Latest / Earn Your Leisure / EYL #38 Corner Class feat. Jay Morrison

Transcript

EYL #38 Corner Class feat. Jay Morrison · Earn Your Leisure

• 0:00
  Speaker 1: All right, guys, welcome back, e y L.
• 0:02
  Speaker 2: Atlanta edition very very special, very special for us for
• 0:07
  Speaker 2: a couple of different reasons. We're gonna get into it.
• 0:08
  Speaker 2: Before we start, we got some exciting news.
• 0:11
  Speaker 1: You know.
• 0:11
  Speaker 2: We've been traveling around the country. We do our network
• 0:13
  Speaker 2: meeting greets, just going to our biggest markets.
• 0:15
  Speaker 1: And we went.
• 0:16
  Speaker 2: We started in La and we went That was crazy.
• 0:19
  Speaker 2: La was the first one. Then we went to Brooklyn.
• 0:21
  Speaker 2: Brooklyn was crazy. There were so many people it was
• 0:23
  Speaker 2: actually dispilled down into the streets.
• 0:24
  Speaker 3: It's still talking about it.
• 0:25
  Speaker 2: Yeah, shout out to VK for shure us a fact.
• 0:28
  Speaker 2: And then we went to Atlanta. We was in Atlanta,
• 0:30
  Speaker 2: we had four hundred and fifty people come out. And
• 0:32
  Speaker 2: then Houston was the biggest one so far. So Chicago.
• 0:36
  Speaker 2: By the time you hear this, it's going to be
• 0:37
  Speaker 2: two days. But yeah, two days September twenty six, we'll
• 0:41
  Speaker 2: coming to Chicago. So it's free network meet and greet.
• 0:45
  Speaker 2: The purpose of the network meeting greet is not a seminar,
• 0:47
  Speaker 2: it's not a workshop. It is for you to network
• 0:49
  Speaker 2: with each other. Most importantly, you gonna meet us. We're
• 0:51
  Speaker 2: gonna bring some of our guests, but you never know
• 0:53
  Speaker 2: who might be your business partner, who might be you know,
• 0:56
  Speaker 2: somebody that you can do real estate with. And these
• 0:58
  Speaker 2: are the things that we need to do more of.
• 0:59
  Speaker 2: Is is networking and really building. So we mix it
• 1:03
  Speaker 2: with with with a whole different type of vibe because
• 1:05
  Speaker 2: you know, we're not traditional business podcast, so it's like
• 1:08
  Speaker 2: a party but productive tendency to.
• 1:11
  Speaker 3: People show up with shirts and times and they look
• 1:13
  Speaker 3: at us like T shirt.
• 1:14
  Speaker 2: Yeah we're coming, We're coming a T shirt. You know,
• 1:16
  Speaker 2: by the end of night, you're gonna have a couple
• 1:17
  Speaker 2: of drinks and you're gonna have some good food and
• 1:19
  Speaker 2: it's gonna be who vib So, yeah, Chicago. This is
• 1:21
  Speaker 2: my first time going to Chicago, so I'm looking forward
• 1:23
  Speaker 2: to it. So make sure y'all check us out, man
• 1:25
  Speaker 2: for sure, for sure. And then we have our workshop
• 1:27
  Speaker 2: that we are launching as well. So as you know, Eyo,
• 1:31
  Speaker 2: every single week we bring a different professional win and
• 1:33
  Speaker 2: they give us free gyms and free game and we
• 1:35
  Speaker 2: really appreciate that. So we wanted to build an extended
• 1:38
  Speaker 2: platform off of that, so we launching our Workshop series
• 1:40
  Speaker 2: and that's going to be live in New York City.
• 1:42
  Speaker 2: Once a month, and we also want to live streaming
• 1:45
  Speaker 2: as well for anybody anywhere in the world. So the
• 1:47
  Speaker 2: first one is going to be for first time real
• 1:49
  Speaker 2: estate investors. We're gonna go with some hard money loan tactics,
• 1:52
  Speaker 2: things of that nature with our guy MG, the mortgage guy.
• 1:56
  Speaker 2: So yes, make sure that y'all register for that. That's
• 1:59
  Speaker 2: only events table on website as well.
• 2:00
  Speaker 1: We're looking forward to this.
• 2:01
  Speaker 3: So people always asking when we're coming back to New York,
• 2:03
  Speaker 3: New York, this is for you.
• 2:05
  Speaker 2: And we never left to create Thank you when you're
• 2:07
  Speaker 2: coming back to New York. We never left New York.
• 2:09
  Speaker 2: We live in New York. But this is this is
• 2:11
  Speaker 2: for New York for sure, but it's for not just
• 2:13
  Speaker 2: New York. It's for the whole world.
• 2:14
  Speaker 1: So make sure everybody.
• 2:15
  Speaker 2: So all right, we got that out the way, So
• 2:17
  Speaker 2: we have to welcome our esteemed guests. Mister J Morrison,
• 2:21
  Speaker 2: thank you for for you. Yeah, so I gotta get
• 2:23
  Speaker 2: a backstory on this, so you know, we have we
• 2:26
  Speaker 2: try to bring people from all walks of life and
• 2:28
  Speaker 2: all industries and you know, the number one person that
• 2:32
  Speaker 2: everybody has been requesting for months.
• 2:34
  Speaker 4: Now is yeah, but they get aggressive they're like, if
• 2:40
  Speaker 4: you're really serious, get t like reach out to So
• 2:48
  Speaker 4: it's like, all right, man, y'all can stop asking.
• 2:50
  Speaker 1: We got them.
• 2:51
  Speaker 2: So if you don't know legendary real estate investor, social
• 2:55
  Speaker 2: activists as well, yeah, thank you for all of the
• 2:58
  Speaker 2: work that you're doing that and for your advocacy. But yeah,
• 3:01
  Speaker 2: just really dynamic guy. He's wrote books, he's he's done lectures,
• 3:06
  Speaker 2: he's real estate developer. He's actually the CEO of the
• 3:10
  Speaker 2: Tulsa Real Estate Fund, which is the first black real
• 3:13
  Speaker 2: estate crowdfunding equity crowdfunding fund?
• 3:15
  Speaker 5: Is that correct in history?
• 3:16
  Speaker 1: In history? So yeah, we're gonna were gonna go over
• 3:18
  Speaker 1: all of that.
• 3:19
  Speaker 2: But you know, he has a very extensive, very impressive resume,
• 3:22
  Speaker 2: and anybody in the financial literacy circle, especially in our community,
• 3:27
  Speaker 2: you know that he's been a leader four years before
• 3:32
  Speaker 2: a lot of us was involved in social media. I'm
• 3:34
  Speaker 2: a financial advis I just got in social media a
• 3:36
  Speaker 2: couple of years ago, but I saw you before I
• 3:38
  Speaker 2: got involved. So he's definitely been a trailblazer, somebody that
• 3:41
  Speaker 2: we we've all acknowledged as a leader and then trailblazer.
• 3:44
  Speaker 2: So first and foremost, thank you, Thank you for rocking
• 3:46
  Speaker 2: with us, Thank you for joining.
• 3:47
  Speaker 5: Us pleasures, thank you for having me appreciate it.
• 3:49
  Speaker 2: Yeah, for sure, so were gonna jump right into it.
• 3:51
  Speaker 2: So when I first heard about you, it was years ago,
• 3:53
  Speaker 2: and you was a realtor, right, and I guess like
• 3:56
  Speaker 2: a celebrity reltor because I saw you on TV. So
• 4:00
  Speaker 2: we all know your story about you. Know, you was
• 4:02
  Speaker 2: in the streets and you got incarcerated. What made you
• 4:06
  Speaker 2: get into being a realtor first and foremost? And from
• 4:10
  Speaker 2: there how did you transition to actually being an investor?
• 4:13
  Speaker 5: Well, actually I started as an investor first before a realtor, right.
• 4:18
  Speaker 5: So when I left the streets in two thousand and five,
• 4:20
  Speaker 5: I left South tenth in Springfield. I ave in Nork,
• 4:22
  Speaker 5: New Jersey after a ten year dope boy career. When
• 4:28
  Speaker 5: I left the streets, one of the first things I
• 4:30
  Speaker 5: did is I want to acquire a single family home
• 4:32
  Speaker 5: from a tax lane and foreclosure situation. My mom had
• 4:36
  Speaker 5: helped her out of that situation, and we I had
• 4:38
  Speaker 5: built my credit over the years because I learned about
• 4:41
  Speaker 5: building credit and mortgages while I was on parole at
• 4:43
  Speaker 5: twenty two years old in Plainfield, New Jersey. And so
• 4:46
  Speaker 5: by the time I was twenty five years old, and
• 4:48
  Speaker 5: I was ready to retire the dope game and do
• 4:51
  Speaker 5: something different and productive with my life and stop and
• 4:53
  Speaker 5: beat the trap. So I had already purchased a home
• 4:57
  Speaker 5: under my name for my mom because my credit was
• 4:59
  Speaker 5: better than hers. She was facing the foreclosure. And then
• 5:01
  Speaker 5: I went and got my own duplex, my own two
• 5:04
  Speaker 5: family with four acres in land one hundred percent financing.
• 5:07
  Speaker 5: And at that time, and so, as I purchased that property,
• 5:10
  Speaker 5: and I saw the commissions that the realtor made. The
• 5:12
  Speaker 5: realtor made thirteen thousand. He showed me the property twice,
• 5:15
  Speaker 5: I'm like, bro, that thirteen rescued in mind. I can
• 5:17
  Speaker 5: do what he did. You know what I'm saying.
• 5:20
  Speaker 6: I knew at that time I planned on buying more properties.
• 5:22
  Speaker 5: So I'm like, I'm gonna be on this path as
• 5:24
  Speaker 5: an investor in landlord, buying more properties than I need
• 5:27
  Speaker 5: to be in a position to get my get that
• 5:29
  Speaker 5: other check too. And so I went and got my
• 5:31
  Speaker 5: real estate license at that time. And then as I'm
• 5:34
  Speaker 5: going to buy more properties, I also got my mortgage
• 5:36
  Speaker 5: license at that time. So I was a loan officer.
• 5:39
  Speaker 5: I was a realtor, and I was an investor, landlord,
• 5:42
  Speaker 5: and developer breaking into the game. That's where I started
• 5:44
  Speaker 5: the brand mister real Estate back then in like two
• 5:46
  Speaker 5: thousand and five, two thousand and six.
• 5:47
  Speaker 7: And so you went from one medium to the next, right,
• 5:50
  Speaker 7: and what what triggered you said to say, like this
• 5:53
  Speaker 7: is the way I'm going to go, Like I'm going
• 5:54
  Speaker 7: into real estate.
• 5:56
  Speaker 5: I mean, for me, it was a couple of things. One,
• 6:00
  Speaker 5: you know, when I was in the streets my you know,
• 6:02
  Speaker 5: I started selling drugs at fifteen years old. My whole
• 6:04
  Speaker 5: family sold drugs, you know. I mean, my grandfather's so dope,
• 6:07
  Speaker 5: my uncle so adope, my mom's so dope. Like that
• 6:09
  Speaker 5: was just our family trade. And that was a norm
• 6:14
  Speaker 5: for me. And when I was hustling through my teens,
• 6:16
  Speaker 5: and I got locked up at eighteen years old in
• 6:18
  Speaker 5: New York on riverside driving Harlem, facing three years of
• 6:21
  Speaker 5: life in prison for a quarter key, little coke and
• 6:23
  Speaker 5: a loaded handgun. Did a one to three in New York,
• 6:26
  Speaker 5: went upstate cutting down trees for thirteen cents a day,
• 6:29
  Speaker 5: came home on work release in Harlem, a Lincoln work
• 6:33
  Speaker 5: release by Central Park. Went right back to the game
• 6:35
  Speaker 5: like a month later, like I like, I'll get myself
• 6:37
  Speaker 5: two months off some coming home, give myself two months
• 6:39
  Speaker 5: of freedom, and then I'm all right. Listen, just listen.
• 6:43
  Speaker 5: I came home November third and nineteen ninety nine. I
• 6:46
  Speaker 5: got backtrapping January nineteenth of two thousand. I remember the date, wow,
• 6:50
  Speaker 5: and got right back at it and tore it up.
• 6:52
  Speaker 5: But then I caught another charge less than a year later,
• 6:54
  Speaker 5: a drug trafficking charge in Maryland in a secret indictment
• 6:57
  Speaker 5: in New Jersey. Ended up beating part of that because
• 7:00
  Speaker 5: the cops illegally searched my vehicle. Still did prison time
• 7:03
  Speaker 5: about eighteen months between Maryland and New Jersey. Came home
• 7:06
  Speaker 5: from that on intense supervision parole where I had to
• 7:09
  Speaker 5: have this men's group meeting where I learned about mortgages. Okay, still,
• 7:12
  Speaker 5: after I learned about that, I went back to trapping
• 7:14
  Speaker 5: for a few more years. Old, had to stop hard,
• 7:19
  Speaker 5: get rich, you don't trying, and so through all that,
• 7:22
  Speaker 5: my family would be like, hey, Jay, you know my
• 7:25
  Speaker 5: you know, my my daughter was born while I was
• 7:27
  Speaker 5: in prison. My daughter's twenty years old. Now she goes
• 7:29
  Speaker 5: one of the top twenty colleges in the country. She's
• 7:31
  Speaker 5: the first black woman president of her sorority. Like she's phenomenal.
• 7:34
  Speaker 5: But she was born while I was in prison, and
• 7:35
  Speaker 5: my first time seeing her was on a visiting room floor. Wow,
• 7:38
  Speaker 5: my daughter slept with me in trap houses like bagging up,
• 7:41
  Speaker 5: you know. And now she's on to where she's at.
• 7:42
  Speaker 5: But her mother used to say, you know, why can't
• 7:45
  Speaker 5: you stop selling drugs? And it would literally my family
• 7:48
  Speaker 5: would cry to try to get me to stop. And
• 7:49
  Speaker 5: I said, well, when y'all showed me something where I
• 7:51
  Speaker 5: can make the money i'm making now right, live the.
• 7:53
  Speaker 6: Lifestyle that I want to live and feed my family.
