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Ira Fishman: Building a Legacy Through Real Estate and Family · The Academy Presents podcast

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  Did you know that 90 % of the world's millionaires
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  invest in real estate? Well, I'm Angel with the
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  Academy Presents Real Estate Investing Rocks,
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  and I'm here to help you if you want to go for
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  your piece of that pie. Are you new? Are you
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  new to this and you just don't know where to
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  but you feel stuck, you feel like you've lost
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  from here? Are you a seasoned real estate investor
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  who is doing great but maybe you just want to
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  hone a few skills here and there? This is the
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  industry experts so that you can save time, avoid
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  costly mistakes, and begin living the life you've
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  dreamed of all through real estate investing.
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  You're already taking the first step. just by
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  joining us here today. No, absolutely. And I
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  wholeheartedly believe everything you said. I
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  mean, one quick scenario. A couple of years ago,
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  my son, there's a place called Pace Pace, which
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  is a transportation service, I think cost us
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  like $3 a ride. My son was at his job, which
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  is about two miles from our house, maybe a 12
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  minute drive. And he went on a two and a half
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  hour journey around, I mean, like around, I mean,
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  craziness to get to, for his 12 minute ride to
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  get back to his apartment building. And Ethan
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  could explain what happened and, you know, it,
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  you know, we could have flown to New York, could
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  have flown to New York from the time it took
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  him to go, you know, a seven minute drive, not
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  even 12, you know, it's close. He could have
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  walked home in 20 minutes and it's, it's sad.
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  I mean, it's just, you know unless you're a parent
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  you don't know what goes on and some of our kids
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  are more verbal than others and or more could
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  express what's going on and it's it's it's challenging
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  and it's you know what until you go through it
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  you really you know one you know our friends
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  and family and you know acquaintances take for
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  granted what our lives are like but they're they're
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  complicated they're challenging i mean it's it's
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  it's not easy and you know, whatever we can do
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  as parents, you know, you got to be the number
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  one advocate because no one looks out for your
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  kid like you do. And, you know, try to take,
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  you know, take control of as much, not in a bad
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  way, but, you know, no one's going to look out
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  for your child like you do or your, you know,
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  your loved ones. So. Yeah. Well, and I, you know,
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  I've kind of noticed there's the people in real
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  estate as investors, however they're there. Most
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  of us have A lot of grit and a lot of, um, even
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  if I'm knocked down, I'm going to get back up.
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  We have a lot of resilience and we were talking
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  a little bit before we hit record. Um, I've actually
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  realized that there are a lot of people in the
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  space that have special needs family members.
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  And I'm always a little, it's frustrating that
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  they don't share it because I think we would
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  discover that there's probably. probably 30 %
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  of the people in this space have someone in their
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  family with a special need. I would agree. Absolutely.
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  Absolutely. And I really think it has to do with
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  the resilience that we as families have to have
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  to be successful in a world that's geared towards
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  the typical population. No, for sure. For sure.
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  And it's also, you know, how it affects our other,
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  you know, typical kids because it's forever.
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  You know, I have two others and it's forever
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  going to be you know, that's that's part of their
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  life. I mean, they're thank God they're they're
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  good kids and they look out for their older,
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  younger brother. And, you know, it's always going
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  to be that way. I mean, it just is. And they're,
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  you know, it's it it doesn't just affect our
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  one child. It affects the whole family, as you
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  know, Angel. I know you do. But it's it's our
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  crazy little world. But you know what we. will
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  survive and we just, you know, you do what you
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  can for our kids. Absolutely. So it kind of brings
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  me to another question. Once you and your wife
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  are gone, will your typical children take on
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  those apartments? So the apartment building that
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  I have for Ethan that I own with my. brother
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  -in -law, my wife and I and my brother -in -law
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  and sister -in -law, we bought it together. My
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  nephew has the same disorder as my son. So we're
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  in the same boat. So it is a for -profit building
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  venture and everything we make in it, we throw
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  into it. It's not this cash cow, but that will
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  be in my choice. I mean, we'd have to talk with
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  our partners, which is brother and sister -in
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  -law. But I like this asset to be in Ethan's
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  name. It'll be in his trust. Special needs trust?
