WEBVTT - Jude Bernard Owns Half Of Brooklyn 0:00:04.800 --> 0:00:13.520 Hey, hey, hey, we're back. We're black, we're brown and abition. 0:00:13.960 --> 0:00:17.000 We're extra brown today. Well we're minus a brown, but 0:00:17.079 --> 0:00:20.400 plus a brown, so I think we're on net. We're 0:00:20.480 --> 0:00:24.599 the same level of brown ambition. Welcome to the show. 0:00:24.640 --> 0:00:27.000 We've got a special guest today. But before I introduce 0:00:27.040 --> 0:00:30.840 our special guests, I want to remind you that next week, 0:00:31.480 --> 0:00:35.120 my new book, Made Whole comes out. Remember it is 0:00:35.200 --> 0:00:39.560 the workbook version of my textbook at Geting with Money, 0:00:39.560 --> 0:00:42.480 New York Times bestseller, almost three hundred thousand copies sold. 0:00:43.040 --> 0:00:45.040 Maid Whole is going to walk you through ten simple 0:00:45.080 --> 0:00:49.520 steps to achieving the financial foundation you need to build 0:00:49.560 --> 0:00:52.120 the rest of your amazing life on. Okay, so if 0:00:52.120 --> 0:00:54.200 you want to get a copy, go ahead on over 0:00:54.320 --> 0:00:58.360 to Maid Whole Workbook dot com. Get yourself a copy. 0:00:58.680 --> 0:01:00.920 There still might be some signed copy he left. That's 0:01:00.960 --> 0:01:03.880 Made Whole Workbook dot com. All right, So in this 0:01:04.000 --> 0:01:07.000 stew today we have a let let me get let 0:01:07.040 --> 0:01:09.480 me pull his bio up. I think I bet Jude, 0:01:10.400 --> 0:01:13.919 I don't even know like three years ago. So Jude Bernard, 0:01:14.040 --> 0:01:16.680 he is the founder and CEO. He's a founder and 0:01:16.720 --> 0:01:21.200 a CEO, and he owns a company now called the 0:01:21.200 --> 0:01:26.640 Brooklyn Bank. Jude founded Brooklyn Bank, Inc. In twenty seventeen, 0:01:26.680 --> 0:01:30.240 and he is responsible for the organization's direction from his 0:01:30.360 --> 0:01:34.840 thirty plus year span of his entrepreneurship career. Jude prides 0:01:34.920 --> 0:01:39.080 himself in learning from mistakes and bouncing back from numerous setbacks. 0:01:39.280 --> 0:01:42.600 He's passionate about sharing his wealth of information and personal 0:01:42.640 --> 0:01:47.040 experience with local schools and community organizations to help others 0:01:47.080 --> 0:01:51.160 avoid the mistakes he's made and successfully navigated to his 0:01:51.280 --> 0:01:55.360 own source of financial freedom. So beyond his role as 0:01:55.360 --> 0:01:57.760 a leader of the Brooklyn Bank and as an entrepreneur, 0:01:57.880 --> 0:02:00.760 he is also a licensed real estate broke her, a 0:02:00.800 --> 0:02:03.320 licensed general contractor or. I didn't know that, dude, a 0:02:03.360 --> 0:02:09.440 business consultant, landlord, public speaker, philanthropists and wealth educator. So 0:02:09.520 --> 0:02:14.120 we welcome to the show, Jude, We're not welcome, Dude. 0:02:14.639 --> 0:02:20.200 Hey, you know I was about to call you by my. 0:02:20.200 --> 0:02:25.000 Last name exactly. Well, so I met Jude. 0:02:25.040 --> 0:02:25.239 Jude. 0:02:25.240 --> 0:02:27.160 When did I meet you? Because I think you invited 0:02:27.200 --> 0:02:30.160 me to speak. You had like a Father's day kind 0:02:30.160 --> 0:02:32.720 of well it was juneteenth, also Father's Day. But did 0:02:32.720 --> 0:02:34.880 I know you before that? When you invited me to speak? 0:02:35.200 --> 0:02:37.720 I think we had kind of like you know, through 0:02:37.720 --> 0:02:41.120 the circuit, kind of known of each other and the 0:02:41.440 --> 0:02:45.480 end of that nature. So we first really started communicating. 0:02:45.520 --> 0:02:47.600 I think it was like June twenty twelve, No excuse me, 0:02:47.639 --> 0:02:50.359 it was earlier than that. It was early twenty twenty. 