1031 Exchanges, Commercial Real Estate, and Must-Buy Investors with nxtCRE Founder Adam Sharif

Adam Sharif: 0:00

Our ultimate goal is to provide a speed and accuracy. And when you do that,in any business, you can create greater liquidity in the marketplace because it creates more transparency and that sort of stuff. So ultimate goal is to create more liquidity and commercial real estate market which is, as we all know really

Announcer: 0:18

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Jason Muth: 0:42

Welcome to another episode of The Real Estate Law Podcast along with Attorney real estate broker Rory Gill, my name is Jason Muth and we're thrilled you're here for a spirited conversation. Today we're going to be talking a lot about 1031exchanges and commercial real estate and technology, and Rory,what do you know about 1031exchanges?

Rory Gill: 1:01

Pretty well-versed on the basics of 1031 exchanges,what they are, what the timelines are, how it works, so you have to hire. But what's going to be great about today's conversation is it's a different aspect of 1031 exchanges that I'm not particularly familiar with. And that is in commercial real estate, how you market this. So I don't want to put too many words on our guest today.But I know they specialize on kind of the aspect of 1031exchanges, which is once you're in a 1031 exchange, you become a very highly motivated buyer. In that there are some opportunities for other parties to connect with you and you are very determined to get a deal done just based on the rules. So without making up anything else or mispeaking, Jason, could you bring your guests on and introduce him?

Jason Muth: 1:49

Absolutely. Yeah,we're we are speaking today with Adam Sharif. He's the founder and chief strategist with nxtCRE. Did I get that right?

Adam Sharif: 1:57

Yes you did!

Jason Muth: 1:59

nxtCRE. Adam comes to us from sunny Miami. We're recording this today in our never ending winter here in New England, where there's yet another nor'easter that is hitting us today. And not to not to make the seem to dated,because maybe you're listening to this, listener, sometime in the summertime or sometime next year. But you know, those are the perils of living in the Northeast, and we don't have the beautiful weather that you have in Miami. So welcome to the podcast.

Adam Sharif: 2:23

Thank you. Thanks for having me.

Jason Muth: 2:25

Yeah. So tell us a little bit about, you know, what is your role as the chief strategist and founder of nxtCRE and you got to get into this technology platform that you guys have developed.

Adam Sharif: 2:37

Well, the concept itself that we're, we've launched and are successfully implementing came back, came to me back in when I was in GMAC,my background is in commercial real estate finance, I was a member of the senior management committee at GMAC commercial mortgage, I was the managing director of the equity transactions group. But before that, I started my career in commercial real estate as an investment broker. Basically,what we're doing at GMAC, and the 1031 exchange that we'll be discussing is really the byproduct of what we really do with commercial asset lenders.Commercial real estate lenders across the nation are partnering with next cre to gain line of sight into their own borrowers their own customers next move once they paid off the loan due to a sale. 20% of the lender's portfolio will run off every year. 75% of that 20% will be paid off due to a sale of a property. Now on the refinancing part, which is another 5%,that's easy for lenders, they know who those borrowers are,they've been chasing them for some time, two years ahead of them loan maturity, you know, to help them refinance. But once a borrower decides to sell their property, then the lender loses line of sight to what that borrower will be doing next.There's no digital way for them to know what they're doing. And that's really the problem. We solve for commercial estate lenders who are primary partners. And signing up commercial estate lenders is our number one objective as well. So what happens is, two thirds of all those who are paying off the loan by sale will be reinvesting the proceeds to buy another property, right? And if you're doing that you're going to 1031Exchange tax codes to to sort of defer the taxes on those gains.So you're not going to sell your property, pay your taxes and then invest what's left in it right. So you got what you want to do is to invest the whole amount and in some states in California or Illinois and New York, those taxes can be 50% of the total proceeds from the sale. So if you're getting $10million at closing, five would go to state and federal taxing authorities and you get to keep the other five unless you do a1031 Exchange where you can now leverage the entire 10 million.So that's what basically the concept came from is to help commercial real estate lenders gain line of sight into what they own borrowers will their own borrowers reinvestment equity, reinvestment in debt funding it. Now what happens is soon as one of their borrowers response to, to the lender, our lending partners inquiry into what they'll be doing next, that information is posted up on our platform, we're now a listing site. So you don't get to go on and see multiple lists that must be called the most by investors,because for reasons you mentioned before, they're highly motivated to invest. And in fact, if they want to take advantage of the exchanges, they must reinvest. That's what we call Must-Buy Investors. And once the information is on our platform, the lender gets a dashboard and sees their reinvestment requirement, equity reinvestment requirements, and anyone who has a property to sell, and they want to start to attempt a 1031 Exchange buy,which is every property seller,because universally, they're considered the holy grail of investors, right, there's no one that comes close to what they can provide in terms of probability of close at a higher price. And, you know, they have the cash on hand, they don't have a lot of time. So you know,you know, if you're selling and dealing with someone that's not going to string you along, or kick the tire and that sort of stuff, you know, they have to make a decision and do it rapidly, which is much better for a property seller, and they're using equity that otherwise would be paid towards taxes. So deliverability of a transaction is much more important to them than making sure that they have the deal of the century. Instead of negotiating on you know, 100th of a percent of the cap rate,they care more about knowing that the seller is motivated to deliver the property on time,because time is very short for them. Once a property sell uploaded property information on a platform, they'll get matched pretty much like a dating site,with multiple Must-Buy Investors are interested in that type of property at that location, that price range, right? And, and then conversation ensues between the two of them on our platform.And in the lender gets to see all this activity on the dashboards. And now, not only are they seeing what the customers are looking to buy,but they get to see the debt funding requirement on that side, right, so then they can jump in anytime and provide funding. The way we make money is we charge the selling side,three quarters of percent, two thirds of that 50 basis points goes to the lender for allowing us to partner by being a partner. So not only is the commercial estate lender receiving 50 basis points for every transaction that closes with their buyers with a borrower, excuse me, deals that they otherwise won't even know about. They also get to provide the debt funding for that acquisition. So that's basically how it works. The concept came to me when I was back in GMAC,if you want to hear a background about that, I'd be more than happy to share that with you.But what makes what we're doing today doable is the digital capabilities that exist today that did not exist back when I was running an equity transaction proof became so much more.

