1 00:00:03,400 --> 00:00:04,440 Speaker 1: It's way up with the Angela. 2 00:00:04,519 --> 00:00:06,800 Speaker 2: Yee, it's a wealth Wednesday, and I got Will Roundtree 3 00:00:06,880 --> 00:00:10,559 Speaker 2: here with me full time CEO. Yes, yes, yes, and 4 00:00:11,160 --> 00:00:13,520 Speaker 2: I'm excited to talk about One of my favorite things to. 5 00:00:13,480 --> 00:00:14,960 Speaker 1: Discuss is real estate. 6 00:00:15,080 --> 00:00:18,319 Speaker 2: Absolutely all right, So let's talk about where your whole 7 00:00:18,320 --> 00:00:20,800 Speaker 2: background comes from, because that's always important to our listeners. 8 00:00:20,840 --> 00:00:23,640 Speaker 1: You know what makes somebody an expert in real estate? 9 00:00:23,960 --> 00:00:27,160 Speaker 3: So honestly, don't even like using a word expert, guru 10 00:00:27,240 --> 00:00:29,960 Speaker 3: or none of that. I think it's really all about experience, right. 11 00:00:30,040 --> 00:00:32,800 Speaker 3: And so I'm originally from Milwaukee, Wisconsin, and I was 12 00:00:32,800 --> 00:00:35,280 Speaker 3: sold just like everybody else, Angela like go to school, 13 00:00:35,320 --> 00:00:37,440 Speaker 3: get the good grades, get the good job. But in 14 00:00:37,440 --> 00:00:40,360 Speaker 3: this generation, that don't work anymore, you know what I'm saying. 15 00:00:40,400 --> 00:00:42,960 Speaker 3: And so I wanted to find something that would put 16 00:00:42,960 --> 00:00:45,800 Speaker 3: me on a path of really creating something. And it 17 00:00:45,840 --> 00:00:48,080 Speaker 3: takes me back to a story back in two thousand 18 00:00:48,080 --> 00:00:52,240 Speaker 3: and three, my grandfather actually tried to give me forty 19 00:00:52,280 --> 00:00:55,880 Speaker 3: five houses. What grandfather was, He had a fifth grade education, 20 00:00:56,080 --> 00:00:58,520 Speaker 3: but he owned forty five houses in three car washes. 21 00:00:58,680 --> 00:00:59,440 Speaker 1: That's amazing. 22 00:01:00,080 --> 00:01:02,880 Speaker 3: I turned them down because the houses were in the hood. 23 00:01:03,000 --> 00:01:05,360 Speaker 3: They were quote unquote raggedy, and I didn't know the 24 00:01:05,440 --> 00:01:08,000 Speaker 3: value of real estate then and as I look back, 25 00:01:08,080 --> 00:01:11,039 Speaker 3: that portfolio would have been worth over five million dollars today. 26 00:01:11,160 --> 00:01:12,480 Speaker 1: What did he do with the houses? 27 00:01:13,040 --> 00:01:14,640 Speaker 3: Well, he liquidated everything. 28 00:01:15,520 --> 00:01:17,240 Speaker 1: I can't give it to you or I can just 29 00:01:17,280 --> 00:01:17,839 Speaker 1: sell it. 30 00:01:17,800 --> 00:01:20,479 Speaker 3: Right, And so going through that journey and not knowing, 31 00:01:20,760 --> 00:01:23,080 Speaker 3: you know what that value of that was, I went 32 00:01:23,240 --> 00:01:27,039 Speaker 3: just like everybody else. Work Eventually got into entrepreneurship in 33 00:01:27,040 --> 00:01:29,920 Speaker 3: two thousand and three, ended up moving to Las Vegas 34 00:01:30,000 --> 00:01:32,320 Speaker 3: in two thousand and five. But when I got to Vegas, 35 00:01:32,319 --> 00:01:36,160 Speaker 3: I found out why life was difficult. I had bad credit, you. 36 00:01:36,120 --> 00:01:36,680 Speaker 1: Know, in there. 