Hello entrepreneurs, how are you welcome to one more session of start- up
Scoffi Tolks Finance Division, where, in company of mac Bness Flow, we
bring this podcast for you, where we will talk about issues of investment,
finance, entrepreneurship, business and also the importance of how we could bring our
investment business to the real estate, local buildings, houses as a source of
important diversification in that wald management of your business, business or natural person.
And for that we have today a great guest who comes in our company from
Buenos Aires, Argentina, that today we have three good guests, two cohs
and a guest, of course, he is called Miguel Doffy, who is
an investor and expert in issues of roll State as real estate intermediary that will
tell us all his experience in the subject today after this presentation. So we
start right now welcome to Stark Cups Cutty Tolks, the first podcast designed by
the incubator and accelerator of Stark Cups companies and conducted by Alejandro Lomas. Our
main objective is to connect more entrepreneurs with the ecosystem of innovation and penture capital
in Mexico, Latin America and if licon Valley, while we enjoy together a
delicious cup of coffee, we start very well, because now we will start
and I love him from the divinida. First of all, my cohobosts both
Augusto Anekini and Mauro Ferreiro, who not only became as they are boys,
Hello ale a pleasure to be here with Mauro and Miguel, friends all friends
today, so it is to see. If we learn anything from Real State,
you are pleased to be with all of you again Mauro. Likewise,
on the contrary, it seems a pleasure that from Mexico and also from Argentina,
we are connecting with employers, entrepreneurship, investors to always let them know
good news of what they can do. And this occasion is no exception,
because I want to give Miguel Doffin, an expert in Real State, who,
from Buenos Aires, Argentina, is going to tell us a little bit
about all that experience in this important area that, in fact, we have
never taken as such a reference in the podcast. We always talk about digital
investments, about the venture capital stock exchange, but we haven' t taken
up the issue of land. We have not taken up the subject of the
most traditional investment, which has human beings since we have known each other to
invest in land and I welcome them. Hey, Miguel, Miguel, how
are you welcome to Startus coffy tolks hello Alejandro, thanks for the invitation,
but to play them a little guide to the world. Very fantastic, Miguel,
hey, we' re starting with this podcast talking about investments in the
real State. First I will like to know where Miguel doffy comes from how
was your great incursion into this world, to investments and also to the subject
of placing support people to become a real state, in a real estate on
land houses. Let me talk a little bit about you where it comes from.
How you formed in your career to get to this point. Basically by
profession, I' m a lawyer, but the right kind of bore me,
so I' m on the marketing side. I started working in a
company related to the real estate world, so that was like my first steps.
Then I lived in a small town in Córdoba, Argentina, and there
my sister started with her own furniture. I started playing. I liked it,
and that' s where I got in good. Now I have my
own real estate business, always with the aim of trying to help people make
the money invest. I can do it the best way, because it'
s generally quite a lot of money you invest and a mistake can cause a
maybe quite big damage. That' s interesting,' cause I' m
looking at a little bit, your biography, your ball where you talk good.
Today you are a real estate broker who already with many years of experience,
but your professional training comes two areas. First, lawyer, he is
an expert in the parts of law and law, where it is very important
when making an investment, especially in land issues. And above all, you
are also a marketing expert, where selling is a great quality to support those
who are perhaps placing. Your Comes a piece of furniture to sell it,
rent it to an option of these or also for you to reach these real
consumers. This perfect client has served you a lot these two races, or
these two main professions you have for the time of that real estate broker,
clearly to give marketing. The better the sale, the easier it gets,
because people know you. And if people know you, it' s a
lot easier to make a sale, so, on the side of that,
conciir clientes para me, si contra me serves And, on the other hand,
to be able to reach buyers or potential stakeholders, if you apply web
marketing, it becomes all much easier, So that, on the one hand,
was a great point in favor, in fact, marketing on the moon
I like most. And, on the other hand, in terms of knowing
the law, knowing how the legislation is applied and more in Argentina that the
legislation is valid, it comes back all the time. It is useful,
because that generates confidence in potential buyers and sellers, also one who perhaps knows
a little more than the traditional broker who, although he has had legal subjects,
it is not the same good to be a lawyer, to have studied
some subjects. So, at some point, those two topics have sweated me
up and brought me up on my day to work. That' s fantastic.
