new market for real estate investment. I'm Jay Fidel. This is Think Tech and we like business. We like national business. We like to watch the economy. We watch real estate, including real estate especially. And Erica Muller joins us from Florida and she's going to tell us about real estate investments, a new kind of product that has developed while we weren't watching maybe. Welcome to the show, Erica. Nice to see you. Hi, thanks for having me. So nice to be here. So you're the founder of a company called Rolio, which is the short-term rentals. Tell us what that does and tell us what else you do. Yeah, well Rolio started out as being kind of like a Zillow for short-term rentals as a marketplace and over the last four years we evolved into not just a marketplace but also a data center for short-term rental investment. So I founded the company and I'm currently the CEO of the company and we're actually in growth mode right now. So I do everything. Everything that has to be done. Yeah, we hear at Think Tech, we know about growth mode. Yeah, there's not a role that you don't do when you're growing. So you know. What else are you doing with your busy life? Working. I don't really do much outside of that right now. I do invest in real estate. So that's kind of my hobby outside of what I do for a living, which is also real estate. So I like to invest my own capital into multifamily property anywhere in the world. Actually, there's a good return and I'm looking at industrial warehousing as well. I love short-term rental. So always just following the trends and the data on what's going to be the next best investment and trying to make sure I get in on it. You know, it's like sport investing. I love it. How is the real estate market? I mean, is this a good time to get in in general? Yeah, it's starting to drop. I think this is what a lot of people have been waiting for. We've been watching the data and the numbers, the purchase prices have just gotten so unreasonably high in the last three years. And specifically from short-term rentals, the short-term rental side of it, rental rates didn't raise in proportion with the purchase prices. So what we ended up seeing was markets that were great to invest in three years ago, when the purchase prices were good, they're no longer good investments anymore. So a lot of these markets, people are still trying to invest in, but they're investing five times less of a cap rate than they would have three years ago. So what we try to do is find emerging markets and new markets where it's a great opportunity to invest despite the rising purchase prices. But over the last six months, we're starting to see things pull back a little bit and price drops happen finally. You know, it's fair to say that the real estate market has become, what do you want to call it, more complex in the sense that it goes up and down. It used to be like a utility stock for a retiree, right? You know, it just stays the same and pays a dividend. But now you have to be more Akamai. That's a Hawaii word. You have to be more Akamai about it. You have to follow the trends. And it's more complex, more, I don't want to say volatile, but it moves more. Am I right? Yeah.  I mean, I think years ago, especially 10 years ago, you could have just thrown your money at any real estate market and you would have seen somewhat of an appreciation over the last 10 years. But the last three years have gotten crazy. So you can't just put your money anywhere right now in real estate. You actually have to back your decisions with data and really know what you're doing at this point. So a lot of people are getting in thinking that they can just buy anything while it's high and it's going to keep going up. And, you know, historically we've seen that everything that goes up has to come down at some point, even if it just corrects itself, it doesn't tank, but it corrects itself. So I think really the name of the game now with real estate is trying not to buy high, but trying to get into the market. So maybe reconsidering where you're investing and take that same money and invest it elsewhere in markets where you can get a better return on a different type of property. Instead of buying one $800,000 property in market X, you go to market Y and buy two $400,000 properties where the return is a lot better. Oh, yeah, that sounds much better. Yeah. I'm sure you're sharing the risk between the two units. Yeah. So what about overseas? You mentioned a minute ago, it's very interesting comment you made about you. You are interested not only in American markets, but markets outside of the US. What kind of markets are interesting to you outside the US?  Those are really well-known tourist markets. Prices there have also gone wild. And one of the things about when you're dealing with international markets, at least from a data perspective, is it's a lot harder to gather historical sale data overseas because they don't have centralized MLSs. So you really have no way of knowing if you're really buying too high or not.  It's really easy to know where prices are going, where they've been and where they should be. So that's the only big difference for me when I invest overseas. Yeah, that's one remarkable thing that I've garnered from our discussion. And that is that a real estate, if it wasn't before, it certainly is now a national market.  