37 00:01:37,120 --> 00:01:38,920 Speaker 2: And even before you get into that, I want to 38 00:01:38,920 --> 00:01:41,959 Speaker 2: flash back to what your grandfather did, because you know 39 00:01:42,200 --> 00:01:44,399 Speaker 2: it might not have gone well back then if you 40 00:01:44,440 --> 00:01:46,600 Speaker 2: didn't understand I know it would the value and kept 41 00:01:46,600 --> 00:01:49,000 Speaker 2: it up because I'll say this, like the first house 42 00:01:49,040 --> 00:01:51,320 Speaker 2: I ever bought, I had an opportunity to buy a 43 00:01:51,320 --> 00:01:54,240 Speaker 2: house in Brooklyn. You know, my friend had a family 44 00:01:54,280 --> 00:01:57,240 Speaker 2: member who passed and they gave the property to them 45 00:01:57,280 --> 00:01:59,680 Speaker 2: and they just wanted to sell everything off, and so 46 00:01:59,720 --> 00:02:01,240 Speaker 2: they were going to give it to me at such 47 00:02:01,240 --> 00:02:02,920 Speaker 2: a it was I think six hundred and ninety nine 48 00:02:02,960 --> 00:02:05,680 Speaker 2: thousand dollars, which in Brooklyn was amazing, a huge house 49 00:02:05,920 --> 00:02:08,560 Speaker 2: with a garage to drive away everything, and at that 50 00:02:08,639 --> 00:02:10,560 Speaker 2: time it was my first house, and I was like, 51 00:02:11,080 --> 00:02:13,000 Speaker 2: I don't know, you know what to do with this. 52 00:02:13,000 --> 00:02:15,560 Speaker 2: This isn't what I necessarily wanted. Like if I would 53 00:02:15,560 --> 00:02:17,880 Speaker 2: have had that opportunity later, it would have been great, 54 00:02:17,880 --> 00:02:20,240 Speaker 2: But I don't think that I would have been able 55 00:02:20,320 --> 00:02:22,280 Speaker 2: to do what I needed to do because I was 56 00:02:22,280 --> 00:02:24,639 Speaker 2: so new at it correct And so I think sometimes 57 00:02:24,680 --> 00:02:27,520 Speaker 2: timing is important too, because sometimes we kick ourselves for 58 00:02:27,720 --> 00:02:30,400 Speaker 2: not knowing at the time that we had an opportunity 59 00:02:30,440 --> 00:02:32,519 Speaker 2: what to do, but not knowing what to do could 60 00:02:32,520 --> 00:02:33,600 Speaker 2: have made things even worse. 61 00:02:33,680 --> 00:02:36,280 Speaker 3: Well, not only timing, I think it's a mindset too. 62 00:02:36,680 --> 00:02:37,639 Speaker 3: I wasn't prepared. 63 00:02:37,720 --> 00:02:39,520 Speaker 2: Yeah, so, and that's why I say timing, because I 64 00:02:39,560 --> 00:02:40,919 Speaker 2: just wasn't in that space. 65 00:02:41,200 --> 00:02:43,560 Speaker 3: But I tell people I'm actually thankful that happened because 66 00:02:43,600 --> 00:02:46,079 Speaker 3: now it forced me to learn what not to do. 67 00:02:46,760 --> 00:02:49,639 Speaker 3: And I think that's the difference. When people sayding that're 68 00:02:49,639 --> 00:02:52,239 Speaker 3: scared of failure, I'm like, how can you be scared 69 00:02:52,240 --> 00:02:55,960 Speaker 3: to fail at something you're already failing at so right 70 00:02:56,120 --> 00:02:58,560 Speaker 3: then was not even tried, not even try. 71 00:02:59,000 --> 00:03:00,600 Speaker 1: Okay, so go ahead, moved. 72 00:03:00,600 --> 00:03:02,840 Speaker 3: So I moved to Las Vegas. Found out that having 73 00:03:02,919 --> 00:03:06,000 Speaker 3: bad credit is expensive, you know, couldn't rent an apartment 74 00:03:06,040 --> 00:03:08,960 Speaker 3: without putting in two times a deposit down, couldn't buy 75 00:03:08,960 --> 00:03:10,720 Speaker 3: a vehicle without needing a co signer. 