Latest / The Table with Anthony ONeal / Housing Market CRASH Coming? Expert Reveals What 85% of People Don't Know

Transcript

Housing Market CRASH Coming? Expert Reveals What 85% of People Don't Know · The Table with Anthony ONeal

0:00
[SPEAKER_02]: Let's get straight to it.
0:01
[SPEAKER_02]: A lot of you all have been asking me, is the housing market about to crash?
0:05
[SPEAKER_02]: Well, today I brought in individuals who are actually in the trenches every single day.
0:14
[SPEAKER_02]: These are my brothers from the coalition group who have been selling homes for over twenty plus years and they've sold millions of homes down to
0:23
[SPEAKER_02]: a hundred thousand homes up to million dollar situations, right?
0:27
[SPEAKER_02]: And they are on the ground and they actually see what's happening and they're actually gonna give us some hope today.
0:34
[SPEAKER_02]: Because while eighty-five percent of you all are panicking, there's a completely different story happening in real neighborhoods with real families with real situations.
0:45
[SPEAKER_02]: And I'm super excited about today's show because you know here we want to give you hope here our main mission is to eradicate a billion dollars in debt.
0:53
[SPEAKER_02]: by the year of twenty-fifty and build watched as a half a billion dollars in wealth within our particular E three community.
1:02
[SPEAKER_02]: And one of the key ways of doing that is real estate is home ownership, aka own something.
1:10
[SPEAKER_02]: So today is going to be that show.
1:11
[SPEAKER_02]: You're going to want to dial in and like it in.
1:13
[SPEAKER_02]: Hey, hit that subscribe button.
1:15
[SPEAKER_02]: Hit that thumbs up button and share this with a friend because we're going to get straight into it.
1:20
[SPEAKER_02]: But before we dive in, I'm going to ask God, man, real quick, because you all are not new to the channel.
1:25
[SPEAKER_02]: You all have been on here now five times coming on every single month, helping us out.
1:30
[SPEAKER_02]: What's one thing you all wish people knew about what's really happening in the market today when it comes to homes?
1:41
[SPEAKER_01]: Well, as people are looking at change, there's a lot of fear and concern about what could happen in possibility.
1:49
[SPEAKER_01]: I wish that people would shoot the shot.
1:51
[SPEAKER_01]: When I say shoot the shot, I mean, if you're looking at a property that you were thinking about that you've been monitoring.
1:57
[SPEAKER_01]: A lot of folks are hoping for just that extra price reduction or just another month or just like just another something and we deal with both sellers and buyers on both sides of the market and I wish that people now would just choose to take that action proactively and be engaging with like whatever side of the business you're trying to do something with because that energy of like waiting for just that additional price reduction or just that additional month.
2:20
[SPEAKER_01]: is where I'm seeing people lose.
2:22
[SPEAKER_01]: And I'm seeing them lose because by the time they wait or by the time that seller drops the price to the point where they would have made an offer, you got so many folks kind of waiting on the sidelines, they hop in and then it becomes competitive and all the choices that folks add to negotiate or get concessions or do other things are going.
2:39
[SPEAKER_01]: You know, if I could tell anybody, tell folks things right now, I would say shoot your shot.
2:42
[SPEAKER_01]: Take action with the information you've got at that time and you will probably get a better outcome than if you were just kind of waiting for things to get a little bit better or just another month to pass.
2:51
[SPEAKER_02]: I love you say shoot the shot because I keep hearing a crash is here or a crash is coming.
2:57
[SPEAKER_02]: You all are in this market.
2:59
[SPEAKER_02]: You all are seeing it every single day.
3:00
[SPEAKER_02]: Is that true?
3:01
[SPEAKER_02]: Do are we seeing a crash when it comes to the house of market right now?
3:05
[SPEAKER_03]: I think it's a mix, right, because real estate is hyperlocal.
3:09
[SPEAKER_03]: And so what you'll see is in some parts of the country, especially locations that had a very strong run-up in pricing over the last couple of years, they're the ones that's experiencing the highest level of conical crash.
3:24
[SPEAKER_03]: And is it a crash?
3:25
[SPEAKER_03]: That's a debatable question, because what is a crash?
3:29
[SPEAKER_03]: But what I will say is there is an increase in inventory.
3:32
[SPEAKER_03]: That is not debatable.
3:34
[SPEAKER_03]: So yeah, places like Austin, Texas, right?
3:37
[SPEAKER_03]: Even places are even Washington, D.C.
3:39
[SPEAKER_03]: in some areas, right?
3:40
[SPEAKER_03]: You'll, you've seen an increase in inventory.
3:43
[SPEAKER_03]: But here's the interesting thing about that.
3:45
[SPEAKER_03]: It's also price point dependent.
3:48
[SPEAKER_03]: So some price points have a larger inventory in some price points.
3:53
[SPEAKER_03]: They're still moving my hotcakes.
3:55
[SPEAKER_03]: So it just depends on kind of the location and also the product pricing type.
4:00
[SPEAKER_03]: That matters whether you're considered in a crash or what we call real estate, either a more balanced market or a buyer's market.
4:10
[SPEAKER_02]: That's beyond us.
4:11
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4:19
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4:22
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5:19
[SPEAKER_02]: Let's get back to the show.
5:21
[SPEAKER_02]: Before doing this show, I did some research myself.
5:23
[SPEAKER_02]: I see that there is about a twenty percent twenty percent increase in the houses available, right?
5:29
[SPEAKER_02]: So when it comes to regular families, I'm talking about your average income family making anywhere between forty five to seventy thousand dollars a year.
5:37
[SPEAKER_02]: who are not going to buy the million other homes, but they're going to buy the average affordable homes within their particular states.
5:43
[SPEAKER_02]: Would you also this is a good thing or a bad thing for that average family?
5:48
[SPEAKER_01]: I want to break down a little bit that crash concept when you know that word out because almost recent orientation with the crash.
5:53
[SPEAKER_01]: was two thousand six seven and eight.
5:54
[SPEAKER_01]: Yes.
5:55
[SPEAKER_01]: And the dynamics then were extremely different because we both had a crazy run up in inventory.
6:01
[SPEAKER_01]: Yeah.
6:01
[SPEAKER_01]: And the supply and demand equation is what change the most in.
6:04
[SPEAKER_01]: We're supply went crazy and demand fell off.
6:07
[SPEAKER_01]: Right.
6:07
[SPEAKER_01]: Also people's ability to actually purchase fell off as well.
6:10
[SPEAKER_01]: So for your average families right now that have modest dual incomes, but not crazy money, they're feeling the squeeze from a technical standpoint on what they want to spend.
6:20
[SPEAKER_01]: But the difference between today and two thousand seven is that innate is that they can still do it.
6:25
[SPEAKER_01]: There's just a discretion to decide if they want to do it or not.
6:28
[SPEAKER_01]: They've looked at the numbers and said over the past three years, I've seen rates double in some kid.
6:33
[SPEAKER_01]: Not three years now.
6:33
[SPEAKER_01]: I guess like four years, because time is not real, but they're still thinking in their head.
6:38
[SPEAKER_01]: I want that three percent rate.
6:39
[SPEAKER_01]: I want that four percent rate.
6:40
[SPEAKER_01]: And they're seeing six and seven saying like, that's double what I had to pay a year ago.
6:44
[SPEAKER_01]: And it's not a question of if they can do it or not, is do they want to or do they feel like they're still getting the deal or the opportunity they got before?
6:52
[SPEAKER_01]: So I think for your average family, it's more about like getting some context about where this market cycle actually is in history and knowing that while inventory is up, we are still by most metrics, especially according to realtor.com, about fourteen percent below where pre-pandemic inventory levels were.
7:09
[SPEAKER_01]: So even you said, twenty percent up.
7:11
[SPEAKER_01]: Yeah.
7:11
[SPEAKER_01]: Today, that's still, fourteen percent below or pre-pandemic.
7:16
[SPEAKER_02]: We're talking two thousand eighteen in before.
7:18
[SPEAKER_03]: Oh, yeah.
7:19
[SPEAKER_02]: Correct.
7:19
[SPEAKER_03]: And that's what it feels like.
7:20
[SPEAKER_03]: Like to, to me, if and I think our team, we've said, man, this feels kind of like that.
7:25
[SPEAKER_03]: Twenty seventeen, twenty eighteen, twenty nineteen again.
7:28
[SPEAKER_03]: As far as like the type of negotiations we've had to do with deals, as far as the amount of inventory, as far as who has the power and the power dynamic, the power versus the seller, that's really what we're feeling right now.
7:41
[SPEAKER_02]: Who would you say has the power right now?
7:43
[SPEAKER_03]: Is it the seller to buy her?