You have to look nationally. Am I right? And has this emerged recently or has this been going on a long time? Yeah, it depends on what kind of a real estate investor you are. So you have people that they're emotional investors and they just are in love with a certain market. And this is where they want to invest. And they don't really care about the numbers. But then you have traditional real estate investors that they're driven simply by the returns, like I'm one of those people. And I do need to look at nationally the real estate market because I don't care where the investment is, I care about the numbers. So when you use the metric of a cap rate to compare properties nationally, that's a pretty standard metric that it doesn't really matter what's happening around you. If you're comparing apples to apples by using the cap rate method, you can be looking at a property in one state and comparing it to another, and you're just purely looking at the performance of the property. Right. And that's how a lot of real estate investors like myself go about it if you are going to look nationally. Yeah. And when you look at the cap rate and the performance, it tells you really a lot of what you need to know, because it wraps around all the other local factors and performance is king. Yeah, even if the other performs or it doesn't. And you have to decide what's your metric that you're willing to buy at.  So if you're taking financing, then you want to look at the cash on cash return. And what I'm finding is that if I'm not looking at at least an eight cap minimum, that's minimum. I'm not even interested because it's probably not going to hold the mortgage and profit. Right. So you start to learn what is your minimum viable investment number. And once you understand that, then you just can discard a lot of the noise that's out there. So what qualifies you to advise in this area? You sound very knowledgeable about it, but what qualifies you to advise? What's your experience in the marketplace? Yeah, so I've been dealing with real estate investments for 21 years. And I've represented a lot of funds, large funds, and helped move their money into the real estate investment market, specifically short-term rentals in commercial, haven't done a lot with just residential stuff. I also own my own portfolio that purchased it at a 21 cap and have exited as low as eight caps on it. So when it comes to putting together a strategy of buying high and buying at a high cap, selling at a low, which is really where you profit, I do have a track record of not only doing that for other clients, but doing it for myself. And I really think that's the name of the game for a lot of investors is like, I want to make money on the exit. So I've got to get it right on the acquisition. And that's really what I've been doing for funds and for hundreds of investors across the country, actually thousands at this point, because I've done over 1500 short-term rental investments alone just for different clients. I've built five different custom financial models that didn't exist before Airbnb hit the market. And then I went back to school to become a data scientist so that I could take all of that information and plug it into an automated process that could analyze properties automatically across the country for investors. So I've been in every part of real estate. I've been in the acquisition side, the exit side, the investment side for myself representing investors and now also in the data and technology side. So I kind of have a lot of knowledge that I can offer on different pieces of real estate, all pieces of it, how to use the technology to power your investments, how to find the right person to represent you, the questions to ask, how to understand what you don't know. That's another big thing is people don't know what they don't know. So what we're seeing is a lot of people jumping into the market and they find a guru that they listen to and the guru doesn't really know much either, but it sounds good to the newbie because they don't know what they don't know. And so we've got a lot of people taking the advice of gurus that don't know what they're doing and getting into these bad investments and then they come to us and we're trying to get them out of it and they're usually losing money at the end of this. And a lot of that just comes from not understanding how to use data and empower those decisions. So I like to help people avoid all that. Are you part of a young generation of knowledgeable people who can provide this advice who have this experience or are you the only one you know that doesn't? So well, when I started out doing this in short-term rentals back in 2007-2008, I couldn't find a single person in the whole country I could even refer a client to in another market because nobody understood short-term rentals yet. It wasn't the thing that people were doing. I happened to be immersed in it because like in Hawaii, in Florida we've always been a destination market. So you're exposed to it by default, but the rest of the country was not really exposed to this unless you were in a destination market like Hawaii. So this was like 15 years ago or so. Now fast forward to today. Airbnb has been around since 2008. It really gained traction in 2012. Everybody knows what the short-term rental is. So there's a lot more people out there that are starting to do it. So in the last three years, I've noticed more and more people coming into the scene that I feel like, okay, I can start to work with these people. They know what they're doing. I also created a training course to teach real estate agents how to sell these type of properties and how to do this. So I'm trying to help facilitate the education around that as well because it is a huge thing and people need to know how to work with it. Yeah, it is a huge thing. Back in the, I guess it was the 70s, my law firm represented some vacation rentals type operators and at first, they would find properties and rent them for short-term rental. And that was a new idea. This is in Hawaii. Later on, I found that these same people were buying the properties that they were renting short-term and they were doing very well. I don't know if this was established as a new idea in Hawaii, but when you talk about Airbnb, you're talking about a revelation of a market that has been there, was always there, and