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From Living in Section 8 Housing to Building a Billion Dollar Company - Scott Jarred #6128 · Financial Survival Network

0:01
Speaker 1: All right, welcome. This is Financial Survival Network and I'm
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Speaker 1: your host Carrie Lutz. Hey got interesting guests, Hunt, Scott Jared,
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Speaker 1: wealth management expert, real estate expert and heads up a
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Speaker 1: billion dollar company. And Scott, it's great to have you
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Speaker 1: on the show. So how'd you wind up getting into
0:21
Speaker 1: real estate?
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Speaker 2: Oh? Real estate was funny when I went to when
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Speaker 2: I was a kid, I like, never had really had
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Speaker 2: any money. And one day we were looking out in
0:32
Speaker 2: our Section eight housing apartment projects and a guy's helicopter
0:36
Speaker 2: laying in the backyard, and I'm like, what is the
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Speaker 2: what are the rules that he's playing that we're not playing,
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Speaker 2: And so from that moment on, I was like, man,
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Speaker 2: it'd be really cool to be able to be in
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Speaker 2: real estate. And I end up going to school for
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Speaker 2: urban planning in real estate finance, end up getting a
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Speaker 2: masters in technology and never really had any money to
0:55
Speaker 2: do real estate early on. So we started a company,
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Speaker 2: a wealth management company called invest and was helping people
1:01
Speaker 2: with their money. And not too long ago we work
1:04
Speaker 2: with a lot of real estate investors, like as they're
1:09
Speaker 2: helping them with their money and all that, and then
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Speaker 2: it wasn't we would used to co invest with them
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Speaker 2: and now we actually do a lot of that, a
1:16
Speaker 2: lot of that in the house now, So it's really
1:18
Speaker 2: expanded our reach into the real estate market so that
1:23
Speaker 2: it became a byproduct of what we're doing. Even though
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Speaker 2: it's what I wanted to do, it wasn't really what
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Speaker 2: the company was founded to do.
1:29
Speaker 1: So from from section eight to to this amazing business,
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Speaker 1: What do you think the secret was of your success?
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Speaker 2: Yeah? I think a lot of it is just like
1:44
Speaker 2: when you're in a when you're in a scarcity minded
1:46
Speaker 2: world where your life is just miserable, like meaning like
1:49
Speaker 2: you just can't do stuff, like you have no freedom,
1:52
Speaker 2: you can't you're not free to go do what you
1:54
Speaker 2: want to do, when you want, with who you want.
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Speaker 2: And I think there's a point in your life where
1:58
Speaker 2: you just have a mind shift that says, you know,
2:00
Speaker 2: this is what I want, Like I want this for myself.
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Speaker 2: So that happened for me where I was just like,
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Speaker 2: that doesn't matter what it takes, and when it works
2:06
Speaker 2: really hard to not have to to be able to
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Speaker 2: live the life that I want to be able to
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Speaker 2: live it under my own terms, and so just started
2:14
Speaker 2: grinding it out, worked really hard, and and got there.
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Speaker 2: So hard work works if you will.
2:21
Speaker 1: Yeah, well you know. Edison said what some people see
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Speaker 1: as luck, I see as overalls, you know exactly.
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Speaker 2: We have a shirt like luck means when preparation meets opportunity,
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Speaker 2: and we say like when preparation when when you meet
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Speaker 2: invest and then invests the opportunity. So our companies invest,
2:42
Speaker 2: so like you're prepared, you're ready, and then when the
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Speaker 2: when the opportunity presents itself, you can take advantage of
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Speaker 2: that opportunity, whether it's real estate or or in your
2:49
Speaker 2: business or whatever you're trying to do. Recovering attorney as
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Speaker 2: as you will.
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Speaker 1: Yeah, well you know so, but hard work alone isn't enough.
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Speaker 1: There's millionions of people out there working their hells off. Yeah,
3:04
Speaker 1: you really meet with limited success, so there's got to
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Speaker 1: be something more to with than that.
