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Nov. 28, 2022

TLP 44: Keeping Passive Investments Passive with Litan Yahav

TLP 44: Keeping Passive Investments Passive with Litan Yahav

In today’s podcast episode we interview Litan Yahav, Co-Founder at Vyzer.co. Vyzer built a solution to replace spreadsheets with automations. Along the way, Vyzer has found many others experiencing similar difficulties. Today, their team has a deep passion for simplifying complex finances, building endless automations, adding valuable insights, and empowering investors to manage and control their wealth.

Today’s topics are focused on how Vyzer helps limited partners manage their investments, common mistakes that limited partners should look out for, and the networking advantages of investing with Vyzer as LPs look for viable deals in the real estate markets.

Read the Full Podcast Episode Summary here!

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Transcript
LY:

[Litan] For the past seven years, we've been managing our money on our own and investing. Passively as much as possible, mainly into real estate syndications in the US and in Europe, private equity startups, crypto as well. But our objective is to create as passive income as possible, and we found just investing in these types of syndications was at the highest level of passiveness, if you'd say. The thing is that after a few years of deploying cash, We reached that point where our spreadsheets became insane. We had multiple logins to, to different investor portals, like all those platforms, documents coming in, cash, coming in, going out. Like these are good problems to have, but there's still problems that we faced. And again, maintaining that strategy of keeping it passive, we found ourself being more and more active in managing it and reaching a point where we didn't want to be. And so about two, two and a half years ago, we built a platform for ourselves

JW:

[Jake] That was Litan Yahav, co-founder and CEO of Vyzer. A platform built to track and help manage LP investments. Keep listening to learn how he avoided the issue of his passive investing strategy, becoming a job in and of itself. The limited partner shares in the potentially outsized returns of a well-planned and executed investment, but as a passive investor and has the maximum leverage on their most precious asset they're time, and that is why we're here together. 90% of the millionaires out there built their net worth with real estate. However, 0% of the billionaires are hands on managing the real estate assets because there simply isn't enough time. My name is Jake Wiley, and for the past 16 years I've been investing in real estate and I've learned a thing or two. But the most important lesson is how to leverage the expertise and time of others to maximize your investment potential. Welcome to the Limited Partner Podcast. All right, partners, again, this is your host, Jake Wiley. Very excited this week 'cause I think we're gonna get a really interesting other angle for you as limited partners on how to track your investments. But this week I am joined by Litan Yahav, who is the co-founderof Vyzer. Litan, welcome to the show.

LY:

[Litan] Thank you so much. I'm so excited to be here. Especially a show called Limited Partner, which is like where I define myself as a limited partner.

JW:

[Jake] Yes. We had a brief chat before we even got the show going, so I'm excited to get into it because what I was saying before is that on the Limited partner, episode 26, we had Brandon Sedloff and he was talking about good general partners really need a software platform to manage all of their investors and their investments and you actually found, you know, through your own investments as a limited partner, a big gap on your side, on how do you manage your investments. So I don't wanna steal your thunder and I'd love to give you an opportunity to tell your backstory and how you got here, but, you know, I'll turn it over to you.

LY:

[Litan] Yeah, for sure. Thanks. Little background about me. I'm 40 years old, married, three kids born in the States, live in Israel most of the time now. I was in a Navy for six years and then went to school, founded my last startup about 12 years ago. It went well. We sold that back in 2015, made some money. And then since that point, for the past seven years we've been managing our money on our own and investing passively as much as possible, mainly into real estate syndications in the US and in Europe. Private equity startups, crypto as well. But our objective is to create as passive income as possible. And we found just investing in these types of syndications was the highest level of passiveness. If you'd say the thing is that when we, after a few years of deploying cash, we sort of reached that point where our spreadsheets became insane. We had multiple logins to different, you know, investor portals like Juniper Square, Invest Next Syndication Pro like all those platforms, documents coming in, cash coming in, going out. Like these are good problems to have, but there's still problems that we faced. And again, maintaining that strategy of keeping it passive, we found ourself being more and more active in managing it and reaching a point where we didn't want to be. And so about two, two and a half years ago, we built a platform for ourselves to sort of automate and streamline that whole process of managing our investments, managing our money just automating as much as possible, understanding where it was in the past, where it isn't in the present, and where it'll be in the future, and linking in big accounts and just as much as possible to sort of keep it passive. And so, we ended up building a platform for ourselves that a bunch of friends and family wanted to use as well. This was like two and a half years ago. And then at that point we said, wait, there might be whole business here. And we reached out to a lot of people like us in the US and Europe and found that at the end of the day, the millions of people like us that have to choose between either using an Excel spreadsheet or Google sheet, whatever, or paying someone tens of thousands or hundreds of thousands of dollars a year to do it for them. And at that point we said, well, screw this. It just turns into a business. And we raised money about a year and a half ago, founded Vyzer. And super excited where we're at today with an operational platform a few hundred better users playing around with it. And it's super exciting 'cause we're bringing a lot of value to people like us. We don't use spreadsheets anymore. We just use this. And so that's sort of a quick background about what led us to where we're at today. Regardless of the tracking, like we've learned so many lessons over the past seven years, investing passively into these types of deals. Questions we should have asked that we didn't. Bad deals that we went into our own strategies has changed. Like when I say our, it's like me and my co-founder, we do everything almost together and we've just found different ways to approach this type of investing, both from a allocation standpoint and then from a tracking standpoint as well.

JW:

[Jake] Well, I think you bring up a really good point because like when we think about being a limited partner and truly being passive, is that you get to a point where you've got enough things that are kind of irons in the fire where what you were saying is that you get almost back into being active, and I think that's such a really key point is to say like, if you want to be passively, why are we here? Like what is the intent is not to become like this just professional investor, like a day trader, but to have your wealth and your investments actually grow for you passively, right? So yes, there is some work to find the right partners to to get involved with, but tracking and making sure everything is coming like it's supposed to be I guess let's dive into that a little bit more. What would you have been tracking on a spreadsheet? What does that look like now? And you know, how does that help you save time?

LY:

[Litan] You probably know this even better than me, but like, when you invest, I'd say 50, a hundred thousand dollars into these deals, They sort of have an expectation, or you have an expectation of what this deal is supposed to generate in terms of cash flow, in terms of time to liquidity. And then when you invest in one or two of these deals, it's easy to stay on top of it, right? You have a hundred thousand into a deal. You're supposed to, let's say, get $8,000 distributed every year on a quarterly basis, and then in five years from now, there's supposed to be an exit event or liquidation event where you get some of the cash back or all the cash back, and maybe a refi on the way. And so when you have one of those, it's pretty easy to track, right? But when you have 5, 10, 15 of those, like you get these quarterly distribution statements from your GP or cash in your bank account that you even forget, well, where is this from? When did I invest? How much did I invest? What did I even expect to receive? And so, only on that cash flow perspective, it becomes really hard to track regardless of all the documents that come in, regardless of like filing taxes every year, regardless of every other type of asset that I wanna also trickle in to have one source of truth of my finances and my cash flow of like what I have and what I'll have in the future so I can plan quarterly, and that was just very difficult when you have multiple sources of income that you can't track other than building a crazy spreadsheet.

JW:

[Jake] Yeah, I mean, I think too, you know, you think about it if you're looking at deals, right? You're like, well, I invested in one then I've looked at a hundred in between, right? I'm just using numbers, it's really difficult to remember like, okay, that one was like an 8% pref and like this is what we were supposed to get distributions here. 'Cause you're constantly, if you're doing this right, you're looking at stuff right and you're looking to park your money in places. So, I think that's a really great point. So I guess in terms of simplifying the use, like how hard is it to get, let's just say you've got 20 investments out there. How hard is it to get all of that onto the platform? Cause there are a lot of moving pieces.