now has been revealed. And where people before, they would sign up for a hotel, maybe on the low end of hotels, so they could spend weeks or months, whatever it is, in a short-term rental. Now, you can do much better. Airbnb really showed us the way, didn't it? Yeah, I think it put it on the map. Like you said, short-term rentals aren't a new thing. People just now hear about them because of Airbnb, but they've been around since the 70s. And even prior to that in Europe, this was a normal way to travel for so long. And that was usually who was staying in these short-term rentals, even in the 80s and the 90s here in the US were foreign travelers coming here renting these houses. And they would find them as classified ads and call and book them that way before VRBO existed. So then VRBO came on the scene. I don't remember the exact year, but it was definitely before Airbnb. And they started to streamline everything, but still the US market didn't adopt short-term rentals yet. It was still mostly outliers and foreign tourists that were using them. And then all of a sudden Airbnb gets traction in 2012. And now all these millennials especially are staying in them and want to have them. And now the mainstream real estate investor wants to own them. This all happened in the last five years and people think it's new. And you and I know that this is not new. I mean, you remember it from the 70s and I've been working this for 15 years in short-term rentals. So it's kind of weird how we've been doing this so long, we've been exposed to it so long and we hear people talk about it like it's a new concept. And we're like, this is not, but it's like electricity. It was always there, but then it was discovered. But you talk about millennials and people, you know, on a relatively speaking people on a budget. But you know, there's another side to the market. I don't know if you touched that side. It's the side of mansion houses. It's the side of extraordinary properties, you know, in extraordinary locations at extraordinary values and rentals long-term or short-term. Are you involved in that? Can you talk about it? Yeah, you know, we've always handled a lot of luxury short-term rental investments now, and they're tricky because if you don't get them in the right market and you don't follow the right formula, they can be a huge money pit. You know, they might not work. So when it comes to those type of investments, they were doing really well two years ago, even last year, the big luxury houses. But we've seen sort of, they start to get priced out. Even the mega mansions, even these like extraordinary homes, they're starting to get priced out really of profitability. So what I want to know is who's buying them and why? Because if you're buying them as an investment, I'd like to see how those numbers are working because we don't have a performer that exists in any market showing profitability at today's prices for even those mega mansions. But we did see them hitting a lot of profitability at two prices two years ago. So I have noticed a dip in the average sales price of the investor and what they're buying on short-term rentals. Last year, the average sale price was at $850,000, was what investors were spending on average, right? Some more, some less, but that was average. This year, we've seen it drop to almost $690,000 as the average purchase price. So what that's telling me is people are starting to realize that spending more doesn't mean profitability. But those mega mansions and those extraordinary short-term rentals, they are absolutely beautiful. I love to stay in them. I don't know that I would own one right now. And we have two issues about short-term rentals in Hawaii and they still alive and controversial. One is the issue with the hotels. I mean, we're loaded with hotels where a hospitality industry state is our most important, honestly, it's our most important industry for sure. And they don't particularly like short-term rentals because it eats their lunch. So can you talk about that? How do you deal with that? Because sometimes you run into economic and political resistance by other formats. Yeah, you know, hotels have a lot of lobbying power too and a lot of money behind them to push against this. And I think it's unfair to the homeowners that are renting responsibly. Now, I want to say the difference between people that get these properties and they allow parties and they disrupt the neighborhood and they allow all kinds of things to happen at these houses that should not be going on, right? Those need to go. But people that own these properties, and this is actually an investment for them that helps pay their bills, that helps fund their lifestyle. This is their income. I feel like it's not fair to have to push them out of the market and make them pay for what other people are doing wrong. Because it's all about the right to do with your property what you should be able to do. It's your property. And if you're not hurting anybody and you're following the rules, why should you not be allowed to do that? There's more than enough tourism in Hawaii to feed everybody, right? When I see hotels getting involved and trying to shut down the average owner who's following the rules, who's, you know, this is their income, I just agreed. And I don't think it should be happening.  And if you can't follow those as an owner and you're not responsible, you should be shut down.  