0:02:50.200 --> 0:02:56.160 Two, because you like this amazing I remember it was 0:02:56.200 --> 0:02:59.880 like Aunt angelaee, you have the guys from Earned your Leisure. Honestly, 0:02:59.880 --> 0:03:02.679 you had some of the best and brightest minds and 0:03:02.760 --> 0:03:09.600 black personal finance on that stage. And so it was 0:03:09.639 --> 0:03:12.400 a really pretty awesome experience to some people I'd known 0:03:12.560 --> 0:03:14.760 be a social some people I knew obviously real life 0:03:14.800 --> 0:03:18.200 in person, and it was kind of like the first 0:03:18.200 --> 0:03:22.520 time that I had like experienced what you do in person. 0:03:22.840 --> 0:03:25.160 But for the people who don't know what you do. 0:03:25.320 --> 0:03:27.160 So there's like two sides of you. I know, there's 0:03:27.200 --> 0:03:30.280 like the real estate side. You know, you're like, you know, 0:03:30.600 --> 0:03:34.640 the joke is, Jude owns half of Brooklyn, right, But 0:03:34.680 --> 0:03:39.120 then there's also this like financial education philanthropists side that 0:03:39.160 --> 0:03:40.800 I've come to know through the Brooklyn Bank and the 0:03:40.800 --> 0:03:43.880 work you do there. So let's talk first about kind 0:03:43.920 --> 0:03:47.560 of like the real estate side. So when it comes 0:03:47.600 --> 0:03:49.680 to real estate, like where do you stand now? Like what? 0:03:50.360 --> 0:03:52.480 Like what do you do? Do you own commercial properties? 0:03:52.520 --> 0:03:56.520 Do you own like residential properties? Like what are you 0:03:56.520 --> 0:03:59.640 what's your main source of business? 0:04:00.160 --> 0:04:05.960 Yes? Yes, all that now. I have a very very 0:04:06.280 --> 0:04:11.920 diverse portfolio. I focused on pretty much multi you know, 0:04:12.320 --> 0:04:15.920 multifamily units of Brownstone Brooklyn. I was lucky to get 0:04:15.920 --> 0:04:20.640 into Brooklyn in early two thousands before Brooklyn became Brooklyn. 0:04:22.800 --> 0:04:26.039 So I picked up you know, a dozen missild Brownstones 0:04:26.080 --> 0:04:29.599 back then for a couple hundred thousand, and never in 0:04:29.600 --> 0:04:33.080 my wildest dream did I ever think that this is 0:04:33.120 --> 0:04:37.640 what this is what it would become. Also, I recently, 0:04:38.360 --> 0:04:42.880 I recently got into the the short term rental business. 0:04:44.760 --> 0:04:49.479 I picked up a seventeen unit building in Harlem that 0:04:49.720 --> 0:04:54.560 had a what do you call those licenses? An SRO license, 0:04:55.040 --> 0:04:58.760 which which allows for transient occupancy. So I picked that 0:04:58.880 --> 0:05:02.240 up a few years ago and I converted it into 0:05:02.480 --> 0:05:07.440 a short term rental, a short term rental building that 0:05:07.680 --> 0:05:12.880 would be legally able to host Airbnb. So the whole 0:05:12.880 --> 0:05:17.200 world is crime. Airbnb is the devil. Airbnb is bad, 0:05:17.320 --> 0:05:20.800 EBB is gone. You know, I've been doing pretty well 0:05:20.839 --> 0:05:27.000 with that. I have events space. You know, I'm just 0:05:27.360 --> 0:05:28.320 real estick guy, you know. 0:05:28.440 --> 0:05:33.719 Yeah, but I remember, like you told me once, I 0:05:33.720 --> 0:05:35.719 think it was like I was hanging out with you 0:05:35.839 --> 0:05:37.919 and your friend Uja. You guys were kind of laughing 0:05:37.960 --> 0:05:40.640 about like how you started like in the real estate 0:05:40.640 --> 0:05:43.120 space because you weren't always obviously in real estate, and 0:05:43.160 --> 0:05:45.479 you like it was kind of like an ex girlfriend 0:05:45.480 --> 0:05:48.320 that prompted you to get your to get your money out. 0:05:48.360 --> 0:05:50.559 And I don't know how comfortable you feel like telling 0:05:50.600 --> 0:05:52.080 the story, but as much as you feel comfortable, I 0:05:52.080 --> 0:05:53.160 think that people would love to know. 0:05:53.800 --> 0:05:56.839 Oh, sure, I'd love to share it. It's you know, 0:05:57.839 --> 0:06:02.040 in every situation, there's