WEBVTT - Cliff Notes: CAN GENTRIFICATION BE FLIPPED? 0:00:00.200 --> 0:00:03.080 You know, this narrative about gentrification happens over and over 0:00:03.120 --> 0:00:05.040 and over, and I was like, man, I know. 0:00:05.120 --> 0:00:06.400 A few of us that are flipping. 0:00:07.080 --> 0:00:09.520 I don't know anybody that's really trying to get into 0:00:09.640 --> 0:00:13.920 the development game, and you know, kind of change the 0:00:13.960 --> 0:00:17.160 narrative so we have some control over that. So twenty thirteen, 0:00:17.160 --> 0:00:19.079 that's when I decided to kind of get off into that. 0:00:19.320 --> 0:00:21.720 So what you buying land in twenty thirteen was that 0:00:21.800 --> 0:00:22.320 the next step. 0:00:22.520 --> 0:00:23.720 I didn't know what I was going to buy. I 0:00:23.720 --> 0:00:25.160 just knew what I was gonna do is stop flipping 0:00:25.160 --> 0:00:26.800 and try to figure it out. So I just started 0:00:26.800 --> 0:00:29.240 talking about it, and man, it came full circle. That 0:00:29.360 --> 0:00:32.800 same my same line brother that helped me get into 0:00:32.840 --> 0:00:35.280 the game. He had an old tenant reach out to 0:00:35.360 --> 0:00:37.640 him that used to be in one of the properties 0:00:37.680 --> 0:00:40.040 and say, hey, I'm over here in fifth Ward and 0:00:40.520 --> 0:00:42.600 the landlord over here isn't taking care of property. I 0:00:42.640 --> 0:00:46.160 think he's on drugs. And so you know what he 0:00:46.159 --> 0:00:49.519 heard was opportunity. So he reached out to me and 0:00:49.560 --> 0:00:50.960 he's like, man, I think we got opportunity to go 0:00:51.000 --> 0:00:53.519 pick up a few houses over here. So I went 0:00:53.560 --> 0:00:54.880 to go meet with the guy ended up being a 0:00:54.880 --> 0:00:57.440 whole block, got a grocery store on it. How that 0:00:58.840 --> 0:01:02.280 okay true story. At the time this was in the hood, 0:01:02.960 --> 0:01:05.199 it wasn't worth nothing. It was probably worth three hundred 0:01:05.240 --> 0:01:08.520 thousand the whole block because everything was kind of run down. 0:01:08.680 --> 0:01:10.520 But it's in the area where you tell somebody'm about 0:01:10.560 --> 0:01:12.000 to go to spend three hundred thousand, They're like, man, 0:01:12.000 --> 0:01:15.120 are you crazy? It's the hood, nothing but drugs and 0:01:15.160 --> 0:01:17.280 prostitution over there. You're gonna waste your money, you know. 0:01:18.240 --> 0:01:19.680 So what I ended up doing to talk him in 0:01:19.880 --> 0:01:22.440 doing the deal, I offered him four hundred thousand for it. 0:01:23.120 --> 0:01:24.560 So but of course I didn't have the cash to 0:01:24.600 --> 0:01:28.280 pay four undred thousand. So he actually had inherited the 0:01:28.280 --> 0:01:30.560 property from his dad. His dad was like a real 0:01:30.680 --> 0:01:33.720 estate taccoon had like twenty six blocks over there, twenty 0:01:33.720 --> 0:01:36.800 six blo, twenty six blocks. Who twenty six blocks, And 0:01:36.880 --> 0:01:38.920 this block happened to be the one that they gave 0:01:39.520 --> 0:01:44.600 this this uh, this kid, and he was like the horrible. 