LY:

[Litan] No, a hundred percent. So first of all, working on integrations directly with those like fund administrators or investor portals. But regardless of that, if you can imagine like at the end of the day these investments have two main parameters. One of 'em is the value of the investment, how much you invested, or your equity in the deal. And the other one is sort of like the cash coming in from the deal. Now the information about this stuff comes in a document format. Usually like you get a PPM or investment docs and you provide, you just throw that into the platform and then the platform translate that into assets and build that asset for you. So then you can have everything in one place, and then you don't have all the data points in the platform for that specific asset. But then you can link in your bank account to Vyzer as well. Obviously read only. We don't touch anything. We have no access to any of the informa— I mean any of the transactions, just like viewing your information, automatically detecting transactions that are related to a specific investment. So, for example, giving that 8% prep on a hundred thousand investments. So you're supposed to receive 8,000 a year, 2000 every quarter when the platform identifies a transaction in your bank account that matches that type of distribution, we'll raise a flag saying, Hey, you receive a distribution for this and this investment. We link the two and this is your updated performance to that investment. You're underperforming or overperforming. That's one aspect of tracking it automatically or uploading the information to the platform. But the idea is to create a platform which acts as your virtual family office in a sense. Because if I was worth hundreds of millions of dollars, I'd have a family office. And every time I received one of these statements or one of these investment documents, I just forward it to my family office for them to take care for me. Right? So Vyzer is supposed to act the same way. You receive any update or any investment, a new investment that you do, you just forward that to Vyzer and it's updated, uploaded, added automatically into the system for you. So essentially, if you want, you can sort of completely hands off and a white glove approach will take care of everything for you. Or if you don't want to, you just manually input everything yourself if you want. So like there are two sides of that spectrum.

JW:

[Jake] Well, I'd like to actually kind of go back in time too, because you sparked a question when you're saying like, okay, you sold, you exited your business, that was very successful, and then you started investing and you picked real estate as one of those real estate private equity, why is that? And then I guess the follow on question is like, how has that turned out for you? Obviously you're still doing it, but how did you come to that conclusion?

LY:

[Litan] Yeah, so when we sold the company, we, just to put things into context, we didn't make tens of millions of dollars in the exit, but we made enough money, you know, take a minute to decide what we wanna do next and start to deploy our cash on our own. Because at that point we were approached by a bunch of financial advisors, wealth managers, and other people offering to manage our money. We said, well, why don't we try to do this on our own and see what happens? And the thing like, so like I said I'm based in Israel and in Israel, the weird thing is that every second person in Israel does passive real estate investing abroad. So, everyone knows a guy that's an operator, a sponsor, a syndicator that does real estate abroad, that raises money from Israelis. And so either in, in multifamily value add type deals, but even single family sort of deals. So like our first two investments out the gate, were two single family homes in Ohio that were a disaster for us, and it were a disaster on multiple measures, but mainly because it was two doors that we actively managed. Although we had a property manager managing for us, there was a a lot of things happening, bad tenants, issues with the municipality. Just a lot of issues. And we said from that point on, we're not gonna do this anymore. We're not gonna invest actively in any single doors, any single families. Let's go to the next level and just invest in syndications. And we just found people we trust. People that, friends of ours that we trust, who trust other people and started to invest with them. And these were Israelis that either did it on their own abroad or had contacts as operators in the US that did it through them. And that sort of opened this whole hatch to investing in these type of syndication deals. And over the years we decided to invest in that in smaller operators that are more hungry to find really good deals that don't have a lot of LPs. They don't have to deliver like high demand in every month, sending a new deal flow, but rather like once a year. And we gather about 10, 11 of those operators that we've invested with. And over the years we also found access directly to the operators themselves. And just even deepened our approach to investing in real estates syndications, different asset classes within the field. So we'll do multi-family value add or storage units or ground up development or flips. With the key being, we're not involved. We wanna find people we can trust that will not screw us over. But once that matches our strategy, then it's just like the numbers game, right? All right. They'll send us deal flow if it matches in terms of return cash flow. And we'll invest, and if it doesn't, we don't. But we know that we trust the people that won't screw us over. So that's sort of like the, from the single family deals all the way today to just syndications with people we trust. Honestly, the underlying ask trust doesn't really matter much as long as it's people we trust. And that's what we've seen over the years.

