered one that 524 00:43:37.639 --> 00:43:40.840 seems fundamental to me that sometimes we do not say it because it escapes finance, 525 00:43:42.320 --> 00:43:45.840 but if we bring it to this side it will be 100% applicable 526 00:43:45.920 --> 00:43:52.679 is that in Argentina it is being implemented, already a money laundering is proven 527 00:43:52.719 --> 00:43:58.840 for those who have less than a hundred thousand dollars, that is, they 528 00:43:58.840 --> 00:44:04.079 will be able to externalize their savings that, for some reason it was not 529 00:44:04.639 --> 00:44:06.480 by means we call it legal for them to return it to investments or to 530 00:44:06.480 --> 00:44:08.880 the real economy. And these are amounts that we understand are not conducive to 531 00:44:09.000 --> 00:44:14.119 the laundering of assets, to terrorism or to any illegal activity. It is 532 00:44:14.199 --> 00:44:17.599 simply the middle class saving in a hard currency that could not be legally accessed 533 00:44:17.639 --> 00:44:23.320 before and that now needs to be laundered, externalized to turn it into the 534 00:44:23.320 --> 00:44:27.320 real economy. And I think that hundred thousand dollars is a reasonable amount that 535 00:44:27.440 --> 00:44:31.280 ' s going to allow just this. The purchases of a single- family, 536 00:44:31.840 --> 00:44:37.079 several garages, a two- room or bring together two or three people 537 00:44:37.119 --> 00:44:39.480 from the same family and make an investment of that style that would not be 538 00:44:39.480 --> 00:44:45.920 possible before. Now it is, now all your honey. Let' s 539 00:44:47.000 --> 00:44:52.599 see how the ancheo works I hope it works. There are others that didn 540 00:44:52.599 --> 00:45:00.440 ' t work. To give it a clarification of rents and having been the 541 00:45:00.480 --> 00:45:07.320 regulation of the Civil Code, much of the last modification, of the modification, 542 00:45:07.159 --> 00:45:14.039 of the modification of the law rent is, which the initial point was 543 00:45:14.159 --> 00:45:22.760 the free agreement of parties. The part agreement book. People who may accumulate 544 00:45:22.960 --> 00:45:28.000 more left- wing ideas say this doesn' t have to be like this. 545 00:45:28.000 --> 00:45:32.159 We have to regulate all people who believe more than in the freedom of 546 00:45:32.159 --> 00:45:36.639 the parties, as in my case, I thought it would work well. 547 00:45:36.639 --> 00:45:45.119 Indeed, it is working. What did that was that people who didn' 548 00:45:45.360 --> 00:45:55.480 t want to have their apartment empty would prefer to rent it under the previously 549 00:45:55.480 --> 00:46:02.039 imposed state and state rules. This liberalization of the rental law effectively resulted in 550 00:46:02.079 --> 00:46:13.079 more offers because it can be rented again permanently for two years. It could 551 00:46:13.119 --> 00:46:15.280 be for a year, it could also be for six months and there the 552 00:46:15.280 --> 00:46:22.639 same. What achieved this was that first that no owner in general wants to 553 00:46:22.719 --> 00:46:27.320 rent his property permanently for less than two years, because it is a mess 554 00:46:27.440 --> 00:46:30.519 that once a year, among a new tenant has to move to meet him, 555 00:46:31.280 --> 00:46:37.519 etcetera. That, on the one hand, with which the mark that 556 00:46:37.599 --> 00:46:43.119 many hate somehow self- regulated with that and permanent rentals are doing for two 557 00:46:43.119 --> 00:46:50.199 years, seconds. Now you can rent at any time currency can be in 558 00:46:50.280 --> 00:46:54.920 Argentine peso, dollars, Mexican pesos in whatever you want are being to all 559 00:46:55.039 --> 00:46:59.960 the rentals in dollars. The answer is not why, because the consumer puts 560 00:47:00.639 --> 00:47:05.719 it the more supply and the consumer, at some point, puts the price 561 00:47:05.920 --> 00:47:10.840 more. It puts the price. Another thing to say is that it is 562 00:47:10.960 --> 00:47:17.519 true that Argentina clearly rose in December. Today that has happened with which the 563 00:47:17.599 --> 00:47:22.000 consumer, that is, the tenant, the one who rents a property, 564 00:47:22.079 --> 00:47:29.239 has less money, which also at some point, I assume that the rent 565 00:47:29.440 --> 00:47:32.440 values, however much you can rent in dollars, do not go to heaven, 566 00:47:34.840 --> 