76 00:03:10,800 --> 00:03:12,000 Speaker 1: Definitely can't buy a house with that. 77 00:03:12,280 --> 00:03:16,240 Speaker 3: Especially now. And so I remember having a mentor who said, 78 00:03:16,280 --> 00:03:19,600 Speaker 3: will eventually credit will become the new dollar. So once 79 00:03:19,639 --> 00:03:21,800 Speaker 3: I started to figure out that I need to fix 80 00:03:21,840 --> 00:03:25,880 Speaker 3: my credit, took me two years. I owed everybody, including dogs, 81 00:03:25,919 --> 00:03:29,080 Speaker 3: like I owed everybody some money, and so got my 82 00:03:29,120 --> 00:03:30,920 Speaker 3: credit fixed, and then I was able to buy a 83 00:03:31,000 --> 00:03:33,840 Speaker 3: vehicle with no money down. It blew my mind. I 84 00:03:33,880 --> 00:03:37,080 Speaker 3: was able to purchase my first home in twenty thirteen, 85 00:03:37,160 --> 00:03:39,800 Speaker 3: and coming from Milwaukee, Wisconsin, owning a home of something 86 00:03:39,800 --> 00:03:42,600 Speaker 3: I never even imagined. And so then I started to 87 00:03:42,680 --> 00:03:46,920 Speaker 3: learn that ninety percent of successful, wealthy and affluent individuals 88 00:03:46,920 --> 00:03:49,160 Speaker 3: on real estate. So I said, I have to figure 89 00:03:49,200 --> 00:03:50,800 Speaker 3: out how to buy real estate. But I didn't have 90 00:03:50,840 --> 00:03:53,640 Speaker 3: a lot of money until I read the book Rich Dad, 91 00:03:53,720 --> 00:03:56,680 Speaker 3: Poor Dad and Robert Kyosaki, where he talked about using 92 00:03:56,720 --> 00:04:00,000 Speaker 3: opm other people's money. And so essentially what he does 93 00:04:00,320 --> 00:04:02,320 Speaker 3: is he goes to the bank and leverages the bank's 94 00:04:02,320 --> 00:04:05,200 Speaker 3: money to invest in real estate because the bank isn't 95 00:04:05,240 --> 00:04:07,040 Speaker 3: running out of money, well at least we hope not. 96 00:04:07,160 --> 00:04:07,920 Speaker 1: And they want you. 97 00:04:08,120 --> 00:04:10,280 Speaker 3: They want you to because that's the only way they 98 00:04:10,320 --> 00:04:11,760 Speaker 3: make money is by you leveraging it. 99 00:04:11,800 --> 00:04:13,840 Speaker 2: And I want to say, just to everything that you 100 00:04:13,960 --> 00:04:15,440 Speaker 2: just said, there are some people who feel like I'm 101 00:04:15,480 --> 00:04:17,240 Speaker 2: not buying something if I don't have the cash to 102 00:04:17,279 --> 00:04:17,640 Speaker 2: buy it. 103 00:04:17,760 --> 00:04:20,560 Speaker 3: Well, that's the wrong mentality to have, you know, because 104 00:04:20,560 --> 00:04:23,000 Speaker 3: here's the thing. If I have one hundred thousand dollars, 105 00:04:23,080 --> 00:04:26,080 Speaker 3: why would I go tie up one hundred thousand in 106 00:04:26,120 --> 00:04:28,280 Speaker 3: cash when I can use somebody else's money and make 107 00:04:28,360 --> 00:04:30,720 Speaker 3: money off of it. I tell people, you want to 108 00:04:30,800 --> 00:04:33,520 Speaker 3: use your cash for in case emergency breake glass. But 109 00:04:33,640 --> 00:04:35,000 Speaker 3: if I can go to the bank and get a 110 00:04:35,000 --> 00:04:37,480 Speaker 3: line and credit for one hundred thousand, it may cost me, 111 00:04:37,600 --> 00:04:41,120 Speaker 3: let's say, seven hundred to fifteen hundred dollars, depending on 112 00:04:41,160 --> 00:04:43,840 Speaker 3: the interest rate. I just go find a vehicle, i e. 113 00:04:43,960 --> 00:04:46,280 Speaker 3: A property, or buy a business that's going to pay 114 00:04:46,279 --> 00:04:48,560 Speaker 3: me at least two thousand dollars a month. So now 115 00:04:48,600 --> 00:04:50,880 Speaker 3: I'm servicing the debt on the debt and it's making 116 00:04:50,880 --> 00:04:52,880 Speaker 3: me money and it costs me nothing out of my pocket. 