Rory Gill: 8:02

Yeah. So I mean, I hear you with your partnerships with your lenders, this is a really innovative advanced retention play, to make sure that their large commercial debtors stay with them, or at the very least, they have a chance to retain their business with the next property in the chain. One thing just I understand a little bit better is how the data first comes available to you. You know, as you suggested, the lenders kind of lose line of sight with their borrowers once they've made the decision to sell and they're not really intimately involved in that decision making. When does the identity of the borrower come in to play? Is it when they register with you? Is it when you understand you analyze the data? When does that profile come into your system?

Adam Sharif: 8:51

That's a great question. And what we call an early warning signal is what sorts the whole process. If you have a property of a loan on it,your loan doc says you gotta let the lender know 30 days ahead of when you're planning on paying off that loan, we call that early warning signal. So the loan docs, so if you're selling if you're refinancing or selling whatever you have to do, you have to send a note and notice to your lender, because it's something they ask asking them to give you a payoff letter. And again, three days ahead. In some cases, the closing date is more than a week or two. So you sometime get this information45-60 days ahead of the actual projected date. So as soon as that happens, the lender sends the lender receives that notice and logs onto the system because they have to timestamp it and all that sort of stuff. As soon as that happens, then our system automatically sends to that borrower an email with a link to a questionnaire that's branded with a lender's logo. The message is from the lender, it's not from us, and the lenders trying to find out what their borrower will be doing now.Actually, why are you paying off your loan? It's a refi or sell.It's refi? You know, we don't ask any more questions, it's done. Thank you so much.Congratulations, that sort of stuff. But if they're selling,then the questionnaire continues and says, will you be reinvesting the proceeds from cash? If the answer is yes, the answer is no, thank you so much.But if the answer is yes, then the message goes on, and says,look, you know, we want to help you with your new acquisition,we've partnered with nxtCRE,we're in a position to increase the number of opportunities that you'll get to see opportunities that otherwise, you wouldn't see. If you're a borrower, when you get an email like that from your lender and knowing they're big, you know, they have a big servicing portfolio and multiple other borrowers. And you might assume that some of those borrowers may have properties that's not on the market. So you know, off market deal, if you will, or maybe the lender has opportunities that are in distressed situation. So yeah,you want to see those. So you're going to respond to your lenders question as to what you're seeking as to what you want to buy. Because, by the way, you're not a borrower, your information is totally anonymous. The only information that is shown to the people who are matched is what is the amount of equity you have, and what is your selection deadline and how many days you have for your selection deadline, amount of equity,those two things sort of lined you up as to whether you're a good potential must buy, invest,if you have five days left, on your, you know, to identify a property, chances are the property seller, that's not going to work for you, because he doesn't have enough time to ensure you have to do his due diligence, contract and show all the things you need to do before your selection deadline to select that property. So so you may not want to send your property to that Must-Buy investor, or someone that's got2 million in equity, but wants a$20 million deal? Well, you know, they're gonna have to raise additional money. And you might want us to send it to them or not, but but you can determine as a property seller who gets to see your property,and if they, once you send it to them, then they decided that they must buy investment decides that they want to pursue your opportunity. So it's really,it's that it's kind of simple,but but it's not as simple as it looks.

