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Speaker 1: Hey, hey, hey, we're back. We're black, we're brown and abition.

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Speaker 1: We're extra brown today. Well we're minus a brown, but

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Speaker 1: plus a brown, so I think we're on net. We're

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Speaker 1: the same level of brown ambition. Welcome to the show.

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Speaker 1: We've got a special guest today. But before I introduce

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Speaker 1: our special guests, I want to remind you that next week,

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Speaker 1: my new book, Made Whole comes out. Remember it is

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Speaker 1: the workbook version of my textbook at Geting with Money,

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Speaker 1: New York Times bestseller, almost three hundred thousand copies sold.

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Speaker 1: Maid Whole is going to walk you through ten simple

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Speaker 1: steps to achieving the financial foundation you need to build

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Speaker 1: the rest of your amazing life on. Okay, so if

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Speaker 1: you want to get a copy, go ahead on over

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Speaker 1: to Maid Whole Workbook dot com. Get yourself a copy.

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Speaker 1: There still might be some signed copy he left. That's

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Speaker 1: Made Whole Workbook dot com. All right, So in this

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Speaker 1: stew today we have a let let me get let

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Speaker 1: me pull his bio up. I think I bet Jude,

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Speaker 1: I don't even know like three years ago. So Jude Bernard,

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Speaker 1: he is the founder and CEO. He's a founder and

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Speaker 1: a CEO, and he owns a company now called the

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Speaker 1: Brooklyn Bank. Jude founded Brooklyn Bank, Inc. In twenty seventeen,

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Speaker 1: and he is responsible for the organization's direction from his

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Speaker 1: thirty plus year span of his entrepreneurship career. Jude prides

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Speaker 1: himself in learning from mistakes and bouncing back from numerous setbacks.

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Speaker 1: He's passionate about sharing his wealth of information and personal

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Speaker 1: experience with local schools and community organizations to help others

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Speaker 1: avoid the mistakes he's made and successfully navigated to his

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Speaker 1: own source of financial freedom. So beyond his role as

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Speaker 1: a leader of the Brooklyn Bank and as an entrepreneur,

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Speaker 1: he is also a licensed real estate broke her, a

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Speaker 1: licensed general contractor or. I didn't know that, dude, a

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Speaker 1: business consultant, landlord, public speaker, philanthropists and wealth educator. So

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Speaker 1: we welcome to the show, Jude, We're not welcome, Dude.

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Speaker 2: Hey, you know I was about to call you by my.

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Speaker 1: Last name exactly. Well, so I met Jude.

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Speaker 2: Jude.

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Speaker 1: When did I meet you? Because I think you invited

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Speaker 1: me to speak. You had like a Father's day kind

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Speaker 1: of well it was juneteenth, also Father's Day. But did

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Speaker 1: I know you before that? When you invited me to speak?

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Speaker 2: I think we had kind of like you know, through

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Speaker 2: the circuit, kind of known of each other and the

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Speaker 2: end of that nature. So we first really started communicating.

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Speaker 2: I think it was like June twenty twelve, No excuse me,

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Speaker 2: it was earlier than that. It was early twenty twenty.

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Speaker 1: Two, because you like this amazing I remember it was

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Speaker 1: like Aunt angelaee, you have the guys from Earned your Leisure. Honestly,

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Speaker 1: you had some of the best and brightest minds and

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Speaker 1: black personal finance on that stage. And so it was

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Speaker 1: a really pretty awesome experience to some people I'd known

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Speaker 1: be a social some people I knew obviously real life

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Speaker 1: in person, and it was kind of like the first

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Speaker 1: time that I had like experienced what you do in person.

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Speaker 1: But for the people who don't know what you do.

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Speaker 1: So there's like two sides of you. I know, there's

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Speaker 1: like the real estate side. You know, you're like, you know,

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Speaker 1: the joke is, Jude owns half of Brooklyn, right, But

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Speaker 1: then there's also this like financial education philanthropists side that

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Speaker 1: I've come to know through the Brooklyn Bank and the

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Speaker 1: work you do there. So let's talk first about kind

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Speaker 1: of like the real estate side. So when it comes

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Speaker 1: to real estate, like where do you stand now? Like what?

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Speaker 1: Like what do you do? Do you own commercial properties?

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Speaker 1: Do you own like residential properties? Like what are you

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Speaker 1: what's your main source of business?

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Speaker 2: Yes? Yes, all that now. I have a very very

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Speaker 2: diverse portfolio. I focused on pretty much multi you know,

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Speaker 2: multifamily units of Brownstone Brooklyn. I was lucky to get

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Speaker 2: into Brooklyn in early two thousands before Brooklyn became Brooklyn.

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Speaker 2: So I picked up you know, a dozen missild Brownstones

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Speaker 2: back then for a couple hundred thousand, and never in

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Speaker 2: my wildest dream did I ever think that this is

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Speaker 2: what this is what it would become. Also, I recently,

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Speaker 2: I recently got into the the short term rental business.

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Speaker 2: I picked up a seventeen unit building in Harlem that

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Speaker 2: had a what do you call those licenses? An SRO license,

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Speaker 2: which which allows for transient occupancy. So I picked that

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Speaker 2: up a few years ago and I converted it into

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Speaker 2: a short term rental, a short term rental building that

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Speaker 2: would be legally able to host Airbnb. So the whole

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Speaker 2: world is crime. Airbnb is the devil. Airbnb is bad,

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Speaker 2: EBB is gone. You know, I've been doing pretty well

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Speaker 2: with that. I have events space. You know, I'm just

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Speaker 2: real estick guy, you know.

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Speaker 1: Yeah, but I remember, like you told me once, I

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Speaker 1: think it was like I was hanging out with you

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Speaker 1: and your friend Uja. You guys were kind of laughing

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Speaker 1: about like how you started like in the real estate

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Speaker 1: space because you weren't always obviously in real estate, and

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Speaker 1: you like it was kind of like an ex girlfriend

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Speaker 1: that prompted you to get your to get your money out.

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Speaker 1: And I don't know how comfortable you feel like telling

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Speaker 1: the story, but as much as you feel comfortable, I

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Speaker 1: think that people would love to know.

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Speaker 2: Oh, sure, I'd love to share it. It's you know,

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Speaker 2: in every situation, there's there's like this point where a

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Speaker 2: turning point where it seems really really bad, but then

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Speaker 2: in hindsight it kind of becomes the seed that grows

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Speaker 2: into something else. So I remember it was, you know,

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Speaker 2: the early nineties, mid to early nineties, and I was

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Speaker 2: seeing a beautiful, beautiful girl before there were before there

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Speaker 2: were there were video vixens, and I had the pleasure

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Speaker 2: and the discomfort of dating one. So she ended up

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Speaker 2: being a lead in a fun you know, funny enough,

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Speaker 2: more money, more problems was the video. And once that started.

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Speaker 2: You know, I had I had the Puffies, the Mike Tyses,

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Speaker 2: the Maces call in my house for my girlfriend and

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Speaker 2: stuff like that, you know. And I remember one time

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Speaker 2: she came home with about fifty thousand dollars working with

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Speaker 2: Sachi clothes about Oh yeah, Mike Tyson brought this for me.

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Speaker 2: You know, that's my friend.

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Speaker 1: Oh my god. It's all like you could fight Mike Tyson.

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Speaker 2: It's not like I could fight Mike Tyson. Anyway, I

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Speaker 2: was working at Verizon make Happy, happily, making you know,

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Speaker 2: a couple of hundred dollars a week, and you know,

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Speaker 2: things got to a boiling point. And on my exit interview,

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Speaker 2: you know, you know how you have the exit interview

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Speaker 2: as you've breaken up. You know, she pointed to me.

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Speaker 2: She was just like, y'all asked you to buy me

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Speaker 2: a CD, and you told me I had to wait

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Speaker 2: till the end of the week to get the CD.

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Speaker 2: You know, it's like thirteen hours exactly. And it's just

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Speaker 2: like CDs came out on Tuesdays back then, and I

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Speaker 2: got paid on Friday, so she's like, by Friday, everybody

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Speaker 2: would know all the songs of this that the d.

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Speaker 1: How old were you both about around in your twenties

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Speaker 1: nineteen twenty oh yeah, yeah, like young.

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Speaker 2: So it was at that point I was just like,

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Speaker 2: all right, cool, I'm never ever going to be in

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Speaker 2: a situation where I don't, like, I'm not able to

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Speaker 2: compete financially, Okay, you know, not that you know, not

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Speaker 2: that my whole thing is tricking or anything like that.

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Speaker 2: It was just like the insecurity, the way I felt

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Speaker 2: less than the way I felt that you know, somebody

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Speaker 2: was choosing other people because I was lacking into one capacity.

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Speaker 1: Okay.

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Speaker 2: So you know, at that point, that's when I was like, oh,

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Speaker 2: never again, will this be me?

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Speaker 1: Okay.

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Speaker 2: So it was at that point that I started taking

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Speaker 2: It was at that point I realized that, you know,

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Speaker 2: four or five hundred dollars a week is not that

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Speaker 2: much money, even though it was enough for me at

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Speaker 2: the time, you know, but just realizing that, you know,

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Speaker 2: like like there was a lot more out there. So

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Speaker 2: a couple of months after that, that's when I acquired

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Speaker 2: my first property with the goal of making five hundred

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Speaker 2: dollars a week, you know, an extra five hundred dollars

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Speaker 2: a month.