there's like this point where a 0:06:02.080 --> 0:06:06.120 turning point where it seems really really bad, but then 0:06:06.480 --> 0:06:09.919 in hindsight it kind of becomes the seed that grows 0:06:09.960 --> 0:06:14.320 into something else. So I remember it was, you know, 0:06:14.440 --> 0:06:18.640 the early nineties, mid to early nineties, and I was 0:06:18.680 --> 0:06:23.880 seeing a beautiful, beautiful girl before there were before there 0:06:23.920 --> 0:06:31.039 were there were video vixens, and I had the pleasure 0:06:31.120 --> 0:06:36.120 and the discomfort of dating one. So she ended up 0:06:36.160 --> 0:06:39.560 being a lead in a fun you know, funny enough, 0:06:39.760 --> 0:06:46.200 more money, more problems was the video. And once that started. 0:06:46.440 --> 0:06:51.040 You know, I had I had the Puffies, the Mike Tyses, 0:06:51.240 --> 0:06:53.599 the Maces call in my house for my girlfriend and 0:06:53.600 --> 0:06:56.720 stuff like that, you know. And I remember one time 0:06:56.800 --> 0:06:58.800 she came home with about fifty thousand dollars working with 0:06:58.839 --> 0:07:01.640 Sachi clothes about Oh yeah, Mike Tyson brought this for me. 0:07:01.880 --> 0:07:02.839 You know, that's my friend. 0:07:04.000 --> 0:07:06.280 Oh my god. It's all like you could fight Mike Tyson. 0:07:06.560 --> 0:07:09.560 It's not like I could fight Mike Tyson. Anyway, I 0:07:09.640 --> 0:07:13.520 was working at Verizon make Happy, happily, making you know, 0:07:13.680 --> 0:07:18.040 a couple of hundred dollars a week, and you know, 0:07:18.120 --> 0:07:23.160 things got to a boiling point. And on my exit interview, 0:07:24.200 --> 0:07:26.400 you know, you know how you have the exit interview 0:07:26.400 --> 0:07:28.760 as you've breaken up. You know, she pointed to me. 0:07:28.880 --> 0:07:30.240 She was just like, y'all asked you to buy me 0:07:30.280 --> 0:07:32.560 a CD, and you told me I had to wait 0:07:32.600 --> 0:07:35.520 till the end of the week to get the CD. 0:07:36.200 --> 0:07:40.280 You know, it's like thirteen hours exactly. And it's just 0:07:40.360 --> 0:07:43.480 like CDs came out on Tuesdays back then, and I 0:07:43.480 --> 0:07:47.239 got paid on Friday, so she's like, by Friday, everybody 0:07:47.240 --> 0:07:48.800 would know all the songs of this that the d. 0:07:50.000 --> 0:07:52.520 How old were you both about around in your twenties 0:07:53.200 --> 0:07:56.240 nineteen twenty oh yeah, yeah, like young. 0:07:57.600 --> 0:07:58.960 So it was at that point I was just like, 0:07:59.000 --> 0:08:03.240 all right, cool, I'm never ever going to be in 0:08:03.240 --> 0:08:06.480 a situation where I don't, like, I'm not able to 0:08:06.560 --> 0:08:13.480 compete financially, Okay, you know, not that you know, not 0:08:13.560 --> 0:08:16.640 that my whole thing is tricking or anything like that. 0:08:16.880 --> 0:08:19.800 It was just like the insecurity, the way I felt 0:08:19.880 --> 0:08:23.960 less than the way I felt that you know, somebody 0:08:24.080 --> 0:08:29.800 was choosing other people because I was lacking into one capacity. 0:08:30.040 --> 0:08:30.400 Okay. 0:08:30.880 --> 0:08:33.880 So you know, at that point, that's when I was like, oh, 0:08:34.240 --> 0:08:35.480 never again, will this be me? 0:08:35.880 --> 0:08:36.320 Okay. 0:08:36.800 --> 0:08:39.319 So it was at that point that I started taking 0:08:39.720 --> 0:08:42.240 It was at that point I realized that, you know, 0:08:42.360 --> 0:08:44.400 four or five hundred dollars a week is not that 0:08:44.520 --> 0:08:49.280 much money, even though it was enough for me at 0:08:49.280 --> 0:08:54.200 the time, you know, but just realizing that, you know, 0:08:54.559 --> 0:08:58.600 like like there was a lot more out there. So 0:09:00.120 --> 0:09:02.960 a couple of months after that, that's when I acquired 0:09:02.960 --> 0:09:05.760 my first property with the goal of making five hundred 0:09:05.800 --> 0:09:08.400 dollars a week, you know, an extra five hundred dollars 0:09:08.440 --> 0:09:09.000 a month. 