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  Yeah, we have set that up. And that's a whole
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  other chapter. But yeah, it will be in his special
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  needs trust. And as we touched on earlier, my
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  why is to make sure my son Ethan is taken care
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  of forever and have these cash flowing assets
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  and passive income in his name. And my other
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  two kids will, you know, God willing, we'll keep
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  an eye on there's my, my son, Ethan, and you
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  know, our son forever. And hopefully their spouses
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  or significant others or themselves will, you
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  know, be on board because Ethan's a big part
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  in everyone, in all our lives. Yeah. No, we've,
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  um, so we've purposefully raised very independent
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  girls. So their husbands are probably, um, I
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  don't want to say they're going to have less
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  voice, but when I, and this is what I'm praying
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  for and hoping for is that they will find partners,
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  husband, whatever, that know that they need and
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  they love their brother and they need to take
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  care of him. And we want to make it to where
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  there is no financial burden. And it's just about.
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  the upkeep of what he has so that that's our
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  why is to make sure that all they ever have to
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  do is love Anson and maintain his level of care
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  they don't have to call or our hope is that they
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  want to call insurance and sort those things
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  out that will have somebody is as an intermediary
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  that can take care of that um now the way the
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  our wheels are set up It's kind of crazy with
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  ages that we chose for the girls to step in and
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  do things. Cause you have to think about all
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  those things. And we did that when Anson was,
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  Oh gosh, he might've been two or three. Because
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  once we got the genetic report back, we were
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  like, Oh, and so when Anson was first diagnosed
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  with the, they call it Duke 15 Q, there were
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  742 cases in the world. And so there's your average
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  person isn't. you know, putting together a will
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  at age 33, 34. Um, we found ourselves in that
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  position. And so it's, um, our daughters are
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  going to have to step up and we hope they'll
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  want to, but they, they love Anson and they love
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  his quirkiness. I've, I've watched my oldest
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  in her school and she is, it's easy for her to
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  connect to other students that are on the spectrum.
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  And I noticed and I was like, that is the weirdest
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  thing. But she's so used to the little quirks
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  of Anson that the little quirks of her friends
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  that are on the spectrum doesn't bother her at
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  all. That's great. So it says something to the
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  way they're raised to that. I mean, that's you
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  guys, you and Jason need to take credit there
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  too. So it's not everyone. That's not always
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  the absolute typical thing that happens, but
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  that's great. That's awesome. Let's um It can
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  be a tough place to be but can also be a really
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  empowering place to be because like with what
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  you're doing with the apartments like you get
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  to make a difference and you get to Show people
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  and help people and the fact that you've got
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  some typical residents too is I think that's
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  pretty unique because I feel like they're kind
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  of like my daughter Because I'm pretty sure that
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  I'm not gonna say that I know for sure, but I'm
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  guessing there's probably some days where things
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  get a little loud. And the typical residents
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  may or may not be able to, a typical person may
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  or may not be able to deal with that. So the
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  fact that you do have typical residents speaks
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  a lot to me about how the fact that different
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  people are out there is becoming more normal.
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  And that makes me happier too. And our neighbors,
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  they're fine. I mean, they're nice. They're very
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  accommodating. No one's ever said anything. We're
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  just in a community. There's houses on both sides
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  of us. And everyone's been great. And they understand.
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  And we try to stay low key. We don't have signs
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  in front that say this. I mean, we're just trying
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  to fit in. It's worked out real well. It's worked
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  out real well. So we're pleased with that. Well,
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  we actually, there's a group home like within
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  walking distance from our house. I'm thinking
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  it's like around the corner and on the other
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  side of the street. And I mean, it's, it's the
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  kind of home that we would have lived in. It's
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  a nice brick home, probably built, I don't know,
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  early 2000s. Like it's, it's not some rundown
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  shack. It's a nice, beautiful home. The landscaping
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  is kept nice. You would never suspect that it
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  was a group home. And I think the biggest difference
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  is that there's four bedrooms. Each bedroom has
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  a bath. There may be two residents in a room.