I can tell you that in Mexico, one of the great investors that
everyone knows worldwide, Carlos Slim, made his great financial legacy and his great
legacy of investments beginning to occupy land when in the time of the thousand nine
hundred and seventy, where we would not yet have the world to Mexico as
such with our Free Trade Agreement, as a large part of investment was to
compare land. At that time, I remember that it was relatively economic and
there were crises in Mexico and he began to buy first a land, this
way, from a building, this way. He took them almost bankrupt and
today, thanks to those investments, he bought much of the historic center of
Mexico City And well, those time places are worth millions. You, as
an expert on the real state part, what would you suggest to those people
who are interested in investing their capital, because it is important to make investments
in land issues as well. To give the first thing is that you have
to be patient and you have to know how to find the opportunities because to
give On the one hand, you named Carlos Link, who is clearly in
another galaxy that ordinary people taking out houses like that say, always present themselves
to opportunity. The point is that the opportunities as they present themselves, go
away quickly, so if you see an opportunity, a property, you don
' t have to doubt it much and you have to take it and how
you get to those opportunities and having runners and muleros friends, why, because
those opportunities don' t usually go to the general market. Well, one
finds out and comments to the innermost circle. That, on the one hand
and on the other. Also and going again about Carlos Liam trying not to
do what everyone else does, because if everyone buys in one place and you
' re probably late. If one buys in a place where no one buys,
and probably this early, the theme is how early one is about,
one twelve, if it is indeed at some point they will jump, because
there are places that never give. He bought and there was a good difference
with big investors like Lina being able to see the future and achieve that.
I believe that, as you comment here, seeing the future is important.
We have here an expert in the economy, Mauro Ferreiro, who I would
like to ask you what you are telling me to see the situation in Argentina
right now. Argentina is going through a stage. Let' s call it
growth, after many years of economic trouble. Of course, they are still
on those issues, but there is already a change. Not this issue of
government. I think it' s going well just what you hear. You
will tell me, however, whether you are an Argentine or a foreigner.
Mauro, what do you think about investment issues if we could start investing in
Argentina right now, because there are fantastic things. Argentina is a formidable land,
beautiful places, landscapes, what would be in your strategy, as an
expert in economics, for someone to be able to invest in these places in
Argentina today. Well you remember that in the previous podcast we were talking about
the price of the square meter, at least in the autonomous city of Buenos
Aires, which were at a historically important opportunity because at the price level it
was again at a low historical level and sorry to bring the above theme.
But it made me remember a lot, as you talked to Miguel and gave
the example of Slim, that there is a well- known phrase that is
historical, that is, when there is blood on the streets. Buying properties
a super historic phrase that without going to the extreme or having to wait for
a civil war or an event of that style, it is before disruptive events
where properties fall sharply in price for a matter of expectation. It may be
a good opportunity to uppse re- enter the real estate market. That'
s a bit what Miguel said. If everyone is already buying and you are
the last one to buy, it is probably focusing late on the party and
the opportunities are in finding those moments of time, space where the probability that
the price will rise the value of the property you buy is interesting. Argentina
is hyperconcentrated in Capital and Buenos Aires. There is a huge opportunity at the
territorial level in the rest of the country, but it depends again on infrastructure,
security, services, employment. There is a large population and productive matrix
of population policy that must be changed in order to exploit the Argentine territory.
To plenary commenting on what they recommended, what you say, remembering the past
few that we made of investments, we talked about as an opportunity that investing
in real strete is extremely good and Argentina is an important moment. Sure,
and I guess it' s the same thing as Mexico. Security issues affect,
perhaps even climate change issues in areas that may have snowed before, and
today there is less or no. I saw now I wear too much to
love the versions. But one thing that' s clear to me is what
you say if everyone' s buying and everything' s the last one buying
you' re late. No. You' re probably already late. No,
then I guess so. Just like the theme of the beat coins.
When you see everyone buying you haven' t bought, it' s just
that something' s going wrong with your decision- making. We' ve
got to do the rapid tomastions here. I would also like to ask Miguel
to see Miguel, if you, as an expert in the part of the
roll state decisions, would recommend an investor who has a management of his portfolio
of investments. Say hey I got leftover capital you' d tell her there
are good options to invest. Look, I propose you make short- term
investments first, this, medium- term, this or long- term,
which will be part of your suggestion to convince a person who can invest or
make a good investment in real estate network or is. That' s obviously
going to depend on what capital it has and what its objectives are. But
to see what it is if you go to Buenos Aires, basically what is
land does not remain so much and now and what the person has to think
is whether he wants to buy to make a building or not. There are
areas that are in demand, there is a counter demand and it is sold.
