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EYL #54 The Blueprint · Earn Your Leisure

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  Speaker 2: All right, guys, Welcome back, e y L Hometown Heroes
• 1:03
  Speaker 2: editions right for sure, for sure for sure. So we
• 1:07
  Speaker 2: are in d C right now. Just finished up crazy
• 1:11
  Speaker 2: crazy event we had top go up, got like two
• 1:13
  Speaker 2: hundred people there. It was crazy.
• 1:15
  Speaker 3: You know.
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  Speaker 4: Somebody said they were like yo, man, this is crazy.
• 1:18
  Speaker 4: Everybody I follow on social media in this room right now,
• 1:21
  Speaker 4: how y'all do this?
• 1:22
  Speaker 5: Shout out?
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  Speaker 2: Shout out to Shout out to everybody that came to
• 1:27
  Speaker 2: the event. Shout out to our god Sharani for.
• 1:30
  Speaker 3: Sure, Capital Capital, Capital Event.
• 1:33
  Speaker 5: Group, Capital Events Group.
• 1:35
  Speaker 3: Shout out to the boy Trani he is. He's amazing man.
• 1:38
  Speaker 4: So if you're in d C and you need an
• 1:40
  Speaker 4: event plan or curated, get the contact. Follow him on Instagram.
• 1:44
  Speaker 4: I'm sure we'll put a post up about it. You
• 1:47
  Speaker 4: took care of us man. DC would not be the
• 1:49
  Speaker 4: same without him here.
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  Speaker 2: Thank you for the hospitality, bro, appreciate it. And what's coy?
• 1:53
  Speaker 2: Tom's coy for Sure Networking Power Network and Atlanta You're
• 2:02
  Speaker 2: next January twenty fifth, January twenty sixth.
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  Speaker 5: We're gonna take over the whole city. We're gonna do.
• 2:07
  Speaker 2: A big, big, big, big big. You can't play around
• 2:10
  Speaker 2: with Atlanta. Yeah, facts the fact.
• 2:14
  Speaker 4: Every time we say Atlanta, if you know, you know, man,
• 2:20
  Speaker 4: shout out to the great city of Atlanta.
• 2:22
  Speaker 2: Can't wait to touch the town. We're gonna be releasing
• 2:24
  Speaker 2: details soon. Details might have already been released by this
• 2:28
  Speaker 2: episode comes out, but we're gonna yeah, we're gonna do
• 2:30
  Speaker 2: it really really big. So we have a dope episode
• 2:33
  Speaker 2: played today and it is Yes, hometown Heroes, even though
• 2:37
  Speaker 2: we're in d C. It's not a DC hometown hero,
• 2:42
  Speaker 2: but it's a yeah, it's a Milwaukee, Wisconsin hometown hero
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  Speaker 2: that lives in DC and Milwaukee.
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  Speaker 5: So my man Brandon Rule.
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  Speaker 2: It was interesting because like, I think you had the
• 2:54
  Speaker 2: article on we Buy Black and it went viral and
• 2:58
  Speaker 2: then like Troy Troy sent it to me, and then
• 3:02
  Speaker 2: somebody else sent it to me and then but I
• 3:04
  Speaker 2: didn't read it in full transparency because he sends me
• 3:08
  Speaker 2: like seven articles a day. But like by the time
• 3:11
  Speaker 2: the third person read it sent it to me, I
• 3:13
  Speaker 2: read it, I'm like, yo, we should probably interview. He's
• 3:15
  Speaker 2: like yeah, I sent it to you two weeks ago.
• 3:19
  Speaker 2: So I'm like so, and I hit you up like
• 3:21
  Speaker 2: are you interested in coming? Like yeah, somebody actually just
• 3:23
  Speaker 2: told me about your Yeah.
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  Speaker 6: He was like, Yo, this is.
• 3:27
  Speaker 4: Like one of the quickest turnarounds. Yeah yeah, Like two
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  Speaker 4: weeks ago. I was like, Yo, this guy's dope. A
• 3:32
  Speaker 4: man came from Detroit hit me like yo, just guys hope.
• 3:34
  Speaker 4: I'm like, yeah, I just read about him and then
• 3:35
  Speaker 4: like the next week he was like, Yo, he's gonna
• 3:37
  Speaker 4: come on.
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  Speaker 3: I'm like, oh, this is great.
• 3:39
  Speaker 2: It was easy one, two three. So Brandon, Brandon's dope.
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  Speaker 2: He's thirty one years old and he's a We talked
• 3:45
  Speaker 2: about real estate a lot. Most of the time from
• 3:47
  Speaker 2: our podcast is real Estate Investors, which is dope, wholesaling, buying,
• 3:51
  Speaker 2: flip stuff like that. But he's a developer, right, and
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  Speaker 2: he's young. He's thirty one years old, and he most
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  Speaker 2: of his developments are in uh Milwaukee, Wisconsin, and he
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  Speaker 2: has forty million dollars of affordable housing currently under his
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  Speaker 2: belt as far as development, and then one hundred and
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  Speaker 2: eighty million dollars in the pipeline. And yeah, for sure,
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  Speaker 2: it just got awarded a huge forty one million dollars.
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  Speaker 7: Forty one million for the first phase for the first
• 4:22
  Speaker 7: fall in the second.
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  Speaker 5: And that's gonna be for a grocery store.
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  Speaker 6: The first thing.
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  Speaker 7: You're gonna do thousand, score thirty thousand square for a
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  Speaker 7: grocery store with one hundred.
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  Speaker 6: And fifty apartments in the parking grash. Yeah parks.
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  Speaker 2: Yeah, So this is gonna be a high level conversation.
• 4:36
  Speaker 6: It's gonna be get in the ways if y'all want to.
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  Speaker 7: Yeah, So, first and foremost, thank you, Thank you for
• 4:43
  Speaker 7: having me.
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  Speaker 5: I appreciate it, appreciate it, appreciate it, appreciate you.
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  Speaker 2: So all right, so before we before we even get
• 4:49
  Speaker 2: into the nitty gritty of what you're doing, how did
• 4:51
  Speaker 2: you get started? It's an interesting story because if people
• 4:54
  Speaker 2: don't know who the legend peoples are, and that's unfortunate
• 4:59
  Speaker 2: that it's it's a really unfortunate situation if you think
• 5:01
  Speaker 2: about it, because it's like everybody knows whose Lebron is right,
• 5:04
  Speaker 2: everybody knows whose Lil Wayne is right. But this guy
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  Speaker 2: has definitely more money a little way, not shut the toms, no,
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  Speaker 2: no disrespect, but probably like almost the same amount of
• 5:14
  Speaker 2: money and Lebron maybe more money than Lebron, right, Like
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  Speaker 2: he's on his way close to being a billionaire, right,
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  Speaker 2: And he's black developer from DC, from DC, and not
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  Speaker 2: a lot of people are really familiar with him. So
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  Speaker 2: he kind of I bring him up because he kind
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  Speaker 2: of he's the start of your real estate journey, right
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  Speaker 2: and you see, at least in DC for sure. So yeah,
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  Speaker 2: what's your what's your path in real estate, and what's
• 5:38
  Speaker 2: your path to coming to d C from Milwaukee?
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  Speaker 7: For sure, I'll just start from the beginning for real
• 5:44
  Speaker 7: so from Milwaukee. But I was actually born in Los Angeles, California,
• 5:48
  Speaker 7: So I was born in LA And in nineteen ninety four,
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  Speaker 7: I was in the earthquake, the North Is earthquake. At
• 5:53
  Speaker 7: the time, it was the worst natural disaster and financial
• 5:57
  Speaker 7: worst natural disaster financially in American history, so over a
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  Speaker 7: billion dollars worth of damages, one of that being my home.
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  Speaker 7: So we lost everything, slept outside for a few days,
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  Speaker 7: remember vaguely like being outside of the Walmart and just
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  Speaker 7: not having any resources. The highways were broken, everything. So
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  Speaker 7: my parents are high school sweethearts from Chicago. My dad
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  Speaker 7: was like, I ain't with this, We're going back. So
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  Speaker 7: my grandfather was living in Milwaukee at the time. We
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  Speaker 7: ended up moving to Milwaukee into his attic as we
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  Speaker 7: got back on their feet. A couple months later, rented
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  Speaker 7: the house and then moved forward. So from that point forward,
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  Speaker 7: I grew up in Milwaukee. And if anyone knows anything
• 6:34
  Speaker 7: about Milwaukee's actually the worst place for black people in
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  Speaker 7: America right now, Google it. It'll pop up in many articles,
• 6:40
  Speaker 7: many reports.
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  Speaker 3: I saw a statistic.
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  Speaker 4: It was like, specifically Madison with six percent of the
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  Speaker 4: population is black, but fifty percent of the people incarcerated
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  Speaker 4: or black.
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  Speaker 7: Oh yeah, he's crazy easy. Yeah, Madison is ridiculous too.
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  Speaker 7: Raight saying is ridiculous too. Milwaukee is actually closer to
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  Speaker 7: forty percent black. But we have national problems, but just
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  Speaker 7: not national resource. Very similar to a Detroit, very similar
• 7:02
  Speaker 7: to a Baltimore. But no one's really looking there. You
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  Speaker 7: don't hear about black folks from Milwaukee.
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  Speaker 6: Black people don't leave. It's just a thing. Average.
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  Speaker 7: I think media income in Milwaukee for a black person
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  Speaker 7: is twenty eight thousand dollars.
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  Speaker 6: A black family twenty one thousand dollars family like a family.
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  Speaker 7: Of four, just a family period, a black family, let's
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  Speaker 7: say two parent family three to four is not always
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  Speaker 7: two parents, but twenty eight thousand dollars is an average
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  Speaker 7: for a family in Milwaukee. And that's very much so
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  Speaker 7: with me, my friends, my family, everybody. That's my roots,
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  Speaker 7: that's who I am, that's where I'm from.
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  Speaker 6: But I needed to break that. So I went to school.
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  Speaker 7: All of my all of my family were influenced by
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  Speaker 7: my grandfather who was a very successful street pharmacist.
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  Speaker 6: And yeah, I the language yet that which is important.
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  Speaker 4: It's important that we're gonna file that where we had
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  Speaker 4: returning citizens.
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  Speaker 7: Yeah, for sure, that's going to that same the China citizens.
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  Speaker 7: Any checked your needout. She actually was the first person
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  Speaker 7: I heard returning citizens. But yeah, so he was a
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  Speaker 7: street pharmacist and he influenced my entire family. He was
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  Speaker 7: an entrepreneur. He was really you know, it was the
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  Speaker 7: first millionaire in the family. By the time I came,
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  Speaker 7: he got hit with the Rica Law and we didn't
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  Speaker 7: have any money again, so I didn't really have that benefit.
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  Speaker 6: But I say that to say.
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  Speaker 7: I was the one that wanted to change the trajectory
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  Speaker 7: of the entire family. So I went to school, did
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  Speaker 7: it a different way. I was always like the chosen one.
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  Speaker 7: It's like, okay, cool, you got it. Went out to school,
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  Speaker 7: grew up in the Milwaukee public school system, was actually
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  Speaker 7: one of the worst in the country as well. Wear
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  Speaker 7: that on my sleeve because you know, you can come
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  Speaker 7: from any environment and make it right the fact. So
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  Speaker 7: when went on to school, went on the Marque University
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  Speaker 7: study economics, mining in sociology, So I think that kind
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  Speaker 7: of gave me the background that I needed in real
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  Speaker 7: estate economics, understanding capitalism. A lot of people think money
• 8:54
  Speaker 7: is bad when it.
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  Speaker 6: Really is just a tool.
• 8:57
  Speaker 7: It's a tool to leverage in a way that you
• 8:59
  Speaker 7: do any other tool. Right, So study economics, but also
• 9:02
  Speaker 7: study sociology. How do people fit within this? How does
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  Speaker 7: the people from the hood fit within this capitalistic society
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  Speaker 7: that we live within.
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  Speaker 6: So that was my foundation.