• 7:55
  Speaker 5: If y'all showed me that hustle, I'm in until then,
• 7:58
  Speaker 5: shut the fuck up, right, And so don't tell me
• 8:04
  Speaker 5: to stop doing something. You're not giving me another way
• 8:06
  Speaker 5: or another route. I'm not getting a job like that's out,
• 8:10
  Speaker 5: like it's not even happening, so you know what I mean.
• 8:12
  Speaker 5: So anyway, real estate, as I saw the checks that
• 8:16
  Speaker 5: were being made. So when I closed that first two family,
• 8:18
  Speaker 5: I saw the owner of that he owned it for
• 8:20
  Speaker 5: maybe like seven or eight or nine years, but he
• 8:22
  Speaker 5: made a hundred racks. I'm like, wait, he just owned
• 8:24
  Speaker 5: this shit for a few years, got some rental income
• 8:28
  Speaker 5: and cashed out a hunting on me, Like I bought
• 8:30
  Speaker 5: it from him the realtor mad thirteen, He made a hundred,
• 8:32
  Speaker 5: But I'm the one that went here and financed it.
• 8:35
  Speaker 5: And I was like, you know what, this is all right?
• 8:36
  Speaker 5: And then when I bought my mom out of that foreclosure,
• 8:39
  Speaker 5: I helped my mom buy this house FHA financing in
• 8:42
  Speaker 5: ninety nine. When I came home, I gave my mom
• 8:44
  Speaker 5: three grand. She bought a house and someone going to
• 8:46
  Speaker 5: Jersey for one hundred thousand dollars. Three years later the
• 8:49
  Speaker 5: house would have been value one hundred thousand dollars. So
• 8:51
  Speaker 5: when I cut cleared out her foreclosure she was in.
• 8:54
  Speaker 5: We end up selling it and cashing out. Like ninety nine,
• 8:56
  Speaker 5: my mom gave me thirty three thousand just for helping
• 8:58
  Speaker 5: her with a ten grand. Actually yeah, And so I
• 9:01
  Speaker 5: took the thirty three thousand and went about, you know,
• 9:03
  Speaker 5: a bird with it and go back in the streets.
• 9:05
  Speaker 5: But my point is I saw that real estate was lucrative, right.
• 9:09
  Speaker 5: So to answer your question, and this long round of
• 9:11
  Speaker 5: way that was what got me into it. Was like Okay,
• 9:15
  Speaker 5: this real estate thing had some viability here to be
• 9:19
  Speaker 5: my new hustle. And as I was approaching twenty five
• 9:22
  Speaker 5: years old and I'm trapping the North, and I had
• 9:24
  Speaker 5: another close call with the Feds and some other shit,
• 9:26
  Speaker 5: and also I'm like, yo, this is like when I'm thirty.
• 9:29
  Speaker 6: I couldn't see myself being free or alive at thirty.
• 9:32
  Speaker 5: Like I literally t how to picture myself approaching twenty
• 9:34
  Speaker 5: five years old where I was gonna be when I
• 9:35
  Speaker 5: was thirty on, all I could imagine was dead or
• 9:37
  Speaker 5: in jail. I couldn't even see myself balling or knew,
• 9:39
  Speaker 5: you know what I mean. I didn't even see a
• 9:41
  Speaker 5: victory for myself. So I was like, if I can't
• 9:42
  Speaker 5: picture myself winning, I can't continue this this hustle. And
• 9:46
  Speaker 5: so I literally broke my trap flo and I quit
• 9:48
  Speaker 5: like that that day, I thought about the shit. Shit
• 9:50
  Speaker 5: didn't make sense no more. And I literally had cold turkey,
• 9:52
  Speaker 5: I had work left and everything gave it to my
• 9:54
  Speaker 5: man like, yo, I'm out.
• 9:55
  Speaker 3: I mean you have the date in your head, so
• 9:56
  Speaker 3: it's like that that meant something.
• 9:58
  Speaker 5: Like yeah, like I'm out. And so I was like,
• 9:59
  Speaker 5: you know, because I challenged myself. I said, you know,
• 10:01
  Speaker 5: a drug dealer can only sell drugs a true hustle,
• 10:03
  Speaker 5: hustle of anything.
• 10:04
  Speaker 6: And I'm like, yo, am I a drug dealer? Or
• 10:06
  Speaker 6: am I really a hustler?
• 10:07
  Speaker 5: And I was like, so, what would happen if I
• 10:09
  Speaker 5: took all I bro, I grind, I get busy, like
• 10:11
  Speaker 5: my energy, your level is always high. So I'm like,
• 10:14
  Speaker 5: what would happen if I took the same energy twenty
• 10:16
  Speaker 5: four hour ships from the block, the same energy taking trips,
• 10:19
  Speaker 5: you know, all that trips in Nebraska, Maryland I'm talking
• 10:21
  Speaker 5: about'm bro, I'm tearing the highways, up streets, up planes,
• 10:24
  Speaker 5: up trains, all that. I said, what if I took
• 10:27
  Speaker 5: the same innovation, same energy. I'm breaking down work and
• 10:29
  Speaker 5: I'm making pressing machines at welding shops, all type of shit.
• 10:32
  Speaker 6: Bro, Like I'm nuts.
• 10:33
  Speaker 1: So I was like, if I.
• 10:34
  Speaker 5: Take this same innovation and energy, the same charisma and swag,
• 10:37
  Speaker 5: and I put it into the real estate industry, what
• 10:39
  Speaker 5: would happen full time with my full effort, the full
• 10:42
  Speaker 5: court press. And so I said, well, if I'm truly
• 10:44
  Speaker 5: a hustle, let me go see. And that's when I
• 10:47
  Speaker 5: you know, cold Turkey dropped the drug game, got into
• 10:49
  Speaker 5: the real estate game. Started as that landlord, got my
• 10:52
  Speaker 5: real estate license, my mortgage license, end up making my
• 10:54
  Speaker 5: first million and three years in real estate.
• 10:55
  Speaker 1: But so how did you scale?
• 10:56
  Speaker 2: Okay, so that everybody's in real estate, right and there's
• 10:59
  Speaker 2: a lot of real estate agents and realtors mortgage brokers.
• 11:02
  Speaker 2: So all right, you're coming off the streets with no
• 11:04
  Speaker 2: formal education none. You got it from high school?
• 11:07
  Speaker 1: I did.
• 11:07
  Speaker 5: I dropped out of high school eleventh grade and then
• 11:09
  Speaker 5: I went back to the TOPS program for alternative kids,
• 11:12
  Speaker 5: and I graduated from a vocational school.
• 11:14
  Speaker 2: Yeah, okay, all right, so you have that, but you know,
• 11:17
  Speaker 2: really no other formal education. So how do you go
• 11:20
  Speaker 2: from being an ex drug dealer to being a celebrity realtor? Like,
• 11:24
  Speaker 2: you know, I'm assuming you was like in the top
• 11:26
  Speaker 2: ten percent, five percent whatever relator is to you know, whatever,
• 11:29
  Speaker 2: How do you how does that happen?
• 11:30
  Speaker 5: Like? I actually brought my office's highest listing in Fort
• 11:33
  Speaker 5: Lee office, ten million dollars listing from Alpine. It was
• 11:35
  Speaker 5: the highest office listing in my office. I was the
• 11:37
  Speaker 5: first African man in America hired by prominent properties so
• 11:40
  Speaker 5: that he's international realty in all prominent properties.
• 11:42
  Speaker 1: But so how did that happen for you?
• 11:43
  Speaker 2: For your relators that are still realtors themselves, Like how
• 11:47
  Speaker 2: trying to like break through the cause it's a lot
• 11:49
  Speaker 2: of them.
• 11:49
  Speaker 5: So like it's the same in tangible skills brought on
• 11:52
  Speaker 5: matter for it's realtor selling shirts, selling hot throw, selling
• 11:55
  Speaker 5: drug it's the same thing is that I went and
• 11:57
  Speaker 5: found to connect like I'm intentional. When I was a
• 12:00
  Speaker 5: real estate agent and I started off with Keller Williams
• 12:04
  Speaker 5: and being a regular residential agent, and you know, I
• 12:06
  Speaker 5: went through that phase for a few years and then
• 12:09
  Speaker 5: you know, I started actually managing two mortgage companies. As
• 12:12
  Speaker 5: I worked my way up from a loan officer, I
• 12:13
  Speaker 5: just golfed the business. But as I got kind of
• 12:17
  Speaker 5: tired aboard and there's another long story within that which
• 12:20
  Speaker 5: I'll save us. But when I got to the point
• 12:22
  Speaker 5: where I was like, you know what, this ain't really sexy,
• 12:23
  Speaker 5: This ain't really my swag used to be a real
• 12:25
  Speaker 5: estate agent, Like that's just not like this. It ain't
• 12:27
  Speaker 5: really cool to me.
• 12:29
  Speaker 6: So I was like myster reality, like you know what
• 12:32
  Speaker 6: I'm saying.
• 12:33
  Speaker 5: So I'm like, you know what, though, I see these
• 12:34
  Speaker 5: guys on TV doing the high end houses, the million
• 12:37
  Speaker 5: dollar listers and all of that, I'm like.
• 12:38
  Speaker 6: You know what I could dig that, I could get flying,
• 12:40
  Speaker 6: you know, I mean the million dollar lister and MultiMate
• 12:43
  Speaker 6: die houses.
• 12:43
  Speaker 5: So what I did was I googled richest town to
• 12:46
  Speaker 5: New Jersey. Simple, I said, I want to sell high
• 12:49
  Speaker 5: in houses. I want to be a luxury real estate agent.
• 12:51
  Speaker 5: So where the fuck the luxury real estate properties at?
• 12:53
  Speaker 5: So I googled richest town to New Jersey. Alpine, New
• 12:55
  Speaker 5: Jersey came up. I went and took nine interviews in
• 12:57
  Speaker 5: two days in Alpine. And then as I'm up in
• 13:00
  Speaker 5: Alpine seeing all these multi million dollar houses, I see
• 13:03
  Speaker 5: all these blue signs in front of these the biggest houses,
• 13:05
  Speaker 5: and I couldn't even pronounce souther Bees. I know what
• 13:07
  Speaker 5: the fuck that ship was. It was like I did
• 13:08
  Speaker 5: know how to pronounce it. But I'm like, all right,
• 13:10
  Speaker 5: this they winning? Like this other Beast is this blue
• 13:13
  Speaker 5: sign with this s O T H E B Y
• 13:14
  Speaker 5: whatever have you say? That they winning? And so I
• 13:18
  Speaker 5: rode past the Southern Beast branch office in Alpine, and
• 13:20
  Speaker 5: then I walked into the office, and after meeting with
• 13:24
  Speaker 5: a White kerd and Carwell banker and a few other
• 13:26
  Speaker 5: agents branches up there, and the manager of the office,
• 13:29
  Speaker 5: she just fell in love with me and he was married.
• 13:31
  Speaker 5: She just fell in love with me. Was like, oh
• 13:32
  Speaker 5: my god, you're so handsome, You're so that there. I
• 13:34
  Speaker 5: told her my story, I told her everything, the felonies,
• 13:36
  Speaker 5: where I come from, the whole thing, and she was
• 13:38
  Speaker 5: just like, that's so awesome.
• 13:42
  Speaker 3: Around.
• 13:43
  Speaker 6: I love you.
• 13:46
  Speaker 5: So she she talked to the CEO of the company
• 13:49
  Speaker 5: and we had a meeting with them, and I went
• 13:50
  Speaker 5: to the you know, other branch and bro they hired me.
• 13:55
  Speaker 7: So where is there a specific listing that changed the
• 13:57
  Speaker 7: game for you from that being at that physician.
• 14:02
  Speaker 5: Yeah, I mean, I don't think it was so much
• 14:03
  Speaker 5: of a specific listing. What changed the game for me
• 14:06
  Speaker 5: was Southernby's had great branding.
• 14:08
  Speaker 2: Can you explain what somether BEA's is because I'm gonna
• 14:11
  Speaker 2: ask you a question about them, but a lot of
• 14:12
  Speaker 2: people might not know who that actually is.
• 14:13
  Speaker 5: Yeah. So Southeby's International Realty, Well, Southbea't as a company.
• 14:18
  Speaker 5: They function in luxury assets period, so they're mainly an
• 14:23
  Speaker 5: art in the art world, the art, diamonds, and high
• 14:27
  Speaker 5: end real estate. So Southern Beasts throughout the world is
• 14:29
  Speaker 5: known really for their art auctions, for their the diamonds
• 14:32
  Speaker 5: and jewelry, and for their high end luxury real estate,
• 14:35
  Speaker 5: and so that was attractive to me. And so anyway,
• 14:39
  Speaker 5: being at Southerby's, I learned so much about a different
• 14:45
  Speaker 5: level of business infrastructure and a different level of branding
• 14:48
  Speaker 5: and marketing, right, and that's what really changed the game
• 14:50
  Speaker 5: for me. Well, my brand's so like dope, now, you
• 14:52
  Speaker 5: know what I mean. It's like I really saw how
• 14:54
  Speaker 5: they package things and and really you know, higher level
• 14:57
  Speaker 5: and and the owner's sun and I don't.
• 15:00
  Speaker 6: Big Actually, I don't really have a grudge with other bees.
• 15:02
  Speaker 5: They asked me to resign, and I get to that
• 15:04
  Speaker 5: story later, but it actually propelled my whole career. So
• 15:07
  Speaker 5: I actually appreciate the blessing and asked me to resign
• 15:10
  Speaker 5: because of my vocalness about being a spokesperson in the
• 15:13
  Speaker 5: black community and it didn't match their brand. But nevertheless,
• 15:18
  Speaker 5: the owner's son, Michael Oppler, he challenged me as I
• 15:22
  Speaker 5: was new in the business and said, okay, listen, you
• 15:23
  Speaker 5: were mister real estate in Central Jersey. You know, it
• 15:25
  Speaker 5: was cool. You were the guy in urban America, but
• 15:28
  Speaker 5: up here don't fly. And he was like, you know,
• 15:31
  Speaker 5: why would someone trust you with their multi million dollar house.
• 15:34
  Speaker 5: What's different from you than all these other agents who
• 15:36
  Speaker 5: live here, who come from here, who don't look like
• 15:38
  Speaker 5: you. You know, what's your why?