7:46
[SPEAKER_03]: I would generally say the buyer, but
7:49
[SPEAKER_03]: If you go to Northern Virginia, I mean, it's going to be the seller right now.
7:55
[SPEAKER_03]: In certain parts of Maryland, it's also going to be the seller.
8:00
[SPEAKER_03]: So again, the price point matters.
8:03
[SPEAKER_03]: I'll give you a simple example.
8:04
[SPEAKER_03]: Yeah.
8:04
[SPEAKER_03]: Put a condo condo in Arlington on.
8:08
[SPEAKER_03]: It's a nice condo, seven hundred and sixty thousand dollars, two-bedroom condo, not even twelve hundred square feet.
8:15
[SPEAKER_03]: For seven, sixty, seven, sixty.
8:17
[SPEAKER_01]: And good deal.
8:18
[SPEAKER_03]: And yeah, exactly.
8:20
[SPEAKER_03]: So yeah, for that market, I mean, it's a good price point.
8:24
[SPEAKER_03]: The condo fees aren't terribly high compared to others.
8:26
[SPEAKER_03]: It's like under seven hundred bucks.
8:28
[SPEAKER_03]: So, you know, it is an luxury price point, if you will, even though it's not necessarily luxury condo.
8:33
[SPEAKER_03]: But convenience is off the charts.
8:35
[SPEAKER_03]: You know, one block from Whole Foods want this and that, right?
8:39
[SPEAKER_03]: They had not been a property listed in that building in about four or five months.
8:45
[SPEAKER_03]: And then spring came.
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[SPEAKER_03]: And within two days, five properties went on the market.
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[SPEAKER_03]: Now, historically, that building sells within a week, seven days.
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[SPEAKER_03]: But now you have way more inventory on at the same time.
8:59
[SPEAKER_03]: So this is a microcosm of what we're talking about.
9:00
[SPEAKER_03]: Yeah, yeah.
9:01
[SPEAKER_03]: So yeah, more inventory on at the same time.
9:04
[SPEAKER_03]: Now, here's the thing.
9:06
[SPEAKER_03]: Does that mean the property doesn't sell?
9:07
[SPEAKER_03]: No, it sold.
9:09
[SPEAKER_03]: Like it went under contract.
9:10
[SPEAKER_03]: It just took a little bit longer.
9:12
[UNKNOWN]: Wow.
9:12
[SPEAKER_03]: So instead of seven days, it took like forty days.
9:15
[SPEAKER_03]: Okay.
9:15
[SPEAKER_03]: You know what?
9:16
[SPEAKER_03]: That's not that.
9:18
[SPEAKER_03]: You still sold.
9:20
[SPEAKER_03]: We were ten K under what they were asking for.
9:23
[SPEAKER_03]: But that was fifty K above what we were expecting in the spring.
9:27
[SPEAKER_03]: So call it a win, right?
9:28
[SPEAKER_03]: Yeah.
9:29
[SPEAKER_03]: And so that's kind of what I think that's a microcosm of what we're seeing.
9:33
[SPEAKER_03]: That's an example from both the buyer and the seller side.
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[SPEAKER_02]: So what I hear you all saying is right now, it's not a crash, technically.
9:44
[SPEAKER_02]: And that we need to stop panicking, stop listening to the news and just get with the real attorney to start doing a proper research.
9:54
[SPEAKER_01]: on your area, hyperlocal.
9:55
[SPEAKER_01]: I mean, things are extremely hyperlocal in different jurisdictions.
9:57
[SPEAKER_01]: And look, correction is not the same as crashed.
10:01
[SPEAKER_01]: We had still been feeling.
10:02
[SPEAKER_01]: People were having kind of the muscle memory of what that, twenty, twenty, twenty, twenty-one market was.
10:07
[SPEAKER_01]: Now we are correcting back to kind of more balanced market, which does have some ups and downs as opposed to only a seller's market.
10:15
[SPEAKER_02]: Yeah.
10:16
[SPEAKER_02]: I was, and we're gonna get to a question here from one of our viewers, because I think this is a very good question that I think everyone could really learn from this one.
10:26
[SPEAKER_02]: But one of the most common questions that I'm seeing come in when it comes to houses.
10:31
[SPEAKER_02]: I'm gonna get y'all thought some perspective on this is, my core audience, they're in the process of eliminating debt.
10:39
[SPEAKER_02]: So when they get out of debt, one of the very next things they wanna do is to start investing more.
10:43
[SPEAKER_02]: specifically into the stock market and into real estate.
10:47
[SPEAKER_02]: So they're saving about five hundred to a thousand dollars a month.
10:50
[SPEAKER_02]: So within a year, they're probably saved about what anywhere between seven to twelve thousand dollars.
10:58
[SPEAKER_02]: So for someone, the average person who's setting aside five hundred to a thousand dollars a month and saving to put down on the home, what would you all tell them to do right now?
11:11
[SPEAKER_02]: if they are coming to the table any year with about, I'll say, right around at number seven thousand and twelve thousand dollars.
11:19
[SPEAKER_02]: Is that enough for a down payment?
11:22
[SPEAKER_03]: The answer I think is, one is obviously it depends, right?
11:25
[SPEAKER_03]: Like we're always saying it depends, but if we take the median sales price across the country, which is in the mid-four hundred thousand.
11:31
[SPEAKER_02]: Okay.
11:32
[SPEAKER_03]: And you're able to put a three percent down payment on a property.
11:36
[SPEAKER_02]: Yeah.
11:36
[SPEAKER_03]: You're talking somewhere around twelve to fifteen thousand dollars and down payment that you would need.
11:43
[SPEAKER_03]: That does not include any additional closing costs that you'd have to pay.
11:47
[SPEAKER_03]: Yeah.
11:48
[SPEAKER_03]: So when you look at it like that, that seems kind of bleak.
11:51
[SPEAKER_02]: Yeah.
11:53
[SPEAKER_03]: But what I would say is, in this day in time, what we're looking at is that because the market has tightened, we all agree that the market is different, is tightened up.
12:03
[SPEAKER_03]: People are much more cautious.
12:05
[SPEAKER_03]: The lenders have loosened their belts a little bit.
12:08
[SPEAKER_02]: Yep.
12:08
[SPEAKER_03]: And so they've loosened their belts and they're given out a little bit more money.
12:14
[SPEAKER_03]: to the buyers.
12:15
[SPEAKER_03]: So what we're seeing is that we have programs, and we've talked about some of them before, on there.
12:22
[SPEAKER_03]: But there's a limited amount of money that you have to come out of pocket to get into the property.
12:26
[SPEAKER_03]: So when you pair some of those programs, some of the national ones like NACA, or you go to the larger banks like Bank of America, they might have some money that they're given out.
12:36
[SPEAKER_03]: That's an opt-in-chase bank.
12:38
[SPEAKER_03]: Those are opportunities to take advantage of these banking programs that they have.
12:43
[SPEAKER_03]: and limiting your out-of-pocket expenses to buy your home.
12:47
[SPEAKER_03]: Because in the best world, you will save your money, and then you will keep your money, and then you use a bank leveraged their money to get into the property.
12:56
[SPEAKER_03]: That's the best scenario for you.
12:58
[SPEAKER_03]: And so if you can take that route, I would.
13:01
[SPEAKER_04]: Yeah.
13:02
[SPEAKER_02]: One of the things that I've a lot of lenders don't like it when I say this is,
13:08
[SPEAKER_02]: I don't feel lenders and correct me if I'm wrong, y'all been to get business for a long time.
13:12
[SPEAKER_02]: I don't feel lenders really have their customers' best interest at heart.
13:17
[SPEAKER_02]: And here's why I say this.
13:19
[SPEAKER_02]: It's because they approved me off of my gross income when I don't see close to thirty percent of my, I don't receive thirty percent of that income.
13:26
[SPEAKER_02]: So number one, two, it is, they're willing to put me through a home that technically I can't afford with my net income.
13:37
[SPEAKER_02]: Then three is, not really on the lender, but we'll put all this money down, but then we won't have any money and savings once we get inside the home.
13:49
[SPEAKER_02]: As the coalition group who, you all are very big on education, as a foundational step, let's say this person, all they have is sixteen thousand dollars, two their name, and they only need fifteen thousand dollars to put down.
14:07
[SPEAKER_02]: Are you all telling them to go ahead and get the house?
14:10
[SPEAKER_02]: If that's what I want to lead them with a thousand dollars left in their bank account?
14:13
[SPEAKER_01]: I mean, and look, I'm the risk.
14:15
[SPEAKER_01]: The lowest risk tolerance person of our groups.
14:18
[SPEAKER_01]: I try to coach people on protection first.