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Speaker 2: Absolutely, I think hard work is you can work really
3:13
Speaker 2: hard and get no results. And so for me, the
3:17
Speaker 2: hard work when I started was like how do I
3:19
Speaker 2: do a paper out? So now, like to get money,
3:22
Speaker 2: you had to go run papers. So to be able
3:25
Speaker 2: to build scale, then you have to hire employees to
3:27
Speaker 2: run the papers for you. So by twelve I started realizing,
3:30
Speaker 2: well I could go do all the manual physical work,
3:33
Speaker 2: or I could start to use my brain and start
3:35
Speaker 2: to think about how do I manage others to be
3:36
Speaker 2: able to give them opportunity. So when I started to
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Speaker 2: learn that I could be an opportunity creator for other people,
3:42
Speaker 2: then the opportunities came back to me tenfold. So then
3:46
Speaker 2: my whole framework of mindset was like, what if I
3:49
Speaker 2: could create a world where I could just create more
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Speaker 2: opportunity and that was my unique ability for other people
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Speaker 2: and to solve their problems and what they want. And
3:57
Speaker 2: so then the point you're making is like that hard
4:00
Speaker 2: work is is a part of it, but now you
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Speaker 2: got to start thinking smart and how to use your
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Speaker 2: capability things that you're uniquely gifted that other people aren't
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Speaker 2: that will help you become more successful. And that was
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Speaker 2: one of the biggest things that I discovered early in
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Speaker 2: my life. And I've just been you know that I'm
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Speaker 2: forty eight years old, just been really honing that skill.
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Speaker 2: And now you know, we have eighty three employees versus
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Speaker 2: just a few, and and we're helping entrepreneurs every day
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Speaker 2: scale grow, make their money work for them so they
4:28
Speaker 2: don't have to work for it.
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Speaker 1: Yeah, so, so hey, on your road, your path to success,
4:38
Speaker 1: there's always a seminal event for you. It was the
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Speaker 1: helicopter landing there, right, And but you know, not everybody
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Speaker 1: sees it that way. If you were if you got
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Speaker 1: one piece of advice to an aspiring entrepreneur whatever they
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Speaker 1: want to do to succeed, what would it be?
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Speaker 2: Oh? Okay. So, no matter where you are in the
5:04
Speaker 2: entrepreneurial journey, you're always in an inflection point. It doesn't
5:09
Speaker 2: matter where you're at, Like for us, from the very
5:12
Speaker 2: beginning as an entrepreneur to now managing billions of dollars
5:15
Speaker 2: and overseeing a lot of financial responsibility for people. It's
5:19
Speaker 2: just a different level a game you're playing, but that
5:21
Speaker 2: game still goes on. And it's just like you got
5:24
Speaker 2: to just have good habits and really hone in those
5:27
Speaker 2: good habits, and if you have bad habits, that's what's
5:30
Speaker 2: going to kill you. So how do you get your
5:32
Speaker 2: bad habits to switch to good habits and do them
5:35
Speaker 2: more consistent over a long period of time. But the
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Speaker 2: world doesn't get easier. Elon Musk said it best. He's like,
5:41
Speaker 2: entrepreneurs are like literally staring down a black of this
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Speaker 2: and eating glass every single day, and you just got
5:49
Speaker 2: to be super comfortable being uncomfortable in that. And when
5:52
Speaker 2: you're just about like staring down a black abyss and
5:54
Speaker 2: eating glass, it's like even as you get so higher up,
5:57
Speaker 2: the like you get your entrepreneur journey gets high and higher,
6:00
Speaker 2: the stakes may get bigger, but you may be more
6:02
Speaker 2: comfortable in it because you're more comfortable of acting and
6:05
Speaker 2: that way. So for me, it's that that the one
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Speaker 2: piece of advice is is you're better off. Just be
6:13
Speaker 2: better than where you were yesterday. Be a better version
6:15
Speaker 2: of you, and don't quit. Just keep grinding through it,
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Speaker 2: thinking smart, thinking hard. But the moment you start letting
6:21
Speaker 2: that abyss and you start letting that grind gets you down,
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Speaker 2: that's when you lose.