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  There may be one. There's always somebody there.
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  So the lights are always on because there's always
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  either an LVN or a CNA there. And I don't know
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  what the severity of the residents is. I have
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  no clue. But I still think it's really neat that
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  it's right there. It's in our community. It's
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  in our, it's in our neighborhood. That's great.
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  So it's, um, I just, when I hear about those
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  crazy stories from like the sixties, seventies,
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  probably even the eighties, where if someone
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  had a non -typical member of their family, they
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  would send them off to an institution. And I
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  can't like, I can't fathom that now. Now, thank
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  God it's a different world. And once again, every
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  place is great because you hear stories and it's
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  scary. But you could only control, once again,
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  try to handle what you can for your children.
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  More globally, I'm not just saying for my child.
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  I mean, I still get calls at our... our apartment
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  building. We have a maintenance guy who handles
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  all the issues, but I get calls and I get like
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  FaceTime things from some of our kids and say,
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  I remember my shower is backing up and I'm like
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  Mr. Roper from like Three's company and I'm not
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  the handiest guy in the world. I could do certain
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  things, but I call our guy and I'm happy to take
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  the calls from him. If it happened to three in
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  the morning, not so cute, but if it happens at
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  10 a .m., I'm saying, no problem, we'll handle
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  it. And you know what? My wife and I had everybody
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  over at our house last two Fridays ago for dinner,
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  all the kids, and it was awesome. I mean, we
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  had a barbecue in our backyard, and it's like
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  a family. I mean, it really is. It's a family
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  atmosphere. My son loves it. He comes home for
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  Sunday night dinners. We spend time with him.
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  as well. But when he gets, when he goes back
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  in the building, normally he doesn't want me
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  to go in with them. But when sometimes I do,
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  he's like, hi guys, I'm home. You know, he yells
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  like at the door when he's walking in. So, you
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  know, it's just, um, it's, it's nice. Yeah, no,
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  it's, um, I'm going to cry. Um, I think about
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  Anson and if he could ever be in a home. And,
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  um, it's, it's kind of like what you said, you
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  know, for Josephine and Jacqueline, that's their
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  older brother, but I can remember when they passed
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  him developmentally. I remember that. So he is
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  he's chronologically older, but as they continue
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  to grow up, he will become their older little
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  brother. I get it. I get it. Actually, I'll I'll
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  I'll send you my kids, both my other two kids,
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  their essays they wrote to their colleges when
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  they were applying. And it's it's awesome. I
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  mean, about exactly. which you just said, the
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  older, younger sibling and how that happens and
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  what it looks like. They were special. They really
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  were. But yeah, there is that point. And I know
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  exactly what you're saying. I really do. Thank
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  you for being here today and for talking a little
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  bit about JVs and about affordable housing and
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  then about what you're doing in the special needs
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  community for providing housing to the special
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  needs community too. Not everybody can talk about
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  these things with personal knowledge and so I
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  think that that is there's going to be a lot
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  of people that need that that maybe aren't willing
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  to ask for that assistance publicly or to ask
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  for that information publicly. So just thank
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  you for sharing that. I enjoyed the talk. It
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  was nice that I've learned a lot more about you
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  and your situation, even though we've talked
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  about it in the past. But you know what? We live
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  it and it's our lives. And it's no reason to
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  hide it from the world. I mean, it's our reality.
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  Absolutely. So guys, I hope that you got to learn
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  something from this. I know I learned something
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  from it. I got two pages of notes here. So again.
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  We'd love to have you on the live side. It's
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  like a mastermind kind of feel over there, so
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  we'd love to have you over there. But if you
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  want to stay on this side, there's tons of information
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  here too. So whichever way you go, until next
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  time.