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Is a Single-Family Home the worst investment you can make? · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will be protected.
• 0:57
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: Yeah, there's a lot to unpack, but I want to
• 1:03
  Speaker 3: go back just to beginning for a set. Because you
• 1:04
  Speaker 3: made a very wise decision that most Americans don't make,
• 1:07
  Speaker 3: and you bought multi family right away, because you know,
• 1:11
  Speaker 3: most times, you know, in our communities, it's like we
• 1:14
  Speaker 3: save enough money to buy the home that we can
• 1:16
  Speaker 3: afford or the dream home that we think we can afford,
• 1:19
  Speaker 3: and rerealize later that we can't. But you started with
• 1:22
  Speaker 3: multi family right away. Was that the strategy all along,
• 1:25
  Speaker 3: as you had been seeing people do that and as
• 1:27
  Speaker 3: that as a way of having passive income.
• 1:30
  Speaker 4: Yeah, that was definitely my objective in that we wanted
• 1:33
  Speaker 4: to you know, when you think about it, right, the
• 1:36
  Speaker 4: fundamental equation is this, most people buy into that American
• 1:41
  Speaker 4: dream right where you know, if you take a person,
• 1:43
  Speaker 4: they go out and buy home, they save all their money,
• 1:46
  Speaker 4: they buy single family home, they move into it for
• 1:49
  Speaker 4: the next thirty years. Mostly the disposable income is going
• 1:52
  Speaker 4: to pay that mortgage.
• 1:53
  Speaker 2: That's it.
• 1:53
  Speaker 4: But if they just did something a little bit differently,
• 1:56
  Speaker 4: buy a couple of income generating assets first. Right in
• 2:00
  Speaker 4: the case I was talking about when I bought my
• 2:03
  Speaker 4: first multi family, I mean that was making me between
• 2:05
  Speaker 4: eight hundred and thousand dollars a month.
• 2:06
  Speaker 2: So they'll called one thousand dollars a month.
• 2:09
  Speaker 4: If you're making sixty grand and you buy a multifamily
• 2:12
  Speaker 4: house and you can make yourself an extra thousand dollars
• 2:14
  Speaker 4: a month. You've given yourself a twenty percent raise, right,
• 2:18
  Speaker 4: and you can do that repeatedly. And the more assets
• 2:21
  Speaker 4: you have that are generating income for you, the easier
• 2:23
  Speaker 4: it is to buy your next one and your next one. Right,
• 2:26
  Speaker 4: it's like getting off of that point of inertia. But
• 2:29
  Speaker 4: if you choose to buy a single family home and
• 2:32
  Speaker 4: move into it, I think you know, it's not as
• 2:35
  Speaker 4: lucrative and it's not the wealth generating instrument that investment
• 2:40
  Speaker 4: properties are.
• 2:42
  Speaker 5: So let's let's get into this real estate development conversation.
• 2:46
  Speaker 5: But somebody that's looking to become a real estate developer
• 2:48
  Speaker 5: right now, right, what advice would you give them in
• 2:52
  Speaker 5: order to because I understand that it's not necessarily easy
• 2:55
  Speaker 5: to get into the game and it's all about relationships
• 2:59
  Speaker 5: a lot of times. So what advice would you get
• 3:01
  Speaker 5: to somebody as looking to become a real estate developer?
• 3:03
  Speaker 4: So the first thing is just learn the equation, right,
• 3:07
  Speaker 4: because you could do the equation on a multi family,
• 3:11
  Speaker 4: three family, which most people can have a level of
• 3:14
  Speaker 4: access to.
• 3:15
  Speaker 2: But it's that.
• 3:16
  Speaker 4: Same equation that's saying the same mechanics that go through
• 3:19
  Speaker 4: in a development deal. Granted, the variables change a little
• 3:22
  Speaker 4: bit because if you get into development you have to
• 3:25
  Speaker 4: take on some different risks, but you're basically buying an asset,
• 3:29
  Speaker 4: you're investing money in it. You're starting with a multi family,
• 3:36
  Speaker 4: like a three family. You're going to learn things like
• 3:39
  Speaker 4: how to do maintenance right when that toilet gets backed up.