0:09:09.280 --> 0:09:12.520 Okay, And so how did that look? Like? Like so 0:09:12.720 --> 0:09:15.480 you know, you go from this heartbreak like, oh she 0:09:15.559 --> 0:09:19.480 chose why tice it over me, which is very interesting, right, 0:09:19.640 --> 0:09:22.520 But so then what did that look like? I remember 0:09:22.559 --> 0:09:24.400 when I was hanging out with you and then your 0:09:24.440 --> 0:09:27.280 friend came over and you guys were sharing that there 0:09:27.320 --> 0:09:30.040 was a group of you at that time that initially 0:09:30.040 --> 0:09:33.000 we're supposed to invest together. Correct in Brooklyn. Yeah, I 0:09:33.040 --> 0:09:34.120 remember we had this meeting. 0:09:34.160 --> 0:09:36.600 There's about twenty of us that got together and we 0:09:36.600 --> 0:09:38.160 were just like, hey, if we each put like a 0:09:38.240 --> 0:09:41.640 thousand dollars together, we can start buying real estate together. 0:09:42.120 --> 0:09:45.480 And it's kind of like that group trip, you know, 0:09:46.320 --> 0:09:49.120 everybody's like, oh, yeah, I want to go to Africa. 0:09:49.160 --> 0:09:51.240 I want to go to Africa, and go to Africa, 0:09:51.559 --> 0:09:54.520 you know, six months, six months, six months, when it's 0:09:54.559 --> 0:09:56.360 six months out, and then when it's three months out, 0:09:56.400 --> 0:09:58.839 I was like, well I can, and this person I can, 0:09:59.280 --> 0:10:01.679 and then thing you know, you're in Africa by yourself. 0:10:03.120 --> 0:10:09.360 So it was just exactly what happened from the twenty 0:10:09.360 --> 0:10:11.560 of us that from the twenty of us that got 0:10:11.559 --> 0:10:18.360 started to my friend and another guy they partnered together, 0:10:18.440 --> 0:10:20.920 and I pretty much I pretty much went on my 0:10:20.960 --> 0:10:25.200 own and out of that big group, we were the 0:10:25.200 --> 0:10:28.720 only ones that actually did anything. And funny enough, you know, 0:10:28.960 --> 0:10:32.199 decades later, everybody's like, oh my god, if I. 0:10:32.160 --> 0:10:37.000 Only knew, hindsight is twenty twenty all the time. Mm hmmm. 0:10:37.160 --> 0:10:39.640 So you got your first property. Do you remember what 0:10:39.679 --> 0:10:40.040 it was? 0:10:40.679 --> 0:10:45.360 Yes? I do. It was it was a two family 0:10:45.400 --> 0:10:48.720 house with an illegal basement. Don't go get illegal basements 0:10:48.720 --> 0:10:50.920 out there. It was a two family house with an 0:10:50.920 --> 0:10:58.400 illegal basement in southside Jamaica, Queens. It was. I had 0:10:58.480 --> 0:11:00.960 two section eight, I had two sectionally tenant, and I 0:11:01.000 --> 0:11:05.200 had I had somebody living downstairs in the basement. And 0:11:06.080 --> 0:11:07.559 at the end of at the end of the day, 0:11:07.840 --> 0:11:11.360 like I ended, I was working on my MBA at 0:11:11.360 --> 0:11:14.360 the time. Okay, I was working on my MBA. And 0:11:14.760 --> 0:11:18.640 you know, you know how like when your your your financially, 0:11:18.679 --> 0:11:21.480 it hits and then you get that refund check. So 0:11:21.679 --> 0:11:25.400 I used that refund check as my down payment, okay, 0:11:25.480 --> 0:11:28.920 to get the properties. So that's how I got the 0:11:28.920 --> 0:11:29.640 first property. 0:11:29.800 --> 0:11:31.280 Okay. I was going to ask you because so many 0:11:31.320 --> 0:11:34.360 people are listening and they're just like and certainly we're 0:11:34.360 --> 0:11:36.960 not giving you know, financial advice or investment advice, but 0:11:37.080 --> 0:11:40.400 just curiosity of like, you know, you're making five hundred 0:11:40.400 --> 0:11:42.520 bucks a week, which you know for a nineteen year 0:11:42.520 --> 0:11:45.000 old back you know in the nineties. Like you said, 0:11:45.040 --> 0:11:47.280 it's not bad money. It's not my tyson money or 0:11:47.360 --> 0:11:49.839 jay z or Puffy money. But still, but how do 0:11:49.880 --> 0:11:52.320 you get enough money together? So you found a way. 0:11:52.440 --> 0:11:57.800 Basically, there's always a way. Like I always say, you 0:11:57.840 --> 0:11:59.720 could either beg borrow or steal without stealing. 