117 00:04:53,360 --> 00:04:54,320 Speaker 1: Do you think all right? 118 00:04:54,320 --> 00:04:56,520 Speaker 2: Now, I want to ask you this question because there's 119 00:04:56,560 --> 00:04:59,800 Speaker 2: a lot of different people who have different views on money, 120 00:04:59,839 --> 00:05:02,479 Speaker 2: on credit, right, what is something that you've done that 121 00:05:02,800 --> 00:05:04,560 Speaker 2: is not a popular. 122 00:05:05,839 --> 00:05:08,240 Speaker 1: Like a popular concept. 123 00:05:09,200 --> 00:05:13,279 Speaker 3: Yeah, I use credit cards. A lot of people, especially 124 00:05:13,279 --> 00:05:16,279 Speaker 3: in our community, they're scared of debt, but that's because 125 00:05:16,279 --> 00:05:19,440 Speaker 3: we don't overstand that there's different there's different debt structures. 126 00:05:19,720 --> 00:05:22,560 Speaker 3: Most of us are accustomed to what is called unstructured debt. 127 00:05:22,760 --> 00:05:24,560 Speaker 3: This is when we buy a house we can't afford, 128 00:05:24,800 --> 00:05:27,600 Speaker 3: we buy a car we can't afford. Most people are 129 00:05:27,760 --> 00:05:31,120 Speaker 3: not familiar with what it's called restructured debt. It's bankruptcy. 130 00:05:31,440 --> 00:05:34,159 Speaker 3: But we've been looked at we've looked at bankruptcy in 131 00:05:34,160 --> 00:05:35,719 Speaker 3: the negative, in a negative way. 132 00:05:35,839 --> 00:05:37,560 Speaker 2: But some of the richest people in the world are 133 00:05:37,560 --> 00:05:40,120 Speaker 2: always filing for bankrupts because they're protecting. 134 00:05:39,800 --> 00:05:43,400 Speaker 3: They're protecting their assets, and it's restructuring. But the thing 135 00:05:43,480 --> 00:05:46,400 Speaker 3: that I use that is unpopular, well, it's starting to 136 00:05:46,400 --> 00:05:49,440 Speaker 3: become a little more popular. It's called structured debt. This 137 00:05:49,520 --> 00:05:51,839 Speaker 3: is where I take debt from the bank, go buy 138 00:05:51,920 --> 00:05:54,640 Speaker 3: debt which is a property, and let the rent from 139 00:05:54,680 --> 00:05:56,960 Speaker 3: the property service all of the debt and still make 140 00:05:57,000 --> 00:05:59,159 Speaker 3: sure I have a return every month, you know. And 141 00:05:59,240 --> 00:06:01,720 Speaker 3: so I use my debt, I use credit to go 142 00:06:01,760 --> 00:06:04,839 Speaker 3: buy businesses, you know. And so these are the strategies 143 00:06:04,880 --> 00:06:07,440 Speaker 3: and concepts that we haven't been taught because we haven't 144 00:06:07,440 --> 00:06:10,520 Speaker 3: been taught about economics. It's bigger than money. It's a 145 00:06:10,560 --> 00:06:12,960 Speaker 3: difference between economics and money. And that's what I try 146 00:06:12,960 --> 00:06:13,960 Speaker 3: to teach people. 