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Oct 11, 2018 · 18m · top-founders

1174 Planning a $50m ICO for Property Investing, 55% Unlevered IRR Historically

Andrew Jewett · 10m spoken Nathan Latka · 6m spoken
0:00 / 0:00

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Andrew Jewett, co-founder of Aperture, joins Nathan Latka to discuss launching Property Coin, a $50 million regulated security token offering that opens data-driven, high-yield residential real estate investing to global investors.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 35.7% of the talking time here. How this is scored →

Nathan as informed peer 4.8 Guest teaching 4.0 Guest disagreement 0.7 Nathan pushing back 2.5
05100:0010:001:19–3:21 · Nathan as informed peer 5/10 Introducing Andrew Jewett and Property Coin Latka opens by establishing the premise of Property Coin and clarifies whether it is a legitimate equity-backed security token under Reg D and Reg S. Jewett details his background in asset-backed investment banking and explains why they transitioned into tokenizing distressed real estate.3:21–6:25 · Nathan as informed peer 5/10 Investor Onboarding, Compliance, and Reinvestment Mechanics Latka questions how background and anti-money laundering checks are executed without compromising user flow. Jewett educates him on their Dentons-designed compliance framework and explains how reinvesting 50% of profits bypasses wallet pseudonymity constraints during the one-year lockup.6:25–9:11 · Nathan as informed peer 6/10 Investment Thesis and Algorithmic Property Sourcing Latka pushes into the 55% unlevered IRR claim, asking for exact transaction sample sizes and clarify whether they are buying ultra-luxury or liquid middle-class housing. Jewett acknowledges the sample size is currently 30 properties at the $200k to $250k price point.9:14–13:48 · Nathan as informed peer 7/10 Sponsor Spotlight: Digital Marketing with AdRoll Following the mid-roll ad read, Latka explores the capital structure and examines the dual entity model. When Jewett quotes a low management fee per property, Latka calculates that transaction fees alone cannot sustain a 14-person headcount, forcing Jewett to clarify that overhead relies on the 50% profit share.13:48–16:28 · Nathan as informed peer 5/10 The $50M Raise Strategy and Regulatory Integrity Latka contrasts Property Coin's planned $50M ICO with fraudulent crypto projects that cash out immediately to fiat currency. Jewett emphasizes that the founders retain zero initial tokens and stay strictly compliant under US law to avoid regulatory consequences.16:29–17:54 · Nathan as informed peer 1/10 The Famous Five Rapid-Fire Questions Latka runs through his standard Famous Five rapid-fire questions covering reading habits, favorite tools, sleep, and personal life. Jewett responds cooperatively, sharing his plans to foster and raise a service dog.1:19–3:21 · Guest teaching 4/10 Introducing Andrew Jewett and Property Coin Latka opens by establishing the premise of Property Coin and clarifies whether it is a legitimate equity-backed security token under Reg D and Reg S. Jewett details his background in asset-backed investment banking and explains why they transitioned into tokenizing distressed real estate.3:21–6:25 · Guest teaching 6/10 Investor Onboarding, Compliance, and Reinvestment Mechanics Latka questions how background and anti-money laundering checks are executed without compromising user flow. Jewett educates him on their Dentons-designed compliance framework and explains how reinvesting 50% of profits bypasses wallet pseudonymity constraints during the one-year lockup.6:25–9:11 · Guest teaching 4/10 Investment Thesis and Algorithmic Property Sourcing Latka pushes into the 55% unlevered IRR claim, asking for exact transaction sample sizes and clarify whether they are buying ultra-luxury or liquid middle-class housing. Jewett acknowledges the sample size is currently 30 properties at the $200k to $250k price point.9:14–13:48 · Guest teaching 5/10 Sponsor Spotlight: Digital Marketing with AdRoll Following the mid-roll ad read, Latka explores the capital structure and examines the dual entity model. When Jewett quotes a low management fee per property, Latka calculates that transaction fees alone cannot sustain a 14-person headcount, forcing Jewett to clarify that overhead relies on the 50% profit share.13:48–16:28 · Guest teaching 4/10 The $50M Raise Strategy and Regulatory Integrity Latka contrasts Property Coin's planned $50M ICO with fraudulent crypto projects that cash out immediately to fiat currency. Jewett emphasizes that the founders retain zero initial tokens and stay strictly compliant under US law to avoid regulatory consequences.16:29–17:54 · Guest teaching 1/10 The Famous Five Rapid-Fire Questions Latka runs through his standard Famous Five rapid-fire questions covering reading habits, favorite tools, sleep, and personal life. Jewett responds cooperatively, sharing his plans to foster and raise a service dog.1:19–3:21 · Guest disagreement 0/10 Introducing Andrew Jewett and Property Coin Latka opens by establishing the premise of Property Coin and