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  Speaker 7: Then my senior year, junior, senior year, fourth year, I
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  Speaker 7: took a program called the ACRE program, which stands for
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  Speaker 7: Associates and Commercial real Estate, and that pretty much exposed
• 9:25
  Speaker 7: me to what commercial real estate development was because like
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  Speaker 7: many other folks, I hear real estate and like, do
• 9:30
  Speaker 7: you think of a broker, You think of a realtor,
• 9:32
  Speaker 7: But there's so many other things when it comes to
• 9:34
  Speaker 7: real estate. You like so many professions. So when you
• 9:38
  Speaker 7: think about a development process, a civil engineer, environmental engineer,
• 9:42
  Speaker 7: geotechnical engineer, an architect, a contractor, a developer, a lender,
• 9:48
  Speaker 7: there's so many different avenues that you can get into.
• 9:50
  Speaker 7: So that program exposed me to that, and then it's like, okay, well,
• 9:54
  Speaker 7: developers make a lot of money. I wanted financial freedom
• 9:57
  Speaker 7: and I wanted some flexibility.
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  Speaker 6: So I was like, okay, well.
• 10:00
  Speaker 7: I think I want to do this, and then that's
• 10:02
  Speaker 7: when I started on my real estate path. While doing that,
• 10:05
  Speaker 7: I got my hands on a book called The People's Principles,
• 10:08
  Speaker 7: which was written by Don Peebles. Don Peebles, billionaire black
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  Speaker 7: developer from DC. That's where it started, then moved on
• 10:14
  Speaker 7: to Miami and went to Vegas and now it's based
• 10:18
  Speaker 7: in New York.
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  Speaker 6: And read this book. Really was inspired by.
• 10:23
  Speaker 7: The really technical things that he said within it. It's like,
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  Speaker 7: this is how I became what I became. And I
• 10:29
  Speaker 7: was like, oh, this is great. Okay, well I'm a
• 10:31
  Speaker 7: follow a similar path which is doing my way. So
• 10:35
  Speaker 7: in twenty seventeen, I got my twenty sixteen, I got
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  Speaker 7: my first low income housing tax credit. So affordable housing
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  Speaker 7: developments in the past were financed through Section eight. So
• 10:45
  Speaker 7: if you think about a Section eight property, Kabrini Greens
• 10:47
  Speaker 7: in Chicago. You know some of these really large berry
• 10:50
  Speaker 7: farms in DC, really large complexes three four hundred units
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  Speaker 7: and really just clusters of poverty. That's how they were
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  Speaker 7: financing it. But now they use a tool called Section
• 11:01
  Speaker 7: forty two IRIS Code, which is a tax credit. So
• 11:05
  Speaker 7: we are given a tax credit that we sell to
• 11:08
  Speaker 7: an investor and use that to finance the project.
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  Speaker 2: Can you can you explain that a little bit, because yeah,
• 11:12
  Speaker 2: we Section eight. I think most people know what sectionate is, right,
• 11:15
  Speaker 2: where it's like it's government and they subsidize housing, right,
• 11:18
  Speaker 2: and but section that you don't have to live in
• 11:21
  Speaker 2: the projects, like you can have a house.
• 11:23
  Speaker 6: So there's two different types.
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  Speaker 7: There's Section eight project based vouchures, so projects got the
• 11:29
  Speaker 7: Section eight assistance, but then they were also like people
• 11:33
  Speaker 7: based boxing, right where you can.
• 11:34
  Speaker 2: Take that you go into like a house, and they
• 11:37
  Speaker 2: pay the landlord. So what's the new way?
• 11:40
  Speaker 7: Section forty two is the primary tool for affordable housing.
• 11:43
  Speaker 7: There's still some Section eight, there's still some vouchures, but
• 11:46
  Speaker 7: Section forty two just really high level. If you think
• 11:50
  Speaker 7: about a building, and you think about developing a building,
• 11:54
  Speaker 7: it may cost forty million dollars to develop a building, right.
• 11:59
  Speaker 6: Tip.
• 12:00
  Speaker 7: In order to fund that building, you need rents that'll
• 12:03
  Speaker 7: pay you enough to then get a bank to give
• 12:07
  Speaker 7: you a loan, So you need a construction loan, and
• 12:09
  Speaker 7: then you need permanent financing. So in order to get
• 12:12
  Speaker 7: the construction loan, one of the threshold items is, hey,
• 12:15
  Speaker 7: how much is the loan to value of this projected property.
• 12:18
  Speaker 6: So if your.
• 12:19
  Speaker 7: Value based on rents being at fifteen hundred dollars a month,
• 12:22
  Speaker 7: it equates to forty million dollars.
• 12:24
  Speaker 6: You can then build.
• 12:26
  Speaker 3: Who's doing the assessment of how much each.
• 12:28
  Speaker 6: One is worth? Each unit? The market kind of determines that.
• 12:33
  Speaker 7: So drilling deeper into that, let's say fifteen hundred per
• 12:38
  Speaker 7: equates to forty million dollars. Let's say now you're in
• 12:42
  Speaker 7: an area that rents can only be seven hundred and
• 12:44
  Speaker 7: fifty dollars per People still need to live, but we
• 12:47
  Speaker 7: still need additional housing. In order to build that, the
• 12:50
  Speaker 7: government created a tax credit that subsidized developers for the difference.
• 12:56
  Speaker 7: So if the seven fifty gives me twenty million, I
• 13:00
  Speaker 7: effectively are gonna get I'm gonna get twenty million in
• 13:02
  Speaker 7: a tax credit to then make it balance.
• 13:04
  Speaker 6: And make it work.
• 13:05
  Speaker 5: They so they'll pay you the developer.
• 13:08
  Speaker 2: They pay the project, they say, the project. They pay,
• 13:10
  Speaker 2: not you personally, but they fund the project.
• 13:13
  Speaker 7: And they allocate a tax credit to the developer to
• 13:16
  Speaker 7: sell on behalf of.
• 13:17
  Speaker 4: The project, so they pay that the person paid seven
• 13:19
  Speaker 4: hundred and one thousand dollars if it was seventeen hundred
• 13:21
  Speaker 4: and one thousand dollars is being paid.
• 13:23
  Speaker 7: Through through the tax credit upfront, and in exchange for
• 13:28
  Speaker 7: the tax credit, you have to restrict the rents for
• 13:31
  Speaker 7: a certain amount of time fifteen years, thirty years, et cetera.
• 13:34
  Speaker 7: And the rent is like market based. Yeah, so it's
• 13:37
  Speaker 7: based on the area median income. So that's really like
• 13:41
  Speaker 7: how they determine it. And they have different thresholds. So
• 13:44
  Speaker 7: a thirty percent unit is like very low income, a
• 13:47
  Speaker 7: fifty percent unit and a sixty percent unit is what we.
• 13:50
  Speaker 6: Will call workforce or affordable housing.
• 13:53
  Speaker 7: And then you have eighty percent units as well that
• 13:55
  Speaker 7: can be financed through this tax credit. And that's based
• 13:59
  Speaker 7: on So take the one hundred thousand dollars area media
• 14:02
  Speaker 7: income in DC, UH fifty percent unit is fifty thousand dollars.
• 14:07
  Speaker 7: If a person makes fifty thousand dollars in DC, they
• 14:10
  Speaker 7: can qualify for affordable housing under this threshold. You take
• 14:14
  Speaker 7: thirty percent of that income divided bout twelve months. That's
• 14:17
  Speaker 7: how you come out to the rent amount that you
• 14:19
  Speaker 7: can pay okay.
• 14:20
  Speaker 5: So okay, yeah, so it's a little deep. Sorry, No,
• 14:23
  Speaker 5: that's that's right, up eyol. That's what we do. That's
• 14:26
  Speaker 5: the whole. It's right, A lot of numbers right in
• 14:28
  Speaker 5: line with our content. So you meet you meet Don.
• 14:31
  Speaker 5: People's right, yeah, and how does that go?
• 14:35
  Speaker 6: Yeah?
• 14:35
  Speaker 7: So twenty seventeen, I jumped out. He was speaking at
• 14:38
  Speaker 7: a conference in DC, and I was like, I have
• 14:41
  Speaker 7: to meet this guy. So I still by the door,
• 14:44
  Speaker 7: very to nice said, I'm an ambitious guy by nature,
• 14:47
  Speaker 7: a type personality. If I want time, I'm gonna go
• 14:49
  Speaker 7: get it. And I wanted to meet him, so I
• 14:50
  Speaker 7: went introduced myself. I just received that tax credit. That's
• 14:54
  Speaker 7: why I wanted to get a story, just receive the
• 14:56
  Speaker 7: tax credit. I was about to develop my first project.
• 14:59
  Speaker 7: Hey Don, what's up branding? I got my first project in,
• 15:02
  Speaker 7: I got a couple more of my pipeline. Would love
• 15:05
  Speaker 7: to connect. And he was impressed by what I was
• 15:08
  Speaker 7: doing because my age. I think I was twenty six
• 15:10
  Speaker 7: twenty seven at the time, and his first project I
• 15:13
  Speaker 7: was twenty seven. He was awarded his first project at
• 15:16
  Speaker 7: twenty seven as well. So I was on that path.
• 15:19
  Speaker 7: It's like Okay, yeah, this is the only black billionaire
• 15:21
  Speaker 7: doing what I'm doing.
• 15:22
  Speaker 6: I need to meet him.
• 15:23
  Speaker 7: So we met, had a phone call about a month later,
• 15:26
  Speaker 7: and the biggest takeaway I took from that phone call
• 15:28
  Speaker 7: was he said, work on larger deals. So at that
• 15:31
  Speaker 7: time I did was twelve and a half million. I
• 15:34
  Speaker 7: had another deal that was about fourteen million, and I
• 15:36
  Speaker 7: had another deal that was like seven million. The fourteen
• 15:39
  Speaker 7: million dollar deal was a market rate. It wasn't an
• 15:41
  Speaker 7: affordable housit development actually never went through. I'll talk on
• 15:44
  Speaker 7: that too, But I needed to raise about one and
• 15:48
  Speaker 7: a half from equity investors in order to finance the project.
• 15:53
  Speaker 7: And you just, you know, go out to folks, get
• 15:55
  Speaker 7: one hundred thousand here, two fifty there, you know, et cetera,
• 15:58
  Speaker 7: et cetera, and he pray much just put it in
• 16:01
  Speaker 7: perspective for me, said, I just raised five hundred million
• 16:04
  Speaker 7: dollars in New York and this is the easiest money
• 16:06
  Speaker 7: ever raise. Because institutional capital, the demand on that is
• 16:11
  Speaker 7: so it's so much so, it's so much less than
• 16:15
  Speaker 7: the demand on every day individuals and investments. Because you
• 16:19
  Speaker 7: can invest in stocks, you can invest in bonds, you
• 16:20
  Speaker 7: can invest in a different real estate project, you can
• 16:23
  Speaker 7: invest in your kids college fund. Individuals have so many options,
• 16:26
  Speaker 7: but institutional capital needs places to put this money. So
• 16:30
  Speaker 7: he told me to work on larger deals, and I said,
• 16:33
  Speaker 7: about three months later I moved to DC.
• 16:35
  Speaker 2: That reminds me of three stories, So I'll take it
• 16:39
  Speaker 2: one by one. Well, first off, you know how one
• 16:43
  Speaker 2: of the people that really got don people's into the game,
• 16:47
  Speaker 2: Barry and Barry for sure. You know that legend, DC
• 16:50
  Speaker 2: legend rest in peace. So that's one story. The second
• 16:54
  Speaker 2: story is that that also that what you said reminds me.
• 16:57
  Speaker 2: I watched the interview with Magic Johnson and called a
• 17:00
  Speaker 2: shout out to both of them, and Magic told Maverick
• 17:03
  Speaker 2: he said, the same amount of time that it takes
• 17:07
  Speaker 2: to do a deal for one million, it takes to
• 17:10
  Speaker 2: do one hundred million, So do one hundred million because.