147 00:06:13,839 --> 00:06:15,760 Speaker 2: Because I think about things that people tell me I 148 00:06:15,760 --> 00:06:18,760 Speaker 2: shouldn't do. Like, for instance, I remember I don't know 149 00:06:18,760 --> 00:06:20,760 Speaker 2: if it was like Susie Orman, I can't remember who 150 00:06:20,839 --> 00:06:23,680 Speaker 2: it was, but they were talking about real estate. That's 151 00:06:23,720 --> 00:06:26,080 Speaker 2: not great to invest in, right, that's a bad idea. 152 00:06:26,560 --> 00:06:29,560 Speaker 2: And I think one of the things was condos. 153 00:06:29,120 --> 00:06:31,200 Speaker 1: That have an hoa feed. Right. 154 00:06:31,320 --> 00:06:33,760 Speaker 2: But I feel like because I do have one of those, 155 00:06:34,839 --> 00:06:37,160 Speaker 2: but I feel like it's been my easiest investment. 156 00:06:37,680 --> 00:06:40,800 Speaker 3: Well, I say, you always just look at the numbers. See, 157 00:06:40,800 --> 00:06:44,600 Speaker 3: I don't make deals emotionally. I don't care if it's 158 00:06:44,600 --> 00:06:47,839 Speaker 3: about the water or if it's near, you know, in 159 00:06:47,880 --> 00:06:51,560 Speaker 3: a C class neighborhood. As long as it can cash flow, 160 00:06:51,640 --> 00:06:54,000 Speaker 3: that's what I focus on. So believe it or not, 161 00:06:54,080 --> 00:06:57,120 Speaker 3: the ninety percent of my real estate portfolio, I couldn't 162 00:06:57,120 --> 00:06:58,480 Speaker 3: even tell you what the house looks like. 163 00:06:59,240 --> 00:06:59,880 Speaker 1: See that's hard. 164 00:07:00,360 --> 00:07:00,480 Speaker 3: Now. 165 00:07:00,520 --> 00:07:02,599 Speaker 2: That's something that I always feel like if I'm buying. 166 00:07:02,800 --> 00:07:05,680 Speaker 2: But I also don't have a huge Like the stuff 167 00:07:05,720 --> 00:07:10,240 Speaker 2: that I do is not high volume, right, you know, 168 00:07:10,360 --> 00:07:13,120 Speaker 2: like I have like a luxury property upstate New York. 169 00:07:13,160 --> 00:07:16,080 Speaker 2: I have a condo in Williamsburg on the waterfront. So 170 00:07:16,200 --> 00:07:19,040 Speaker 2: I like to do things that are more like a 171 00:07:19,240 --> 00:07:22,320 Speaker 2: luxury property that I know it'll be, you know, just 172 00:07:22,360 --> 00:07:24,760 Speaker 2: one because it's not what I do full time either, 173 00:07:25,360 --> 00:07:27,440 Speaker 2: and I do, you know, most recently, like we said, 174 00:07:27,480 --> 00:07:31,200 Speaker 2: I bought that building in Detroit. That's my biggest investment 175 00:07:31,240 --> 00:07:33,480 Speaker 2: to date as far as the thirty units. 176 00:07:33,640 --> 00:07:34,240 Speaker 1: Hear me too. 177 00:07:34,440 --> 00:07:35,960 Speaker 3: I sent you a d on two by the way 178 00:07:36,000 --> 00:07:37,760 Speaker 3: to congratulation. I didn't get a reply. 179 00:07:38,240 --> 00:07:41,160 Speaker 2: You know what, It's probably because we got to. I 180 00:07:41,160 --> 00:07:42,440 Speaker 2: got to make sure I follow you so I can 181 00:07:42,480 --> 00:07:44,760 Speaker 2: see your dms when I get them. But I appreciate 182 00:07:44,760 --> 00:07:46,600 Speaker 2: that because a lot of people had I didn't even 183 00:07:46,960 --> 00:07:48,640 Speaker 2: Sometimes it's hard for me to talk about things that 184 00:07:48,680 --> 00:07:52,280 Speaker 2: I'm doing because there's a lot of negativity from people like, oh, 185 00:07:52,320 --> 00:07:54,400 Speaker 2: you're just like they'll be like, oh, you're just doing 186 00:07:54,400 --> 00:07:55,960 Speaker 2: that for this reason, or you're doing that for that. 187 