• 15:39
  Speaker 6: Why do you want to be here and why do
• 15:40
  Speaker 6: you want to do real estate?
• 15:41
  Speaker 5: And he sent me a video from some guy on
• 15:43
  Speaker 5: YouTube and some small crowd and the videos like find
• 15:46
  Speaker 5: your wire or whatever, and I watched it and it
• 15:49
  Speaker 5: really touched me and they made me think about So
• 15:50
  Speaker 5: they challenged me to bring them a business plan of
• 15:53
  Speaker 5: my why and what I was going to do different
• 15:55
  Speaker 5: as souther Bees if they were to, you know, get
• 15:58
  Speaker 5: behind me. And so I said, my why why I'm
• 16:01
  Speaker 5: excited about real estate is because the way real estate
• 16:03
  Speaker 5: changed my life. And I want to bridge the gap
• 16:05
  Speaker 5: between real estate and pop culture meaning our culture right,
• 16:08
  Speaker 5: pop culture right?
• 16:10
  Speaker 6: And so I made this business plan deck. I still
• 16:12
  Speaker 6: have it in my email.
• 16:13
  Speaker 5: It had Jay Z and Beyonce on the front and
• 16:15
  Speaker 5: it was like bridging the gap between real estate and
• 16:16
  Speaker 5: pop culture. And I gave him my business plan of
• 16:19
  Speaker 5: how I was going to impact pop culture and put
• 16:22
  Speaker 5: everybody on the real estate. It had everything from teaching
• 16:24
  Speaker 5: the high schools, teaching in colleges, doing celebrity events, to
• 16:28
  Speaker 5: open houses, to all these creative things that I literally
• 16:30
  Speaker 5: do now today. But that was my why, and so
• 16:34
  Speaker 5: I had the opportunity through one of my friends at
• 16:37
  Speaker 5: the time who was promoting me and supporting me.
• 16:40
  Speaker 6: She was just googling and researching online.
• 16:43
  Speaker 5: Different networks that had opportunities for realtors, and NBC was
• 16:49
  Speaker 5: looking for a realtor for their show Open House NYC.
• 16:53
  Speaker 5: And I happened to have a client at the time,
• 16:55
  Speaker 5: Mohamed Wilkerson Shout the mo and they were doing their
• 17:01
  Speaker 5: Super Bowl edition. So when we hit them, we said, listen,
• 17:03
  Speaker 5: I got an NFL client. You know former Jets, Yeah,
• 17:06
  Speaker 5: former Jets player. Yeah, I have an NFL client. And
• 17:08
  Speaker 5: they were like, oh, perfect, can we bring him on
• 17:10
  Speaker 5: for NBC? So I hit him up be like yeah.
• 17:11
  Speaker 5: So I went and showed him too high end properties
• 17:13
  Speaker 5: on NBC and then NBC hit me back like, hey,
• 17:16
  Speaker 5: this is the highest ratings that we had all year,
• 17:18
  Speaker 5: Like you know what I mean. We loved doing the show.
• 17:20
  Speaker 5: You're so natural can you do anymore? I'm like, all right, cool.
• 17:23
  Speaker 5: So then I started taking other clients Angelaouee, Bobby and
• 17:27
  Speaker 5: the twins from the forty to forty Club. It was
• 17:30
  Speaker 5: my bros. I forgot their name, my bad, But anyway,
• 17:32
  Speaker 5: I was taking different people I knew on my network
• 17:34
  Speaker 5: on NBC, right, and so I brought that value to
• 17:38
  Speaker 5: Southern Beast as well. So now I'm on NBC representing
• 17:41
  Speaker 5: southerbas in front of two to three million viewers every week,
• 17:44
  Speaker 5: right as I was featuring and obviously lifting my brand
• 17:47
  Speaker 5: at the same time. But during that time, I didn't
• 17:51
  Speaker 5: lose track of my why my wife was a bridge
• 17:52
  Speaker 5: gap between real estate and pop culture. So I also
• 17:55
  Speaker 5: was teaching or going to inner city schools, and I
• 17:57
  Speaker 5: started a program called hip Hop to Homeowners where I
• 18:00
  Speaker 5: was teaching inner city kids about real estate, mortgages, credit
• 18:04
  Speaker 5: and all that. And I did it through a So
• 18:06
  Speaker 5: I was thinking, like, Okay, if I want to bridge
• 18:08
  Speaker 5: the gap between real estate and pop culture, it's cool
• 18:10
  Speaker 5: to teach us, oh hez, but what about the youth
• 18:12
  Speaker 5: who could have got this game earlier and been way
• 18:14
  Speaker 5: ahead of the game than us. So I was like, well,
• 18:17
  Speaker 5: if I was seventeen. How the hell would I want
• 18:19
  Speaker 5: to learn real estate? I want want anybody coming and
• 18:20
  Speaker 5: give me some boring lectures talk about real estate. So
• 18:23
  Speaker 5: I was like, you know what, let's bring some music
• 18:24
  Speaker 5: in some giveaways, right, And so I put together a
• 18:27
  Speaker 5: program like in one week on my iPad and my crib,
• 18:29
  Speaker 5: just put together little keynote, my first little keynote ever
• 18:32
  Speaker 5: made in my iPad presentation. And I just that was
• 18:36
  Speaker 5: in January and then February. I actually actually January, I
• 18:39
  Speaker 5: started calling cold calling school saying, hey, listen, I'm a
• 18:42
  Speaker 5: celebrity realtor. I want to teach this game to kids
• 18:44
  Speaker 5: in your school. I went to Carter At High School
• 18:46
  Speaker 5: in the Jersey Malcolm iciha Baz and Nork Central High
• 18:49
  Speaker 5: School in Nork where the Honorable Mayor ros Baraka of
• 18:52
  Speaker 5: Nork he once was a principal there. He was a
• 18:54
  Speaker 5: principle when I did in school and just thirty I
• 18:56
  Speaker 5: did thirty schools in one year where I was teaching
• 18:59
  Speaker 5: using DJ Litle, a man of other DJs, rock Away
• 19:01
  Speaker 5: a sponsored that giving us giveaways and I was just
• 19:04
  Speaker 5: teaching kids about financial literacy and real estate and his
• 19:07
  Speaker 5: creative ass assembly and he was really getting it though,
• 19:10
  Speaker 5: like four hundred and fifty kids, six hundred kids, eight
• 19:12
  Speaker 5: hundred kids, inner city kids who were learning the definition
• 19:14
  Speaker 5: of credit, who were learning mortgage right and you know
• 19:16
  Speaker 5: all that and so all that again just wound up
• 19:20
  Speaker 5: into my why. And what I did uniquely at souther
• 19:22
  Speaker 5: Bees was that so you asked me about a listing,
• 19:25
  Speaker 5: and it wasn't a listing that set me off. Now,
• 19:27
  Speaker 5: I did bring in a high end listing. I beat
• 19:31
  Speaker 5: this guy down and brought a timion dollar listing and
• 19:33
  Speaker 5: had you know, other real estate activity going on. But
• 19:35
  Speaker 5: my focus, I realized, wasn't the real estate. And Southern
• 19:38
  Speaker 5: Bees realized that too, like, hey, you know what, you're
• 19:39
  Speaker 5: not really focusing on real estate.
• 19:41
  Speaker 6: But I was focusing on the why you told me
• 19:43
  Speaker 6: to find.
• 19:44
  Speaker 5: You know what I'm saying. My why wasn't just the
• 19:45
  Speaker 5: list high in houses. My why was the impact of culture.
• 19:49
  Speaker 5: And so Southern Beason and I had a brand clash.
• 19:52
  Speaker 5: And when I dropped my wake up video on World
• 19:54
  Speaker 5: Star telling the community to wake the fuck up and
• 19:57
  Speaker 5: get our stuff together, Uh, that's when you know, after
• 20:00
  Speaker 5: a few conversations, the CEO was like, yo, you know,
• 20:02
  Speaker 5: saw a nine minute video of you've been a spokesman
• 20:04
  Speaker 5: for the black community and although you're comfortable with that,
• 20:07
  Speaker 5: I am not ask you to resign. And I was like,
• 20:10
  Speaker 5: all right.
• 20:10
  Speaker 3: Cool.
• 20:11
  Speaker 5: At that time, Callwell Banker had asked me to be
• 20:13
  Speaker 5: a brand ambassador for them for North America. They want
• 20:16
  Speaker 5: to be their brand abassador for North America of Callwell Banker.
• 20:18
  Speaker 5: So we had those conversations. I went over to Colworld Banker.
• 20:20
  Speaker 5: That didn't work out, and I was like, you know what,
• 20:22
  Speaker 5: I think I'm done with this realtor thing. I think
• 20:25
  Speaker 5: it's time for me to really pursue what I really
• 20:27
  Speaker 5: want to do. And I also realized while showing a
• 20:30
  Speaker 5: lot of NFL guys and NBA guys houses and all
• 20:33
  Speaker 5: that kind of stuff, I'm like, wait, bro, I just
• 20:35
  Speaker 5: showed you thirteen houses. I'm a great consultant. I asked
• 20:38
  Speaker 5: you every question first, so I knew exactly what you wanted.
• 20:41
  Speaker 5: I gave you everything you wanted. You brought your girls,
• 20:43
  Speaker 5: she liked it. Then you had to follow your mother
• 20:45
  Speaker 5: in law in and then she didn't like you to
• 20:47
  Speaker 5: go back to the drawing board and another one. So
• 20:49
  Speaker 5: I'm like, wait, I just spent like three days in
• 20:51
  Speaker 5: my life showing you houses and hopes to get a
• 20:53
  Speaker 5: commission all for you to say, you know what, bro,
• 20:55
  Speaker 5: I don't wait till after the season.
• 20:57
  Speaker 3: I'm good.
• 20:57
  Speaker 5: I was like, you know what, this is not the
• 20:58
  Speaker 5: best opportunity to call some time. I was like, I
• 21:01
  Speaker 5: know how to invest, I know how to get real
• 21:03
  Speaker 5: estate money. Why would I spend time showing you forty
• 21:05
  Speaker 5: houses to hopefully get a commissioned? And I say that
• 21:07
  Speaker 5: at the same time to go get a fix and
• 21:10
  Speaker 5: flip with development a lot myself and go make even
• 21:13
  Speaker 5: more money. And so it just dawned on me that
• 21:15
  Speaker 5: what I wanted to do I was going about it backwards.
• 21:18
  Speaker 5: It was a great entry going as a realtor, but
• 21:20
  Speaker 5: it's not I didn't want to be a celebrity realtor
• 21:21
  Speaker 5: and that's how I came and built part of my brand.
• 21:24
  Speaker 5: But it was like, no, I mean, I'm a developer,
• 21:26
  Speaker 5: I'm a hustler, I'm a builder, I'm you know what
• 21:28
  Speaker 5: I mean? Like, I'm not just that, And so I
• 21:31
  Speaker 5: segued in into focusing back on my real estate investment company.
• 21:35
  Speaker 5: I then launched to J Morrison Academy in January of
• 21:38
  Speaker 5: twenty fourteen and got into full blown education, put our
• 21:42
  Speaker 5: curriculum together and all that other times.
• 21:44
  Speaker 7: So the root of the Jay Morrison Academy that was
• 21:47
  Speaker 7: based off the programs you were doing in the city's schools.
• 21:49
  Speaker 3: In Newark, New Jersey.
• 21:51
  Speaker 5: Yeah, so that was like so actually the root of
• 21:54
  Speaker 5: Jay Morrison Academy was the world Star video. I got
• 21:57
  Speaker 5: so many that that world Star video is like a
• 21:58
  Speaker 5: quarter million views the first day to wake up to
• 22:00
  Speaker 5: wake up, yeah, back in the May back and I
• 22:03
  Speaker 5: got so many emails of people like, Yo, bro, how
• 22:06
  Speaker 5: can I get mentor by you? Bro? I stop gang
• 22:07
  Speaker 5: banging because of you. Bro. That shit makes sense bro right,
• 22:10
  Speaker 5: And so I'm like, damn, I can't mentor all these people.
• 22:13
  Speaker 6: And so I was like, Yo, how do I I
• 22:15
  Speaker 6: know the game?
• 22:15
  Speaker 5: Though?
• 22:15
  Speaker 8: Like bro?
• 22:16
  Speaker 6: I literally transitioned out of the street from from the
• 22:19
  Speaker 6: from the mud, like bro.
• 22:20
  Speaker 5: I had no corporate etiquette, no professional etiquette, Like I
• 22:22
  Speaker 5: don't know how to send an email in two thousand
• 22:23
  Speaker 5: and five, and I got in a real estate that
• 22:25
  Speaker 5: like such an email up on what? Like how you
• 22:27
  Speaker 5: do that?
• 22:29
  Speaker 1: Like you know what?
• 22:30
  Speaker 5: So I've built this and I built myself up from
• 22:32
  Speaker 5: the from the from the ground, and so I knew
• 22:35
  Speaker 5: I could give back in and pack people, but I
• 22:37
  Speaker 5: didn't know what vehicle to do that, and one on one,
• 22:40
  Speaker 5: I mean, I only got so much capacity. And so
• 22:42
  Speaker 5: that's when I was like, Okay, I didn't know what's
• 22:44
  Speaker 5: called the curriculum back then, but I was like, okay'mnna
• 22:47
  Speaker 5: put together.
• 22:48
  Speaker 6: Like I'm an automate, like what I know. So I'm
• 22:50
  Speaker 6: gonna teach what I know. I'm gonna record it.
• 22:53
  Speaker 5: I'm gonna do mentorship calls every week so people don't
• 22:55
  Speaker 5: just don't watch videos like YouTube, but you actually can
• 22:56
  Speaker 5: call me every week and get mentorship.
• 22:58
  Speaker 6: So I opened up a group mentorship, I'll put.
• 23:00
  Speaker 5: Together curriculum, got with some developers, put together our school
• 23:03
  Speaker 5: website that I thought of the idea of November twenty thirteen.
