Latest / Earn Your Leisure / EYL #12 The Marathon Continues.

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EYL #12 The Marathon Continues. · Earn Your Leisure

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• 1:19
  Speaker 2: All right, guys, welcome back. We have another monumental episode today,
• 1:25
  Speaker 2: put a lot of pressure Episode twelve. First of all,
• 1:30
  Speaker 2: thank you guys for your support. Our growth has been tremendous.
• 1:33
  Speaker 2: You know we're in the top ten percent of all
• 1:36
  Speaker 2: podcasts audio in the world after twelve weeks. So you know,
• 1:42
  Speaker 2: it's encouraging because you know, the content that we're putting
• 1:45
  Speaker 2: out as educational, so it's good to see people gravitating
• 1:47
  Speaker 2: towards that. So thank you guys for your support and
• 1:50
  Speaker 2: keep spreading the words all being organic and grassroots. So
• 1:53
  Speaker 2: you know, tell a friend to tell a friend, and yes, yes,
• 1:57
  Speaker 2: keep helping us grow because the more we grow, the
• 2:00
  Speaker 2: more information that we're going to give away, absolutely for sure.
• 2:03
  Speaker 2: So before we start, you know, we have to touch
• 2:07
  Speaker 2: on some very sad, in tragic news that happened in
• 2:13
  Speaker 2: our culture in the world with the with the passing
• 2:15
  Speaker 2: of Nipsey Hustle. And you know, we've spoke about it
• 2:18
  Speaker 2: before and I posted it on the page where Nipsey
• 2:21
  Speaker 2: we was like really our guy, like we really was
• 2:23
  Speaker 2: like we.
• 2:24
  Speaker 3: Made a list of people we wanted to meet and
• 2:26
  Speaker 3: we're doing the same work and we're on the same path,
• 2:28
  Speaker 3: and he was at the top of our list. And
• 2:31
  Speaker 3: to see the news what happened Sunday, it was just
• 2:34
  Speaker 3: it hit hard.
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  Speaker 2: Ye, senseless, senseless act of violence that just affected so
• 2:39
  Speaker 2: many different people. And as you said, I mean, Nipsey
• 2:42
  Speaker 2: Hustle was somebody that we were pretty confident that we
• 2:44
  Speaker 2: were going to get a conversation with him. We just
• 2:47
  Speaker 2: I just felt it because that was his economic empowerment.
• 2:50
  Speaker 2: That's what he was about, Like you know what I mean.
• 2:51
  Speaker 2: So yeah, man, it's just it's just a very tragic
• 2:55
  Speaker 2: and sad situation. Like you said, senseless, just a senseless
• 2:58
  Speaker 2: act of violence in.
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  Speaker 4: Peace came sad, sad loss for the world, for the culture.
• 3:04
  Speaker 4: He was definitely out there doing what he had to
• 3:06
  Speaker 4: do to empower us all and now we just got
• 3:09
  Speaker 4: to take that baton and continue to run with it.
• 3:11
  Speaker 5: I think that was one of the most uplifting things
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  Speaker 5: I saw.
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  Speaker 3: It was like somebody had DM's us and it was
• 3:16
  Speaker 3: like Nipsey would be proud of your work. And I
• 3:19
  Speaker 3: was like, wow, because I don't. I mean, I didn't
• 3:21
  Speaker 3: even speak to you. The first beginning of the week.
• 3:23
  Speaker 3: I just couldn't talk. I was just completely out of it.
• 3:25
  Speaker 3: But when I read that, like he would be proud
• 3:27
  Speaker 3: of us, continue to work and the marathon continues, I
• 3:29
  Speaker 3: was like, let's do it.
• 3:30
  Speaker 5: We're gonna carry this.
• 3:31
  Speaker 2: The marathon continues for sure. So this this show is
• 3:34
  Speaker 2: actually dedicated to Nipsey, and one of the things that
• 3:37
  Speaker 2: he was very passionate about. He was passionate about a
• 3:39
  Speaker 2: lot of things, but economic development in his community, buying
• 3:43
  Speaker 2: black his community, and investing in real estate like he was.
• 3:46
  Speaker 2: He was big on real estate. He was on Forbes.
• 3:48
  Speaker 2: Forbes covered him as far as his revill estate deals.
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  Speaker 2: And he had just brought the strip mall in his
• 3:53
  Speaker 2: neighborhood actually unfortunately where he was murdered at. He brought
• 3:55
  Speaker 2: that strip mall and he was buying a bunch of stuff.
• 3:59
  Speaker 2: He had a we work center, he had a stem
• 4:01
  Speaker 2: center for kids, a bunch of different things. He was
• 4:04
  Speaker 2: you know, he had him and his business partner, David Gross.
• 4:06
  Speaker 2: They were buying apartment complexes, all kinds of stuff. So, yes,
• 4:11
  Speaker 2: this this is the real estate addition, because real estate
• 4:14
  Speaker 2: is very exciting and it's very hot, and it's very
• 4:18
  Speaker 2: you know, it's in the news a lot right now,
• 4:20
  Speaker 2: and it's good. But it's something that a lot of
• 4:22
  Speaker 2: some people hear about and they just think they're just
• 4:24
  Speaker 2: gonna get rich quick, make a million dollars without doing
• 4:28
  Speaker 2: any work. And it doesn't want money up. It doesn't
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  Speaker 2: always work like that. So this is what we do
• 4:33
  Speaker 2: in the show. If we educate so what better way
• 4:37
  Speaker 2: to educate than to bring an expert in the field on.
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  Speaker 2: So we have a very special guest today, Matt Garland,
• 4:43
  Speaker 2: who is All All Star mortgage advisor Match just came
• 4:49
  Speaker 2: off a toy. He's in the middle of tour. Actually
• 4:51
  Speaker 2: he's in the middle of tour. He's on dj Envy's
• 4:57
  Speaker 2: real Estate tour. So, if you're not familiar dj Envy,
• 4:59
  Speaker 2: h is heavy in the real estate game and he's
• 5:01
  Speaker 2: traveling around the country putting on seminars to educate people
• 5:05
  Speaker 2: on real estate investing. And he has a team of
• 5:07
  Speaker 2: professionals that you know he has on his team on
• 5:11
  Speaker 2: his real estate team if you ever go to one
• 5:13
  Speaker 2: of his seminars and one of the professionals is Matt.
• 5:17
  Speaker 2: Absolutely so Mad's a good guy. Matt, as I said,
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  Speaker 2: he's a mortgage advisor, just very knowledgeable about the real
• 5:23
  Speaker 2: estate industry. So thank you, welcome listen.
• 5:27
  Speaker 4: I appreciate the love, I appreciate the hospitality. Like you
• 5:30
  Speaker 4: guys said, I'm on to our right now. It's been
• 5:33
  Speaker 4: We just came back from Miami.
• 5:34
  Speaker 2: What cities have you been to so far?
• 5:36
  Speaker 5: So far?
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  Speaker 4: New Jersey, New York, Well, Atlantic City, Queens. We just
• 5:43
  Speaker 4: came back from Miami. Now we head into Detroit on
• 5:45
  Speaker 4: for twenty then we got Atlanta for twenty seven. Then
• 5:48
  Speaker 4: we're back in New Jersey five nineteen.
• 5:51
  Speaker 6: Then June.
• 5:52
  Speaker 4: He didn't announce yet, so I'm not gonna know. We
• 5:55
  Speaker 4: we got something going on in June, July, August, you know.
• 5:58
  Speaker 4: So we're just traveling around and I'm probably gonna put
• 6:01
  Speaker 4: together my own workshop again, part two of the Generational
• 6:03
  Speaker 4: Wealth Workshop, so and Juling.
• 6:06
  Speaker 6: I'm working on those details now.
• 6:08
  Speaker 4: So it's just it's been busy, man, and on top
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  Speaker 4: of it.
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  Speaker 6: Yeah, no, this is this is nothing.
• 6:13
  Speaker 5: Man.
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  Speaker 4: I love what you guys are doing. I'm excited to
• 6:15
  Speaker 4: be a part of this. And listen, I'm humbled to
• 6:18
  Speaker 4: be a part of this because you guys could have
• 6:19
  Speaker 4: picked anybody, but you guys picked me to come in
• 6:21
  Speaker 4: and talk about a subject that I love.
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  Speaker 6: So I'm ready, man. That's the piece the Nipsey again.
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  Speaker 2: Man.
• 6:26
  Speaker 4: We're going to dedicate this episode to him, and hopefully
• 6:28
  Speaker 4: we may him proud with the information we want to
• 6:31
  Speaker 4: get out to the people.
• 6:32
  Speaker 2: All Right, So now we're going to go into an
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  Speaker 2: interesting story that's been in the news recently about fifty Curtis.
• 6:38
  Speaker 6: Jackson, Queens get the money?
• 6:40
  Speaker 2: Are you from queens?
• 6:41
  Speaker 6: From Queens? Brooklyn and Queens? But I claim queens.
• 6:44
  Speaker 2: Okay, okay, fifty yeah, fifty, We like fifty cent. He's
• 6:48
  Speaker 2: actually I think he's more entertaining as an entertainer at
• 6:51
  Speaker 2: this point than a rap. Absolutely, he's hilarious. It's actually
• 6:55
  Speaker 2: really yeah, well, I'm he gives not trying classic. Even
• 7:01
  Speaker 2: before that, the mixtape raxtape change changed the game.
• 7:04
  Speaker 6: He changed the game with the next.
• 7:06
  Speaker 2: Day, so all right, So he he brought a house.
• 7:09
  Speaker 2: He put Mike Tyson's house in two thousand Can we.
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  Speaker 5: Even clo the house?
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  Speaker 6: We got to state state that's like, I don't even
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  Speaker 6: know if you can call that state.
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  Speaker 2: That's state compound. That's a compound. I think it's the
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  Speaker 2: biggest a state compound house on the East coast. Has
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  Speaker 2: fifty bedrooms and nineteen bathrooms. Crazy, and it's fifty thousand
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  Speaker 2: square feet fitting The address was I think fifty something.
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  Speaker 2: So it's ironic.
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  Speaker 6: It works.
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  Speaker 2: So he brought it in two thousand and three for
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  Speaker 2: Mike Tyson's ex wife for four point one million dollars
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  Speaker 2: and he he turned it into.
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  Speaker 5: It was like a Playboy Mansion times ten.
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  Speaker 2: Yeah, he put it. He put a stripper pole poles, studio,
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  Speaker 2: a grothel. You gotta love it.
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  Speaker 5: Yeah, he had a casual atrium in there.