0:12:00.760 --> 0:12:02.960 Okay, you found a way. You got your first property. 0:12:03.160 --> 0:12:05.040 And how much was it generating you monthly? 0:12:05.679 --> 0:12:09.400 It was generating me about six millars a month, you know, 0:12:09.880 --> 0:12:12.920 and I remember it was it was generating six hundred 0:12:12.920 --> 0:12:15.440 dollars a month cash flow. But what I did not 0:12:15.720 --> 0:12:22.080 realize that I would now start getting a huge, a 0:12:22.160 --> 0:12:26.679 huge tax return, excuse me, a huge tax refund because 0:12:26.960 --> 0:12:30.600 of all the benefits the tax benefits that go alongside 0:12:30.600 --> 0:12:32.800 of it. Yeah. And what I did not know as 0:12:32.840 --> 0:12:35.120 well at the time, because I was just thinking, I 0:12:35.200 --> 0:12:38.080 was just thinking, oh, I just need cash flow. I 0:12:38.120 --> 0:12:43.880 wasn't aware of the appreciation. Yeah, so there was durant 0:12:43.920 --> 0:12:47.520 the appreciation. I was not aware of the debt reduction 0:12:47.679 --> 0:12:49.880 on the mortgage that every month that the it would 0:12:49.880 --> 0:12:54.440 become a little less. So this in reality, this one 0:12:54.840 --> 0:12:56.720 I was thinking five hundred dollars a month, but this 0:12:56.800 --> 0:12:59.200 one thing was probably bringing me, you know, a couple 0:12:59.200 --> 0:13:01.240 of thousand dollars a month, like when you add up 0:13:01.360 --> 0:13:02.280 everything all together. 0:13:03.520 --> 0:13:07.480 So here you are this young man scorned. But you know, 0:13:07.800 --> 0:13:12.320 we thank God for Sis. She's doing well. But it 0:13:12.440 --> 0:13:16.400 opens you up to you know, basically put a battery 0:13:16.440 --> 0:13:19.200 in your back. And you started to invest. And so 0:13:19.720 --> 0:13:21.480 you were did you finish to get your getting your MBA? 0:13:22.120 --> 0:13:25.560 No? No, no. Before First of all, I stayed at home, 0:13:25.720 --> 0:13:27.880 like you know, when I started making money, I was 0:13:27.880 --> 0:13:31.280 three properties in before I left my house. M you know, 0:13:31.440 --> 0:13:35.439 that's that's a key, like you know, while you have 0:13:35.520 --> 0:13:38.240 minimal responsibilities, you've got to stack that paper and you've 0:13:38.240 --> 0:13:42.120 got it through the most. And I was working on 0:13:42.160 --> 0:13:45.560 my m b A and I had I had I 0:13:45.600 --> 0:13:48.080 think at that time I had about three properties and 0:13:48.120 --> 0:13:50.960 I was flipping properties as well while I was working 0:13:50.960 --> 0:13:55.120 on my NBA in and keeping my nine to five. 0:13:55.920 --> 0:14:01.199 And I remember I remember the coming into late, coming 0:14:01.200 --> 0:14:04.720 in late one day to one of my classes after work, 0:14:05.160 --> 0:14:11.040 after dealing with something on a job site. And you 0:14:11.080 --> 0:14:15.400 know the professor had said something as I walked in late. 0:14:16.000 --> 0:14:20.240 He said, is there someplace you'd rather be? And you 0:14:20.280 --> 0:14:22.560 remember how the teachers used to give those little breaks, 0:14:23.840 --> 0:14:25.760 you know, halfway through the class, so you go stretch 0:14:25.800 --> 0:14:31.160 your legs and things like that. I remember leaving my 0:14:31.240 --> 0:14:34.160 book bag, my books, all of that stuff as I 0:14:34.160 --> 0:14:36.000 went on that break, and I decided right then and 0:14:36.040 --> 0:14:39.040 there that I was done with the whole NBA thing 0:14:39.120 --> 0:14:42.240 that you know, he was right, there was someplace I'd 0:14:42.360 --> 0:14:48.680 rather be, okay. And I remember I was working on 0:14:48.720 --> 0:14:54.280 the NBA as a plan B to climb the corporate ladder, 0:14:55.720 --> 0:14:57.920 and I was working at Verizon at the time. I 0:14:57.920 --> 0:15:01.880 could use that to that piece of paper to climb 0:15:01.880 --> 0:15:06.680 the corporate ladder. But it kind of clicked when he asked, 0:15:06.720 --> 0:15:09.840 if you had someplace better to be, then you would 0:15:09.440 --> 0:15:14.560 you would much rather be. I decided right then and there, Yeah, 0:15:14.840 --> 0:15:19.360 I'm going to make my plan be my plan a okay. 0:15:19.480 --> 0:15:22.400 And so in that one thing I've learned is that 0:15:22.440 --> 0:15:25.640 you know, education for all, college for some you know, 0:15:26.240 --> 0:15:29.360 because somehow you you know, you're a general contractor. So 0:15:30.000 --> 0:15:33.160 when did you pick up that licensing and that skill set? 0:15:34.080 --> 0:15:37.000 I picked up that license about six seven years ago. Okay, 0:15:37.680 --> 0:15:39.880 I was doing all these construction projects and I was 0:15:39.920 --> 0:15:43.680 paying people to pull permits. I was I was actually 0:15:43.760 --> 0:15:47.000 acting as a general contractor. I didn't know what it was. 0:15:47.520 --> 0:15:50.760 And just like anything else, if you immerse yourself, you 0:15:50.840 --> 0:15:54.760 kind of learn as you go along, and next thing, 0:15:54.760 --> 0:16:00.360 you know, it gave me having the ability to look 0:16:00.400 --> 0:16:06.840 at properties from the perspective of a contractor, gave me 0:16:06.880 --> 0:16:11.160 another income stream as well as another avenue to get 0:16:11.200 --> 0:16:11.880 more property. 0:16:13.000 --> 0:16:15.400 Okay, because I know, for example, like I remember when 0:16:15.440 --> 0:16:18.400 I was buying my condo. Nothing you charged me, but 0:16:18.480 --> 0:16:21.840 I called you and said, oh, I'm not really sure, 0:16:21.960 --> 0:16:25.240 so I'm purchasing a condo. This is the amount that 0:16:25.280 --> 0:16:27.760 it was, you know, I think it was like at 0:16:27.800 --> 0:16:30.680 its peak, it was on the market for six hundred 0:16:30.720 --> 0:16:32.680 and seventy five thousand or something like six seventy five 0:16:32.760 --> 0:16:35.440 or six fifty, and then she brought it down to 0:16:35.560 --> 0:16:39.120 like five seventy five because people didn't buy it, and 0:16:39.200 --> 0:16:41.520 then she brought it down to five point fifty, then 0:16:41.560 --> 0:16:45.240 five forty, and I just remember being like, I'm able 0:16:45.280 --> 0:16:46.440 to get it. I think I got it for five 0:16:46.440 --> 0:16:47.640 to twenty If that's what I was going to put 0:16:47.680 --> 0:16:50.640 an offer in, but part of me felt like I 0:16:50.680 --> 0:16:53.320 wanted to get it for like four seventy five or 0:16:53.360 --> 0:16:55.440 four to fifty. Yeah, four seventy five. I think I 0:16:55.480 --> 0:16:56.760 wanted to put an offer in, which I did. Is 0:16:56.760 --> 0:16:58.840 she rejected it. And I told you I felt like 0:16:58.880 --> 0:17:01.960 I should just walk away, And you said, you know, 0:17:02.040 --> 0:17:03.640 you gave me some really good advice. You said a 0:17:03.680 --> 0:17:07.240 few things like one, you know, how's that not a 0:17:07.280 --> 0:17:09.240 good deal? It was on the market for six seventy 0:17:09.240 --> 0:17:12.679 five and now you're getting here for five twenty And 0:17:12.720 --> 0:17:14.280 I just like, I just feel like I guve me lower. 0:17:14.320 --> 0:17:16.040 And then you ask me, is this something that comes 0:17:16.119 --> 0:17:18.160 on the market often? Is it special? 