00:47:39.960 because there is more offer. The consumer has less money. I value 567 00:47:40.079 --> 00:47:45.519 it on low rents. There' s not much. There' s not 568 00:47:45.559 --> 00:47:49.239 much going back to it. On the other hand, to Argentina to have 569 00:47:49.280 --> 00:47:52.440 grown in dollars anyway, now the dollar is already in one thousand four hundred 570 00:47:52.480 --> 00:47:58.840 and inflation is falling, with which perhaps the foreigner, who came to almost 571 00:47:58.840 --> 00:48:02.639 two months if it was very expensive. Now it healed as expensive as it 572 00:48:02.679 --> 00:48:07.480 was two months ago. But well, as far as there is less purism 573 00:48:07.320 --> 00:48:14.440 than before, with which there is less or lack of temporary rent. Anyway, 574 00:48:14.679 --> 00:48:16.119 it' s not like there was that much. I don' t 575 00:48:16.239 --> 00:48:20.239 have the cool number now, but there wasn' t so much temporary pinewood 576 00:48:20.239 --> 00:48:22.519 either. Then there' s what I' ve always been. When he 577 00:48:22.800 --> 00:48:27.199 comes to someone and wants to buy himself to rent for Airby NB, because 578 00:48:27.320 --> 00:48:31.599 I read it in the paper. My answer is good. We have to 579 00:48:31.679 --> 00:48:38.239 work for administernairm NV. If the tenant is at 3: 00 in the 580 00:48:38.239 --> 00:48:40.800 morning, we have to go open it at 3: 00 in the morning. 581 00:48:42.559 --> 00:48:45.440 If you want to go at seven in the morning, you have to 582 00:48:45.519 --> 00:48:52.719 go and dispatch the seven in the morning at three in the afternoon, you 583 00:48:52.880 --> 00:48:58.000 break the thermo tank that gives you water at six in the afternoon. It 584 00:48:58.079 --> 00:49:01.599 ' s got to be fixed,' cause the guy' s coming in 585 00:49:01.639 --> 00:49:02.920 for five days and he can' t stay a day without a bath. 586 00:49:05.000 --> 00:49:07.880 Sure good to see if it' s rent in parentheses, usually two years. 587 00:49:07.960 --> 00:49:10.719 We also have to fix the day. We are not the next day, 588 00:49:13.320 --> 00:49:16.480 but clearly someone who comes on vacation or on business a few days there 589 00:49:16.559 --> 00:49:22.960 are gar solutions as if it were a hotel. So if you want to 590 00:49:22.000 --> 00:49:28.599 do it on your own, you have to manage your time from your other 591 00:49:28.760 --> 00:49:31.280 work activity to do this. If you don' t have to pay someone, 592 00:49:31.639 --> 00:49:35.719 that' s paying someone. It obviously has a cost. Then you 593 00:49:35.760 --> 00:49:38.800 have to do the numbers right. It is important to see what is the 594 00:49:39.000 --> 00:49:45.119 monthly holiday of thirty days a month, how much you can rent it twenty 595 00:49:45.199 --> 00:49:51.119 days, fifteen days, thirty days. You have to consider that there are 596 00:49:51.159 --> 00:49:54.480 things that break because there are people who come in and out and don' 597 00:49:54.480 --> 00:49:58.360 t take care of things so much. We need to consider the neighborhood factor. 598 00:49:58.559 --> 00:50:01.159 Neighbors who live there all year don' t find it very funny that 599 00:50:01.360 --> 00:50:07.400 these people are coming in and out all the new time. So, well, 600 00:50:07.599 --> 00:50:10.800 all that more. The airing of much of the Rentans law has made 601 00:50:12.000 --> 00:50:20.039 many Adán owners want to re- alkylate for two years. Fantastic, therefore, 602 00:50:20.079 --> 00:50:23.280 Miguel, I believe that today has given us a lot of information regarding 603 00:50:23.400 --> 00:50:28.400 how to invest in real estate, and not only how to invest, how 604 00:50:28.480 --> 00:50:30.760 to even rent, that to make a little knowledge of the new laws that 605 00:50:31.159 --> 00:50:35.000 come into force, also knowledge that there are already credits. The famous grape 606 00:50:35.159 --> 00:50:39.519 credit so we can get a house where we already want it to be part 607 00:50:39.599 --> 00:50:43.400 of the pip this also in the mortgage part, which is good growth. 