JW:

[Jake] I love the point about single family 'cause you know, like you, I started in single family too, and having a property manager on a single family deal just means that you've got somebody that answers the first phone call and then they just turn around and call you during business hours, right? It's not a, it's not a real pants off activity.

LY:

[Litan] Exactly. There's just so many people that invest in rental properties that sort of preach, yeah, this is passive income, but I don't see how that's passive income. If you have to be on a call and solve issues with tenants or with other issues. It's like, that's not passive in my mind. Yeah, you get advantage of leverage and maybe the upside is big, but so much in my mind work that it's just not worth it for me.

JW:

[Jake] Yeah, I mean, I think, you know, we've talked about this on the show a bunch, right? So my experience and the transition that I've gone through in the limited partner community is hoping to help people avoid that, right? Because it seems logical that if you want to get in real estate, let's say you're out in the market and you're searching, you believe there's something better than just stocks and bonds and hoping and praying that the market's gonna go your way, or the management of this company is gonna just do a rock solid job and you're looking for something else. So, you know, a lot of people, 90% of the people out there that are millionaires made their money in real estate, right? So that's a pretty well known fact but the point is that when you get into real estate, if you are a highly paid individual, if you're an accredited investor, like chances are you've got a source of income that you're then like trading time for, right? And this is the issue that I found is that I was trading time to do like $10 an hour work. You know, like the tenant calls on Saturday and you're like, hey the toilet's plugged up and you're like, oh my God, I gotta go deal with this. First of all, I gotta take the call, right? So that's time. Then I gotta go deal with it and I cancel vacations because of this, or I had to come back early to deal with stuff. And that is not passive, right? It's not passive. And then when you find is that when you get into this kind of real passive, you're working with syndications, you're working on larger scales, you're basically handing the keys over to somebody else that is a professional in this space that has property management. They have scaled. And then they actually make you the same returns, if not better than you could have done with your single family. And you really don't have to do anything other than find the right people that you trust, right? Jake So what other mistakes, you alluded to this, you said you made some big mistakes. What other mistakes is limited partner, should we be looking out for?

LY:

[Litan] Yeah. So I mean, it may be a mistake is a harsh word, but I think things to ask or question that, that we didn't ask like from getting out the door, one of 'em is sort of asking like what happens in refinance situations because, and this is very weird because each operator has a different approach to what happens when there's a refi. So, let's say you invest a hundred thousand into a deal that's supposed to have 8% pref. Now, not, first of all, not everyone view as the 8% pref as the 8% annual cash flow. Many people think it's the same thing, but it's not. But let's just say in this case, it's the same thing. So you're supposed to get 8% annual cash flow as well, but then there's a refinance event after two years that you receive out of the a hundred thousand, 70,000 back. Now, that's amazing, right? You just got cash out, but you still have equity in the game. But now what happens to the annual cash flow? Like, is it based? Is it 8% based on the remaining 30,000? Is it on the initial a hundred? Is it whatever they can distribute based on your prorate holdings within the partnership? It's something that sort of, we've seen every person, every operator has a different approach to. I can't say there's one source of truth on this. Personally, what I think is best practice is based on the equity you have in the deal. But if there's excess cash to distribute, then it should be distributed as well. But that's like a question that, and it also says something about the operator because I've asked operators about this, and some of them will say, well, you know what? I don't know the answer. I mean, I have to check. And I, that also says something about the deal in their operator, right? That means that if they haven't done this before, what does that mean about their experience. And that's only about refi, right? They're a bunch of other stuff. So, that's a question that we've been asking. The second thing, and this I think is very subjective because, and I think I mentioned this, like when I invest and I hear that this operator has a huge operation of sort of investor relation people whatever, like nice offices and stuff like that, for me that's usually a turnoff because that means that they have a very large pool of investors that they need to impress. That also means that they have a lot of people that they need to bring deals to the table for so that means that they have to find deal flow more extensively than smaller operators. And then, I mean, it's just a numbers game. Like one of those deals is gonna fall through. And so, and I'm not saying this is right or wrong, I'm just saying for me that's something that those, that's usually a place that I don't want to be in. Yeah, for sure the risk is lower because that means there are many people that are looking into deals and if there's a lot of LPs, then they can also have access to really nice deal flow maybe. But for me, I prefer the smaller, hungrier GPs that bring one or two deals a year. They're usually gonna like go all in and work their asses off to make sure these deals go through and then they perform well and that the LPs are well paid, so different. That's, again, it's not a mistake, but sort of a strategy that we've defined ourselves as more comfortable with. I'd say the biggest mistake was the initial thing that I mentioned before, was investing in these single doors and not diversifying over hundreds of doors when you can put the same amount of money into a syndication as opposed to putting into a single family home. Yeah, so that, that's sort of a way I see it.