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Speaker 1: Okay, And so how did that look? Like? Like so

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Speaker 1: you know, you go from this heartbreak like, oh she

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Speaker 1: chose why tice it over me, which is very interesting, right,

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Speaker 1: But so then what did that look like? I remember

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Speaker 1: when I was hanging out with you and then your

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Speaker 1: friend came over and you guys were sharing that there

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Speaker 1: was a group of you at that time that initially

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Speaker 1: we're supposed to invest together. Correct in Brooklyn. Yeah, I

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Speaker 1: remember we had this meeting.

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Speaker 2: There's about twenty of us that got together and we

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Speaker 2: were just like, hey, if we each put like a

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Speaker 2: thousand dollars together, we can start buying real estate together.

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Speaker 2: And it's kind of like that group trip, you know,

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Speaker 2: everybody's like, oh, yeah, I want to go to Africa.

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Speaker 2: I want to go to Africa, and go to Africa,

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Speaker 2: you know, six months, six months, six months, when it's

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Speaker 2: six months out, and then when it's three months out,

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Speaker 2: I was like, well I can, and this person I can,

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Speaker 2: and then thing you know, you're in Africa by yourself.

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Speaker 2: So it was just exactly what happened from the twenty

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Speaker 2: of us that from the twenty of us that got

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Speaker 2: started to my friend and another guy they partnered together,

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Speaker 2: and I pretty much I pretty much went on my

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Speaker 2: own and out of that big group, we were the

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Speaker 2: only ones that actually did anything. And funny enough, you know,

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Speaker 2: decades later, everybody's like, oh my god, if I.

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Speaker 1: Only knew, hindsight is twenty twenty all the time. Mm hmmm.

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Speaker 1: So you got your first property. Do you remember what

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Speaker 1: it was?

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Speaker 2: Yes? I do. It was it was a two family

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Speaker 2: house with an illegal basement. Don't go get illegal basements

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Speaker 2: out there. It was a two family house with an

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Speaker 2: illegal basement in southside Jamaica, Queens. It was. I had

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Speaker 2: two section eight, I had two sectionally tenant, and I

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Speaker 2: had I had somebody living downstairs in the basement. And

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Speaker 2: at the end of at the end of the day,

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Speaker 2: like I ended, I was working on my MBA at

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Speaker 2: the time. Okay, I was working on my MBA. And

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Speaker 2: you know, you know how like when your your your financially,

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Speaker 2: it hits and then you get that refund check. So

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Speaker 2: I used that refund check as my down payment, okay,

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Speaker 2: to get the properties. So that's how I got the

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Speaker 2: first property.

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Speaker 1: Okay. I was going to ask you because so many

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Speaker 1: people are listening and they're just like and certainly we're

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Speaker 1: not giving you know, financial advice or investment advice, but

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Speaker 1: just curiosity of like, you know, you're making five hundred

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Speaker 1: bucks a week, which you know for a nineteen year

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Speaker 1: old back you know in the nineties. Like you said,

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Speaker 1: it's not bad money. It's not my tyson money or

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Speaker 1: jay z or Puffy money. But still, but how do

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Speaker 1: you get enough money together? So you found a way.

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Speaker 2: Basically, there's always a way. Like I always say, you

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Speaker 2: could either beg borrow or steal without stealing.

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Speaker 1: Okay, you found a way. You got your first property.

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Speaker 1: And how much was it generating you monthly?

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Speaker 2: It was generating me about six millars a month, you know,

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Speaker 2: and I remember it was it was generating six hundred

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Speaker 2: dollars a month cash flow. But what I did not

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Speaker 2: realize that I would now start getting a huge, a

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Speaker 2: huge tax return, excuse me, a huge tax refund because

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Speaker 2: of all the benefits the tax benefits that go alongside

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Speaker 2: of it. Yeah. And what I did not know as

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Speaker 2: well at the time, because I was just thinking, I

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Speaker 2: was just thinking, oh, I just need cash flow. I

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Speaker 2: wasn't aware of the appreciation. Yeah, so there was durant

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Speaker 2: the appreciation. I was not aware of the debt reduction

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Speaker 2: on the mortgage that every month that the it would

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Speaker 2: become a little less. So this in reality, this one

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Speaker 2: I was thinking five hundred dollars a month, but this

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Speaker 2: one thing was probably bringing me, you know, a couple

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Speaker 2: of thousand dollars a month, like when you add up

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Speaker 2: everything all together.

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Speaker 1: So here you are this young man scorned. But you know,

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Speaker 1: we thank God for Sis. She's doing well. But it

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Speaker 1: opens you up to you know, basically put a battery

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Speaker 1: in your back. And you started to invest. And so

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Speaker 1: you were did you finish to get your getting your MBA?

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Speaker 2: No? No, no. Before First of all, I stayed at home,

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Speaker 2: like you know, when I started making money, I was

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Speaker 2: three properties in before I left my house. M you know,

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Speaker 2: that's that's a key, like you know, while you have

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Speaker 2: minimal responsibilities, you've got to stack that paper and you've

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Speaker 2: got it through the most. And I was working on

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Speaker 2: my m b A and I had I had I

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Speaker 2: think at that time I had about three properties and

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Speaker 2: I was flipping properties as well while I was working

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Speaker 2: on my NBA in and keeping my nine to five.

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Speaker 2: And I remember I remember the coming into late, coming

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Speaker 2: in late one day to one of my classes after work,

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Speaker 2: after dealing with something on a job site. And you

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Speaker 2: know the professor had said something as I walked in late.

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Speaker 2: He said, is there someplace you'd rather be? And you

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Speaker 2: remember how the teachers used to give those little breaks,

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Speaker 2: you know, halfway through the class, so you go stretch

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Speaker 2: your legs and things like that. I remember leaving my

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Speaker 2: book bag, my books, all of that stuff as I

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Speaker 2: went on that break, and I decided right then and

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Speaker 2: there that I was done with the whole NBA thing

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Speaker 2: that you know, he was right, there was someplace I'd

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Speaker 2: rather be, okay. And I remember I was working on

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Speaker 2: the NBA as a plan B to climb the corporate ladder,

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Speaker 2: and I was working at Verizon at the time. I

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Speaker 2: could use that to that piece of paper to climb

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Speaker 2: the corporate ladder. But it kind of clicked when he asked,

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Speaker 2: if you had someplace better to be, then you would

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Speaker 2: you would much rather be. I decided right then and there, Yeah,

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Speaker 2: I'm going to make my plan be my plan a okay.

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Speaker 1: And so in that one thing I've learned is that

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Speaker 1: you know, education for all, college for some you know,

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Speaker 1: because somehow you you know, you're a general contractor. So

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Speaker 1: when did you pick up that licensing and that skill set?

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Speaker 2: I picked up that license about six seven years ago. Okay,

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Speaker 2: I was doing all these construction projects and I was

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Speaker 2: paying people to pull permits. I was I was actually

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Speaker 2: acting as a general contractor. I didn't know what it was.

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Speaker 2: And just like anything else, if you immerse yourself, you

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Speaker 2: kind of learn as you go along, and next thing,

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Speaker 2: you know, it gave me having the ability to look

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Speaker 2: at properties from the perspective of a contractor, gave me

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Speaker 2: another income stream as well as another avenue to get

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Speaker 2: more property.

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Speaker 1: Okay, because I know, for example, like I remember when

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Speaker 1: I was buying my condo. Nothing you charged me, but

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Speaker 1: I called you and said, oh, I'm not really sure,

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Speaker 1: so I'm purchasing a condo. This is the amount that

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Speaker 1: it was, you know, I think it was like at

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Speaker 1: its peak, it was on the market for six hundred

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Speaker 1: and seventy five thousand or something like six seventy five

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Speaker 1: or six fifty, and then she brought it down to

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Speaker 1: like five seventy five because people didn't buy it, and

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Speaker 1: then she brought it down to five point fifty, then

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Speaker 1: five forty, and I just remember being like, I'm able

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Speaker 1: to get it. I think I got it for five

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Speaker 1: to twenty If that's what I was going to put

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Speaker 1: an offer in, but part of me felt like I

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Speaker 1: wanted to get it for like four seventy five or

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Speaker 1: four to fifty. Yeah, four seventy five. I think I

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Speaker 1: wanted to put an offer in, which I did. Is

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Speaker 1: she rejected it. And I told you I felt like

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Speaker 1: I should just walk away, And you said, you know,

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Speaker 1: you gave me some really good advice. You said a

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Speaker 1: few things like one, you know, how's that not a

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Speaker 1: good deal? It was on the market for six seventy

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Speaker 1: five and now you're getting here for five twenty And

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Speaker 1: I just like, I just feel like I guve me lower.

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Speaker 1: And then you ask me, is this something that comes

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Speaker 1: on the market often? Is it special?

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Speaker 2: Is it? Like?

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Speaker 1: You know what, this is a very very very regular

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Speaker 1: property that comes on the market quite often. And I

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Speaker 1: was like, honestly, it is a unicorn and that it's

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Speaker 1: five bedoms, three and a half bath. It's a condo,

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Speaker 1: all one floor views of Manhattan, like you know, you

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Speaker 1: see the New York City skyline. It has a working fireplace.

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Speaker 1: It was built about one hundred years ago, so it

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Speaker 1: has all the beautiful structure that comes along with it,

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Speaker 1: and so well built and quiet there's only one other

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Speaker 1: person on my floor, so I have a semi private elevator.