• 17:14
  Speaker 7: It's the same energy. It's same energy. It's not like
• 17:18
  Speaker 7: it's not you have to do additional energy. It's the
• 17:20
  Speaker 7: same energy output. It's just you're focusing your energy on
• 17:23
  Speaker 7: the small guy level. You can focus your energy on big,
• 17:27
  Speaker 7: or you can focus your ines on small. The third
• 17:29
  Speaker 7: one was Byron Allen. He was on a breakfast club,
• 17:35
  Speaker 7: and he just said what you said. As far as
• 17:36
  Speaker 7: like what, especially in institutions, a lot of times they
• 17:38
  Speaker 7: have a problem where they have to they have to
• 17:40
  Speaker 7: spend money.
• 17:41
  Speaker 6: They have to they have to spend money.
• 17:42
  Speaker 2: They raised it. They have exactly there looking for. They
• 17:46
  Speaker 2: have whole teams devoted to look for opportunities, which means
• 17:50
  Speaker 2: they have whole teams devoted to look to say where
• 17:52
  Speaker 2: can I give money away to different deals? And how
• 17:55
  Speaker 2: can I position this Because I have five hundred million
• 17:59
  Speaker 2: dollars at the sothing.
• 18:01
  Speaker 7: It was just five hundred so it's real raise your
• 18:04
  Speaker 7: hand please, So, but you have to understand the key
• 18:08
  Speaker 7: to that. You have to understand that language. It's a
• 18:10
  Speaker 7: language of finance. That's the way I look at it.
• 18:12
  Speaker 7: It's no different from English verse Spanish. We all know English,
• 18:16
  Speaker 7: some people know Spanish, some people know finance.
• 18:18
  Speaker 6: It's just a language.
• 18:19
  Speaker 7: And if you understand the language, and if you understand
• 18:21
  Speaker 7: what they are saying and what they are looking for,
• 18:23
  Speaker 7: you can make it work.
• 18:24
  Speaker 2: So how did you I'm interested to notice because you
• 18:26
  Speaker 2: started in the game very young twenty early twenties and
• 18:30
  Speaker 2: twenty three. You know humble beginnings, like your family was
• 18:34
  Speaker 2: in real estate. So how do you get your first deal?
• 18:37
  Speaker 2: How do you learn the language? How do you get
• 18:39
  Speaker 2: your first deal in real estate as a developer? Like
• 18:42
  Speaker 2: how does that? Can you walk me through that process,
• 18:44
  Speaker 2: like your very first deal, Like how does that happen?
• 18:47
  Speaker 7: So my first deal was actually a four unit investment.
• 18:49
  Speaker 7: It was a real estate investment type. Okay, it was
• 18:52
  Speaker 7: a hud home on the north west side of Milwaukee
• 18:54
  Speaker 7: by Hoole. Yeah, I just sold it about a year
• 18:58
  Speaker 7: and a half ago. I bought that when I was
• 19:00
  Speaker 7: twenty three. So let me rewind. Three and a half
• 19:05
  Speaker 7: percent down it was only eighty five thousand dollars and
• 19:07
  Speaker 7: I sawed for like one sixty So that was like,
• 19:10
  Speaker 7: well played different, you know, it makes sense. So that
• 19:14
  Speaker 7: was my entry entry point, but rewinding. So once I
• 19:18
  Speaker 7: finished the acre program, I'm like, Okay, this real estate
• 19:20
  Speaker 7: thing is cool. I think I want to figure out
• 19:21
  Speaker 7: how to be a developer. I spent a lot of
• 19:23
  Speaker 7: time trying.
• 19:24
  Speaker 6: To put the pieces of the puzzles together. So I
• 19:26
  Speaker 6: started going to events.
• 19:27
  Speaker 7: I went to a ton of conferences, a ton of seminars, gallas,
• 19:32
  Speaker 7: all types of things. I was just searching for people
• 19:35
  Speaker 7: and information and knowledge, and I equated it to like
• 19:38
  Speaker 7: putting together a puzzle.
• 19:40
  Speaker 6: Right, It's like, if this is the real estate.
• 19:42
  Speaker 7: Puzzle, how do I find the pieces and then how
• 19:45
  Speaker 7: do I put them together? So I met a guy
• 19:47
  Speaker 7: by the name of Keith Broaden. No. First, I went
• 19:50
  Speaker 7: to an awards bank Will called the Mandy Awards's Community
• 19:54
  Speaker 7: Development Awards in the city of Milwaukee. I'm actually up
• 19:57
  Speaker 7: for I'm a finalist of a real estate awards. O.
• 20:00
  Speaker 5: So congratulations, thank you. I'm sure you'll win.
• 20:02
  Speaker 6: Yeah, appreciated this episode put over the finish line. So yeah.
• 20:08
  Speaker 7: I went to this awards banquet and I met a
• 20:11
  Speaker 7: gentleman by the name of Wayman Winston Waymon Winston was
• 20:13
  Speaker 7: the executive director of Weeda. Weeda is the housing authority
• 20:16
  Speaker 7: that a ministers the longcome housing tax credits. So I
• 20:20
  Speaker 7: was like, yeah, I want to be a developer, et cetera,
• 20:22
  Speaker 7: et cetera. He was like, well, if you want to
• 20:23
  Speaker 7: be a developer, come to this conference. This is the
• 20:25
  Speaker 7: developers conference. It's going to be all developers. There's gonna
• 20:28
  Speaker 7: be lenders, there's gonna be architects, syndicators, anyone that plays
• 20:31
  Speaker 7: in this arena. In the State of Wisconsin will be
• 20:34
  Speaker 7: here at the conference. Conference is like a couple of
• 20:36
  Speaker 7: hundred dollars. I didn't have. It ended up getting sponsored somehow.
• 20:40
  Speaker 7: I think I like figured out a way to fin
• 20:42
  Speaker 7: my way up there. So you know, I threw on
• 20:45
  Speaker 7: a suit. I had a little nappy frow at the time,
• 20:47
  Speaker 7: and I just was meeting everyone I could meet, and
• 20:49
  Speaker 7: I ran into this gentleman who I just saw.
• 20:51
  Speaker 6: A few weeks ago. Keith brought next.
• 20:53
  Speaker 7: He was working at Great Lakes Capital which is now
• 20:56
  Speaker 7: call sing There their syndication firm. They raised fun and
• 21:00
  Speaker 7: then the minister they pretty much purchased the tax credits
• 21:04
  Speaker 7: on behalf of investors, and he gave me my first
• 21:06
  Speaker 7: pro former. So a performer is essentially an Excel document
• 21:12
  Speaker 7: that pretty much is the business plan for real estate development.
• 21:16
  Speaker 6: And what that does.
• 21:16
  Speaker 7: It allows you to understand how much this will cost
• 21:21
  Speaker 7: to build and how it will perform over the next
• 21:24
  Speaker 7: fifteen to thirty years. So he gave me this performer
• 21:27
  Speaker 7: and I had no clue what it was. I wasn't
• 21:30
  Speaker 7: really a finance I was an economics major, but I
• 21:33
  Speaker 7: wasn't a math or finance guy really, So I was
• 21:36
  Speaker 7: just diving in and I tried to figure it out.
• 21:38
  Speaker 6: So I would like google every term. You know.
• 21:40
  Speaker 7: Google university is a thing, YouTube university is a thing.
• 21:44
  Speaker 6: You know.
• 21:44
  Speaker 7: I was googling every single term trying to understand.
• 21:47
  Speaker 2: You know what else today eyl university.
• 21:52
  Speaker 6: That's the thing you need. It's a real thing, okay,
• 21:54
  Speaker 6: but even better you know, by us.
• 21:57
  Speaker 7: So yeah, I was just googling all of the terms
• 22:01
  Speaker 7: within this document and I just started to work in it.
• 22:04
  Speaker 6: So I was working at the bank at the time.
• 22:06
  Speaker 7: I was working at pen and C Bank as a
• 22:07
  Speaker 7: personal banker and making twenty three thousand dollars a year.
• 22:10
  Speaker 7: And I was like, man, I can't this is my life, Like,
• 22:13
  Speaker 7: I'm not about to just be wearing these nice suits,
• 22:15
  Speaker 7: getting up at six in the morning, get home at
• 22:16
  Speaker 7: six pm.
• 22:17
  Speaker 6: Doing this for the rest of my life. I can't
• 22:19
  Speaker 6: do it.
• 22:19
  Speaker 7: So I would then get off work and then go
• 22:22
  Speaker 7: back to work from seven to midnight, seven to one,
• 22:24
  Speaker 7: seven to two.
• 22:25
  Speaker 6: Every single day.
• 22:26
  Speaker 7: I was in that pro form of working for years, educating,
• 22:30
  Speaker 7: educating myself in that no articles, pub no press, no publication,
• 22:35
  Speaker 7: no payments, every single day I was working. So what
• 22:39
  Speaker 7: then happened was I realized that I was only making
• 22:42
  Speaker 7: about fifteen hundred after taxes per month. And then I
• 22:47
  Speaker 7: came across this four unit that was eighty five thousand
• 22:50
  Speaker 7: dollars in Milwaukee. In Milwaukee, so I put three and
• 22:53
  Speaker 7: a half percent down. I was running out there. I
• 22:55
  Speaker 7: think the rents were about six hundred apiece, maybe six
• 22:59
  Speaker 7: twenty five, you know, do the math on that twenty
• 23:03
  Speaker 7: four My mortgage was about one thousand, So I was
• 23:06
  Speaker 7: clearing fourteen just off of this when I was only
• 23:10
  Speaker 7: clearing fifteen at the bank. I quit my job the
• 23:13
  Speaker 7: moment I bought the four unit. I couldn't quit before
• 23:15
  Speaker 7: because I needed to show the income to.
• 23:17
  Speaker 6: About a four yunit. But once I once I closed,
• 23:20
  Speaker 6: I quit. I was out of there.
• 23:21
  Speaker 7: That then gave me the freedom to dig deeper into
• 23:24
  Speaker 7: this real estate thing. Now you spend in the entire time,
• 23:26
  Speaker 7: all my time, energy and effort was going towards real
• 23:29
  Speaker 7: estate development.
• 23:30
  Speaker 6: Specifically. I knew investing was cool, but I.
• 23:33
  Speaker 7: Wanted to figure out how to be a developer because
• 23:36
  Speaker 7: the fees associated with it are great. You know, just
• 23:38
  Speaker 7: to break it down, for real developer doesn't get a
• 23:41
  Speaker 7: forty million dollar payment or anything like that. But you
• 23:45
  Speaker 7: on the market right side, you may see three to
• 23:47
  Speaker 7: six percent of the total costs. So if you're working
• 23:50
  Speaker 7: on a one hundred million dollar deal, do the math.
• 23:54
  Speaker 7: On the affordable side, you get about ten to fifteen
• 23:56
  Speaker 7: percent tennis to see really on the total project costs.
• 24:01
  Speaker 7: So you so so so if you do a forty
• 24:05
  Speaker 7: million dollar deal, you get ten percent.
• 24:07
  Speaker 5: That's four million dollars correct.
• 24:10
  Speaker 7: Yeah, yes, to ten to fifteen percent depending on what.
• 24:19
  Speaker 3: He took a ladder.
• 24:22
  Speaker 7: Somewhere, don't load somewhere around, respected respect it. So so
• 24:29
  Speaker 7: so to that point it was like, okay, let me
• 24:31
  Speaker 7: figure out how to do this development thing. I worked
• 24:33
  Speaker 7: in his model. Boom boom, boom bom. I saw the numbers.
• 24:35
  Speaker 7: So I'm like, oh, that making some real life money
• 24:37
  Speaker 7: in this thing. So figured it out, so I start working.
• 24:41
  Speaker 7: I met with him again, showed him and it was terrible.