Jason Muth: 12:06

Yeah, I think it's fascinating that you took this one little data point, which probably isn't so little, which is that, you know, you need a payoff statement or something has been triggered. And that obviously gets people to say,something's going on with this borrower, what's going on with this person. And then your system helps push them along,and probably back into that lender's space in the first place where they might have been purchasing another property. And the lender might be completely pieced out of that. Because I think on the residential space,you know, there's so much shopping for mortgages, when you're buying another property,in that, you just need a payoff statement with your current loan, you don't even think twice of the servicing company or the bank that you used to work with unless you have a really deep relationship with this company.But I think that on the residential side, a lot of people are probably just shopping rates and shopping,whatever local banks or relationships they have, but you know, this retention play that you have, where you're saying to these commercial lenders, hey,listen, like you're making a lot of interest from this customer right here, don't lose them,figure out a way to retain this person. And we have this platform that will identify folks that are about to do a1031 exchange, and let's help them you know, keep your keep the funding or keep a loan for a future loan with your institution. I just think that's an incredible little tiny data point that you found that you're able to use to work with these commercial lenders and saying, I have a way for you to kind of retain a lot of your business.

Adam Sharif: 13:34

I've heard someplace that it's much cheaper to keep an existing customer and to acquire a new one. Right? So that's what this is about. So instead of a normally, you mentioned residential, this probably was this probably how it happens in commercial as well. It is the borrower that has to call the lender say, hey,what do you got, here's what I'm doing. We've changed that model a little bit. Now, the lender has a line of sight as to what's happening, the lender can be proactive, and reach out to that ball and tell them hey, I know,you know, based on the fact that you're nxtCRE, and you're signed up and you've been matched.You're looking at this 20 unit apartment complex and Sioux City, Iowa, whatever you might be, whatever it might be, and you know, you have the rent roll, you have to operating a 12month trailing up information and all that sort of stuff. And based on that, you know, you've decided what you want to pay,and based on our underwriting,this is the loan quote we can give you. Now, that quote comes directly from the lender. So there aren't any outside brokers involved in that case. So so for the borrower, that's a much more attractive quote than one that would come in through a third party, if you will. So, so the lender has is in a prime position to keep their own borrowed based on information they have as opposed to waiting to hear from someone else that their own customers are engaging in some sort of an activity that they can use your services. So that to us I think is is an enormously valuable way to go about doing the next deal.nxtCRE right NXT has stands for two things actually - stands for your next deal also stands for the next phase of the way commercial real estate transaction market will be evolving. Our ultimate goal is to provide speed and accuracy.And when you do that in your business, you can create greater liquidity in the marketplace,because it creates more transparency and that sort of stuff. So the ultimate goal is to create more liquidity and commercial real estate market,which is, as we all know, very illiquid,

Rory Gill: 16:00

What proportion of the property owners take up the lender's offer to start a conversation about working with them, what's the adoption rate there?