14:20
[SPEAKER_01]: Yeah.
14:21
[SPEAKER_01]: I'd say that's not enough.
14:22
[SPEAKER_01]: I'd say you got to have a little bit more cushion.
14:23
[SPEAKER_01]: And I'd say there's a venn diagram.
14:25
[SPEAKER_01]: We help people think about when they're looking at business opportunities of capacity versus desire.
14:29
[SPEAKER_01]: Yeah.
14:30
[SPEAKER_01]: Like, what do I want?
14:31
[SPEAKER_01]: Oh, good.
14:32
[SPEAKER_01]: Versus what can I actually do within my capacity there?
14:34
[SPEAKER_02]: Yeah.
14:35
[SPEAKER_01]: And just because it's within what you could technically do, does that align with what you need to do for long term goals?
14:42
[SPEAKER_01]: And upfront, it may be a probably not today.
14:44
[SPEAKER_01]: It may be a probably not today.
14:46
[SPEAKER_01]: It doesn't mean never.
14:47
[SPEAKER_01]: And it doesn't mean that you can't do these things.
14:49
[SPEAKER_01]: Also to challenge your assertion that sometimes lenders push people things outside of their affordability based on certain loan program guidelines.
14:58
[SPEAKER_01]: You do have to have at least enough left over money after down payment and closing costs to cover a couple months of payments.
15:05
[SPEAKER_01]: So that depending on loan program, they won't let you close unless you can show some additional funds after you've covered down payment and closing costs.
15:12
[SPEAKER_01]: So the average person will do the FHA?
15:14
[SPEAKER_01]: Yeah.
15:15
[SPEAKER_01]: With the FHA be one of those programs, you know?
15:17
[SPEAKER_01]: FHA is going to, and, you know, lenders are here.
15:19
[SPEAKER_01]: Correct this in the comments if we wrong, but I'm, yeah, fairly positive the FHA is going to have what's called a
15:25
[SPEAKER_01]: asset check afterwards to make sure you've got some capital in the bank for at least a couple payments.
15:30
[SPEAKER_01]: Okay.
15:30
[SPEAKER_01]: The least a couple payments.
15:31
[SPEAKER_02]: I don't know.
15:31
[SPEAKER_02]: They check for assets.
15:32
[SPEAKER_02]: I don't know.
15:32
[SPEAKER_02]: They check for savings.
15:34
[SPEAKER_01]: When we got to submit all your payments, all your statements up until the end.
15:36
[SPEAKER_01]: So, you know, and even if they were going to push you all the way to the limit, there's other things you've got to be covered for.
15:42
[SPEAKER_01]: If it was a property I'm living in.
15:44
[SPEAKER_01]: I got to have some coverage on if something fails.
15:46
[SPEAKER_01]: Yes, I have a whole more into yes, I'm a doing inspection, but we don't want people getting into it with such a small margin for error, because something isn't going to come up.
15:55
[SPEAKER_01]: But I think people should really be thinking about it from all the things I could do.
16:00
[SPEAKER_01]: What is my capacity actually allowed me to do?
16:02
[SPEAKER_01]: And what is my personal risk tolerance?
16:04
[SPEAKER_01]: What else do I have going on in life?
16:06
[SPEAKER_01]: Because some investors and folks that can win the most are ones that do have that.
16:10
[SPEAKER_01]: money I can just go out and if I lose it or if I you know what I'm saying like that that's who can win who has that really truly discretionary money but folks on the come up don't often have that same level of discretionary money and a little more cushion is always better especially if you're venturing to something new like property investment yeah you gotta have some cushion
16:25
[SPEAKER_03]: Yeah, unfortunately, as a, if you're a newer investor or making an investment for the first time, your risk, you're going to have to take a higher risk typically, unfortunately.
16:38
[SPEAKER_03]: And the way you look at risk can be different, right?
16:41
[SPEAKER_03]: Like, you're like, it's not that big.
16:42
[SPEAKER_03]: We're property here.
16:43
[SPEAKER_03]: It doesn't cost that much, but then it took a lot of year.
16:46
[SPEAKER_03]: a lot of your money.
16:47
[SPEAKER_03]: And I wouldn't feel comfortable unless I had a few months of savings in the bank.
16:52
[SPEAKER_03]: So I wouldn't tell someone else the same thing.
16:55
[SPEAKER_03]: And I think Harrison is the most risk-averse out of all of us is I think we can agree that, hey, if you don't have at least a few months of living expenses in the bank, like that push you at a risk of losing a home and you just got it.
17:09
[SPEAKER_03]: You just got it.
17:10
[SPEAKER_02]: Well, you just got in, you can't even get to what's going to happen.
17:13
[SPEAKER_02]: Right.
17:14
[SPEAKER_02]: And I tell people all the time I have a huge Christian based audience who follows me, close to about eighty percent of the people who watch me are Christian based.
17:22
[SPEAKER_02]: And sometimes I get offended, but it's like there's two things that I don't like about the Christian community, right?
17:29
[SPEAKER_02]: Some of one is if it's meant for me, God will bless me to have the home.
17:34
[SPEAKER_02]: So I have faith.
17:35
[SPEAKER_02]: So the fact that I got approved, that's God.
17:38
[SPEAKER_02]: And I'm like, that's not God.
17:40
[SPEAKER_02]: Two, it is man, I'm a pray.
17:47
[SPEAKER_02]: And if I pray and God answers, that's God.
17:50
[SPEAKER_02]: And I'm like, yeah, no, that's, that's, that's not God.
17:54
[SPEAKER_02]: I've never had to pray for a home.
17:57
[SPEAKER_02]: Never had to, because if I'm stored in my money well and budging in my money well, I know what I can afford and what I can get approved for, because God has already given me the resources to get in home.
18:08
[SPEAKER_02]: Two, it's like, one thing I love about you all and I'm so happy that you all said that I love these guys.
18:16
[SPEAKER_02]: Because I agree with you, I think that you should have at least three months of your net pay saved in a savings account, plus your closing calls and down payment.
18:25
[SPEAKER_02]: So that way when you get in your home, if something does go wrong, and I've had several stories, but tell me, I just gotta prove my home, I literally just close my home and I lost my job.
18:36
[SPEAKER_02]: Now I lost my job.
18:39
[SPEAKER_02]: I didn't have any money.
18:40
[SPEAKER_02]: Now I can't even pay my first payment.
18:42
[SPEAKER_02]: I've already behind thirty days into the home.
18:45
[SPEAKER_02]: Now this is not the average thing that's going to happen, but you do not know when life is going to hit you.
18:51
[SPEAKER_02]: And it's like, I respect lent, I mean, realtors, who was that, hey, listen, we want you to be happy.
18:57
[SPEAKER_02]: And we want you to be into this home and have a good experience after we get done with you.
19:01
[SPEAKER_02]: And the fact that you all are willing to say that is absolutely amazing.
19:05
[SPEAKER_02]: And so I know somebody else may not like what I just said.
19:09
[SPEAKER_02]: And I mean this with all my heart is we within the Christian community, we pray for everything.
19:17
[SPEAKER_02]: But there are certain things that we pray for that we think that that's God and that wasn't God.
19:21
[SPEAKER_02]: You have no money in the bank account, but you got to prove and you're saying that's God.
19:25
[SPEAKER_02]: I'm in a blessing turning to a nightmare very quickly if you do not stew it things well.
19:30
[SPEAKER_02]: And stewardship is when a guy's key teachings within our Bible.
19:34
[SPEAKER_02]: And I believe that man, we shouldn't have to pray for a home.
19:37
[SPEAKER_02]: We meet them.
19:38
[SPEAKER_02]: We should tell them, hey, this is my budget.
19:39
[SPEAKER_02]: Here's what I have saved.
19:41
[SPEAKER_02]: Here's all of my assets and everything.
19:43
[SPEAKER_02]: Go find me the best home within my budget.
19:46
[SPEAKER_02]: I don't need the only prayer should be when we was getting my home.
19:50
[SPEAKER_02]: Men there's twenty people going for this home.
19:52
[SPEAKER_02]: God, allow my application to get through.
19:55
[SPEAKER_02]: Allow my offer to get through, but not God, please let me get approved.
19:58
[SPEAKER_02]: God, let my credit score is a four eighty and only have five thousand dollars.
20:02
[SPEAKER_02]: God, please let me get approved.
20:03
[SPEAKER_02]: No, that ain't God.
20:05
[SPEAKER_02]: That ain't God.
20:07
[SPEAKER_02]: That's not even the devil.
20:08
[SPEAKER_02]: That's just life.
20:09
[SPEAKER_02]: You know what I'm saying?
20:12
[SPEAKER_02]: If you don't get approved, well, that was the devil.