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  Speaker 3: This it wastaou basketball courts, a studio like you said,
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  Speaker 3: a club.
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  Speaker 5: It was. It was called club.
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  Speaker 6: Damn. That was right at the tip of my head.
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  Speaker 2: Fifty I think, no, no, no, no, something else.
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  Speaker 4: It was like the sound system cost one hundred thousands
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  Speaker 4: when he went he went in.
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  Speaker 2: He puts six million dollars into it in addition from
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  Speaker 2: the four million that he actually paid for. So he's
• 8:27
  Speaker 2: ten million.
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  Speaker 5: Total ten million.
• 8:29
  Speaker 2: And he realizes that I don't really want the house anymore.
• 8:31
  Speaker 2: But therest thing about the house is that it's in Connecticut.
• 8:35
  Speaker 2: It's in the middle of nowhere, in like a middle
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  Speaker 2: class neighborhood, right yeah, And it's like five times bigger
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  Speaker 2: than any other house in the neighborhood.
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  Speaker 5: It's bigger than most hotels.
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  Speaker 4: It's speaking in five times bigger than probably any house
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  Speaker 4: on the East Coast.
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  Speaker 2: So now he decides he wants to sell it. I
• 8:52
  Speaker 2: think it's on the market for like ten years.
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  Speaker 3: Two thousand and seven, he decides to sell it. He
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  Speaker 3: puts it he listed for eighteen point five million.
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  Speaker 2: Yeah, try again. No, nobody's buying it for eighteen point
• 9:04
  Speaker 2: five million. So he just recently sold it for two million.
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  Speaker 5: Yeah, two point nine two.
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  Speaker 2: Point nine million, man, so that's like a seventy nine
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  Speaker 2: percent loss.
• 9:15
  Speaker 5: The headline was like.
• 9:17
  Speaker 2: Asking and like a seventy nine percent from total where
• 9:21
  Speaker 2: he's all in, Yeah, And it's so crazy because it's like, hey,
• 9:25
  Speaker 2: I mean the grand scheme of things, if you really
• 9:27
  Speaker 2: think about it, especially in our area, two point nine
• 9:30
  Speaker 2: million is not a lot of money for fifty bedrooms
• 9:35
  Speaker 2: in nineteen you really think, you really think about that,
• 9:37
  Speaker 2: that's obtainable, like that.
• 9:40
  Speaker 4: It's not too far fast, No, it's you got six
• 9:42
  Speaker 4: bedroom homes going for that price.
• 9:45
  Speaker 2: It's like, it's crazy that it costs that much, and
• 9:47
  Speaker 2: then it's also crazy that it's appreciated that much. So like,
• 9:50
  Speaker 2: what's the takeaway here?
• 9:51
  Speaker 4: Like, oh man, there's so many takeaways with the story,
• 9:55
  Speaker 4: good and bad.
• 9:57
  Speaker 5: You know.
• 9:58
  Speaker 4: The first thing that stands out my head being in
• 10:00
  Speaker 4: the business is over improving the house for neighborhood, right,
• 10:04
  Speaker 4: you know, I do a lot of renovation loans. So
• 10:07
  Speaker 4: what I try to tell people is don't create the
• 10:09
  Speaker 4: white elephant in your neighborhood because you'll never get that
• 10:13
  Speaker 4: money back.
• 10:14
  Speaker 6: You'll actually lose.
• 10:15
  Speaker 4: And I think this is a prime example of having
• 10:18
  Speaker 4: that white elephant and you.
• 10:21
  Speaker 3: Want to get a story in a white elephant, like yeah, yeah, yeah,
• 10:23
  Speaker 3: So like the white elephant. Really it was a gift
• 10:26
  Speaker 3: that was given to a king or somebody of that
• 10:28
  Speaker 3: statue or emperor, and it was a beautiful gift because
• 10:30
  Speaker 3: it was rare. You could never find these things, right,
• 10:32
  Speaker 3: But after he got it, he realized all the burdens
• 10:35
  Speaker 3: that came along with it. What do you beat this thing?
• 10:37
  Speaker 3: How do we make sure that the stay's healthy? And
• 10:40
  Speaker 3: it just becomes something that is there that has no use.
• 10:43
  Speaker 3: So they like when they say white elephant in real estate,
• 10:46
  Speaker 3: that's what they're talking about. Like I remember in Rio
• 10:49
  Speaker 3: when they built it the Sumper Olympics. They were building
• 10:51
  Speaker 3: all these stadiums and it was like, what are we
• 10:53
  Speaker 3: going to do after the Olympics leaves. We have a
• 10:55
  Speaker 3: bunch of white elephants, all these stadiums, all this infrastructure,
• 10:58
  Speaker 3: nothing to us, it.
• 10:59
  Speaker 5: Nothing to use, greased another day.
• 11:01
  Speaker 6: And that's kind of what happened in this situation.
• 11:04
  Speaker 2: Right.
• 11:04
  Speaker 4: So that's the biggest takeaway that I got off off
• 11:07
  Speaker 4: of it. Being in the businesses, just don't over improve
• 11:09
  Speaker 4: the house because you never know what the market is
• 11:11
  Speaker 4: going to do. You know, when he made that six
• 11:13
  Speaker 4: million dollar investment of renovating the home, it probably was
• 11:17
  Speaker 4: a great idea at the time. Right when you purchased
• 11:20
  Speaker 4: that type of home and you put in that type
• 11:22
  Speaker 4: of money, no one at that time was really if
• 11:24
  Speaker 4: you was not in the market, you know, on Wall
• 11:27
  Speaker 4: Street and really paying attention on the back end, which
• 11:29
  Speaker 4: I'm not even to get into this too complicated, but
• 11:31
  Speaker 4: if he wasn't paying attention, you really didn't know.
• 11:33
  Speaker 6: So at that time it probably was a great idea.
• 11:35
  Speaker 4: But Tom told that it wasn't a great idea.
• 11:39
  Speaker 6: So that's one of the major things that I got
• 11:42
  Speaker 6: out of it.
• 11:42
  Speaker 4: That he took such a big loss that we see
• 11:45
  Speaker 4: but on paper when it comes to tax strategies and
• 11:48
  Speaker 4: everything like that, Listen, fifty is smart. You know he
• 11:51
  Speaker 4: donated the proceeds to charity. Tax strategy, right, I'm all
• 11:55
  Speaker 4: on with helping and doing he has to do. So
• 11:58
  Speaker 4: I'm sure over the last twelve years he's been able
• 12:02
  Speaker 4: to write off a lot of these losses and will
• 12:04
  Speaker 4: continue the.
• 12:05
  Speaker 5: Probably he wasn't even living at the residents.
• 12:07
  Speaker 3: Yeah, and one of the things he was trying to
• 12:09
  Speaker 3: do was make it a part of his gun foundation
• 12:11
  Speaker 3: where kids could go as a summer camper treat. And
• 12:14
  Speaker 3: I think like off camper we were talking about, like, oh,
• 12:16
  Speaker 3: so he probably didn't even buy this as Curtis Jackson.
• 12:18
  Speaker 4: Oh, definitely, probably not right. It's probably was in one
• 12:22
  Speaker 4: of his many businesses names. So you know, that's when
• 12:25
  Speaker 4: you see these headlines, right, it's eye popping, you know,
• 12:27
  Speaker 4: eighty four percent loss. But do we really know how
• 12:30
  Speaker 4: much he really lost or did he really lose in
• 12:33
  Speaker 4: this entire deal.
• 12:34
  Speaker 6: Where you break down from a tax perspective too.
• 12:36
  Speaker 4: But the one thing is for sure he overinvested into
• 12:40
  Speaker 4: the property.
• 12:41
  Speaker 6: And there's no denying that, right.
• 12:43
  Speaker 4: You know, you purchased it for four point one, you
• 12:45
  Speaker 4: put in six, you sold it for.
• 12:46
  Speaker 6: Two point nine.
• 12:48
  Speaker 4: You lost, took an L when it comes to that,
• 12:51
  Speaker 4: But on paper, he probably didn't take as big of
• 12:54
  Speaker 4: a of an l that the headlines and the papers
• 12:57
  Speaker 4: are making it out too.
• 12:58
  Speaker 2: And then you got to keep it classy too. It's like, yeah,
• 13:00
  Speaker 2: it's like putting rims on Rose Royce, like, yeah, something
• 13:03
  Speaker 2: you put a ship. You can't put a ship in Connecticut.
• 13:08
  Speaker 2: I don't think there's too.
• 13:08
  Speaker 4: Many people saying listen, man, listen, I'm not even going
• 13:11
  Speaker 4: to you know, when you when you're in his lifestyle
• 13:15
  Speaker 4: and in his business.
• 13:17
  Speaker 2: No, no, it's good for him. But if you ever
• 13:18
  Speaker 2: done about reselling but for resell.
• 13:21
  Speaker 4: But but that's that's you know again, when you renovating
• 13:24
  Speaker 4: your home, you got to be careful what you're putting
• 13:27
  Speaker 4: in there because your taste may not be.
• 13:29
  Speaker 2: The next You gotta think the person that's going to
• 13:31
  Speaker 2: buy it next. Yeah, exactly.
• 13:33
  Speaker 4: If you always got to be thinking about that resell,
• 13:35
  Speaker 4: that reselling. Maybe that's something that he never thought that
• 13:38
  Speaker 4: he would ever sell the property.
• 13:39
  Speaker 6: He probably thought he would always keep it right when.
• 13:41
  Speaker 5: He was putting those murals up of himself.
• 13:43
  Speaker 6: Putting the pros up, doing anything that into the property.
• 13:46
  Speaker 4: He probably never thought like, I'm gonna sell this in
• 13:48
  Speaker 4: ten years or twelve years.
• 13:50
  Speaker 6: Probably thought it was going to be his compound forever.
• 13:52
  Speaker 4: But you know, life changes, right, and that's the most
• 13:54
  Speaker 4: important thing about real estate is you never know, you know,
• 13:58
  Speaker 4: life moves and whatever that action. It needs to move
• 14:00
  Speaker 4: and the market doesn't care about the tripper poles.
• 14:06
  Speaker 3: The person, the person who bought the compound. He said
• 14:10
  Speaker 3: that he's going to invest money to renovated too.
• 14:12
  Speaker 6: Yeah.
• 14:13
  Speaker 4: I read that this morning that he's going to invest
• 14:15
  Speaker 4: millions of dollars into the property. So for me, this
• 14:18
  Speaker 4: is this is going this is like anover end the story.