JW:

[Jake] Okay. Well, I got questions on all of those for you, but we'll start with the simple one. Going back to the single doors . What was that transition point like? Because I think you're not alone. Like I said, this is how I got into real estate investing and I'd never like trade that experience. But how did you make that transition? What was it that said, okay, like let's go do this? Was it just the size of it? Was the accessibility of it? Like how did that work?

LY:

[Litan] No, I mean, first of all, it was the fear of repeating the same mistakes we did with the single family homes that we didn't wanna repeat. And that point was that I think. I got a tenant leave and this was like a $60,000 property and we had a tenant leave and caused damages of like $6,000, like freaking 10% of the property just needed to be put back into it. And then we're like, I don't want this to happen again. Like, alright, yeah, we're, maybe it's bad luck, maybe we were wrong in this neighborhood, but why would I wanna take that type of risk? Let's find alternatives and again, during this whole period, we looked at other alternatives simultaneously. Like we weren't only focused on single family from the get go. We were always looking at different alternatives. And when we found sort of multi-family syndication type deals where instead of having access or exposure to one door, you can have exposure with the same amount of money to multiple, we said, well, it's a no brainer. Let's just go in that direction and stop investing in these single family deals. And we only got rid of these two houses like a year ago. It was really hard and we lost money on those deals and we just decided not to go back in that track ever again.

JW:

[Jake] Yeah I hear you. I think I sold most of my single families last year, so it was a good time to finally sell 'em. I think, you know, one of the things we were talking about is the difficulty of being a limited partner, especially when you get into more and more investments, which is hence the reason for the platform. And I want to go onto your point about what happens with a refi, right? So let's take your example of you put money in and you're thinking, Hey, this is a five, seven year deal and I'm expecting an 8% pref and we're just using round numbers folks. you know, year two they do a refi and you get 70% of your money back. And again, like there's some excitement of getting it back, but that's actually more work for you, right? Like you expected your a hundred thousand dollars to be at work and now it's, you got $70,000 of it back. Plus, you know, the annual pref that you got ahead of time, you gotta then go find place to put that to work, right? Because if it's just sitting on the sidelines, it's not working. So that is more work for you. And I think that's a really great point. About what happens when you know you put money to work, are they just looking to refinance as soon as possible and get it out of, but did I articulate that well?

LY:

[Litan] Yeah, a hundred percent. And it's like, again it's good things. These are good problems to have, but like even one situation where we face is that we weren't even notified by the operator that we're gonna get a money back. We just saw $70,000 in our bank account. And I'm like, wait, what's this? Where's this from? Wait, now I have to find another place to allocate this money. So it'll keep generating more. I mean, again, I can't, you can't complain, right? It's just like, it's annoying when you compare it to the alternatives, right? And so, yeah you articulated it perfectly that's exactly what we faced in that situation of sort of like getting that cash back. And you can imagine, let's say the deal isn't seven years, it's 10 years, but after two years you got the money back and you anticipated something completely different. Now I have to say in, in current marketing conditions with rates going up. I think these types of situations of refinance and that type of stuff probably won't happen as much as I did in previous years, but still, it's something that I pay attention more to now.