• 24:44
  Speaker 7: He helped me met a consultant that does development consultant
• 24:48
  Speaker 7: and she was actually CPA as well, Charlena Brown basedide
• 24:53
  Speaker 7: of Atlanta. She helped me hone my skills when it
• 24:56
  Speaker 7: came to my performer, my model. So what we did
• 24:59
  Speaker 7: was just I was I would try to work in it.
• 25:01
  Speaker 7: I would send it to her, she would edit it,
• 25:02
  Speaker 7: send it back, and eventually I got good. It's like okay, yeah,
• 25:06
  Speaker 7: I know how to do a project. So then I
• 25:07
  Speaker 7: started looking for a project. So are you doing this
• 25:09
  Speaker 7: on a platform? What's the Excel? Microsoft ex sale? That
• 25:12
  Speaker 7: was on my computer? You could one hundred out a
• 25:14
  Speaker 7: computer from best Buy, download ex sale and you working.
• 25:18
  Speaker 6: That's it. That's it. You don't need any anything else.
• 25:22
  Speaker 7: So I'm just teaching myself all the language, teaching myself
• 25:25
  Speaker 7: how to do things.
• 25:28
  Speaker 6: So I started swinging at projects and I was missing.
• 25:31
  Speaker 6: But it was one.
• 25:32
  Speaker 7: It was a city on RFP request for a proposal,
• 25:34
  Speaker 7: very similar to the one that I just wanted Madison.
• 25:38
  Speaker 6: That one.
• 25:39
  Speaker 7: I ended up pitching it to a developer and I'm like, yo,
• 25:42
  Speaker 7: let's co develop this project. Here's my model for it.
• 25:45
  Speaker 7: Would you guys be willing to split the developer fee
• 25:47
  Speaker 7: and the ownership?
• 25:48
  Speaker 5: The model is?
• 25:49
  Speaker 7: What's what's the model is another name for the pro former?
• 25:52
  Speaker 5: My bad, what's the performer?
• 25:53
  Speaker 7: The performer is the business plan for real estate development
• 25:57
  Speaker 7: in the Excel.
• 25:58
  Speaker 3: In my mind, I'm taking developer, performer.
• 26:00
  Speaker 7: And model are They're the same thing? So I'm using
• 26:03
  Speaker 7: them interchangeably. So it's like it's like the blueprint. It's
• 26:06
  Speaker 7: the blueprint, the financial blueprint, financial blueprint for real estate development.
• 26:11
  Speaker 4: How does developer do the physical blueprint as well? Or
• 26:13
  Speaker 4: that's going to be somebody down the line with.
• 26:15
  Speaker 7: We outsourced some Some development shops can have an architectural
• 26:19
  Speaker 7: person on hand, but I outsource it.
• 26:21
  Speaker 2: So all right, So you you study, you learn, you
• 26:24
  Speaker 2: learn how to make a financial blueprint for a project
• 26:28
  Speaker 2: like this is my vision, this is financially how it
• 26:30
  Speaker 2: makes sense. You don't have any experience. So you go
• 26:33
  Speaker 2: to another established developer. They've done it all, they've done
• 26:37
  Speaker 2: it already, and you say, I already have the blueprint,
• 26:40
  Speaker 2: let's work together, and this week is split.
• 26:42
  Speaker 6: Yeah.
• 26:42
  Speaker 7: So so now I'm creating value. That's the key to
• 26:45
  Speaker 7: get any partnership. You have to create value for the
• 26:47
  Speaker 7: other person. It's not about what you want, is what
• 26:49
  Speaker 7: they want and how can you give it for them?
• 26:51
  Speaker 6: Right?
• 26:52
  Speaker 7: So it's like, okay, I mean, I'm gonna give you
• 26:54
  Speaker 7: all a real number. So I think that project was
• 26:56
  Speaker 7: let's say ten million dollars. It was a ten million
• 26:58
  Speaker 7: dollars deal. You know, nine was twelve percent So we
• 27:01
  Speaker 7: was at one point two and I'm like, all right, well,
• 27:04
  Speaker 7: can we go.
• 27:05
  Speaker 6: Fifty to fifty on it? All right, let's have let's
• 27:09
  Speaker 6: take a risk, let's let's apply for it.
• 27:11
  Speaker 7: See if we get it. If so, let's trigger it out.
• 27:13
  Speaker 7: If not, cool, keep it pushing. So I pitched it,
• 27:18
  Speaker 7: and at that point I knew it's like, wait a minute,
• 27:21
  Speaker 7: I just created six hundred thousand dollars just from my mind.
• 27:24
  Speaker 6: With a developer that does this for real, so I
• 27:27
  Speaker 6: cannot do it.
• 27:28
  Speaker 7: I was probably like twenty four, twenty five maybe, so
• 27:32
  Speaker 7: that was the first time I actually knew.
• 27:33
  Speaker 6: Shortly thereafter I actually took a job. It was very intentional.
• 27:37
  Speaker 3: So a twenty four you got the six hundred Nah.
• 27:39
  Speaker 7: That never went through work, that never worked out, but
• 27:41
  Speaker 7: they agreed to it. But they agreed to it, and
• 27:43
  Speaker 7: that's all I needed to know that I can do possible.
• 27:45
  Speaker 7: It was possible at that point. I'm here, I'm a developer.
• 27:48
  Speaker 5: Now you can't.
• 27:49
  Speaker 7: Ain't nobody taking this from me. So I ended up
• 27:52
  Speaker 7: getting a job surely there after. I didn't get that
• 27:55
  Speaker 7: money was running low. Yeah, I had the you know,
• 27:57
  Speaker 7: four unit things like that. That was fine, but I
• 27:59
  Speaker 7: got a job working at a cd OFFI a real job,
• 28:03
  Speaker 7: A real job, Okay, yeah, real job. What's a cd
• 28:05
  Speaker 7: A CD of FI is a community development financial institution.
• 28:08
  Speaker 5: Oh yeah, we we just learned about that. Yeah.
• 28:10
  Speaker 6: Sorry about I'm I'm a slow learner.
• 28:13
  Speaker 3: Yeah, I think I heard.
• 28:14
  Speaker 6: There was a young lady.
• 28:17
  Speaker 4: There was a young lady here was talking just about
• 28:19
  Speaker 4: the CDFIs, right, so bright.
• 28:23
  Speaker 7: Yeah, shout out to the bright woman. Uh so, yeah,
• 28:27
  Speaker 7: I worked. I ended up getting a job. It was
• 28:30
  Speaker 7: actually half time for two CDFIs. I was the only
• 28:32
  Speaker 7: person in the country to do this. But I worked
• 28:35
  Speaker 7: for Forward Community Investments. They were a mission based community
• 28:39
  Speaker 7: lender that provided loans to small businesses and then in
• 28:42
  Speaker 7: Community Reinvestment Fund. They were a national nonprofit that did
• 28:46
  Speaker 7: the same thing in a different way. So one was
• 28:48
  Speaker 7: a state based focused on Wisconsin. The other one was national,
• 28:52
  Speaker 7: also targeting Milwaukee. So I worked at home. I worked remotely,
• 28:55
  Speaker 7: so I was really more of a contractor for real.
• 28:57
  Speaker 7: I worked remotely from home for both of these comes companies,
• 29:01
  Speaker 7: really going out doing technical assistance with businesses and understanding
• 29:05
  Speaker 7: what the gaps were that why aren't we giving this
• 29:09
  Speaker 7: money out? Like I had access to one of them
• 29:12
  Speaker 7: was from fifty thousand to five million dollars in lending.
• 29:16
  Speaker 7: That was my lending capacity personally, I can like give
• 29:19
  Speaker 7: that out to businesses.
• 29:20
  Speaker 6: So I was like, oh, this is great.
• 29:22
  Speaker 7: It was very much so aligned with my vision and
• 29:23
  Speaker 7: my mission, and I was able to sit in on
• 29:25
  Speaker 7: the credit committees of these different companies. So when it
• 29:28
  Speaker 7: came to like applying for loans and applying for some
• 29:32
  Speaker 7: of these things, I knew exactly what they were looking
• 29:34
  Speaker 7: for because I was sitting in there.
• 29:35
  Speaker 6: So I worked there for two years.
• 29:36
  Speaker 3: Who what type of clientele or clients to what you're seeing?
• 29:40
  Speaker 7: Primarily business? For Community Grein Investment CRF, it was business clients.
• 29:45
  Speaker 7: So I was looking at bars, I was looking at pubs,
• 29:48
  Speaker 7: I was looking at cleaning companies, I was looking at
• 29:53
  Speaker 7: It was a full gamut. And then for community investments
• 29:56
  Speaker 7: it was more so real estate base for real So.
• 29:58
  Speaker 2: You was on the inside the of the institution and
• 30:01
  Speaker 2: you you knew what they were looking for to lend money.
• 30:04
  Speaker 2: You used that when you left to get them to
• 30:08
  Speaker 2: lend you money because you alreadyknew what they were looking for.
• 30:11
  Speaker 6: It didn't really work out that way. That was the idea.
• 30:15
  Speaker 7: But now I know how all of the groups worked
• 30:17
  Speaker 7: the same, So yeah, I used that same tactic to
• 30:19
  Speaker 7: get all of the rest of it.
• 30:20
  Speaker 2: What were they looking for, like, what made you attractive?
• 30:24
  Speaker 2: Not you, I'm just saying, we'll make somebody attractive to somebody.
• 30:26
  Speaker 7: Honestly, it's a huge gap. So I thought that I
• 30:29
  Speaker 7: would be given out a ton of money. But and
• 30:31
  Speaker 7: I had access to the capitol, but I couldn't give
• 30:33
  Speaker 7: it out what they were looking for. It was a disconnect.
• 30:35
  Speaker 7: It's like our people are here and their money is here.
• 30:40
  Speaker 7: And I felt like it was my duty to kind
• 30:41
  Speaker 7: of like bridge that gap. But that gap so they
• 30:43
  Speaker 7: were looking for honestly, pretty traditional.
• 30:47
  Speaker 6: Things, you know.
• 30:47
  Speaker 7: It's like reserves, some serve some you know may or
• 30:53
  Speaker 7: may not do a startup, so you might have to
• 30:55
  Speaker 7: have some income. Collateral is the biggest thing in our community.
• 30:59
  Speaker 7: That was that's the biggest guy. We don't have collateral.
• 31:02
  Speaker 7: If you think about history, a lot of businesses were
• 31:05
  Speaker 7: funded because people owned real estate. Right you were able
• 31:09
  Speaker 7: to get business loans because you can put your house up. Millennials,
• 31:14
  Speaker 7: we I'm a millennium, you know, so that is a challenge.
• 31:19
  Speaker 7: That is a shift in the marketplace that I don't
• 31:21
  Speaker 7: think has been identified yet. So we all of our
• 31:24
  Speaker 7: people are like, yo, we don't.
• 31:26
  Speaker 6: Have any money. We don't have any money, We don't
• 31:28
  Speaker 6: have any money.
• 31:30
  Speaker 4: This episode is brought to you by P and C Bank.
• 31:32
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• 34:19
  Speaker 7: It's such an access to capital gap, which there is,
• 34:21
  Speaker 7: but on the other side they're streaming, Oh, we have
• 34:23
  Speaker 7: so much money and we can't deploy it. That's what
• 34:27
  Speaker 7: happens every single time you talk to anyone in that industry,
• 34:29
  Speaker 7: and that's what they're going to tell you.
• 34:31
  Speaker 2: All right, all right that So now we're going to
• 34:34
  Speaker 2: go into the next seven. We're going to talk about
• 34:37
  Speaker 2: like your journey into developing, like how you find a
• 34:40
  Speaker 2: deal like all of.
• 34:41
  Speaker 5: The one O one on on the on the whole, Yeah,
• 34:44
  Speaker 5: on the whole, on the whole deal.
