Andrew: Alright, let me do a quick plug here and then I want to ask you about a personal thing that we didn’t even ask you about in the interview. On Venture Voice? I was talking to him one day early on in the business and he says, “Tell me, what is the [??] John: That’s right. I probably would’ve gotten axed like two years later when the market kind of fell out. They’re job is to just sell the dream, so we were just trying to sell the dream into the industry. And I also think that in travel there’s still room for optimization there. That said, when we look past the national figures, we find tremendous regional variation in rent trends. What did you have? How do you get in their minds at that point? Do you want it?” What he did was worse than bait and switch. Andrew: So they actually built out this PowerPoint thing, clip art and all, and that was what the first version looked like? As always, our goal is to provide price transparency to America’s 105 million renters to help them make the best possible decisions in choosing a place to call home. I said to my supervisor, the conveyor belt’s not moving, what would you like me to do. Born and raised in Ohio. It’s a no brainer for them to work with us in some capacity. I think that there are some smart folks tackling that as well. Yes, American Airlines and United, they’re going to advertise on Google, Yahoo, Bing, and Facebook, but they’re also going to advertise on Kayak. I think so. You’ve been there for over a decade. Andrew: It is a frustrating process. It started small and then grew pretty substantially. Zillow lets property seekers look at listings for free, but relies on ad sales to agents and others to make money. If you want to try them here through the course within one hour, the author and I will take you through their ideas. Find Montreal properties for sale listings at the best price. We’ll get paid for referrals from the specific properties. They were like, yeah just stand over there. But not a bad site. debt for about five years before starting the business. You’re going to be the human conveyor belt today, so if you could just take those parts, slide them 20 feet to the next guy, that would be just fine. Went to school in Ohio. Join to Connect Apartment List. As the priciest cities lose some of their allure, interest in more affordable mid-sized cities appears to be picking up, potentially driven in part by renters taking advantage of remote work arrangements. We list low income housing, affordable housing and government subsidized housing. It’s dead simple and very effective. Where is it, credit cards? We decided to surprise everybody with a cruise on San Francisco Deck. Pay up?! Below we dive deeper into this notion that national rent trends look similar to previous years while a number of new and unique local trends are emerging just under the surface. You know, we had to sell the [drink] and we had to devote a lot of time to capital raising which can be, you know, obviously deters from building relationships, building a business and building products. It’s hard to acknowledge that you made a mistake. Andrew: …Are there companies out there that have that many listings that they would put on your site? It can’t get worse than that. John: Thanks so much for having me, Andrew. I had always wanted to start my own business in some capacity. We should do meetings. Still to this day I don’t know why he joined us, but we got him in the door. And then he went in [with like karma] and sold that to Facebook. John: You never want to enter those partnerships from the ground up, you want to go c level. So at the time, what were you doing for a living? With tons of homes and apartments for rent in almost every state, city, and neighborhood across the nation, we‘re here to help you find your next home. He was born in Texas, but his grandparents would spend the summers up there. So, one great grandpa was a candy guy. John: …My dad worked at the Chevy plant for 38 years, the only company he ever worked at. We’re looking at it as more of a shelf space game, like, hey, you’re going to be ranked up there at the top of the search results. I’ll ask a question and I’ll hear the first like four seconds of the answer. And so we didn’t have a ton of traffic. And it’s you and your co-founder. Why not stick with another market like New York which you know well or Ohio where you have more experience? Fewer cities got cheaper, but those cities got cheaper faster. Andrew: When I asked you what the first site was you said, well in the real estate market it was, then you said mycheapapartments. But, failure had never entered our mindsets. A few years before you started the business, you went out looking for an apartment for yourself. The analysis in this Executive Summary refers to market rent, individually metered and recovery system properties, 80 percent of the survey responses, unless otherwise noted. He gave up a lot for me to be able to have this opportunity. I’ll embrace that answer and I’m already thinking about a totally different topic. Actually bait and switch would be if he said, “Hey, this beautiful place that you wanted doesn’t exist. In the early days that’s all it was. I got in the mail. It would be a couple of technical screens and some reference checks. It’s your story that he sat down and told me. I was pretty terrible. When to Report Income. Publication 527 includes information on the expenses you can deduct if you rent a condominium or cooperative apartment, if you rent part of your property, or if you change your property to rental use. I say, “Well, it’s a very competitive process, so let me see if I can squeeze you guys in.” It took a little courage and ended up being one of the lead investors in the deal. had done in travel and bring in all the inventory in the United States under one roof. With a rent decline of 24.5 percent since March, the median 2-bedroom apartment in San Francisco has dropped from $3,147 to $2,377. Apartment List publishes Rent Reports during the first calendar week of each month. John: Yeah, it’s – you know if you type – I’ll give you another search like apartments in NYC. I had no flight to be in that city then. Just a search engine with a big map that archive can’t show. The program regulations are under Section 42 of the Internal Revenue Code. It’s a pleasure. Phase two was let’s build a (?) So if you’re not sure if you want to read a book and you want to get a taste for it and want to understand the big ideas that you can act on and can use, check out Mixergy Premium dot com. Why come out to Silicon Valley? And if you have any questions or custom