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Speaker 1: Yeah. So you know, success is a path, and everybody's
6:32
Speaker 1: path is different. And for you, like growing up in
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Speaker 1: what sounds like a very disadvantaged you know childhood there, Yeah,
6:44
Speaker 1: you know what was the family support, Like, how did
6:48
Speaker 1: they did they help or were they hindrance?
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Speaker 2: Yeah? So for me, like my mom and dad were
6:56
Speaker 2: divorced very young in my life, and so I was
7:00
Speaker 2: raised by a single mother for the most part. That
7:02
Speaker 2: was just working table, you know, waiting tables, on end jobs,
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Speaker 2: on Section eight housing and food stamps. So by the
7:09
Speaker 2: time I was twelve, like you had no choice but
7:11
Speaker 2: to figure it out, and that to me is I
7:15
Speaker 2: think a gift. And also, as an older child, had
7:18
Speaker 2: a younger brother and sisters, so I was always dialing
7:20
Speaker 2: down on like how do I make a better life
7:23
Speaker 2: for myself? So for me to have I mean, obviously
7:27
Speaker 2: I had a family and and they were there to
7:29
Speaker 2: support and all that, but financially that was not there.
7:32
Speaker 2: So it was like, how hard are you going to work?
7:34
Speaker 2: What are you going to do to get yourself in
7:35
Speaker 2: a better put yourself in a better environment to succeed
7:38
Speaker 2: in life. And that's where that skill came from. But
7:43
Speaker 2: that's that was my background coming out. So to me,
7:45
Speaker 2: it was actually an advantage growing up that way because
7:49
Speaker 2: I didn't know what the other side of it looked like.
7:51
Speaker 2: I just had to like figure it out. And I
7:55
Speaker 2: think today a lot of things are just handed to
7:57
Speaker 2: people and they don't know how to how to create
7:59
Speaker 2: on their own.
8:01
Speaker 1: So when you hear people talking like the government needs
8:05
Speaker 1: to do more to help did the government help you
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Speaker 1: make your fortune?
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Speaker 2: They did not help me get my fortune. But I'll
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Speaker 2: tell you what was nice is there was a safety
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Speaker 2: net at some point. There was you know, food stamps,
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Speaker 2: there was Section eight housing and things of that nature.
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Speaker 2: There was great college options from student loans, pel grants
8:27
Speaker 2: and stuff like that for someone like me to be
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Speaker 2: able to get out, to be able to do it.
8:31
Speaker 2: But I'll tell you, living in America is the best
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Speaker 2: country ever because you can have that opportunity, so you
8:36
Speaker 2: can you can get through. But I think the government
8:38
Speaker 2: helps you with a certain safety net to be able
8:40
Speaker 2: to help get through. But we have the best schools,
8:42
Speaker 2: we have the best education systems. We got a free
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Speaker 2: economy and a free market that you can go create
8:48
Speaker 2: whatever you want. So I think that's where the government's
8:51
Speaker 2: been great, is like letting us letting entrepreneurs thrive. That's
8:55
Speaker 2: why it's everyone wants to live in America.
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Speaker 1: And but that's where it's even this day, with things
9:02
Speaker 1: going wrong a lot in the country, there's still America
9:06
Speaker 1: is built on optimism and hope for a better tomorrow. Yeah,
9:10
Speaker 1: is that still alive here or is it still possible?
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Speaker 2: Absolutely? Would you rather do it here or somewhere where else?
9:17
Speaker 2: Would you want to do it. Yeah, I mean, yeah,
9:21
Speaker 2: I'm telling you. We see entrepreneurship all the time. We
9:23
Speaker 2: see people grinding and scaling, doing their thing. Whatever is
9:27
Speaker 2: happening inside the government and the world, it gets and
9:30
Speaker 2: it goes and swings. We have these things and we
9:33
Speaker 2: gotta we got to learn how to be in that environment.