20:14
[SPEAKER_02]: No, why is it?
20:16
[SPEAKER_02]: You just kind of wanted.
20:17
[SPEAKER_02]: It's you.
20:19
[SPEAKER_02]: And so it's like, man,
20:21
[SPEAKER_02]: But speaking of that, man.
20:22
[SPEAKER_03]: Faith without works, right?
20:23
[SPEAKER_03]: Faith without works, man.
20:24
[SPEAKER_02]: And I'm gonna do the work.
20:26
[SPEAKER_02]: That's, you know, we, the Christy community were so big on praying, and I'm all for that, right?
20:33
[SPEAKER_02]: But it's like absolutely, right?
20:37
[SPEAKER_02]: And I'm not saying, no, I'm pray, but my thing is like, God, let me know, this is my time.
20:40
[SPEAKER_02]: Like, like, we was talking about selling my home late last year.
20:47
[SPEAKER_02]: And I said, y'all let me know this the right time for me to move and et cetera, et cetera.
20:51
[SPEAKER_02]: I wasn't praying for it.
20:52
[SPEAKER_02]: Can I get a proof?
20:53
[SPEAKER_02]: I know I can get a proof.
20:54
[SPEAKER_02]: I know I can get a house, but I might work.
20:56
[SPEAKER_02]: God is is it the right time?
20:58
[SPEAKER_02]: And Keith came over, gave me the value on my home, great money, because I broke week and so at this home within thirty days, easy.
21:05
[SPEAKER_02]: You know, but then it was like, but I don't know if you're going to have this payment for this size of a house during that time in the market.
21:13
[SPEAKER_02]: So I had to print like, God, is this, is this wise for me to do this?
21:18
[SPEAKER_02]: And God came out and said, no, I'm just still your single.
21:20
[SPEAKER_02]: You got to have six thousand square foot home.
21:22
[SPEAKER_02]: You just built a beautiful pool.
21:24
[SPEAKER_02]: Boy, sit there until you get married.
21:26
[SPEAKER_02]: And I was like, okay.
21:27
[SPEAKER_02]: And so that's what I prayed for.
21:30
[SPEAKER_02]: Building credit the traditional way is slow and confusing.
21:33
[SPEAKER_02]: And most credit cards want you to rack up debt just to boost your score.
21:37
[SPEAKER_02]: You see, I used to think that you had to choose between staying debt free or having a good credit score.
21:43
[SPEAKER_02]: But, but.
21:46
[SPEAKER_02]: Here's what I've discovered.
21:47
[SPEAKER_02]: There's actually a way to build credit without any credit checks, without going into debt, and without paying crazy interest fees.
21:55
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21:59
[SPEAKER_02]: And my friends at Kickoff, they are the truth.
22:01
[SPEAKER_02]: They are doing something different.
22:03
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22:07
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22:14
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22:17
[SPEAKER_02]: Overall, a hundred and fifty thousand people have left five star reviews on the app store.
22:21
[SPEAKER_02]: Users see an average of thirty four points increase in their credit scores.
22:25
[SPEAKER_02]: Some even see watch this up to eighty four points within the first twelve months.
22:29
[SPEAKER_02]: These aren't just numbers.
22:31
[SPEAKER_02]: These are real people getting approved for homes and getting better interest rates.
22:35
[SPEAKER_02]: Here's to sure, every month you wait is another month of paying higher interest rates on everything.
22:41
[SPEAKER_02]: A good credit score can save you a lot of money, thousands on a mortgage, hundreds of insurance and even help you skip the security deposits.
22:51
[SPEAKER_02]: Don't let bad credit cost you money.
22:53
[SPEAKER_02]: I want you to visit anthonyo.com for Sasuke Golf right now to get started.
22:57
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23:00
[SPEAKER_02]: I want you to build credit that debt freeway because your future self will thank you.
23:07
[SPEAKER_02]: We have a family.
23:09
[SPEAKER_02]: within our community man that went through a lot earlier this year and she called in last week and asked a question and I want us to listen to this.
23:16
[SPEAKER_02]: I want to get your thoughts on this because I really want to give her some practical wisdom to help her through out this situation.
23:23
[SPEAKER_02]: I think a lot of people would appreciate this with a thing some of them are going to do the same thing.
23:29
[SPEAKER_02]: So let's go to that question.
23:30
[SPEAKER_00]: Thank you, Anthony, for taking my call.
23:32
[SPEAKER_00]: My name is Adra.
23:34
[SPEAKER_00]: My husband and I are a long-time homeowner.
23:36
[SPEAKER_00]: We lost our home of twenty-five years in the out-of-demite Eaton Fire in January, twenty-twenty-five.
23:41
[SPEAKER_00]: Like many African-American families in the out-of-demite and Pasadena community, we are experiencing the impact of historic redlining and the current challenges of remaining in our area for the property values that's significantly increased.
23:53
[SPEAKER_00]: Despite this, we are committed to staying in rebuilding in our community that we've called home.
23:58
[SPEAKER_00]: We like many others want to rebuild rather than see developers kick over.
24:01
[SPEAKER_00]: While we are insured, we may be slightly underinsured.
24:04
[SPEAKER_00]: At fifty-two and fifty-six years old, we also are looking at how to best position ourselves a retirement within the next five to ten years.
24:11
[SPEAKER_00]: In addition to rebuilding our home, we strongly considering building an ADU.
24:14
[SPEAKER_00]: To help supplement our income as we approach retirement, we would greatly appreciate your
24:18
[SPEAKER_00]: financial insight on how to manage our insurance proceeds in the short term, especially as a relates to the rebuild.
24:23
[SPEAKER_00]: Additionally, that our primary resources for retirement are four, one-k and pension, and we want to build more income with an eighty-year one-of-it-the-smart move for our long-term financial planning.
24:35
[SPEAKER_00]: The city is supposedly offering streamlined permitting and flexibility on rebuilding at this time, so we think it's a good opportunity, but we want to approach it wisely.
24:43
[SPEAKER_00]: So many minority families in our area are now in a similar position facing large sums of money for the first time without financial education or guidance needed to make decisions.
24:52
[SPEAKER_00]: Your platform is incredibly valuable and truly appreciate the resources and information you share.
24:57
[SPEAKER_00]: Thanks again for your time and any guidance you can provide.
25:00
[SPEAKER_00]: I've been a subscriber for about eight months and I always enjoy watching your show.
25:03
[SPEAKER_00]: Thank you so much.
25:05
[SPEAKER_02]: Wow.
25:06
[SPEAKER_02]: That's a lot.
25:08
[SPEAKER_02]: That's a lot from the real estate side.
25:10
[SPEAKER_02]: Is this a good idea?
25:12
[SPEAKER_01]: Yeah, simply put whenever there's the opportunity and let's explain what she was talking about an ADU is an accessory dwelling unit, okay?
25:19
[SPEAKER_01]: That has different kind of descriptions depending on where you are because she's in California most likely with that's talking about is a separate structure on the same lot that can be a rental property.
25:29
[SPEAKER_01]: Yeah
25:29
[SPEAKER_01]: or can be for multi-generational living a place for grandma or place for a family member to live on the same lot.
25:35
[SPEAKER_01]: Primary home, accessory dwelling unit.
25:37
[SPEAKER_01]: Do they have to be connected or not connected?
25:39
[SPEAKER_01]: Not everywhere in some places.
25:41
[SPEAKER_01]: They are what she's talking about most likely is a separate structure on the same lot.
25:45
[SPEAKER_02]: I love it because I think and Tennessee, it was connected.
25:48
[SPEAKER_02]: Right.
25:48
[SPEAKER_02]: Right.
25:48
[SPEAKER_02]: Yeah.
25:48
[SPEAKER_02]: Yeah.
25:49
[SPEAKER_02]: Okay.
25:49
[SPEAKER_02]: Yeah.
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[SPEAKER_02]: Yeah.
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[SPEAKER_02]: Yeah.
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[SPEAKER_02]: Yeah.
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[SPEAKER_02]: Yeah.
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[SPEAKER_02]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_00]: Yeah.
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[SPEAKER_00]: Yeah.
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[SPEAKER_00]: Yeah.
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[SPEAKER_00]: Yeah.
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[SPEAKER_00]: Yeah.
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[SPEAKER_00]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
26:01
[SPEAKER_01]: Yeah.
26:02
[SPEAKER_01]: Yeah.
26:02
[SPEAKER_01]: Yeah.
26:02
[SPEAKER_01]: Yeah.
26:02
[SPEAKER_01]: Yeah.
26:02
[SPEAKER_01]: Yeah.
26:02
[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah.