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Speaker 1: And you were like yeah, in other words, once in

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Speaker 1: a lifetime, like okay, you can hold out, but and

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Speaker 1: you certainly could get a cheaper place, but it's not

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Speaker 1: going to give this level a specialist and that, you know,

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Speaker 1: that was one of the reasons why you know, that

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Speaker 1: advice that you gave me one of the reasons why

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Speaker 1: I you know, I went ahead, and I'm really happy

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Speaker 1: that I did, and I purchased the property because I

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Speaker 1: had not looked at it that way in my mind.

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Speaker 1: I just kept thinking I could do even better. I

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Speaker 1: could get it down lower if I make if I

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Speaker 1: make her hold out, maybe because she hasn't been able

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Speaker 1: to sell it. That was my thing. She had not

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Speaker 1: been able to sell it in two years, you know,

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Speaker 1: and you're like yeah, or somebody might come on, come

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Speaker 1: along and gather it fro underneath it and you'll be sad.

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Speaker 2: So you know, like we should never make an issue

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Speaker 2: out of money. That doesn't matter, you know. True story.

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Speaker 2: I purchased for seventy seven Quincy in two thousand and seven,

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Speaker 2: and I paid four hundred and thirty thousand dollars for

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Speaker 2: it for seventy five Quincy came on the market I

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Speaker 2: think it was like less than six months later, and

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Speaker 2: they wanted about five hundred thousand dollars for it.

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Speaker 1: Twenty five thousand dollars more.

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Speaker 2: Yeah, And I was just like, hey, I know what

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Speaker 2: I just paid for this property six months ago. This

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Speaker 2: is the same exact house next door. You're not getting me,

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Speaker 2: you know. Fast forward twenty twenty, twenty nineteen. Fast forward

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Speaker 2: twenty nineteen. I just paid for for seventy nine Quincy

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Speaker 2: on the other side of the house. I paid one

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Speaker 2: point two million dollars for that house. Oh man, all right.

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Speaker 2: And then fast forward, fast forward last year, I was

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Speaker 2: in a bidding war for four seventy five Quincy, the

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Speaker 2: one that I turned down. Oh my gosh, it went

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Speaker 2: all the way up to like one point nine million.

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Speaker 1: Wow.

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Speaker 2: And then and then I I that's when I had

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Speaker 2: to bob out. Okay, you know, but that was my

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Speaker 2: building to have, you know, for money. That doesn't matter,

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Speaker 2: because the truth is whether you know, from five hundred

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Speaker 2: thousand to you know, the seventy five thousand dollars out

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Speaker 2: that I thought that I was really holding up for

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Speaker 2: was really was that seventy. I mean that's that's like

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Speaker 2: fourteen thousand dollars out of my pocket would have been

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Speaker 2: and maybe the mortgage would have been like another another

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Speaker 2: one hundred bucks a month. But sometimes we get so

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Speaker 2: caught up in number and the competition and the and

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Speaker 2: the game, yeah, that we start to we start to

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Speaker 2: make things, We start to lose sight of the big picture,

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Speaker 2: and we just want to win.

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Speaker 1: Yeah, and that's how it's feeling. I was like, because

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Speaker 1: I bought my current house, now I got it from

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Speaker 1: it was a bank floor foreclosure. I got it for

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Speaker 1: one eighty you know, put like one hundred eighty into it.

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Speaker 1: It's now worth about five twenty. So I was like, okay.

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Speaker 1: Then I bought a city property for ten thousand dollars.

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Speaker 1: It was a tax deed and I put like one

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Speaker 1: thirty into it and I sold it for two seven, right,

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Speaker 1: So that and I remember you told me, you were like,

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Speaker 1: that's cool, but that's not normal, Like, don't if you

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Speaker 1: can't measure all of those deals and thinking like I

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Speaker 1: should always come out three, four or five times ahead,

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Speaker 1: you know. So that was just a really good let

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Speaker 1: me I don't consider myself quote unquote a real estate investor,

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Speaker 1: just if a property comes up and it makes sense,

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Speaker 1: then I may invest. But it was like really good

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Speaker 1: advice to kind of pull. Plus I didn't really like

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Speaker 1: the seller. She was kind of like a terrible person.

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Speaker 1: She still is, Charla, you owned four hundred dollars. But

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Speaker 1: but so so that also played a role, because like

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Speaker 1: the negotiating with her was just she just wasn't pleasant

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Speaker 1: And I was just like, but you're like, but it's

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Speaker 1: going to be your house, Like who cares? Like she's

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Speaker 1: you know, burn inseids whatever, get rid of her energy.

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Speaker 1: But you know what, you purchase it from her. Yeah.

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Speaker 2: There, you know there there are business decisions and there

386
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Speaker 2: are personal decisions that involve money. They're not the same thing. Okay,

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Speaker 2: you know so it's just like you touched on something.

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Speaker 2: It's not going to go about how you flip that

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Speaker 2: property that you purchased for You got it for a

390
00:22:04,760 --> 00:22:08,320
Speaker 2: defil for ten thousand, and then you spent put one

391
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Speaker 2: hundred and thirty into it and you sold it for

392
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Speaker 2: two eighty. And I think when we were speaking earlier offline,

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Speaker 2: I had told you that I had a windfall, a

394
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Speaker 2: windfall in crypto this week and I had to tell you,

395
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Speaker 2: like I had to, I had to also say it's

396
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Speaker 2: not it's not like I could replicate that all the time. Yes,

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Speaker 2: you know, And I think sometimes we get so caught up, like,

398
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Speaker 2: you know, we we score what the kids say, get

399
00:22:38,200 --> 00:22:43,479
Speaker 2: a lick, hit a lick, hit a lick, right, So

400
00:22:43,920 --> 00:22:46,920
Speaker 2: like everybody wants to hit a lick every time. That's

401
00:22:46,960 --> 00:22:51,399
Speaker 2: not that's not that's not how the world works, you know,

402
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Speaker 2: in reality. In reality, if you're doing if you're doing

403
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Speaker 2: ten percent return on your investment, you're doing good. You're

404
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Speaker 2: doing twenty percent, you're doing great. Okay, you know, if

405
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Speaker 2: you're doing thirty percent, you know, it's a unicorn, you know,

406
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Speaker 2: don't you know, don't think that every deal is going

407
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Speaker 2: to be a uniformn Okay. That means I don't think

408
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Speaker 2: that every time you're at the bat, you're going to

409
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Speaker 2: hit a Grand Slam home run, you know, but those

410
00:23:20,000 --> 00:23:23,040
Speaker 2: base hits sat up, okay, don't sit on the sideline either.

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Speaker 1: So that's a good transition into someone might be listening

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Speaker 1: and they're like, right now interest rates are relatively speaking

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Speaker 1: high to what terribly to what I mean? If you

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Speaker 1: ask my dad, he's like in nineteen eighty five, the

415
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Speaker 1: interest rate was fifteen percent. You know whatever, crazy it was?

416
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Speaker 2: Yeah, but I was in third grade. It's not my business, right, so,

417
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Speaker 2: but someone who the press rods.

418
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Speaker 1: But if someone is listening and they're like, Okay, I

419
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Speaker 1: want to either be a homeowner just to own my

420
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Speaker 1: own property, or I want to consider investing in real estate,

421
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Speaker 1: what would you tell them during this time now with

422
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Speaker 1: interest rates being the way they are, inflation being the

423
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Speaker 1: way it is, Like, what advice would you give someone,

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Speaker 1: Like if you were starting out in the space, what

425
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Speaker 1: would you want to hear?

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Speaker 2: Hit the pavement and be relentless. The deal is out there,

427
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Speaker 2: you just have to You just have to find it.

428
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Speaker 2: And if it makes sense at eight and a half

429
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Speaker 2: percent interest rate, it's going to make you a ton

430
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Speaker 2: of money when you refinance it to six and a

431
00:24:26,880 --> 00:24:31,760
Speaker 2: half or six percent. Okay, you know, like the deals

432
00:24:31,760 --> 00:24:34,199
Speaker 2: are out there. You know a lot of people are

433
00:24:34,200 --> 00:24:37,119
Speaker 2: sitting on the sidelines and there are people who just

434
00:24:37,240 --> 00:24:39,600
Speaker 2: have to sell and they're going to be deals out there.

435
00:24:39,760 --> 00:24:43,760
Speaker 2: So if it cash flows, if it cash flows at

436
00:24:43,840 --> 00:24:47,240
Speaker 2: eight and a half percent, then it's definitely going it's

437
00:24:47,280 --> 00:24:51,880
Speaker 2: going to be a cash cow. At six percent, so.