• 23:07
  Speaker 5: We did a soft launched December twenty thirteen. We launched
• 23:10
  Speaker 5: our school January eighth of twenty fourteen, and since then
• 23:13
  Speaker 5: had over eighty thousand students. Are now in five hundred
• 23:15
  Speaker 5: top ten educational companies in the country. Wow for in
• 23:18
  Speaker 5: real life.
• 23:20
  Speaker 2: All right, So now we got the backstory. So on
• 23:21
  Speaker 2: the next segment, we're going to go into some gyms,
• 23:23
  Speaker 2: and get some education in real estate because that's what
• 23:26
  Speaker 2: we had, That's what I do, all right, So now
• 23:29
  Speaker 2: we're going to talk about some some key terms because
• 23:31
  Speaker 2: we had we had a couple of real estate episodes,
• 23:33
  Speaker 2: but each real estate episode is different. And I jotted
• 23:37
  Speaker 2: down some stuff that AI got from your page and
• 23:39
  Speaker 2: b that we haven't coverage yet, so I think it'll
• 23:41
  Speaker 2: be good information. So first thing I want to talk
• 23:43
  Speaker 2: about is a helock, right, and I saw in your
• 23:45
  Speaker 2: page you had something about refive versus helock. So we
• 23:47
  Speaker 2: talked about the refive, But can you explain he lock?
• 23:50
  Speaker 2: We haven't covered helocks yet, can you explain, Well, what
• 23:52
  Speaker 2: is it?
• 23:52
  Speaker 1: Helock? You can stand for all right?
• 23:53
  Speaker 5: So he lock is home equity line of credit and
• 23:58
  Speaker 5: it's a way to tap into your equity without restarting
• 24:01
  Speaker 5: your mortgage again. So like with a refinance, you're getting
• 24:04
  Speaker 5: a whole new loan, whole new mortgage. So you could
• 24:06
  Speaker 5: have paid your house down for the last seventeen years
• 24:08
  Speaker 5: and you get a refinance, you back to zero on
• 24:11
  Speaker 5: a thirty year mortgage to tap into your equity. With
• 24:14
  Speaker 5: a helock, you can tap into your equity keeping your
• 24:17
  Speaker 5: existing mortgage. But now you put a second mortgage or
• 24:20
  Speaker 5: a mortgage piggybacking that mortgage right behind it, and you
• 24:23
  Speaker 5: can tap into your equity that way through a second mortgage,
• 24:25
  Speaker 5: not resetting your first mortgage. And with a helock, it's
• 24:29
  Speaker 5: a home equity line of credit. So it's not a
• 24:31
  Speaker 5: new loan, but it's a line you can tap into.
• 24:34
  Speaker 5: So with the refinance, you gotta start paying on that
• 24:36
  Speaker 5: capital the day you refinance, right that whole new loan.
• 24:39
  Speaker 5: With a helock, it just says, hey, I got access
• 24:42
  Speaker 5: to the seventy grand, and I only pay on whatever
• 24:44
  Speaker 5: I use of that seventy grand. So if I find
• 24:47
  Speaker 5: a property in Detroit that I can go acquire for
• 24:50
  Speaker 5: eleven thousand and put twenty thousand into and flip, I'm
• 24:53
  Speaker 5: only gonna pay on twenty one thousand I borrowed from
• 24:55
  Speaker 5: the helock, As opposed if I have refinance and pull
• 24:57
  Speaker 5: seventy thousand, now I'm paying interest on that whole seven
• 25:00
  Speaker 5: d or the helock, you're only paying interest when they
• 25:02
  Speaker 5: mount you used.
• 25:02
  Speaker 7: Is it a separate statement when you get your Yes,
• 25:05
  Speaker 7: it's a complete pole separate loan.
• 25:07
  Speaker 5: It is a second loan to your existing loan.
• 25:10
  Speaker 2: But does it still go off of the equity, all right,
• 25:11
  Speaker 2: So the REFI is like, you have a two hundred
• 25:13
  Speaker 2: thousand dollars house and it goes up to four hundred thousand.
• 25:15
  Speaker 2: Now you have two hundred thousand dollars in equity, you
• 25:17
  Speaker 2: can be five from that?
• 25:18
  Speaker 1: Right? Is the he lock still based off of that equity.
• 25:21
  Speaker 5: Or well, let's let's correct that this is a big
• 25:24
  Speaker 5: misunderstanding that we teach in the J. Morrison Academy for
• 25:27
  Speaker 5: our students. Many times we think that Okay, I got
• 25:30
  Speaker 5: a house that's two hundred thousand, right that I owe
• 25:32
  Speaker 5: and it's worth four hundred thousand.
• 25:34
  Speaker 6: Right, You're like, yo, bro, got two hundred thousand equity?
• 25:36
  Speaker 5: What could I do? You got two hundred thousand dollars
• 25:38
  Speaker 5: in equity, but you don't have two undred thousand equity
• 25:40
  Speaker 5: that you can use. Right. So the banks have something
• 25:43
  Speaker 5: called a loan to value what we call LTV. Right,
• 25:45
  Speaker 5: So you here term LTV. It means loan to value.
• 25:48
  Speaker 5: And so the banks may say, will lend you eighty
• 25:51
  Speaker 5: percent LTV or eighty percent loan to value. So if
• 25:55
  Speaker 5: the value of your home is four hundred thousand, the
• 25:57
  Speaker 5: bank's saying we'll give you eighty percent of that four
• 25:58
  Speaker 5: hundred thousand, which which is three sixty. So if you
• 26:02
  Speaker 5: owe two hundred and the bank's only going to loan
• 26:04
  Speaker 5: you eighty percent of your value, which is three sixty,
• 26:08
  Speaker 5: that means you really got one sixty inequity you can use, right,
• 26:12
  Speaker 5: so you don't get the full two hundred, right, same
• 26:15
  Speaker 5: thing with a helock, though the bank says, hey, we're
• 26:18
  Speaker 5: going to give you an eighty percent LTV on your helock,
• 26:20
  Speaker 5: then that means you get eighty percent of that four
• 26:22
  Speaker 5: hundred three sixty. But now we're not gonna reset your mortgage.
• 26:25
  Speaker 5: You still owe the same two hundred, but will give
• 26:27
  Speaker 5: you a credit line for the one sixty, and you
• 26:29
  Speaker 5: only pay on what you use that one sixty. Whenever
• 26:31
  Speaker 5: you use it. You could pay it back down, use
• 26:33
  Speaker 5: it again, pay it back down, use it again, and
• 26:35
  Speaker 5: you only pay on what you use. But it's only
• 26:37
  Speaker 5: based on the LTV of the house. You do not
• 26:39
  Speaker 5: get the full value of your equity unless a bank
• 26:42
  Speaker 5: is giving you one hundred percent LTV.
• 26:44
  Speaker 2: So all right, each person situation is different, but is
• 26:49
  Speaker 2: one better than the other in your opinion?
• 26:50
  Speaker 5: Or there's in a blanket statement, I would say the
• 26:58
  Speaker 5: helock is more preferred in a blanket statement. I don't
• 27:01
  Speaker 5: really like blanket statements because I believe, like what you
• 27:03
  Speaker 5: just said, every scenario is different, which is why I
• 27:05
  Speaker 5: believe in being an informed investor.
• 27:07
  Speaker 6: If you know how a refile works.
• 27:09
  Speaker 5: In a pros to cons and you know how a
• 27:11
  Speaker 5: helock works in the pros and cons, based on your
• 27:13
  Speaker 5: specific scenario in situation, you can choose what makes more sense.
• 27:17
  Speaker 5: For instance, you may only have been in your house
• 27:20
  Speaker 5: for a year and a half and now you can
• 27:23
  Speaker 5: get a refinance at a five and a half percent
• 27:26
  Speaker 5: rate of your equity at an eighty five LTV. You
• 27:30
  Speaker 5: go to the bank and you want a helock, they
• 27:32
  Speaker 5: may say, we'd only give you an eighty percent LTV,
• 27:34
  Speaker 5: which is less equity you tap into, and we're gonna
• 27:36
  Speaker 5: charge you a seven and a half percent rate. Being
• 27:38
  Speaker 5: that you've only been in your property for a year
• 27:40
  Speaker 5: and a half, you might want to take the refinance,
• 27:42
  Speaker 5: which is cheaper interest and more equity you can tap into,
• 27:46
  Speaker 5: and you're only restarting your mortgage by one year. So
• 27:49
  Speaker 5: depending on your scenario, when you're informed, you could make
• 27:51
  Speaker 5: strategic decisions.
• 27:52
  Speaker 7: Is it based So typically are the interest rate a
• 27:55
  Speaker 7: little higher on a helock or does it depend on
• 27:57
  Speaker 7: a scenario.
• 27:58
  Speaker 5: Yeah, most times you'll find it the he lock is
• 28:00
  Speaker 5: higher because it's a second mortgage. So what that means
• 28:04
  Speaker 5: we have a second mortgage is that if you were
• 28:06
  Speaker 5: to foreclosed or default on your loan, the first mortgage
• 28:10
  Speaker 5: gets paid first. The second mortgage only gets the leftovers.
• 28:14
  Speaker 5: So as a second mortgage lender, you take more risk
• 28:17
  Speaker 5: having a second because you may not get paid if
• 28:20
  Speaker 5: things go bad. So if I'm a lender, which I
• 28:23
  Speaker 5: am a private lender, If I'm a lender and you
• 28:26
  Speaker 5: want a second mortgage from me, I'm not gonna give
• 28:28
  Speaker 5: you the same rate as your first mortgage. I'm taking
• 28:30
  Speaker 5: more risk. So he locked can be and typically may
• 28:34
  Speaker 5: be more expensive than your first mortgage, refire or traditional lungs.
• 28:38
  Speaker 1: So you're a private lendings, I sure am hard money loans.
• 28:41
  Speaker 5: Hard money, soft money, creative financing, joint ventures, mezzanine financing,
• 28:45
  Speaker 5: gap financing, constructing funding, all that.
• 28:47
  Speaker 1: And that's commercial that. That's the Tulsa Fund.
• 28:50
  Speaker 5: That's what Tosa Real Estate Fund are. We are a
• 28:52
  Speaker 5: private lender and we are a development company. We're a
• 28:56
  Speaker 5: full blown investment company.
• 28:57
  Speaker 2: All right, So we'll talk about that in a sex
• 28:58
  Speaker 2: segment for sure. So what about segregation?
• 29:00
  Speaker 5: What's that? All right? So, coll segregation is a tax
• 29:06
  Speaker 5: strategy or tax vehicle you can use when as a
• 29:12
  Speaker 5: full time investor real estate investor, you can basically call
• 29:16
  Speaker 5: segregate means you can deduct the personal tangible property of
• 29:20
  Speaker 5: an asset.
• 29:21
  Speaker 6: So right now, we're in this.
• 29:22
  Speaker 5: Building, right the owners of this building can deduct anything
• 29:27
  Speaker 5: in this building they can take off with a screwdriver
• 29:29
  Speaker 5: and a hammer from their earned income. So if the
• 29:32
  Speaker 5: owners of this building were wealthy and they made you know,
• 29:34
  Speaker 5: they're making ten million dollars a year, but they own
• 29:37
  Speaker 5: this whole asset, and it's all these doors in here,
• 29:40
  Speaker 5: every single door, every knob, every stairwell, every hvac, everything,
• 29:46
  Speaker 5: every cabinet that they can take take off of a
• 29:49
  Speaker 5: screwdriver and hammer. They can take the value of that
• 29:52
  Speaker 5: and deduct it from their earned income, therefore reporting less
• 29:56
  Speaker 5: earned income, therefore paying less taxes and mitigating or minimizing
• 30:01
  Speaker 5: their tax exposure.
• 30:02
  Speaker 3: How about the acronym IRR.
• 30:05
  Speaker 5: Okay, IRR is internal rate of return. IRR is basically
• 30:10
  Speaker 5: an ROI, but calculating the importance significance of time in
• 30:15
  Speaker 5: an ROI. So if for instance, we invested in something
• 30:24
  Speaker 5: today and we flipped it this year, made thirty three percent,
• 30:28
  Speaker 5: that's thirty or even if we made thirty percent right
• 30:31
  Speaker 5: in one year. So ROI is annualized, right, So we
• 30:34
  Speaker 5: made thirty percent in one year. Let's say we made
• 30:37
  Speaker 5: fifteen thousand and six months. Fifteen thousand and six months
• 30:42
  Speaker 5: is equivalent to an IRR thirty thousand in one year.
• 30:44
  Speaker 5: It's saying if I were to do this again for
• 30:46
  Speaker 5: the same six months, right, will be thirty thousand duplicated. Right,
• 30:50
  Speaker 5: So now if you have thirty thousand in one year
• 30:52
  Speaker 5: as an ROI. But now let's say you made the
• 30:55
  Speaker 5: same money, but it took you two years to make
• 30:57
  Speaker 5: the same money, So now you're IRR over two years
• 31:00
  Speaker 5: would be fifteen percent, right, because now you're looking at
• 31:03
  Speaker 5: me thirty percent on one year. But now if I
• 31:06
  Speaker 5: break it up over two years, right, the ROI on
• 31:08
  Speaker 5: it considering time is now fifteen percent. Now if it's
• 31:12
  Speaker 5: three years, is broken up, and now you've made maybe
• 31:14
  Speaker 5: ten percent or whatever that number may be, right, Yeah,
• 31:17
  Speaker 5: and then et cetera, et cetera, et cetera. So there's
• 31:19
  Speaker 5: forms you can use on your calculator. I don't try
• 31:21
  Speaker 5: to do the math, you know myself in my head.
• 31:23
  Speaker 5: But what IRR does is it calculates your return on
• 31:26
  Speaker 5: investment considering the opportunity cost of your capital over time.
• 31:30
  Speaker 1: So all right, the next one.
• 31:32
  Speaker 6: And guess what, I never went to college.
• 31:34
  Speaker 2: The next one is for our pun Mike. He's not head,
• 31:36
  Speaker 2: but he always we talked about two or three K
• 31:38
  Speaker 2: loans a lot. He still doesn't understand what a two
• 31:40
  Speaker 2: of three K loan is. I try to explain it
• 31:42
  Speaker 2: to him, but maybe you could do.
• 31:43
  Speaker 1: A better job. You explain what a two of three
• 31:46
  Speaker 1: K loan is.