0:01:44.280 --> 0:01:45.840 Kid, you know what I mean? He watched it. 0:01:46.160 --> 0:01:48.760 Yeah, yeah, So so this was the one he had 0:01:48.800 --> 0:01:49.640 and he still wasn't. 0:01:49.480 --> 0:01:50.200 Taking care of it. 0:01:50.480 --> 0:01:54.080 So I offered him owner finance scenario where it's like, 0:01:54.080 --> 0:01:56.560 I'll give you ten percent now on the finance. So 0:01:56.600 --> 0:01:58.440 that's when the instead of you, instead of going to 0:01:58.480 --> 0:02:01.200 the bank, the owner or that actually doesn't have any 0:02:01.200 --> 0:02:03.520 debt on the property will let you make payments over 0:02:03.560 --> 0:02:07.200 time to buy the property from them. So I gave 0:02:07.280 --> 0:02:09.160 him ten percent of what we agreed to the four 0:02:09.200 --> 0:02:11.920 hundred thousand, so forty thousand dollars which came from me 0:02:12.280 --> 0:02:15.959 selling one of my rental properties, and then that allowed 0:02:15.960 --> 0:02:18.680 me now to control that whole block of property and 0:02:18.800 --> 0:02:20.440 it had the grocery store on it and then had 0:02:20.480 --> 0:02:22.680 the houses, but everything was really run down. 0:02:23.280 --> 0:02:25.960 So instead of fixing it up, what I decided to do. 0:02:26.000 --> 0:02:31.200 Was do parole housing for felons because it's really hard 0:02:31.240 --> 0:02:33.919 for them to find anywhere to live. So I would 0:02:34.160 --> 0:02:37.239 rent them out a single room in each one of 0:02:37.280 --> 0:02:39.480 the houses, charge them three to fifty a month or 0:02:39.520 --> 0:02:41.639 something that they could afford because of the type of jobs 0:02:41.680 --> 0:02:43.280 they could get, you know, they didn't have much income, 0:02:43.360 --> 0:02:45.440 or they like a halfway house pretty much like a 0:02:45.480 --> 0:02:46.000 halfway house. 0:02:46.200 --> 0:02:48.080 Yeah, they call them sro housing. 0:02:48.160 --> 0:02:50.080 And then so the state paid you that right. 0:02:50.760 --> 0:02:54.519 Sometimes sometimes if it depends on what program they're in. 0:02:54.800 --> 0:02:56.799 They get some type of housing assistance, but most of 0:02:56.800 --> 0:02:58.200 the time, no, they had to go get a job. 0:02:58.720 --> 0:03:00.440 So that's what made it really good, because you talk 0:03:00.480 --> 0:03:04.320 about a low risk tenant, you got somebody that's happy 0:03:04.320 --> 0:03:05.760 to be out of prison. They was in prison for 0:03:05.840 --> 0:03:08.320 non violent offense. I didn't do violent people. They had 0:03:08.360 --> 0:03:09.840 to keep a job and they had to keep somewhere 0:03:09.840 --> 0:03:12.160 to stay, and ninety nine percent of the places wouldn't 0:03:12.160 --> 0:03:14.200 even allow them to live there. So they were like 0:03:14.320 --> 0:03:19.120 they were like built in good high revenue for me, 0:03:19.400 --> 0:03:21.400 you know what I mean as collectively in each house. 0:03:21.440 --> 0:03:23.440 Whereas I could have rented that whole house for five 0:03:23.560 --> 0:03:26.520 hundred dollars to a regular family, now I'm making eleven 0:03:26.560 --> 0:03:28.680 twelve hundred dollars off that same house, you know, with 0:03:28.760 --> 0:03:30.760 this program. And because you were erected in the rooms 0:03:30.919 --> 0:03:33.320 ndom individual rooms, and most of them had trades, so 0:03:33.360 --> 0:03:36.360 they were like carpenters, electricians, plumbers. They all earned their 0:03:36.360 --> 0:03:39.000 trades in prison. So anything went wrong, I just dropped 0:03:39.000 --> 0:03:42.720 off materials. They were the wind is built in and 0:03:42.760 --> 0:03:45.120 they were just happy to have somewhere to live, you know. 0:03:45.720 --> 0:03:47.320 So yeah, so that worked out that was a win 0:03:47.440 --> 0:03:53.240 win man and then that was twenty thirteen, fourteen fifteen. 