data requests, you can reach us at We made payroll. It’s right in my price range.” And I would go visit them. In fact, rent has declined 0.5 percent from October to November in each of the last three years. Andrew: I see. What did you take away from it? I’m grateful to you for coming in here and doing it. San Francisco, CA. The first customer, who will be nameless for now, how did you get them? Expensive coastal cities such as San Francisco, Seattle, and New York City are continuing to see rents fall rapidly, while traditionally affordable suburban cities such as Boise have actually become more expensive over the course of the year. John: We did, you know, it’s nice to work with somebody on a daily basis that you know and trust. So my senior year in college, I actually blew out my other knee. Login or become a premium member. How helpful was that to your business? What about funding? I know how you got the first web design. What’s the price that’s going to get it done?” My heart is thumping and I’m like, I have to play poker here, I have to keep it cool. Then I would go to work, be as productive as I possibly could at work. It is also betting on home flipping to bring in additional revenue. It’s one of our resources. This is after the big pivot. Andrew: Do you ever get that way? It’s also sponsored by Grasshopper. Still, the nuts and bolts of how to buy an apartment may seem daunting at first. Apartment List’s Rent Reports cover rental pricing data in major cities, their suburbs, and their neighborhoods. Andrew: C level, of course, is CEO, CIO, etc…. And so this was after you said no real estate brokerage firm. Total revenue per unit ranged from $9,741 in Greensboro to $21,851 in San Diego. As I look back at those times I say to myself, that was really stupid. Or did you have the idea and then have to quit your job? Andrew: This interview is sponsored by Walker Corporate Law. Chris is a housing economist at Apartment List, where he conducts research on economic trends in the housing market. We walk into this office of a hedge fund and a well-renowned billionaire runs this hedge fund. There was a reason for it. I have a good buddy of mine, Mick, whom I’ve known for ten years. Do you want to send him a gift?” That’s his website. John: …Yeah, but don’t tell anybody that, okay. Grasshopper – Don’t make the mistake of comparing Grasshopper with other phone services. Andrew: So what do you mean? And we had what is known as the worst softball game in the history- But that’s where I met Chris Herndon and we’ve been friends for 20 years ever since. We had some industry insiders that tipped us off. Bob and I talked through that book. In 27 of the nation’s 30 largest metropolitan areas, principal cities are experiencing faster rent drops than their surrounding suburbs. Being on where? experience. John: I had the idea, and then I had to quit my job. Bad domains, bad brands…. Then on my dad’s side my great grandfather had a plumbing business. And so we looked at what Zillow and Julian had done and all the money that those guys had raised to kind of take real estate to the next level and even folks like Redfin. John: For me it was very tough, and Chris, my co-founder, was also not technical. I was like, “Hey, I could probably find an apartment in like a day. Do you need a phone number where your customers can dial in, press 1 to go to sales, press 2 to go to customer service, etc. Then we kind of swung around behind a wall with captains hats and started playing “I’m on a Boat,” The Lonely Island song. Luxury Sales. opportunity for some of these deals?” I said, “Seven figures annually for a lot of these clients.” He looked at me and said, “And you won’t get off your ass and get on a plane and buy them a steak dinner. You end up gambling. For free credit score another different clip art. Like, is this guy going to work hard? Apartment Guide’s October 2020 Rent Report highlights year-over-year rent trends and price fluctuations that renters may be experiencing in various parts of the United States. What do you see where it would work? Bait and switch. Andrew: As a non-developer yourself, someone who comes from outside Silicon Valley, how do you understand what they’re looking for and whether the work that they’re doing is right for you? Expenses as listed in an apartment building offering memorandum (brochure) Apartment building offering memorandums (sales listing brochures) typically list property operating expenses in general, broad categories almost always like this: Insurance. And although this year’s peak season was significantly disrupted due to the COVID-19 pandemic, our national index has stabilized back to a more typical trend over the past few months. Not a ton of thought went into that originally. We should suit it up. Facebook. It was the other side of this marketplace. This aggregates to a national trend that appears similar to last year but hides some new trends. Detroit experienced a 2.5 percentage point increase in total revenue, most of which was due to other revenue sources since rent revenue only increased marginally. Suburban cities, on the other hand, are the remaining non-principal cities within each metro. When you’re cutting costs out of, you know, a marketing expense, that’s a huge line item for these big companies. 514 409-6252. That’s why you’re paying them to do what they do. You’d have a clear direction in life. We didn’t ask you in the pre- interview, I should say. This is very unprofessional. They ended up being right, by the way. So I don’t know if it was a hazing ritual working on my first day. A: The tax credit program, also known as the "federal low-income housing tax credit program" or simply LIHTC, is a popular, affordable housing program that has been around since 1987. For example, San Francisco is a principal city while Oakland and Berkeley are suburbs, and New York City is the principal city while Newark and White Plains are suburbs. If you're a premium member, you can save your likes. You said that you had a grandfather; I think it was, who was an entrepreneur. Three, that we could really grow with them and lower the cost substantially. This place exists instead. I went to Kames. So, you protect something that’s that hard to build. Ultimately after kind of the brokerage side which was more catering towards purchase, we said hey, maybe the opportunity is actually in rentals. John: The thing is they were syndicating through us. He used Shopify. Ultimately ended up playing football as a junior. They had these huge presses, like 20 ton presses, massive. 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