• 14:22
  Speaker 4: I think that we're going to be speaking about for
• 14:24
  Speaker 4: years to come because who knows what type of foolery
• 14:26
  Speaker 4: that he's going to in the house.
• 14:29
  Speaker 3: It's that there's something about the house because before Mike
• 14:31
  Speaker 3: Tyson had it, the Giant and the general who owned it, Yeah,
• 14:36
  Speaker 3: like I think.
• 14:37
  Speaker 6: He went to prison with fraud fraud, yeah.
• 14:39
  Speaker 5: And then Mike Tyson like we probably should maybe just
• 14:42
  Speaker 5: turn that into a motel.
• 14:44
  Speaker 6: I mean, listen, at this point, it's probably fitting for
• 14:47
  Speaker 6: a hotel.
• 14:48
  Speaker 5: Right, yeah, but it's just it's in like the middle.
• 14:50
  Speaker 3: It's armorting Connecticut, which is I mean, if you live
• 14:53
  Speaker 3: in a try to state, that's not close to here,
• 14:55
  Speaker 3: which is probably why he wasn't staying there, Like he's
• 14:58
  Speaker 3: in New York, is in LA It's like two hour drive,
• 15:01
  Speaker 3: Like if you've ever driven through Connecticut. It's like, yeah, bro,
• 15:04
  Speaker 3: you're looking at trees for hours hours.
• 15:07
  Speaker 4: But I mean fifty wasn't driving, it was taking hell
• 15:10
  Speaker 4: like so you know, it's just a different lifestyle.
• 15:14
  Speaker 6: But you know that house is definitely uh.
• 15:17
  Speaker 4: Like a white elephant, like like you said, And that
• 15:20
  Speaker 4: could be a lesson for anyone who's buying real estate.
• 15:23
  Speaker 4: Don't over improve, don't put too much money because you
• 15:25
  Speaker 4: never know how the neighborhood is going to change in
• 15:28
  Speaker 4: the in the next couple of years. So if anybody
• 15:30
  Speaker 4: gonna learn anything from this, that's what we need to
• 15:32
  Speaker 4: learn from it. Don't over improve your property.
• 15:34
  Speaker 2: Shout out to fifty, shout out.
• 15:37
  Speaker 6: I love what he's doing everything.
• 15:39
  Speaker 5: Yeah he got some he got some new series.
• 15:41
  Speaker 2: Is that that white elephant? I don't know if that
• 15:44
  Speaker 2: actually if there's a white elephant, Like, is that just
• 15:47
  Speaker 2: like one of those make belief stories though, But I'm
• 15:48
  Speaker 2: just thinking about it. What makes a white elephant harder
• 15:51
  Speaker 2: to feed than a regular elephant?
• 15:52
  Speaker 3: No, because it's it's it's it's like no, no, no,
• 15:57
  Speaker 3: it was rare.
• 15:58
  Speaker 5: So it was like it's like the.
• 15:59
  Speaker 3: Unicorn there, It's like, yo, do they eat the regular
• 16:01
  Speaker 3: food or you know, what I'm saying, like it was
• 16:03
  Speaker 3: under that premise, like how do.
• 16:05
  Speaker 2: I treat this elephant doesn't eat regular I don't, I
• 16:08
  Speaker 2: don't know, I never had one.
• 16:11
  Speaker 3: I'm like, my thing is like a white elephant doesn't
• 16:13
  Speaker 3: even to be around the story.
• 16:15
  Speaker 5: You know what I'm saying.
• 16:15
  Speaker 2: I'm saying, it's not real story. No, no, that was
• 16:20
  Speaker 2: like a real story.
• 16:22
  Speaker 3: That's like like a unicorn, Like we've never seen a unicorn,
• 16:25
  Speaker 3: but like how do you.
• 16:26
  Speaker 5: Feed a unicorn?
• 16:27
  Speaker 6: Santa Claus, I've never seen Santa.
• 16:29
  Speaker 5: Yeah, you thought like it was it was a problem.
• 16:33
  Speaker 2: I thought it's a real story.
• 16:34
  Speaker 5: No, no, no, no, no, no, no, no.
• 16:37
  Speaker 2: Shots white elephants in.
• 16:39
  Speaker 3: The world, Like remember in Greece, Remember did you post that?
• 16:44
  Speaker 3: What in Greece where they have like Athens? What it
• 16:46
  Speaker 3: looks like now they have the Olympics in twenty ten.
• 16:50
  Speaker 2: You know what I'm saying, Like what it like?
• 16:52
  Speaker 5: Have you seen what it looks like?
• 16:53
  Speaker 2: Now?
• 16:53
  Speaker 5: It's ridiculous, completely run down.
• 16:56
  Speaker 3: They can't waste the money, wasted money just to have
• 17:00
  Speaker 3: this one event, like these things are white out.
• 17:01
  Speaker 5: The same things gonna happen in real Like some places
• 17:04
  Speaker 5: should not have.
• 17:05
  Speaker 2: The Olympics they built the stadium in the rainforest. Wow.
• 17:11
  Speaker 3: And when they try to when they try to have events,
• 17:13
  Speaker 3: it was the whole city flooded. Nobody can get to
• 17:15
  Speaker 3: the events. It's like, all right, you spent eighty million
• 17:18
  Speaker 3: dollars to build the state, probably more now we have.
• 17:21
  Speaker 2: No use for it because you can't even play an
• 17:24
  Speaker 2: abandoned stadium in the rainforest.
• 17:25
  Speaker 6: It's ridiculous.
• 17:26
  Speaker 3: They were like, oh, we'll have club teams come, but
• 17:28
  Speaker 3: they a club team's not going. Some of these club
• 17:30
  Speaker 3: teams can't put one hundred thousand.
• 17:32
  Speaker 2: People in there.
• 17:33
  Speaker 5: They can't afford to go to the games. The environment
• 17:34
  Speaker 5: you're building.
• 17:35
  Speaker 2: It is terrible, man, Yeah, but it is what it is. Well,
• 17:39
  Speaker 2: there you have it.
• 17:40
  Speaker 3: We're gonna talk today about how to get really real
• 17:43
  Speaker 3: estate one on one. So for an average person that
• 17:46
  Speaker 3: doesn't come from, you know, a fluent, affluent family and
• 17:50
  Speaker 3: low socio economic environment, how does someone get into real estate?
• 17:54
  Speaker 5: Like what would be the first step?
• 17:57
  Speaker 6: Oh? Man, The first step, personally, I think is mindset.
• 18:00
  Speaker 4: You got to make the decision. I think that's numero uno, right.
• 18:04
  Speaker 4: But as far as financing, you need to get pre approved,
• 18:07
  Speaker 4: you need to know exactly what you can qualify for.
• 18:10
  Speaker 4: There's several different loans out there. So let's speak to
• 18:14
  Speaker 4: the first time home buyer right now. What I try
• 18:17
  Speaker 4: to coach all my first time home buyers is, you know,
• 18:20
  Speaker 4: most people want to go ahead and go to White
• 18:22
  Speaker 4: Planes or go to Long Island and buy the nice
• 18:25
  Speaker 4: single family home with the white pick offense and this,
• 18:27
  Speaker 4: that and the third right, which is cool. If that's
• 18:29
  Speaker 4: what you want to do, that's what.
• 18:31
  Speaker 6: You gotta do. What you gotta do. You got to
• 18:34
  Speaker 6: have the money for it though, right.
• 18:35
  Speaker 4: But what I try to encourage all my first time
• 18:37
  Speaker 4: home buy is, if you don't have a need for
• 18:39
  Speaker 4: the certain school district, or if you don't have, you know,
• 18:42
  Speaker 4: children that's going to junior high school or high school,
• 18:45
  Speaker 4: then you should always start off with a multi family,
• 18:47
  Speaker 4: especially if you know you're looking to get into real
• 18:49
  Speaker 4: estate investment. You know at some point in your life,
• 18:52
  Speaker 4: start off with a multi family anywhere between two to
• 18:55
  Speaker 4: four units. And you can use programs like FAHA, which
• 18:58
  Speaker 4: allows you to put down as little west and.
• 19:00
  Speaker 6: A half percent as a down payment, which is a
• 19:03
  Speaker 6: terrific program.
• 19:05
  Speaker 5: So three and a half would be that's pretty small percentage.
• 19:09
  Speaker 3: Yeah, as opposed to if I had to just outright
• 19:12
  Speaker 3: put what is it normally twenty percent or no?
• 19:14
  Speaker 4: No, So you have FHA that allows you to put
• 19:16
  Speaker 4: down three and a half percent, and also conventional loans
• 19:19
  Speaker 4: allow you to put down a US three percent, but
• 19:21
  Speaker 4: you have to qualify.
• 19:22
  Speaker 6: You have to be a certain income restrictions.
• 19:25
  Speaker 4: If you're buying multi families, you have the you know
• 19:27
  Speaker 4: white planes, the income restriction is probably ninety six thousand,
• 19:31
  Speaker 4: So if you exceed that, then you won't qualify for
• 19:34
  Speaker 4: that three percent down on a multi family. Then you'll
• 19:36
  Speaker 4: probably have to put down as fifteen percent because it's.
• 19:39
  Speaker 6: Gonna be a primary residence.
• 19:40
  Speaker 4: But FHA is always a good tool because no matter
• 19:43
  Speaker 4: it does I have any income restrictions, as long as
• 19:46
  Speaker 4: you're within the county's loan limits, then you can and
• 19:49
  Speaker 4: you can credit an income qualify which minimum credit scores
• 19:52
  Speaker 4: a five to eighty for FHA loans, were putting down
• 19:55
  Speaker 4: as little as three and a half percent. Buy that
• 19:57
  Speaker 4: multifamily and you can live in it for twelve months
• 20:00
  Speaker 4: and then move out of it, and then you can
• 20:02
  Speaker 4: writ the entire the entire place out and now you
• 20:05
  Speaker 4: created a cash flow investment property for yourself. And now
• 20:08
  Speaker 4: you can now go ahead and go buy your one
• 20:10
  Speaker 4: family or your condo or whatever you want, and now
• 20:14
  Speaker 4: put them in on down payment as well.
• 20:15
  Speaker 5: So each county has a set loan limits.
• 20:19
  Speaker 4: That you said, yeah, so faha has Every county is different, right,
• 20:23
  Speaker 4: So we're in like five boroughs west Chester, Long Island.
• 20:27
  Speaker 6: So up to a fourth family, we can go to
• 20:30
  Speaker 6: one point three non seven million.