9:37
Speaker 2: But when you do live in a free economy and
9:39
Speaker 2: a free world, free free country and the way we
9:41
Speaker 2: do things, it gives you a lot of opportunity. You
9:45
Speaker 2: just got to know which side to play on.
9:47
Speaker 1: Yeah. Yeah. So as far as mentors or people who
9:51
Speaker 1: inspired you when you were younger, can you give us
9:53
Speaker 1: a few.
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Speaker 2: I mean, I think for me it was like you
9:57
Speaker 2: just take a lot from everyone you're with, from me
10:00
Speaker 2: my way out of my situation with sports. So mentorship
10:05
Speaker 2: for me was like football coaches, the basketball coaches, people
10:09
Speaker 2: there are just like pushing you to do better when
10:13
Speaker 2: I was younger, and that that was that. So like
10:16
Speaker 2: my football coach, coach Scotten, and the linebacker coaches always say,
10:20
Speaker 2: you know you can be successful, and then when you
10:22
Speaker 2: see someone in front of you that's doing well, Like
10:24
Speaker 2: there were some guys that are playing and they end
10:26
Speaker 2: up going to the NFL and you see what they
10:28
Speaker 2: were able to do, so you can shadow that. So
10:30
Speaker 2: when you see someone that's actually doing really well, that
10:33
Speaker 2: that mentorship really really wants benefit you. And even today
10:37
Speaker 2: where I'm at now, there's guys that are twenty and
10:39
Speaker 2: thirty years older than me that have been doing it
10:43
Speaker 2: for a long time and they'll talk to you and
10:44
Speaker 2: they'll tell you like, hey, here's how you how you
10:47
Speaker 2: do things. So there's when you find successful people, they're
10:49
Speaker 2: very willing to get back and just you just got
10:52
Speaker 2: to ask the questions. You know.
10:54
Speaker 1: I always say if you invest in yourself, that that
10:59
Speaker 1: to investment will always pay multiple returns, more than a
11:03
Speaker 1: government handout or anything else. Yeah, whether it's courses or
11:09
Speaker 1: you know, yeah out there practicing whatever training. What role
11:16
Speaker 1: do does managing your emotions play in success?
11:21
Speaker 2: Scott? So invest like one of the things that we
11:25
Speaker 2: focus on, and I think you nailed it. The most
11:27
Speaker 2: important asset is you And no it's not your money,
11:31
Speaker 2: it's not your portfolio, it's not your real estate, it's you.
11:35
Speaker 2: So you always invest in yourself. So I think you
11:37
Speaker 2: nailed that there. And when it comes to financial decisions,
11:42
Speaker 2: there's three components to it. And the first one is
11:45
Speaker 2: like your IQ, like how well you know money, But
11:49
Speaker 2: the EQ, which is your emotional quote, and that's where
11:52
Speaker 2: things go awry. And a lot of people make decisions
11:56
Speaker 2: based on their emotions, not only just in the way
11:58
Speaker 2: they manage money, but the way they get up every day,
12:00
Speaker 2: the way they show up, the way they deliver, what
12:02
Speaker 2: their belief systems on what they can do. So we
12:06
Speaker 2: try to measure like here's your IQ when it comes
12:07
Speaker 2: to money, here's your EQ, and then here's your experience.
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Speaker 2: And as you get better experience, like I was saying,
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Speaker 2: I get more experience now than I did before when
12:14
Speaker 2: it comes to handling money and doing certain things, but
12:18
Speaker 2: my emotions are still you still have to manage and
12:21
Speaker 2: obtain those emotions. So the emotional thing, like literally we
12:25
Speaker 2: have ten thousand clients here in twenty five hundred households,
12:28
Speaker 2: and you almost feel like you're a psychologist more than
12:30
Speaker 2: you are anything. And it's not just for your money
12:35
Speaker 2: management and like how you manage your emotions. It's the
12:37
Speaker 2: business owner that's trying to scale and grow and you're
12:40
Speaker 2: helping them. So we've built these systems out to help
12:42
Speaker 2: them help entrepreneurs with their help them get inside their
12:45
Speaker 2: own head and have the discipline is necessary to be
12:47
Speaker 2: able to scale and grow themselves. So I would say
12:51
Speaker 2: eighty five percent of it's your mind game.
