Access speaker guidance to pressing SFR questions

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing? COSTS GOING HIGHER HOWEVER FINDING WORK AROUNDS AND RELATIONSHIPS TO ACQUIRE DISCOUNTS WILL BE KEY .

2. How many homes are you looking to buy/build during the next year? 60 How much of a % increase would that be for your portfolio? 20%

3. There are a lot of local and state proposals that have the potential to change the SFR industry… What have you been doing to alleviate some of these concerns from the political class? MINIMIZE RISK BY ELIMINATION UNNEEDED EXPOSURE FROM VARIOUS MARKETING , BUILDING , SUBSCRIPTION ISSUES THAT DON'T SERVE US .

4. How are you managing increasing tax and insurance rates? SHOPPING AND DECREASING WHAT'S NEEDED TO BARE MINIMUMS .

5. In the markets you invest in are you expecting housing valuation to go up or down this year? UP DUE TO RENT INCREASES AND MSA APPRECIATION .

6. What was the last thing you did to increase the ROI of your operation? RAISE RENTS AND CUT EXPENSES .

7. Are you adapting AI? How? AI FOR INSPECTIONS , PURCHASE INFO , OUTREACH AND DATABASE MANAGEMENT

8. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference? - MONEYBALL !!

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing?

It’s too early to say how this will impact us. We are bracing for higher maintenance/capex costs in the short run but building and finish materials have a longer horizon and this could be a temporary blip that doesn’t impact the market as dramatically as the more short dated items/purchases.

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio?

700-1000 homes 15-20% increase.

3. There are a lot of local and state proposals that have the potential to change the SFR industry… What have you been doing to alleviate some of these concerns from the political class?

We are leaning into the political process in every state where we own homes regardless of whether there are active proposals or not. As an industry we need to do a better job of telling our story and refuting many of the false narratives that exist in the market/political realm. We have found that small meetings with stakeholders has been very effective at getting questions answered and “clearing the air”. We have quite a few brush fires to put out, but we need to tend to them before they get unmanageable.

4. How are you managing increasing tax and insurance rates?

We are aggressive with our valuations and appeals on the tax side and continue to pursue a variety of strategies on the insurance side to try and mitigate cost increases without sacrificing coverage. Our 3 year loss run history is very impressive so we are winning over insurers with our argument that new homes are more resilient and less prone to damages.

5. In the markets you invest in are you expecting housing valuation to go up or down this year?

Very difficult to tell in this climate. We are long term investors and take the view that the current volatility is temporary and we need to work through it.

6. What was the last thing you did to increase the ROI of your operation?

Focus on our HOA team with additional staffing and automation. We are aggressively pursuing ways to minimize fines/late fees.

7. Are you adapting AI? How?

AI has become a big part of our leasing/marketing/renewal process. Our system is now able to be more responsive and effective for us and frees up our people to work on the more “hands on” tasks and less on the menial/rote tasks.

8. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference?

A Complete Unknown. Very watchable biopic about Bob Dylan.

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing? We have not seen any change here yet.

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio? We will build 350 homes over the next year, none will be kept in the portfolio, 50% will be sold retail 50% to investors.

3. There are a lot of local and state proposals that have the potential to change the SFR industry… What have you been doing to alleviate some of these concerns from the political class? We have not yet taken any action here.

4. How are you managing increasing tax and insurance rates? We are selling units that no longer cashflow, making attempts to get better pricing on land to drive overall basis down.

5. In the markets you invest in are you expecting housing valuation to go up or down this year? No, we expect it to go down slightly, we are in the Northeast FL market.

6. What was the last thing you did to increase the ROI of your operation? Adjust the product we are building and be more disciplined with our offers on land.

7. Are you adapting AI? How? Our office paid for ChatGTP and Gemini, everyone in the office is encouraged to use them as a think partner.

8. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference? American Primevil seres on Netflix.

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing? Tariffs will increase material costs. Items that are domestically manufactured, such as Daikin Goodman HVAC units, are able to offset some of these tariffs.

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio?

3. What was the last thing you did to increase the ROI of your operation? We have partnered with clients to drive efficiencies with both direct costs (material, labor) and indirect costs (overhead, efficiencies).

7. Are you adapting AI? How? We implemented an AI conversation tool last year that helps intake and triage maintenance requests. It has been effective in helping operators achieve 10% to 20% of WOs by helping residents self-solve or identifying it as a resident owned issue.

8. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference? Wild Wild Space.

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing? We have not seen a tariff impact yet, but we are closely monitoring material pricing and availability on Chinese imports.

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio? We are targeting $200mm in acquisitions this year.

3. There are a lot of local and state proposals that have the potential to change the SFR industry… What have you been doing to alleviate some of these concerns from the political class? We fix and flip only.

5. In the markets you invest in are you expecting housing valuation to go up or down this year? We anticipate flat value in our Southern California and Denver markets this year.

6. What was the last thing you did to increase the ROI of your operation? We are implementing Agile, lean manufacturing methods across our entire business.

7. Are you adapting AI? How? We use AI to make funny memes.

8. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference? Man on Fire is like Taken except better because is features Denzel Washington.

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing? No real issues at the moment but it will start to affect the pricing of material coming in from other countries for sure and sourcing material at a reasonable cost. Creating a Buyers group can help offset the high pricing since you can leverage the buying power of multiple to lower costs from the suppliers

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio We want to Acquire 25-30 by year end, it would increase our inventory by about 10%

4. How are you managing increasing tax and insurance rates? Working with broker shopping multiple companies has helped, but for the most part our pricing has not raised to much for the fact we address all the major components like roof, HVAC, plumbing to brand new so our asset insurance is not inflated

5. In the markets you invest in are you expecting housing valuation to go up or down this year? From a local perspective values have been significantly dropping 3-5% in 6 month period

6. What was the last thing you did to increase the ROI of your operation? Increase our Training as far as sales in the acquisition space and training in valuation and having the sellers self discover the actual value of their home.

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing? Too soon to say.

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio? 1,500-2,000 – 25-40%.

3. There are a lot of local and state proposals that have the potential to change the SFR industry… What have you been doing to alleviate some of these concerns from the political class? John, our CEO, is involved with the political class and keeps current on issues we need to concern ourselves with.

4. How are you managing increasing tax and insurance rates? We utilize Ryan to appeal every tax assessment that make sense Insurance rates have gone down for us.

5. In the markets you invest in are you expecting housing valuation to go up or down this year? Mixed bag – down for FL/TX and up for NC/SC/GA/AL/TN.

6. What was the last thing you did to increase the ROI of your operation? EliseAI – see below.

7. Are you adapting AI? How? Yes, EliseAI for voice, text, email for leasing, renewals, and collections.

8. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference? Oppenheimer.

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing? Costs are up 5-9% overall.

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio? We will remain flat for 2025 production vs 2024

3. There are a lot of local and state proposals that have the potential to change the SFR industry… What have you been doing to alleviate some of these concerns from the political class? We yield project to bed tax to avoid adverse zoning.

4. How are you managing increasing tax and insurance rates? Biggest opex item…diluting margins.

5. In the markets you invest in are you expecting housing valuation to go up or down this year? Go down.

6. What was the last thing you did to increase the ROI of your operation? Cash flow is key in this market condition.

7. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference? Minecraft.

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing? We aren’t the builder, so we haven’t noticed an impact.

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio? On Average our members are buying about 250 homes per year. About 50% of those are first time buyers and the rest are repeat buyers. Our focus is to increase the number of repeat buyers this year.

3. There are a lot of local and state proposals that have the potential to change the SFR industry… What have you been doing to alleviate some of these concerns from the political class? We try to stay in states that have favorable landlord laws, but as new proposals come, our boots on the ground help to ensure the investors perspective is heard and they understand the new issues being proposed or implemented.

4. How are you managing increasing tax and insurance rates? For increasing property taxes, some of our members, when justified will contest higher values. As for insurance, we try to mitigate it by staying out of flood zones and going with new construction where it helps to lower the insurance cost and risk

5. In the markets you invest in are you expecting housing valuation to go up or down this year? Most of our markets are expected to have valuations go up, we have a couple markets that could see a slight downward valuation.

6. Are you adapting AI? How? We are using AI to research a market we are looking at getting into.

7. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference? The last time I was on the plane I watched some episodes of the show Bookie, it was pretty funny.

1. What was the last thing you did to increase the ROI of your operation?

We launched a tech-enabled inspection model that shaves days off turn timelines and reduces disputes around security deposits. It's already having measurable impact by increasing throughput and cutting holding costs in half across pilot markets.