• 31:47
  Speaker 5: Sure, So a two of three K loan is a
• 31:50
  Speaker 5: renovation loan. It's a it's an FHA backed renovation loan
• 31:54
  Speaker 5: which allows you to typically put between three and three
• 31:56
  Speaker 5: and a half percent down on a property. But the
• 31:58
  Speaker 5: most important part is that they will cover the construction
• 32:01
  Speaker 5: costs or the building costs or build out costs of
• 32:04
  Speaker 5: your assets. So it means you're getting the acquisition money,
• 32:07
  Speaker 5: the purchase money, and you're getting their renovation or fixed
• 32:10
  Speaker 5: money the construction money. You're getting all that from your
• 32:14
  Speaker 5: lender and you're still using one down payment. You'll get
• 32:17
  Speaker 5: the money and what's called draws or installments. They want
• 32:20
  Speaker 5: to make sure you're not just blowing it and you're
• 32:22
  Speaker 5: doing the right construction. But fah.
• 32:26
  Speaker 7: This episode is brought to you by P and C Bank.
• 32:29
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• 34:45
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• 34:52
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• 35:17
  Speaker 5: or your banks will cover up to ninety six and
• 35:20
  Speaker 5: a half percent or whatever their guidelines are of your
• 35:23
  Speaker 5: acquisition and the full rehab under a two or three
• 35:25
  Speaker 5: K loan, So you get to buy the property one
• 35:28
  Speaker 5: to four units, even one to four units with a
• 35:30
  Speaker 5: store attached. You can buy the asset and fix it
• 35:33
  Speaker 5: up all within one loan for as little as three
• 35:35
  Speaker 5: and a half or three percent down, and you have
• 35:36
  Speaker 5: to live with that property. It must be an owner,
• 35:38
  Speaker 5: It must be an owner occupied property. Owner occupied residents.
• 35:41
  Speaker 2: So when you're looking at a property, right you talk
• 35:43
  Speaker 2: about ROI. People hear about ROI a lot, Like, what
• 35:47
  Speaker 2: does that mean?
• 35:48
  Speaker 5: Means everything? ROI is the root of money, is a
• 35:53
  Speaker 5: root of investing. Think about it like you're an investor, or, entrepreneur,
• 35:56
  Speaker 5: a business owner, real estate entrepreneur. You're doing it to
• 36:00
  Speaker 5: to receive the little definition of an entrepreneur or a
• 36:03
  Speaker 5: real estate investor, the definition someone who who invest capital
• 36:08
  Speaker 5: and hopes to seek a profit. Right. So ROI really
• 36:12
  Speaker 5: it gives you the measurement tool to compare apples to
• 36:15
  Speaker 5: apples on your profits. So let me make it even simpler.
• 36:19
  Speaker 5: If you have ten thousand dollars, right, or one hundred thousand,
• 36:22
  Speaker 5: or a million or ten million. Either way, that money
• 36:26
  Speaker 5: has an opportunity costs. You could put that money a
• 36:28
  Speaker 5: bunch of different places. You can invest in a T
• 36:30
  Speaker 5: shirt line, you could invest in the podcast, you could
• 36:33
  Speaker 5: invest in the real estate, you can invest in the
• 36:35
  Speaker 5: uber or whatever you want to do. So your return
• 36:38
  Speaker 5: on that investment is going to allow you to see
• 36:40
  Speaker 5: what's the best use of my money or the best
• 36:42
  Speaker 5: use of the opportunity cost of my money. Right, So
• 36:45
  Speaker 5: your roy helps dictate that. So you can look at
• 36:47
  Speaker 5: your your capital and a checking account. Let's leave your
• 36:49
  Speaker 5: ten thousand dollars in a checking account. You're gonna get
• 36:52
  Speaker 5: point zero zero one percent. So you're gonna get like
• 36:54
  Speaker 5: a dollar on your your ten thousand dollars. Right, you
• 36:57
  Speaker 5: put that money in a four to one k or
• 36:59
  Speaker 5: or or a CD, you might get three percent on
• 37:01
  Speaker 5: your money or three hundred dollars on ten thousand. So
• 37:05
  Speaker 5: then you look at other instruments where you can invest
• 37:07
  Speaker 5: your money, and they're all WI is going to tell
• 37:09
  Speaker 5: you your ten thousand your capital park here makes you
• 37:13
  Speaker 5: this rate of return versus any other place a rate
• 37:16
  Speaker 5: of return. So the ROI really or your return and
• 37:18
  Speaker 5: investment is just an indicator based on how much you invested,
• 37:21
  Speaker 5: how much profit you made, what that rate is of
• 37:24
  Speaker 5: return on those profits in that investment.
• 37:27
  Speaker 1: So, like, how do you evaluate that for real estate? Property?
• 37:31
  Speaker 5: Right?
• 37:31
  Speaker 2: Because it's easy because I'm a financial advisor, right, so
• 37:33
  Speaker 2: I'm a little biased about stocks, but it's a different conversation.
• 37:36
  Speaker 5: But it's easy to look at its about real estate.
• 37:39
  Speaker 2: It's easy to look at a rate of return for
• 37:41
  Speaker 2: an investment because you can see what it did for
• 37:42
  Speaker 2: the last five, three ten since its inception. Right, real
• 37:45
  Speaker 2: takes a little bit more. It's a little tricky. So
• 37:48
  Speaker 2: how can.
• 37:49
  Speaker 5: You say realest is a little more easy?
• 37:51
  Speaker 2: All right, fit enough, But so how do you how
• 37:54
  Speaker 2: do you look at that and evaluate that from a
• 37:56
  Speaker 2: home to say, okay, this is just this rate of
• 37:59
  Speaker 2: return I effect to get fifteen percent in the next
• 38:02
  Speaker 2: three years. Like if you do that based off of
• 38:04
  Speaker 2: comps in the neighborhood, you do that based off of Yeah.
• 38:07
  Speaker 1: How do you do that?
• 38:08
  Speaker 5: Well, it depends if you're purchasing as an owner occupied
• 38:11
  Speaker 5: home buyer.
• 38:12
  Speaker 6: Right, I don't necessarily look at my ROI.
• 38:15
  Speaker 5: From a perspective of us as a home buyer, Right,
• 38:18
  Speaker 5: I look at I still look the opportunity to cost
• 38:20
  Speaker 5: the money. I say, okay, if I got to put
• 38:21
  Speaker 5: three and a half percent or three percent down on
• 38:23
  Speaker 5: his home, or if you're twenty percent down on his home, right,
• 38:25
  Speaker 5: So still the opportunity cost my money. So say I
• 38:27
  Speaker 5: want to buy three hundred thousand dollars home and the
• 38:29
  Speaker 5: bank says, okay, you got to put ten percent down.
• 38:31
  Speaker 5: So I know I got put thirty thousand down to
• 38:33
  Speaker 5: buy this home, right, or it could be three percent down,
• 38:35
  Speaker 5: I gotta put nine grand down to buy this home.
• 38:37
  Speaker 6: So now I'm looking at, well, what else would I
• 38:39
  Speaker 6: do with my nine grand?
• 38:39
  Speaker 5: What else?
• 38:40
  Speaker 6: What do I do with my thirty grand?
• 38:42
  Speaker 5: So from a from a home perspective, I know that
• 38:45
  Speaker 5: by mee owning this property, and it could be a
• 38:47
  Speaker 5: duplex or a multi family where I can live for
• 38:49
  Speaker 5: free and rent the other units out. But even if
• 38:52
  Speaker 5: I'm not renting the other units out and living for free,
• 38:53
  Speaker 5: by living in a single family or townhouse or condo,
• 38:56
  Speaker 5: I'm gonna live somewhere anyway. I'm gonna be paying rent
• 39:00
  Speaker 5: to somebody somewhere to have aof over my head. So
• 39:03
  Speaker 5: if I can be paying myself and paying a mortgage
• 39:07
  Speaker 5: with this ten thousand down or this thirty thousand down,
• 39:09
  Speaker 5: nine thousand down, thirty thousand down, but then I get
• 39:11
  Speaker 5: the future appreciation and equity from the home. And then
• 39:14
  Speaker 5: I'm getting the tax advantages from owning the home, from
• 39:17
  Speaker 5: the interest on the mortgage to the depreciation of the building,
• 39:20
  Speaker 5: the closing costs on the asset. Then I got the
• 39:22
  Speaker 5: power control of the asset. Right again, not to mention
• 39:25
  Speaker 5: for the multi fiani that I'm getting cash flow, I
• 39:26
  Speaker 5: consider all those advantages as to well, what else would
• 39:30
  Speaker 5: I have done with that ten thousand dollars. So if
• 39:32
  Speaker 5: that ten thousand dollars, just say in the stock market,
• 39:34
  Speaker 5: would have gave me seven percent, then I'm know I'm
• 39:36
  Speaker 5: making seven hundred dollars a year on that ten thousand
• 39:39
  Speaker 5: dollars plus compounding interest, of course, but essentially to say
• 39:42
  Speaker 5: seven hundred thous dollars a year on my ten thousand,
• 39:44
  Speaker 5: that same ten thousand could have been in my house gaining.
• 39:47
  Speaker 6: Me appreciation and equity over the years.
• 39:50
  Speaker 5: So now let's say in a ten year period, so
• 39:52
  Speaker 5: you put money in a stock out of ten year
• 39:54
  Speaker 5: period and you got seven hundred a year, or say
• 39:56
  Speaker 5: seven thousand. Let's say with compound the interest, you now
• 39:58
  Speaker 5: got ten thousand, put ten ten thousand in the stock,
• 40:01
  Speaker 5: and in ten years you got ten thousand dollars ROI
• 40:03
  Speaker 5: on that asset. Now you put ten thousand down on
• 40:06
  Speaker 5: your residential property, and over that same ten years, your
• 40:10
  Speaker 5: asset went up in value seventy thousand dollars, fifty thousand dollars,
• 40:14
  Speaker 5: thirty thousand dollars, right just by living there and doing
• 40:17
  Speaker 5: something we're gonna do anyway. So Therefore, to me, just
• 40:20
  Speaker 5: from a homeowner perspective, it makes better sense, plus the
• 40:22
  Speaker 5: tax advantages you receive during that time, because you could
• 40:24
  Speaker 5: appreciate twenty seven and a half percent of the asset
• 40:26
  Speaker 5: over the years, plus the other benefits I gave you.
• 40:30
  Speaker 5: So I look at that, and that's just a homeowner perspective,
• 40:32
  Speaker 5: which is not even the best example. From an investor perspective,
• 40:35
  Speaker 5: I'm looking at the future market value or the COMPS
• 40:39
  Speaker 5: or the ARV if it's a fix and flip, or
• 40:41
  Speaker 5: I'm looking at the cat prate, which is the basically
• 40:44
  Speaker 5: the ROI of the rental income from the unit and
• 40:47
  Speaker 5: those tax advantages at the same time. So for an investor,
• 40:49
  Speaker 5: you got the benefits of cash flow, which is rental income,
• 40:52
  Speaker 5: passive income, mailbox money. You have the benefits of appreciation
• 40:56
  Speaker 5: and equity as you just live there or rent it
• 40:58
  Speaker 5: out and it probably goes up in value over time.
• 41:00
  Speaker 5: You got the opportunities for all the tax benefits, and
• 41:03
  Speaker 5: as an investor, you get more tax benefits than you
• 41:05
  Speaker 5: do as a homeowner, so you could you could appreciate
• 41:08
  Speaker 5: not only the interest on the mortgage, the maintenance on
• 41:11
  Speaker 5: the property, the cast segregation on the property and all
• 41:13
  Speaker 5: these things. So now you're getting bigger bang for your
• 41:15
  Speaker 5: buck as an investor because you have so many financial
• 41:18
  Speaker 5: benefits from owning an asset. And that's not to mention.
• 41:20
  Speaker 5: If you get into the space of seventy five units
• 41:23
  Speaker 5: and more, twenty units and more, and the multi family apartments,
• 41:25
  Speaker 5: now you got more cost segregation, more doors, more rental income,
• 41:29
  Speaker 5: more cash flow, more tax appreciation, all for the same
• 41:31
  Speaker 5: investment you would have put somewhere else.
• 41:33
  Speaker 7: Another thing that we've spoken about and people still are
• 41:35
  Speaker 7: not quite clear on, and now that we're in Atlanta,
• 41:38
  Speaker 7: I remember the first time hearing about opportunity zones. I
• 41:40
  Speaker 7: saw Tia talking about them, Yeah, and shout out the tip,
• 41:42
  Speaker 7: shout out the king ten. So we started the researching
• 41:45
  Speaker 7: it and get a better information on it.
• 41:47
  Speaker 3: Can you explain that to.
• 41:48
  Speaker 7: Thoden's like, how that works and how capital gains tax
• 41:51
  Speaker 7: plays a part in it.
• 41:52
  Speaker 5: This sure, opportunity zones is really the biggest transfer of
• 41:57
  Speaker 5: family wealth that will happen in our lifetime. It happens,
• 42:02
  Speaker 5: it's a great depression. Opportunity zones is literally set up
• 42:05
  Speaker 5: to use the urban community as a decoy to allow
• 42:08
  Speaker 5: wealthy folks to roll their money over to the next generation.
• 42:11
  Speaker 5: So what happens to opportunity zones is there's over eight
• 42:14
  Speaker 5: thousand opportunities on tracks all throughout the country. These are
• 42:17
  Speaker 5: mostly urban areas, some rural areas, blighted areas that they
• 42:20
  Speaker 5: say need investment dollars. And so what they're allowing the
• 42:24
  Speaker 5: wealthy to do when those who have capital gains either
• 42:27
  Speaker 5: from their businesses, from their stock portfolios, or from their
• 42:29
  Speaker 5: real estate assets. As people realize capital gains or liquidate
• 42:33
  Speaker 5: their portfolios to receive capital gains, they can roll their
• 42:36
  Speaker 5: capital gains over right, the capital gains which will be
• 42:39
  Speaker 5: taxable income. They will have to pay like a thirty
• 42:40
  Speaker 5: percent or whatever percent tax rate on the capital gains.