The issue that is happening today is good, good news is that inflation
is falling, but wages have not yet settled, so there is still certain
that it may be happening. The cost of construction is high or about$
1, 300 a metre, so if you don' t buy land at
a good price. Clearly it will not be able to roll the egg,
the demand the price the investor needs to earn money, but does nothing.
Basically that on the one hand. On the other hand, there' s
the good thing. The investor may buy an opportunity value, because clearly,
opportunities are not so easy to get. And besides, there are investors who
say I want to house my money in a real estate. At least in
Argentina. It never occurred to any Government to confiscate or anything like immovable property,
which is known to have happened. So, the Argentine, particularly has
a lot to be able to touch his capital, which is to touch the
real estate mule, to touch the cement, the brick is told here then.
Another thing that is happening now is that the rental market is getting a
little settled, which is relatively good news, because there is more balance in
the issue and what I always say is an investor buys a property to rent
who deals. That' s what he hires. A third person does nothing
on his own. Every investment is at risk. Clearly, you have to
see every investor what he wants to do. And a third point too that
one always warns. Obviously, the Argentine has it more clearly or not.
Sometimes I don' t. Therefore, but if one, a graph of
the properties, Buenos Aires was born over the years, it is a rise
and bafa both in quantity of sale of properties and in values. In two
thousand seventeen, two thousand eighteen had credits and could see difference with Mexico.
In Mexico, if it is not wrong, the credit market as it does
not mean a blunder, but once hear it as twenty percent of the pdé
me a very high number. Well, here' s zero mortgage credits.
Four months ago, the credits came back. He' s watching now.
But the last time there was more massively was two thousand seventeen, two thousand
eighteen, the values were up here. Credits disappeared, crisis in Argentina,
etcetera. The values went down, down, down, and it' s
about October last October, in November they began to stagnate. After going down,
then the first thing I could say is a good time to buy a
prioric. If Argentina is always cyclical, it is going to be so,
that is, now we should go here. The issue is how much,
when and if it really happens, maybe now would be a good time.
Which I don' t know if the moment I have to sell, the
person will be here or he' ll be down here. Maybe unlike some
other country, everything is a little more stable. Then you buy there when
you have to walk to Prior and you won' t lose money here.
You don' t know everyone can make a lot of money or they can
lose money or that. That point is interesting and sometimes there is a little
fear, not because not having confidence in the type of investments when I consider
that the real state is as sure as there can be, at least in
our Mexican culture that there is nothing safe here either. However, if I
don' t want to risk it, we buy land, we buy a
house, some building, something. Physically not and, in fact, of
the culture of Mexico, of investments in quite a lot of land. If
I see many people who are investing in land and leave it there for five
or ten years and break up tomorrow, do a split or make a house
or already sell a higher price. I see it as an even many entrepreneurs
who have that management of surplus capital for the most part. I don'
t want to abuse or give us any nonsense, but I can assure you
that more than ninety percent of their investments go to land. Surely not,
because there is also a lot of ignorance on issues of investing in shares or
not, because here the market. Besides, I totally don' t know
if or if a soul- merduals very small like there' s no education
about that. What does happen here is if the band people did it because
they can' t touch it. The thing is, you don' t
always win. That' s what I want to make clear. So,
in Argentina, you don' t always win. It can make a lot
of money, which in other countries may not happen, as it can also
brown something important that is surely also happening in Argentina. You use, you
will tell me in Mexico the big, well, the, the best places
and I talk about places like beaches or very traditional beautiful ancient villages. Those
who are investing are not Mexicans, they are foreigners, usually Americans, Canadians
or one that another European only have in capital. Then they arrive, they
buy and everything rises automatically. So, for a Mexican, it becomes almost
impossible to buy his prices. I guess in Argentina I don' t know
if it happens right now. But if it' s not what' s
going to happen, because those nice places, the big world capitals, are
the ones that come and dominate the markets. All so dollars, all so
euros and on time everything is going to be on gene issues. Also here
I would like to ask you at ease, as an expert, taste in
business wat management issues and that you handle those financial issues of your business clients
usually suggest when there is a surplus capital without investing in land in the long
term. There we also connected a little bit with what Mauro De has brought
and the previous podcasts. Sie master of diversification. So yes, yes an
excellent important that we make stocks and bonds and between good, we make corporate
and corporate and public debt and we also go to different countries, both for
stocks and bonds. Another important gamer can be the real state, which can
be in the tangible literal brick that I will touch you. Or afterwards there
are many options that are growing with pache in startups and others that allows you
to buy a little bit of something that I' m built or you own
a piece of an apartment. That' s incipienting Argentina, but I think
it' s going to develop and it' s going to be interesting,
like buying an index of I don' t know that replicates the soy or
oil in some bag with lidiez. Good to buy something similar. I think
she' s going to an interesting lie. So yes, obviously recommended with
the precautions that Miguel clarifies, especially in Argentina, that we have those swings
of being rough. I take advantage of Mauro' s. I make him
a tamié that he, for me, drives good. I know him from
events and so on, but he handles the networks very well. Something you
asked him about marketing. Why I had studied that and wanted to see how
it was managed, if you have a team, if you like to do
it, if you know what it is because you sing some of that customers
to see The first question answer is totally not to me the networks I don
' t like the truth simply for commercial purposes, basically because I don'
t know what percentage, in a high percentage of my potential customers are all
day looking at Instagram. Basically, then, well, you have to be
where the client is there, there' s no way to change it.