2. Are you adapting AI? How? Yes, AI is core to our innovation roadmap at Seek Now. We’re integrating AI into property scan analysis, helping surface key condition indicators faster and more consistently across portfolios. We're also using AI to streamline estimation workflows, pairing structured Seeker data with tools like Xactimate and Bluebook to produce faster, more accurate repair scopes. As we scale, we’re exploring how AI can reduce human error, flag inconsistencies, and power smarter QA across inspections all while keeping turnaround times tight for our clients.

3. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference?

"The Beanie Bubble". It’s a quirky and oddly insightful take on hype cycles, market behavior, and overvaluation. Feels oddly relevant to anyone watching the real estate or proptech space closely.

1. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio? 50 (just under 10%)

2. How are you managing increasing tax and insurance rates? (Changing the asset composition and going for newer properties and less value add)

3. In the markets you invest in are you expecting housing valuation to go up or down this year? (Remain stable, possibly small decrease).

4. What was the last thing you did to increase the ROI of your operation? (Installed submeters in multi-family properties for water and applied for historical designation to get tax abatements.)

5. Are you adapting AI? How? (Implementing in marketing and tenant outreach).

1. How are higher tariffs impacting on your building materials, finishing materials, and appliance purchasing?

At this stage, higher tariffs haven’t had a significant impact on our purchasing. Tariff effects take time to fully hit the market, and we haven't seen major disruptions yet. We're not currently bulk-buying or stockpiling materials in anticipation of rising costs, as it doesn’t make logistical or financial sense for us right now. We're taking a wait-and-see approach.

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio? We’re aiming to buy approximately 100 homes over the next 12 months, including both rental and flip properties. This would represent a roughly 20% increase to our existing portfolio, aligning with our current strategic growth projections.

3. There are a lot of local and state proposals that have the potential to change the SFR industry… What have you been doing to alleviate some of these concerns from the political class? Right now, we’re facing increased regulation and political pressure, particularly around affordable housing for sale—not necessarily for rent. Cities are tightening inspections and quality control, which is increasing costs across the board. While there’s little we can do directly to influence policy at this time, we're staying informed and continuing to focus on delivering high-quality housing that meets municipal standards.

4. How are you managing increasing tax and insurance rates? We’re proactively protesting property tax valuations annually on each asset to reduce the tax burden. On the insurance side, we’re managing rising premiums by opting for higher deductibles, which helps lower our ongoing costs while maintaining coverage.

5. In the markets you invest in, are you expecting housing valuation to go up or down this year? We expect housing valuations in our markets to rise by about 3–5% this year. Despite national uncertainty, local dynamics remain strong, and we anticipate moderate appreciation.

6. What was the last thing you did to increase the ROI of your operation? We’ve improved the efficiency of our in-house maintenance team to provide better service and retain residents longer. While we’re not aggressively raising rents, reducing turnover helps us boost net returns by minimizing vacancy and turnover costs.

7. Are you adapting AI? How? Yes, we’re exploring and gradually integrating AI into our operations, especially in customer interaction and lead generation. AI helps automate busy work, enhance decision-making, and improve responsiveness, allowing our team to focus on more strategic initiatives.

8. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference? I watched Air—the story behind Nike signing Michael Jordan. It’s a great reminder of how bold, visionary thinking can transform an entire industry. Perfect inspiration before a conference like IMN.

How are higher tariffs impacting your building materials, finishing materials, and appliance purchasing? We typically complete around 20 flips per year, and so far, we haven’t seen any meaningful increases in our material or appliance costs due to tariffs. That said, we’re closely monitoring the situation. If we do start to see cost increases, we’ll adjust our underwriting accordingly by purchasing at deeper discounts to protect our margins.

How many homes are you planning to buy or build over the next year? What percentage increase would that be for your portfolio? We’re aiming to complete 15 to 20 flips again this year, which is in line with our usual pace. In addition to that, we’re planning our first ground-up new construction project, which marks an exciting step forward in our growth.

How are you managing increasing property taxes and insurance rates? We’ve slightly adjusted our underwriting models to account for rising insurance premiums and property taxes. We’re also actively tracking tax assessments, and we contest them with the city when we believe they’ve increased disproportionately.

In the markets where you invest, do you expect housing values to rise or fall this year? We expect values to increase. There’s still a significant housing shortage relative to demand in our area. Additionally, several major employers in the region have ended remote work policies, which is bringing more people back to the market and driving demand even higher.