To me, that's just corporate greed. But, you know, I know other people have different opinions, but I strongly believe in the right to do what you want with your property if it's within the rules. Well, this has got to be changing the hotel industry. There's a certain part of the market, you know, the visitor market, if you want, the tenant market, you know, who comes and now their choices are broader. And they will often want to do a vacation rental instead of a hotel. I mean, there's a lot of good reasons for that. And as you say, hotels are greedy. They want to recover from you every minute of every day. They want some kind of revenue from you. And that's not so in a vacation rental. It's almost like you're home away from home. And it doesn't have those burdens. So would you agree with me that the hotel industry in a given destination city is, in fact, negatively affected by the growth of a vacation rental property? Well, I do agree that because they refuse to pivot and they refuse to adapt to the needs of today's traveler that they're hurting, not that other people are hurting them, because other people are willing to adapt and understand how people want to travel today. If hotels understand that the need of today's traveler is changing and they don't want to adapt to that, but they want to shut other people down that are adapting to that, to me, that's nobody's fault except for the hotel.  So people want to stay in short term rentals, one because it's safer, especially after COVID, they don't want to be in a hotel and be exposed to all these people that are touching everything in public bathrooms. A lot of people don't want that anymore. They feel safer staying in a hotel. A lot of people have food allergies, right? That's a big thing, peanuts, gluten, all kinds. It's hard to find places that accommodate that in hotels sometimes. So they like to cook their own meals when they travel. They need a kitchen. Hotels aren't putting kitchenettes in. So if hotels want to start accommodating today's tourists, they might be able to win back some of that business if they change their model a little bit. But it seems to me like they don't want to listen to the needs of what people want today and they just want to shut everyone down and continue to force people to travel the way they want people to travel. And that's what I see happening, not necessarily that because there's more of this option, it hurts that option. Hotels can be beautiful. And if they did adapt in that way, I believe they could win back a lot of the business. Good point. So let's talk about the nuts and bolts of how you do this. We're talking about Vrolio and your advice and counsel to people and real estate agents. Are we talking about, at least in the ideal sense, right now, investing in certain entities that own properties? Are we talking about investing directly in the properties? Is it collaborative? Is it individual? And how is it structured, at least as far as the deals that you see happening? Yeah, there's so many different ways that people are doing it. The most common way is you have a regular person who has a full-time job that has money they need to move somewhere and start creating investments for themselves. Those people usually start by forming an LLC and then buying a property in an LLC and getting up and running that way. And what I usually recommend to people is if this is a business plan for you and you're going to build out more than one property and you want to generate and replace your own income with real estate, it's best to find one market that you feel good about and scale it out in that one market with properties because you scale out easier with management and you can make the most of your advertising dollars as well. So if one property is booked, you can move them to another one that's just almost exactly the same or right up the street. But if you have one property in this market and another in a different, you're having to start your marketing and management model up in every single market for one property. That doesn't make any sense. So it's easier to scale out and earn more profits if you stick to the same market. And if you do it in an LLC, it definitely makes more sense from that perspective, especially for taxes and whatnot and liability. So a lot of people are doing that. Another way people are investing is they're putting their money into a real estate fund that is buying short-term rentals and then giving them a preferred return. So if they don't want to deal with any of it, they just put their money in this fund, the fund pays out the preferred return. And some of these funds are even offering the ability to stay at these properties as part of a perk of being a part of the fund. Another way is I've seen fractional ownership popping up all over the short-term rental world. So there's companies out there that allow you to buy in as a fractional ownership on these short-term rentals. I don't trust that model too much because when you start doing the fractional thing, you take the human component out of the short-term rental ownership. And from what we've seen based on the data with reviews and how it affects your revenue, the most profitable short-term rentals are always the ones that are run either by the owner or a local management company that puts a personal touch on there and brings those people back every single year. And a lot of those big corporations that try to just do this from a big corporate approach down, they're losing that personal touch and they're not getting as good of a result with repeat guests and reviews. And that actually hurts the owner because you just hired this person to run your investment for you. And if the person that's running your investment for you is really just like a computer somewhere and it's not really putting a personal touch, your competitors are going to get better reviews than you and you're going to have to cut your rates down to compete with them. So there's a whole strategy behind it. You just have to know all of this going into it. Yeah, it strikes me though that when you're selling an interest in LLC or a corporation or a fractional interest in property and giving assurances of a specific return, cap rate, what have you, that sounds an awful lot like it's touched by the securities laws. And I wonder how these entities get around that. Yeah, that's a really good question. And I never really dove too deep into that because I kind of stayed away from fractional ownership. But I think there is a way to get around it because you are buying an interest in real estate and real estate doesn't really fall under that unless you start to either tokenize it or turn it into some kind of like shared stock or whatnot. So I do think that they're protected in some way from the securities, but I don't know for sure because that's not my specialty and I don't really do fractional. So it's a cool thing for us to dive into maybe on another another call or show. Yeah, okay. Well, and that, you know, that takes me to what I want to ask you about the show.  