I close parentheses on that. Basically, the first thing you have to think
about is marketing. There are thousands of definitions of marketing. One of these
is to be able to be in the consumer' s head when the consumer
needs to be. Whatever one offers or doesn' t. What I first
point out as a first fence is that my contacts and my close circles or
that they will be one hundred and one hundred and fifty people about to remember
me when those have to sell or meet someone who needs to sell. That
' s the first point because I do this basically once a day I do
a riell that' s me. I make the rill pardon are my grade
and edit it to a publisher who knows, because I could only do,
but there would be several works if not. I would also, as someone
who knows, be better about related issues in the real estate world, but
topics well down to the plain. I don' t know. Yesterday I
recorded one of if you' re going to buy an apartment look. The
elevator size of the elevator. I don' t remember very good. Yes,
yes, I am, because there are times when elevators are very small.
And if she' s too young and a mother has a baby and
she can' t get in the cart, then that can be a reason
not to buy. If maybe someone doesn' t realize that, well,
then you do. I' m telling you a personal anecdote. Last year
I had to go through the experience of buying my first apartment and it is
much more difficult and you find unknown or variables that you didn' t even
imagine existed. And the truth is that I don' t want anyone in
the sense of going through that process, in which you feel naked because you
don' t know anything and produce you what you think are the main risks
or issues that we have to see when we go to buy our first property
in order not to surprise us but to have a hard time or to discover
worse, to discover something once you own that property. First of all,
there are no perfect properties and there are no perfect properties for the$ 80,
000 buyer, neither for the$ 1 million, nor for the$
2 million buyer. Capable of two million. I don' t know.
The sun hits him until eleven in the morning and I want him to hit
him until one in the afternoon, well, and it doesn' t hit
because it doesn' t hit. They did it like that and that'
s it then. That' s the first thing that there are no perfect
properties and there' s always going to be something that you' re going
to have to resign. To give the example of the elevator capable that someone
buys the same and good, I resent it because it is worth five thousand
dollars less than another of has a bigger elevator. When I have the drink
and I have the cart and well, I don' t know how to
climb the ladder. She' ll have to move. That' s about
today. If there is as a question Miguel, what is the greatest trend
of sale of real estate in Argentina. Well, it' s very big
for you, but maybe every city is different. But it is vertical,
that is to say, buying flats in strips or really something that I remember
a lot of places in Argentina is, for example, Patagonia, many forests,
farms, large lands with those wonderful views. What moves most to this
day. Vertical horizontal, okay answer your question and then take back from eda
maurer or patoon, etcetera. Buy people have a lot of money in general,
w the average investor not ruled out then ARKI par pardon. In Patagonia
you can buy cheap properties, so to speak, but that is when they
are typical fields of many hectares and in general, it is already another type
of investor, the investor here that usually buys. It' s two two
would also be one bedroom, one bedroom, or two bedrooms, two bedrooms.
And with that he rents it, basically rents it and usually does it
in the city where he lives, in general, not in the city where
he doesn' t live. Here the investor usually buys where he knows.