• 20:32
  Speaker 4: Every county in America, every county in America. So if
• 20:35
  Speaker 4: you're you know, your audience is probably all over the place, right,
• 20:38
  Speaker 4: So if you want to know what your county loan
• 20:40
  Speaker 4: limit is, just you can google it again. You know,
• 20:43
  Speaker 4: if you're living in Kentucky, you can google, you know,
• 20:46
  Speaker 4: fah loan limits for Kentucky or whatever counties in Kentucky.
• 20:50
  Speaker 4: Or if you're in Georgia, if you're in when It County,
• 20:54
  Speaker 4: you can google fah loan limits for when It County, right,
• 20:57
  Speaker 4: and they will tell you for one family, do play
• 21:00
  Speaker 4: droplex four plex that's what they call it out there.
• 21:02
  Speaker 6: So that's why.
• 21:02
  Speaker 2: So that's interesting because yeah, so that's interesting that you
• 21:05
  Speaker 2: say that your first home should be a multi family.
• 21:07
  Speaker 6: You should be a multi family.
• 21:08
  Speaker 2: A lot of people have the reverse mindset where they
• 21:11
  Speaker 2: want to get the picket white fins as their first home,
• 21:13
  Speaker 2: and then if they want to get like an investment property,
• 21:17
  Speaker 2: then they'll look at multi family.
• 21:18
  Speaker 6: Yeah.
• 21:18
  Speaker 4: But see that's where they screw themselves, right, because now
• 21:21
  Speaker 4: when you go ahead and you do that one family
• 21:23
  Speaker 4: first and you go do the multi family second, now
• 21:25
  Speaker 4: you gotta put down twenty five percent. Now unless you
• 21:27
  Speaker 4: have twenty five percent plus closing costs, which is probably
• 21:31
  Speaker 4: you're gonna probably spend around thirty percent for that transaction.
• 21:34
  Speaker 4: Then guess what you just screwed yourself. Now it's gonna
• 21:37
  Speaker 4: it's gonna be harder for you to get into that
• 21:39
  Speaker 4: investment game. Now if you go ahead and you buy
• 21:42
  Speaker 4: that one that multi family first using three and a
• 21:45
  Speaker 4: half percent plus your closing costs, now you have a
• 21:47
  Speaker 4: multi family. Potentially it's you're gonna live in it because
• 21:51
  Speaker 4: it has to be your prominent residence. You have to
• 21:53
  Speaker 4: live in it for twelve months. Right after twelve months,
• 21:56
  Speaker 4: you can move out free and clear, no problem. Now
• 21:59
  Speaker 4: go ahead ahead and buy another one family, buy one
• 22:02
  Speaker 4: family property, and now still do a minimum down payment
• 22:05
  Speaker 4: loan because you're moving out of one and moving into
• 22:09
  Speaker 4: the other as your primary residence. So the key to
• 22:11
  Speaker 4: anything is all on how you're structure on your loans
• 22:14
  Speaker 4: and structureing your deal.
• 22:15
  Speaker 6: Right.
• 22:16
  Speaker 4: And if once you say investment property, you automatically think
• 22:19
  Speaker 4: twenty five percent down payment, you say.
• 22:22
  Speaker 6: Difference, that's a huge difference.
• 22:23
  Speaker 4: And especially here and where we are, you know that
• 22:26
  Speaker 4: can be a couple hundred grand depending on that sales price.
• 22:29
  Speaker 4: But if you go ahead and do multi family first
• 22:31
  Speaker 4: minimum down payment, twelve months, you move out, move into
• 22:34
  Speaker 4: your single family.
• 22:35
  Speaker 6: Now you have an asset that's going to pay for
• 22:37
  Speaker 6: itself and probably pay.
• 22:38
  Speaker 4: For your one family or a portion of that one family.
• 22:41
  Speaker 4: Right now, you created some sort of cash flow I have.
• 22:44
  Speaker 4: I've had clients move from four family to a two
• 22:47
  Speaker 4: family you know, and still was able to use minimum
• 22:50
  Speaker 4: down payments. Now, if you use an FAHA loan, you
• 22:53
  Speaker 4: can't go ahead move out of that four family property
• 22:56
  Speaker 4: FAHA and then going to the two family FAHA because
• 22:58
  Speaker 4: FAHA changed their rules or a couple of years ago.
• 23:01
  Speaker 6: You can't have two FAHA loans at the same time now, right.
• 23:05
  Speaker 5: But you could use it again.
• 23:07
  Speaker 2: What your loan if you reach what.
• 23:08
  Speaker 4: I tell everybody is this right, you buy that four
• 23:11
  Speaker 4: family or that multi family, you stay in there, you
• 23:15
  Speaker 4: refinance it, you get out of the FAH loan, and
• 23:18
  Speaker 4: you go into a conventional mortgage. Right, probably try to
• 23:21
  Speaker 4: pull some equity out of that home so that way,
• 23:24
  Speaker 4: now you can use that equity as a down.
• 23:26
  Speaker 6: Payment for your new property. Now you're refinancing as.
• 23:29
  Speaker 4: A primary primary residence because you're still technically living in there,
• 23:33
  Speaker 4: but your intent is obviously at some point to move
• 23:36
  Speaker 4: out of it. Now you're taking that equity. You have
• 23:39
  Speaker 4: a conventional loan on it. Now, now you're going to
• 23:42
  Speaker 4: buy your one family. Great, you're gonna go move in
• 23:44
  Speaker 4: that one family. Now you can use FAHA for that
• 23:47
  Speaker 4: one family because this four family or multi family is
• 23:49
  Speaker 4: now in a conventional mortgage, and you took the equity
• 23:52
  Speaker 4: out of.
• 23:52
  Speaker 6: There to help you purchase that one family.
• 23:55
  Speaker 4: And now your tenants are not only paying for this property,
• 23:58
  Speaker 4: now they're gonna help pay for the property depending on
• 24:01
  Speaker 4: the rentals and cash flow of that proper. Because it's
• 24:04
  Speaker 4: all about strategy at the end of the day, and
• 24:06
  Speaker 4: most people don't lead with strategy. Most people lead with emotion.
• 24:10
  Speaker 4: And this is business at the end of the day.
• 24:12
  Speaker 4: Like you know, I try to coach all my my
• 24:15
  Speaker 4: buyers think business. I don't care if you're going to
• 24:18
  Speaker 4: live there. I don't care about any of that stuff.
• 24:21
  Speaker 6: Men live, women live. Numbers don't at the end of
• 24:23
  Speaker 6: the day.
• 24:23
  Speaker 4: And if you're telling me your goals are to invest
• 24:26
  Speaker 4: in are to invest in real estate, then you need
• 24:29
  Speaker 4: to think like an investor. Every first time home buyer
• 24:32
  Speaker 4: should be thinking like an investor. Why go buy the flip?
• 24:35
  Speaker 4: Why when there's programs out there for the first time
• 24:38
  Speaker 4: home buy like an f h A two or three
• 24:40
  Speaker 4: k long or Fanny Made Homestyle loan where you can
• 24:42
  Speaker 4: get renovation and your mortgage money.
• 24:44
  Speaker 6: All in one, all in one loan. So why not
• 24:47
  Speaker 6: going by look, we spoke about Envy and Cason.
• 24:51
  Speaker 4: These guys are not buying the flip, right, They're going
• 24:54
  Speaker 4: ahead and they're buying at the foreclosure auctions.
• 24:56
  Speaker 6: They're buying short sales.
• 24:57
  Speaker 4: They buy the worst house in the best the best
• 25:00
  Speaker 4: areas that they can and they're putting that money into
• 25:02
  Speaker 4: it and now they're making their roy Why can't every
• 25:05
  Speaker 4: first time home buy I think the same way like
• 25:07
  Speaker 4: the investor. Why does the nbs and the seasons of
• 25:10
  Speaker 4: the world need to make all the money. Why can't
• 25:12
  Speaker 4: the first time home buy have that same strategy and
• 25:15
  Speaker 4: make the same returns. But you're gonna live in it
• 25:17
  Speaker 4: for a year, two years, three years, whatever the case
• 25:20
  Speaker 4: may be. But now you're buying under market. That's the whole.
• 25:24
  Speaker 2: So you would encourage anybody to go into buying a
• 25:26
  Speaker 2: home as an investment. Like, even if somebody doesn't necessarily
• 25:29
  Speaker 2: look at themselves a real estate investor, I guess they
• 25:31
  Speaker 2: are a real estate investor by absolutely buying home your
• 25:33
  Speaker 2: investor investment. Whether you think you're investor or not, you're investment.
• 25:37
  Speaker 6: You're investing or not.
• 25:38
  Speaker 4: So some people will tell you out there that your
• 25:41
  Speaker 4: primary residence or a single family home is not an
• 25:43
  Speaker 4: investment because it doesn't generate cash flow, right, which is true.
• 25:47
  Speaker 4: But to me, I don't think that's one hundred percent
• 25:50
  Speaker 4: trul because you're looking at that equity, right. That equity
• 25:53
  Speaker 4: is what that first time home buyer should be paying
• 25:55
  Speaker 4: attention to. And when that equity gets to a certain position,
• 25:58
  Speaker 4: you need to thing it. You need to do something
• 26:01
  Speaker 4: with it, because equity is monopoly money. It's not guaranteed.
• 26:05
  Speaker 4: The market crash twelve years ago, right when every home
• 26:08
  Speaker 4: was depreciating across America. So if that doesn't tell people
• 26:11
  Speaker 4: that equity is monopoly money, I don't know what's going
• 26:13
  Speaker 4: to tell them. So I have people right now that
• 26:15
  Speaker 4: may purchase a home in twenty eleven, twenty twelve. Now
• 26:19
  Speaker 4: they may have two hundred three hundred thousand equity and
• 26:21
  Speaker 4: they don't want to touch it.
• 26:22
  Speaker 6: I'm like, what are you doing?
• 26:24
  Speaker 4: You need to take that money and do something with
• 26:27
  Speaker 4: it because if the market corrects itself, which it will
• 26:30
  Speaker 4: at some point, now, you're going to kick yourself that.
• 26:32
  Speaker 6: You didn't jump in the game. Take earners, what's up?
• 26:36
  Speaker 3: You ever walk into a small business and everything just
• 26:38
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  Speaker 4: Get money to invest in these opportunities, zones right and
• 29:27
  Speaker 4: build that generational well for yourself. Because the market doesn't
• 29:31
  Speaker 4: care about what's going on on the market is going
• 29:33
  Speaker 4: to do what the market wants to do. So what
• 29:35
  Speaker 4: I try to coach all my buyers, my sellers, my
• 29:38
  Speaker 4: current homeowners whoever, don't let equity sit there because it's
• 29:43
  Speaker 4: not guaranteed.