And I wonder if you could describe what you have in mind as to the coverage of that series. And if you could give us some examples of the kind of episodes, the kind of guests that the kind of content you would want to roll out. Yeah, so I really like to do content around emerging markets, where to invest, how to analyze those markets, what is the data say, why should you put your money there, where you should actually put your money right now, is it best to put it in one property or multiple properties. So a lot of talks about around the acquisition side of it. And then also the exit side of it, like what is the landscape like right now if you own these kind of properties and you want to sell them? What does it look like? Is this the right time to do it? Should you wait? How should you approach it? And then I'd love to bring on different owners of short-term rentals, especially from the Hawaii market, and really talk to them about what they're doing to create a profitable rental. What's the strategy behind it? Some of the struggles they're going through right now, what they're dealing with in terms of trying to make sure they achieve this profitability in a down market. And then I'd love to also talk more about restrictions and regulations that are happening around the country and keep people informed of like this market is looking like they're going to start restricting short-term rentals. This one you might want to pull back on, here's what's happening here. Like I know in Hawaii, I think in November, you guys have in Honolulu some restrictions going into place on 90-day minimums and that's really going to affect a lot of people. So anyone that was thinking of buying a property in that market, they might still want to do that. But we need to talk about a strategy about how to approach it to achieve those 90-day minimums because before it looked like your strategy was to do one week here, two weeks there. So not push people away from a market, but re-strategize about how to enter into that market. Wow, that sounds interesting. We'll set that up and we'll publicize that Erica and we'll settle on a title for it, maybe something about short-term rentals America, something along those lines. Go ahead. Oh, I said that would be really fun, thanks. Yeah, I want to ask you one last question. In this show with you and me today, we've covered a lot of the possibilities and a lot of the issues. There's a lot of issues here. And we live in an economy which is up and down. Some people are optimistic. Some people are very pessimistic about the world today. And I just want your thoughts to close here about where you think this slice of real estate activity, this slice of real estate investment is going, the dynamic into the future. Where does it fit in the American economy and the American real estate market in general? How do you see it changing and changing our real estate community? That's a great question and I'll be quick on that because I know we're out of time. Short-term rentals are the future because we see that the way that people want to live their life is inching more and more towards the digital nomad lifestyle. People ever since COVID don't want to go back to work and now that they've had a taste of being able to stay home, work from home and travel anywhere, we've seen the results of that just in the last year. Longer stays, I think it was 30 plus stays were the top booking category and top growth category on Airbnb in the first quarter of this year. So what that's telling us is that more and more people are demanding these short-term rentals across the country and across the world because they're starting to live their life differently. People aren't spending it behind a desk anymore. They have the freedom and flexibility to travel. So short-term rentals are the future. We're watching the growth happen with it. It's not going anywhere. And it's not even just from people that are going on vacation anymore. It's traveling nurses. It's digital nomads. It's people that are coming in for football games. Like we've seen all kinds of trends in this. So this is just the beginning, definitely not the end. This is going to be, this is already a billion-dollar asset class, but it's going to be as big as commercial real estate. So definitely like don't write it off yet because it has a lot of room to grow. Erica Muller, looking into the future of short-term rentals in America and otherwise, thank you so much for joining us today. Thanks so much for having me, Jay. Aloha.