In fact, he usually buys in the neighborhood he knows. Don' t
buy neighborhoods you don' t know. It' s not a parallelism and
I' m either Mexico City. I' m not clear about the parallelism,
but I don' t remember just stopping. I stopped in polanco,
but maybe the one that' s polanco doesn' t buy in a low
- middle- income neighborhood. Maybe I don' t even know that one.
That neighborhood didn' t tell him. I don' t remember.
It can be splits or probably buy polanco or polar- style neighborhoods that good
that and taking up the question of mauror when buying the horizontal property, which
would be an apartment, what would look good would be the state. What
the state of the building is like. Well start because the apartment one by
one can fix it for putting money, it can repair it if the condition
of the building is much less and it is difficult to improve why. Because
basically, the level of income decline of the average Argentine is increasing. So,
basically, if a building was coming down, it' s very difficult
for them to take it back. On the other hand, also take a
good look at the expense, and the expense is very cheap. That wouldn
' t buy why. Because when the expense is cheap, the building is
falling apart. I mean, in Argentina, there' s something in the
DNA. The Argentine is that things have to be free and work. Okay.
What' s free doesn' t work basically. For it to work,
things have to work, because you have to pay the manager, you
have to pay a maintenance company, you have to pay Nobody works for free
and you don' t keep us fixed alone Then, if it' s
too cheap the expense, you' d only think because sooner or later it
' s going to impact. There are apartments that have to be priced because
the building is in bad shape. Basically, you go into the building,
you see moisture and people say but I don' t like this. Or
it' s a problem you' re gonna see that fix and it'
s gonna be left for a silver. So that makes one' s property
or price drop nothing. Basically look at the expense, see also if there
are incoborable loving ones, or basically that' s going to be to increase
the expense, but not that the building better. So that and then,
as far as the apartment is concerned, it' s actually going to depend
on the goal you have when buying, if it' s for living,
if it' s for renting or if it' s for whatever. What
I say first when you go into the apartment is to see what' s
around, if there' s buildings around, if there' s land,
if there' s a floor, if there' s a house or a
floor. And then the first thing to start asking is if next door they
make a building where it can affect my apartment. Yes or no. The
answer' s not great. If the answer is yes, think what could
be the worst consequence of it? If the worst consequence of that is a
no buy good. We go there and stop asking if the answer is not
so serious good. We keep thinking about it. But that also goes to
the money that you have basically and to the location, because maybe you have
fifteen hundred thousand dollars and you want a certain location and well, I'
m willing to that location for a hundred thousand dollars. I hope that in
two years they will build a building next to me, which is going to
be three years of hour, three years of noise and that maybe my apartment
is fuzzy. Okay. There you go on each one. What is good
is to be able to realize that that can happen and, if it can
happen, make the decision whether or not to buy good. That, on
the one hand, which is something else than one at some point there isn
' t much I can do. And then, what' s inside the
department already depends on one. Then you can see what the distribution of the
department is like. You can see how good guidance is. Clearly it is
what it is, so whether you like it or not, you will have
to see it, you can see if the dining room leaveing is big enough
or not for the goal you want to fulfill. The same is true of
the bedrooms, if they have a bathroom or two damages, depending on the
objective one wants to fulfill. And one more thing that I forgot is to
try to understand how the pipes of the building and how the gas installation is.
Basically because that' s gonna be money. Someone' s gonna have
to pay, but well, after all, all at the price. Of
course I have a bit of experience in topics. You come and die in
America and there are very complex issues. I had to take number one is
the theme of the schools where you live that school that your kids go yesterday.
Then the price of housing is determined by the quality of the school your
child is going to attend. That doesn' t happen in Mexico and I
don' t know if it happens in Argentina, but this is a very
complex issue in the United States. And then you tell everything about it right
now everything you don' t see, everything inside the house, because it
was beautiful to the pretty house. But then you have to send for reading
a review of people who are going to see that you don' t have
termites or have fauna inside the house, that you have the finishes for example,
of pipes, electric stories and that' s where everything can fall.
You can buy something and then you can fall. The advantage of the United
States is that the law can protect you not something that in Mexico. And
I don' t know if in Argentina it happens that you already bought him
here, because if maybe you' re going to be a lawsuit, but
it' s going to last years and bliss days. In fact, there
are bad horror stories, of fractionators who do business by setting up big houses
and good don' t end up well. The finished ones are not the
best, as you buy as pre- sale compas at a good price.