438
00:24:51,800 --> 00:24:53,719
Speaker 1: Bring that down for people. So let's just say so,

439
00:24:54,280 --> 00:24:56,760
Speaker 1: you know, I was just on ig and I saw

440
00:24:56,840 --> 00:25:00,840
Speaker 1: Fortune magazine posted this thing called the Silver Way that

441
00:25:00,880 --> 00:25:07,320
Speaker 1: they're that at a conference, AARP just said that there

442
00:25:07,400 --> 00:25:10,439
Speaker 1: are about thirty million homes that will be joining the

443
00:25:10,480 --> 00:25:13,040
Speaker 1: market because you know, we know that the baby boomers

444
00:25:13,080 --> 00:25:19,359
Speaker 1: is the largest like block of demographic folks that you know,

445
00:25:19,840 --> 00:25:21,840
Speaker 1: in this in this current like where we are now

446
00:25:21,840 --> 00:25:23,880
Speaker 1: in the world, right, and so these are people who

447
00:25:23,880 --> 00:25:26,000
Speaker 1: are in there, like I guess baby boomers are in there,

448
00:25:26,000 --> 00:25:29,040
Speaker 1: maybe sixties and seventies, and many of them are wanting

449
00:25:29,080 --> 00:25:31,880
Speaker 1: to downsize. And so as a result, there's about potentially

450
00:25:31,880 --> 00:25:34,560
Speaker 1: about thirty million homes that might hit the market, you know,

451
00:25:34,640 --> 00:25:38,280
Speaker 1: in the next ten years. And so like, you know,

452
00:25:38,480 --> 00:25:40,800
Speaker 1: to your point, it's like, you know, you might live

453
00:25:40,840 --> 00:25:43,800
Speaker 1: next to an older lady who's sixty, who's not sixty

454
00:25:43,840 --> 00:25:46,600
Speaker 1: but seventy years old, who was like, you know what,

455
00:25:46,640 --> 00:25:48,879
Speaker 1: I wouldn't mind selling to my neighbor, you know, the

456
00:25:48,920 --> 00:25:51,239
Speaker 1: young lady next door who lives with her mom, and

457
00:25:51,800 --> 00:25:53,520
Speaker 1: you know, I don't have to go through the rigamarole

458
00:25:53,560 --> 00:25:55,399
Speaker 1: of putting on the market. So that's this what you

459
00:25:55,400 --> 00:25:57,800
Speaker 1: mean by hitting the pavement of seeing like not everything

460
00:25:57,880 --> 00:25:59,080
Speaker 1: is going to be on realter dot.

461
00:25:58,960 --> 00:26:03,360
Speaker 2: Com right exactly. You have to speak to your neighbors,

462
00:26:03,359 --> 00:26:06,159
Speaker 2: speak to you know, speak to the barbershop, you know,

463
00:26:06,280 --> 00:26:09,000
Speaker 2: make make a nerder in the barbershop, what you're looking for,

464
00:26:09,720 --> 00:26:13,879
Speaker 2: the laundromat, your attorney, your accountant, you know, everybody who

465
00:26:14,160 --> 00:26:19,879
Speaker 2: has access to deal two deals is a lead source, okay,

466
00:26:20,520 --> 00:26:26,080
Speaker 2: you know. And you also you also have to keep

467
00:26:26,160 --> 00:26:29,639
Speaker 2: hitting real to dot com and the MLS so that

468
00:26:29,680 --> 00:26:32,719
Speaker 2: you can familiarize yourself so that you are aware of

469
00:26:32,760 --> 00:26:34,040
Speaker 2: what a deal is when you see it.

470
00:26:34,320 --> 00:26:34,760
Speaker 1: Okay.

471
00:26:35,040 --> 00:26:37,280
Speaker 2: So if you're on realtor dot com every day and

472
00:26:37,359 --> 00:26:42,440
Speaker 2: you're seeing that, you know, houses on Flatbush Avenue are

473
00:26:42,480 --> 00:26:45,720
Speaker 2: going for you know, six hundred thousand, six hundred thousand,

474
00:26:45,720 --> 00:26:48,440
Speaker 2: six hundred thousand, and one day you see something advertised

475
00:26:48,480 --> 00:26:51,200
Speaker 2: for four hundred and fifty thousand right there, you already

476
00:26:51,240 --> 00:26:55,520
Speaker 2: know offhand boom, that this is a deal. But unless

477
00:26:55,560 --> 00:26:59,080
Speaker 2: you are there continuously, you just you know, look if

478
00:26:59,160 --> 00:27:00,760
Speaker 2: this is the only time you looking and you see,

479
00:27:00,880 --> 00:27:03,639
Speaker 2: oh look it's going for four hundred fifty thousand, but

480
00:27:03,680 --> 00:27:06,560
Speaker 2: you have no point of reference, you can't appreciate that,

481
00:27:07,040 --> 00:27:10,399
Speaker 2: so you have to, you know, constantly educate yourself. I

482
00:27:10,480 --> 00:27:13,399
Speaker 2: like that line you dropped there. Oh yeah too, college

483
00:27:13,440 --> 00:27:14,600
Speaker 2: for some education for all.

484
00:27:14,800 --> 00:27:17,640
Speaker 1: Yes, yeah, I forgot. Somebody told me that one time,

485
00:27:17,640 --> 00:27:19,720
Speaker 1: and I just saw this true. You know, like everybody

486
00:27:19,720 --> 00:27:21,879
Speaker 1: doesn't need to go to college, but everyone does need

487
00:27:21,920 --> 00:27:24,359
Speaker 1: to be educated, you know, like whatever that kind of

488
00:27:24,400 --> 00:27:27,399
Speaker 1: looks like no, and you're right, like people kind of

489
00:27:27,400 --> 00:27:29,720
Speaker 1: know that. Like, you know, like I said, I, I

490
00:27:29,760 --> 00:27:31,840
Speaker 1: don't heavily invest in real estate, but I keep my

491
00:27:31,880 --> 00:27:34,000
Speaker 1: ear to the street where I'm just like if it

492
00:27:34,080 --> 00:27:37,920
Speaker 1: makes sense, like the I wasn't looking for the tax deed,

493
00:27:38,080 --> 00:27:40,720
Speaker 1: but a friend of mine kept talking about this list

494
00:27:40,880 --> 00:27:42,280
Speaker 1: and she's like, oh, you know, do you do you

495
00:27:42,320 --> 00:27:43,840
Speaker 1: ever look at take a look at the list. I'm like,

496
00:27:43,840 --> 00:27:45,320
Speaker 1: what list? She's like, there's just a list of like

497
00:27:45,400 --> 00:27:47,959
Speaker 1: tax deed teeds at the city sometimes trying to get

498
00:27:48,000 --> 00:27:51,200
Speaker 1: rid of because these are broken down some of them properties,

499
00:27:51,480 --> 00:27:53,760
Speaker 1: some of the nicer ones get gobbled up quickly, but

500
00:27:53,800 --> 00:27:56,160
Speaker 1: there's some of them that are like basically damn near condemned,

501
00:27:56,200 --> 00:27:59,520
Speaker 1: you know. And I was like no, and so went

502
00:27:59,520 --> 00:28:01,359
Speaker 1: down the city hall and sure enough, there was a

503
00:28:01,400 --> 00:28:04,920
Speaker 1: list of all these properties, and I drove by all

504
00:28:04,920 --> 00:28:06,320
Speaker 1: of them and I was like, ooh, that's D Block.

505
00:28:06,400 --> 00:28:07,879
Speaker 1: You know if you live in Newark, you know them

506
00:28:07,960 --> 00:28:13,119
Speaker 1: number blocks. No no, no, no no. And so the

507
00:28:13,160 --> 00:28:15,159
Speaker 1: property that I saw, though, it was a last one.

508
00:28:15,200 --> 00:28:17,720
Speaker 1: It was like a list of thirty properties, and it

509
00:28:17,800 --> 00:28:21,119
Speaker 1: was in the southward, which is definitely a rougher award,

510
00:28:22,000 --> 00:28:24,800
Speaker 1: but it was right out like it was like three

511
00:28:24,800 --> 00:28:27,480
Speaker 1: houses down from Weekway Park, which is a really nice park.

512
00:28:28,240 --> 00:28:30,200
Speaker 1: And I knew for a fact because I used to

513
00:28:30,240 --> 00:28:33,679
Speaker 1: teach preschool around there, that they had just bought that

514
00:28:33,720 --> 00:28:36,520
Speaker 1: New Jersey Transit bought this project built and called seth

515
00:28:36,560 --> 00:28:40,120
Speaker 1: Board and Projects, which is really bad project. Back then,

516
00:28:40,200 --> 00:28:42,440
Speaker 1: my kids used to actually like the students so I

517
00:28:42,520 --> 00:28:44,800
Speaker 1: taught used to live there, and they had condemned it

518
00:28:44,960 --> 00:28:48,280
Speaker 1: years prior, and I knew that New Jersey Transit purchased

519
00:28:48,280 --> 00:28:50,360
Speaker 1: it because they were going to be putting in a

520
00:28:50,400 --> 00:28:52,479
Speaker 1: train line to go directly to the city and to

521
00:28:52,520 --> 00:28:58,200
Speaker 1: the to the airport. And I was like, wait, how

522
00:28:58,280 --> 00:28:59,920
Speaker 1: is it still on the list? I mean the property was,

523
00:29:00,560 --> 00:29:02,840
Speaker 1: I mean, it was probably thirty cats living in there.

524
00:29:02,840 --> 00:29:04,520
Speaker 1: It was not safe to walk on the floors were

525
00:29:04,680 --> 00:29:07,920
Speaker 1: It just was a mess. But I knew location wise

526
00:29:08,440 --> 00:29:11,000
Speaker 1: that it was in a good location for what was

527
00:29:11,000 --> 00:29:14,400
Speaker 1: coming to that area, and so it took two years

528
00:29:14,400 --> 00:29:17,240
Speaker 1: to close. It was such a mess because halfway through

529
00:29:17,280 --> 00:29:20,120
Speaker 1: closing we had to go through like a mayoral race,

530
00:29:20,800 --> 00:29:23,040
Speaker 1: you know, depending who when, you might not get that property.

531
00:29:24,080 --> 00:29:28,200
Speaker 1: And so you know, the you know, the current mayor

532
00:29:28,280 --> 00:29:31,320
Speaker 1: kept his spot, and you know, it took two years

533
00:29:31,360 --> 00:29:34,200
Speaker 1: to close. But I was really happy that I did.