Spiritual development plays an important part in the making of the United States Marine. Lieutenant Brian J. McRain, chapter 4, United States Navy will deliver the graduation parade. Ladies and gentlemen, please rise. Let us pray. Gracious one, we are grateful that you will never leave us or forsake us and for the strength your presence provides to us. For if it was you who told us when you go out against your enemies, do not be afraid, or I am with you. We are thankful today for these new Marines, for their perseverance, fear not new Marines, for your part of the finest fighting force on earth works in fire surrounded by the most capable warriors and accompanied always by a holy presence. We are thankful today for families and friends, for their love and support, fear not families and friends of these new Marines, for your freedoms and your lives are forever protected by these brave men. First to fight, most ready, we are thankful today for the drone structures, for their leadership, discipline and sacrifice. We thank them for instilling in these Marines honor, courage and commitment, values that forever remain woven into the fabric of every Marine. We prepare these men to be guardians of this great nation. Fear not drone structures, for you made the Marines. Fear not great nation of ours, for your protection lies in good hands. We fear not, for we know what great home, that you go with us always. Amen. Thank you, please be seated. The commanding general, Marine Corps Recruiting of San Diego, welcomes you to what is an historic event in the life of the Marine. Their graduation from boot camp. Approximately 40 weeks each year for the past 99 years, your Marines have been part of San Diego for service with units of the Marine Corps around the globe. The primary mission of the Recruit Depot is to provide basic training to recruits in the west of the Mississippi. The Depot is also home to Recruiter School and Drone Instructor School. All our efforts here are geared towards one end, producing America's finest fighting force, the United States Marines. This morning, company came. Their recruit training battalion, recruit training regiment, will form in part to the parade. Following the passing review, the graduating Marines will return from the center of the reviewing stand for final dismissal. The staff for today's parade is comprised of Marines from the recruit training regiment. The commander recruits his first sergeant, Francisco Velasquez, company first sergeant, company K, third recruit training battalion. The parade action it is, staff sergeant, recruit sergeants, Drone instructor, company K, third recruit training battalion. The marching units are now being called to attention and the adjutant's command, sound adjutant's call will begin today's parade. In today's parade are 337 of the graduating Marines from company K, recruit trains, comprised of subjects required to produce basic Marines who function technically in gyrsten, are trained in preliminary individual field and combat skills, and practice the personal professional traits which distinguish them as Marines. Examples of these traits are discipline, the achievement of a state of discipline which ensures respect for authority, instant and willing obedience supporters, and the self-reliance to maintain or improve those traits which exemplify a Marine, military bearing, consistently demonstrating military presence and personal awareness as well as the proper wearing and maintenance of uniforms, a spear decor, acquiring the common spear of the Marine Corps that inspires enthusiasm, devotion, pride, initiative, teamwork, aggressiveness, determination, moral courage, integrity, camaraderie, and the burning desire to work with and for others towards excellence in common goals. For 244 years, Marines have fought and won whenever and wherever the nation calls. In the harshest conditions, over the most brutal terrain, and against the most formidable enemies, Marines offend the ideals of freedom with great intimacy, how fields change and capabilities evolve, history proves that through victory, constantly individual will breathe with steel resolve, the drive to overcome any obstacle, and the warrior spirit to fight on against all odds. It takes as steadfast faithfulness, separate the belts to core, country, and each other that abounds through our storied legs, Marines today remain in combat or deployed throughout the world confronting every challenge with courage, loyalty, and faithfulness. They are resolved to be most ready when the nation is least ready to defend freedom anytime and anywhere, to stand ready to aid those devastated by natural disasters. To pay tribute to those who have forged our proud legacy and to honor the families and loved ones who faithfully stand beside us for the Marines of Company K, today marks the end of the 14-week recruit training cycle. They have marched countless miles in Camp Pendleton and on this parade day and have been trained as our all Marines as basic riflemen. In addition, due to an intensive physical training program, their strength and endurance have doubled since their arrival of more than a crew depot, they are Marines qualified to take their places in the ranks of the world's finest fighting organization. Left to right, in order to get them into their exact positions for the parade, the next portion of the ceremony will be the presentation of the colors. Ladies and gentlemen, please rise or remain standing for the playing of our national anthem. Ladies and gentlemen, our national anthem. Please be seated. Following the command parade rest, the parade adjutant will give the command saldo, which signals the band to parade forward of the assembled Marines while playing military marching music. The adjutant now presents the assembled command to the commander of troops. Officers center march, all unit commanders and guide-on-bearers march to the front and center of the formation. Historically, it was at this point that commanding officers would issue orders and instructions to the unit commanders. Following this, the unit leaders would face a ballot, return to their units and pass the information along to their Marines. Ladies and gentlemen, the battalion commander for the group training battalion, Lieutenant Colonel Anthony P. Perley. And now for the commanding general of the Marine Corps in 2012 San Diego and the Western Recruiting Legion, Brigadier General Heritage. And the commanding officer of the troop training regiment, Colonel Pommel. It's my pleasure to welcome you both physically and virtually to the graduation ceremony for Company K. It's also my pleasure to welcome today's parade reviewing officer, First Sergeant Broadway, who's an impressive, violent individual. First Sergeant, it's an absolute honor to have you here today. Now, excuse me a moment but I just have new Marines just one last time. Good morning Marines. Good morning, sir, good morning! That was pure pride. Priding yourselves and pride in the title that you have earned. And you should be proud because amongst you are some of the finest that this nation has to offer. You see, when you arrived here, you were young and fit. 20 years of old on average and already better shape than most of your peers. And we made you better. 