JW:

[Jake] Yeah, I think that's just a really great point, and then I wanna get into your strategy comment about looking for the smaller hungrier operators and syndicators. So, you know, articulating it from, the way I see it is that there's two strategies. One is you can go for like the big behemoth of a company that's kind of tried and true and they've got this workforce and the staff and the, theoretically there's just this constant churn. Now what's interesting about that is if you look at it and I look at it too, right, and these things give me pause because they may have 30, 40, 50 people on their payroll. And that's overhead.

LY:

[Litan] Exactly.

JW:

[Jake] That's gotta be paid for by something. And a lot of times the way those deals are really, the overhead is paid for is by deal churn, right? So it's are you just doing another deal to do another deal. And like, maybe the numbers are like tight, right? There's an opportunity for additional stress in the system when you think about it that way because it's like, I gotta pay these people and the way to pay them is to do another deal to get an acquisition fee and make all of these things work. And then you know, as an investor, I think kind of what you are indicating is that sometimes you look at it and like, is that the deal that I really want? Is that where the money I want it going? Or do I want them thinking, looking for that like amazing deal and they're only gonna do one or two a year. And when you get it, you know that they've looked through and sifted through a million and this is the right one.

LY:

[Litan] Yeah, I mean, and I've spoken with investors like me that would prefer to stay and invest only with one operator many times because of the tracking issue, like they don't wanna have to invest with 10 different operators. That seems like a nightmare for them to track because they have different portals and they have different statements coming in and different distributions. And so even though. For me, like, and what has enabled us to have this strategy of putting money or betting on different horses is the ability to track it easier than others would. As opposed to investing in one or betting on one horse, which is one operator, and then getting only deal flow from them. And I just think that, yeah, so one of those deals is gonna fall through because they need to supply for that demand of multiple investors. So, yeah, totally.

JW:

[Jake] And you kind of brought up a point, which I think is obviously very key into like what Vyzer's doing. Is that yes, like when you get into something and you're like, oh my gosh, I'm tracking something. This guy's got a different system and it's reporting out over here. And like this truly is passive. Like I am, at work right? I have money income, like that's taking up 60, 70 hours of my week. I can't do other stuff, right? And like trying to track it. So, therefore having one person, one horse hit you back is a benefit and then it simplifies things. But it also increases your risk because you know, you really aren't diversifying and you're not getting out there. And really what you're kind of saying too about Vyzer is the ability to kind of consolidate all of that in a way that gives you the ability to say, okay, fine. Yeah. Like, I'll go invest with you because it's gonna come through back on the platform and at the end of the year and when I've gotta do all this reporting, I know what's happening and it's uniform, I guess, in the way it reports out. Based on the information that you put in. Is that a fair statement?

LY:

[Litan] Exactly. Yeah, I totally agree with that statement.

JW:

[Jake] Well, I think that's, you know, it's really important and you brought up some great points and some nuances that we really haven't covered on the show. One, obviously like having a LP platform is, could be a real value add to your strategy for a variety of reasons, which we've just discussed then two some of the mistakes and the way you look at deals and potentially look at sponsors differently than a lot of the other guests that I've had on the show. They're like, hey, I'm looking for a guy that's got a huge track record. They're churn out things and you're looking for maybe, you know, some of those scrappier guys. And I think the reasoning behind that is fantastic. But is there anything else that you want to cover to make sure, or basically to make this conversation complete?