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[SPEAKER_01]: Yeah
26:04
[SPEAKER_01]: administrative and local legislation and local zoning regulations that don't let people put accessory dwelling units on the same property because of fears of density or like a lot of other nimbee problems that like I don't want this and I don't it's going to change the character of my neighborhood and things like that.
26:22
[SPEAKER_01]: So if she has the opportunity to streamline getting that built, that's awesome.
26:26
[SPEAKER_01]: The two things I would say to look out for are when you get something like that built.
26:31
[SPEAKER_01]: When you add onto your home and make it more than what it was before, insurance, especially in California, is a really big concern.
26:38
[SPEAKER_01]: Who you have build the property, the process they go through between permitting approvals, making sure all of the structural elements are going to be insurable.
26:47
[SPEAKER_01]: in the long term is really important.
26:49
[SPEAKER_01]: So when people want to go build that accessory dwelling unit, it's more challenging to do that type of construction with my homey contractor that does stuff on the cheap.
27:00
[SPEAKER_01]: Facts.
27:02
[SPEAKER_02]: So let me answer this question because she says something that stood out to me, which I want to use up our business.
27:10
[SPEAKER_02]: We were insured, but under insured.
27:14
[SPEAKER_02]: How do we know if we're under insured?
27:17
[SPEAKER_02]: Because we know I don't think nobody buys insurance and it wants to be under insured in times like this.
27:24
[SPEAKER_02]: So this is a good teaching moment for all of us.
27:26
[SPEAKER_02]: How do we make sure when we are homeowners?
27:30
[SPEAKER_02]: We have enough insurance because I'm concerned because my parents have been California and that's what happens often out there.
27:38
[SPEAKER_02]: So what do we do when we call in the state farm wherever we go?
27:42
[SPEAKER_02]: I'm with all state.
27:44
[SPEAKER_02]: You know, how do I make sure I have the proper amount of insurance?
27:49
[SPEAKER_02]: Just in case this was a happen to me.
27:51
[SPEAKER_01]: We have a very good, and I'll get the Ryan give us feedback.
27:54
[SPEAKER_01]: We've got a very good, entrusted insurance provider that helps people talk through that quick online quote that I get.
28:01
[SPEAKER_01]: This gave me twenty thirty dollars a month.
28:03
[SPEAKER_01]: Talk to me.
28:04
[SPEAKER_01]: What are the details of what that actual policy protects?
28:08
[SPEAKER_01]: I'm being Pennywise and powerful.
28:10
[SPEAKER_01]: Am I saving a couple dollars on this end by avoiding the actual adequate protections and am I checking in on it enough?
28:18
[SPEAKER_01]: laws and a lot of the changes in between climate and a lot of the things happening in this world are directly impacting the homeowners insurance where we're able to even get.
28:28
[SPEAKER_01]: So the number one thing people need to do is be checking in on their current policies with their insurance provider.
28:35
[SPEAKER_01]: and take it beyond just the online inquiry.
28:37
[SPEAKER_01]: Like are you talking to your actual insurance agent and asking the blunt question in case of something catastrophic or bigger or different?
28:44
[SPEAKER_01]: Am I protected?
28:44
[SPEAKER_01]: Because a lot of us just let it go on autopilot and we don't check.
28:47
[SPEAKER_01]: You know what?
28:49
[SPEAKER_02]: I am going to do that.
28:50
[SPEAKER_02]: Because I think I'm going to create a free PDF.
28:53
[SPEAKER_02]: Because I think a lot of us do not know.
28:56
[SPEAKER_02]: The proper questions to ask our insurance agents.
28:59
[SPEAKER_02]: Because when I get on the phone, they're asking me questions.
29:03
[SPEAKER_02]: And then they just give me a quote.
29:05
[SPEAKER_02]: And I'm pretty sure that's the same thing happened to this young lady, right?
29:08
[SPEAKER_02]: Now they're in their fifties under insured.
29:11
[SPEAKER_02]: Because we will call the companies, like for an example when I call, I had to get, I knew I needed more insurance because I had my pool installed.
29:20
[SPEAKER_02]: So when I called all state to get a quote,
29:23
[SPEAKER_02]: And I told him, I just saw the pool.
29:25
[SPEAKER_02]: It's OK, cool.
29:26
[SPEAKER_02]: What's the average side of them?
29:28
[SPEAKER_02]: What's the size of the pool?
29:29
[SPEAKER_02]: I couldn't remember.
29:30
[SPEAKER_02]: So they guessed off of Google Maps, which is super crazy.
29:33
[SPEAKER_02]: It's scary.
29:34
[SPEAKER_02]: They can look up my address and see the pool and estimate the pool.
29:39
[SPEAKER_02]: It was, oh, he got a look, of course, but there I said.
29:42
[SPEAKER_02]: Oh, that hit.
29:43
[UNKNOWN]: How you?
29:44
[SPEAKER_02]: It'll be in the state.
29:45
[SPEAKER_02]: Well, let's check it out.
29:46
[SPEAKER_02]: Oh, how you?
29:47
[SPEAKER_02]: Wait, hold up.
29:48
[SPEAKER_02]: So I'm like, but I didn't know the proper questions to ask.
29:51
[SPEAKER_02]: So you say, you got, you got a friend named Reggie.
29:53
[SPEAKER_02]: Reggie.
29:54
[SPEAKER_02]: Reggie.
29:54
[SPEAKER_02]: Did they do all insurance or just homeowners insurance?
29:58
[SPEAKER_03]: He's mostly focused on homeowners insurance.
30:00
[SPEAKER_03]: And I think you might do business insurance.
30:02
[SPEAKER_02]: Okay.
30:03
[SPEAKER_03]: And until your point, you know, being in California,
30:07
[SPEAKER_03]: Yeah, fire insurance.
30:08
[SPEAKER_03]: Yes.
30:08
[SPEAKER_03]: You got to have that in.
30:09
[SPEAKER_03]: Right.
30:10
[SPEAKER_03]: If you're on the coastal, you're going to have flood insurance a lot of times.
30:14
[SPEAKER_03]: Yep.
30:15
[SPEAKER_03]: So I think that we have here.
30:16
[SPEAKER_02]: Nothing.
30:17
[SPEAKER_02]: Extra, right?
30:18
[SPEAKER_03]: You can have some, there are some flood zones here.
30:21
[SPEAKER_03]: So you might need.
30:22
[SPEAKER_03]: Yeah.
30:22
[SPEAKER_03]: So you might need flood insurance.
30:24
[SPEAKER_03]: But generally, we know there's no disaster hazard zones around here that we have to deal with in a DMV.
30:31
[SPEAKER_03]: Yeah.
30:31
[SPEAKER_03]: Yeah.
30:32
[SPEAKER_03]: But California, Florida, I mean, even for coastal Virginia, like coastal Maryland, like you're going to have to have flood insurance, you got to have fire insurance.
30:40
[SPEAKER_03]: And those are the ones where you might call, you know, the all states and the, you know, all of those kind of big insurance companies are pretty good with the general insurance.
30:52
[SPEAKER_03]: But those additional insurances, that's where you can really get caught up in.
30:58
[SPEAKER_03]: Because, you know, they're the ones where you're like, oh, what's my, what's the chances of my house getting caught up in a fire?
31:05
[SPEAKER_03]: Like, ah, I'd save thirty dollars a month.
31:09
[SPEAKER_03]: And now all of a sudden, it's like, oh, wow.
31:11
[SPEAKER_03]: Yeah, I've been here for twenty five years, what should I say?
31:14
[SPEAKER_03]: And now my house.
31:15
[SPEAKER_02]: Because it's only one, it only took one time.
31:17
[SPEAKER_02]: Listen, man, I relate to that so much.
31:24
[SPEAKER_02]: I, my car, one of my cars got hit.
31:31
[SPEAKER_02]: And it was hit by nonin by someone who wasn't insured.
31:35
[SPEAKER_02]: Well, for me, it was like, well, it's requirement at all to have insurance.
31:41
[SPEAKER_02]: So I said, so why pay for without part of insurance then if it's required for everyone to have it.
31:46
[SPEAKER_02]: So I was like, oh, let me just say fifteen bucks for the government that the non insured side of things.
31:54
[SPEAKER_02]: And so I went on five years, I get hit in the back bumper, the bumper.
31:59
[SPEAKER_02]: I get out my car to guy hits me, he pulls off.
32:04
[SPEAKER_02]: Bumpers is done, caught in insurance companies.
32:08
[SPEAKER_02]: I was like, yeah man, I got, I was involved in a hit run.
32:10
[SPEAKER_02]: I was okay.
32:11
[SPEAKER_02]: So this would, this would be a claim, then technically up on it, they're not insured.
32:15
[SPEAKER_02]: I said, okay, cool.