12:54
Speaker 1: Yeah, hey so, but sometimes the life can get scary.
12:59
Speaker 1: What do you think it was the scariest moment on
13:01
Speaker 1: your path to success?
13:05
Speaker 2: I think you always. I think every day is a
13:07
Speaker 2: scary moment in some way. It's like you got to
13:10
Speaker 2: make you know, you know, I probably make one hundred
13:12
Speaker 2: and some decisions a day, and you can make them,
13:15
Speaker 2: you know, are they the right choices? And you got
13:17
Speaker 2: to make your right your decision right. So even though
13:20
Speaker 2: I made the decision, you can ever make the decision right.
13:23
Speaker 2: But as you go through. I think my my biggest
13:27
Speaker 2: thing was like even being broke as a kid and
13:30
Speaker 2: coming out of that, I always felt like it was
13:31
Speaker 2: felt like you were a helpless And I just remember
13:34
Speaker 2: when I actually made it and I started to be
13:36
Speaker 2: a little bit successful, and I was. It was in
13:38
Speaker 2: two thousand and eight and two thousand and nine, and
13:40
Speaker 2: the whole real estate market was crashing down. I was
13:42
Speaker 2: in Tampa at the time, and it felt like, wow,
13:45
Speaker 2: the world's coming down. A lot of people were trying
13:47
Speaker 2: to spile bankruptcy and all that stuff, and I just
13:49
Speaker 2: kept that optimism and that abundance mindset. I was like, look,
13:53
Speaker 2: maybe there's a better way. Maybe there's the way we
13:55
Speaker 2: can work this out. May there's the way we can
13:57
Speaker 2: hold on. And I think those kinds of time is
14:00
Speaker 2: when I've learned so much. So it's like in those
14:02
Speaker 2: hard times you do better. So then when COVID hit
14:06
Speaker 2: and everyone's freaking out. During COVID, I was like, man,
14:08
Speaker 2: this is nothing, this is easy, Like we got this.
14:11
Speaker 2: So I think you start to go through these really
14:13
Speaker 2: hard times and they end up becoming that's when you
14:14
Speaker 2: win the game. It's like when it gets really difficult
14:17
Speaker 2: and hard, that's when you're are. So when I felt
14:19
Speaker 2: like it was so helpless and bleak at a time,
14:20
Speaker 2: I was like, that's where your emotions comes, Like this
14:22
Speaker 2: is actually when you double down on this opportunity. And
14:25
Speaker 2: I almost I flipped that around the other way, but
14:27
Speaker 2: those were But I think that's it happens a lot.
14:30
Speaker 2: I think we have a lot of hard times every
14:32
Speaker 2: single day, like and it's just how you deal with them.
14:35
Speaker 2: But those big economic downturns were really hard for me.
14:38
Speaker 2: Because it impact a lot of people's lives and that's
14:40
Speaker 2: what we do for a living.
14:42
Speaker 1: Yeah, all right, so you know, I totally can relate
14:47
Speaker 1: to what you're saying. It's always darkest before the light.
14:51
Speaker 1: That's what I always tell myself and like you, when
14:55
Speaker 1: COVID hit, I saw it as one of the great
14:58
Speaker 1: opportunities in life because cause just myself, going back to
15:03
Speaker 1: two thousand and eight nine, the GFC, the Great Financial Collapse,
15:08
Speaker 1: I took the fear mindset. I thought it was the
15:10
Speaker 1: end of the world and I missed so many opportunities
15:14
Speaker 1: Scott to really have just made huge sums of money
15:18
Speaker 1: that I knew were there because I knew the crash
15:20
Speaker 1: was coming, the real crash. I was in Las Vegas
15:25
Speaker 1: and this was I think in eight and I looked
15:29
Speaker 1: around and there was a seat of taxicabs before Uber
15:32
Speaker 1: really took over, and they had signs on top of them,
15:37
Speaker 1: you know, three bedroom, two bath townhouse, brand new, interest
15:42
Speaker 1: only mortgage, no money down. And I said, this is it.