When they give it to you not what you expected and there are many cases
of error or they move from terror forgiveness. I don' t know what
you' re saying about Argentina. This is the same thing. The law
protects you, because I also know that there is one that we have laws
like the basic law, where we say goodbye to the rental law. That
' s where he talks to me a little bit about it. Before when
to be the question of there are problems regarding strong demands in Argentina, in
come and furniture, now here, I think the answer more of someone who
knows more about economy than brokerage. What I can say is that the level
of poverty that we have achieved means that there is a lot of building that
is coming down, which, at some point, one does not see that
the pipes of the water pipe have to be changed. One at some point
already knows to see it there is not know, but there is property here
that value is almost ridiculous per square metre and why that happens, because somewhere
in the environment of the building itself is coming down. Then see if the
seller responds for hidden vices, if he, the water pipe of the building
is not working, well, the one who sells should answer for that eventually,
but in practice that on one side and, on the other, to
see who buys in well and if sometimes it is taken, sometimes it is
taken, sometimes it has unpleasant surprises. And that has to do, on
the one hand, with that not many developers take care of their brands,
because one, if you take care of your brand, the udo recommends it,
be it as a real estate broker, be it as a lawyer,
be it as a real estate developer or as a builder. If you deliver
an apartment you had promised that the floor would be of such material and you
deliver it with a floor of inferior material and you are not taking care of
your brand because the one you bought will tell your friends that such thing did
not comply. Let' s see that, on the one hand, I
think it' s about a topic that I don' t know operationally.
They' re bad. Operationally also in marketing they don' t want to
take much care of their brand and also something has to do, which is
not the right answer and they shouldn' t do it. But, as
Argentina goes with the prices, the guy who sold pre- sale here maybe
in three years, when he has to deliver it. Their cost went up
a lot and well, the only way to more or less deliver and not
lose money or lose little money is to deliver it as you can. It
' s wrong, yeah, it' s wrong. But, on the
other hand, the Argentine economy is very fluctuating and it is very difficult to
calculate the cor The price is put by the consumer either or the owner does
not put it by the consumer. The consumer puts it at the time of
the purchase. If one does not put the price according to the cost,
obviously, if the consumer is not willing to pay or the cost, one
merges and engages in something else. The point is that the builder if he
sold or pre- sold us to a thousand for saying something, and then
to his coasts increased so much that it ends up being more than that.
The guy' s basically losing money and he has to come in anyway.
Well, sometimes it happens. That should fulfill his words clearly, but good
sometimes happens. I think there has to be an issue with the widespread disaster
over decades of interesting economics The topic Mauro You how do you think it works,
or I imagine you know a little bit about the issue of the bass
law how this works. In Argentina, the way in which people invest in
bels and furniture has changed a lot after being law on the side of seeing
the investments can come, on the side of looking for an income that is
a rent in Argentina took a lot of preponderance in some areas of Buenos Aires
city, the hervian mb is undeniable And, on the other hand, with
the repeal of the old Law of Rentals, that made the market much more
flexible as to the offer with what one can find, or more departments or
better location, or a question that has to do simply with what there is
more. That on the side from the investor, now from the buyer'
s side, because I think what we talked about a little bit with Miguel
is Che This applies so much to buy it for you to live or to
invest. It keeps putting a lot of your capital into this, which is
going to be immobilized for a reasonable time. I don' t think anyone
buys and comes to their property every year. Then you have to make the
best possible decision. And, obviously, what the law does, along with
other measures brings stability, is the forgiveness of monetary stabilization that allows you to
make certain long- term decisions, such as, for example, being able
to take a mortgage credit that while you were talking before, Mexico has eleven
percent of the PD and in terms of loans. Paraguay has seven. Argentina
doesn' t have one percent, so the big driver that should push me
into the real estate market, in terms of sale, in terms of manufacture
or construction, call it whatever you want, it' s going to have
to be housing. There' s no other driver today that massively pushes you
into the market. And in that we are all hoping that something else can
bring the law bases that are not necessarily the bases itself again. I don
' t think a law is going to save us, or kill us,
or save us. It is the context that allows you to make decisions and
have some predictability. If within six months the exchange restrictions are eliminated, there
will be capital inflows along with a program called Riji, which allows large capitals
in Argentina to invest amounts that have to exceed, I think, of the
three hundred million dollars and that will obviously be turned into the market or into
the real state sector. I have no doubt about that. Okay, wow.