32:17
[SPEAKER_02]: Oh, Mr. No.
32:19
[SPEAKER_02]: You don't have non-insurance, non-insured insurance.
32:22
[SPEAKER_02]: I was like, what do you mean?
32:24
[SPEAKER_02]: I have not, what, what, what, what?
32:26
[SPEAKER_02]: Well, I was so upset.
32:28
[SPEAKER_02]: So I had to file an actual claim that went towards me on yourself.
32:36
[SPEAKER_02]: Oh, myself, like I hit the bumper myself because I was hit by somebody else.
32:42
[SPEAKER_02]: And I wish
32:44
[SPEAKER_02]: we were more educated on how to properly ensure, because if she was properly insured and still had the benefit from the state, she'd probably her and her husband could probably come out on top financially with this situation, right?
33:00
[SPEAKER_02]: And so I want to meet, connect, Reg, if you watching this,
33:04
[SPEAKER_02]: I need to come on here.
33:05
[SPEAKER_02]: I need to come on because what I want to do, I want to meet with not just right, but someone that help which really understand, how do we properly ensure everything?
33:12
[SPEAKER_02]: Car insurance, health insurance, homeowner insurance, business insurance, right?
33:18
[SPEAKER_02]: How do we properly know the right questions to ask the right amount to go for to make sure that we're properly covered?
33:24
[SPEAKER_02]: I want to talk about term life and whole life insurance.
33:26
[SPEAKER_02]: because I have my thoughts on that too, right?
33:28
[SPEAKER_02]: I'm a big on term life side, whole life, I get it.
33:31
[SPEAKER_02]: I think whole life is good when it comes to tax savings and investing, right?
33:34
[SPEAKER_02]: But when it comes to the most assured paid out, it's like, I kind of like, you know, the side, it just varies, right?
33:43
[SPEAKER_02]: So I want to get some proper insurance on that.
33:44
[SPEAKER_02]: But thank you so much for calling in.
33:47
[SPEAKER_02]: Hopefully, they helped you.
33:50
[SPEAKER_02]: My suggestion to you is you said, man, we're really depending on our, our, our four-point cave.
33:55
[SPEAKER_02]: and pinch it, right?
33:58
[SPEAKER_02]: I want to encourage you to sit down with a financial advisor because you need more than just four or one can pinch it, right?
34:04
[SPEAKER_02]: There's a study that came on so that it's so secreted with the next three to five years we've done.
34:08
[SPEAKER_02]: We've gone.
34:09
[SPEAKER_02]: Which is so confusing to me because if I'm paying into it, I'm paying.
34:12
[SPEAKER_02]: Still paying.
34:13
[SPEAKER_02]: Still paying.
34:13
[SPEAKER_02]: Still paying.
34:14
[SPEAKER_02]: Still paying.
34:15
[SPEAKER_02]: Where in the heck is my money going?
34:17
[SPEAKER_02]: If that's what I mean, what do you mean we're gonna run out, right?
34:20
[SPEAKER_02]: So it's like, I understand what they're saying because I understand, I understand a study, but I don't understand.
34:26
[SPEAKER_02]: How can I pay into something and you're telling me I'm not gonna be able to get it back when I get older?
34:30
[SPEAKER_02]: And so we gotta start taking matters into our own hand, our finances into our own hand.
34:36
[SPEAKER_02]: And I'm really excited.
34:38
[SPEAKER_02]: I'm a Lincoln here because, man, but then the next few months, I'm going to be announcing that escape plan.
34:44
[SPEAKER_02]: This is my five phases to helping people go from paycheck to paycheck to wealth.
34:50
[SPEAKER_02]: And I'm really, really excited about that.
34:52
[SPEAKER_02]: And one of the things that we're going to be talking about in there is really how do we properly invest?
34:57
[SPEAKER_02]: outside of just a typical four or one K, and pensions.
35:01
[SPEAKER_02]: How do we really do it?
35:02
[SPEAKER_02]: And I would highly encourage you and all of you all to four one K is great.
35:08
[SPEAKER_02]: Pinch and news great.
35:10
[SPEAKER_02]: But what about a Roth IRA?
35:11
[SPEAKER_02]: What about a good index fund?
35:12
[SPEAKER_02]: What about a good strategy?
35:14
[SPEAKER_02]: Once a month, we have a coalition group coming on and teaching us about investing into real estate and building our portfolio that way.
35:21
[SPEAKER_02]: Also, once a month, we have the financial expert in investing expert himself, Courtney coming on and teaching us how do we properly invest and how do we make millions using the stock market?
35:31
[SPEAKER_02]: One of my friends, and then I'll do one more question.
35:33
[SPEAKER_02]: Get about it here.
35:34
[SPEAKER_02]: We're already over by eight minutes.
35:36
[SPEAKER_02]: But when you got good stuff like this, you got to keep on going.
35:39
[SPEAKER_02]: Well, one of my friends, I mean, she called me the other day, man.
35:43
[SPEAKER_02]: And she said, that's something else.
35:45
[SPEAKER_02]: So, so good to me.
35:46
[SPEAKER_02]: She just bought a first home.
35:48
[SPEAKER_02]: And in a process of that, she had to turn it all over assets.
35:53
[SPEAKER_02]: Well, she forgot that five years ago.
35:57
[SPEAKER_02]: I told her to open a patrol swab account and to invest them to a good ETF and a good mutual fund.
36:04
[SPEAKER_02]: Well, unfortunately, she lost her job and everything like that and she let it go.
36:08
[SPEAKER_02]: She put like close to like ten thousand awesome to the investment.
36:11
[SPEAKER_02]: And she was like, Anthony, I had to turn all my investment stuff and she called me like, just screaming on crazy.
36:15
[SPEAKER_02]: I was like, why are you screaming for us?
36:16
[SPEAKER_02]: She's like, bro, bro.
36:19
[SPEAKER_02]: Like I invest like ten grand into it.
36:21
[SPEAKER_02]: Five years later, she didn't invest nothing into it.
36:25
[SPEAKER_02]: Twenty two thousand dollars.
36:26
[SPEAKER_01]: Yeah.
36:29
[SPEAKER_02]: Twenty-two thousand dollars.
36:31
[SPEAKER_02]: She said, oh, what I wanted her to print it out was like twenty-two, I didn't put twenty-two thousand.
36:37
[SPEAKER_02]: I think I put my clothes like ninety-five, ninety-eight, hundred.
36:41
[SPEAKER_02]: And she said any helped her.
36:44
[SPEAKER_02]: get the approval easier because it made her a DTI stronger because she had an extra ten thousand dollars outside of her own money.
36:55
[SPEAKER_02]: She invested and she's an Anthony.
36:57
[SPEAKER_02]: I never put money in it for five years.
37:02
[SPEAKER_02]: Now, she's like, oh, Ben, I'm putting like, five hundred dollars into that thing, everyone.
37:05
[SPEAKER_02]: Yeah.
37:05
[SPEAKER_02]: I'm so excited.
37:07
[SPEAKER_02]: Yeah.
37:07
[SPEAKER_02]: She's an eye for God.
37:09
[SPEAKER_02]: But that's just the importance of this conversation is I think when we can have home ownership, one of my good friends, oh, here's here's a good question.
37:20
[SPEAKER_02]: One of my good friends, I'm not going to call on a email, but I'm definitely going to send you this because I want you to listen to this clip, one of my close friends, but I love her dearly.
37:26
[SPEAKER_02]: She started three years old, super educated.
37:28
[SPEAKER_02]: I mean, got ballet two or three degrees.
37:30
[SPEAKER_02]: Young, right?
37:31
[SPEAKER_02]: Three, almost like, thirty, thirty, three years old.
37:35
[SPEAKER_02]: Has a good job.
37:36
[SPEAKER_02]: She lives in Virginia, near Virginia Beach.
37:39
[SPEAKER_02]: And she got approved for Naka, but she never went through with it.
37:44
[SPEAKER_02]: And she said because she doesn't want their responsibilities.
37:48
[SPEAKER_02]: What would you all tell someone who has the means, but they're fearful of their responsibility of the home.
37:57
[SPEAKER_02]: which is why they will not buy a home deal rate.
38:02
[SPEAKER_03]: You know, that's an interesting question, because that's an interesting prompt around what's important to you.
38:08
[SPEAKER_03]: What is important to you?
38:09
[SPEAKER_03]: Is real estate the only vehicle?
38:12
[SPEAKER_03]: No.
38:12
[SPEAKER_03]: No.
38:12
[SPEAKER_03]: It's not.
38:13
[SPEAKER_03]: We're not.
38:13
[SPEAKER_03]: You got Courtney coming in and talking about other vehicles, right?
38:16
[SPEAKER_03]: Like stock market.