• 3:42
  Speaker 4: You're going to learn something about plumbing, You're going to
• 3:44
  Speaker 4: learn something about electrical and folks should not be scared to,
• 3:47
  Speaker 4: you know, take on the challenge because everything you learn
• 3:50
  Speaker 4: increases your knowledge base, and the more knowledge you have,
• 3:53
  Speaker 4: the more you're able to monetize your situation. So, you know,
• 3:58
  Speaker 4: I would encourage folks to start small.
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  Speaker 2: So start with.
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  Speaker 4: An operating property first, right, a multifamily, learn the mechanics.
• 4:08
  Speaker 4: Down the road, you may want to say, you know,
• 4:09
  Speaker 4: I'm going to buy a Brownstone or some other home
• 4:12
  Speaker 4: that you can actually renovate and reposition. I mean, everyone
• 4:15
  Speaker 4: watches HGTV and those kind of things. You see people
• 4:19
  Speaker 4: doing flips. That's another aspect of you know, in real
• 4:23
  Speaker 4: estate investing, in real estate development that.
• 4:25
  Speaker 2: Is achievable and accessible for most people.
• 4:28
  Speaker 4: But if you do that, you learn how to you know,
• 4:31
  Speaker 4: contract with an electrician, how to get the plumbing redone
• 4:35
  Speaker 4: in the house, how to you know, put get a
• 4:37
  Speaker 4: new roof, put on all the things that you basically
• 4:39
  Speaker 4: do when you develop, but you're learning it in a
• 4:41
  Speaker 4: little bit of a safer scenario. And once you you know,
• 4:45
  Speaker 4: you go from crawling to walking, you can run, so.
• 4:50
  Speaker 2: That that crawling process.
• 4:52
  Speaker 3: I imagine now as your intern well Internet for free right,
• 4:55
  Speaker 3: You're you're saying, can I help this firm take us
• 4:58
  Speaker 3: through that process of what you're learning? What do you
• 5:00
  Speaker 3: see the negatives and positives of this space that you're
• 5:02
  Speaker 3: now in, and to that moment where you now see
• 5:04
  Speaker 3: your name at the bottom of the bet and you're like, wait,
• 5:07
  Speaker 3: my name needs to be next to be needs to
• 5:09
  Speaker 3: be next to the bigger figures on this what's that
• 5:11
  Speaker 3: process like for you?
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  Speaker 4: You mean, going from just like starting to learn, well,
• 5:14
  Speaker 4: it's really just desire man, like, you know, really wanting
• 5:18
  Speaker 4: to learn it. You think about what this opportunity represented
• 5:22
  Speaker 4: for me was, you know, to actualize a dream and
• 5:25
  Speaker 4: being an entrepreneur, and so I was intent on learning everything. So, uh,
• 5:30
  Speaker 4: you know why I stayed with that developer for free
• 5:33
  Speaker 4: for two years because I wanted to learn and I
• 5:35
  Speaker 4: wanted to soak up everything like a sponge. So my
• 5:39
  Speaker 4: background is in finance. I have two degrees in finance,
• 5:43
  Speaker 4: Bachelors and the Masters, and I worked as an investment banker,
• 5:45
  Speaker 4: so I came to the table with really strong financial acumen.
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  Speaker 2: So the.
• 5:51
  Speaker 4: You know, the math in real estate is simple math,
• 5:53
  Speaker 4: and you don't have to be an investment banker and
• 5:55
  Speaker 4: you don't have to have an MBA to do it.
• 5:57
  Speaker 4: It's simple math because the income is generated from people
• 6:00
  Speaker 4: paying rent, you have operating expenses, and you have cash flow.
• 6:04
  Speaker 4: It's really a simple equation. Development goes a little bit
• 6:09
  Speaker 4: deeper because you have to take something that's not generating
• 6:12
  Speaker 4: any income and put it through a process where you're
• 6:15
  Speaker 4: going to borrow some capital, both debt and equity. You're
• 6:19
  Speaker 4: going to hire an architect, maybe through some entitlement work
• 6:23
  Speaker 4: so that you can have the right zoning or whatever.
• 6:25
  Speaker 2: You need to build.