Adam Sharif: 16:08

It's been 100%. So far, you know, the ones that are doing it, and of course, it doesn't cost them anything,right. As I said before, if you're a buyer, if you're a Must-Buy Investor, that's the you want to see everything in the marketplace. So to look to let your lender know, what you were looking for, is really to your bank, right, it doesn't cost you anything. In fact, it's much better than trying to go on various listing sites and trying to find properties and do the filtering and, and only find out that some of these listings have been a dated and, you know,deals are no longer available.But the broker's saying hey I've got another deal. So they basically have these listings on these listing sites more as a as a hook, if you will, to get potential buyers to call them and that sort of stuff. And then you wind up getting calls from everyone. And you get inundated with unqualified opportunities and that sort of stuff. And that takes a lot of your time as a buyer and trying to figure out exactly what you want. So for them, it's not a problem, right?So for them, it's not a problem to complete the questionnaire.It does matter who it doesn't matter what the borrower sees.If that questionnaire came directly from us, so they didn't know anything about nxtCRE.Chances are they wouldn't be that forthcoming because, you know, how are you helping me,you know, you asked me for information are you just another broken, it's going to be in a sending me all kinds of stuff.But since it's coming from their lender, someone that they've had relationships with now, by the time you're selling it, you're probably owned the property7-8-9-10 years. And during that time, every month you've been sending in addition to your to interest payment, rent rolls,operating foundation, and your balance sheet, all this other sort of stuff that you'd load that says you have to do if you don't do it, you wind up, you know, paying late filing fees and stuff like that your lender,so you know, you have a relationship with your lender,you know who they are. And when their lender says, Look, I want to help you find your next deal.It's hard for most of us know, I hate you, I don't want to I don't want you to help me, you know, find opportunities otherwise I wouldn't have or anything like that, that's not going to happen and and very rarely you hate people giving you money anyway, so. So there's a great deal of credibility when that borrower receives that email with a link to the question. And that's branded with the lenders logo and the message from the lender. It's very hard for a borrower to disregard that and dismiss it.

Jason Muth: 18:25

I was going to ask how much you think a commercial property seller is going to be doing a 1031 exchange, like is it 100% of the people that are selling that are now looking to roll that over or like what percentage of that marketplace?

Adam Sharif: 18:39

It's about two thirds, majority of them will be reinvesting the proceeds from the sale and that mean that in looking for pension fund selling a property, they don't pay taxes, so they don't have to do a 1031 Exchange. Right. They don't do that. Then there's other institutional type investors that that are going to do 1031 Exchanges, you're closing and farmers and wherever things can be liquidated, you're not going to do the 10th exchange there. Although there are ways to go around that. You need everyone's cooperation in a way. But it's generally that doesn't happen. But most everyone else does. So I came up with this concept when I was at GMAC, as I mentioned before, we were primarily a debt platform.We were the 800 pound gorilla and nobody came close to us back then we had a subsidy portfolio in excess of $300 billion. And you know, being on the on the senior management committee on the senior management team, I get, we get all kinds of data as to who's refinancing and that sort of stuff. But as I'm looking through the data, I'm looking at most of the most of these loans have been paid off or being paid off due to sale.So my question is, hey, what's going on here? What they're selling, there's a capital event going on? What can we do to create provide some value? And the answer was they're not refinancing. We don't care. We just chase those. I'm in equity transaction group is a capital vendors shitload of equity that-sorry my language, ou know, we let's, let's find out more about this. Okay. And so we start contacting those borrowers and ask them, you know, what they were doing and about two thirds said, Yeah, we're going to reinvest the proceeds to buy another property. Most 1031Exchange buyers mirror the US real estate generally right in terms of what they buy in their portfolio. I mean, you could it could be selling a carwash they could be selling an office building, it could be an apartment complex, and they could be buying and all those things as well. So we we asked them what they would want to if they were interested. And of course, for the reason I mentioned before, yeah, you know, we've got a $300 million loan servicing portfolio tens of thousands of borrowes. There's got to be opportunities there that we otherwise wouldn't see,of course, yeah, please send us whatever you have, right. And then we went to property sellers, some of the other buyers who are thinking of selling their properties. And I said, Well, would you be interested in selling your property? We've got these number of 1031 Exchange investors, we now call Must-Buy investors. Of course, that's what's universal.They've got cash on, it's not even on hand, it's an escrow they can touch of any campaign go to Vegas and lose it or anything like that. It's got to stay in escrow. They have very short time to make a decision.And they, and they're using money that again, we said before, that would otherwise go to pay taxes. So they're looking for deliverability above all us.And they're excited. Yeah, I would love to sell to them. And it was like shooting fish in a barrel. The problem was the communication tools available to us back then were mostly a phone, fax and FedEx, right. I mean, that's basically what it was. Emails, were just getting started, you couldn't do attachments, I wasn't really comfortable using emails just then either. So it became like the TV show, I Love Lucy. I don't know if you remember, the chalk is seen and a conveyor belt it got so it was so going so fast week start, we just couldn't keep up with the volume to the point where we weren't serving our clients very well.We would, you know, we would have to hire I think 80 to 90new people to handle all that volume. And I had no interest in doing anything like that. You know, when you do something at a big company, no other big company is going to is the owner of it. And you know, you'll get promoted somewhere else and someone else gets to run it and have fun with it. And I wasn't going to that's like this is not going to work for me. So I went on started my real estate investment development firm developed in Illinois, Texas,South Florida. In fact, the first deal we bought in South Florida was George Soros REIT,which is complicated REIT included a 517 year apartment complex right on a beach and the water was it was a fantastic deal for everyone. And we develop housing and townhouse developments in Palm Beach Gardens and that sort of stuff.And about three years three years ago, I started thinking about what we were doing at GMAC and I was thinking about technology, I was actually primarily thinking about technology and how that is changing or has the potential to sort of change a lot of the things we do and we'll say it's always been behind and that sort of stuff. And and I thought about the problem we had when I was at GMAC and, and getting more of these Must-Buy Investor deals done knew that, that with technology, being able to deliver data as fast as it can today, we can leverage technology and take advantage of that, unfortunately,unfortunately, but I no longer work with GMAC, I don't have the cap of $200 billion worth of servicing to go after all that.So we have to go out there and find lenders who would partner with us. And like anything else,when you start building these things, you have to identify every component that goes into building it and have the team to put it together and that sort of stuff. So that's takes a long time to do believe it or not,people have to believe in your vision, they have to believe in your ability to, to execute. And in you know, that's not the easiest thing to do. And especially at the beginning where no one is getting paid.It's just an idea, you know, we do well, we all do all that we know, they have confidence in my ability to execute to in order to partner with me, early on.