534
00:29:34,240 --> 00:29:37,640
Speaker 1: But it took I mean I considered tearing it down

535
00:29:37,720 --> 00:29:43,440
Speaker 1: and putting up a multifamily, but the cost because of

536
00:29:43,880 --> 00:29:46,760
Speaker 1: because the property is long not wide, the cost to

537
00:29:46,800 --> 00:29:48,640
Speaker 1: do so, because you would have to basically shift the

538
00:29:48,640 --> 00:29:50,880
Speaker 1: foundation back and we'd have to I would have to

539
00:29:50,920 --> 00:29:54,040
Speaker 1: move power lines, the cost to do so based upon

540
00:29:54,160 --> 00:29:57,080
Speaker 1: what homes went for. New York is a strange real

541
00:29:57,200 --> 00:30:03,120
Speaker 1: estate space because the multi family and single family houses

542
00:30:03,400 --> 00:30:05,760
Speaker 1: kind of go for the same amount depending on they're

543
00:30:05,760 --> 00:30:07,880
Speaker 1: the same size. It's so weird. You can get a

544
00:30:07,880 --> 00:30:10,600
Speaker 1: two family house, yeah I don't know.

545
00:30:11,200 --> 00:30:12,760
Speaker 2: The values are based by square footage.

546
00:30:13,080 --> 00:30:15,560
Speaker 1: Yeah, they don't, which is so weird. I mean, of course,

547
00:30:15,600 --> 00:30:17,200
Speaker 1: you know, you know, in the end, if you're getting

548
00:30:17,240 --> 00:30:19,880
Speaker 1: cash flow. But I just remember thinking, like it just

549
00:30:20,280 --> 00:30:22,240
Speaker 1: the math was just it didn't math. I just said,

550
00:30:22,320 --> 00:30:26,640
Speaker 1: let's renovate what's already here, which was a modest two bedroom,

551
00:30:26,960 --> 00:30:29,280
Speaker 1: one one bathroom. I put a half bath in the

552
00:30:29,360 --> 00:30:32,520
Speaker 1: off the kitchen, and so I did that, and I'm

553
00:30:32,560 --> 00:30:36,800
Speaker 1: so glad that I did. My late husband, Darrell, you know,

554
00:30:36,880 --> 00:30:40,120
Speaker 1: managed a project and I was going he was going

555
00:30:40,160 --> 00:30:41,600
Speaker 1: to rent it out. This was going to be the

556
00:30:41,640 --> 00:30:44,000
Speaker 1: beginning of He worked for housing as a super so

557
00:30:44,040 --> 00:30:46,760
Speaker 1: he was going to after retiring in a few years.

558
00:30:46,760 --> 00:30:48,760
Speaker 1: Because he was forty one when he passed away. The

559
00:30:48,800 --> 00:30:51,280
Speaker 1: aim was by forty five, he had twenty five years

560
00:30:51,280 --> 00:30:53,840
Speaker 1: in housing, he would have a pension, he would have

561
00:30:53,920 --> 00:30:57,120
Speaker 1: his full and like insurance, and then this was going

562
00:30:57,160 --> 00:30:58,720
Speaker 1: to be like the second half of his life was

563
00:30:58,760 --> 00:31:00,720
Speaker 1: going to be like I, you know, we'll get into

564
00:31:00,760 --> 00:31:02,480
Speaker 1: real estate, and you know he could do that. I

565
00:31:02,520 --> 00:31:05,840
Speaker 1: still do the budgetista. But he passed away just as

566
00:31:05,880 --> 00:31:08,560
Speaker 1: the property was finished. And I knew I did not

567
00:31:08,600 --> 00:31:13,120
Speaker 1: want to be a landlord, and I knew that his

568
00:31:13,160 --> 00:31:15,400
Speaker 1: twin brother wanted to be a homeowner, especially in Newark

569
00:31:15,400 --> 00:31:17,560
Speaker 1: where they were born and raised. So it's a perfect

570
00:31:17,560 --> 00:31:20,440
Speaker 1: opportunity to keep that property in the family. So I

571
00:31:20,480 --> 00:31:23,240
Speaker 1: sold it to his twin brother, who loves it so

572
00:31:23,320 --> 00:31:25,000
Speaker 1: much because he his twin brother is a master painter.

573
00:31:25,120 --> 00:31:28,640
Speaker 1: He actually painted the house for us inside. And so

574
00:31:28,680 --> 00:31:30,600
Speaker 1: now Terrell gets to live in the house that his

575
00:31:30,680 --> 00:31:33,440
Speaker 1: brother built, which is awesome. And I sold it for him,

576
00:31:33,440 --> 00:31:35,280
Speaker 1: you know, at a fair price because I told him,

577
00:31:35,320 --> 00:31:39,080
Speaker 1: all that money goes right into my stepdaughter Alyssa's account,

578
00:31:39,080 --> 00:31:40,880
Speaker 1: so she doesn't have to worry about school or her

579
00:31:40,880 --> 00:31:43,800
Speaker 1: first property when she graduates school. And so it just

580
00:31:43,840 --> 00:31:46,640
Speaker 1: worked out beautifully. I knew I could have kept it

581
00:31:46,640 --> 00:31:48,040
Speaker 1: and made more money in the long run, but some

582
00:31:48,160 --> 00:31:51,400
Speaker 1: decisions are hard decisions, you know, And so yeah, they

583
00:31:51,440 --> 00:31:53,600
Speaker 1: just worked out wonderfully. And now I just found out

584
00:31:53,640 --> 00:31:56,160
Speaker 1: that they're building a Lion's Gate is building a studio

585
00:31:56,760 --> 00:32:00,960
Speaker 1: like two minutes away from the house. You know, the

586
00:32:01,000 --> 00:32:03,000
Speaker 1: appreciation is just going to be tremendous for him. So

587
00:32:03,040 --> 00:32:05,880
Speaker 1: it will change the trajectory of his family, you know,

588
00:32:05,920 --> 00:32:10,040
Speaker 1: because you have this property, it's already worth more. When

589
00:32:10,040 --> 00:32:12,120
Speaker 1: the train station is done, it's gonna be worth even more.

590
00:32:12,160 --> 00:32:14,400
Speaker 1: And then when Lionsgate comes, it's gonna be worth even more.

591
00:32:14,800 --> 00:32:18,040
Speaker 1: And so that's transformative for him, his son, his wife,

592
00:32:18,040 --> 00:32:18,680
Speaker 1: and his family.

593
00:32:18,760 --> 00:32:21,600
Speaker 2: So yeah, it's just a beautiful legacy.

594
00:32:21,400 --> 00:32:25,400
Speaker 1: Legacy literally, and so I love that. Yeah, real estate

595
00:32:25,440 --> 00:32:25,840
Speaker 1: can do that.

596
00:32:26,480 --> 00:32:29,880
Speaker 2: So one of the things that you you had great

597
00:32:30,720 --> 00:32:34,320
Speaker 2: You had great vision on this one, right, And I

598
00:32:34,400 --> 00:32:39,520
Speaker 2: think I think when you are purchasing property, you know,

599
00:32:39,760 --> 00:32:42,240
Speaker 2: and to be a great investor, you have to buy

600
00:32:42,280 --> 00:32:46,120
Speaker 2: with vision. You know, most people sell what they have,

601
00:32:47,360 --> 00:32:50,920
Speaker 2: but the great investors are buying what the property can

602
00:32:50,960 --> 00:32:53,720
Speaker 2: be as opposed to what it is. Okay, you know,

603
00:32:53,880 --> 00:32:58,080
Speaker 2: like you if if you're buying it, if you're buying

604
00:32:58,440 --> 00:33:02,360
Speaker 2: a property, that's where two hundred thousand dollars and your

605
00:33:02,920 --> 00:33:05,200
Speaker 2: your use for it is going to be exactly the

606
00:33:05,240 --> 00:33:11,080
Speaker 2: same thing. You know, you you and you're not you're

607
00:33:11,120 --> 00:33:14,360
Speaker 2: not going to come off. That's not a lick. But

608
00:33:14,920 --> 00:33:17,960
Speaker 2: when you buy that property that's worth two hundred thousand dollars,

609
00:33:18,240 --> 00:33:21,720
Speaker 2: but you see, you see where the neighborhood is going,

610
00:33:22,200 --> 00:33:25,600
Speaker 2: You see the improvements that you could make, You see

611
00:33:25,600 --> 00:33:30,480
Speaker 2: how you can reconfigure this property. That's that's where where

612
00:33:30,520 --> 00:33:33,080
Speaker 2: the wealth happens. That's where you get the big bang.

613
00:33:33,640 --> 00:33:38,880
Speaker 2: You know, the building that I purchased in Harlem. I

614
00:33:38,960 --> 00:33:41,239
Speaker 2: ended up putting an extra thousand square feet on it.

615
00:33:41,840 --> 00:33:49,280
Speaker 2: And this building that that nobody wanted, I make it

616
00:33:49,320 --> 00:33:51,360
Speaker 2: anywhere from sixty to eighty five thousand dollars a month

617
00:33:51,400 --> 00:33:57,760
Speaker 2: on it. That's incredible, you know, thank you. But everybody

618
00:33:57,880 --> 00:34:01,280
Speaker 2: just had this because it had a stigma on it

619
00:34:01,560 --> 00:34:04,960
Speaker 2: that people were not thinking, well on a positive note,

620
00:34:04,960 --> 00:34:07,600
Speaker 2: that you could do short termentals and nobody was thinking.