• 29:44
  Speaker 6: You got to use it.
• 29:45
  Speaker 4: If you don't use it, then it's not it's nothing.
• 29:48
  Speaker 4: It's monopoly money that's rue. Don't the single family home
• 29:53
  Speaker 4: is great, and I don't have nothing against the single
• 29:55
  Speaker 4: family home, but I think the strategy moving forward should
• 29:59
  Speaker 4: be multi fans. The first single families laid it down
• 30:02
  Speaker 4: the road because you can always buy a single family home.
• 30:04
  Speaker 4: There's never going to be a shortage of that. Look,
• 30:06
  Speaker 4: what's happening in housing is expensive. Rents are going up.
• 30:10
  Speaker 4: The rental market is booming right now. So why not
• 30:12
  Speaker 4: put yourself in that position to be our owner occupied
• 30:16
  Speaker 4: landlord where you can basically live for free. Now have
• 30:20
  Speaker 4: your job, Now you can save all that money to
• 30:23
  Speaker 4: reinvest into other realms.
• 30:24
  Speaker 2: I think it goes back to where our guests last
• 30:26
  Speaker 2: week talked about as far as a lot of times
• 30:28
  Speaker 2: we care about how we're perceived exactly, and it's like, Okay,
• 30:31
  Speaker 2: well how would I look living in a three family home.
• 30:34
  Speaker 2: I'd rather have the white picket fence with your back
• 30:37
  Speaker 2: yard and.
• 30:37
  Speaker 6: All that well, with the Mercedes outside.
• 30:42
  Speaker 2: When you look at it from a financial standpoint, from
• 30:45
  Speaker 2: a lot of different reasons, it does make sense.
• 30:48
  Speaker 6: Oh absolutely. And the piggyback off of episode eleven, which.
• 30:51
  Speaker 4: Was a phenomenal, phenomenal, phenomenal phenomenal episode. So if you
• 30:55
  Speaker 4: guys haven't watched it eleven, you need to watch that
• 30:58
  Speaker 4: before you watch this all the other ten two.
• 31:01
  Speaker 2: But episode eleven was fire.
• 31:03
  Speaker 4: Right, So what he brought up a great point, right,
• 31:06
  Speaker 4: mixed use properties, which mixed use properties are.
• 31:10
  Speaker 6: Common where we are in New York.
• 31:12
  Speaker 4: You can use faha long to purchase a mixed use property,
• 31:15
  Speaker 4: which a lot of people don't know and put down
• 31:17
  Speaker 4: during a half percent as long as fifty one percent
• 31:21
  Speaker 4: of that mixed use is residential. So you can go
• 31:24
  Speaker 4: ahead and buy that mixed use that may have a storefront,
• 31:26
  Speaker 4: but two apartments or three apartments as residential. And if
• 31:30
  Speaker 4: you're a business owner, if you're like he said, he
• 31:32
  Speaker 4: runs a restaurant, now he can live in that one
• 31:35
  Speaker 4: of the units, have the restaurant and still have two
• 31:38
  Speaker 4: rental incomes coming in to help support everything.
• 31:41
  Speaker 6: Now living for free.
• 31:42
  Speaker 4: His business is for free, and the mortgage is being
• 31:45
  Speaker 4: paid off, and you can use the two or three
• 31:47
  Speaker 4: k long to renovate it.
• 31:48
  Speaker 6: So you can go buy the piece of shit mixed
• 31:50
  Speaker 6: use property and use.
• 31:52
  Speaker 4: That renovation money is to fix it up, clean it
• 31:55
  Speaker 4: up and open up a business or rent it out
• 31:57
  Speaker 4: to another business, own up the commercial aspect of it.
• 32:00
  Speaker 4: And now commercial rents are much higher than residential rents.
• 32:03
  Speaker 4: So again, living in for one year, now you move out.
• 32:06
  Speaker 4: Now you have a commercial property all under three and
• 32:10
  Speaker 4: a half under an FHA loan with three and a
• 32:12
  Speaker 4: half per.
• 32:13
  Speaker 6: Cent down plus your closing costs.
• 32:14
  Speaker 4: You got to know the game, man, You gotta know
• 32:16
  Speaker 4: it's all about It's all about strategy. And most people,
• 32:19
  Speaker 4: especially listen, we're in the age of the business owner
• 32:22
  Speaker 4: the entrepreneur.
• 32:22
  Speaker 2: Right.
• 32:23
  Speaker 4: Most people don't think you still need a brick and mortar,
• 32:26
  Speaker 4: but some businesses you need a brick and mortar, right,
• 32:28
  Speaker 4: depending on if you're in a service industry or whatever
• 32:31
  Speaker 4: the case may be. If you're in retail, if you
• 32:32
  Speaker 4: want to open up a store or restaurant, like you said,
• 32:35
  Speaker 4: it's one of the toughest businesses because.
• 32:36
  Speaker 6: The overhead right and rent is a big thing.
• 32:39
  Speaker 4: But if you have a mixed use property and you
• 32:42
  Speaker 4: want to open up a restaurant, why not use that
• 32:45
  Speaker 4: as your primary residents also for at least twelve months.
• 32:48
  Speaker 4: For that twelve month sacrifice, get the loan living there
• 32:52
  Speaker 4: because you always can move out. And now you have
• 32:55
  Speaker 4: a business that's basically in there for free because you
• 32:59
  Speaker 4: let so you get you know, you're killing two birds
• 33:02
  Speaker 4: with one stone speak. You get rental and your business
• 33:05
  Speaker 4: in there, and your your business is not going to
• 33:07
  Speaker 4: have all that overhead of the pressure of paying the
• 33:11
  Speaker 4: rent because you know what, it's your mortgage and your
• 33:13
  Speaker 4: tenants are paying for it upstairs.
• 33:15
  Speaker 6: So it's all about strategy.
• 33:16
  Speaker 5: All right.
• 33:17
  Speaker 2: So now we're going it's not all good in real estate.
• 33:19
  Speaker 2: It's never always a dangerous Now we're going we're going
• 33:23
  Speaker 2: to explain that how things can go wrong, all right. So,
• 33:30
  Speaker 2: as I said, it's never all good in anything in life.
• 33:32
  Speaker 5: Right.
• 33:33
  Speaker 2: So real estate is something that's very popular, very trendy
• 33:38
  Speaker 2: right now, and it's very it has this stigma I
• 33:41
  Speaker 2: think of everybody thinks they're just gonna get rich overnight, right,
• 33:44
  Speaker 2: and people don't know it's like any business. You know,
• 33:46
  Speaker 2: when you go into business without a plan, your destined
• 33:48
  Speaker 2: to faiel. Right, So if you plan to be a
• 33:50
  Speaker 2: real estate investor. And as you said, whether you think
• 33:53
  Speaker 2: you're investor or not, if you're buying a home, you're
• 33:55
  Speaker 2: an investor. But you don't have a plan in place,
• 33:58
  Speaker 2: then you're gonna aid probably make mistakes and worst Populica scenario,
• 34:01
  Speaker 2: you're gonna fail.
• 34:02
  Speaker 6: Correct.
• 34:02
  Speaker 2: Right, So this dudes and don'ts involve, right?
• 34:05
  Speaker 6: Absolutely?
• 34:05
  Speaker 2: Can you just talk about some dudes and don'ts in game?
• 34:09
  Speaker 4: Yeah, there's tons of them. Right, But if your first
• 34:11
  Speaker 4: time home by one of the don'ts I tell people
• 34:14
  Speaker 4: is especially if you're in the application process, you found
• 34:18
  Speaker 4: the house, you're in contract, don't open new debt, don't
• 34:23
  Speaker 4: buy your Mercedes bends before you go to closing. Don't
• 34:26
  Speaker 4: change your jobs, you know, don't do something that would
• 34:30
  Speaker 4: impact you in a negative way to turn your approval
• 34:33
  Speaker 4: to a decline. Right, And most people you think is
• 34:36
  Speaker 4: common sense, right, but common sense is not common Unfortunately
• 34:40
  Speaker 4: they're not true.
• 34:41
  Speaker 3: Most people like they don't realize, Like when you apply
• 34:44
  Speaker 3: for a card, they do a credit check, then they
• 34:46
  Speaker 3: have to put your credit.
• 34:47
  Speaker 6: That they don't realize.
• 34:48
  Speaker 4: When you go for a car, they may pull your
• 34:49
  Speaker 4: credit with ten other banks to shop right, to see
• 34:52
  Speaker 4: what's the best deal for that for the auto finance company,
• 34:56
  Speaker 4: not for you.
• 34:57
  Speaker 6: As the consumer.
• 34:58
  Speaker 5: Right now, that affects your credit score, affects your.
• 35:00
  Speaker 6: Credit card, brings you down.
• 35:01
  Speaker 4: I mean, I've had situations where people applied and purchase
• 35:04
  Speaker 4: Mercedes Benz a week before closing. I've had people who
• 35:07
  Speaker 4: got cold credit cards just because it was colds box
• 35:10
  Speaker 4: involved and.
• 35:13
  Speaker 6: Savings.
• 35:13
  Speaker 4: You know what I'm saying, Well, I'm like, what are
• 35:15
  Speaker 4: you doing? You couldn't wait to get the bed sees
• 35:18
  Speaker 4: the house yet, so you don't. What I try to
• 35:21
  Speaker 4: tell people is this, when you're in contract, you don't
• 35:24
  Speaker 4: own that house just because you're in contract, just because
• 35:27
  Speaker 4: you have a loan commitment.
• 35:28
  Speaker 6: Do not get happy.
• 35:29
  Speaker 4: Do not make any changes that can affect you in
• 35:32
  Speaker 4: a negative way, because you can get declined just as
• 35:35
  Speaker 4: quick as you got to prove right, and the underwriters
• 35:37
  Speaker 4: are always looking for a reason to decline you. So
• 35:40
  Speaker 4: you have to be squeaky clean. Don't be moving money around.
• 35:43
  Speaker 4: That's another big thing.
• 35:44
  Speaker 6: Do not move money around.
• 35:46
  Speaker 4: Keep your money in one account. Stop doing your so
• 35:49
  Speaker 4: suits and putting here and doing this and doing that.
• 35:52
  Speaker 6: You know what I'm saying, don't do it.
• 35:53
  Speaker 4: Don't put the mattress money in there, No like leave
• 35:56
  Speaker 4: your accounts alone, because now we start seeing money move around,
• 36:00
  Speaker 4: that's red flags. Now we have to document, We have
• 36:02
  Speaker 4: to see where this money is coming from. If you
• 36:04
  Speaker 4: can't document that money, then we can't use it right,
• 36:07
  Speaker 4: and that can blow up your deal too.