Rory Gill: 24:01

more profound questions. But there's one just like little thing that's eating at me. And that's, you know, if the exchanges position once you're branded as a must buy investor, does that undercut their negotiating position at all, when they go to acquire the next property? If it's kind of known that they're such a motivated buyer?

Adam Sharif: 24:19

Let me ask you a question. Does it matter if you call on it a 1031 exchange buyer or mass buyer investor? Once the seller knows that they know that in fact, they have put that under contract, or we doing a1031 exchange? Right so so sellers? Everyone knows that?And the answer to the question is no. Because if you're a motivated seller, right, what you want to do is your main focus is to find someone who has a higher probability of closing the deal, right? Because, you know, maybe you have a loan that's coming due, you can't extend it, you want someone that you know, will close on the deal. And you know, that if you're the kind of a seller that wants to squeeze your buyer on every deal, you're going to miss out on a lot of really good investors, right? Because they're not just getting your deal as a seller. They're getting a lot of other deals from other sellers. You can say,Well, I'm gonna squeeze you well, Mr. Seller, you're not the only one who has his property in front of these Must-Buy investors. So you know, you were delivering higher probability of closing in the shortest period of time. So if that that value isn't enough for you, and you can also try to squeeze every last nickel out of buyer just understand that you're also competing with other sellers and may not be as unreasonable as a rational zoo or as a property seller, right? Because we can want whatever we want, we can do whatever we want. But in reality, as we're living in a competitive world, and you're not the only game in town, if you will, that's the problem was selling for Must-Buy investors,because right now, most investors do have that problem,right? Because, you know, many times they wind up acquiring mismatched assets, something doesn't work for them just because of the timing. Sometimes they have to overpay, and many times the exchange fails just because they can't find the right property on time. So that's technology also solves that problem for the Must-Buyy investing in what we call what we call most my investors is,look, you're a must buy investor today. If you're on our platform, chances are you'll be a done deal investor tomorrow.And that's what you want, more than anything. And that's what the sellers want sellers want people that are working with that want to get the deal done.

Rory Gill: 26:22

A good number of our listeners are involved in real estate, either as agents, or as you know, small scale residential investors. So I want to kind of extrapolate the lessons you've had, building up this enterprise to some, you know, some key takeaways for them, and I can tee you up with one that glaring and that is the value of having a retention marketing strategy. So you know,for real estate agent, if they're well organized with their client list, they can predict when a client's lease is going to expire, or when their youngest child is going to graduate from high school, or even to be on the lookout for dynamic points, such as a divorce filing or job promotion,things that might trigger them to be more likely to buy or sell. You know, you've done a lot you've built this enterprise, you've worked kind of a unique angle in the industry. Are there any kind of more universal lessons that you could share with our agent and small scale investors?