0:17:18.320 --> 0:17:19.520 Is it? Like? 0:17:19.600 --> 0:17:21.640 You know what, this is a very very very regular 0:17:21.680 --> 0:17:23.879 property that comes on the market quite often. And I 0:17:24.000 --> 0:17:28.080 was like, honestly, it is a unicorn and that it's 0:17:28.119 --> 0:17:30.840 five bedoms, three and a half bath. It's a condo, 0:17:31.200 --> 0:17:35.000 all one floor views of Manhattan, like you know, you 0:17:35.040 --> 0:17:37.920 see the New York City skyline. It has a working fireplace. 0:17:38.320 --> 0:17:40.199 It was built about one hundred years ago, so it 0:17:40.200 --> 0:17:43.280 has all the beautiful structure that comes along with it, 0:17:43.320 --> 0:17:46.640 and so well built and quiet there's only one other 0:17:46.640 --> 0:17:49.080 person on my floor, so I have a semi private elevator. 0:17:49.640 --> 0:17:51.480 And you were like yeah, in other words, once in 0:17:51.480 --> 0:17:54.280 a lifetime, like okay, you can hold out, but and 0:17:54.320 --> 0:17:56.439 you certainly could get a cheaper place, but it's not 0:17:56.480 --> 0:17:59.600 going to give this level a specialist and that, you know, 0:17:59.640 --> 0:18:01.119 that was one of the reasons why you know, that 0:18:01.200 --> 0:18:03.880 advice that you gave me one of the reasons why 0:18:04.080 --> 0:18:06.200 I you know, I went ahead, and I'm really happy 0:18:06.200 --> 0:18:09.920 that I did, and I purchased the property because I 0:18:09.920 --> 0:18:11.760 had not looked at it that way in my mind. 0:18:11.800 --> 0:18:13.840 I just kept thinking I could do even better. I 0:18:13.840 --> 0:18:16.399 could get it down lower if I make if I 0:18:16.480 --> 0:18:19.000 make her hold out, maybe because she hasn't been able 0:18:19.040 --> 0:18:20.240 to sell it. That was my thing. She had not 0:18:20.280 --> 0:18:21.960 been able to sell it in two years, you know, 0:18:22.560 --> 0:18:25.320 and you're like yeah, or somebody might come on, come 0:18:25.320 --> 0:18:27.600 along and gather it fro underneath it and you'll be sad. 0:18:27.680 --> 0:18:30.480 So you know, like we should never make an issue 0:18:30.480 --> 0:18:35.760 out of money. That doesn't matter, you know. True story. 0:18:35.840 --> 0:18:39.920 I purchased for seventy seven Quincy in two thousand and seven, 0:18:39.960 --> 0:18:42.480 and I paid four hundred and thirty thousand dollars for 0:18:42.560 --> 0:18:47.959 it for seventy five Quincy came on the market I 0:18:48.000 --> 0:18:51.960 think it was like less than six months later, and 0:18:52.080 --> 0:18:54.840 they wanted about five hundred thousand dollars for it. 0:18:55.359 --> 0:18:56.520 Twenty five thousand dollars more. 0:18:57.520 --> 0:19:00.119 Yeah, And I was just like, hey, I know what 0:19:00.200 --> 0:19:02.399 I just paid for this property six months ago. This 0:19:02.480 --> 0:19:05.000 is the same exact house next door. You're not getting me, 0:19:06.800 --> 0:19:12.480 you know. Fast forward twenty twenty, twenty nineteen. Fast forward 0:19:12.480 --> 0:19:17.840 twenty nineteen. I just paid for for seventy nine Quincy 0:19:18.040 --> 0:19:20.320 on the other side of the house. I paid one 0:19:20.359 --> 0:19:23.760 point two million dollars for that house. Oh man, all right. 0:19:24.720 --> 0:19:31.720 And then fast forward, fast forward last year, I was 0:19:31.720 --> 0:19:34.560 in a bidding war for four seventy five Quincy, the 0:19:34.560 --> 0:19:40.960 one that I turned down. Oh my gosh, it went 0:19:41.080 --> 0:19:43.359 all the way up to like one point nine million. 