15:46
Speaker 1: We're at the end because they've run out of buyers
15:49
Speaker 1: and these are the only people they can get to
15:51
Speaker 1: buy this stuff. And literally, and I was with my
15:55
Speaker 1: partners as practicing law, very lucrative law practice. I turned
15:59
Speaker 1: each other. I said, this is it. Crash is coming,
16:03
Speaker 1: you know it. But I didn't do anything about it.
16:05
Speaker 1: I could have, like Solt in my house and you know, Sultan,
16:10
Speaker 1: my vacation has had enough money. I could have bought
16:12
Speaker 1: up half of Florida at that point. And it was
16:16
Speaker 1: only afterwards when I met a guy who was buying
16:18
Speaker 1: up tax deed foreclosures in Lee County, and he was
16:23
Speaker 1: buying up bank foreclosures, and you know, he'd done hundreds
16:27
Speaker 1: of them, and I wasn't like, oh, he just told me, oh,
16:31
Speaker 1: I did this. I actually went into the property records
16:34
Speaker 1: and looked up every deal that he had made, and
16:38
Speaker 1: I saw the money there. There was no question. The
16:41
Speaker 1: least amount of money you made on flipping one of
16:43
Speaker 1: these foreclosures was twenty grand. And you know, I realized
16:48
Speaker 1: I had blown it, and I said, the next time
16:50
Speaker 1: this happens, I'm not going to miss it. And now
16:54
Speaker 1: right now I think we're getting another one of these opportunities.
16:58
Speaker 1: Election uncertainty, you know, the security that you feel out
17:03
Speaker 1: there in the world is is the equivalent almost of
17:08
Speaker 1: a mini COVID or a many financial collapse, and yet
17:13
Speaker 1: that's when the opportunities really present themselves.
17:17
Speaker 2: Yeah. Yeah, I remember nine those years, I had fifteen
17:22
Speaker 2: condos or something in Tampa, and I think the value
17:24
Speaker 2: those were like twenty five cents in the dollar because
17:27
Speaker 2: I thought, oh, and own all this real es state
17:29
Speaker 2: and I didn't own the right kind of real estate personally.
17:32
Speaker 2: But I would work a lot of developers, so I'd
17:34
Speaker 2: help them buy I'd buy condos in their places and stuff.
17:36
Speaker 2: And I Remembermber in our Yeah, we always protected against
17:43
Speaker 2: downside downside profection. We use a lot of life insurance
17:46
Speaker 2: that was uncorrelated to the market, so we had cash
17:48
Speaker 2: store in those when the market corrected the bond prices
17:51
Speaker 2: went up, we had trust work. So what we had
17:54
Speaker 2: done a really good job is we did really good
17:56
Speaker 2: job with cash management. So when the markets moved, we
18:00
Speaker 2: are that our clients had money, so then they could
18:02
Speaker 2: go back and buy those assets on the cheap or
18:04
Speaker 2: do restructure because the banks would be like, well, you know,
18:08
Speaker 2: we want that money. It's like, well, the money's protected,
18:11
Speaker 2: you can't get it, but we'll do a deal, Like
18:13
Speaker 2: can we work this out? So we did a lot
18:15
Speaker 2: of workouts and stuff to be able to get there
18:17
Speaker 2: and you fast forward from there, you know, cor right
18:22
Speaker 2: now in the exact same hiss itself. So like we
18:27
Speaker 2: just bought an office tower, like actually bought four towers
18:31
Speaker 2: in the last eighteen months that were so value written
18:36
Speaker 2: from COVID, Like we got one A Class A building,
18:40
Speaker 2: we got a thirty's the net operating incomes three point
18:44
Speaker 2: five million and it's fifty percent full, meaning you can
18:47
Speaker 2: literally buy it right now and generate a ten percent
18:50
Speaker 2: return on your money and you have huge upside. And