• 42:43
  Speaker 5: So that the government is allowing them, through this legislation
• 42:46
  Speaker 5: to roll their capital gains over into an opportunity zone
• 42:49
  Speaker 5: through Opportunity Zone Fund into a qualified Opportunities on track
• 42:53
  Speaker 5: and if they invest that money there, they will get
• 42:55
  Speaker 5: a ten percent discount or tax coupon on that capital gain.
• 42:59
  Speaker 5: So if capital gains was one hundred thousand and I
• 43:01
  Speaker 5: rolled all over to opportunity zone, that means now my
• 43:04
  Speaker 5: capital gains a taxable income is ninety thousand for the
• 43:07
  Speaker 5: first five years. Then if they keep it there for
• 43:09
  Speaker 5: an additional two years or seven years total, they get
• 43:12
  Speaker 5: another five percent tax coupon. So now my taxable income
• 43:15
  Speaker 5: is eighty five thousand. So now instead of paying Uncle
• 43:17
  Speaker 5: Sam thirty grand on one hundred thousand, I'm now paying
• 43:20
  Speaker 5: Uncle Sam thirty percent on my eighty five thousand or
• 43:22
  Speaker 5: like twenty four grand right on my taxable income. Then
• 43:25
  Speaker 5: the other benefit is if I leave that capital gains
• 43:29
  Speaker 5: investment into that asset for ten years or more, any
• 43:33
  Speaker 5: future capital gains or profits made from that asset, I
• 43:37
  Speaker 5: can completely defer all the taxable income on that asset
• 43:42
  Speaker 5: moving forward, so I can roll over my capital gains,
• 43:44
  Speaker 5: get a discount on my original investment of fifteen percent
• 43:47
  Speaker 5: after seven years, and then any future capital gains from
• 43:50
  Speaker 5: the asset that I put into the opportunity zone. So
• 43:53
  Speaker 5: I can take my capital gains, go into the hood,
• 43:55
  Speaker 5: build a whole new strip, mall, whole new skyscraper, whole
• 43:58
  Speaker 5: new hotel, lose something that don't even help this community
• 44:01
  Speaker 5: at all, and gentrify it, and then be able to
• 44:04
  Speaker 5: roll all the profits of that asset over in ten years,
• 44:07
  Speaker 5: sell it off to the market at a higher cap
• 44:08
  Speaker 5: rate or lower cap rate, more profit and be able
• 44:11
  Speaker 5: to take all that money out totally tax free. That's
• 44:13
  Speaker 5: what opportunity zones is.
• 44:14
  Speaker 2: And in order to invest an Opportunities one, you have
• 44:16
  Speaker 2: to be the Opportunities on Fund, right, correct?
• 44:17
  Speaker 5: Yes, I believe it's eighty nine eight ninety sixty form
• 44:21
  Speaker 5: through the IRS to be Opportunities Fund.
• 44:23
  Speaker 7: One of the toughest parts is that a lot of us,
• 44:25
  Speaker 7: especially in our communities, we don't have capital gains.
• 44:27
  Speaker 3: We don't even know what for us, but it's for
• 44:32
  Speaker 3: us though us like they don't know.
• 44:35
  Speaker 5: I think it would have been more advantageous to have a
• 44:39
  Speaker 5: financial or tax designation that actually service the people that
• 44:42
  Speaker 5: are in that community and the kind of money they
• 44:44
  Speaker 5: receive and help the working class rule their capital over
• 44:47
  Speaker 5: into those kind of funds and receive those benefits.
• 44:50
  Speaker 1: So all right, corporate there, what's that.
• 44:52
  Speaker 5: Y'all want everything? Yeah? Corporate veil is your your your
• 45:02
  Speaker 5: LLC or or your your corporate structure and the way
• 45:05
  Speaker 5: you protect yourself and your assets. It's the way in
• 45:08
  Speaker 5: which you protect yourself from and really it's it's asset protection.
• 45:13
  Speaker 5: Long story short, it's the way you set up your
• 45:15
  Speaker 5: entities in a way that you have the best tax
• 45:17
  Speaker 5: advantage from your entities, the best liability protect from your
• 45:20
  Speaker 5: entity and entities. And it's just the way that you know,
• 45:23
  Speaker 5: a sophisticated investor or entrepreneurs should be setting up their company.
• 45:27
  Speaker 2: All right, well you passed the test with flying it was.
• 45:31
  Speaker 2: We didn't give them free notice though about what the
• 45:33
  Speaker 2: questions is. But when you know, you know in real life,
• 45:38
  Speaker 2: fast the test with flying colors. On the next segment,
• 45:40
  Speaker 2: we're going to go into the Tulsa real Estate Fund.
• 45:42
  Speaker 2: We're going to explain that in detail and talk about
• 45:44
  Speaker 2: everything that.
• 45:45
  Speaker 5: You have real estate fund, let's be clear fact, so.
• 45:49
  Speaker 2: You have the real estate crowd fund, right, so it's
• 45:52
  Speaker 2: a little different. It's a different way to invest in
• 45:54
  Speaker 2: real estate as opposed to just a person just doing
• 45:56
  Speaker 2: it on their own right, So what is it real
• 45:58
  Speaker 2: estate crowdfund?
• 46:00
  Speaker 1: What's the details of that.
• 46:02
  Speaker 5: Well, our particular fund, the opportunity is for non accredited investors,
• 46:08
  Speaker 5: meaning those who have a networth less than a million
• 46:10
  Speaker 5: dollars or make less than a quarter million a year.
• 46:13
  Speaker 5: For non accredit investors or credited investors and institutions, family
• 46:16
  Speaker 5: offices and all kinds of capital. Partners can all invest
• 46:20
  Speaker 5: in one vehicle, our non accredit investors and just all investors.
• 46:23
  Speaker 5: Our minimal investment is five hundred dollars, and you will
• 46:26
  Speaker 5: be equity owner in our company and own shares of
• 46:29
  Speaker 5: our entire portfolio, which currently consists of an opportunity zone
• 46:33
  Speaker 5: property in East Point, Georgia, five minutes from the airport
• 46:36
  Speaker 5: called the Legacy Center, two point six acre campus over
• 46:39
  Speaker 5: thirty thousand square feet, which would be a coworking space,
• 46:43
  Speaker 5: a financial empowerment center and training center, entrepreneur training center,
• 46:48
  Speaker 5: as well as ninety eight unit apartment complex and Making Georgia,
• 46:51
  Speaker 5: as well as twenty eight units of student housing we're
• 46:52
  Speaker 5: developing here and at the AUC where the historically black
• 46:58
  Speaker 5: colleges are Clark, Spelman and Morehouse, as well as other
• 47:00
  Speaker 5: fourteen unit seven units and multiple other investments that we've
• 47:03
  Speaker 5: either funded or partake in as as investors and developers
• 47:07
  Speaker 5: through the fund. So for a five hundred dollars minimum investment,
• 47:10
  Speaker 5: you get your approbated share of equity in our company,
• 47:12
  Speaker 5: You get an eight percent preferred return that's annual and
• 47:16
  Speaker 5: that's cumulating annually, and you get your share of fifty
• 47:19
  Speaker 5: percents of the profits that are fun you know, projects
• 47:23
  Speaker 5: to bring in over the course of our portfolio and
• 47:25
  Speaker 5: our performance.
• 47:26
  Speaker 7: Now the President Obama had the is it the project
• 47:29
  Speaker 7: rebuilt for He's the man?
• 47:31
  Speaker 3: Was the idea for the TOSA Fund?
• 47:35
  Speaker 7: Was it birth at that point or was it something
• 47:37
  Speaker 7: that you had envision prior to it.
• 47:39
  Speaker 5: Yeah. Back in our early mortgage days in like two
• 47:41
  Speaker 5: thousand and seven, eight nine, I would flick through the
• 47:45
  Speaker 5: MLS and different you know listing systems. I would see
• 47:47
  Speaker 5: hotels and hospitals, and I would think about it. I
• 47:49
  Speaker 5: always had this vision to bridge the gap between real
• 47:51
  Speaker 5: estate and pop culture, Like I always want to put
• 47:53
  Speaker 5: the whole community on that. Once I got on, I
• 47:55
  Speaker 5: wanted to put the whole hood on, you know, in
• 47:57
  Speaker 5: real estate. And so when I would see these large assets,
• 47:59
  Speaker 5: I always think like, Yo, what if we could bust
• 48:01
  Speaker 5: these down? What if we can chip in and go
• 48:03
  Speaker 5: in on these assets? And there was no vehicle to
• 48:06
  Speaker 5: do that at that time. And so after the Freddy
• 48:09
  Speaker 5: Gray uprising in Baltimore in twenty fifteen, I was at
• 48:12
  Speaker 5: a panel that beet bust up, bustloads of bloods and crips,
• 48:16
  Speaker 5: from ground zero where the CVS is burned down in
• 48:19
  Speaker 5: Baltimore after the Freddie Gray uprising, and they I was
• 48:22
  Speaker 5: part of that panel with timmyk and Mallory Mark, Lamont
• 48:24
  Speaker 5: Hill and others, and they were asking like, what's the
• 48:26
  Speaker 5: solutions for our community, and one of the bloods or
• 48:30
  Speaker 5: crips or Baltimore, you know, crowd members yelled from the stands,
• 48:34
  Speaker 5: we need to build a black wall street, yo. And
• 48:37
  Speaker 5: so I'm like, okay, if you think the community needs
• 48:39
  Speaker 5: a black wall street or economic you know, kind of stronghold,
• 48:44
  Speaker 5: I raised my hand and I was like, Okay, that's
• 48:45
  Speaker 5: on my watch. Whoever want to build a black wall
• 48:47
  Speaker 5: street beat me after this twenty fifteen and so I
• 48:50
  Speaker 5: built with them. I went down to Baltimore, got on
• 48:52
  Speaker 5: the ground talking to them, seeing what the problems are
• 48:54
  Speaker 5: in the community. And I thought about it, like, well,
• 48:57
  Speaker 5: what does a black wall street look like? And for
• 48:59
  Speaker 5: those not familiar, black wall street was. There's many black
• 49:02
  Speaker 5: wall streets throughout America. One of the most notable was
• 49:04
  Speaker 5: the black wall Street of in Tulsa, Oklahoma called Greenwood,
• 49:09
  Speaker 5: where it was thirty six square blocks ore were two
• 49:11
  Speaker 5: thousand homes and businesses that were burned down or were
• 49:13
  Speaker 5: built up in less than twenty years and burned down
• 49:18
  Speaker 5: in nineteen twenty one in one day on June first,
• 49:21
  Speaker 5: and so I was like, well, we're gonna build a
• 49:22
  Speaker 5: sustaining community or be able to impact our communities. It's
• 49:27
  Speaker 5: cool to hashtaglock black Wall Street and group economics and
• 49:30
  Speaker 5: say it, but what does it look like in real life? Right? Yeah?
• 49:33
  Speaker 5: How do you actually bring it to fruition? What's the
• 49:36
  Speaker 5: economic vehicle that allows us to pull our dollars together
• 49:39
  Speaker 5: to build a Black Wall Street? And so that's when
• 49:41
  Speaker 5: I started the research then, and through that research we
• 49:44
  Speaker 5: didn uncover the Jobs Act, which was just in past.
• 49:46
  Speaker 5: And I thought back to my old mortgage days about
• 49:49
  Speaker 5: what I knew about financing and lending and investing in
• 49:51
  Speaker 5: all those things. And so anyway, we went through the research.
• 49:54
  Speaker 5: In over four years of due diligence and research and development,
• 49:58
  Speaker 5: we put ourselves in position to ipo on June first,
• 50:00
  Speaker 5: the anniversary of the Black Wall Street bombing. On June
• 50:03
  Speaker 5: first and twenty eighteen, we ipo this fund to the
• 50:06
  Speaker 5: tune of you know, over I think a millionaire or
• 50:10
  Speaker 5: nearly nearly two million dollars raised our first twenty four hours,
• 50:12
  Speaker 5: our website crash three times the first day. I was
• 50:15
  Speaker 5: so pissed. But you know, so many hits on our
• 50:18
  Speaker 5: website and so much as national attention, and we've raised
• 50:21
  Speaker 5: you know, several million dollars to date and have built
• 50:25
  Speaker 5: a multimillion dollar portfolio just with the first round of
• 50:27
  Speaker 5: our fund in our first year as the you know,
• 50:30
  Speaker 5: historic total real estate fund, the first black owned real
• 50:32
  Speaker 5: estate for out fund history.
• 50:33
  Speaker 2: So how does that work as far as because we
• 50:35
  Speaker 2: talked about the tech fund and he had you have
• 50:37
  Speaker 2: to like wait a couple of years. So each, I
• 50:40
  Speaker 2: guess company is different. Like for your company, it's like
• 50:42
  Speaker 2: you have to wait one year before you can start
• 50:44
  Speaker 2: to receive money from it.
• 50:45
  Speaker 5: So you one one year lock up until you're eligible
• 50:48
  Speaker 5: to receive your quarterly dividends. But we cannot pay dividends
• 50:52
  Speaker 5: until the fund is profitab profitable. So if we're developing
• 50:55
  Speaker 5: assets that take two and three years to develop, then
• 50:58
  Speaker 5: you obviously have to wait for the develop and of
• 51:00
  Speaker 5: those assets and stabilization of those assets, the rents, the
• 51:02
  Speaker 5: you know, equity to refod all that to become profitable.
• 51:06
  Speaker 1: So it's a long term play.
• 51:07
  Speaker 5: It's a long term place. It's legacy fund right, and
• 51:09
  Speaker 5: so that's what we are really campaigning for, getting everyone
• 51:15
  Speaker 5: to understand. If you want to fix and flip a
• 51:17
  Speaker 5: home and make quick money or wholesale real estate with
• 51:19
  Speaker 5: no cash or credit, cool, come to Jay Morrison Academy
• 51:21
  Speaker 5: will teach you that you can do that in your
• 51:23
  Speaker 5: everyday life. But if you want to chip in as
• 51:25
  Speaker 5: a collective, something that confits within your budget, where we
• 51:29
  Speaker 5: all can chip in to empower our own communities and
• 51:32
  Speaker 5: fund our own projects and fund our own deals without
• 51:34
  Speaker 5: going to anyone else for help, going to anyone else's table.