• 36:09
  Speaker 6: So the don'ts is it's just keep still, you know,
• 36:14
  Speaker 6: keep still, relaxed.
• 36:15
  Speaker 4: You're almost at the closing table, and when you close,
• 36:17
  Speaker 4: you can do whatever the hell you want to do.
• 36:19
  Speaker 5: Right.
• 36:20
  Speaker 4: Another one of the don'ts I would say for first
• 36:24
  Speaker 4: time investors, right, stop thinking you don't need money.
• 36:27
  Speaker 6: You need money right.
• 36:29
  Speaker 4: If you're looking to wholesale real estate, then maybe you
• 36:32
  Speaker 4: don't need money right because you're signing contracts. But if
• 36:34
  Speaker 4: you're looking to do buy and flips, or if you're
• 36:36
  Speaker 4: looking to do buy and holds, you're going to need capital.
• 36:40
  Speaker 2: Right.
• 36:40
  Speaker 4: There's many ways you can get capital. I mean, you
• 36:42
  Speaker 4: spoke about it at my workshop. You can do self
• 36:44
  Speaker 4: directed iraise, you can borrow from your four one K,
• 36:47
  Speaker 4: you you can raise capital with a group of friends.
• 36:51
  Speaker 4: What I'm starting to see right now is becoming more popular.
• 36:54
  Speaker 4: But people are co owning properties together, you know, moving
• 36:57
  Speaker 4: into multi families working together.
• 36:59
  Speaker 6: You know, lot of different cultures co own, right.
• 37:02
  Speaker 2: But can you talk about that collaboration because I'm talking
• 37:05
  Speaker 2: about collaboration in business absolutely, actually last week so now,
• 37:07
  Speaker 2: But collaboration and real estate, yeah, something that is very key,
• 37:12
  Speaker 2: very important leverage. Can you just talk about that. Yeah?
• 37:15
  Speaker 6: Absolutely.
• 37:16
  Speaker 4: Our collaboration is greater than competition. I speak about this often.
• 37:20
  Speaker 4: That's why we're here right now, because we're collaborating because
• 37:23
  Speaker 4: it doesn't make sense to compete when we all have
• 37:25
  Speaker 4: something that we could bring to the table. So if
• 37:27
  Speaker 4: your first time home buyer, let's just say your brother
• 37:30
  Speaker 4: is a first time home buy and you both want
• 37:32
  Speaker 4: to be in that same area, why go by two
• 37:34
  Speaker 4: single failings? Why not go buy a full family together,
• 37:37
  Speaker 4: live on each floor, and now you have two rental incomes,
• 37:39
  Speaker 4: and now you both can probably live for free or
• 37:41
  Speaker 4: pay minimum together. Now you can split that equity when
• 37:45
  Speaker 4: it's time to sell or buy each other out.
• 37:47
  Speaker 6: With real estate investing, you don't need to be one
• 37:49
  Speaker 6: hundred percent owner.
• 37:50
  Speaker 4: I think that's the biggest misconception that people think, like,
• 37:53
  Speaker 4: if you're going to we all can we can collaborate
• 37:56
  Speaker 4: and create a business structure a joint venture business structure.
• 38:01
  Speaker 6: And put our money up.
• 38:02
  Speaker 4: And it doesn't have to be equal, right, as long
• 38:04
  Speaker 4: as it egals to one hundred percent at the end
• 38:06
  Speaker 4: of the day, that's all that matters. You can be
• 38:08
  Speaker 4: eighty percent own and we can both have ten percent ownership,
• 38:11
  Speaker 4: right because we're bringing something to the table, but that
• 38:13
  Speaker 4: would be our portion of the net rental income or
• 38:17
  Speaker 4: of the proceeds after sale, eighty percent of you because
• 38:21
  Speaker 4: you're bringing the capitol, right, But we may be the operators,
• 38:25
  Speaker 4: and you don't know how to operate, right. So it's
• 38:27
  Speaker 4: all a matter of what do you bring to the
• 38:29
  Speaker 4: table to collaborate to make yourself valuable for where someone
• 38:33
  Speaker 4: wants to put you included into that business.
• 38:36
  Speaker 5: And you said something important, you said coachally, you're not
• 38:38
  Speaker 5: seeing that happen.
• 38:39
  Speaker 6: No, it doesn't happen as the cultures we have ego.
• 38:42
  Speaker 5: Yeah, from a client based standpoint, what are you seeing
• 38:45
  Speaker 5: out there?
• 38:45
  Speaker 3: Like?
• 38:46
  Speaker 5: Why what's holding us back?
• 38:47
  Speaker 4: We hold ourselves back, you know what I'm saying, Like
• 38:50
  Speaker 4: we want to be the top shotter, we want to
• 38:53
  Speaker 4: be the midln This is mind right. We have that ego,
• 38:56
  Speaker 4: that mentality, that that fucking sense of entitlement that we
• 39:00
  Speaker 4: deserve everything under the blue.
• 39:02
  Speaker 6: Sun, which we do.
• 39:03
  Speaker 4: But if you ain't working hard towards it, then why
• 39:06
  Speaker 4: you have this sense of entitlement? For number one, But
• 39:09
  Speaker 4: I don't know why we don't collaborate more. It's sad
• 39:13
  Speaker 4: that I see a lot of people in our community
• 39:16
  Speaker 4: are not collaborating. But also on the flip side, when
• 39:18
  Speaker 4: I'm starting to notice the trend, especially if you look
• 39:21
  Speaker 4: at you know, what they call black Twitter, black social media,
• 39:24
  Speaker 4: You're starting to see the uplifting. You're starting to see
• 39:26
  Speaker 4: people coming together and starting to do more together. So
• 39:29
  Speaker 4: I think that cycle is going to start getting broke down.
• 39:33
  Speaker 4: From our ownership perspective, I'm starting to see family members
• 39:36
  Speaker 4: now in our community buying homes together, you know, living
• 39:40
  Speaker 4: in the homes together. You know, you don't need, you know,
• 39:42
  Speaker 4: to have a five thousand square foot home and it's
• 39:45
  Speaker 4: just you and your girlfriend right now. If you and
• 39:48
  Speaker 4: your girlfriend, the parents can all move in even if
• 39:51
  Speaker 4: you want to get the single feeling right, you know what,
• 39:53
  Speaker 4: we split in that mortgage four ways. Now it's more affordable,
• 39:55
  Speaker 4: and now we're able to save more and invest together.
• 39:58
  Speaker 3: So I think that, I mean, that's a person story
• 40:00
  Speaker 3: for me, like that literally is my mouth model right now.
• 40:03
  Speaker 3: Like I own a home with my dad, and it's
• 40:06
  Speaker 3: easier for us because obviously it lessens a burden on me,
• 40:08
  Speaker 3: but it also puts me in a position that whereas
• 40:11
  Speaker 3: you know, they're older in age, it's easy for me
• 40:13
  Speaker 3: to take care of Rather than having them grow in
• 40:16
  Speaker 3: age and having them put them in or having them.
• 40:18
  Speaker 5: Go into a home, they're here, I can take care
• 40:20
  Speaker 5: of them and it works.
• 40:22
  Speaker 6: No, I think it's I think it's a it's a
• 40:25
  Speaker 6: perfect situation for you to co own. I know, someone
• 40:31
  Speaker 6: like myself.
• 40:31
  Speaker 4: When I've purchased my first home thirteen fourteen years ago,
• 40:35
  Speaker 4: I didn't want to live with nobody.
• 40:36
  Speaker 6: You kidding me?
• 40:38
  Speaker 4: Forgot to have nobody's going to live with me? Right,
• 40:40
  Speaker 4: But now as I've grown older and I'm matured, it's
• 40:43
  Speaker 4: more so like, you know what, that's the best way
• 40:45
  Speaker 4: to do it, because people just can't afford to live
• 40:49
  Speaker 4: on their own.
• 40:49
  Speaker 5: No more.
• 40:50
  Speaker 4: People are struggling. People are living paycheck to paycheck. In
• 40:52
  Speaker 4: New York, if you're making one hundred k, you're broke.
• 40:56
  Speaker 4: I'm starting to see a lot more in our community
• 40:58
  Speaker 4: where people are co on it because people just don't
• 41:00
  Speaker 4: they don't have that the resources. You know, we qualify
• 41:04
  Speaker 4: people off your gross income, right, but you live your
• 41:07
  Speaker 4: life off your net income, and if you make one
• 41:10
  Speaker 4: hundred k gross, that's really like fifty five sixty thousand net.
• 41:13
  Speaker 6: Depend on what state, right, depending on taxes or what
• 41:16
  Speaker 6: state you're in. Right.
• 41:17
  Speaker 4: But if you're talking about thirty five forty percent, if
• 41:19
  Speaker 4: you're making that type of money, I mean, that's what
• 41:22
  Speaker 4: we're qualify with, confie off.
• 41:24
  Speaker 6: That bigger number.
• 41:24
  Speaker 4: So for me, it's like if you can barely qualify,
• 41:28
  Speaker 4: you're add a max debt to income ratio of gross income.
• 41:31
  Speaker 4: You really can't afford it because you're not taking consideration
• 41:35
  Speaker 4: your your auto insurance, your childcare, you know, things of
• 41:39
  Speaker 4: that nature that don't report on your credit reports. So
• 41:41
  Speaker 4: you have to be smart, is what the message that
• 41:44
  Speaker 4: I'm preaching the people now is like, you know, be
• 41:47
  Speaker 4: smart about this decision. And that's why I preach multifamily
• 41:50
  Speaker 4: and investing as a primary residence versus just buyd a
• 41:53
  Speaker 4: single family home because you you really can't afford it,
• 41:57
  Speaker 4: you know, and you're a recipe for foreclosure, God forbid,
• 42:00
  Speaker 4: Get sick, Go off of it, you get laid off,
• 42:02
  Speaker 4: like how are we going to pay your longage?
• 42:03
  Speaker 2: And then one of the things before we before we finish,
• 42:06
  Speaker 2: is that you had mentioned before off camera that it's
• 42:09
  Speaker 2: important to have a strategy. Absolutely, like you go from
• 42:12
  Speaker 2: like two to three to four. Can you just kind
• 42:13
  Speaker 2: of explain that?
• 42:14
  Speaker 4: Yeah, I mean, listen, everything is strategy, no matter your
• 42:18
  Speaker 4: first time, first time home buyer, you buy your second home,
• 42:22
  Speaker 4: move up home, you got to have a strategy.