621
00:34:07,920 --> 00:34:11,200
Speaker 2: Nobody was looking at it. Nobody was looking at it

622
00:34:11,239 --> 00:34:14,880
Speaker 2: from that lens. So once you change, once you master

623
00:34:14,960 --> 00:34:19,160
Speaker 2: your vision of seeing things like different ways, and once

624
00:34:19,200 --> 00:34:25,160
Speaker 2: you make yourself able to profit from many different ways,

625
00:34:26,400 --> 00:34:31,279
Speaker 2: you do well in this business. I load whether whether

626
00:34:31,280 --> 00:34:34,479
Speaker 2: you're trying to make your money as a landlord, whether

627
00:34:34,480 --> 00:34:37,960
Speaker 2: you're trying to make your land your money as a

628
00:34:38,000 --> 00:34:39,839
Speaker 2: real estate brokeer, whether you're trying to make your money

629
00:34:39,880 --> 00:34:43,759
Speaker 2: as a general contractor a consultant, whatever it is, you

630
00:34:43,800 --> 00:34:49,720
Speaker 2: know you could if you have many avenues to make money,

631
00:34:51,440 --> 00:34:54,239
Speaker 2: you always make money in real estate because there's more,

632
00:34:54,680 --> 00:34:57,360
Speaker 2: you know, it's not just buying and selling. There's so

633
00:34:57,440 --> 00:34:59,920
Speaker 2: many ancillary ways you could do well.

634
00:35:01,360 --> 00:35:03,440
Speaker 1: So I want to take a quick break and I

635
00:35:03,480 --> 00:35:05,560
Speaker 1: want to come back and talk about the transition that

636
00:35:05,600 --> 00:35:08,719
Speaker 1: you made into teaching financial education. You know, this real

637
00:35:08,800 --> 00:35:11,560
Speaker 1: estate investor that's that's doing well. You know why pour

638
00:35:11,680 --> 00:35:13,560
Speaker 1: back in. So we're gonna take a break and we'll

639
00:35:13,600 --> 00:35:20,560
Speaker 1: be back in black. Okay, So we're back. We're talking

640
00:35:20,600 --> 00:35:24,880
Speaker 1: to Jude Bernard. I didn't even say, you know, for

641
00:35:24,920 --> 00:35:29,600
Speaker 1: those of you who are means like, wait, what's up right?

642
00:35:30,040 --> 00:35:36,600
Speaker 1: Exactly and then means what I'm burning. Literally that's what

643
00:35:36,920 --> 00:35:39,919
Speaker 1: That's what it means. But that's just that's the slang.

644
00:35:40,000 --> 00:35:44,239
Speaker 1: It's like I'm good, I'm cool, you know, Okay, I

645
00:35:44,320 --> 00:35:44,759
Speaker 1: love it.

646
00:35:44,840 --> 00:35:48,319
Speaker 2: Basically, I'm lit, you know exactly exactly fire em.

647
00:35:50,960 --> 00:35:56,200
Speaker 1: Okay, So judas here with us in the stew so,

648
00:35:56,200 --> 00:35:59,880
Speaker 1: so here you are. You know, you become successful and

649
00:36:00,440 --> 00:36:02,239
Speaker 1: real estate. I know you've definitely told me you had

650
00:36:02,239 --> 00:36:05,200
Speaker 1: some times where you, although on the surface seemed successful,

651
00:36:05,280 --> 00:36:07,960
Speaker 1: that you were broke because real estate can also take

652
00:36:08,000 --> 00:36:08,879
Speaker 1: everything out of you too.

653
00:36:09,040 --> 00:36:13,240
Speaker 2: Yeah. Two thousand. You know, I went from I started

654
00:36:13,239 --> 00:36:16,600
Speaker 2: my real estate journey in nineteen ninety seven, and I

655
00:36:16,680 --> 00:36:19,040
Speaker 2: had I had a good run from ninety seven to

656
00:36:19,160 --> 00:36:23,720
Speaker 2: two thousand and five. Two thousand and six, session two

657
00:36:23,760 --> 00:36:28,120
Speaker 2: thousand and eight hit and I had no doubt. I

658
00:36:28,160 --> 00:36:32,680
Speaker 2: wasn't playing any defense. So when the you know, when

659
00:36:32,680 --> 00:36:36,440
Speaker 2: the tide switched, you know, I lost it all, okay,

660
00:36:36,560 --> 00:36:40,799
Speaker 2: you know, like I went from I went from you know,

661
00:36:40,920 --> 00:36:44,680
Speaker 2: having a what I like, a network of a couple

662
00:36:44,760 --> 00:36:49,360
Speaker 2: million in the hood like when you're young, is like

663
00:36:49,760 --> 00:36:54,479
Speaker 2: being a billionaire. Yeah, yeah, right, So I went from

664
00:36:54,480 --> 00:37:01,520
Speaker 2: like being a billionaire, a hood billionaire, to literally like

665
00:37:01,719 --> 00:37:03,640
Speaker 2: literally sitting in my house waiting for them to come

666
00:37:03,680 --> 00:37:08,120
Speaker 2: take it away. So I I during that time, you know,

667
00:37:08,200 --> 00:37:11,759
Speaker 2: the depression, the thoughts, the thinking about how did I

668
00:37:11,800 --> 00:37:14,080
Speaker 2: get here, all the mistakes that I made. You know,

669
00:37:14,520 --> 00:37:22,759
Speaker 2: that's when I realized that I really never learned about business,

670
00:37:22,800 --> 00:37:25,560
Speaker 2: about money or anything like that. All I did was

671
00:37:25,920 --> 00:37:28,920
Speaker 2: I was just riding a good time, you know, because

672
00:37:29,080 --> 00:37:32,399
Speaker 2: those you know, in the early years, it was just like, hey,

673
00:37:32,440 --> 00:37:34,160
Speaker 2: you buy it for one hundred and a year later

674
00:37:34,200 --> 00:37:36,319
Speaker 2: it'll be worth one hundred and fifty. You buy it

675
00:37:36,320 --> 00:37:38,040
Speaker 2: for one hundred and fifty and a year later it

676
00:37:38,080 --> 00:37:39,960
Speaker 2: is going to do worth two fifty. And then you

677
00:37:39,960 --> 00:37:41,640
Speaker 2: take money out of that and this that the other.

678
00:37:42,120 --> 00:37:48,720
Speaker 2: But I didn't I did not understand how it works,

679
00:37:48,840 --> 00:37:55,400
Speaker 2: and the importance of playing defanity of having having a

680
00:37:55,400 --> 00:38:00,200
Speaker 2: good understanding of your risk tolerance, and what if all

681
00:38:00,200 --> 00:38:07,399
Speaker 2: that other stuff. So by twoy eleven, twenty twelve, when

682
00:38:07,440 --> 00:38:10,040
Speaker 2: I got back into the real estate game and I

683
00:38:10,040 --> 00:38:13,160
Speaker 2: started making money again, I was selling these properties that

684
00:38:13,200 --> 00:38:15,839
Speaker 2: I were I was picking up properties for about five

685
00:38:15,920 --> 00:38:19,080
Speaker 2: or six hundred thousand dollars, putting two three hundred thousand

686
00:38:19,320 --> 00:38:21,640
Speaker 2: dollars into them, and I was selling them for like

687
00:38:21,680 --> 00:38:24,480
Speaker 2: a million and a half to two million dollars. And

688
00:38:24,520 --> 00:38:26,799
Speaker 2: I was doing that like twice a year. And I

689
00:38:26,880 --> 00:38:32,680
Speaker 2: realized that not one person that I was flipping these

690
00:38:32,719 --> 00:38:35,160
Speaker 2: properties too. I was buying them from people that looked

691
00:38:35,239 --> 00:38:37,719
Speaker 2: like me, but I wasn't selling them to the people

692
00:38:37,719 --> 00:38:40,680
Speaker 2: that looked like so I was kind of whitewashing the

693
00:38:40,760 --> 00:38:46,760
Speaker 2: neighborhoods okay, all right, And I realized, not even I realized,

694
00:38:46,760 --> 00:38:53,080
Speaker 2: but I thought that the reason people like me were

695
00:38:53,120 --> 00:38:56,279
Speaker 2: not purchasing these properties is because they did not know

696
00:38:56,360 --> 00:39:00,600
Speaker 2: how to how to manipulate money, because money is a

697
00:39:00,640 --> 00:39:02,520
Speaker 2: tool that needs to be manipulated to do what you

698
00:39:02,600 --> 00:39:06,320
Speaker 2: needed to do, all right. So that's when I started

699
00:39:06,360 --> 00:39:09,719
Speaker 2: the Brooklyn Bank. You know, focused on financial literacy and

700
00:39:09,760 --> 00:39:10,759
Speaker 2: economic empowerment.

701
00:39:11,040 --> 00:39:15,560
Speaker 1: Yay, So Brooklyn Bank is not actually a bank. I

702
00:39:15,560 --> 00:39:17,480
Speaker 1: remember the first I heard it, I was like, oh,

703
00:39:17,719 --> 00:39:18,600
Speaker 1: so why did you call it that?