00:07:56,320 --> 00:07:58,440 Speaker 3: That's because they don't know any better. You know, a 188 00:07:58,440 --> 00:07:59,960 Speaker 3: lot of people ask me, well, why do you buy 189 00:08:00,200 --> 00:08:02,240 Speaker 3: properties in the hood, And I'm saying, do you know, 190 00:08:02,280 --> 00:08:04,480 Speaker 3: that's where the money is at. That's why it's called 191 00:08:04,480 --> 00:08:07,200 Speaker 3: gentrification going on right now. Do you look at any 192 00:08:07,240 --> 00:08:10,840 Speaker 3: major city that their neighborhoods or the hood is near 193 00:08:10,880 --> 00:08:12,880 Speaker 3: the downtown, that's where the money is pumping at. 194 00:08:13,080 --> 00:08:15,679 Speaker 2: That's true, and you know, I see that especially in Brooklyn. 195 00:08:15,760 --> 00:08:18,360 Speaker 2: We saw that in Harlem. And one thing I will say, 196 00:08:18,440 --> 00:08:21,800 Speaker 2: people talk about gentrification, but it's been great for people 197 00:08:21,880 --> 00:08:24,920 Speaker 2: who own and so if you were able to buy 198 00:08:24,960 --> 00:08:27,480 Speaker 2: something when you had the opportunity or your family was 199 00:08:27,520 --> 00:08:28,960 Speaker 2: able to do that and be able to pass that 200 00:08:29,040 --> 00:08:31,640 Speaker 2: down to you in a place a neighborhood that was affordable, 201 00:08:31,680 --> 00:08:34,320 Speaker 2: and then it gets gentrified, that is great for somebody 202 00:08:34,320 --> 00:08:36,360 Speaker 2: who was able to do that. It's unfortunate if you 203 00:08:36,360 --> 00:08:39,080 Speaker 2: don't own something and now it's really difficult to rent 204 00:08:39,120 --> 00:08:41,320 Speaker 2: and you're getting pushed out of certain areas. 205 00:08:41,720 --> 00:08:43,920 Speaker 1: And you know that's hard because a lot of families. 206 00:08:43,960 --> 00:08:46,640 Speaker 2: I don't think I was raised with the mindset of 207 00:08:47,000 --> 00:08:49,880 Speaker 2: let's invest in real estate. My grandfather he used to 208 00:08:49,880 --> 00:08:51,520 Speaker 2: always say, save your money, buy a house. He just 209 00:08:51,600 --> 00:08:54,280 Speaker 2: used to say that like that was it no direction 210 00:08:54,520 --> 00:08:56,720 Speaker 2: or anything more than that, right, And I watched him 211 00:08:56,760 --> 00:08:58,800 Speaker 2: build his house from scratch in the West Indies when 212 00:08:58,800 --> 00:09:01,520 Speaker 2: he retired, the house that we grew up into my 213 00:09:01,640 --> 00:09:04,080 Speaker 2: mom when he moved and retired, right. And so that's 214 00:09:04,120 --> 00:09:06,840 Speaker 2: how we even you know, my parents even owned a home, correct. 215 00:09:07,120 --> 00:09:09,360 Speaker 3: Yeah, No, I agree. And I think the thing is 216 00:09:09,480 --> 00:09:12,320 Speaker 3: because we don't know enough about enough. We don't we're 217 00:09:12,360 --> 00:09:14,760 Speaker 3: not taught ownership. Matter of fact, in a black and 218 00:09:14,800 --> 00:09:18,080 Speaker 3: brown community, especially the black community, homeownership has went from 219 00:09:18,120 --> 00:09:20,440 Speaker 3: its high as forty seven percent to about forty one 220 00:09:20,520 --> 00:09:24,360 Speaker 3: percent now. So it's actually decreasing in our community. But 221 00:09:24,480 --> 00:09:27,120 Speaker 3: that's because we look at home ownership is this like 222 00:09:28,040 --> 00:09:32,040 