• 6:26
  Speaker 4: Then you're going to go through the process of actually
• 6:29
  Speaker 4: constructing something a little bit more risky. But once you
• 6:32
  Speaker 4: get your wheels under you, you can do this. And
• 6:34
  Speaker 4: so learning all of those different aspects, you know, the
• 6:37
  Speaker 4: financing component being very focused on project management, so making
• 6:42
  Speaker 4: sure the our plans were getting done on time, and
• 6:48
  Speaker 4: you know, the legal documents that we needed around developments
• 6:51
  Speaker 4: were also moving along and are structured properly.
• 6:55
  Speaker 2: There's a lot of engagement in what I.
• 6:57
  Speaker 4: Do now with municipalities because when we're developed affordable housing,
• 7:00
  Speaker 4: it can't be done without the participation and the support
• 7:04
  Speaker 4: of government. And so there's a lot of what I
• 7:08
  Speaker 4: think is undue bureaucracy in some markets that you have
• 7:11
  Speaker 4: to contend with. But then there are other markets that
• 7:14
  Speaker 4: are easy to function and that is why as a company,
• 7:17
  Speaker 4: we chose to expand out of New York City into
• 7:20
  Speaker 4: several other markets where there really is tremendous demand for housing,
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  Speaker 4: both you know market rate, moderate income and you know
• 7:28
  Speaker 4: affordable housing as well.
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  Speaker 5: So can you walk us through the development of a building.
• 7:33
  Speaker 5: It could be in New York or out of New York.
• 7:35
  Speaker 5: I know this is RFPs right, and then you have
• 7:38
  Speaker 5: to get the financing right and like you said, you
• 7:40
  Speaker 5: have to get the architect, you got to go through
• 7:42
  Speaker 5: the permit process.
• 7:44
  Speaker 2: So yeah, can you kind of walk us through stuff?
• 7:46
  Speaker 2: So let's start with earners. What's up.
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  Speaker 3: This episode is brought to you by P and C Bank.
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• 9:39
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 9:42
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 9:47
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 9:51
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 9:55
  Speaker 1: some of the heinous migrant criminals caught because of President
• 9:59
  Speaker 1: Donald J. Trump's lee I'm Christy Noman, the United States
• 10:02
  Speaker 1: Secretary of Homeland Security under President Trump, attempted illegal border
• 10:07
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 10:11
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 10:14
  Speaker 1: are here illegally your next you will be fine nearly
• 10:18
  Speaker 1: one thousand dollars a day, imprisoned and deported, you will
• 10:22
  Speaker 1: never return. But if you register using our CBP home
• 10:26
  Speaker 1: app and leave now, you could be allowed to return legally.
• 10:29
  Speaker 1: Do what's right. Leave now. Under President Trump America's laws,
• 10:34
  Speaker 1: border and families will be protected.
• 10:37
  Speaker 4: Sponsored by the United States Department of Homeland Security. A
• 10:39
  Speaker 4: blank piece of dirt, okay. So you have a piece
• 10:43
  Speaker 4: of dirt, let's call it in Brooklyn, Okay. And it's
• 10:46
  Speaker 4: in a neighborhood that's turning over and is improving. And
• 10:50
  Speaker 4: as an investor, believe you know what, I can put
• 10:53
  Speaker 4: a building on that piece of dirt, call it fifty
• 10:56
  Speaker 4: units and make money. Right, So the processes. First of all,
• 11:01
  Speaker 4: I see that piece of dirt. The first thing I
• 11:03
  Speaker 4: want to do is what's called a zoning analysis. I
• 11:06
  Speaker 4: want to understand what's the size of a building I
• 11:08
  Speaker 4: could put on there? Can I actually put fifty units?
• 11:10
  Speaker 4: Is it fifty five units? Is it sixties and forty five?
• 11:14
  Speaker 2: I don't know.
• 11:14
  Speaker 4: So an architect would be engaged. They'd conduct a zoning analysis.
• 11:19
  Speaker 4: And what it does is reads the zoning code and
• 11:21
  Speaker 4: every municipality in the country has a zoning code, and
• 11:24
  Speaker 4: it interprets the zoning code and it gives you, right
• 11:27
  Speaker 4: there in a two three four page report, exactly what
• 11:30
  Speaker 4: could be built, how high it could be, where the
• 11:32
  Speaker 4: setbacks have to be. You know, how many dwelling units
• 11:38
  Speaker 4: can be in that building, the size of every dwelling unit.
• 11:40
  Speaker 4: So all these very technical features are codified in a document.