• 34:45
  Speaker 2: Okay, do that next, Yeah, let's break it down then
• 34:47
  Speaker 2: all right, all right, so now we now we're going
• 34:49
  Speaker 2: to ask a few questions that I think people will
• 34:52
  Speaker 2: be interested in as far as you know. One thing
• 34:54
  Speaker 2: with ey Ls, we like we talk about different topics
• 34:57
  Speaker 2: that nobody really knows. Is like, don't really have an
• 34:59
  Speaker 2: education all this stuff. So as a real estate developer, right,
• 35:04
  Speaker 2: so you you do the financial blueprint, but now you
• 35:08
  Speaker 2: actually have to develop it. But development costs a lot
• 35:11
  Speaker 2: of money to scale these projects, right, so how like,
• 35:16
  Speaker 2: how does that part of it work as far as
• 35:19
  Speaker 2: the construction aspect of it and actually developed it?
• 35:24
  Speaker 3: Because in my mind I'm thinking of development.
• 35:26
  Speaker 4: Yeah, you're making the financial blueprint, but I'm like, you're
• 35:29
  Speaker 4: not even seeing a physical output before you start or
• 35:33
  Speaker 4: do you know, like what you want this space to
• 35:35
  Speaker 4: look like going in?
• 35:37
  Speaker 6: Yeah? You create? You created it.
• 35:39
  Speaker 7: So the developer is the one that creates the vision
• 35:41
  Speaker 7: in his mind. Very similar to a director of a movie. Right, Okay,
• 35:44
  Speaker 7: Like they don't they don't. They're not the actor, they're
• 35:48
  Speaker 7: not the they're not the scriptwriter oftentimes, but they bring
• 35:53
  Speaker 7: it all to fruition and this is the way that
• 35:54
  Speaker 7: it needs to go. So a developer, let's rewind a
• 35:57
  Speaker 7: little bit real estate development is a business process that
• 36:02
  Speaker 7: takes land and you put real estate on it.
• 36:06
  Speaker 6: So very simple. There go a little deeper.
• 36:08
  Speaker 7: So I'm a commercial real estate developer, so I'm pretty
• 36:11
  Speaker 7: much doing that at just a larger scale. And there's
• 36:14
  Speaker 7: different sections of it, right, So I guess let's say
• 36:18
  Speaker 7: break it down into three phases. There's a pre development
• 36:20
  Speaker 7: phase where you do the design and you get the
• 36:23
  Speaker 7: financials in order and you talk through some of those things.
• 36:26
  Speaker 7: The second phase of the construction phase, to your point,
• 36:29
  Speaker 7: that's when you go and you're actually building the project
• 36:31
  Speaker 7: and you're managing the budget to make sure that this
• 36:34
  Speaker 7: is on time and on budget, because if the cost
• 36:38
  Speaker 7: of your development is more than what you anticipated, then
• 36:41
  Speaker 7: when the recession hit, that's kind of what happened, Like
• 36:43
  Speaker 7: you saw buildings that were halfway developed and people stepped
• 36:46
  Speaker 7: away because there was not enough money to continue to
• 36:50
  Speaker 7: the project, complete the project. And then the last phase
• 36:52
  Speaker 7: is operation. It's a pre development, construction, and operation. A
• 36:56
  Speaker 7: developer pretty much runs that entire phase from beginning to end.
• 37:02
  Speaker 7: So let's break them down. Predevelopment phase you have I
• 37:05
  Speaker 7: typically start off with zoning and entitlement. It's like Okay,
• 37:10
  Speaker 7: I have a piece of land here. How large is
• 37:13
  Speaker 7: Let's say it's an acre of land. Okay, based on
• 37:16
  Speaker 7: this acre, what is it zone?
• 37:18
  Speaker 6: For? What can I do here?
• 37:19
  Speaker 7: My base is typically multifamily, so it's like, okay, how
• 37:22
  Speaker 7: many units can I put on here? Let's say you
• 37:25
  Speaker 7: know an acre is forty three thousand square feet Depending
• 37:30
  Speaker 7: on where you are, they based zoning off of Florida
• 37:33
  Speaker 7: area ratio, So this thing called far. So let's say
• 37:37
  Speaker 7: it's two times far, so you can put if it's
• 37:42
  Speaker 7: an FAR two, you can put a eight six thousand
• 37:47
  Speaker 7: square foot building on this parcel. And then you reverse
• 37:51
  Speaker 7: engineer how many units you can fit there, so eighty
• 37:53
  Speaker 7: two thousand square feet depending on the unit side, if
• 37:55
  Speaker 7: they're one in two bedrooms, you.
• 37:57
  Speaker 6: May be able to get ninety units. If they're you know, three.
• 38:00
  Speaker 7: Four bedrooms, you may be able to get sixty units.
• 38:03
  Speaker 7: And then based on the program, you create a vision
• 38:06
  Speaker 7: around what is attainable for the site. So I start
• 38:10
  Speaker 7: with the zoning and it's like okay, yeah, what can
• 38:12
  Speaker 7: I do? And then based on the zoning, I create
• 38:16
  Speaker 7: a financial model and dig a little deeper. And then
• 38:19
  Speaker 7: that's when I reach out to consultants to do some
• 38:21
  Speaker 7: of the other work. It's like, hey, architects, I want
• 38:24
  Speaker 7: to put seventy units right here?
• 38:26
  Speaker 6: Can I do that? What does that look like? You know?
• 38:29
  Speaker 6: Can I do underground parking here? Can I?
• 38:31
  Speaker 7: Can I have surface parking? How many stars can I fit?
• 38:34
  Speaker 7: And that kind of changes the iteration of that financial
• 38:38
  Speaker 7: model that I was working on. Okay, let me change
• 38:40
  Speaker 7: itself a little.
• 38:41
  Speaker 3: How long does that first that preprocess.
• 38:43
  Speaker 6: Take for you? No time for real at this point.
• 38:47
  Speaker 6: A couple of hours hours, A couple of hours.
• 38:49
  Speaker 3: Wow.
• 38:49
  Speaker 2: So that's and then the third second, third one is
• 38:52
  Speaker 2: the actual development right construction.
• 38:54
  Speaker 6: Second one is construction. So we're not even in construction yet.
• 38:57
  Speaker 7: So that's that's early, early, initial, just pre and then
• 39:00
  Speaker 7: what you do is like okay, I think I'm onto something.
• 39:03
  Speaker 7: And then you go get the site under control, so
• 39:05
  Speaker 7: you reach out to the land own er. Is it available?
• 39:07
  Speaker 7: Is it private? Is it public? Is it If it's
• 39:10
  Speaker 7: public land? Sometime they have RFPs and that's what I
• 39:12
  Speaker 7: was awarded with the forty one million. I was awarded
• 39:15
  Speaker 7: that land to now develop.
• 39:16
  Speaker 6: It by the state or the city.
• 39:18
  Speaker 7: That was city owned, but sometimes it's state owned. Sometimes
• 39:20
  Speaker 7: it's city, sometime it's county.
• 39:22
  Speaker 6: It varies.
• 39:23
  Speaker 7: So that was public, that's a public private partnership in
• 39:25
  Speaker 7: that way. But sometimes it's private. So when it's private land,
• 39:30
  Speaker 7: that's when you it's a little more difficult. Ah. Yeah,
• 39:34
  Speaker 7: it's a little more difficult because people value their land
• 39:38
  Speaker 7: the way that they value their land. It's no different
• 39:40
  Speaker 7: from a property. If you own a home, you may
• 39:43
  Speaker 7: feel like your home is worth five hundred thousand dollars.
• 39:46
  Speaker 7: The appraisal may say your home is worth two hundred
• 39:49
  Speaker 7: or one hundred. So when you go to that individual
• 39:53
  Speaker 7: and say, hey, this is my plan for this site,
• 39:56
  Speaker 7: y'all have to have some level of common ground to
• 39:58
  Speaker 7: make sure that this works because if they want five
• 40:01
  Speaker 7: times your number, it's not feasible you move on that
• 40:04
  Speaker 7: vision can't come to fruition because this is not a roadblock.
• 40:08
  Speaker 7: And then once once you then okay, yeah, I think
• 40:11
  Speaker 7: this will work around this price, I'll give you X
• 40:13
  Speaker 7: for it.
• 40:14
  Speaker 6: You want X fo it? Okay. What's the timing in DC?
• 40:18
  Speaker 7: I mean typically you gotta have a thirty day close,
• 40:21
  Speaker 7: sixty day close, like a quick no contingencies, no nothing.
• 40:24
  Speaker 7: In Wisconsin, I could you know sometime do a year
• 40:27
  Speaker 7: and a half without having to close on the financing.
• 40:30
  Speaker 7: And by close, I mean actually pay for the land.
• 40:33
  Speaker 7: You pay for the land typically when your financial at
• 40:38
  Speaker 7: construction start. So when you close on all your finances,
• 40:42
  Speaker 7: I got every all my ducks in the row. It
• 40:45
  Speaker 7: all comes to the table at the same time, and
• 40:47
  Speaker 7: it goes out to the various parties, one of those
• 40:49
  Speaker 7: parties being the land owner. They could walk away. I
• 40:52
  Speaker 7: now purchase it. I now can start construction, which is
• 40:54
  Speaker 7: now phase two.
• 40:55
  Speaker 4: So when you're in that phase and you try to
• 40:58
  Speaker 4: get the land, what's the bidding process?
• 41:00
  Speaker 3: Right? So you wore rewarded, awarded, all warded to land,
• 41:04
  Speaker 3: what kind of explained.
• 41:05
  Speaker 6: What that means.
• 41:06
  Speaker 3: But what's the process of bidding for it?
• 41:08
  Speaker 6: Yep too. So on the private side, no process. It's
• 41:12
  Speaker 6: just one to one. Can I buy this from you?
• 41:14
  Speaker 6: Or no?
• 41:15
  Speaker 7: And I've been told no because of my age and
• 41:17
  Speaker 7: my color before, to be honest. But on the public side,
• 41:22
  Speaker 7: they typically put out a list of priorities that they want.
• 41:28
  Speaker 7: The most recent one, my eighty nine unit, was a
• 41:31
  Speaker 7: public public partnership and they just wanted to redevelopment of
• 41:35
  Speaker 7: a blighted site. It was half a mile away from
• 41:38
  Speaker 7: where I was raised, and I wanted to develop it,
• 41:39
  Speaker 7: so I put eighty nine units before the bahausand in
• 41:41
  Speaker 7: my hood, that's what I did, and they agree with
• 41:44
  Speaker 7: my plan. It wasn't very competitive and that was that.
• 41:47
  Speaker 7: But there are other ones like the one in Madison,
• 41:49
  Speaker 7: and I just won. It was very, very competitive. They
• 41:52
  Speaker 7: had multiple rounds of RFPs. What's the RFP again, request
• 41:56
  Speaker 7: for a proposal. So that's when the city says, hey,
• 41:59
  Speaker 7: these these are our priorities for this site.
• 42:02
  Speaker 6: We own in site. We don't want to own the site.
• 42:04
  Speaker 7: Cities often don't want to own sites because they want
• 42:06
  Speaker 7: to benefit from the tax revenue from it. It's not
• 42:10
  Speaker 7: in their best interest to pay the upkeep. It's a
• 42:12
  Speaker 7: lot of risk associated with owning land, so cities often
• 42:16
  Speaker 7: try to partner and sell and you do things like that.
• 42:19
  Speaker 7: So that this priority specifically, they wanted a grocery store.
• 42:23
  Speaker 7: The site right next door is a pick and Save
• 42:26
  Speaker 7: Roundings was just acquired by Kroger and they're shutting that
• 42:30
  Speaker 7: Picking Saved down. So now this area is about to
• 42:32
  Speaker 7: be a food desert. So the city was like, okay,
• 42:36
  Speaker 7: in order for us to preserve some level of grocery
• 42:39
  Speaker 7: in this area, we need to put out an RFP.
• 42:42
  Speaker 7: So that was their number one priority or a grocery store.
• 42:45
  Speaker 7: Second was affordable housing and some level of housing and density.
• 42:49
  Speaker 7: So I put together the best plan to bring that
• 42:52
  Speaker 7: grocery store in the quickest amount of time.