0:03:53.280 --> 0:03:57.760 I did that in twenty sixteen. Redevelopment kind of started 0:03:57.840 --> 0:03:59.920 in the area that I was in. Something else that 0:04:00.040 --> 0:04:02.720 I always watched too, even when I was flipping, is 0:04:02.760 --> 0:04:05.640 what the city's plans were. And you can go to 0:04:05.480 --> 0:04:08.880 the planning Department's website and it'll tell you what the 0:04:09.000 --> 0:04:11.360 planning to do five years, ten years down the road. 0:04:11.920 --> 0:04:13.920 And that's a lot of the game that we don't 0:04:14.000 --> 0:04:17.000 pay attention to, but you know, the other group's pay attention. 0:04:17.080 --> 0:04:19.039 Where can you find that information that Usually you. 0:04:19.000 --> 0:04:22.000 Can just google it, like like like Planning and Development 0:04:22.000 --> 0:04:24.760 Department or Urban Planning for whatever city you're in, and 0:04:24.839 --> 0:04:27.080 it'll pull up on that website. You know, it's usually 0:04:27.120 --> 0:04:30.200 a dot gov type website, and it'll have all their information. 0:04:30.400 --> 0:04:32.480 A lot of us talked about the city council meetings, 0:04:32.640 --> 0:04:35.120 so you can look up city council meeting minutes and 0:04:35.120 --> 0:04:38.280 they'll tell you about anything big, any developer that's proposedness 0:04:38.320 --> 0:04:40.280 to do something in a certain area. All that has 0:04:40.320 --> 0:04:43.280 to be public publicly announced. So but what I what 0:04:43.320 --> 0:04:45.000 I noticed about Houston was like everything was going to 0:04:45.040 --> 0:04:48.640 counterclockwise around downtown and the fifth one neighbor that I 0:04:48.720 --> 0:04:51.520 was buying it was the last quadrant, So I knew 0:04:51.560 --> 0:04:53.160 eventually it was gonna come. I just did don't win, 0:04:53.720 --> 0:04:56.200 you know, and so yeah, so that's how I got 0:04:56.240 --> 0:05:00.000 into it. And twenty sixteen is another guy started building. 0:05:00.080 --> 0:05:01.480 So then I figured it's time for me to try 0:05:01.480 --> 0:05:02.720 to figure out how to get it done. 0:05:02.960 --> 0:05:05.360 So what is your all right? So what's your philosophy 0:05:05.440 --> 0:05:08.800 on gentrification? What's your how do you feel about that? 0:05:09.360 --> 0:05:14.400 So gentrification has a very negative connotation in our community 0:05:14.600 --> 0:05:15.880 because we are never. 0:05:15.760 --> 0:05:18.000 The ones revitalizing that neighborhood. 0:05:18.680 --> 0:05:21.440 And what happens is the people that are revitalizing are 0:05:21.440 --> 0:05:24.040 looking out for themselves or their own groups. It's not 0:05:24.080 --> 0:05:26.479 that they don't care about us, is that they have 0:05:26.600 --> 0:05:27.440 their own. 0:05:28.680 --> 0:05:30.919 This episode is brought to you by P and C Bank. 0:05:31.320 --> 0:05:34.080 A lot of people think podcasts about work are boring, 0:05:34.279 --> 0:05:38.120 and sure they definitely can be, but understanding a professionals 0:05:38.200 --> 0:05:41.440 routine shows us how they achieve their success little by little, 0:05:41.839 --> 0:05:45.480 day after day. It's like banking with P and C Bank. 0:05:45.960 --> 0:05:48.760 It might seem boring to safe plan and make calculated 0:05:48.800 --> 0:05:51.880 decisions with your bank, but keeping your money boring is 0:05:51.920 --> 0:05:55.240 what helps you live or more happily fulfilled life. P 0:05:55.360 --> 0:06:00.559 and C Bank Brilliantly Boring since eighteen sixty five. 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Let's Square handle the back end 0:07:14.760 --> 0:07:16.680 so you can keep pushing your vision forward. 