• 11:45
  Speaker 4: So you can take that zoning analysis now and now
• 11:47
  Speaker 4: go build a financial model, right and that financial model
• 11:50
  Speaker 4: is going to say, look, I have these fifty units.
• 11:52
  Speaker 4: Some are studios, some are one bedrooms, some are two bedrooms,
• 11:55
  Speaker 4: and they generate x amount of income. Right that the
• 12:01
  Speaker 4: amount of income they generate has to also be further
• 12:06
  Speaker 4: reduced by the operating expense. So the superintendent has to
• 12:10
  Speaker 4: clean the building or you know, service the residents. The
• 12:13
  Speaker 4: porters have to take the garbage out and shovel the
• 12:16
  Speaker 4: snow off the off the front steps. You have to
• 12:19
  Speaker 4: pay for electricity in the common areas, you have to
• 12:21
  Speaker 4: pay your real estate taxes, whatever it is. So you
• 12:23
  Speaker 4: do a financial model and you see, you know, the
• 12:26
  Speaker 4: revenue can generate the expenses associated against that project, and
• 12:30
  Speaker 4: then what kicks out of that is what we called
• 12:32
  Speaker 4: net operating income. That net operating income is what is
• 12:38
  Speaker 4: used to service the debt, the mortgage on the building. Right,
• 12:41
  Speaker 4: so you can see just from a pro forma what
• 12:47
  Speaker 4: NY the building produces, and that NY will tell you
• 12:50
  Speaker 4: how much debt you can raise. So and you also
• 12:54
  Speaker 4: want to have a project that of course can support
• 12:57
  Speaker 4: the debt, so you know how much debt it can support.
• 13:00
  Speaker 4: Look at, well, how much debt do I need to
• 13:01
  Speaker 4: build it? And you're going to say, you know, at
• 13:03
  Speaker 4: fifty unit building. When you become a little bit more seasoned,
• 13:08
  Speaker 4: you kind of know what construction costs are. But for
• 13:12
  Speaker 4: folks who aren't, you can literally take your plans, talk
• 13:14
  Speaker 4: to a builder, say hey, I'm building this building. It's
• 13:17
  Speaker 4: going to be block and plank, or it's going to
• 13:19
  Speaker 4: be poored in place, concrete, steel frame, whatever construction methodology
• 13:24
  Speaker 4: your structural engineer recommends, and you get a cost, right,
• 13:27
  Speaker 4: a cost projection for.
• 13:29
  Speaker 2: Building the building.
• 13:30
  Speaker 4: So that building, we'll just use some numbers, right that
• 13:34
  Speaker 4: let's say to acquire the land and to build everything's
• 13:39
  Speaker 4: in be ten million dollars and let's say at ten
• 13:42
  Speaker 4: million dollars is at six percent interest rate, so you know,
• 13:46
  Speaker 4: every month, that's how much your mortgage payment has to
• 13:49
  Speaker 4: be on that asset, So that NI has to be
• 13:51
  Speaker 4: an excess of that debt coverage that that debt number.
• 13:56
  Speaker 4: We call that a debt service coverage ratio, So that
• 14:00
  Speaker 4: DSCR probably needs to be minimum about one point twenty five,
• 14:04
  Speaker 4: so meaning you want to have one hundred and twenty
• 14:06
  Speaker 4: five percent of that mortgage number in your NI so
• 14:10
  Speaker 4: you can comfortably cover the debt service and then when
• 14:13
  Speaker 4: you pay the debt service, the rest of it in
• 14:15
  Speaker 4: yours to cash flow.
• 14:16
  Speaker 3: So when you're looking for let's say that plot of dirt,
• 14:20
  Speaker 3: what let's are you doing a market analysis to see like,
• 14:22
  Speaker 3: all right, we're actually looking for a place to invest
• 14:25
  Speaker 3: in this borough in this city prior to it, or
• 14:28
  Speaker 3: are we you know, looking at past investments that are
• 14:31
  Speaker 3: going up in the neighborhood to say, all right, this
• 14:33
  Speaker 3: is an opportunity for us and now create.
• 14:35
  Speaker 2: Now that's asked you a great question.