• 42:54
  Speaker 2: So, all right, they need a grocery store. They are identified.
• 42:57
  Speaker 2: They need a grocery store. While they just youach out
• 43:00
  Speaker 2: to the grocery stores directly, why then they developer?
• 43:02
  Speaker 6: They did.
• 43:03
  Speaker 7: Grocery stores often don't develop their own land either, they least,
• 43:07
  Speaker 7: you know, so a developer developer. A developer manages that process.
• 43:14
  Speaker 7: Businesses don't typically manage that process. You know, if you
• 43:17
  Speaker 7: think about Apple, Apple isn't going to like build their
• 43:22
  Speaker 7: own headquarters. They're going to hire some consultants or a
• 43:26
  Speaker 7: developer to build it for them. So that's an RFP
• 43:28
  Speaker 7: can be in that way too. So that said, it's
• 43:30
  Speaker 7: of interest for them to align themselves with a developer
• 43:33
  Speaker 7: who has the capacity to do this because it's not
• 43:35
  Speaker 7: something that just easily can be done, got it.
• 43:38
  Speaker 6: They can't just do it.
• 43:39
  Speaker 7: So phase two, the construction phase, can talk about that. Yeah, construction,
• 43:44
  Speaker 7: So each each phase is a little less risky. So
• 43:47
  Speaker 7: pre development phase is a ton of risk. I rewind
• 43:51
  Speaker 7: a little bit, then I'll go into it. It's a
• 43:52
  Speaker 7: ton of risk because you're paying a ton of consultants
• 43:56
  Speaker 7: to do work. You're doing environmental assessments phase one, in
• 44:00
  Speaker 7: the phase two ten that could be ten thousand dollars
• 44:04
  Speaker 7: between the two. Environmental ass that when they checking the
• 44:06
  Speaker 7: dirt to see and all that. Well, yeah, so environmental
• 44:10
  Speaker 7: that's one where they're seeing if it's contaminated. Has it
• 44:12
  Speaker 7: been uh, you know, was this a gas station historically?
• 44:17
  Speaker 6: Is this up to code?
• 44:18
  Speaker 7: Because you don't want those soils to rise and people
• 44:21
  Speaker 7: get sick and die and all that stuff. So you
• 44:23
  Speaker 7: pay for environmental consultants. You pay for civil consultants which
• 44:27
  Speaker 7: put together the design of the building and make sure
• 44:29
  Speaker 7: this is secure. Okay, architects design it, but the civil
• 44:32
  Speaker 7: engineers are saying this will be sturdy for X amount
• 44:35
  Speaker 7: of time, we won't have settlement, et cetera. And then
• 44:37
  Speaker 7: you hire geotechnical consultants to test the soil and to
• 44:41
  Speaker 7: see is the soil okay, you know, stuff like that.
• 44:44
  Speaker 7: So the soil is more so like for settlement, civil
• 44:47
  Speaker 7: is self for structure and longevity and things like that.
• 44:49
  Speaker 7: So all of those people you've got to hire prior
• 44:51
  Speaker 7: to getting to construction. Who's that the developer is so
• 44:57
  Speaker 7: yeah great, quest walk is uh yeah, but you can
• 45:01
  Speaker 7: you can get once you have a plan together, you
• 45:02
  Speaker 7: can get loans.
• 45:03
  Speaker 6: In theory.
• 45:07
  Speaker 7: They can get loans. We can't get loans. Really, they
• 45:10
  Speaker 7: can get loans. So I partner with the people that
• 45:13
  Speaker 7: can get the loans and try to I'll go into
• 45:15
  Speaker 7: that in a second. But you pay for all of
• 45:16
  Speaker 7: these consultants, even architects. All the architectural designs are pretty
• 45:20
  Speaker 7: renderings and all that slice. Yeah, you know, that's a
• 45:23
  Speaker 7: couple hundred thousand easy.
• 45:25
  Speaker 2: So before you get to construction, are any of these
• 45:29
  Speaker 2: RFPs or like, dude, does it ever come into play
• 45:32
  Speaker 2: with the was it MWB minority women business? Is it?
• 45:36
  Speaker 2: Because are they like do they have to have a
• 45:38
  Speaker 2: certain amount of developments that are developed by minority developers?
• 45:41
  Speaker 5: Is that case?
• 45:43
  Speaker 6: Minority developers is not a thing.
• 45:45
  Speaker 5: It's not a thing.
• 45:45
  Speaker 7: It's not a minority contractors is a thing. Minority developers
• 45:49
  Speaker 7: is not a thing. So I have to in my
• 45:52
  Speaker 7: development counterparts. Yeah, that as I'm an anomaly for real.
• 45:57
  Speaker 7: So I have to hire minority women veter and my
• 46:00
  Speaker 7: colleagues have to do the same. My counterparts do same.
• 46:03
  Speaker 7: We have to hire them the construction workers. Make sure
• 46:06
  Speaker 7: that all of the people that are part of this
• 46:07
  Speaker 7: team may be twenty.
• 46:11
  Speaker 6: Of the total.
• 46:12
  Speaker 7: The money that is allocated to the budget has to
• 46:14
  Speaker 7: go towards these groups. But there's no structure for me,
• 46:18
  Speaker 7: as a developer and being black, to benefit from that.
• 46:22
  Speaker 6: Why not that's where the most money is.
• 46:25
  Speaker 7: Has it ever been proposed or no, I've never heard
• 46:29
  Speaker 7: of it. I'm sure it has. Historic black developers aren't
• 46:34
  Speaker 7: a thing, not a lot of them. No, it's not
• 46:36
  Speaker 7: a thing because historically banks. We all know about red lining.
• 46:42
  Speaker 7: We all know about that. There's a book called The
• 46:43
  Speaker 7: Color of Law. Talk about this before, but for people
• 46:46
  Speaker 7: that don't know, color a law documented the government's effect
• 46:50
  Speaker 7: on communities and the intentionality of segregation. So what they
• 46:54
  Speaker 7: did was if a white developer even was developing something
• 46:59
  Speaker 7: that allowed a black person to live in it, HUD
• 47:02
  Speaker 7: would not ensure it, so the bank would not give along.
• 47:07
  Speaker 7: So that was for a white developer. So imagine a
• 47:09
  Speaker 7: black developer trying to develop something for black people. It
• 47:12
  Speaker 7: wasn't possible. So the Marrion Berrys of the world, and
• 47:16
  Speaker 7: just like H. J. Russell in Atlanta, the mayor of Atlanta,
• 47:18
  Speaker 7: the mayor of d C reached out and used their
• 47:21
  Speaker 7: political connections to bring these two people up H J.
• 47:24
  Speaker 7: Russell in Atlanta down peoples in d C in order
• 47:27
  Speaker 7: to create an economic engine in our community that allow
• 47:31
  Speaker 7: for growth in a way that does not exist. So
• 47:35
  Speaker 7: again that that's just not a thing at all, and
• 47:39
  Speaker 7: hopefully it can become a thing. But there's not enough
• 47:42
  Speaker 7: black developers. I mean, I'm at conferences all the time.
• 47:45
  Speaker 7: I go to real estate meet ups and everything like that.
• 47:47
  Speaker 7: But oftentimes it's like most folks are investors because it's
• 47:52
  Speaker 7: all we know. Most of the developers I know aren't.
• 47:56
  Speaker 7: They don't look like me. Sout out to keV Kevin
• 47:58
  Speaker 7: noule bro mind. He's killing it in Milwaukee right now,
• 48:02
  Speaker 7: absolutely killing it. He's a black developer that is doing
• 48:06
  Speaker 7: his thing. A couple of folks out here in DC
• 48:09
  Speaker 7: as well. Dr McKinney, I really respect Don Peeble's son
• 48:13
  Speaker 7: is actually doing development out of DC as well. So
• 48:15
  Speaker 7: there's some black developers like bubbling up.
• 48:18
  Speaker 6: But yeah, it's just not.
• 48:19
  Speaker 5: How important is political political collections connections.
• 48:23
  Speaker 7: Depends on where you are. I was saying Wisconsin not
• 48:27
  Speaker 7: as much. Wisconsin is a very objective state. If you
• 48:31
  Speaker 7: are doing if you are checking these boxes, you can
• 48:35
  Speaker 7: move forward in a place. Like other places, it's not
• 48:41
  Speaker 7: that objective. It's a little more subjective. Yeah, yeah, so yeah,
• 48:48
  Speaker 7: I think we were talking about the construction part real quick.
• 48:51
  Speaker 7: So you start off trying to pre development risk. You
• 48:54
  Speaker 7: pay for all of these consultants a couple hundred thousand,
• 48:58
  Speaker 7: and then at the closing table. Benefit of getting to
• 49:02
  Speaker 7: the closing table is that all that risk is wiped away,
• 49:05
  Speaker 7: so it's all a part of development budget. Although you're
• 49:07
  Speaker 7: paying for it before it happens. You get refunded once
• 49:11
  Speaker 7: all your money comes in, So the three hundred thousand
• 49:14
  Speaker 7: that you had out, the million dollars that you had out,
• 49:17
  Speaker 7: all comes back right there. So that's a great day.
• 49:21
  Speaker 7: And then what happens in a construction phase. You have
• 49:23
  Speaker 7: to mitigate that risk because you know people may not
• 49:28
  Speaker 7: come to work, or the cost of something may be
• 49:31
  Speaker 7: more expensive, or the design wasn't you have to change
• 49:35
  Speaker 7: the design up and things like that, So you have
• 49:37
  Speaker 7: to look out for all of those things before you
• 49:39
  Speaker 7: get under construction, because when that construction budget gets blown up,
• 49:43
  Speaker 7: it's a real thing and the first thing that goes
• 49:47
  Speaker 7: at that point is your developer fee.
• 49:50
  Speaker 6: We have to pay for that.
• 49:51
  Speaker 7: So we got to mitigate that risk because you can
• 49:54
  Speaker 7: get a project done and not make nothing to that point.
• 49:57
  Speaker 6: My first project, sixty.
• 49:58
  Speaker 7: Unit fortyblehusand development twelve points six million dollars. I made
• 50:01
  Speaker 7: thirty thousand dollars on Wow, three and a half years
• 50:05
  Speaker 7: worth of work. I made thirty thousand dollars.
• 50:08
  Speaker 6: That was it.
• 50:08
  Speaker 5: What kind of insurance do you have to have to
• 50:11
  Speaker 5: be protected.
• 50:14
  Speaker 7: During construction just as a development I'm like anything you said, like,
• 50:17
  Speaker 7: you're on the hook, right, So I guess you don't
• 50:19
  Speaker 7: want to have to always come out of your pocket
• 50:21
  Speaker 7: if something happens to risky tech.
• 50:23
  Speaker 5: So there's no insurance.
• 50:24
  Speaker 7: No, it's not a thing now, it's just a risky tech.
• 50:27
  Speaker 7: So that deal was twelve and a half million. My
• 50:31
  Speaker 7: original development partner. So this is my first project, this
• 50:33
  Speaker 7: one I got in twenty sixteen. My original development partners
• 50:36
  Speaker 7: were fully integrated firms, so they did they did development, construction,
• 50:39
  Speaker 7: and property management.
• 50:40
  Speaker 6: They did it all.
• 50:41
  Speaker 7: So I'm like, okay, bet let me partner with these guys,
• 50:43
  Speaker 7: let me learn from their different entities. It's all one stop,
• 50:46
  Speaker 7: and then we're gonna do it.
• 50:49
  Speaker 6: Moving forward.
• 50:50
  Speaker 7: Once we got the award, their board wasn't as comfortable
• 50:53
  Speaker 7: with the original terms we agree to. So now you
• 50:57
  Speaker 7: know based on so you have to make guarantees. You
• 50:59
  Speaker 7: make financial guarantees for construction. I guarantee that this will
• 51:02
  Speaker 7: be built, even though on my own die, and you
• 51:05
  Speaker 7: have to spread the risk across a development profile and
• 51:10
  Speaker 7: share that with partners. If they're making all the guarantees,
• 51:13
  Speaker 7: they're taking all the money. So that's why we get
• 51:15
  Speaker 7: boxed out too. Black folks typically don't have the capital
• 51:19
  Speaker 7: to say, yeah, we can't make guarantee.