608 00:50:43.920 --> 00:50:50.199 I believe that today the goal has been fulfilled Miguel to generate value to our 609 00:50:50.280 --> 00:50:57.920 community of telelists or YouTube excuses where the idea is what tips can learn people, 610 00:50:57.960 --> 00:51:01.159 If you are impressionist, if you are a buyer or seller of a 611 00:51:01.159 --> 00:51:05.320 minifurbish, it is time to do so, yes or no. It' 612 00:51:05.320 --> 00:51:08.119 s interesting. It all depends on your goal. And, well, I 613 00:51:08.159 --> 00:51:12.920 have nothing left but to thank you, Miguel, for your time, your 614 00:51:13.000 --> 00:51:16.280 bountiful information that you just gave us today. I don' t like it 615 00:51:16.280 --> 00:51:22.559 before we say goodbye, but ask you if you' re still interested in 616 00:51:22.639 --> 00:51:25.079 contacting where you can do it, how you can do it if you have 617 00:51:25.079 --> 00:51:25.079 your data or something you want to share at the end of this podcast. 618 00:51:27.159 --> 00:51:35.119 Yes, you can google Duffy honey on Google and there I appear daffies from 619 00:51:35.159 --> 00:51:39.880 and there my website appears, my networks clear, there more guests to contact 620 00:51:40.079 --> 00:51:45.400 fantastic meat, Miguel. Thank you very much and good, because it is 621 00:51:45.480 --> 00:51:47.920 also august in Ekini and Mauro Ferrero. Thank you very much, fellows, 622 00:51:49.320 --> 00:51:53.800 for this talk. I don' t know if they want to give one 623 00:51:53.800 --> 00:51:59.039 last talk before we retire. I am saying that it is super recommended Miguel 624 00:51:59.079 --> 00:52:05.360 for the people to continue in Argentina and Buenos Aires that their work area. 625 00:52:07.039 --> 00:52:12.079 I' ve recommended several people, so forward as well as other people rely 626 00:52:12.119 --> 00:52:17.079 on professionals for topics they don' t know. Believe me, buying properties 627 00:52:17.079 --> 00:52:21.880 to rent, looking for the area, or doing any kind of activity that 628 00:52:21.960 --> 00:52:25.800 has to do with that is not for anyone. Support yourself in professionals who 629 00:52:25.880 --> 00:52:30.719 are going to save not only time, but great headaches. You always tend 630 00:52:30.760 --> 00:52:32.480 to say no sometimes. I' ll take care of it. I can 631 00:52:32.599 --> 00:52:37.840 handle it, don' t be stubborn. Lean on what you really know, 632 00:52:37.280 --> 00:52:42.280 without a doubt, because you already know colleagues, friends, entrepreneurs, 633 00:52:42.960 --> 00:52:46.639 entrepreneurs and pessionists. If you' re thinking about investing in this real Statt 634 00:52:46.719 --> 00:52:51.159 moment or symbolele goods is a good opportunity for Argentina, it' s a 635 00:52:51.159 --> 00:52:53.079 good option to do it. Today there are experts like Miguel Doff and they 636 00:52:53.079 --> 00:52:57.599 can support you in all the legal issues of sale and purchase and structure that 637 00:52:57.639 --> 00:53:00.400 you occupy to do so. S s Ons and I promise that, as 638 00:53:01.000 --> 00:53:06.079 soon as I can and can buy my small plot in Patagonia, I will 639 00:53:06.719 --> 00:53:09.239 look for Miguel Miguel Vale. Thank you so much for your time and for 640 00:53:09.320 --> 00:53:14.119 this talk you just gave us on stack of ok Pfit Tolks. Thank you 641 00:53:14.199 --> 00:53:17.440 and thanks also to you, entrepreneurs who listen to this channel. I hope 642 00:53:17.440 --> 00:53:22.400 we liked today' s topic and write to us, if you want a 643 00:53:22.480 --> 00:53:25.639 comment or fear or question for our guests describe us or we can reach them 644 00:53:25.800 --> 00:53:30.679 and you mind invites your scris to the channel you follow also the social networks 645 00:53:30.679 --> 00:53:32.880 of Make Butn' s Flow, also those of Maro Ferrero, that will 646 00:53:32.960 --> 00:53:37.360 help you with many topics of economy, like those of Miguel Doffi and of 647 00:53:37.360 --> 00:53:40.239 Startups friends. Thank you very much for seeing us at the next edition of 648 00:53:40.280 --> 00:53:44.760 Startups CAFI Tolks Finance Division along with Make Business Flow. Thank you and until 649 00:53:44.840 --> 00:53:53.079 next thanks for joining us on one more episode of Startups off and Tolks. 650 00:53:53.199 --> 00:54:00.000 We are waiting for you in our next chapter sign up for free on our 651 00:54:00.159 --> 00:54:06.920 platform oline Startups com, where you can discover and accelerate your startup with the 652 00:54:06.920 --> 00:54:10.920 best training courses for entrepreneurs, live mentoring and even develop your beach deck to 653 00:54:12.119 --> 00:54:16.360 raise capital in our investor network. Starks Inhution Starts withe Up of Cathy