704
00:39:19,640 --> 00:39:22,040
Speaker 2: You see, I got this little line in it, right,

705
00:39:22,239 --> 00:39:24,919
Speaker 2: because it's not really a bank, right in the sense

706
00:39:24,960 --> 00:39:28,520
Speaker 2: that that you know, we don't We don't make deposits

707
00:39:28,600 --> 00:39:31,320
Speaker 2: and withdrawals of cash. But what we do is we

708
00:39:31,360 --> 00:39:34,960
Speaker 2: make deposits and withdraw of information, which is which is

709
00:39:35,000 --> 00:39:37,160
Speaker 2: what we do is we share the information so that

710
00:39:37,200 --> 00:39:41,480
Speaker 2: people could be better suited to a better armed to

711
00:39:41,480 --> 00:39:45,200
Speaker 2: to compete for real estate stocks. And sure you know

712
00:39:45,360 --> 00:39:47,920
Speaker 2: all these things that my mom didn't teach me. Okay,

713
00:39:48,520 --> 00:39:50,719
Speaker 2: you know that that I had to basically learned the

714
00:39:50,719 --> 00:39:55,839
Speaker 2: hard way. So hopefully through the Brooklyn Bank, we can

715
00:39:55,880 --> 00:39:59,960
Speaker 2: skip a step of people making these mistakes because they're

716
00:40:00,080 --> 00:40:03,719
Speaker 2: on the information so that they could you know, know

717
00:40:03,760 --> 00:40:05,920
Speaker 2: how to invest so they can actually buy some of

718
00:40:05,960 --> 00:40:10,640
Speaker 2: my properties instead of you know, it all being the others.

719
00:40:12,160 --> 00:40:14,759
Speaker 1: Yeah, no, I love that, And so I know the

720
00:40:14,760 --> 00:40:18,280
Speaker 1: Brooklyn Bank is also event space that you allow people,

721
00:40:18,560 --> 00:40:20,759
Speaker 1: especially people who are wanting to teach financial educate. I

722
00:40:20,800 --> 00:40:22,839
Speaker 1: know you offered to me with my new book made

723
00:40:22,880 --> 00:40:24,480
Speaker 1: whole coming up at that if I wanted to have like

724
00:40:24,520 --> 00:40:27,640
Speaker 1: a launch party, since it's a financial education base, to

725
00:40:27,719 --> 00:40:31,000
Speaker 1: have something there to reach and teach the community.

726
00:40:31,320 --> 00:40:34,319
Speaker 2: Yeah, you know there needs there needs to be a

727
00:40:34,400 --> 00:40:38,120
Speaker 2: place where people come and they get the information that

728
00:40:38,160 --> 00:40:41,279
Speaker 2: they need to take them to the next level. You know.

729
00:40:41,560 --> 00:40:44,400
Speaker 2: And even as the event space, what what I do

730
00:40:44,600 --> 00:40:47,160
Speaker 2: with the event space is I use the events to

731
00:40:48,040 --> 00:40:51,040
Speaker 2: kind of pay for the nonprofit work.

732
00:40:51,680 --> 00:40:51,919
Speaker 1: Mh.

733
00:40:52,640 --> 00:40:57,920
Speaker 2: So I love that. So that way the the you know,

734
00:40:58,680 --> 00:41:02,799
Speaker 2: the building is self suffice and you know, everything could

735
00:41:02,800 --> 00:41:04,400
Speaker 2: be done with a pure heart.

736
00:41:04,560 --> 00:41:10,880
Speaker 1: Okay, So so what's like what is the next phase?

737
00:41:10,920 --> 00:41:13,040
Speaker 1: I know you and I sometimes talk offline about like

738
00:41:13,360 --> 00:41:16,080
Speaker 1: what does life look like? What does legacy look like?

739
00:41:16,239 --> 00:41:18,160
Speaker 1: What does life look like in the next five or

740
00:41:18,160 --> 00:41:21,800
Speaker 1: ten years? Because now you've done the thing right. You

741
00:41:21,880 --> 00:41:26,759
Speaker 1: created wealth for yourself. You've you know, you've invested in

742
00:41:26,800 --> 00:41:28,840
Speaker 1: real estate. You know where you were I'm assuming you

743
00:41:28,840 --> 00:41:30,600
Speaker 1: were you born in Brooklyn, you were born in Hayen,

744
00:41:30,600 --> 00:41:33,800
Speaker 1: born in Brooklyn, born in Brooklyn, and raised in Brooklyn,

745
00:41:33,960 --> 00:41:36,239
Speaker 1: you know, and then you know, you turn right back

746
00:41:36,280 --> 00:41:38,480
Speaker 1: around and poured right back into the same community from

747
00:41:38,520 --> 00:41:41,080
Speaker 1: where you came, so like, what does it look like?

748
00:41:41,160 --> 00:41:43,759
Speaker 1: What does five ten years look like for you?

749
00:41:44,680 --> 00:41:48,720
Speaker 2: Well, what I'm doing right now is I'm investing heavily,

750
00:41:50,000 --> 00:41:54,520
Speaker 2: not only in really in real estate, but in really relationships.

751
00:41:54,640 --> 00:41:56,879
Speaker 1: Okay, you know, I'm pouring.

752
00:41:56,600 --> 00:41:58,359
Speaker 2: Into the next generation. I got to share this one

753
00:41:58,480 --> 00:42:01,360
Speaker 2: quick little story of why I like to pour so

754
00:42:01,480 --> 00:42:04,680
Speaker 2: much into it. Back in like twenty twelve, twenty thirteen,

755
00:42:04,719 --> 00:42:07,200
Speaker 2: when I started rocking and rolling in real estate, I

756
00:42:07,360 --> 00:42:10,520
Speaker 2: had a I had an assistant that was working with

757
00:42:10,560 --> 00:42:13,040
Speaker 2: me from like two thousand and eight when things fell apart,

758
00:42:14,120 --> 00:42:16,440
Speaker 2: and she rocked with me for like three or four years,

759
00:42:16,719 --> 00:42:20,680
Speaker 2: and I had an opportunity to acquire a deal that

760
00:42:20,760 --> 00:42:23,279
Speaker 2: was gonna, you know, net me a couple hundred thousand dollars,

761
00:42:23,280 --> 00:42:25,000
Speaker 2: but I was short one hundred thousand dollars to get

762
00:42:25,040 --> 00:42:27,480
Speaker 2: to the table. So I call her and I'm just like, yo,

763
00:42:27,520 --> 00:42:29,200
Speaker 2: I need you to I need you to make some

764
00:42:29,239 --> 00:42:30,960
Speaker 2: phone calls. We need to raise one hundred grand by

765
00:42:30,960 --> 00:42:33,279
Speaker 2: the end of the day, so we need to call

766
00:42:33,840 --> 00:42:39,120
Speaker 2: everybody everybody see how much we could raise. So she's

767
00:42:39,239 --> 00:42:43,880
Speaker 2: she's just like, well, what's the what's the return on it?

768
00:42:44,520 --> 00:42:46,400
Speaker 2: You know, what's the risk. Well, you know, she's asking

769
00:42:46,400 --> 00:42:48,480
Speaker 2: me all these questions, it's all these qualifying questions. I

770
00:42:48,680 --> 00:42:50,120
Speaker 2: was like, yo, yeah, just get them on the phone.

771
00:42:50,160 --> 00:42:51,960
Speaker 2: Just get whoever on the phone, and I'll go through

772
00:42:52,000 --> 00:42:53,919
Speaker 2: this with them once I get them on the phone.

773
00:42:53,960 --> 00:42:56,880
Speaker 2: But she's asking me. I'm just like, all right, all right,

774
00:42:56,960 --> 00:42:59,440
Speaker 2: So I'm answering these questions and I'm just likely, oh,

775
00:42:59,680 --> 00:43:02,680
Speaker 2: where we going with this. She's like like, well, all right, cool,

776
00:43:02,960 --> 00:43:04,719
Speaker 2: I'll give you a check, I'll cut it. And I

777
00:43:06,000 --> 00:43:08,480
Speaker 2: was just like, where'd you get one hundred grand from?

778
00:43:08,840 --> 00:43:11,120
Speaker 2: She's and she's like, yo, I've been up under you

779
00:43:11,200 --> 00:43:13,000
Speaker 2: for the last four years. I would have been fool

780
00:43:13,040 --> 00:43:14,880
Speaker 2: if I don't have one hundred grand to show for it.

781
00:43:14,920 --> 00:43:17,719
Speaker 2: With all the information that you know, all the information

782
00:43:17,920 --> 00:43:21,680
Speaker 2: and all the deals, right. And it was at that

783
00:43:21,840 --> 00:43:27,320
Speaker 2: point I realized that, you know, you have to invest

784
00:43:27,920 --> 00:43:30,839
Speaker 2: in people because these are the same people that are

785
00:43:30,840 --> 00:43:33,839
Speaker 2: going to come back and push you, you know, and

786
00:43:34,120 --> 00:43:37,560
Speaker 2: like even so, not only am I buying real estate

787
00:43:37,640 --> 00:43:39,920
Speaker 2: and and investment in business and stuff like that, but

788
00:43:40,160 --> 00:43:44,239
Speaker 2: it's it's super important for me to invest in the

789
00:43:44,320 --> 00:43:49,120
Speaker 2: next generation because I don't want to learn AI. You

790
00:43:49,160 --> 00:43:51,640
Speaker 2: know what I'm saying, like chat GPTs as far as

791
00:43:51,680 --> 00:43:58,400
Speaker 2: I go, you know, but but it's super that that's

792
00:43:58,440 --> 00:44:01,479
Speaker 2: something that I'm doing right now now, So the next

793
00:44:01,520 --> 00:44:05,560
Speaker 2: five years, ten years, I won't have to be out

794
00:44:05,560 --> 00:44:09,640
Speaker 2: there hustling as hard because I will have you know,

795
00:44:10,000 --> 00:44:13,040
Speaker 2: a few people that I invested in that are kind

796
00:44:13,040 --> 00:44:15,319
Speaker 2: of keeping me in the loop and bringing me, you know,

797
00:44:15,440 --> 00:44:19,399
Speaker 2: opportunities that that I don't that I can handle from

798
00:44:19,440 --> 00:44:21,440
Speaker 2: the beach, or I can handle a while, you know,

799
00:44:21,520 --> 00:44:23,359
Speaker 2: while I'm taking care of my daughter. I can handle

800
00:44:23,400 --> 00:44:26,000
Speaker 2: while I'm watching TV in the middle of the day. Yeah,

801
00:44:26,040 --> 00:44:28,719
Speaker 2: you know, sod with.