99% of you are high school graduates and 13 already have your college degrees. Further, you demonstrated courage and a commitment that you were your peer almost to support and defend the Constitution of the United States. And you come from every corner of the globe. In this case, from six different countries with some coming from as far as Kenya and Korea while others as close as right here in San Diego. But it was the pursuit of one goal that brought the 337th of you together. And that goal was to earn the title Marine.  When you arrived on your buses, stepped onto those historic yellow footprints. And over the course of the next 12 moving weeks, your tele instructors brought you into a cohesive team, small and disciplined, fizzling, fit Marines. Holding your minds and your bodies until you proved yourself capable of marching long distances, over mountainous terrain, carrying heavy loads on your back with little food or sleep. To always be where you are needed, when you need to be there to accomplish the mission. The kidding and mindset of being the most brave for our nation is the least brave. Throughout your time here you will undoubtedly test, train and evaluate the attributes that make out Marine Corps unique and deadly. Train your minds and bodies and develop within each of you a physical and mental toughness that will never quit or give up, despite the odds. We about to name you an our core values. Honor, courage and commitment, building Marines of exemplary character in peace or at war. And we train in battlefield tested or fighting techniques so that when America calls our Marine Corps will always win. Thanks to the highest skilled marching ship instructors I went to field training a tiny kid closer. When you arrive at your objective, you are capable of delivering precision lines of fire against pinpoint targets a staggering distance of 500 yards. Finally, we built small unit leaders out of each and develop your ability to decide, act and communicate with a bias or intelligent action because that is what the future operating environment demands. And so now having completed the longest, the toughest, certainly the most demanding entry-level training in the world, you now stand ready. Carry on our legacy as our nation's naval and expeditionary forces get ready. Here to defend this country gets all of these foreign investors. Now, when you first got here, we offered you that challenge of becoming a Marine. I know the last thing on your mind was graduation. We're probably thinking, what in the heck have I got myself into? And how do I get them to stop the opportunity? You have a lot to learn. And many challenges to overcome and many miles to run. And you did. You stand here today as America's newest Marines and we're proud of you. But you should be proud of yourself as you can even attempt when you've accomplished it. And when you eventually get home, people will notice the difference. Your friends will look up to you when they're asking how you did it because they will. Make sure you introduce them to your crew. Your drill instructors cannot wait to meet your friends. But you must always remember that with this new title comes new responsibility. The key strength of our Marine Corps is not found in our weapons or equipment but in the strength, character, and war-firing spirit of the individual Marine. That's what matters most in combat and that's what sets us apart. So remember that and hold on to it. For the legacy of our Corps, about only first to fight but to always win our nation's battles, belongs to you now for safekeeping because the world is a dangerous and chaotic place. And that's why we have you. So always remember that Eagle Globe and anchor we placed in your hands on top of the reaper represents 245 years of Marines that have come before us. You must always endeavor to be worthy of that legacy and protect what you've earned. So on behalf of the officers, the drill instructors and support personnel here Marine Corps Recruits Depot San Diego, it's my privilege to be the first to wish you fair wins and following seas, separate the Dallas Marines and welcome to our Corps. Now taking their position in the reviewing area is today's Parade Reviewing Official, First Sergeant Rick Lee Broadway.  