LY:

[Litan] Yeah, I think that just to cover that because we have always liked investing in the smaller GPs, one of the things that have become difficult is finding these people, right. And so you speak with many other LPs like us. If you guys can recommend other investments that you've done, and so like one of the things we're integrating into Vyzer, and obviously if people can opt out of this, but because we have multiple people like us that use Vyzer, there's a lot of information that people can then share between each other. And honestly, that would help us make better decisions as to where to allocate our money. So for example, if I'm invested into fund X, Y, Z, and there are 50 other people, advisor that are also invested in this fund, then Vyzer can then display the number of people that have invested in that fund and create a whole dynamic that people could interact with each other about that fund without any conflict of interest, just based on their experience investing in this fund. And that can go to any type of investment vehicle and any type of investment fund. I mean, essentially we can also even show the performance of those investments anonymously, of course if people wanna opt out. Again, it's important to emphasize that because many people have these non-disclosure agreements where you cannot disclose your performance to other people. Let's say you overcome that and then people want to use Vyzer to share that information with other people. You get this fully transparent platform that enables us to get access, like as LPs to information that otherwise is unavailable, right? Because I've spoken with endless GPs and ask them for recommendations and they'll connect me with five other LPs of theirs, but I don't know if those LPs weren't good deals or bad deals, right? So, Vyzer will be that place where no conflict of interest. You can see where other people are actually investing in and communicate with others and understand their experience from those investments. So that's like the the sort of where we're trying to take this and bring the most value to LP investors like us.

JW:

[Jake] Well, I personally love that, right? Cause I think about the limited partner, the podcast, the community that we're trying to create is a safe place, right? Where can you go to get information on how to do this? How to do it right? How to not make mistakes, how to be a professional and not get sucked into like what you were mentioning, like being active in this. Because like either you'll do it and it'll just suck up all your time or you won't. And the idea is like, how do you do this well? How do you do this efficiently? And one of the questions we get a lot. Well, how do we find the right people to invest with? And you know, my, see I'm doing trying to be very cautious about like pointing people in specific directions 'cause I'm not an investment advisor. Really. This is about education. But if there's a way, you know, using your platform like Vyzer, where you can get kind of a non-competitive intel on, you know, potential GPs that like other people are working with successfully. And it's not a place where it's like, Hey, I'm brokering this information, right? Like, you're taking a cut. It's more of like, yeah, come on, be a part of the community. I think that's fantastic.

LY:

[Litan] Exactly. Yeah. And we're always gonna be, Pro LP. Never gonna have any interaction with GPs. Never gonna take anything business model on this, which is important to emphasize. We're gonna charge a membership fee, like flat membership fee for the platform to make sure we're always only pro one side of the equation, which is the investor, and never sort of have any conflict of interest with regards to pushing deals, to getting anything for anyone else other than the people we bring value to, which is the investors.

JW:

[Jake] Well, that's fantastic. Well, Litan, thank you so much for all the information. I think this has been a great show. I'd like to end every conversation with a bit of gratitude, give you an opportunity to give thanks to somebody that maybe give you a leg up along the way and that maybe you didn't deserve, but the floor is yours.

LY:

[Litan] Yeah. Well, first of all, I mean, I totally appreciate being on the show and having the opportunity to share my story and what we're building at Vyzer. So first of all, Jake, thank you so much for this. I think one of the first people we spoke with in this sort of like, investment, like at real estate community, he's a fellow podcaster as well. His name is Yonah Weiss. I don't know if you know him or not, but he's been awesome and he's helped us from the get go. So I'd wanna get just convey a lot of gratitude to him.

JW:

[Jake] well, yeah, I think I, I need to connect with Yona h we've been like circling around, you know, like I think people have pointed me that way and it's just never connected. So Yonah, if you're listening, you know, thank you. And then too, we should definitely connect because I think there's some synergies here. But, and again, thank you for being on the show. This has been a great conversation.

LY:

[Litan] Thank you so much. Appreciate it.

JW:

[Jake] I hope you've enjoyed today's episode and I'd actually love for you to contribute to a future. If you have a question you'd like answered or a topic or a guest to bring on the show, please email me at jake@thelimitedpartner.com. Now, I realize there is a lot of lingo that's thrown around on these shows, so I've created a cheat sheet for you with the top 26 terms that come up most often. Head on over to thelimitedpartner.com/lingo for the list. Enjoy and we'll see you next time.