• 51:22
  Speaker 5: Yeah I have.
• 51:22
  Speaker 2: But yeah, I'm like you said that because I have
• 51:23
  Speaker 2: a friend who a client, well, who's a developer in
• 51:26
  Speaker 2: New York.
• 51:27
  Speaker 5: He's black.
• 51:27
  Speaker 2: He always tells me about these personal guarantees that he
• 51:29
  Speaker 2: has to put up of like all this money and properties.
• 51:33
  Speaker 2: Like whenever time they're doing a deal, and it's like
• 51:35
  Speaker 2: him and his partner, they gotta do these personal lines
• 51:37
  Speaker 2: of guarantees and all that stuff.
• 51:38
  Speaker 6: Personal guarantee, personal guarantee.
• 51:40
  Speaker 7: And if you don't have the bare minimum for the
• 51:42
  Speaker 7: projects that I'm working on, you need a million dollars
• 51:44
  Speaker 7: of liquidity like cash and five million dollars in networks
• 51:47
  Speaker 7: to start the conversation. That's going to eliminate a lot
• 51:50
  Speaker 7: of us. That's why you don't see black developers. That's
• 51:53
  Speaker 7: the primary reason why you don't see black developers because
• 51:55
  Speaker 7: you can't get a game, and then when you start
• 51:56
  Speaker 7: to you get raped. It's like, okay, well you got
• 51:59
  Speaker 7: to idea, you got a concept I want, you can
• 52:03
  Speaker 7: get teen and then we just get used as brokers
• 52:06
  Speaker 7: to find sites and so they can make more money.
• 52:09
  Speaker 7: But I wasn't on that.
• 52:09
  Speaker 6: I'm not on that.
• 52:10
  Speaker 7: So I get the majority of my fees at this point,
• 52:14
  Speaker 7: at least fifty one percent. I'm gonna get standing on it.
• 52:19
  Speaker 6: On that.
• 52:21
  Speaker 2: That's not so you say, I'm partnerships. So so you
• 52:23
  Speaker 2: partner with a lot of people, Yeah, I have to
• 52:25
  Speaker 2: so for a young cat or you're not even young cat,
• 52:27
  Speaker 2: anybody just in general, because like you said, it's a
• 52:29
  Speaker 2: lot of barriers to get in. Is that the best
• 52:32
  Speaker 2: way to go about it is to kind of find
• 52:35
  Speaker 2: somebody already that's successful and kind of work with them.
• 52:41
  Speaker 7: Yeah, I mean I get reached out to you all
• 52:43
  Speaker 7: the time. I definitely I want to support everybody, but
• 52:46
  Speaker 7: realistically I just can't.
• 52:47
  Speaker 6: It's capacity think.
• 52:50
  Speaker 7: So that said, I think the best way is to
• 52:52
  Speaker 7: create value. You have to create value. If you're not
• 52:54
  Speaker 7: creating value, then you're just there if you want to
• 53:00
  Speaker 7: with me, just like if I want to work with them,
• 53:03
  Speaker 7: is it worth my time to work with you?
• 53:07
  Speaker 3: Not?
• 53:07
  Speaker 6: If you bring anything to bring it, I can do
• 53:10
  Speaker 6: it on my own.
• 53:10
  Speaker 2: I tell people that all the time, you gotta it
• 53:12
  Speaker 2: gotta be mutual, and it can't because that's more of
• 53:15
  Speaker 2: a charity thing, right, It's like you through so much
• 53:17
  Speaker 2: chat as.
• 53:18
  Speaker 6: The time and a place for that.
• 53:19
  Speaker 2: Yeah, you know, mentorship, charity. It's not a business partnership.
• 53:21
  Speaker 2: Business partnership has it doesn't have to be equal, but
• 53:24
  Speaker 2: you have to bring something, got to bring some value.
• 53:27
  Speaker 6: Yeah.
• 53:27
  Speaker 7: So if you can create value in real estate the
• 53:30
  Speaker 7: way that I did it, I created the financial model,
• 53:33
  Speaker 7: I created the vision, and I got the land in
• 53:35
  Speaker 7: the contract. That's what that was my control. So if
• 53:38
  Speaker 7: I pitched it to anybody, they can't just go get
• 53:40
  Speaker 7: this land. I already got it so now it's like
• 53:42
  Speaker 7: I have leverage. So if you, as a developer want
• 53:46
  Speaker 7: to or aspiring developer want to take that strategy, go
• 53:49
  Speaker 7: get some land on the contract, put a financial plan.
• 53:51
  Speaker 7: That makes sense. I talked about language earlier. Showed me
• 53:53
  Speaker 7: the language. This is the language that we speak right here.
• 53:55
  Speaker 7: When you start speaking that language, we can partner with
• 53:58
  Speaker 7: no problem.
• 53:59
  Speaker 3: The last part that that property management piece. Do you
• 54:01
  Speaker 3: have your own or you still partner with somebody.
• 54:03
  Speaker 6: Most of my development partners out of their own shops.
• 54:05
  Speaker 6: I don't have my own.
• 54:06
  Speaker 7: It only makes sense when you have some of the units.
• 54:09
  Speaker 7: You gotta scale. It's a scale thing. So when I
• 54:12
  Speaker 7: get to, you know, a couple of thousand units, I
• 54:13
  Speaker 7: probably start one.
• 54:14
  Speaker 5: But right now now, all right, So in the last second,
• 54:17
  Speaker 5: we're gonna talk about scaling.
• 54:18
  Speaker 2: We're always gonna talk about a few other businesses that
• 54:21
  Speaker 2: you got in the in the d m V, since
• 54:22
  Speaker 2: we're in the d m V, so multiple streams of
• 54:24
  Speaker 2: income for sure. All right, So in the last seme
• 54:27
  Speaker 2: we're gonna talk about a few things. But first, what's
• 54:30
  Speaker 2: talk about scaling Because obviously you've you've come a long way,
• 54:33
  Speaker 2: but you're still young. So what's your what's your what's
• 54:37
  Speaker 2: your vision, what's your plan, what's your what's your goals
• 54:39
  Speaker 2: as far as scaling and moving forward into this new decade.
• 54:43
  Speaker 6: Yeah, that's real.
• 54:43
  Speaker 7: I mean, at the end of the day, I'm an entrepreneur,
• 54:45
  Speaker 7: so I think my profession is a real estate developer,
• 54:48
  Speaker 7: but I'm really an entrepreneur. So scaling, I'm open to
• 54:53
  Speaker 7: different concepts. One being uh said, I wasn't gonna say,
• 54:57
  Speaker 7: but working on the real estate crowdfunding platform.
• 55:00
  Speaker 6: I think that'll be my next big endeavor. That's probably
• 55:03
  Speaker 6: lost early next year, So that's that's a goal, and
• 55:07
  Speaker 6: that's a tech platform.
• 55:08
  Speaker 7: So I plan to leverage tech to crowdfund money in
• 55:12
  Speaker 7: real estate and then pour it back in our community
• 55:15
  Speaker 7: in a way that doesn't currently exist. There's an access
• 55:17
  Speaker 7: to capital challenge, and this is the way that I'm
• 55:18
  Speaker 7: gonna fix it.
• 55:19
  Speaker 6: Right.
• 55:20
  Speaker 4: So it's like that gap that you were saying that
• 55:22
  Speaker 4: was there, Yeah, you would now season it dope.
• 55:25
  Speaker 6: Yeah, So that's to go.
• 55:26
  Speaker 7: That's part of it. Scaling specifically for real enterprises. My
• 55:29
  Speaker 7: development company, we keep doing affordable housing primarily.
• 55:32
  Speaker 6: That's my thing.
• 55:34
  Speaker 7: I think it's a we need we need it everywhere
• 55:38
  Speaker 7: and it'll always be a thing. So if I could
• 55:40
  Speaker 7: do one or two deals in Wisconsin here, I think
• 55:43
  Speaker 7: that's cool for now, and then working on some stuff
• 55:46
  Speaker 7: in DC.
• 55:47
  Speaker 6: Working on a.
• 55:50
  Speaker 7: Platform, I guess not a platform, but it's an affordable
• 55:53
  Speaker 7: housing initiative with a professor at the Georgetown Law called
• 55:57
  Speaker 7: gay Bridge. So what we're doing is trying to identify
• 56:00
  Speaker 7: five sites for us to develop in DC, Baltimore, and Philly.
• 56:04
  Speaker 7: So for me, I think next year I'm going to
• 56:06
  Speaker 7: be targeting, you know, four to five sites.
• 56:10
  Speaker 6: In those areas.
• 56:11
  Speaker 7: I have one in DC right now that I'm working
• 56:12
  Speaker 7: on in Southwest DC one hundred and forty units or so,
• 56:17
  Speaker 7: probably close to eighty million dollar development about twenty five
• 56:19
  Speaker 7: thousand square feet.
• 56:21
  Speaker 4: Are you bringing anybody with you as far as like
• 56:23
  Speaker 4: a mentor or apprentice along the journey so they can.
• 56:26
  Speaker 6: See what this is like?
• 56:28
  Speaker 7: Yes or no, I'm mentored a ton of Milwaukee has
• 56:31
  Speaker 7: probably the most black developers in the country.
• 56:33
  Speaker 6: Wow, it's crazy. So I got some I got a OG.
• 56:36
  Speaker 7: And then I got some young homies that are coming
• 56:38
  Speaker 7: up to But in DC, I'm actually launching a platform
• 56:42
  Speaker 7: or launching keeps saying platform launching an educational type of
• 56:48
  Speaker 7: deal for a development program, development training program, and I'm
• 56:53
  Speaker 7: actually gonna do it in partnership, probably with Georgetown, so
• 56:57
  Speaker 7: that all launch next year as well. So I'm called
• 57:00
  Speaker 7: that reinvest And you you have a you have a
• 57:02
  Speaker 7: bar lounge in DC? Yeah, I saw on a on
• 57:06
  Speaker 7: a bar lounge in DC?
• 57:07
  Speaker 6: What's that?
• 57:08
  Speaker 5: What's what's the deal with that?
• 57:08
  Speaker 7: It's called the K's Bird open that, Like I said,
• 57:12
  Speaker 7: I think I mentioned it earlier, like I used to
• 57:13
  Speaker 7: fund bars and pubs and things like that, so I
• 57:16
  Speaker 7: knew the finance of it. So I'm like, Oh, came
• 57:18
  Speaker 7: across an opportunity a friend of mine, best friend in Milwaukee.
• 57:22
  Speaker 7: He's a developer too, but he owns a spot in Milwaukee,
• 57:25
  Speaker 7: so he was looking at opening one in DC. Got
• 57:27
  Speaker 7: introduced to a broker. Broker reached out. I walked a
• 57:30
  Speaker 7: site for him. It was first and Adams marking im
• 57:32
  Speaker 7: like I ain't really feeling this, you shouldn't do it.
• 57:35
  Speaker 7: I told him he shouldn't do it because he wanted
• 57:37
  Speaker 7: to do it at first. Then identify the side in
• 57:41
  Speaker 7: DuPont Circle, predominantly white area in DC, and I was like, oh,
• 57:46
  Speaker 7: this would beat dope, Like it was a cool opportunity.
• 57:48
  Speaker 7: So told him about it. Yo, I think I want
• 57:51
  Speaker 7: to do this. You down, He had some things going
• 57:53
  Speaker 7: on in Milwaukee that it needs to straighten out. He
• 57:55
  Speaker 7: was like, YO, just take it around with it. So
• 57:56
  Speaker 7: I said, bet went out created an equity pool because
• 58:01
  Speaker 7: I practiced what I preached, Like, I literally am all
• 58:04
  Speaker 7: about black wealth. That's that's who I am. I know
• 58:07
  Speaker 7: I'm gonna be straight on the development side. I'm not
• 58:09
  Speaker 7: worried about my finances. But if I can create opportunities
• 58:12
  Speaker 7: for ownership for my people, I think I'm living in
• 58:14
  Speaker 7: my purpose. So created an equity pool, brought in a
• 58:18
  Speaker 7: bunch of owners.