802
00:44:28,719 --> 00:44:30,680
Speaker 1: You that that is? She just gone off to.

803
00:44:31,440 --> 00:44:39,520
Speaker 2: Oh no, she's It's so funny because she manages she

804
00:44:39,719 --> 00:44:44,600
Speaker 2: manages like luxury luxury event spaces like around the world,

805
00:44:45,000 --> 00:44:47,880
Speaker 2: like I'm talking about like Abu Dhabi and the World

806
00:44:47,960 --> 00:44:52,239
Speaker 2: Trade Center, things like that. Nature And I asked her

807
00:44:52,280 --> 00:44:55,279
Speaker 2: to come take a look at some stuff the other

808
00:44:55,360 --> 00:44:57,719
Speaker 2: day and she's like, sure, you sure you could afford me.

809
00:44:59,600 --> 00:45:07,440
Speaker 2: I love, But that's how that's how it's always going

810
00:45:07,480 --> 00:45:10,360
Speaker 2: to be because you know, at I'm not going to be

811
00:45:10,440 --> 00:45:13,560
Speaker 2: able to run full steam for the rest of my life. Yeah,

812
00:45:14,040 --> 00:45:16,520
Speaker 2: you know, so it's important that I create a life

813
00:45:17,080 --> 00:45:21,440
Speaker 2: with people with the right people, with the right opportunities

814
00:45:22,040 --> 00:45:27,120
Speaker 2: where I can sustain you know.

815
00:45:28,239 --> 00:45:31,600
Speaker 1: Okay, Well, if you had any advice for someone who

816
00:45:31,800 --> 00:45:35,440
Speaker 1: is kind of like just starting on there, maybe they

817
00:45:35,480 --> 00:45:37,640
Speaker 1: had a light bulb moment, but they might not be twenty,

818
00:45:37,640 --> 00:45:41,319
Speaker 1: maybe they're thirty, maybe they're forty of like, Okay, I

819
00:45:41,400 --> 00:45:44,680
Speaker 1: want to start to grow wealth for myself. I want

820
00:45:44,719 --> 00:45:47,520
Speaker 1: to put myself and position myself to be able to

821
00:45:47,520 --> 00:45:49,600
Speaker 1: take care of myself and my family in a way

822
00:45:49,640 --> 00:45:52,160
Speaker 1: that's more sustainable. But they're just like I don't know

823
00:45:52,160 --> 00:45:54,880
Speaker 1: where to start, you know, like I don't know anybody

824
00:45:55,120 --> 00:45:57,440
Speaker 1: in real estate, or I'm not really sure how to invest.

825
00:45:57,520 --> 00:45:59,759
Speaker 1: Like where would you suggest that someone who might be

826
00:45:59,760 --> 00:46:02,480
Speaker 1: listening to this and might be like, well, I want

827
00:46:02,520 --> 00:46:05,799
Speaker 1: to have my my journey to greatness like you have, Like,

828
00:46:05,960 --> 00:46:07,520
Speaker 1: where would you suggest for them to start?

829
00:46:08,280 --> 00:46:09,959
Speaker 2: I would take a look. I would tell them first

830
00:46:09,960 --> 00:46:15,239
Speaker 2: to educate themselves. Read the books. But not just read

831
00:46:15,280 --> 00:46:19,560
Speaker 2: the books, but find find a mentor. Okay, whether whether

832
00:46:19,600 --> 00:46:25,480
Speaker 2: that mentor is online or in person, or even whether

833
00:46:25,520 --> 00:46:28,319
Speaker 2: that mentor even knows you exist, but find somebody, find

834
00:46:28,360 --> 00:46:32,080
Speaker 2: somebody that you could kind of watch their moves, you know,

835
00:46:32,280 --> 00:46:34,479
Speaker 2: like jay Z has been mentoring me since nineteen ninety

836
00:46:34,520 --> 00:46:40,920
Speaker 2: six directly, you know, like and I would tell them

837
00:46:40,960 --> 00:46:44,719
Speaker 2: to do that. I would tell them to sacrifice, you know,

838
00:46:45,280 --> 00:46:47,880
Speaker 2: like you could have which and I make sure that

839
00:46:47,920 --> 00:46:50,839
Speaker 2: they understand that they could have what they want right

840
00:46:50,880 --> 00:46:54,120
Speaker 2: now or they could have what they really want, you know,

841
00:46:54,600 --> 00:46:57,360
Speaker 2: like I tell people all the time, everybody wants abs,

842
00:46:57,680 --> 00:47:04,440
Speaker 2: everybody wants fries. Ah, yeah, it's going to win out exactly.

843
00:47:06,239 --> 00:47:11,080
Speaker 2: You can have thrives today, but you won't have ads tomorrow. So,

844
00:47:12,040 --> 00:47:15,160
Speaker 2: like being able to make those sacrifices is super important.

845
00:47:16,480 --> 00:47:21,640
Speaker 2: I think it's very necessary that you are like true

846
00:47:21,680 --> 00:47:24,840
Speaker 2: to yourself to decide what is important to you and

847
00:47:25,800 --> 00:47:28,879
Speaker 2: staying true to that because at the end of the day,

848
00:47:29,200 --> 00:47:31,440
Speaker 2: there are certain things that you are going to that

849
00:47:31,560 --> 00:47:35,840
Speaker 2: are required for you to be successful. Amount of hours

850
00:47:36,080 --> 00:47:39,400
Speaker 2: that are necessary for you to be truly successful and

851
00:47:39,520 --> 00:47:41,920
Speaker 2: great at things, and you have to look at yourself

852
00:47:41,920 --> 00:47:44,480
Speaker 2: in the mirror say yeah, I'm willing to do that, okay,

853
00:47:44,560 --> 00:47:45,920
Speaker 2: you know even on the bad days.

854
00:47:47,600 --> 00:47:52,239
Speaker 1: Well, we thank you for coming in, mister Bernard. Where

855
00:47:52,360 --> 00:47:54,640
Speaker 1: people do they want to learn more about you. They

856
00:47:54,640 --> 00:47:56,759
Speaker 1: want to follow you on social media? Where can they

857
00:47:56,800 --> 00:47:57,239
Speaker 1: find you?

858
00:47:57,800 --> 00:48:02,240
Speaker 2: I'm on I G mister Jude Bernard. That's pretty much it.

859
00:48:02,480 --> 00:48:04,759
Speaker 2: The brook Bank, all.

860
00:48:04,719 --> 00:48:06,800
Speaker 1: Right, if you're ever in BK the Home of Biggie

861
00:48:06,800 --> 00:48:10,880
Speaker 1: and j exactly and the home of Jude, Biggie and.

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00:48:10,920 --> 00:48:16,359
Speaker 2: Jay exactly exactly. I still live here. I haven't sold

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00:48:16,360 --> 00:48:16,839
Speaker 2: that yet.

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00:48:18,760 --> 00:48:20,920
Speaker 1: And again, like I told you guys, next week, my

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00:48:21,000 --> 00:48:27,200
Speaker 1: new book Made Whole becomes live November twenty first. Yeah,

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00:48:27,239 --> 00:48:30,439
Speaker 1: it's available at Maidhole workbook dot com. If you're looking

867
00:48:30,440 --> 00:48:34,000
Speaker 1: for that step by step guidance. As you'd mentioned, sometimes

868
00:48:34,000 --> 00:48:35,680
Speaker 1: you just have to start well, you always have to

869
00:48:35,719 --> 00:48:39,320
Speaker 1: start just where you are. So if you need guidance

870
00:48:39,320 --> 00:48:45,040
Speaker 1: and the area of budgeting, savings, debt, credit, learning to earn, investing, insurance,

871
00:48:45,360 --> 00:48:48,040
Speaker 1: building a financial team, your net worth, and estate planning,

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00:48:48,200 --> 00:48:51,479
Speaker 1: all ten of those steps. If you achieve all ten,

873
00:48:51,680 --> 00:48:54,239
Speaker 1: each ten is worth ten percent and that is where

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00:48:54,239 --> 00:48:57,759
Speaker 1: you reach financial wholeness. And my book Made Whole will

875
00:48:57,800 --> 00:49:02,240
Speaker 1: help you reach financial wholeness. So until well, we actually

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00:49:02,280 --> 00:49:05,719
Speaker 1: have BAQA. So I'll see you guys on Friday. If

877
00:49:05,719 --> 00:49:08,319
Speaker 1: not me, Maddy will certainly be here. But Thank you

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00:49:08,360 --> 00:49:10,960
Speaker 1: so much Jude for joining us. You've been really good pleasure.

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00:49:11,400 --> 00:49:12,960
Speaker 2: I appreciate it. Thank you for having me