• 14:36
  Speaker 4: So what you're really doing is you you know, when
• 14:38
  Speaker 4: you're looking at that particular opportunity, you're doing it. So
• 14:41
  Speaker 4: you're looking at it because there's probably something else ready
• 14:44
  Speaker 4: going on in that neighborhood, right, And what we do
• 14:48
  Speaker 4: is what's called a comp study. So I can call
• 14:51
  Speaker 4: a real estate broker and say, give me a comp
• 14:54
  Speaker 4: study for this zip code. So they're going to say, Craig,
• 14:56
  Speaker 4: I'll email you this report and it'll have you know,
• 15:00
  Speaker 4: five buildings, ten buildings that are rending up in and
• 15:03
  Speaker 4: around the neighborhood, and it'll show me what the rents
• 15:05
  Speaker 4: are in those buildings, so I can have a reasonable
• 15:07
  Speaker 4: expectation as to what types of income are generated off
• 15:11
  Speaker 4: off that asset. Now, in some markets that we call
• 15:17
  Speaker 4: transitional markets, you know it's not so clear, but you're
• 15:20
  Speaker 4: taking a bet because let's say something fantastic is going
• 15:24
  Speaker 4: on in that market, like they're bringing in a new
• 15:26
  Speaker 4: trains train station, or uh, they're building a new stadium,
• 15:30
  Speaker 4: and there's a reason why I believe there's going to
• 15:33
  Speaker 4: be a lot of demand for real estate in that area.
• 15:35
  Speaker 4: So we will, you know, make an analysis and do
• 15:40
  Speaker 4: an investment based on that. But in my business, since
• 15:43
  Speaker 4: we do affordable housing, here's the thing. Affordable housing is
• 15:50
  Speaker 4: real estate. It's it's actually it's real estate, but it's
• 15:53
  Speaker 4: really a hybrid. It's really structured finance, right, because we
• 15:57
  Speaker 4: are offering you is to rent at below market rate.
• 16:01
  Speaker 4: So it almost doesn't matter what the market is, because
• 16:05
  Speaker 4: the two bedrooms, say three thousand, in that market, I
• 16:08
  Speaker 4: could bring it to I could bring it to market
• 16:11
  Speaker 4: for like say, sixteen hundred eighteen hundred, tremendous discount to
• 16:15
  Speaker 4: make it much more affordable. And the demand for affordable
• 16:19
  Speaker 4: housing is insatiable. We cannot build enough of it. I
• 16:22
  Speaker 4: have to tell y'all right now, in twenty twenty two,
• 16:26
  Speaker 4: almost twenty twenty three, we have a seven million unit
• 16:30
  Speaker 4: housing deficit in this country. Seven million units. That means
• 16:34
  Speaker 4: we could build for the next ten years. We'd have
• 16:36
  Speaker 4: to build for the next ten years across the country
• 16:39
  Speaker 4: just to satisfy that demand. And guess what, in ten
• 16:42
  Speaker 4: years we're going to find out there's even more demand
• 16:44
  Speaker 4: that occurred. And just to quantify that, seven million units
• 16:51
  Speaker 4: of housing is about two and a half three trillion
• 16:53
  Speaker 4: dollars of an economic opportunity. That's why our community has
• 16:57
  Speaker 4: got to get on real estate because you can get
• 17:00
  Speaker 4: your feet in. Not all of it's going to be
• 17:02
  Speaker 4: you know, thousand unit portfolios that are built in public
• 17:06
  Speaker 4: private partnerships. A lot of it will be people who
• 17:09
  Speaker 4: choose to buy a plot of land in the city,
• 17:12
  Speaker 4: or take a vacant land that the city is rfping,
• 17:16
  Speaker 4: and you know, build a three family or four family
• 17:18
  Speaker 4: home on it.
• 17:19
  Speaker 2: There's a lot of opportunity there.
• 17:26
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 17:30
  Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
• 17:34
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 17:38
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 17:42
  Speaker 1: some of the heinous migrant criminals caught because of President
• 17:46
  Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States
• 17:50
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 17:55
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 17:58
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 18:01
  Speaker 1: are here illegally, your next you will be fine nearly
• 18:05
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 18:09
  Speaker 1: never return. But if you register using our CBP home
• 18:13
  Speaker 1: app and leave now, you could be allowed to return legally.
• 18:17
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 18:22
  Speaker 1: border and families will be protected.
• 18:24
  Speaker 2: Sponsored by the United States Department of Homeland Security,