38:17
[SPEAKER_03]: Yeah.
38:18
[SPEAKER_03]: Is real estate a good vehicle?
38:20
[SPEAKER_03]: Yes.
38:21
[SPEAKER_03]: I mean, I think everyone can probably agree.
38:23
[SPEAKER_03]: It's one of the best vehicles in my opinion.
38:26
[SPEAKER_03]: The question you gotta ask yourself is, what are you comfortable with?
38:30
[SPEAKER_03]: What are you comfortable in investing with?
38:32
[SPEAKER_03]: I like a diversify portfolio.
38:33
[SPEAKER_03]: That's.
38:34
[SPEAKER_03]: Meaning, I'm really good at real estate, so I'm gonna have a little bit more concentration in it than other people.
38:40
[SPEAKER_03]: But to me, just like you go to your financial advisor, you need to go to your real estate advisor and decide, like, what, how much money you want to invest in to real estate and how much time you want to invest in real estate.
38:51
[SPEAKER_03]: The thing about real estate is it allows you to invest less money in more time and get a high return on investment, whereas in a stock market, you can invest less time and have a high return on investment, but you didn't have to put as much money in in real estate.
39:09
[SPEAKER_03]: So that's kind of like the opportunity differences you see.
39:13
[SPEAKER_03]: I didn't have as much money.
39:14
[SPEAKER_03]: So I went to the real estate route because one, I understood it.
39:17
[SPEAKER_03]: I'm like, oh, I can see that.
39:18
[SPEAKER_03]: I can see this.
39:19
[SPEAKER_03]: That's dry wall.
39:20
[SPEAKER_03]: That's brick.
39:21
[SPEAKER_03]: That's the kitchen.
39:22
[SPEAKER_03]: This sofa, this sofa.
39:23
[SPEAKER_03]: I can understand that.
39:24
[SPEAKER_03]: All right, I'm not that smart.
39:25
[SPEAKER_03]: But I understood that.
39:27
[SPEAKER_04]: Yeah.
39:27
[SPEAKER_03]: So that's the reason I I went into real estate.
39:30
[SPEAKER_03]: But I think you can you can do either one.
39:33
[SPEAKER_03]: The thing I will say is if you're looking for a generational wealth and you're trying to change your financial future of both yourself and your family.
39:43
[SPEAKER_03]: I don't know anyone that does not invest in real estate.
39:46
[SPEAKER_03]: That's... That's... I don't know anyone either.
39:51
[SPEAKER_02]: And actually, all of my...
39:54
[SPEAKER_02]: millionaire wealthy individuals, they don't just have one.
39:59
[SPEAKER_02]: They got several.
40:00
[SPEAKER_02]: Yeah.
40:01
[SPEAKER_02]: And when I'm seeing them do now, this is really purchased even more land.
40:06
[SPEAKER_02]: They're buying dirt like it is nothing.
40:09
[SPEAKER_02]: And because there's like, you know, they, this is what they say.
40:13
[SPEAKER_02]: And it's correct me in the real estate space.
40:15
[SPEAKER_02]: Now I'm going to all off-script, but I just love it.
40:18
[SPEAKER_02]: This is why I love my brothers.
40:20
[SPEAKER_02]: They're saying they're fearful that within the next ten to fifteen years, we won't have a lot of dirt because people are having to buy and things are moving further out away from population.
40:32
[SPEAKER_02]: So what they're doing is they're going out too, too there to bring them all, not bring them, say it again.
40:41
[SPEAKER_02]: They're going out
40:44
[SPEAKER_02]: Right?
40:45
[SPEAKER_02]: By and dirt.
40:46
[SPEAKER_02]: Yep.
40:47
[SPEAKER_02]: Keeping that dirt inside of a trust, giving it to the grandchildren, because by the time the grandchildren come, we will be out there and then coming back.
40:57
[SPEAKER_02]: Oh, a hundred percent.
40:58
[SPEAKER_03]: I mean, look, it was a little phrase when we kissed, got me dirt and dirt.
41:02
[SPEAKER_03]: Don't hurt.
41:04
[SPEAKER_03]: All right.
41:06
[SPEAKER_03]: And so if you do a radius of twenty to thirty miles outside of any major city.
41:10
[SPEAKER_02]: Yeah, yeah.
41:11
[SPEAKER_03]: And even a secondary city.
41:12
[SPEAKER_03]: Yeah, even sometimes even a tertiary
41:16
[SPEAKER_03]: The simplest way you want to get rich is in one minute, if you can do this.
41:20
[SPEAKER_03]: And I'm not saying, I'm not a financial advisor.
41:22
[SPEAKER_03]: I'm not this.
41:23
[SPEAKER_03]: I'm not that, right?
41:23
[SPEAKER_03]: Yeah.
41:24
[SPEAKER_03]: But if you buy the dirt within twenty thirty miles outside of a very popular area, and you wait twenty years, the chances that they're going to have to build out towards there is high, because we're not making no more dirt in the population's increasing.
41:37
[SPEAKER_03]: So where are they going to go?
41:38
[SPEAKER_03]: That's it.
41:40
[SPEAKER_03]: Right?
41:40
[SPEAKER_03]: They're going to go there.
41:41
[SPEAKER_01]: The other concern with being proximal to those primary and secondary cities is energy, food production, storage, servers.
41:51
[SPEAKER_01]: I mean, there's, there's will be even more need as population to continue to increase for stuff within, even warehouse and storage stuff like close to sit like there will be lots of opportunities in the future if you own the dirt, four things to reactivate it on it.
42:05
[SPEAKER_01]: And USDA loans have a lot of interesting options, so things you can do in,
42:08
[SPEAKER_01]: areas that are designated more rural today, because those designations change, you're overyear depending on population trends.
42:15
[SPEAKER_03]: But yeah, a lot of conversations with people who are buying land, trying to build family compounds, who are wanting to put multiple structures on one piece of property to protect themselves and insulate themselves from potential hazards that we see in the future.
42:38
[SPEAKER_02]: I was gonna bear with this.
42:39
[SPEAKER_02]: This is some good information.
42:40
[SPEAKER_02]: So I bought some dirt.
42:42
[SPEAKER_02]: And I'll be honest with you all.
42:45
[SPEAKER_02]: It's been a little discouraging.
42:47
[SPEAKER_02]: Because I can't do nothing with it now.
42:50
[SPEAKER_02]: For long term play.
42:51
[SPEAKER_02]: It's a much longer time play.
42:52
[SPEAKER_02]: And that's what my mentor told me.
42:53
[SPEAKER_02]: He said, hey, respectfully saying this, this ain't for you.
42:57
[SPEAKER_02]: You will not benefit from this financially.
42:59
[SPEAKER_02]: If you're thinking legacy like what you teach, this is gonna benefit them.
43:06
[SPEAKER_02]: more show than you.
43:07
[SPEAKER_02]: He said, I will, I will just put that dirt inside the land, pay the taxes on it, do not let the taxes go because you can lose it and tax court.
43:15
[SPEAKER_02]: And I was like, I said, okay, he said, but this is more so going towards your network and legacy play than it is for you.
43:22
[SPEAKER_02]: Would you all agree that twenty to thirty miles outside of the limit?
43:26
[SPEAKER_02]: because you just said, twenty years, twenty years from now, I'm going to be sixty two years old, right?
43:31
[SPEAKER_02]: I'm thinking about that time.
43:33
[SPEAKER_02]: Do I need to be selling any dirt?
43:35
[SPEAKER_02]: Or do I just give it to my kids and let them maybe build something on it and then rent it out down a road.
43:41
[SPEAKER_02]: And a part of me is thinking, this is so good, man.
43:44
[SPEAKER_02]: We don't do a dirt show.
43:47
[SPEAKER_02]: Because it's like the land that I have is about six acres.
43:50
[SPEAKER_02]: I bought the dirt from a tax sell.
43:53
[SPEAKER_02]: Unfortunately, it is this auto lady could not purchase, she can pay the taxes on it.
43:59
[SPEAKER_02]: So everything finally went through by then.
44:03
[SPEAKER_02]: got to praise, it prays for more than what I bought it for, tax-wise.
44:08
[SPEAKER_02]: But the real estate there told me it was like, yeah, bro, you're not selling this all the time.
44:14
[SPEAKER_02]: So nobody wants this land right now.
44:17
[SPEAKER_02]: But he did say it's about twenty four miles outside of the Papua city.
44:21
[SPEAKER_02]: And so my thought process isn't, and this is why I need y'all to tell me if I'm thinking right, twenty four years now, boom, I have that.
44:32
[SPEAKER_02]: Put some rental properties on there, pay that off, transfer all that the kids or to whom they have an electioneration, to where now that's rental money, free rental rental money coming in.