After graduating Recruit Training, he attended Marine Combat Training at Camp Pendleton, California and went on to attend his military occupational specialty school at Camp Johnson, North Carolina. There he completed the basic logistics and embarkations course, graduating with a military occupational specialty, 0431, embarkation specialist. First Sergeant Broadway has served in a variety of challenging buildings in numerous commands to include, serving as drill instructor, senior drill instructor and chief drill instructor, firm companies G and F, Second Recruit Training Battalion, Marine Corps Recruit Depot San Diego, California. G4 Mobility Chief, 04 Marine Wing Headquarters Squadron, Third Marine Aircraft Wing, Miramar, California. Future Operational Chief, 04 Headquarters Regiment, Third Marine Logistics Group, Okinawa, Japan. Company, First Sergeant, Furt Engineer Maintenance Company and General Support Maintenance Company, Third Marine, Third Maintenance Battalion, Third Marine Logistics Group, Okinawa, Japan. In August 2019, First Sergeant Broadway served as a company, First Sergeant IV, Company M, Third Recruit Training Battalion, Recruit Training Regiment, Marine Corps Recruit Depot San Diego, California. In January 2021, First Sergeant Broadway attended senior illicit professional military education in Quantico, Virginia. Upon his return from the course, he transferred to support training battalion where he currently serves as a special training company, First Sergeant. First Sergeant Broadway's personal awards include the Navy and Marine Corps Confedation Medal with three gold stars and Louis IV Award and the Navy and Marine Corps Achievement Medal with three gold stars and Louis IV Award. Ladies and gentlemen, please welcome First Sergeant Ricky Broadway. Million Marines have been trained here in the past 99 years and at the part of San Diego for combat in conflicts around the world, including places whose names are immediately associated with Marine courage and dedication. Names such as Guadalcanal, Toro, Iwo Jiva, Ruzal, Inchal, Chosin Reservoir, K-Saw, Wei City, Lebanon, Brunea, Sumbalia, Fallujah, Operations, Worldwide. This parade there is rich in history and tradition and no Marine trained here ever forgets insights and sounds. Ladies and gentlemen, as a national flag passes directly in front of you, please rise. Once it passes, you may be seated. First Sergeant Francisco Velázquez, Company First Sergeant, and the Presidential Staff, Fuller Sergeant, Drawler Structure, Sergeant Nigel T. Silver, Series Chief Drawl Structure, Staff Sergeant, Darren J. Martinez, Drawl Structure, Sergeant, Julius D. Vivo, Structure Staff Sergeant, Jesse M. Philippi, Degenerate. It is now directed that all Marines present and who has served honorably, St. Louis, in the first program as Marine fans and Eagle performs the Marines here. Will the guests please rise? Sit efforts of the Drawl Structures and Company have been developed, nurtured and ingrained in the crews with their observance and relationship with their Drawl Structures and officers by the Sturmen and Liggett with the basic knowledge and skills to function in a profession characterized by those introduced to you the Marines responsible for ensuring the success of the difficult transition required to become a Marine. Class W. Tolstin, the Company First Sergeant is First Sergeant Francisco Velasquez. Ladies and gentlemen, please join me in a round of applause for the Company Staff of Company K. Next portion of the ceremony will be the traditional function of retiring the Guides. Crew trained and are being retired to symbolize the disbanding of such Guides which I care about those Marines who displayed outstanding leadership qualities on a basic character. And we're selected as a platoon honored graduate. They are considered the top Marines graduating today. Drawl Structures. The First Sergeant will now give the command to the Senior Drawl Structures to dismiss their platoons. Needless to say, this will be the most welcome command they have received throughout recruit training.


You're gonna start the game or what I love how Nikolai is just like 88 What we call my cabbage what is cabbage It was a good game.  Hi user last name Who are you your player? I thought it's a player, but this is just a fan Yeah, I played a little bit fortnight before Yes, I have spoons for dinner Invite me, bro. You haven't invited me yet Yeah, you in there for Wanderer's player. I'm not there. I'm not there there for Wanderer's player I'm not there Nikolai Look at the screen. Hey, look at us Yeah, what are the other guys doing? Which map we are going I don't know We're team one. Well, no, he said what once we got once we get into the thing where team one Well, that's Luke Ivanovich. Come here Luke Who has he shows us your skills Where's team one team one is red? Hey, there's there's no Wanderer First start go to team select and then quick team one Start what is start so we start now. Ah, we have to No, we are on the same team, let's go Let's go this Hey score our own goal Hey, where you get the gun? That go in the go in the goal Go keeper What is this? Hey, but why we're not on the same team. I don't understand this Okay, why the score on doing a celebration 16 players so we play against Melbourne and Sydney That's it or what no Eliminate this boy They are dead I mean a trash can you can hide in the bins now. Yeah, I'm yeah push the button on the I don't know the name in English Up on the deep head. Yeah Thank you. All right. Let's go boys Press press deploy, but Where are they? Yeah, I marked them I marked them. Yeah here. Here's one He's cracked he's cracked on me on me on me I'm all the one is down one is down one left one left No, he rest in no Woman, where you going? I'm going to get one of the boys back My gosh, are there on us? Yeah Yeah, they're coming I got no mad. I got no mad. I got nothing. Hey, it's against all odds. Yeah, Wilma. It's against all odds. Yeah My CNFC Will my you don't Know if they spent as much time on the training pitch as I don't for now. They might be there to beat us Chest I go to this chest here. I think right in the corner. Oh, there's no chest, but here's a shotgun I have a shotgun. So go down go down Yeah, I'm downstairs now. I need a little bit of loot Yeah, but Hey, they had a wonderful shirt on Nice. Oh There's another guy knocked one is knocked get some veteran shake him down shake him down Boys are on here. There's still four of us a lot boys. I'm under him Yeah, he's this guy. Oh, they're driving with the car The Melbourne guys Don't you want to dance to me


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