• 58:19
  Speaker 5: Equity pool just a bunch of people that just pulled
• 58:21
  Speaker 5: their money together.
• 58:22
  Speaker 6: Yeah.
• 58:22
  Speaker 7: So I actually I did fifty percent finance and a
• 58:26
  Speaker 7: fifty percent like sweat equity. So if you wanted to
• 58:29
  Speaker 7: come in and like be the chef or you know,
• 58:31
  Speaker 7: come in and run the bar, come in and run events,
• 58:34
  Speaker 7: I allowed.
• 58:35
  Speaker 6: I kind of created on opportunity for that too.
• 58:38
  Speaker 5: So if you didn't have money, work work your way.
• 58:40
  Speaker 7: Yeah, pretty much. So that was you know, I have
• 58:43
  Speaker 7: capacity constraints. I'm a full time developer. I run a
• 58:46
  Speaker 7: whole enterprise. I just couldn't do it on my.
• 58:48
  Speaker 6: Own anyway, but I thought that this would be the
• 58:50
  Speaker 6: best way.
• 58:51
  Speaker 7: So one hundred percent of black owned, operated, staff, and
• 58:53
  Speaker 7: finance all by us. It's been it's been a very
• 58:58
  Speaker 7: good learning experience. You know, it comes, it's been a
• 59:02
  Speaker 7: roller coaster ride. But the name of the restaurant, where'd
• 59:06
  Speaker 7: you get from one A space? I'm a sure a
• 59:08
  Speaker 7: black woman. So honestly, bus Boys and Poets is a
• 59:13
  Speaker 7: prominent place in DC. So like, all that name is
• 59:15
  Speaker 7: dope and it's a nod to Langston Hughes. So I
• 59:18
  Speaker 7: was like, h right, I'm like who inspired me? My
• 59:22
  Speaker 7: Angelou was that person. So I was like, okay, you know,
• 59:26
  Speaker 7: how can I think through your name? So I ended
• 59:28
  Speaker 7: up landing on the cage Bird. Twenty sixteen, I saw
• 59:31
  Speaker 7: My Angelou's documentary and Still Our Rise. It was a
• 59:34
  Speaker 7: great documentary, and it was the first time I always
• 59:37
  Speaker 7: knew that I was living black history. It was the
• 59:39
  Speaker 7: first time I was able to like identify it in
• 59:41
  Speaker 7: somebody else, like yo, I saw this whole process. She
• 59:43
  Speaker 7: was a woman, she was molested, she was silent, she
• 59:46
  Speaker 7: didn't started speaking. She became a poet.
• 59:48
  Speaker 6: She was.
• 59:50
  Speaker 7: She was everything under the son you could think of,
• 59:52
  Speaker 7: you know, good things, bad things, et cetera. Do the research,
• 59:54
  Speaker 7: you can find it. But she was a true and
• 59:57
  Speaker 7: actual person. So I want to create a space that
• 59:59
  Speaker 7: people could live and be Black history within the.
• 1:00:04
  Speaker 5: So for sure, for sure.
• 1:00:05
  Speaker 2: And I think it's fitting because d C has so
• 1:00:07
  Speaker 2: much rich history, rich Black history, rich every history. I mean,
• 1:00:12
  Speaker 2: this is the capital of America. But we can't talk
• 1:00:16
  Speaker 2: about America without the contributions of African Americans.
• 1:00:19
  Speaker 4: We can't talk about Washington see without the contributions of
• 1:00:22
  Speaker 4: Black Americas.
• 1:00:23
  Speaker 2: And that's why they the museum. I haven't got a
• 1:00:27
  Speaker 2: chance to go to the museum. Have you going there yet?
• 1:00:28
  Speaker 6: Yeah, I've been a few times, being there one day
• 1:00:31
  Speaker 6: for sure.
• 1:00:32
  Speaker 5: A fact. That's a fact. That's a fact.
• 1:00:34
  Speaker 6: I'm standing on it.
• 1:00:35
  Speaker 5: That's a fact. That's a fact.
• 1:00:36
  Speaker 2: Man. So yeah, congratulations.
• 1:00:39
  Speaker 7: Man.
• 1:00:39
  Speaker 5: It is very inspiring, especially.
• 1:00:42
  Speaker 2: A lot of times, like we doing the conversation, we
• 1:00:45
  Speaker 2: might have forgot that you're only thirty one years old.
• 1:00:47
  Speaker 5: I'm saying not that I'm far from Troy's for I'm
• 1:00:55
  Speaker 5: not far.
• 1:00:56
  Speaker 6: I'm not that far able, that's not all that.
• 1:01:00
  Speaker 5: But but nah Man.
• 1:01:02
  Speaker 2: Congratulations, and it's great to see you know, to see
• 1:01:06
  Speaker 2: people because a lot of times we highlight things that
• 1:01:08
  Speaker 2: are negative, we got to highlight positive.
• 1:01:11
  Speaker 6: Yeah.
• 1:01:11
  Speaker 7: I'm not the type. I don't look for attention. That's
• 1:01:14
  Speaker 7: not really my thing, Like actually don't care for it.
• 1:01:16
  Speaker 7: People probably don't believe that, but uh, it was some
• 1:01:19
  Speaker 7: in me that said it would be a the service
• 1:01:21
  Speaker 7: to my community for not giving the knowledge that I have.
• 1:01:23
  Speaker 6: So I had to like accept it.
• 1:01:24
  Speaker 2: No, it's the greatest gift that you can give. It's inspiration.
• 1:01:28
  Speaker 2: And like I said, I was telling you off camera,
• 1:01:29
  Speaker 2: you never know who's listening. And like the kid that
• 1:01:33
  Speaker 2: was like, oh, I could be a real estate developer,
• 1:01:35
  Speaker 2: not just an investor and not just.
• 1:01:38
  Speaker 6: Like and now exactly you know it exists.
• 1:01:41
  Speaker 3: I could be a civil engineer.
• 1:01:42
  Speaker 6: Like oh, that's so much.
• 1:01:44
  Speaker 7: It's so much money in real estate in a sense. Yeah,
• 1:01:46
  Speaker 7: And it's like it's like how you how you looked
• 1:01:48
  Speaker 7: at Dawn. People's like there might be somebody looking at
• 1:01:51
  Speaker 7: you just like that. But what I'm saying so it's like,
• 1:01:54
  Speaker 7: but that's how that's how life is so crazy and
• 1:01:57
  Speaker 7: you don't even realize it. And it's like you inspiring somebody,
• 1:02:00
  Speaker 7: and it's like, now they might inspire somebody off of
• 1:02:03
  Speaker 7: what you exactly exactly.
• 1:02:05
  Speaker 6: But it shouts out to y'all for having a platform
• 1:02:07
  Speaker 6: to do.
• 1:02:08
  Speaker 7: So you know what I'm saying this is this is
• 1:02:09
  Speaker 7: much important for us, for our community and to be
• 1:02:12
  Speaker 7: able to dig into these numbers in a way that
• 1:02:14
  Speaker 7: doesn't exist.
• 1:02:15
  Speaker 6: You're not going to be able to google. The fact
• 1:02:18
  Speaker 6: some of these numbers that.
• 1:02:19
  Speaker 7: I said today, I break down the restaurant business too,
• 1:02:21
  Speaker 7: if y'all want me to, Part two, Part two, part.
• 1:02:26
  Speaker 6: So you can't go goot the stuff. So appreciate y'all, Na,
• 1:02:29
  Speaker 6: thank you man.
• 1:02:29
  Speaker 2: So how can people contact you any initiatives that you
• 1:02:33
  Speaker 2: want to make them aware of?
• 1:02:33
  Speaker 5: Social media and all that stuff?
• 1:02:35
  Speaker 7: B Underscore? Are you ellie? That's my Instagram handle b Rule.
• 1:02:40
  Speaker 7: Everybody called me that I was branded. There's a ton
• 1:02:42
  Speaker 7: of brand that's growing up. Sports name y'all. Yeah, I
• 1:02:46
  Speaker 7: got that, a lot real enterprises. The name of development
• 1:02:50
  Speaker 7: company Cage Bird is restaurant bar DuPont and I got it.
• 1:02:55
  Speaker 7: I got a new thing called reinvest coming out soon.
• 1:02:57
  Speaker 5: So just a dope, dope Troy house Keeping item.
• 1:03:01
  Speaker 4: Yeah, yeah, shout out everybody on patreon dot com every
• 1:03:04
  Speaker 4: time we come on and seeing that we get new members.
• 1:03:06
  Speaker 4: So I just want to give a quick shout out
• 1:03:07
  Speaker 4: and recognition to see Manual Ralphael, ariel Mark and Gregory
• 1:03:12
  Speaker 4: shout out to y'all for joining us on Patreon, UH
• 1:03:15
  Speaker 4: tier four and five members. You know that you have
• 1:03:18
  Speaker 4: access to e y L University out online school and
• 1:03:23
  Speaker 4: it's growing.
• 1:03:23
  Speaker 6: Man.
• 1:03:23
  Speaker 4: We have a lot of webinars up there, a lot
• 1:03:25
  Speaker 4: of uh great content we have from tax taxes to
• 1:03:30
  Speaker 4: what else.
• 1:03:31
  Speaker 6: Did we have on there?
• 1:03:32
  Speaker 5: Everything mobile, mobile notary.
• 1:03:35
  Speaker 2: We had Sabine talking about trademarking, multiple students and income,
• 1:03:40
  Speaker 2: how to start a podcast, two three k loan class
• 1:03:43
  Speaker 2: everything everything you can think of, and every week is
• 1:03:45
  Speaker 2: three three classes added to the curriculum.
• 1:03:47
  Speaker 5: So it's growing.
• 1:03:49
  Speaker 4: It's a growing university and the merchan is out too.
• 1:03:51
  Speaker 4: So as you can see, has that e y L
• 1:03:54
  Speaker 4: University hood gear.
• 1:03:55
  Speaker 5: Man, I got you, you got you, got you.
• 1:03:58
  Speaker 4: I'm still rocking assets of a liability because that's all
• 1:04:01
  Speaker 4: you know. I'll go to sloping right. Having more assets
• 1:04:03
  Speaker 4: to pay for liabilities is a way to financial freedom.
• 1:04:06
  Speaker 4: So keep supporting that and keep tuning in man, the
• 1:04:09
  Speaker 4: podcast is growing, our streams income have grown.
• 1:04:14
  Speaker 3: We come up with new ideas and new lessons.
• 1:04:16
  Speaker 7: Man.
• 1:04:16
  Speaker 3: This was like a history lesson and a business lesson
• 1:04:18
  Speaker 3: and one man.
• 1:04:18
  Speaker 5: Yeah for sure, b Rule, thank you.
• 1:04:21
  Speaker 6: I appreciate it.
• 1:04:22
  Speaker 2: On motivation purposes only the stream chaser this Bill Man
• 1:04:27
  Speaker 2: for sure, for sure Atlanta, don't forget Atlanta.
• 1:04:30
  Speaker 5: January twenty fifth.
• 1:04:31
  Speaker 2: January twenty sixth, we released information on that soon when
• 1:04:34
  Speaker 2: we come into town for sure, and who knows, Brandon might.
• 1:04:37
  Speaker 6: Pop up, might put upful love.
• 1:04:40
  Speaker 5: The book tip of this week.
• 1:04:42
  Speaker 6: Is thinking gro Rich a black choice but Dennis kim Bro.
• 1:04:45
  Speaker 5: Thank you guys for rocking with us. We'll see you
• 1:04:47
  Speaker 5: next week.
• 1:04:47
  Speaker 6: Peace, Peace, perfect