clarifies whether it is a legitimate equity-backed security token under Reg D and Reg S. Jewett details his background in asset-backed investment banking and explains why they transitioned into tokenizing distressed real estate.3:21–6:25 · Guest disagreement 1/10 Investor Onboarding, Compliance, and Reinvestment Mechanics Latka questions how background and anti-money laundering checks are executed without compromising user flow. Jewett educates him on their Dentons-designed compliance framework and explains how reinvesting 50% of profits bypasses wallet pseudonymity constraints during the one-year lockup.6:25–9:11 · Guest disagreement 1/10 Investment Thesis and Algorithmic Property Sourcing Latka pushes into the 55% unlevered IRR claim, asking for exact transaction sample sizes and clarify whether they are buying ultra-luxury or liquid middle-class housing. Jewett acknowledges the sample size is currently 30 properties at the $200k to $250k price point.9:14–13:48 · Guest disagreement 1/10 Sponsor Spotlight: Digital Marketing with AdRoll Following the mid-roll ad read, Latka explores the capital structure and examines the dual entity model. When Jewett quotes a low management fee per property, Latka calculates that transaction fees alone cannot sustain a 14-person headcount, forcing Jewett to clarify that overhead relies on the 50% profit share.13:48–16:28 · Guest disagreement 1/10 The $50M Raise Strategy and Regulatory Integrity Latka contrasts Property Coin's planned $50M ICO with fraudulent crypto projects that cash out immediately to fiat currency. Jewett emphasizes that the founders retain zero initial tokens and stay strictly compliant under US law to avoid regulatory consequences.16:29–17:54 · Guest disagreement 0/10 The Famous Five Rapid-Fire Questions Latka runs through his standard Famous Five rapid-fire questions covering reading habits, favorite tools, sleep, and personal life. Jewett responds cooperatively, sharing his plans to foster and raise a service dog.1:19–3:21 · Nathan pushing back 2/10 Introducing Andrew Jewett and Property Coin Latka opens by establishing the premise of Property Coin and clarifies whether it is a legitimate equity-backed security token under Reg D and Reg S. Jewett details his background in asset-backed investment banking and explains why they transitioned into tokenizing distressed real estate.3:21–6:25 · Nathan pushing back 3/10 Investor Onboarding, Compliance, and Reinvestment Mechanics Latka questions how background and anti-money laundering checks are executed without compromising user flow. Jewett educates him on their Dentons-designed compliance framework and explains how reinvesting 50% of profits bypasses wallet pseudonymity constraints during the one-year lockup.6:25–9:11 · Nathan pushing back 4/10 Investment Thesis and Algorithmic Property Sourcing Latka pushes into the 55% unlevered IRR claim, asking for exact transaction sample sizes and clarify whether they are buying ultra-luxury or liquid middle-class housing. Jewett acknowledges the sample size is currently 30 properties at the $200k to $250k price point.9:14–13:48 · Nathan pushing back 4/10 Sponsor Spotlight: Digital Marketing with AdRoll Following the mid-roll ad read, Latka explores the capital structure and examines the dual entity model. When Jewett quotes a low management fee per property, Latka calculates that transaction fees alone cannot sustain a 14-person headcount, forcing Jewett to clarify that overhead relies on the 50% profit share.13:48–16:28 · Nathan pushing back 2/10 The $50M Raise Strategy and Regulatory Integrity Latka contrasts Property Coin's planned $50M ICO with fraudulent crypto projects that cash out immediately to fiat currency. Jewett emphasizes that the founders retain zero initial tokens and stay strictly compliant under US law to avoid regulatory consequences.16:29–17:54 · Nathan pushing back 0/10 The Famous Five Rapid-Fire Questions Latka runs through his standard Famous Five rapid-fire questions covering reading habits, favorite tools, sleep, and personal life. Jewett responds cooperatively, sharing his plans to foster and raise a service dog.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 68.1% · guest 31.9%0:00 · Nathan 68.1% · guest 31.9%3:00 · Nathan 10.1% · guest 89.9%3:00 · Nathan 10.1% · guest 89.9%6:00 · Nathan 18.9% · guest 81.1%6:00 · Nathan 18.9% · guest 81.1%9:00 · Nathan 55.8% · guest 44.2%9:00 · Nathan 55.8% · guest 44.2%12:00 · Nathan 26.4% · guest 73.6%12:00 · Nathan 26.4% · guest 73.6%15:00 · Nathan 23.8% · guest 76.2%15:00 · Nathan 23.8% · guest 76.2%18:00 · Nathan 98.1% · guest 1.9%18:00 · Nathan 98.1% · guest 1.9%
Sharpest disagreement ▶ 15:47 Jewett rejects premise of running off with funds

Jewett vigorously defends his integrity against industry stereotypes, explaining that living with his family in the US ensures full compliance because he does not want regulators knocking on his door.

 Hardest push from Nathan ▶ 7:46 Latka demands proof on sample size for returns

Latka refuses to let the 55% unlevered IRR claim pass unquestioned, immediately cutting in to ask for the total transaction volume and exact sample size.