Speaker 3: unattainable obstacle, not knowing it's actually easier to get approved 223 00:09:32,080 --> 00:09:34,960 Speaker 3: for a home than a credit card, is it. Yeah, 224 00:09:34,960 --> 00:09:36,760 Speaker 3: because for a house, you can get approved at a 225 00:09:36,760 --> 00:09:38,680 Speaker 3: five eighty a credit card. You need a six eighty 226 00:09:38,720 --> 00:09:39,640 Speaker 3: to a seven hundred, but. 227 00:09:39,559 --> 00:09:40,680 Speaker 1: Your interest will be really high. 228 00:09:40,800 --> 00:09:44,319 Speaker 3: The interests are relevant, especially as an investor. 229 00:09:44,600 --> 00:09:46,920 Speaker 2: Well, okay, as an investor, yes, yeah. What was your 230 00:09:46,960 --> 00:09:48,360 Speaker 2: first property that you purchased? 231 00:09:48,720 --> 00:09:49,960 Speaker 3: Personal or investment? 232 00:09:50,040 --> 00:09:50,439 Speaker 1: Personal? 233 00:09:50,920 --> 00:09:53,000 Speaker 3: My first property I bought. It was for two hundred 234 00:09:53,040 --> 00:09:54,960 Speaker 3: and fifty thousand in Las Vegas. 235 00:09:55,040 --> 00:09:57,720 Speaker 1: Yes, okay. And then investment. What was your first property? 236 00:09:57,720 --> 00:10:00,720 Speaker 3: It was a property in Cleveland, Ohio and in East Cleveland. 237 00:10:00,760 --> 00:10:03,240 Speaker 3: I pay twenty five thousand for it on a credit card. 238 00:10:04,800 --> 00:10:05,520 Speaker 1: That's amazing. 239 00:10:05,720 --> 00:10:07,720 Speaker 3: Definitely. I can show you how I did it too, Yeah, 240 00:10:08,080 --> 00:10:11,520 Speaker 3: tell me definitely. So essentially, it's a strategy. So if 241 00:10:11,559 --> 00:10:14,000 Speaker 3: I have credit, okay, all I have to do is 242 00:10:14,120 --> 00:10:16,800 Speaker 3: calculate how much the credit is gonna cost me. It's 243 00:10:16,840 --> 00:10:19,880 Speaker 3: all numbers, so I know if the property is gonna 244 00:10:19,920 --> 00:10:22,359 Speaker 3: cost me. It's no different than if I have a mortgage. 245 00:10:22,440 --> 00:10:24,520 Speaker 3: So if I pull twenty five thousand from a line 246 00:10:24,559 --> 00:10:26,560 Speaker 3: of credit and it's gonna cost me, let's say six 247 00:10:26,640 --> 00:10:30,400 Speaker 3: hundred bucks, the property was already cash flowing. See, I 248 00:10:30,480 --> 00:10:33,120 Speaker 3: only buy turnkey properties. I don't buy properties. I have 249 00:10:33,200 --> 00:10:35,679 Speaker 3: to go in and rehab because there's too much that 250 00:10:35,679 --> 00:10:37,760 Speaker 3: can take place that I can't control. 251 00:10:38,080 --> 00:10:39,360 Speaker 1: Trust me, I know I'm dealing with. 252 00:10:39,360 --> 00:10:43,000 Speaker 3: It happened to me, But I'm glad I went through 253 00:10:43,000 --> 00:10:45,120 Speaker 3: that because it was the mistake I needed that took 254 00:10:45,160 --> 00:10:47,480 Speaker 3: me on a path to doing only turnkey. So the 255 00:10:47,520 --> 00:10:50,360 Speaker 3: property was turnkey and already nine hundred and seventy five 256 00:10:50,400 --> 00:10:53,520 Speaker 3: dollars a month. This was in twenty eighteen, and so 257 00:10:53,559 --> 00:10:56,640 Speaker 3: the rent is going to cover the debt. And now 258 00:10:56,880 --> 00:10:58,840 Speaker 3: not only do I have an asset that I can 259 00:10:58,880 --> 00:11:02,640 Speaker 3: hold in and make money off of forever, but then 260 00:11:02,720 --> 00:11:05,280 