We invest only in value-add real-estate. This means, we only invest in opportunities, where we see a clear strategy to improve the net operating income, and hence the sale price. In other words, we can “force” appreciation on the property vs. simply speculating an appreciation. We invest primarily in Class B and C properties. These tend to be value rentals for the working class families. We find that these properties are much more resilient to economic cycles, and also command favorable tax treatments. We also only invest in stabilized properties. This means, at purchase, the property is already more than 90% occupied, and is generating steady cashflow. This again allows us to minimize the risk profile of the investment.