• 42:23
  Speaker 6: Right. For tax purposes, you need a tax strategy.
• 42:26
  Speaker 4: That's why I speak a lot about tax strategy, insurance strategies.
• 42:30
  Speaker 6: We've had that conversation several times.
• 42:32
  Speaker 2: So what I try to tell.
• 42:34
  Speaker 4: People, go go down right four three to one, because
• 42:38
  Speaker 4: if you do it properly, you will be able to
• 42:41
  Speaker 4: use minimum downpay for four units four units, three unit,
• 42:45
  Speaker 4: two units.
• 42:46
  Speaker 2: So the first home should be a four unit home, correct.
• 42:49
  Speaker 2: Then you move out of that, you get the three
• 42:52
  Speaker 2: unit home, keep the you keep them, but you keep
• 42:55
  Speaker 2: keeping it the whole time. Keeping. Then you go from
• 42:57
  Speaker 2: three to two. Yeah, and then now you can buy
• 43:00
  Speaker 2: your dream home. Now you can buy your dream homes. Yeah,
• 43:04
  Speaker 2: that's paying for it.
• 43:05
  Speaker 4: You got to drink about it, right, you just accumulated
• 43:08
  Speaker 4: probably what's that seven, nine, nine doors in a matter
• 43:12
  Speaker 4: of a couple of years. So if you're making five
• 43:14
  Speaker 4: hundred dollars profit a door, you know, now your single
• 43:19
  Speaker 4: family dream home is paid for.
• 43:22
  Speaker 5: It's really your dream home.
• 43:23
  Speaker 4: It's not like it's not what I can afford right now.
• 43:26
  Speaker 4: It's like we sacrifice for the first five years of
• 43:28
  Speaker 4: our real estate journey, right and we went multi families
• 43:32
  Speaker 4: and moved our way down, and we did it strategically.
• 43:35
  Speaker 4: We're not sitting here buying in the best neighborhood when
• 43:38
  Speaker 4: we're buying our multis.
• 43:39
  Speaker 2: We're buying areas that.
• 43:41
  Speaker 4: We can feel comfortable and safe and living for a year,
• 43:44
  Speaker 4: and then we're moving out and moving into a little
• 43:46
  Speaker 4: bit step up or neighborhood, but going down the units.
• 43:48
  Speaker 4: Because from an underwriting perspective, it has to make sense
• 43:51
  Speaker 4: for you moving from one multi family to another multi family.
• 43:56
  Speaker 4: You can't buy a four family or three family on
• 43:58
  Speaker 4: the same block and say moving from one house to another, right,
• 44:02
  Speaker 4: that doesn't make it.
• 44:02
  Speaker 2: So that's a play like to move to a decent
• 44:04
  Speaker 2: neighborhood and just keep moving up in neighborhoods, just keep moving.
• 44:07
  Speaker 2: That's another thing too, parent that like, I want to
• 44:09
  Speaker 2: move in the best possible neighborhood right away where my
• 44:11
  Speaker 2: kid is like one years old because I went to
• 44:13
  Speaker 2: school district. But one year is not going to make
• 44:16
  Speaker 2: that big difference, right, not at all.
• 44:18
  Speaker 5: It's not gonna start to five.
• 44:19
  Speaker 4: Listen, the kid is not going to start the five.
• 44:21
  Speaker 4: I have a four year old, right, and she's she'll
• 44:23
  Speaker 4: be five this year. She's going to kindergarten, right. I
• 44:26
  Speaker 4: act her every day with Sha Larne in school, and
• 44:31
  Speaker 4: the answer changes every single day, right, like, and then
• 44:34
  Speaker 4: sometimes and I have nothing to do with school, like okay, maybe, right,
• 44:38
  Speaker 4: So you got to really think about it.
• 44:39
  Speaker 2: Why are you going to go to that best school district?
• 44:42
  Speaker 4: And then the best school district in our areas come
• 44:45
  Speaker 4: with fifteen to twenty thousand and property taxes, right and
• 44:49
  Speaker 4: now with the new tax laws, you can only ride
• 44:51
  Speaker 4: off ten thousand.
• 44:53
  Speaker 6: You can't ride off the whole amount.
• 44:55
  Speaker 4: The more so everything has to be strategy and you
• 44:57
  Speaker 4: have to know your tax laws and you have to
• 44:59
  Speaker 4: keep up with it, right, So why go to that
• 45:02
  Speaker 4: best neighborhood if you really don't need the school district?
• 45:04
  Speaker 4: Right now, why don't you go to the okay neighborhood
• 45:07
  Speaker 4: that you're safe in. Get the multifamily because while your
• 45:10
  Speaker 4: child is growing, you could be growing too, but in
• 45:12
  Speaker 4: your real estate portfolio. And now when it's time, maybe
• 45:16
  Speaker 4: I don't even think kindergarten you need to be in
• 45:18
  Speaker 4: the best school district.
• 45:19
  Speaker 6: That's just my opinion.
• 45:20
  Speaker 4: Maybe not even until they get to you know, sixth
• 45:22
  Speaker 4: or seventh grade is when their brains really start retaining stuff.
• 45:26
  Speaker 4: In my opinion is now you probably want to go
• 45:29
  Speaker 4: to that best school district, and then by that time,
• 45:31
  Speaker 4: you probably accumulated you know, three four assets.
• 45:35
  Speaker 6: That now can help pay for them.
• 45:36
  Speaker 2: It's the same like with people in private school. A
• 45:38
  Speaker 2: lot of time people will send their private kids to
• 45:40
  Speaker 2: private school in like middle school because they only pay
• 45:43
  Speaker 2: the price of private school in second grade. Yeah, so
• 45:46
  Speaker 2: they save, and then by the time they get to
• 45:48
  Speaker 2: like sixth grade, seventh grade, now they put their kids
• 45:51
  Speaker 2: in private sche.
• 45:52
  Speaker 6: And I have folks that love private school right versus
• 45:54
  Speaker 6: public grade.
• 45:55
  Speaker 4: But then why you're going to buy the house that
• 45:58
  Speaker 4: comes with fifteen thousand taxes if you're not going to
• 46:02
  Speaker 4: send the prother because the majority of your taxes are
• 46:04
  Speaker 4: school taxes. You know, what I'm saying, so like, why
• 46:06
  Speaker 4: are you going to pay out of the fifteen grand,
• 46:08
  Speaker 4: probably ten grand is going to the school, but you're
• 46:10
  Speaker 4: still paying probably ten fifteen k a year in tuition
• 46:14
  Speaker 4: at the same time, So and you can't write it
• 46:16
  Speaker 4: all off no more.
• 46:17
  Speaker 6: So why do it?
• 46:18
  Speaker 5: Right?
• 46:18
  Speaker 4: It doesn't make any sense. Even if you go with
• 46:20
  Speaker 4: the Star program. The Stock program is only going to
• 46:22
  Speaker 4: save you a couple of dollars for those who don't
• 46:25
  Speaker 4: know what start. The Star program saves you on school taxes, right.
• 46:29
  Speaker 4: It used to come off the gross on your taxes.
• 46:33
  Speaker 4: Now they send you a check at the end of
• 46:35
  Speaker 4: the year. So it doesn't really help you. During the
• 46:38
  Speaker 4: course of the year, you get reimbursed or refunded. That's
• 46:42
  Speaker 4: that's savings. But that's the savings is only like two grands.
• 46:45
  Speaker 4: So I mean two grand versus fifteen grand. It's like
• 46:48
  Speaker 4: pennies on a dollar. When it's a penny save is
• 46:50
  Speaker 4: a penny earned tool at the same time, but it
• 46:53
  Speaker 4: doesn't really help you in the grand scheme of things.
• 46:55
  Speaker 4: So what I try to tell people is just be
• 46:58
  Speaker 4: smart because you got to pay that mortgage every month,
• 47:01
  Speaker 4: and the mortgage man don't care. They want their money,
• 47:03
  Speaker 4: and if they don't get your money, they're gonna wind
• 47:05
  Speaker 4: up foreclosing on you at some point.
• 47:07
  Speaker 6: So just be smart, move a strategy.
• 47:09
  Speaker 4: Start with rental properties first, because the rental properties can
• 47:12
  Speaker 4: pay for your asset. Like dj Envy ncs of both
• 47:15
  Speaker 4: say at their seminos, right, which I love that they
• 47:17
  Speaker 4: say it.
• 47:18
  Speaker 6: You know Mv's flashy like he love his cars.
• 47:20
  Speaker 5: Right.
• 47:20
  Speaker 4: We all know that if you follow him, he's always
• 47:22
  Speaker 4: buying some Rose Royce or something. But he said flat out,
• 47:25
  Speaker 4: I don't buy this unless I have an asset that
• 47:27
  Speaker 4: can pay for it.
• 47:29
  Speaker 6: So I'm not paying for it. I'm paying for the asset.
• 47:34
  Speaker 4: Assets of reliabilities right, shameless assets over liabilities people, right,
• 47:39
  Speaker 4: But he's buying the asset to pay for the Rose Royce.
• 47:42
  Speaker 4: You know, we have that same opportunity. You know these
• 47:45
  Speaker 4: guys are part of the one percent club. Great, we
• 47:48
  Speaker 4: all have that ability to do the same thing even
• 47:51
  Speaker 4: if we're not part of the one percent.
• 47:52
  Speaker 6: We can develop the one percent mentality. That's all we need.
• 47:56
  Speaker 6: So that's when you ask me, what do we first start?
• 47:58
  Speaker 6: Right here? The mentalit is the first place that we
• 48:01
  Speaker 6: need to start develop that one percent mentality, develop a
• 48:05
  Speaker 6: strong team, develop your one percent dream team.
• 48:08
  Speaker 2: You know you need guys like me.
• 48:09
  Speaker 4: You need guys like Shall, You need financial planning, you
• 48:12
  Speaker 4: need to understand tax planning. You need all of these
• 48:15
  Speaker 4: these these key team players to guide you to know
• 48:18
  Speaker 4: your overall strategy. Because if you just go to in
• 48:22
  Speaker 4: my business, what I like to call them order takers.
• 48:24
  Speaker 4: You know, it's like going to McDonald's. You want fries
• 48:26
  Speaker 4: with that right, if you go to a regular loan office,
• 48:28
  Speaker 4: so they're not asking you questions.
• 48:29
  Speaker 6: They're just thinking to.