44:45
[SPEAKER_02]: Is that a good idea, or would you like that dirt sit there a little bit longer before you put anything on it?
44:52
[SPEAKER_03]: The location matters.
44:52
[SPEAKER_03]: So like has the development come to that area?
44:55
[SPEAKER_03]: Who that area yet?
44:56
[SPEAKER_01]: Most of those people are doing right?
44:58
[SPEAKER_03]: Right.
44:59
[SPEAKER_03]: It hasn't made it that far.
45:00
[SPEAKER_03]: So you're going to have to be kind of judicious about, you know, looking.
45:04
[SPEAKER_03]: There's a great problem to have that you have assets and you got to make decisions.
45:08
[SPEAKER_03]: Yeah.
45:08
[SPEAKER_03]: Yeah.
45:09
[SPEAKER_03]: a problem nonetheless.
45:11
[SPEAKER_02]: Yeah.
45:11
[SPEAKER_03]: So the problem is you have to look and see at that time.
45:15
[SPEAKER_03]: And that's at any point in time.
45:16
[SPEAKER_03]: It might be five years from now, ten years from now, twenty years from now or fifty years from now.
45:20
[SPEAKER_03]: You don't, we don't know when it happens.
45:22
[SPEAKER_03]: We just know that at some point in time in the future, people are going to look and people are going to make all first on your property.
45:27
[SPEAKER_03]: I think I'll say that's interesting.
45:28
[SPEAKER_03]: I'd like that property.
45:29
[SPEAKER_03]: I think we can do something with it.
45:31
[SPEAKER_03]: If you haven't put any structures on it, or if you go about putting structures on it, then they might say, well, this is interesting.
45:37
[SPEAKER_03]: Like, can you rent it out?
45:38
[SPEAKER_03]: Because you have to look at the feasibility of being able to rent out that property in that location to the type of people that would rent from there.
45:46
[SPEAKER_03]: And that's that makes sense.
45:47
[SPEAKER_01]: But your mind is such an active investor, mine that wants to make things happen.
45:52
[SPEAKER_01]: I feel like that is going to always have some conflict with a landownership strategy because you got to think so much longer about it.
45:58
[SPEAKER_01]: Like some of the smartest people I know in that space, they don't think about the use now.
46:02
[SPEAKER_01]: It's like I'm going to start out with some, I'm going to add utility service and do some short-term rental or some Airbnb type stuff.
46:10
[SPEAKER_01]: Then see how that operates for a while and then put some more prime minister structures on it.
46:13
[SPEAKER_01]: And then if that ain't working, I'm going to put some where.
46:15
[SPEAKER_01]: I mean, you can do different things over time with dirt.
46:17
[SPEAKER_01]: and areas that are not zoned specifically for just residential houses.
46:21
[SPEAKER_01]: You got like lots of options.
46:22
[SPEAKER_03]: Yeah, I mean, I think the first thing I would say is, and not to throw it.
46:26
[SPEAKER_03]: But the first thing, my first, my first decision point or my first question is, hmm, can I start buying the other lots around me?
46:33
[SPEAKER_03]: How can I start putting together a large piece of land, right?
46:37
[SPEAKER_03]: So start buying all the parcels around me.
46:39
[SPEAKER_03]: All right, I got six acres here.
46:41
[SPEAKER_03]: This person might not want to sell for five years.
46:43
[SPEAKER_03]: This person might not want to sell for ten years.
46:45
[SPEAKER_03]: Like, you might have to waste that strategy.
46:48
[SPEAKER_03]: Right.
46:48
[SPEAKER_03]: Man, there's a really long-term strategy, right?
46:50
[SPEAKER_03]: Yes.
46:50
[SPEAKER_03]: Because what if you put a hundred acres together now?
46:53
[SPEAKER_03]: Ooh.
46:53
[SPEAKER_03]: Right.
46:54
[SPEAKER_03]: Like, now you're playing a different game.
46:55
[SPEAKER_03]: Or you could just, you know, put a exotic animal form on there or something like that.
46:59
[SPEAKER_03]: I mean, you could do whatever you wanted that.
47:01
[SPEAKER_03]: Yeah, yeah, yeah.
47:02
[SPEAKER_03]: But six acres, you're a little bit living it.
47:04
[SPEAKER_03]: But a hundred acres, you can do some stuff.
47:06
[SPEAKER_02]: All right.
47:09
[SPEAKER_02]: This will be long to you.
47:11
[SPEAKER_02]: We have them on next month.
47:13
[SPEAKER_02]: I want to talk about strategy around her.
47:15
[SPEAKER_02]: What's a good strategy?
47:16
[SPEAKER_02]: One, I think a lot of people are okay.
47:18
[SPEAKER_02]: Y'all keep talking about dirt.
47:19
[SPEAKER_02]: I know that means land.
47:22
[SPEAKER_02]: But from step one to step ten, how do I think about this process?
47:30
[SPEAKER_02]: What is a long-term play?
47:32
[SPEAKER_02]: What is a short-term play?
47:33
[SPEAKER_02]: Anthony, you bought your land from an auction tax auction.
47:38
[SPEAKER_02]: What is that?
47:39
[SPEAKER_02]: You know, what's or should I just go and buy land from a natural rule is like a realtor like you will.
47:46
[SPEAKER_02]: I want I want I want to give them all these options and do it because I think
47:52
[SPEAKER_02]: to you all, this is not gonna be a sexy subject because it's not a quick return.
47:59
[SPEAKER_02]: But remember, we're talking about eliminating and eradicating a billion dollars in debt by twenty-fifty and building our net worth wealth to a half a billion by twenty-fifty.
48:12
[SPEAKER_02]: Well, that land is a part of your worth, your net worth, your wealth.
48:17
[SPEAKER_02]: And so,
48:18
[SPEAKER_02]: You heard them, you're all gonna say this, your portfolio should not just be in one specific thing.
48:25
[SPEAKER_02]: You gotta have a lot of things, and this could be one of the things that's going towards that.
48:30
[SPEAKER_02]: And y'all just really convicted me of my dead owns of some land, about twenty acres.
48:35
[SPEAKER_02]: It's about twenty miles outside the Columbia South Carolina.
48:40
[SPEAKER_02]: He's trying to sell it.
48:41
[SPEAKER_02]: He hit a small issue.
48:45
[SPEAKER_02]: I think I'm going to call him and say, hey man, I help you pay the tax on it.
48:47
[SPEAKER_02]: I think we need to keep that in the side of family for twenty more years.
48:51
[SPEAKER_02]: Because I mean, I think Columbia's not a big city, but it's a city.
48:56
[SPEAKER_02]: And it's growing.
48:58
[SPEAKER_02]: And I think that, and twenty years from now, that land may be something.
49:02
[SPEAKER_02]: The thing is, his mother bought it and passed it down to him, twenty years ago.
49:06
[SPEAKER_02]: So I think his, our discouragement as a family is we haven't really seen things go out there yet.
49:13
[SPEAKER_02]: But the way the world is going right now, I think we, and twenty years will season.
49:19
[SPEAKER_03]: That's a bit outplay.
49:20
[SPEAKER_03]: For pay taxes on, I'd make that bet, yeah.
49:24
[SPEAKER_02]: I'm gonna give you a call.
49:25
[SPEAKER_02]: Y'all.
49:26
[SPEAKER_02]: Listen, we're way over time, y'all.
49:27
[SPEAKER_02]: Thank y'all so much, man.
49:29
[SPEAKER_02]: Like I said, we're bringing coalition group on every single month because we got goals.
49:34
[SPEAKER_02]: We have missions.
49:35
[SPEAKER_02]: We have things that we gotta do and they're gonna help us with the real estate game and the next time I purchase some land or purchase some property, I'm gonna walk us all through that process with them.
49:44
[SPEAKER_02]: I'm only working with the coalition group.
49:46
[SPEAKER_02]: Keith is my realtor.
49:47
[SPEAKER_02]: He's out of town, working in traveling today.
49:50
[SPEAKER_02]: He's a part of the coalition group.
49:53
[SPEAKER_02]: y'all keep a lot listen if you all have any questions around real estate around investing around dirt when it comes to the real estate hey we're gonna put the number up on the screen right now go ahead and give us a call leave your question and I'll make sure that every time that they're on the show as we're doing even with Courtney that we play one of your question that we play one of your your questions and we give it a proper answers
50:15
[SPEAKER_02]: because we want to make sure we're helping our community grow and evolve.
50:19
[SPEAKER_02]: All right, this is if you enjoyed today's show, do me a favor, hit the thumbs up, hit that subscribe button, and we'll see you in the next show.
50:25
[SPEAKER_02]: Peace out.