What’s the last thing you did to increase the ROI of your operation? We recently reviewed our portfolio for ways to cut expenses, with a focus on insurance—one of our biggest cost centers—by shopping around for better rates. We also evaluated whether some of our long-term rental units would perform better as midterm rentals. Our midterm units have been performing exceptionally well, and we found that converting an existing unit to midterm use can offer a substantially better ROI than using that same capital to acquire a new property.

1. There are a lot of local and state proposals that have the potential to change the SFR industry… What have you been doing to alleviate some of these concerns from the political class? We underwrite all of our communities as for-sale communities. If for some reason a targeted BTR/SFR site is impacted by political forces we will proceed with a retail sales execution.

2. How are you managing increasing tax and insurance rates? When marketing to investors, we understand that taxes and insurance rates can significantly impact underwriting. It’s been a real challenge finding BTR deals that pencil in high tax and insurance environments.

3. In the markets you invest in are you expecting housing valuation to go up or down this year? We are still undersupplied in housing as a country which can create significant demand. However, there is still not enough clarity on the mortgage rate environment and its potential impact to demand and pricing in the near term.

4. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference? I’m a big NHL fan. I recently watched GR8TNESS, a documentary on Alexandre Ovechkin.

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing? Will have a negative impact on new construction. Since tariffs constantly change, is hard to know by how much

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio? Min of 20% decrease in new starts

3. There are a lot of local and state proposals that have the potential to change the SFR industry… What have you been doing to alleviate some of these concerns from the political class? My VP of Ops went to Tallahassee with a group of the Home Builder Association to talk to state legislators

4. How are you managing increasing tax and insurance rates? Not much we can do…

5. In the markets you invest in are you expecting housing valuation to go up or down this year? Depends on overall economic development (recession coming?) and changes in mortgage rates (where a 10y bonds trending?)

6. What was the last thing you did to increase the ROI of your operation? Additional investment in sales & marketing – both digital and human resources.

7. Are you adapting AI? How? In marketing.

8. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference? The Conclave.

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing? Slight price increases but overall not much of an impact. I do think prices will continue to go up but once agreements are made we'll have better price points

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio? My goal is to puchase 12 properites over the next 12 months which would be around a 12% increase of my portfolio

3. In the markets you invest in are you expecting housing valuation to go up or down this year? In the Florida market I suspect another 3% decrease but in South Georgia I do not see much of a change. I invest in Georgia due to its consistent pricing and cash on cash returns

4. What was the last thing you did to increase the ROI of your operation? Buy better and be extremely aggressive with offers. If the seller isn't slightly offended by my first offer, I didn't go low enough.

5. What was the last movie you saw on a plane that you would recommend to those flying to the IMN conference? One Life.

1. How are higher tariffs impacting your building materials, finishing materials and appliance purchasing? The China tariffs are having a sizable impact across many finish materials. Specifically the costs of countertops, cabinets, vanities, faucets, general hardware and appliances are all exposed to varying degrees. Cabinets and countertops specifically are big ticket items and our suppliers have already told us to brace for higher prices.

2. How many homes are you looking to buy/build during the next year? How much of a % increase would that be for your portfolio? We are looking to purchase 20 flip properties ($8M in value), 1 tear down new construction project ($2M in value), and 0 rentals this year. This is in-line with what we have been doing the past several years - in the high(er) interest rate environment we are in.

3. There are a lot of local and state proposals that have the potential to change the SFR industry… What have you been doing to alleviate some of these concerns from the political class? Since COVID, the climate (in the Washington DC area) has continued to deteriorate for landlords culminating in several rulings which have negatively impacted the business. Here are some highlights:

• Several counties have adopted rent caps, not seen in this area in several decades.
• Additional legal paperwork requirements for non-paying tenants.
• Limits on security deposits.
• Limits on late fees.
• Limits on how to do a background search on tenants.
• Drastically longer eviction time frames which can now take up to 10-12 months.

5. In the markets you invest in are you expecting housing valuation to go up or down this year? I am expecting values to stay relatively stable

6. What was the last thing you did to increase the ROI of your operation? I have invested in the IT infrastructure to support our operations - which has translated to major efficiencies across the business. Also - I started hiring employees from the Philippines.

7. Are you adapting AI? How? Yes - if my team comes to me with a questions without asking Chat GPT first - I won’t entertain the question.