• 51:37
  Speaker 5: That's what this is.
• 51:38
  Speaker 3: So that's the whole period. It varies based on the
• 51:42
  Speaker 3: asset or how's that work.
• 51:43
  Speaker 5: On the whole portfolio, right, So like say, for instance,
• 51:46
  Speaker 5: we're building a legacy center, which takes is about a
• 51:48
  Speaker 5: year and a half you know, development or whatever the
• 51:50
  Speaker 5: case is, okay, But we have other fix and flips
• 51:53
  Speaker 5: we funded that are instantly giving us mortgage money points
• 51:56
  Speaker 5: revenue right now, and then we might build up whatever late.
• 52:00
  Speaker 6: So it's a balance of.
• 52:00
  Speaker 5: The whole portfolio that we have. So some assets are
• 52:03
  Speaker 5: instantly making money and some assets are long term investments.
• 52:06
  Speaker 5: But overall, once the whole fund is profitable, you didn't
• 52:09
  Speaker 5: get paid out. You're accumulating eight percent over every year,
• 52:12
  Speaker 5: which is preferred, meaning before we split any profits, you
• 52:14
  Speaker 5: get your eight percent and every year you were older
• 52:16
  Speaker 5: eight percent and then you get your share of future profits.
• 52:19
  Speaker 5: So now when we stabilize the Legacy Center, our projections
• 52:24
  Speaker 5: are we'll stabilize it in the next year, two years,
• 52:27
  Speaker 5: three years tops. We stabilize the Legacy Center from our
• 52:30
  Speaker 5: leasing model and raise that value based on a market
• 52:35
  Speaker 5: cap rate, from a three point six million dollar development
• 52:38
  Speaker 5: to a seven point two million dollar valuation, and we
• 52:41
  Speaker 5: either sell it and lease buy back, or we refinance
• 52:44
  Speaker 5: and pull most of our capital out and pay our
• 52:46
  Speaker 5: investors back. And you know what I mean, and all
• 52:48
  Speaker 5: that we still keep the asset. So it's just like
• 52:51
  Speaker 5: I mean, it's kind of complicated but not It depends
• 52:54
  Speaker 5: on your level of sophistication and real estate. But the
• 52:56
  Speaker 5: point is at the end of the day, It's why
• 52:59
  Speaker 5: I try to kind of simplify, is like it's a
• 53:03
  Speaker 5: long term play for folks to invest capital one, and
• 53:06
  Speaker 5: you shouldn't invest any money you can't afford to lose.
• 53:09
  Speaker 5: You shouldn't invest, you know, because in any investment, right,
• 53:11
  Speaker 5: you understand, no investments guaranteed, and I'm not saying it's guaranteed, right,
• 53:15
  Speaker 5: But it's for that discretionary income, that money that we
• 53:20
  Speaker 5: blow that we don't love, right, So we blow hundreds
• 53:22
  Speaker 5: on sneakers, hundreds on a vacation, hundreds on sparkles in
• 53:25
  Speaker 5: the club, hundreds on all types of alloud bill or
• 53:30
  Speaker 5: are happy hot our bill?
• 53:31
  Speaker 1: Right?
• 53:31
  Speaker 5: We blow all this money.
• 53:33
  Speaker 6: But what if we were to revert a lot of
• 53:34
  Speaker 6: that capital.
• 53:35
  Speaker 5: You know, even our Christmas, Valentine's Day and birthday money,
• 53:38
  Speaker 5: like our consumer money, and we were to revert that
• 53:41
  Speaker 5: capital and be able to pull it together to do
• 53:43
  Speaker 5: something awesome and impactful and historic for our community. It's
• 53:47
  Speaker 5: that play, right, So that's that's what everyone has understandings.
• 53:49
  Speaker 5: It's about us pulling our own capital to control our
• 53:52
  Speaker 5: own resources and a very transparent, a very regulated, a
• 53:55
  Speaker 5: very sophisticated way. And you know, you you know, you
• 53:58
  Speaker 5: know again, I invested it in the ten thousand, others
• 54:01
  Speaker 5: match me ten thousand, some invested one thousand, some invested
• 54:03
  Speaker 5: forty thousand, some invested five hundred. But it's about doing
• 54:06
  Speaker 5: what in your capacity, but understand that we're doing it
• 54:08
  Speaker 5: as a socially entrepreneur vehicle with mission involved. It's not
• 54:12
  Speaker 5: just the real estate fund. Like that's easy to do
• 54:14
  Speaker 5: with the real estate fund, but but this is a
• 54:16
  Speaker 5: fund for us to be able to control our own dollars,
• 54:20
  Speaker 5: manage our own dollars, and do it in a way
• 54:22
  Speaker 5: where it's not relying on any one person to save us.
• 54:25
  Speaker 5: I don't believe we should wait on jay Z or
• 54:27
  Speaker 5: Oprah or Puffy. It shouldn't be their obligation to have
• 54:30
  Speaker 5: to fund the whole community relationship in the fund our damnselves.
• 54:34
  Speaker 1: That's a fact.
• 54:34
  Speaker 7: What's the demographic of people that you've seen that are investing.
• 54:37
  Speaker 7: Is it a millennial move or is there a certain
• 54:40
  Speaker 7: age that you're seeing.
• 54:41
  Speaker 5: That very is very diverse man, I mean even ethnicities.
• 54:45
  Speaker 5: I mean we have white investors, Asian investors, Black investors,
• 54:48
  Speaker 5: obviously many African investors in America.
• 54:52
  Speaker 6: But demographic wise.
• 54:53
  Speaker 5: There are I would always want to say fifty to
• 54:56
  Speaker 5: fifty millennial and whatever that other generation isful. Yeah, we
• 55:01
  Speaker 5: have we have a lot of working class you know, moms, dads,
• 55:04
  Speaker 5: people have been looking for something like this. Their whole life,
• 55:06
  Speaker 5: like they have been a civil rights movement.
• 55:07
  Speaker 6: They have been, you know, born right after the Civil
• 55:09
  Speaker 6: rights movement.
• 55:10
  Speaker 5: They was part of the Black panther moving They're part
• 55:11
  Speaker 5: of eighties Reaganomics and all that. But people have been
• 55:14
  Speaker 5: looking for a solution for our community and who are
• 55:16
  Speaker 5: doing well or wherever they're in their life and haven't
• 55:18
  Speaker 5: had a vehicle. Or to the millennial who just wants
• 55:21
  Speaker 5: to own a piece of an apartment building for five
• 55:22
  Speaker 5: hundred dollars, imagine that you can the best five hundred
• 55:25
  Speaker 5: dollars and literally be a fractional owner in a ninety
• 55:27
  Speaker 5: unit apartment complex plus commercial real estate.
• 55:29
  Speaker 1: Yeah, that's the fact in their life.
• 55:32
  Speaker 2: And so the Tosa Fund has been around for a
• 55:36
  Speaker 2: little over yere like yeah over here, right. And so
• 55:39
  Speaker 2: you guys got off to a historic start. And then
• 55:41
  Speaker 2: but you had some some issues that you beat with
• 55:44
  Speaker 2: the Feds, right, And we spoke about some issues with
• 55:47
  Speaker 2: the Fed.
• 55:47
  Speaker 1: Shouts of my brother.
• 55:48
  Speaker 2: Chris Gotti, that's our from Murder Inc. And he told
• 55:50
  Speaker 2: us about their issues with the Feds, how they beat
• 55:52
  Speaker 2: the Feds. So the reason why I bring this up
• 55:54
  Speaker 2: is that we have to be we have to tell
• 55:57
  Speaker 2: the full story. A lot of times when high light
• 55:58
  Speaker 2: when when stories are it's like I knew it, but
• 56:02
  Speaker 2: then it's like if you get exonerated, that part never
• 56:04
  Speaker 2: really gets told. Right, So can you talk about that
• 56:07
  Speaker 2: a little bit as far as like the investigation or
• 56:09
  Speaker 2: I don't even know what to call I don't want
• 56:10
  Speaker 2: to call an investigation, but whatever, Yeah, we call.
• 56:12
  Speaker 5: Probe investigation subpoena, right, so we were subpoena by the FBI,
• 56:16
  Speaker 5: the DJ you know, FBI, and the SEC. I don't
• 56:21
  Speaker 5: have an exact reason why. My instinct is that all
• 56:27
  Speaker 5: the Negroes that thought this was a scam why I
• 56:31
  Speaker 5: don't know, but they thought this was a scam or
• 56:33
  Speaker 5: Ponzi scheme and kicked up fussing and making YouTube pages
• 56:36
  Speaker 5: and Facebook pages and really bashing this historic fun as
• 56:40
  Speaker 5: for our community, I believe you know that and other
• 56:44
  Speaker 5: activity by people that are making like face fake pages
• 56:47
  Speaker 5: on Instagram and trying to do PayPal tosal scams and
• 56:50
  Speaker 5: all that. I think that you know, likely put us
• 56:52
  Speaker 5: on folks radar. I'm obviously I'm not the most conventional
• 56:55
  Speaker 5: fund manager with my background as well, but however less
• 57:00
  Speaker 5: we ended up on their radar and they subpoened us
• 57:02
  Speaker 5: for documents. They wanted to see over fifty thousand emails.
• 57:05
  Speaker 5: They want to see our financial records, they want to
• 57:07
  Speaker 5: see our infrastructure.
• 57:09
  Speaker 1: Yeah you so we said, all right, see that.
• 57:12
  Speaker 5: Here you go. You know, here, here's the whole thing.
• 57:13
  Speaker 5: Follow the money, right, like we said, follow the money.
• 57:16
  Speaker 5: And I won't say we beat the Feds. I don't
• 57:18
  Speaker 5: want to put it like that, but I will say
• 57:20
  Speaker 5: that they have been gracious and I believe fair with us, uh,
• 57:25
  Speaker 5: you know, and doing their job. And after reviewing our
• 57:28
  Speaker 5: emails and reviewing our financial records, they see their investigation.
• 57:31
  Speaker 5: You know, they reserved the right to investigate it anytime.
• 57:35
  Speaker 5: But they did cease their investigation.
• 57:37
  Speaker 1: Uh, they thoroughly looked into it, and they didn't find
• 57:40
  Speaker 1: anything that was.
• 57:42
  Speaker 5: I'm just saying. I'm just saying. They had fifty thousand emails,
• 57:46
  Speaker 5: they had our financial records, our audits, our bank statements,
• 57:48
  Speaker 5: our bank accounts, our whole everything, and they cease their investigations.
• 57:54
  Speaker 5: So people should right. Absolutely, I'm just not I don't
• 57:58
  Speaker 5: want to beef for them. Listen, Listen, we're not smiking.
• 58:06
  Speaker 3: Said this other day. Don't worry. Nobody's listening.
• 58:10
  Speaker 5: But We're just saying that there there. I mean, one
• 58:13
  Speaker 5: can rationally think that if there was something super egregious
• 58:19
  Speaker 5: or you know, any major infractions that that, you know whatever.
• 58:23
  Speaker 5: I don't even want to speak too much. Just I'll
• 58:25
  Speaker 5: just say that, you know, God is good. We've operated
• 58:28
  Speaker 5: this fund and integrity. It's my legacy on the line.
• 58:30
  Speaker 1: Bro.
• 58:30
  Speaker 5: I'm not gonna be the guy that raised money from
• 58:32
  Speaker 5: the community that went ran off of the bag. Like,
• 58:33
  Speaker 5: that's not gonna be my legacy. Like, you know what
• 58:35
  Speaker 5: I'm saying. I worked too hard for this. You know,
• 58:37
  Speaker 5: I got a family that looks it looks up to me,
• 58:39
  Speaker 5: and many that people around the community look up to me.
• 58:42
  Speaker 5: We're just doing our best job, man, and do something
• 58:43
  Speaker 5: that's never done before. Is it gonna be perfect? No trail.
• 58:48
  Speaker 5: I don't have a blueprint, you know what I'm saying, Like,
• 58:50
  Speaker 5: but we are doing our best to operate with integrity, transparency.
• 58:54
  Speaker 5: You know, the whole first year of the fund, I
• 58:56
  Speaker 5: deferred my salary. I took no I took no personal salary,
• 58:59
  Speaker 5: no personal compensation the whole first year, although I freaking
• 59:02
  Speaker 5: deserve it. But again, we're just trying to move right, man,
• 59:05
  Speaker 5: and just like get our people to feel comfortable trusting
• 59:07
  Speaker 5: each other because the reality is, you know, which is
• 59:10
  Speaker 5: going to be one of our next campaigns. We're going
• 59:12
  Speaker 5: to be challenging everyone, you guys, everybody to invest? Is
• 59:16
  Speaker 5: that listen? It only takes forty thousand of us to
• 59:18
  Speaker 5: invest a thousand dollars to raise forty million dollars. That'sh
• 59:22
  Speaker 5: it alright, Like, yeah, diverted from somewhere else, forty thousand
• 59:26
  Speaker 5: US put up one thousand dollars, we got forty million.
• 59:28
  Speaker 5: Forty million is a twenty percent down payment on a
• 59:31
  Speaker 5: two hundred million dollar project.
• 59:33
  Speaker 6: Ro It's just not that hard.
• 59:34
  Speaker 1: That's the fact. So what's your vision like five years?
• 59:38
  Speaker 1: Like what do you win?
• 59:38
  Speaker 5: A billion dollars of assets under management? A billion black
• 59:41
  Speaker 5: dollars in five years and all kinds of different properties,
• 59:44
  Speaker 5: all kinds of assets, communities, hotels, hospitals, strip malls. Funding
• 59:50
  Speaker 5: is not meant mind you. I don't want to be
• 59:52
  Speaker 5: the biggest developer in the world. I want to be
• 59:54
  Speaker 5: a great fund manager. The goal of the fund is
• 59:56
  Speaker 5: not just the director and we acquire some assets where
• 59:59
  Speaker 5: because we have great resources and relationships, you know, within
• 1:00:01
  Speaker 5: different real estate communities. So we get good deals, but
• 1:00:04
  Speaker 5: really we want to privately lend and fund other people's deals.