I think that all works well. Augusto. In terms of credits,
you know how it works. The issue of grape credits, for example,
i e, I imagine that it is very normal in Argentina to acquire credits
to buy homes or here land or even as a company, even if you
have a good management of Capitals if I get this credit, because we are
more economic cs. I got a credit to pay for my money. How
this works, you know how it works. The theme of Christos Ubar gives
it yes, basically UVA is a unit of measure that will follow inflation.
So we' re gonna take a credit at four, five, three percent.
Depends on the bank plus the UVA adjustment. What happens is that this
one we had a small window in the sixteen seventeen years of Christ Suuba,
where people were frightened. He was very concerned because he must always owe more
in Argentine pesos. But if that takes away dollars, he was amortizing the
capital he had taken out. It' s a bit complex to explain around
to the general public. But it was finished to see. The war ended
up being a great opportunity and those who did it I think are now paying
less of that fee than someone who pays rent. So again you don'
t know what' s going to happen to that Argentina. These swings happen
that sometimes eat the crario, it is convenient this. Let' s hope
he' s always asking for credit. Your question you were telling me was
easy or not. They' re just coming out. There' s some
good, yeah, good alarms, good news that didn' t get out
of a restriction on buying dollars when they deposited you that it was for that
kind of credit, so that cut you off. Well, it looked like
that one who' s waiting for the big instructions to be taken off at
the exchange rate level and I think that' s going to modify the numbers
we' re seeing. And notice that there questions for miguel Or a reflection
that we said good temporary rentals year twenty- three and twenty- two.
I think it was the VD I had something idle for. He took out
a very interesting rent on browning a lot, a lot more. Super I
want to say to him what he rented out of a normal year and now
it looks like he' s changing. Then be very careful. We also
make decisions because everyone is doing it, which was what the start of this
podcast, because now I don' t know if it' s that way.
Miguel, I don' t know if I' m wrong. I
can add one more piece of information that you asked me, of course,
how these regulatory changes can positively impact in real state and I remembered one that
seems fundamental to me that sometimes we do not say it because it escapes finance,
but if we bring it to this side it will be 100% applicable
is that in Argentina it is being implemented, already a money laundering is proven
for those who have less than a hundred thousand dollars, that is, they
will be able to externalize their savings that, for some reason it was not
by means we call it legal for them to return it to investments or to
the real economy. And these are amounts that we understand are not conducive to
the laundering of assets, to terrorism or to any illegal activity. It is
simply the middle class saving in a hard currency that could not be legally accessed
before and that now needs to be laundered, externalized to turn it into the
real economy. And I think that hundred thousand dollars is a reasonable amount that
' s going to allow just this. The purchases of a single- family,
several garages, a two- room or bring together two or three people
from the same family and make an investment of that style that would not be
possible before. Now it is, now all your honey. Let' s
see how the ancheo works I hope it works. There are others that didn
' t work. To give it a clarification of rents and having been the
regulation of the Civil Code, much of the last modification, of the modification,
of the modification of the law rent is, which the initial point was
the free agreement of parties. The part agreement book. People who may accumulate
more left- wing ideas say this doesn' t have to be like this.
We have to regulate all people who believe more than in the freedom of
the parties, as in my case, I thought it would work well.
Indeed, it is working. What did that was that people who didn'
t want to have their apartment empty would prefer to rent it under the previously
imposed state and state rules. This liberalization of the rental law effectively resulted in
more offers because it can be rented again permanently for two years. It could
be for a year, it could also be for six months and there the
same. What achieved this was that first that no owner in general wants to
rent his property permanently for less than two years, because it is a mess
that once a year, among a new tenant has to move to meet him,
etcetera. That, on the one hand, with which the mark that
many hate somehow self- regulated with that and permanent rentals are doing for two
years, seconds. Now you can rent at any time currency can be in
Argentine peso, dollars, Mexican pesos in whatever you want are being to all
the rentals in dollars. The answer is not why, because the consumer puts
it the more supply and the consumer, at some point, puts the price
more. It puts the price. Another thing to say is that it is
true that Argentina clearly rose in December. Today that has happened with which the
consumer, that is, the tenant, the one who rents a property,
has less money, which also at some point, I assume that the rent
values, however much you can rent in dollars, do not go to heaven,
because there is more offer. The consumer has less money. I value
it on low rents. There' s not much. There' s not
much going back to it. On the other hand, to Argentina to have
grown in dollars anyway, now the dollar is already in one thousand four hundred
and inflation is falling, with which perhaps the foreigner, who came to almost
two months if it was very expensive. Now it healed as expensive as it
was two months ago. But well, as far as there is less purism
than before, with which there is less or lack of temporary rent. Anyway,
it' s not like there was that much. I don' t
have the cool number now, but there wasn' t so much temporary pinewood
either. Then there' s what I' ve always been. When he
comes to someone and wants to buy himself to rent for Airby NB, because
I read it in the paper. My answer is good. We have to
work for administernairm NV. If the tenant is at 3: 00 in the
morning, we have to go open it at 3: 00 in the morning.