0:19:43.680 --> 0:19:44.200 Wow. 0:19:44.320 --> 0:19:47.600 And then and then I I that's when I had 0:19:47.640 --> 0:19:51.639 to bob out. Okay, you know, but that was my 0:19:51.840 --> 0:19:56.399 building to have, you know, for money. That doesn't matter, 0:19:56.800 --> 0:20:01.160 because the truth is whether you know, from five hundred 0:20:01.200 --> 0:20:04.800 thousand to you know, the seventy five thousand dollars out 0:20:04.880 --> 0:20:07.919 that I thought that I was really holding up for 0:20:08.520 --> 0:20:12.359 was really was that seventy. I mean that's that's like 0:20:12.440 --> 0:20:14.640 fourteen thousand dollars out of my pocket would have been 0:20:14.840 --> 0:20:18.880 and maybe the mortgage would have been like another another 0:20:19.880 --> 0:20:23.240 one hundred bucks a month. But sometimes we get so 0:20:23.440 --> 0:20:28.000 caught up in number and the competition and the and 0:20:28.080 --> 0:20:32.840 the game, yeah, that we start to we start to 0:20:32.840 --> 0:20:35.800 make things, We start to lose sight of the big picture, 0:20:36.240 --> 0:20:37.320 and we just want to win. 0:20:37.880 --> 0:20:39.960 Yeah, and that's how it's feeling. I was like, because 0:20:39.960 --> 0:20:42.640 I bought my current house, now I got it from 0:20:42.760 --> 0:20:44.840 it was a bank floor foreclosure. I got it for 0:20:44.880 --> 0:20:47.960 one eighty you know, put like one hundred eighty into it. 0:20:47.960 --> 0:20:50.520 It's now worth about five twenty. So I was like, okay. 0:20:50.840 --> 0:20:53.879 Then I bought a city property for ten thousand dollars. 0:20:53.880 --> 0:20:56.840 It was a tax deed and I put like one 0:20:56.960 --> 0:21:01.400 thirty into it and I sold it for two seven, right, 0:21:01.520 --> 0:21:04.199 So that and I remember you told me, you were like, 0:21:04.240 --> 0:21:07.359 that's cool, but that's not normal, Like, don't if you 0:21:07.400 --> 0:21:09.720 can't measure all of those deals and thinking like I 0:21:09.760 --> 0:21:12.479 should always come out three, four or five times ahead, 0:21:12.600 --> 0:21:14.879 you know. So that was just a really good let 0:21:14.960 --> 0:21:17.360 me I don't consider myself quote unquote a real estate investor, 0:21:17.520 --> 0:21:19.240 just if a property comes up and it makes sense, 0:21:19.680 --> 0:21:23.879 then I may invest. But it was like really good 0:21:24.000 --> 0:21:26.720 advice to kind of pull. Plus I didn't really like 0:21:26.760 --> 0:21:29.560 the seller. She was kind of like a terrible person. 0:21:29.760 --> 0:21:33.679 She still is, Charla, you owned four hundred dollars. But 0:21:33.680 --> 0:21:36.639 but so so that also played a role, because like 0:21:36.680 --> 0:21:39.080 the negotiating with her was just she just wasn't pleasant 0:21:39.400 --> 0:21:41.040 And I was just like, but you're like, but it's 0:21:41.040 --> 0:21:42.840 going to be your house, Like who cares? Like she's 0:21:43.200 --> 0:21:45.080 you know, burn inseids whatever, get rid of her energy. 0:21:45.119 --> 0:21:47.760 But you know what, you purchase it from her. Yeah. 0:21:48.119 --> 0:21:50.959 There, you know there there are business decisions and there 0:21:51.000 --> 0:21:54.359 are personal decisions that involve money. They're not the same thing. Okay, 0:21:55.400 --> 0:21:58.960 you know so it's just like you touched on something. 0:21:59.359 --> 0:22:01.520 It's not going to go about how you flip that 0:22:01.600 --> 0:22:04.680 property that you purchased for You got it for a 0:22:04.760 --> 0:22:08.320 defil for ten thousand, and then you spent put one 0:22:08.400 --> 0:22:10.119 hundred and thirty into it and you sold it for 0:22:10.760 --> 0:22:14.720 two eighty. And I think when we were speaking earlier offline, 0:22:14.840 --> 0:22:18.679 I had told you that I had a windfall, a 0:22:18.760 --> 0:22:22.680 windfall in crypto this week and I had to tell you, 0:22:23.160 --> 0:22:26.160 like I had to, I had to also say it's 0:22:26.240 --> 0:22:29.320 not it's not like I could replicate that all the time. Yes, 0:22:30.000 --> 0:22:33.280 you know, And I think sometimes we get so caught up, like, 0:22:33.640 --> 0:22:38.200 you know, we we score what the kids say, get 0:22:38.200 --> 0:22:43.479 a lick, hit a lick, hit a lick, right, So 0:22:43.920 --> 0:22:46.920 like everybody wants to hit a lick every time. That's 0:22:46.960 --> 0:22:51.399