0:07:18.920 --> 0:07:22.600 An illegal alien from Guatemala charged with raping a child 0:07:22.640 --> 0:07:26.400 in Massachusetts. An MS thirteen gang member from Al Salvador 0:07:26.680 --> 0:07:30.800 accused of murdering a Texas man of Venezuelan charged with 0:07:30.880 --> 0:07:34.760 filming and selling child pornography in Michigan. These are just 0:07:34.880 --> 0:07:38.640 some of the heinous migrant criminals caught because of President 0:07:38.640 --> 0:07:42.239 Donald J. Trump's leadership. I'm Christy nom the United States 0:07:42.240 --> 0:07:47.040 Secretary of Homeland Security. Under President Trump, attempted illegal border 0:07:47.080 --> 0:07:50.640 crossings are at the lowest levels ever recorded, and over 0:07:50.680 --> 0:07:53.920 one hundred thousand illegal aliens have been arrested. If you 0:07:54.000 --> 0:07:57.840 are here illegally, your next you will be fine nearly 0:07:57.920 --> 0:08:01.080 one thousand dollars a day in prison and deport it. 0:08:01.560 --> 0:08:04.800 You will never return. But if you register using our 0:08:04.800 --> 0:08:08.040 CBP home app and leave now, you could be allowed 0:08:08.040 --> 0:08:12.640 to return legally. Do what's right. Leave now. Under President 0:08:12.680 --> 0:08:17.240 Trump America's laws, border and families will be protected sponsored 0:08:17.280 --> 0:08:18.840 by the United States Department of Homeland. 0:08:18.600 --> 0:08:22.600 Security personal agendas that they're moving forward, and so we 0:08:22.640 --> 0:08:26.240 can either continue to watch it happen or we can participate, right, 0:08:26.560 --> 0:08:28.200 and we can participate in the way that we kind 0:08:28.200 --> 0:08:31.360 of control the narrative of what's being built, who's being 0:08:31.400 --> 0:08:34.080 built for, and what happens to the surround the community 0:08:34.120 --> 0:08:35.000 that we're building in. 0:08:35.640 --> 0:08:35.760 Right. 0:08:36.000 --> 0:08:37.960 So, my goal with my project is, you know, most 0:08:37.960 --> 0:08:40.520 of the time when you hear about black builders in 0:08:40.559 --> 0:08:43.600 black neighborhoods, it's low income stuff, and I feel like 0:08:43.640 --> 0:08:45.800 that's great, Like, we do need to look out for 0:08:45.840 --> 0:08:48.920 the low income people, but we got to attract the 0:08:48.960 --> 0:08:50.760 people that were successful, to people that made it out 0:08:50.800 --> 0:08:54.240 those neighborhoods back to those neighborhoods because we need that income, 0:08:54.280 --> 0:08:56.240 we need that demographic. If we ever want a grocery 0:08:56.280 --> 0:08:58.320 store to come back. We can't sit and depend on 0:08:58.320 --> 0:09:00.520 the government to do that. And right now, what happens 0:09:00.640 --> 0:09:02.240 is the people that are successful, they go and buy 0:09:02.240 --> 0:09:05.400 houses in the suburbs. Right It's not because they don't 0:09:05.400 --> 0:09:07.280 want to move back, it's because they have no options. 0:09:07.600 --> 0:09:10.360 So my focus was, well, let me start building some 0:09:10.360 --> 0:09:12.439 some market rate stuff, not low income houses and stuff. 0:09:12.440 --> 0:09:14.520 But try to track these working professionals back to the 0:09:14.559 --> 0:09:17.720 neighborhoods with a high quality product that they know they're 0:09:17.720 --> 0:09:19.560 gonna pay the same price they're paying in the suburbs 0:09:19.800 --> 0:09:22.040 and in the city, your value is going to appreciate 0:09:22.040 --> 0:09:24.760 a whole lot more, especially when that neighborhood starts to revitalize. 0:09:24.800 --> 0:09:26.040 And that's kind of what you've done with. 0:09:26.160 --> 0:09:28.280 You know, the land that you bought in twenty thirteen, right, 0:09:28.320 --> 0:09:30.720 which is your the most recent development that you worked on. 0:09:30.840 --> 0:09:33.840 So fourteen it's the fourteen Yeah. 0:09:33.679 --> 0:09:36.199 Fourteen units individual house townhouses. 