• 1:00:08
  Speaker 5: Like that's really my focus is, Like, Okay, you come
• 1:00:10
  Speaker 5: with a project that you found in your community, all right,
• 1:00:13
  Speaker 5: let's fund your project. Right. You came with a strip mall,
• 1:00:16
  Speaker 5: or you inherit some acres of land and you want
• 1:00:18
  Speaker 5: to develop that, Okay, let's fund your project. So, or
• 1:00:20
  Speaker 5: you got a loan from a bank and the bank's
• 1:00:22
  Speaker 5: going to give you eighty percent, but you don't got
• 1:00:23
  Speaker 5: the twenty percent equity. Well, let's give you the twenty
• 1:00:25
  Speaker 5: percent equity. Right. So the goal of the fund is
• 1:00:28
  Speaker 5: not for Jay Morrison to build a bunch of real estate.
• 1:00:30
  Speaker 5: The goal of the fund is to be all ability
• 1:00:32
  Speaker 5: to be the rich uncle for our community to be
• 1:00:34
  Speaker 5: for all of us.
• 1:00:34
  Speaker 2: Still, I'm glad you said that because I just thought
• 1:00:37
  Speaker 2: about that. We talked about it earlier. You guys are funding,
• 1:00:39
  Speaker 2: you're giving out money. Now we're not giving out, but you.
• 1:00:42
  Speaker 1: You're loaning money. I mean, we've been from day one.
• 1:00:44
  Speaker 5: If you talk like, a black woman out of Lake Charles,
• 1:00:48
  Speaker 5: Louisiana came to us. She got approved by a private
• 1:00:51
  Speaker 5: lender that was not of our ethnicity. They approved there
• 1:00:54
  Speaker 5: for a loan on fourteen units. She got her appraisal back.
• 1:00:57
  Speaker 5: The property appraised for two hundred thousand more than thought. Wow.
• 1:01:01
  Speaker 5: Then the lender came back and said, well, you know what,
• 1:01:02
  Speaker 5: were gonna need a bigger down payment. I never heard
• 1:01:05
  Speaker 5: of that lender. Should feel more comfortable about loaning your
• 1:01:07
  Speaker 5: money if your property appraise from or right, Because you
• 1:01:10
  Speaker 5: know what I mean, they went and tried to get
• 1:01:11
  Speaker 5: more money for her down payment so that she couldn't afford.
• 1:01:14
  Speaker 6: They're trying to really box her.
• 1:01:15
  Speaker 5: Out so she couldn't purchase it and probably try to
• 1:01:18
  Speaker 5: go behind the door and grab it from her.
• 1:01:20
  Speaker 6: She came through me, through one of my.
• 1:01:21
  Speaker 5: Mentors, and we end up funding her whole project, the rehab,
• 1:01:25
  Speaker 5: the construction, the acquisition and all that. And now today
• 1:01:28
  Speaker 5: she has her fourteen units still with a few hundred
• 1:01:30
  Speaker 5: thousand dollars equity.
• 1:01:31
  Speaker 2: So how do how do if people want to contact
• 1:01:33
  Speaker 2: you about the funding, like just for the funding temple?
• 1:01:35
  Speaker 1: How today is that?
• 1:01:36
  Speaker 5: Like, yeah, you're funding and if you want to be
• 1:01:39
  Speaker 5: a partner with us, right, I'm talking about not a donations,
• 1:01:41
  Speaker 5: not a kickstarter, this is be an equity owner and
• 1:01:43
  Speaker 5: a partner or to get your to submit your deal
• 1:01:46
  Speaker 5: for funding or capital partnership called to Tulsa t U
• 1:01:50
  Speaker 5: l s a real estatefund dot com.
• 1:01:53
  Speaker 1: Jay Man, thank you for joining us. Like I said, this.
• 1:01:56
  Speaker 2: Is something that we were looking forward to. Glad that
• 1:02:00
  Speaker 2: you got to do this in real life. And yeah
• 1:02:04
  Speaker 2: once again, yeah yeah, gotta stop asking now you gotta
• 1:02:06
  Speaker 2: have somebody else that y'all they did it so big homie.
• 1:02:12
  Speaker 2: All right, so you just used to spoke about that.
• 1:02:14
  Speaker 2: But okay, so everything else? What is the contact information
• 1:02:18
  Speaker 2: for all of your other uh businesses and everything else
• 1:02:21
  Speaker 2: you have going on social media?
• 1:02:22
  Speaker 1: And how can the people appreciate that?
• 1:02:23
  Speaker 5: I mean, I want to challenge everyone man, Like you
• 1:02:26
  Speaker 5: guys heard me spit game here today, like I know
• 1:02:28
  Speaker 5: what I know, you know what I'm saying, Like I
• 1:02:29
  Speaker 5: noticed stuff and how to translate and related stuff. We
• 1:02:32
  Speaker 5: teach this very affordably, very relatively, very accessibly in a J.
• 1:02:37
  Speaker 5: Morrison Academy again ink five hundred top ten educational companies
• 1:02:40
  Speaker 5: in the country. You guys, go to J. Morrison. It's
• 1:02:43
  Speaker 5: Jay Morrison Academy dot com. We have a brand new
• 1:02:46
  Speaker 5: curriculum we just created. It's over eighty five lessons on
• 1:02:49
  Speaker 5: what we call the RBC's. So like in school they
• 1:02:51
  Speaker 5: teaches the ABC's, so we teach the RBC's real estate,
• 1:02:55
  Speaker 5: business and credit. So we go over everything from wholesaling
• 1:02:58
  Speaker 5: real estate with no cash or credit to fixing to
• 1:03:00
  Speaker 5: flipp into home ownership one oh one. We go over
• 1:03:02
  Speaker 5: corporate veil strategies, to over branding your business, marketing your business,
• 1:03:06
  Speaker 5: exit strategy, operations, how to manage to hire your team.
• 1:03:10
  Speaker 5: We go over credit strategies, personal credit, family credit, business
• 1:03:13
  Speaker 5: credit credit lines, credit leverage, like all that for the
• 1:03:17
  Speaker 5: whole game. We bust down and it's a lot. I
• 1:03:21
  Speaker 5: literally was like, Okay, I got dumped everything out of
• 1:03:23
  Speaker 5: my head and put into this curriculum. Like because every
• 1:03:25
  Speaker 5: year we update the curriculum, I want to dump everything
• 1:03:27
  Speaker 5: out that I have. My partner Will Roundtree, my partner
• 1:03:30
  Speaker 5: Isaac Gracey all put it together, and I mean in
• 1:03:32
  Speaker 5: that curriculum, we have the quizzes, the tests, the assessments.
• 1:03:36
  Speaker 5: Our basic curriculums starts at one hundred and ninety seven
• 1:03:38
  Speaker 5: dollars for the year bro like all that corporate vale strategy, homeownership, flipping, holding, landlording,
• 1:03:45
  Speaker 5: all that for one seven for the whole year, like
• 1:03:48
  Speaker 5: a fraction of your community college. And then we have
• 1:03:51
  Speaker 5: another curriculum where you can actually get weekly mentorship calls,
• 1:03:55
  Speaker 5: get all that plus weekly mentorship calls, career opportunities, joint
• 1:03:58
  Speaker 5: venture opportunities, opportunities with us, and that curriculum just for
• 1:04:02
  Speaker 5: ninety seven for the year.
• 1:04:03
  Speaker 6: So like I'm really giving the community game.
• 1:04:05
  Speaker 5: I mean like sixteen dollars at like thirty dollars a
• 1:04:07
  Speaker 5: month type of thing. So you know, again Jay Morrison Academy,
• 1:04:11
  Speaker 5: you can find us for education. You want to partner
• 1:04:13
  Speaker 5: with me and with us on real estate assets as
• 1:04:16
  Speaker 5: a passive investor and partner, go to Tulsa real Estate
• 1:04:19
  Speaker 5: Fund dot com and for just every day you know, game, inspiration,
• 1:04:22
  Speaker 5: motivation or whatever else you think I'll bring to the
• 1:04:23
  Speaker 5: table at mister J. Morrison on all platforms. So that's
• 1:04:27
  Speaker 5: at mister J. Morrison YouTube, Facebook, fan page, Instagram. Of course,
• 1:04:32
  Speaker 5: I'm just trying to get LinkedIn. I'm on LinkedIn. My
• 1:04:35
  Speaker 5: team runs it. I don't run it, so you've befriend me.
• 1:04:37
  Speaker 5: It ain't me, but LinkedIn as well. Tulsa Real Estate
• 1:04:42
  Speaker 5: Fund has as a YouTube as well, and Total Real
• 1:04:44
  Speaker 5: Estate Fund on ig that page is popping JMA. So
• 1:04:47
  Speaker 5: I'm just really proud of the companies that I first
• 1:04:49
  Speaker 5: of what was before the companies. I want to give thanks,
• 1:04:52
  Speaker 5: and not in a cliche way, but thanks to God
• 1:04:54
  Speaker 5: just for really my testimony and stress testingmy you know,
• 1:04:59
  Speaker 5: I'm like God stressed test me to make sure I
• 1:05:00
  Speaker 5: was ready.
• 1:05:01
  Speaker 6: For what he had for me, who wanted me to be.
• 1:05:03
  Speaker 5: So I thank God for his grace and shout out
• 1:05:06
  Speaker 5: to my wife as well holding me down. But also though, yeah,
• 1:05:11
  Speaker 5: just I'm proud of the companies we built. Man Like,
• 1:05:13
  Speaker 5: this was no easy journey. I talk, you know, I
• 1:05:15
  Speaker 5: get in my bag and I talk my shit, but
• 1:05:18
  Speaker 5: it's my way of kind of just like replenishing myself.
• 1:05:21
  Speaker 5: Got pour out and I give so much. We didn't
• 1:05:23
  Speaker 5: even mention the sixty three free corner classes I've done
• 1:05:26
  Speaker 5: over the last four years. I was talking twenty eight
• 1:05:29
  Speaker 5: city sixty three free corner classes, even the legendary twenty
• 1:05:33
  Speaker 5: four hour corner class here in Atlanta on Lee and Abernathy,
• 1:05:35
  Speaker 5: which I'll be doing another one, so you know, I'm
• 1:05:38
  Speaker 5: putting in work.
• 1:05:39
  Speaker 6: But again it's all.
• 1:05:40
  Speaker 5: Part of the initial mission. I talked about a bridging
• 1:05:41
  Speaker 5: a gap between real estate and pop culture.
• 1:05:43
  Speaker 6: I don't care if I.
• 1:05:44
  Speaker 5: Gotta do it on the corner, if I gotta do
• 1:05:45
  Speaker 5: it online, if I got to create a fund to
• 1:05:47
  Speaker 5: do it, if I gotta have a school to do it.
• 1:05:48
  Speaker 5: We got a real estate brokerage coming out soon and
• 1:05:50
  Speaker 5: a bunch of other opportunities that are gonna be bringing
• 1:05:52
  Speaker 5: to the public and to the people. And we got
• 1:05:54
  Speaker 5: the Legacy Center, the Black House, the all Black building
• 1:05:57
  Speaker 5: in East Point, thirty thousand s gud feet. That's for
• 1:05:59
  Speaker 5: all of us. So I just you know, afford to
• 1:06:01
  Speaker 5: building what you all. Thank you guys for having me man.
• 1:06:03
  Speaker 3: I appreciate you coming on man.
• 1:06:05
  Speaker 1: Troy.
• 1:06:06
  Speaker 7: Yeah, shoutut to everybody on Patreon, dot com, bas stash
• 1:06:09
  Speaker 7: and at leisure. I'll probably pay program everybody that supports that.
• 1:06:13
  Speaker 7: Like we said, we have a five tier program. You
• 1:06:15
  Speaker 7: can join that any tier. There's different features at each tier.
• 1:06:18
  Speaker 7: We got new members again. Every week we get to
• 1:06:20
  Speaker 7: shout out people, So shout out to them Ken saying
• 1:06:23
  Speaker 7: that right and the Kia. Shout out to them and
• 1:06:27
  Speaker 7: everybody that's been supporting on Patreon, and shout out everybody
• 1:06:29
  Speaker 7: that's been purchasing the merch. My Asset Soul liability shirt
• 1:06:32
  Speaker 7: is doing really well and people keep supporting that, and.
• 1:06:34
  Speaker 3: We got new merch. Like you said, you leave it.
• 1:06:38
  Speaker 7: So what happens when people come on after they do
• 1:06:40
  Speaker 7: the episode, they become ey L alumni.
• 1:06:43
  Speaker 3: So now you officially probably graduating. He just got his
• 1:06:51
  Speaker 3: doctor to the ey L University. Yeah, so shout out
• 1:06:54
  Speaker 3: to everybody that's doing that.
• 1:06:55
  Speaker 7: And our tour shirts are l too, So every city
• 1:06:57
  Speaker 7: we go to we bring shirts, and we have searched
• 1:06:59
  Speaker 7: some cities, So shout out to everybody that's an in person.
• 1:07:02
  Speaker 2: Person knows for sure, for sure, and then don't forget.
• 1:07:04
  Speaker 2: By the time you guys hear this, I think it'll
• 1:07:06
  Speaker 2: be two days left. So it's not too late to
• 1:07:08
  Speaker 2: register for our free network Meet and Green Chicago nine
• 1:07:10
  Speaker 2: twenty six, and we're having our first workshop in Brooklyn,
• 1:07:14
  Speaker 2: but it's also going to be livestreamed all over the world,
• 1:07:16
  Speaker 2: so make sure you're registered that and that's going to
• 1:07:18
  Speaker 2: be ten to seventeen. And the book tip of this week,
• 1:07:21
  Speaker 2: because we always give a book tip, is your book.
• 1:07:24
  Speaker 2: Yeah the Lord of my Land. Yeah yeah, Lord of
• 1:07:28
  Speaker 2: my Land. Make sure you check that out, man. Yeah,
• 1:07:31
  Speaker 2: thank you just.
• 1:07:31
  Speaker 6: Be a landlord man, be the lord of your land.
• 1:07:34
  Speaker 2: That's a fact. That's a fact. So yeah, thank you
• 1:07:36
  Speaker 2: guys for rocking with real life.
• 1:07:37
  Speaker 1: We see you next week.
• 1:07:39
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