 Biggest teaching moment ▶ 5:34 Jewett explains mechanics of pseudo-anonymous payouts

Jewett teaches Latka how blockchain wallet pseudonymity prevents direct cash distributions under KYC laws, necessitating an automated profit-reinvestment model instead.

 Nathan holds their own ▶ 13:27 Latka breaks down unit economics and overhead math

Latka performs live mental math on the 30 closed deals and $1,000 fees, proving to Jewett that transaction fees cannot cover 14 employees without relying entirely on back-end profits.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Introducing Andrew Jewett and Property Coin 5402 Latka opens by establishing the premise of Property Coin and clarifies whether it is a legitimate equity-backed security token under Reg D and Reg S. Jewett details his background in asset-backed investment banking and explains why they transitioned into tokenizing distressed real estate.
Investor Onboarding, Compliance, and Reinvestment Mechanics 5613 Latka questions how background and anti-money laundering checks are executed without compromising user flow. Jewett educates him on their Dentons-designed compliance framework and explains how reinvesting 50% of profits bypasses wallet pseudonymity constraints during the one-year lockup.
Investment Thesis and Algorithmic Property Sourcing 6414 Latka pushes into the 55% unlevered IRR claim, asking for exact transaction sample sizes and clarify whether they are buying ultra-luxury or liquid middle-class housing. Jewett acknowledges the sample size is currently 30 properties at the $200k to $250k price point.
Sponsor Spotlight: Digital Marketing with AdRoll 7514 Following the mid-roll ad read, Latka explores the capital structure and examines the dual entity model. When Jewett quotes a low management fee per property, Latka calculates that transaction fees alone cannot sustain a 14-person headcount, forcing Jewett to clarify that overhead relies on the 50% profit share.
The $50M Raise Strategy and Regulatory Integrity 5412 Latka contrasts Property Coin's planned $50M ICO with fraudulent crypto projects that cash out immediately to fiat currency. Jewett emphasizes that the founders retain zero initial tokens and stay strictly compliant under US law to avoid regulatory consequences.
The Famous Five Rapid-Fire Questions 1100 Latka runs through his standard Famous Five rapid-fire questions covering reading habits, favorite tools, sleep, and personal life. Jewett responds cooperatively, sharing his plans to foster and raise a service dog.

Statements from this episode (10)

Disclosure
Property Coin is a Reg D and Reg S security token
“Our token is a reg D offering in the US and a reg S offering outside of the US. So each property coin holder owns a fractionalized piece of our real estate portfolio that we're going to be constantly managing for them.”
Andrew Jewett Oct 11, 2018 ▶ 2:58
Disclosure
Property Coin reinvests 50% of profits into new properties
“We're going to take 50% of the profits. We're going to reinvest it in the, in new properties.”
Andrew Jewett Oct 11, 2018 ▶ 5:22
Assertion Not checkable as stated
Only two large-scale, data-driven fix-and-flip operations exist nationally
“And really there's only two Large scale operations in the country that are doing this on a national basis.”
Andrew Jewett Oct 11, 2018 ▶ 6:52
Assertion Not checkable as stated
Aperture claims 55% unlevered IRR with a zero loss rate
“The trades we make are all profitable. We have zero loss rate and we have 55% unlevered IRRs, but .”
Andrew Jewett Oct 11, 2018 ▶ 7:40
Assertion Not checkable as stated
Aperture's analytics system screens over 3,500 properties daily
“We see over 3500 properties a day through our system. And then we run our analytics on those properties and try to get to the best five to 10% of those a day.”
Andrew Jewett Oct 11, 2018 ▶ 7:58
Disclosure
Aperture spent up to $800,000 building its tech platform
“We just the beginning or the end of last year, we took on some outside investors not a significant amount, but I think tech spend we probably spent 708 100,000 dollars on the tech spend.”
Andrew Jewett Oct 11, 2018 ▶ 10:39
Disclosure
Aperture charges a $1,000 fee per loan and $5,000 per property
“It's like a thousand dollars a loan and 5000 dollars a property. So it's very, very small.”
Andrew Jewett Oct 11, 2018 ▶ 13:07
Disclosure
Aperture takes a 50% profit share from the Property Coin entity
“And then we take a it's a 50% profit share with the PCX entity. So it's you know, that's the property going ticker.”
Andrew Jewett Oct 11, 2018 ▶ 13:16
Disclosure
Aperture seeks to raise $50 million in its token offering
“So we're looking for fifty million dollars.”
Andrew Jewett Oct 11, 2018 ▶ 13:52
Disclosure
Aperture founders retain zero tokens, profiting only from successful trades
“We are retaining zero tokens. We don't own anything. We only make money if we produce profitable trades.”
Andrew Jewett Oct 11, 2018 ▶ 15:49
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