0:09:36.240 --> 0:09:38.400 Yeah, you want to talk about that. How that came about. 0:09:38.640 --> 0:09:40.520 Yeah, so it's the same property that I bought with 0:09:40.600 --> 0:09:43.000 the grocery store and everything. So twenty sixteen, I decided 0:09:43.000 --> 0:09:45.440 to just tear everything down when I saw there's another 0:09:45.480 --> 0:09:48.720 developer that was building houses deep in the neighborhood and 0:09:48.760 --> 0:09:51.400 he was selling them for two fifty before they were complete. 0:09:51.440 --> 0:09:53.960 He wasn't even listening them on MLS. So I'm like, 0:09:54.080 --> 0:09:56.360 so that tells me that there's a mindset, there's enough 0:09:56.360 --> 0:09:59.440 people out there are willing to save one hundred thousand 0:09:59.440 --> 0:10:02.160 dollars because everything else inside the city Loop was like 0:10:02.440 --> 0:10:06.160 ENTI sixteen Loop was two three fifty or more so. 0:10:06.280 --> 0:10:08.720 But people would. 0:10:07.920 --> 0:10:10.720 Rather save that money and live in a neighborhood that 0:10:10.760 --> 0:10:12.760 was still pretty rough. So I was like, well, if 0:10:12.760 --> 0:10:14.800 he can do this deep in the neighborhood, I'm right 0:10:14.840 --> 0:10:17.120 on the feeder to the highway, you know, I got 0:10:17.160 --> 0:10:19.040 a view of downtown. I should be able to do 0:10:19.080 --> 0:10:21.760 something with my property too. And so that's when I 0:10:21.840 --> 0:10:23.880 decided I'm gonna move forward with this initiative to try 0:10:23.920 --> 0:10:24.880 to build these townhouses. 0:10:25.400 --> 0:10:27.559 And it took a lot of work. It took me. 0:10:27.679 --> 0:10:29.360 Building the right teams. I had no idea what I 0:10:29.400 --> 0:10:31.280 was doing. Goes back to what you're talking about earlier 0:10:31.280 --> 0:10:33.880 with the consultant. I had to find the right team, 0:10:33.960 --> 0:10:35.600 the right I had to find a builder that had 0:10:35.720 --> 0:10:38.400 enough experience that was willing to kind of lend his 0:10:38.520 --> 0:10:41.360 knowledge and time to me, of course for a fee, 0:10:41.559 --> 0:10:43.439 you know, had to pay him to be my consultant, 0:10:43.480 --> 0:10:45.000 basically teach me how to do the first project. 0:10:45.800 --> 0:10:46.600 But that's what I did. 0:10:47.200 --> 0:10:49.640 So what's what's your your plans now? As far as 0:10:49.640 --> 0:10:51.360 how many projects are you are you working on? Like, 0:10:51.360 --> 0:10:52.280 what's your what's your vision? 0:10:52.360 --> 0:10:53.720 Looked like? For the next five years. 0:10:53.920 --> 0:10:55.800 Next five years, I want to finish this project, which 0:10:55.800 --> 0:10:58.200 would probably be finished next year, and I want to 0:10:58.200 --> 0:11:02.080 continue to build uh, the same model in the same neighborhood. 0:11:02.480 --> 0:11:04.959 I kind of want to make this like a real 0:11:05.000 --> 0:11:07.240 world example that can be duplicated in other cities, like 0:11:07.520 --> 0:11:09.880 we can go in, we can buy the land. And 0:11:09.960 --> 0:11:12.280 I didn't mentioned my entire team is from the community too, 0:11:12.640 --> 0:11:18.079 so like my builders, my real estate brokers, my insurance brokers, everybody, 0:11:18.120 --> 0:11:19.920 the contractors as well, contractors as well. 0:11:20.000 --> 0:11:20.160 Yeah. 0:11:20.200 --> 0:11:22.560 Yeah, I'm working with a black builders, so and it's 0:11:22.600 --> 0:11:24.720 not just anybody's people that got good reputations, but we 0:11:24.800 --> 0:11:26.560 kind of always silo ourselves and we never. 