18:53
Speaker 2: not to mention, we have a bunch of leases coming in,
18:55
Speaker 2: so we literally have built this like massive real estate
18:58
Speaker 2: portfolio on stuff where the banks are foreclosing, they're writing
19:02
Speaker 2: it down, they're saying, no one's going back to the office,
19:04
Speaker 2: none of stuff's ever going to happen. And what we're
19:06
Speaker 2: seeing is the absolute opposite. We're seeing this thing being
19:09
Speaker 2: we're resetting basis, we're getting stuff for ten percent of
19:11
Speaker 2: replacement costs, and we're buying future cash flows. So we're
19:15
Speaker 2: seeing huge opportunity and these assets and our clients are
19:18
Speaker 2: in a situation where there uncorrelated to the market. They've
19:20
Speaker 2: got assets that are able to manage the vault ultility,
19:25
Speaker 2: so they can take advantage of these opportunities they present themselves.
19:27
Speaker 2: So now we're like sitting there going, wow, I'm glad
19:29
Speaker 2: I went through all these hardships to get to here.
19:31
Speaker 2: So then when the real party starts to your point,
19:34
Speaker 2: I can take massive action.
19:37
Speaker 1: That's amazing. So office buildings, who would think, so you're
19:40
Speaker 1: really a contrarian contrarian investor.
19:42
Speaker 2: Here, Yeah, yeah, because we don't want to follow the
19:47
Speaker 2: limits off the mountain. So you're you're over there buying
19:50
Speaker 2: building multifamily projects and you got to exit them at
19:53
Speaker 2: five caps and four caps. Well, you're safe with draw
19:55
Speaker 2: rates five right now. In treasuries, there's no way you're
19:58
Speaker 2: going to be in a lot of trouble if if
20:00
Speaker 2: you can't make sure that that thing is working at
20:02
Speaker 2: a very high level. So we're buying stuff where it's
20:05
Speaker 2: working at ten and twenty caps when we get them
20:08
Speaker 2: ready to go, So where there's huge margin of error
20:11
Speaker 2: and margin of safety for when you go into those
20:13
Speaker 2: things because you're buying them at you can't even get
20:16
Speaker 2: they're basically geting for land costs. Essentially, what you're doing
20:20
Speaker 2: and the three keys to the real estate location, location, location.
20:23
Speaker 2: So now you're buying things in the urban core that
20:26
Speaker 2: have the most unbelievable desirable locations and you can't even
20:29
Speaker 2: build the stuff for less than ten percent of replacement costs,
20:32
Speaker 2: So you're getting it for twenty seven dollars a fifty
20:35
Speaker 2: bucks a foot. Very contrarian, but that's what we're doing
20:39
Speaker 2: and we're having huge success in it.
20:41
Speaker 1: All Right, So what if people don't go back to
20:43
Speaker 1: the office. Is there a way to monetize those assets,
20:50
Speaker 1: because it seems like I guess, you know, it feels
20:57
Speaker 1: like people just don't really uh, they aren't going to
21:02
Speaker 1: go back to the office.
21:04
Speaker 2: Yeah, so zoom is probably what I think. We're on
21:07
Speaker 2: zoom right now. They just mandated all their employees work
21:10
Speaker 2: in the office, like come back to the office. They're
21:12
Speaker 2: mandating at scale, we have a mandate here in our
21:16
Speaker 2: office where we need people in the office to do
21:18
Speaker 2: collaboration to build best practices. So certain companies definitely will
21:22
Speaker 2: be working more of a hybrid. Probably is like I
21:26
Speaker 2: think what you'll see, But there's something to be said
21:28
Speaker 2: of actual collaboration and things you can do inside of
21:31
Speaker 2: your environment. So a lot of these companies need that.