Adam Sharif: 27:57

Absolutely. Here's what I want to say to the agents because we're very broker friendly platform is not exclusively available to brokers, we wouldn't be every broker would agree to exclusively put up all the properties on our platform, we'd be more than happy to give them an exclusive to only deals with broker, neither one of those things gonna happen. Technology can do a better job of price point discovery, right? I think that's what technology does better than anyone else.Technology can never provide representation. And every property seller needs representation. And that's really what if a broker is thinking that their main value to their seller is to be the procuring cause of an investor than I think they're missing what the sellers needs really are. The seller really needs representation, Southern needs,someone wants the buyers identified, to sort of walk them through the market, show them what's going on what's been happening, why rents should be what the sellers, suggesting they should be, and that sort of stuff, walkthroughs and all that sort of stuff, technology can't do that, you have to have a person that that knows the market to them. Additionally, if you are, especially if you're young or early, just getting started in the business don't have a big book of business, you can use, you can stay more competitive, you can get more listing, which is the hardest part in a commercial estate transaction, right? Selling, you know, eventually going to sell the asset. But getting into listing is the toughest part of closing any transaction. Because without it you have nothing right, you need a product you need to listing, and one way you can use our platform to be competitive in getting a listing and someone else who's also pitching to get that listing is say, Oh, I'm going to put your property on nxtCRE, because that's where they have the greatest number of buyers that have the highest potential probability of closing. If your competitor isn't doing that,that should be a slam dunk sales pitch to your seller in terms of getting them to give you the listing as opposed to someone who wouldn't want to do something like that, because they don't care about sellers best interest. Brokers, and I started my career as a broker,they weren't always incentivized to represent sometimes the way they compensated, this incentivizes them from creating the kind of transparency and efficiency that they're actually in a business to provide. Just because the way they're compensated. We're saying that you guys have to stop thinking like that. You got to start thinking about your customers,your clients, and the faster you and then once you do that, and you start closing more deals faster, you'll start getting more deals, more listings as a result of it. That's what we tell our brokers we have. We're partnering with CCIM and a few of you guys are familiar with CCIM, and I'm sure you are. I think tomorrow is when we're going to hear the final results where they will have 13,000members who are brokers. Their listings will be on the platform, and they will be matched with Must-Buy investors and that sort of stuff. And CCIM will go through this big training with all their members and marketing and all that will do some do a marketing with them trying to reach all their brokers and trying to get their brokers to upload their property information onto our platform,cutting back the marketing time and costs of selling that asset and, and becoming a hero to the seller and gone and then getting the next listing.

Jason Muth: 31:31

Yeah, you know, this is all really fascinating element of the commercial real estate transactions and the 1031exchange process that probably a lot of us didn't even know was happening. I mean, it's a tool out there that you're solving a need for people that are looking for those 1031 exchange properties, and for financial institutions to retain their customers. And you know, the way that you kind of triangulated to realize this was a need, you know, based on all of your experience was super fascinating. So, you know, we really appreciate your going into all that detail about this entire space that probably a lot of people that are listening didn't even know was there. Why don't we get to our final couple of questions. And then you could let everybody know where they can reach out to you and learn more about nxtCRE and, and the products that you're offering.So he asked his questions of all of our guests that come on the podcast are really simple. And they're a great way to just to kind of wrap things up and learn a little bit more about you. So Adam, our first one that we have for you is if you get on stage for half an hour and talk about any subject in the world with zero preparation doesn't have to be real estate. What would that be?