0:11:26.440 --> 0:11:28.120 Really collectively work together on stuff. 0:11:28.600 --> 0:11:31.240 So yeah, And the goal and the most important part 0:11:31.240 --> 0:11:34.599 of all of this, whether you're flipping another industry a 0:11:34.600 --> 0:11:36.880 lot of people in it's whole selling or building new construction, 0:11:37.400 --> 0:11:40.840 is ensuring that you put the product in front of 0:11:40.840 --> 0:11:43.319 the right end buyer. Because if you're flipping, you call 0:11:43.360 --> 0:11:46.199 yourself buying the block. But if you're not watching who 0:11:46.200 --> 0:11:48.719 you're selling to on the back end, you're still gentrifying 0:11:48.720 --> 0:11:51.600 the neighborhood. So my goal is really to educate us 0:11:51.640 --> 0:11:53.560 on like, like I said, the working professional on why 0:11:53.600 --> 0:11:55.760 it's better for you to buy over here. So I'm 0:11:55.760 --> 0:11:59.000 building the first three now, got contracts on two of them. 0:11:59.040 --> 0:12:02.040 Both of them are young, young black professionals, basically all 0:12:02.080 --> 0:12:03.200 in gas professionals. 0:12:03.240 --> 0:12:04.520 Townhouses, right, the townhouses. 0:12:04.600 --> 0:12:07.200 Yeah, I got a dentist, a black dennist from from 0:12:07.280 --> 0:12:09.839 Dallas that's looking at buying one, you know. So it's 0:12:10.679 --> 0:12:15.160 all about making sure that we create that model because 0:12:15.240 --> 0:12:18.480 right now that gentrification narrative is the only thing that's 0:12:18.600 --> 0:12:22.480 that's that's real and for our people, we do better 0:12:22.520 --> 0:12:24.880 when we see examples of something that's actually working. And 0:12:24.920 --> 0:12:27.400 so when this is complete, I want to make sure 0:12:27.400 --> 0:12:29.720 that this model is as much exposed as possible. It's 0:12:29.720 --> 0:12:31.520 not about me making all the money. I want people 0:12:31.520 --> 0:12:33.280 in other cities to do the same thing, you know, 0:12:33.360 --> 0:12:34.960 to say it's possible, we really can't do this. 0:12:35.000 --> 0:12:36.079 And this is the example. 0:12:36.080 --> 0:12:37.839 How do you evaluate like what area you want to 0:12:37.840 --> 0:12:39.040 I know you say you look at it like the 0:12:39.040 --> 0:12:42.160 city plans, but do you have like a set formula. 0:12:42.200 --> 0:12:43.720 It's just kind of like you just know the area 0:12:43.720 --> 0:12:45.080 and you just kind of have a good feeling because 0:12:45.080 --> 0:12:47.200 you can't buy in some bad neighborhoods and they don't 0:12:47.240 --> 0:12:49.679 get better, right, So it's like, I mean, how do 0:12:49.760 --> 0:12:51.439 you know like this is this is probably going to 0:12:51.520 --> 0:12:51.920 get better. 0:12:53.080 --> 0:12:55.240 It's all about your network because you got to be 0:12:55.280 --> 0:12:58.800 talking to people in the industry. So a lot of 0:12:58.840 --> 0:13:01.520 the realtors that I work work with, they work with builders, 0:13:02.000 --> 0:13:04.479 and you know, you gotta have a network of commercial 0:13:04.480 --> 0:13:06.960 realtors around you too, because they know where the commercial 0:13:06.960 --> 0:13:09.320 developers are looking at, what areas are looking at. So 0:13:09.360 --> 0:13:10.920 it's a lot of it's word of mouth in addition 0:13:10.960 --> 0:13:13.040 to what you see on the city plans, you know. 0:13:13.720 --> 0:13:15.840 But yeah, you gotta have your foot in the door. 0:13:15.840 --> 0:13:18.760 You got to be on the inside understanding where they're 0:13:18.800 --> 0:13:21.080 moving that and you just kind of ride that wave 0:13:21.120 --> 0:13:46.280 along with them.