21:34
Speaker 2: So these law firms. They're taking multiple floors in that
21:36
Speaker 2: the Indiana Supreme Court rents from us, so we've got
21:39
Speaker 2: a lot of actual we're seeing the opposite of that
21:42
Speaker 2: where they're like, we need to get you back in
21:43
Speaker 2: the office, and we need to start seeing this happen.
21:46
Speaker 2: But what they need to do is take these spaces
21:48
Speaker 2: that no one want to wants to be in and
21:49
Speaker 2: make them vibrant again. So like what we're doing is
21:51
Speaker 2: we're converting some into hotels, We're creating more retail centers there,
21:56
Speaker 2: We're building things around it to make it more of
21:59
Speaker 2: an attraction area, yeah, versus the anti office, which I
22:02
Speaker 2: hate the office myself. It's like, if you will look
22:05
Speaker 2: at our office, you doesn't even look like an office.
22:07
Speaker 2: It's got it's got a gym in, it's got a
22:09
Speaker 2: basketball court, it's got golf sim it's like it's like
22:12
Speaker 2: someone's living room. It's like a it's like a house.
22:15
Speaker 2: It's not really an office. So the way you repurpose
22:17
Speaker 2: this real estate and make them more of a lifestyle
22:20
Speaker 2: type of place where people want to be, that's what
22:23
Speaker 2: we're seeing. It's starting to work in this space, in
22:25
Speaker 2: these in these buildings that we're buying.
22:27
Speaker 1: All right, Hey, really interesting conversation here. I guess you're
22:33
Speaker 1: following Warren Buffett. When there's blood in the streets, that's
22:35
Speaker 1: when you buy. When everyone's happy and thinks things can
22:39
Speaker 1: never go bad again, that's when you sell. Scott, where
22:42
Speaker 1: do we find you? How do we connect with you
22:43
Speaker 1: on the web?
22:45
Speaker 2: Yeah, so my our website's invest i nvst dot com.
22:51
Speaker 2: We have principles the financial Freedom. So if you want
22:54
Speaker 2: to want help on this stuff, what we can do
22:57
Speaker 2: if you go on the website, we can go through
22:59
Speaker 2: an assessment, which is really like help you clearly define
23:01
Speaker 2: your why. We help you build out your virtual game
23:04
Speaker 2: board where you can weigh and measure financial decisions and
23:07
Speaker 2: really create rules to your money. So you'll see the
23:09
Speaker 2: six key principles in there. But that's the best way
23:11
Speaker 2: to reach out, and I'd be more happy to sit
23:14
Speaker 2: down and just go through a quick Hey here's how
23:17
Speaker 2: I see the world, and here's how I think we
23:19
Speaker 2: can help in a big way. But that's the easiest
23:21
Speaker 2: way to reach me. And then obviously my personal site
23:24
Speaker 2: Scott Jared dot com, and that's another way to meet.
23:27
Speaker 2: If you guys want anything, you want me to help
23:29
Speaker 2: speak or help motivate employees or whatever. I'm good for
23:33
Speaker 2: all that stuff as well.
23:34
Speaker 1: All right, well you motivated, Nie, Scott and good. You
23:38
Speaker 1: know it's your success or your failure. It all happens upstairs, right, Yeah,
23:43
Speaker 1: that's where it takes place and then it just manifests
23:46
Speaker 1: itself in the real world. So appreciate you coming on.
23:51
Speaker 1: You've got a question for Scott myself, Shoot me an
23:53
Speaker 1: email k el at Carrie LEDs dot com. Link to
23:56
Speaker 1: Scott's sites in the show notes to this interview on
24:00
Speaker 1: Financial Survival Network dot com. While you're there, make sure
24:04
Speaker 1: you sign up for your free newsletter get information like
24:07
Speaker 1: this and so much more. Scott, appreciate your coming on.
24:10
Speaker 2: Let's go from survival to thriving. Baby, Let's go