Adam Sharif: 32:33

Oh, my God, I don't know. I'm a sports fan. I mean,I'd speak about that. I follow leaders, other leaders in the industry, I always try to find out what their take is on things. You know, I'm interested in what Jamie Dimon has to say,and I'm interested in, you know,the Oracle of Omaha has to say,and, but more importantly, I'm interested in learning from as many different people as I can.And if I were to speak on a stage for 30 minutes, I would probably give you an example of what someone said like, for instance, Barry Diller said, you know, I'd much rather have a C concept and A-level execution if they have A concept and a C or D level execution, right? That is a, that's a very interesting topic to be discussing. Because without no matter how great your idea, ideas are, without the proper execution, or A level execution, which includes building an A level team isn't going to happen. So you know,those are the sorts of things I probably would want to probably release, speak to what Steve Jobs said in the past or something, in fact, that I just saw, read an article about Steve Jobs, though today that just blew my mind. I mean, he was first against the Apple phone,he should be launched, you didn't think it was going to work. But what happened was really, what I thought was fascinating is that his people pushed him to get going, and it didn't, it wasn't all over overnight, what the lesson from that is, if you're joining a team looking for the oracle to lead you all the way, you probably are not going to be as big asset to that team as one who wants to be the next oracle on your team. So you know, you want guys, you want people that take initiative, you want people that, that can, that not be afraid to speak out about a concept or idea or how to improve things, you want people that are true believers. And if you can find them on your team,you found gold. So that's those,those are the sort of stuff I probably be.

Jason Muth: 34:37

Even the best oracles out there. You know,they are not self made. They surround themselves with great network of people that they trust, and they learn from those folks, and they bounce ideas off them. So that's a great subject to speak on. Second one of these final questions we have for you tell somebody happened early in your life or career that impacts the way that you're working today.

Adam Sharif: 34:59

I've always had the concept, I've always had the belief that there's really not much that I can put my mind to that I can't overcome. That doesn't mean I was right. But that's, that's the kind of personality I have. I also believe in when Daniel Burnham said, make no small plans, they do not inspire the hearts of men. So you know, those are the sorts of things that are probably shaped my life and the things I go after.

Jason Muth: 35:25

All right. And finally, tell somebody you're listening to or watching or reading these days can be anything in the world.

Adam Sharif: 35:33

Everything and anything. I have a news feed I mean, I be surprised where you get some ideas, right and the information is everywhere. So in some most of the just useless and you've got to figure out how to you know, filter it quickly,but I read everything. I mean, I read stuff from the very left very right in between. I read about sports, I read about business, everything that that I get my hands on I will, I will read and try to see how I can use it to help myself and my team and our investors.

Jason Muth: 36:12

True devour of information. Rory, any final questions that you have or anything that before we wrap up?

Rory Gill: 36:18

No, I just want to make sure that our listeners understand where they can learn more about your services, your product and your company and about you.

Adam Sharif: 36:27

Well, nxtcre.com is our website and go on. And if they want information, info nxtcre.com is a great place to start. But if you need to reach me, personally, adam@nxtcre.com And I just, I just want to be clear that everybody that is nxtcre.com.

Jason Muth: 36:48

But we'll put that in the show notes. So just scroll down further. If you're listening to this, go check out the YouTube version or the show notes and there will be links over to your website. Hey, Rory,where can people get a hold of you?

Adam Sharif: 37:00

People could find me either through my real estate brokerage. That's NextHome Titletown nexthometitletown.com,or through my law practice,that's UrbanVillage Legal, UrbanVillagelegal.com.

Jason Muth: 37:12

And if you have enjoyed this episode, we'd love it. If you could give us a great review on iTunes or wherever you're listening to this Spotify or even YouTube. If you have comments, feel free to comment below or shoot us a quick email,you can email me. That's jason@nexthometitletown.com. We read all of our comments. If you want to be a guest on this podcast, please reach out to us.And we'll see if we have any slots to get you scheduled. All right. Well, Adam, thank you so much, Adam Sharif with nxtCRE.It's been a pleasure talking to you. And you know, all the best for a great year this year. This platform looks like it is really going to help lots of folks on both sides of the transaction.We wish you the best with that.

Adam Sharif: 37:52

Thank you, Jason.Thank you all we appreciate your time. Thanks again for inviting me.

Jason Muth: 37:56

Thank you.This has been The Real Estate Law Podcast. Because real estate is more than just pretty pictures. And law goes well beyond the paperwork and courtroom arguments. were powered by NextHome Titletown,Boston's progressive real estate brokerage, more nexthometitletown.com and UrbanVillage Legal,Massachusetts real estate counsel serving savvy property owners lenders and investors.More at UrbanVillagelegal.com.Today's conversation was not legal advice, but we hope you found it entertaining and informative. Discover more at the realestatelawpodcast.com Thank you for listening.