• 48:30
  Speaker 4: Get you preapproved today, to buy that house today, but
• 48:33
  Speaker 4: they're not trying to gather the long term, your long
• 48:36
  Speaker 4: term goals. So when someone comes to me, I'm asking
• 48:39
  Speaker 4: these questions because I want to know what who are
• 48:41
  Speaker 4: you number one?
• 48:42
  Speaker 6: And what do you want to deal with your life?
• 48:43
  Speaker 4: Because if you tell me, hey, I want to buy
• 48:45
  Speaker 4: this house, but then at the same time you say
• 48:47
  Speaker 4: I want in basketball, you're contradicting yourself.
• 48:50
  Speaker 6: You got to kind of pick your poison and figure
• 48:51
  Speaker 6: out what's the best route. And I can only tell
• 48:54
  Speaker 6: you my opinion, my advice. This is what you qualify for.
• 48:58
  Speaker 6: I'm gonna lead you to the water. But it's up
• 48:59
  Speaker 6: to you to drink.
• 49:00
  Speaker 2: At the end of the day, we want to thank
• 49:03
  Speaker 2: you for coming in. Man, that was I hope you
• 49:05
  Speaker 2: guys really once again took notes. Yeah, I hope you
• 49:09
  Speaker 2: guys really took notes. Because this is just like business.
• 49:11
  Speaker 2: You know, real estate is something this is actually probably
• 49:14
  Speaker 2: even more relevant than business because everybody doesn't inspire to
• 49:16
  Speaker 2: be a business owner. But most people have a dream
• 49:21
  Speaker 2: of owning a home right or you know, at least
• 49:24
  Speaker 2: rent yea, I live somewhere regardless, So even if you're
• 49:26
  Speaker 2: a renterer, you should still be educated on it because
• 49:28
  Speaker 2: you know, real estate is something that everybody partakes in
• 49:31
  Speaker 2: one way.
• 49:32
  Speaker 6: Even I'm going to cut your wall.
• 49:33
  Speaker 4: But even if you're a rental you still should be
• 49:35
  Speaker 4: buying right Like why and especially with the millennials, like
• 49:40
  Speaker 4: I hear a lot of this online.
• 49:41
  Speaker 6: Millennials don't want to buy homes.
• 49:42
  Speaker 4: They just want to rent because they don't feel like
• 49:44
  Speaker 4: they want to get tagged and tied down to a property.
• 49:47
  Speaker 4: But why not still invest, you know, still buy property,
• 49:50
  Speaker 4: still buy real estate, and you can because it's nothing
• 49:52
  Speaker 4: wrong with renting. You know, there's a lot of people
• 49:55
  Speaker 4: on my industry that try to say, compare rent versus owner,
• 49:58
  Speaker 4: which I get the logic, but there's nothing wrong with
• 50:00
  Speaker 4: being a renter, right, it's a purpose. You know, some
• 50:03
  Speaker 4: people you have to be mature to handle home ownership.
• 50:07
  Speaker 4: You know, it's a lot, it's a lot of responsibility.
• 50:10
  Speaker 4: It's not it's not just like I bought a house
• 50:13
  Speaker 4: and now I'm a homeowner and great like, but the
• 50:15
  Speaker 4: goddamn ball or break then what?
• 50:17
  Speaker 1: Right?
• 50:17
  Speaker 4: You know, it's a lot of responses that it takes
• 50:19
  Speaker 4: a search level of maturity to handle home ownership. So
• 50:23
  Speaker 4: if you're not mature enough and you need to rent,
• 50:27
  Speaker 4: why not start investing into real estate and start small,
• 50:29
  Speaker 4: staying your lane. You don't have to keep up with,
• 50:32
  Speaker 4: you know, the superstar investors that are out there buying
• 50:36
  Speaker 4: ten properties a week.
• 50:37
  Speaker 6: You know, stay your lane, whether you buy one home
• 50:39
  Speaker 6: a year or one a month, whatever your lane is.
• 50:42
  Speaker 2: Staying this the fact. But yeah, so once again, thank
• 50:45
  Speaker 2: you for coming. And also it's important too, as you said,
• 50:48
  Speaker 2: I like what you said as far as putting together
• 50:49
  Speaker 2: a team and just having resources a lot of time,
• 50:52
  Speaker 2: we feel like we want to do everything ourselves. And
• 50:54
  Speaker 2: like me, I'm a big proponent, Like I stay in
• 50:57
  Speaker 2: my lane, right, So I'm I'm a financial visor. I
• 50:59
  Speaker 2: talk about finance, but I don't talk about everything to
• 51:01
  Speaker 2: do with finance. So that's why we brought you in
• 51:04
  Speaker 2: to talk about real estate. That's how we bring you know,
• 51:06
  Speaker 2: taxifisers in to talk about tax That's why we bring
• 51:08
  Speaker 2: a lawyer into talk about legal issues because I'm not
• 51:12
  Speaker 2: I don't do that lik it like you know, so
• 51:14
  Speaker 2: I'd rather have somebody that does it every single day
• 51:16
  Speaker 2: to talk about it as opposed to me just trying
• 51:18
  Speaker 2: to cover everything or Troy just trying to cover everything.
• 51:20
  Speaker 2: So networking. Networking is important in having knowledgeable people. So
• 51:27
  Speaker 2: can you tell the people how to how to contact you?
• 51:29
  Speaker 4: Listen on YouTube MG the Mortgage Guy on Instagram Matt
• 51:35
  Speaker 4: g Underscore home Loans. Catch me there on Facebook or
• 51:39
  Speaker 4: LinkedIn just my name Matthew Garland, Matthew with two teas.
• 51:42
  Speaker 4: But if you have any questions are concerned, you can
• 51:45
  Speaker 4: shoot me a DM on Instagram.
• 51:47
  Speaker 6: I respond. I try to respond to all the d ms.
• 51:51
  Speaker 4: All you can catch me on one of these dates
• 51:54
  Speaker 4: with dj NB and Caason on the real estate seminars.
• 51:58
  Speaker 6: But I'm around man, just some high mean and let's work.
• 52:02
  Speaker 2: I appreciate Troy anything.
• 52:04
  Speaker 3: Well, I'm gonna end where we started just a quote
• 52:08
  Speaker 3: from Nip the Great. He said, you can have it
• 52:10
  Speaker 3: also about your reason. And through his music and through
• 52:13
  Speaker 3: his life and through his work in his community, he
• 52:16
  Speaker 3: was living out his reason. It's really his purpose. And
• 52:18
  Speaker 3: a lot of people try to figure out how do
• 52:20
  Speaker 3: I find my purpose? And the best way is to
• 52:24
  Speaker 3: live through experiences and you know, find something that you're
• 52:27
  Speaker 3: you're you're really passionate about, or that you do well,
• 52:30
  Speaker 3: that you never had to go to school for. You
• 52:32
  Speaker 3: just naturally do it and find a message in there, man,
• 52:35
  Speaker 3: So you have it all. It's just about the reason, man,
• 52:38
  Speaker 3: So make sure that y'all know what the reason you're
• 52:40
  Speaker 3: doing it for. And his one of his biggest things
• 52:43
  Speaker 3: that he was doing was just spreading love for everybody
• 52:46
  Speaker 3: else's benefit. And like I said, it's unfortunately that he
• 52:50
  Speaker 3: lost his life, but he was living his purpose. And
• 52:53
  Speaker 3: the more people we can get to find and chase
• 52:56
  Speaker 3: their purpose and live in their purpose, you know, the
• 52:58
  Speaker 3: better our communities would be, the better world would be.
• 53:00
  Speaker 5: So we lost not only a pillar to our community,
• 53:02
  Speaker 5: but a pillar to the world.
• 53:04
  Speaker 2: Yeah, rest in peace before we leave. Also, my book
• 53:08
  Speaker 2: tip for this week is a book called The wake
• 53:12
  Speaker 2: Up Call by my guy Ash Cash, and that is
• 53:16
  Speaker 2: he he does an interesting thing where he he yeah,
• 53:19
  Speaker 2: he breaks down like financial topics. It's kind of similar
• 53:22
  Speaker 2: to what we do and pop culture. So that book
• 53:25
  Speaker 2: is based around jay Z's album four four four and
• 53:28
  Speaker 2: he like kind of goes into details like what jay
• 53:30
  Speaker 2: Z's rapping about and then explains like, Okay, this is
• 53:34
  Speaker 2: the real estate played behind the lyric and stuff like that. Today,
• 53:40
  Speaker 2: shout to Ashcash. We gottaet him on the show as well,
• 53:42
  Speaker 2: So shout out to ash Cash. And uh yes, guys,
• 53:45
  Speaker 2: don't forget the merch Troy. It has the signature Assets
• 53:49
  Speaker 2: over Liability shirt done, we got the we got the cream.
• 53:54
  Speaker 2: We got the cream shirt. You got the cream joint
• 53:56
  Speaker 2: with Okay, credit creditbles everything. That's that's the age vingnaw
• 54:01
  Speaker 2: before it was cash for everything around me, everything around
• 54:04
  Speaker 2: me like that. We got that. We got the crop,
• 54:07
  Speaker 2: the crop top, hoodies for the ladies, hats and yeah,
• 54:12
  Speaker 2: also our Patreon as well, Like I said, Patreon, that's
• 54:15
  Speaker 2: a way to support us financially, support the podcast financially
• 54:20
  Speaker 2: so we can keep bringing people on. We can expand
• 54:22
  Speaker 2: the podcast, we can travel, and we can give you
• 54:25
  Speaker 2: guys education on a weekly basis. So yes, thank you
• 54:29
  Speaker 2: for your support and we will see you guys next week.
• 54:32
  Speaker 2: Peace allright, coach?
• 55:00
  Speaker 7: The energy out there felt different. What changed for the
• 55:03
  Speaker 7: team today?
• 55:04
  Speaker 8: It was the new game day scratches from the California
• 55:06
  Speaker 8: Lottery Player is everything. Those games sent the team's energy
• 55:09
  Speaker 8: through the roof.
• 55:10
  Speaker 7: Are you saying it was the off field play that
• 55:12
  Speaker 7: made the difference on the field.
• 55:13
  Speaker 8: Hey, little play makes your day, and today it made
• 55:16
  Speaker 8: the game. That's awfu now, Coach, one more question?
• 55:19
  Speaker 7: Played the new Los Angeles Chargers, San Francisco forty nine
• 55:22
  Speaker 7: Ers and Los Angeles Ram scratchers from the California Lottery.
• 55:25
  Speaker 7: A little play can make your day.
• 55:27
  Speaker 5: Peace.
• 55:27
  Speaker 7: Pay responsibly. Must be eighteen years or older to purchase
• 55:29
  Speaker 7: plate or claim