If you want to go at seven in the morning, you have to
go and dispatch the seven in the morning at three in the afternoon, you
break the thermo tank that gives you water at six in the afternoon. It
' s got to be fixed,' cause the guy' s coming in
for five days and he can' t stay a day without a bath.
Sure good to see if it' s rent in parentheses, usually two years.
We also have to fix the day. We are not the next day,
but clearly someone who comes on vacation or on business a few days there
are gar solutions as if it were a hotel. So if you want to
do it on your own, you have to manage your time from your other
work activity to do this. If you don' t have to pay someone,
that' s paying someone. It obviously has a cost. Then you
have to do the numbers right. It is important to see what is the
monthly holiday of thirty days a month, how much you can rent it twenty
days, fifteen days, thirty days. You have to consider that there are
things that break because there are people who come in and out and don'
t take care of things so much. We need to consider the neighborhood factor.
Neighbors who live there all year don' t find it very funny that
these people are coming in and out all the new time. So, well,
all that more. The airing of much of the Rentans law has made
many Adán owners want to re- alkylate for two years. Fantastic, therefore,
Miguel, I believe that today has given us a lot of information regarding
how to invest in real estate, and not only how to invest, how
to even rent, that to make a little knowledge of the new laws that
come into force, also knowledge that there are already credits. The famous grape
credit so we can get a house where we already want it to be part
of the pip this also in the mortgage part, which is good growth.
I believe that today the goal has been fulfilled Miguel to generate value to our
community of telelists or YouTube excuses where the idea is what tips can learn people,
If you are impressionist, if you are a buyer or seller of a
minifurbish, it is time to do so, yes or no. It'
s interesting. It all depends on your goal. And, well, I
have nothing left but to thank you, Miguel, for your time, your
bountiful information that you just gave us today. I don' t like it
before we say goodbye, but ask you if you' re still interested in
contacting where you can do it, how you can do it if you have
your data or something you want to share at the end of this podcast.
Yes, you can google Duffy honey on Google and there I appear daffies from
and there my website appears, my networks clear, there more guests to contact
fantastic meat, Miguel. Thank you very much and good, because it is
also august in Ekini and Mauro Ferrero. Thank you very much, fellows,
for this talk. I don' t know if they want to give one
last talk before we retire. I am saying that it is super recommended Miguel
for the people to continue in Argentina and Buenos Aires that their work area.
I' ve recommended several people, so forward as well as other people rely
on professionals for topics they don' t know. Believe me, buying properties
to rent, looking for the area, or doing any kind of activity that
has to do with that is not for anyone. Support yourself in professionals who
are going to save not only time, but great headaches. You always tend
to say no sometimes. I' ll take care of it. I can
handle it, don' t be stubborn. Lean on what you really know,
without a doubt, because you already know colleagues, friends, entrepreneurs,
entrepreneurs and pessionists. If you' re thinking about investing in this real Statt
moment or symbolele goods is a good opportunity for Argentina, it' s a
good option to do it. Today there are experts like Miguel Doff and they
can support you in all the legal issues of sale and purchase and structure that
you occupy to do so. S s Ons and I promise that, as
soon as I can and can buy my small plot in Patagonia, I will
look for Miguel Miguel Vale. Thank you so much for your time and for
this talk you just gave us on stack of ok Pfit Tolks. Thank you
and thanks also to you, entrepreneurs who listen to this channel. I hope
we liked today' s topic and write to us, if you want a
comment or fear or question for our guests describe us or we can reach them
and you mind invites your scris to the channel you follow also the social networks
of Make Butn' s Flow, also those of Maro Ferrero, that will
help you with many topics of economy, like those of Miguel Doffi and of
Startups friends. Thank you very much for seeing us at the next edition of
Startups CAFI Tolks Finance Division along with Make Business Flow. Thank you and until
next thanks for joining us on one more episode of Startups off and Tolks.
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