Speaker 3: if I wanted to get liquid, all I do I 261 00:11:05,320 --> 00:11:07,640 Speaker 3: don't sell my property. Gee, I do what's called a 262 00:11:07,679 --> 00:11:10,560 Speaker 3: cash out refinance. This way, I can borrow up to 263 00:11:10,679 --> 00:11:13,920 Speaker 3: eighty percent of the value of the home completely tax free. 264 00:11:14,040 --> 00:11:16,480 Speaker 1: Is that like an equity line of credit or a. 265 00:11:16,520 --> 00:11:19,000 Speaker 3: Home equity line of credit is something it's like taking 266 00:11:19,040 --> 00:11:21,160 Speaker 3: a second on your house or a line of credit 267 00:11:21,200 --> 00:11:23,600 Speaker 3: on your property, which typically you can only do that 268 00:11:23,640 --> 00:11:27,400 Speaker 3: on your primary residency. On an investment property, you do 269 00:11:28,080 --> 00:11:32,040 Speaker 3: a refinance where you're pulling money out against the equity 270 00:11:32,080 --> 00:11:35,439 Speaker 3: of the property. But the whole concept of why I 271 00:11:35,440 --> 00:11:37,199 Speaker 3: want to share that in what I want the listeners 272 00:11:37,200 --> 00:11:39,760 Speaker 3: to know why that's so powerful. This is why wealthy 273 00:11:39,760 --> 00:11:42,559 Speaker 3: people don't save money in the banks. They tuck them 274 00:11:42,559 --> 00:11:44,800 Speaker 3: into assets, and then when they want to get liquid, 275 00:11:45,080 --> 00:11:47,760 Speaker 3: they refinance the property because it's tax free. 276 00:11:47,840 --> 00:11:49,679 Speaker 2: I was telling one of my friends that the other day, 277 00:11:49,679 --> 00:11:51,120 Speaker 2: if you have too much money in the bank, then 278 00:11:51,160 --> 00:11:51,800 Speaker 2: there's an issue. 279 00:11:51,840 --> 00:11:54,360 Speaker 1: You're losing money, yeah, because that money's not working for you. 280 00:11:54,400 --> 00:11:56,120 Speaker 2: That it's just that you'll get on money that's sitting 281 00:11:56,120 --> 00:11:58,079 Speaker 2: in the bank is nothing compared to what you can 282 00:11:58,120 --> 00:12:00,000 Speaker 2: get if you make an investment. 283 00:12:00,320 --> 00:12:03,040 Speaker 1: But some people are also scared, right that it might be. 284 00:12:03,080 --> 00:12:05,720 Speaker 2: A bad investment, or how do I know how to 285 00:12:05,760 --> 00:12:06,520 Speaker 2: even get started? 286 00:12:06,559 --> 00:12:07,720 Speaker 1: Who do I even trust? 287 00:12:07,920 --> 00:12:10,760 Speaker 3: So here's the thing I tell people, let's take the 288 00:12:10,840 --> 00:12:13,720 Speaker 3: emotions out in the whole trust factor. You just have 289 00:12:13,800 --> 00:12:17,520 Speaker 3: to know fifth grade math, you know. So if I 290 00:12:17,600 --> 00:12:20,360 Speaker 3: know if I have one hundred thousand dollars, okay, and 291 00:12:20,400 --> 00:12:23,320 Speaker 3: I go and buy a property, I find a property 292 00:12:23,320 --> 00:12:26,439 Speaker 3: that's just going to cash flow. And unless your property 293 00:12:26,600 --> 00:12:30,280 Speaker 3: is in an unlivable condition, somebody is always going to 294 00:12:30,320 --> 00:12:33,120 Speaker 3: want to rent it because we all have to live somewhere. 295 00:12:33,320 --> 00:12:35,280 Speaker 3: Let's just be honest. But here's why people get in 296 00:12:35,280 --> 00:12:38,360 Speaker 3: trouble in real estate Angela. They overbuy. They buy the 297 00:12:38,400 --> 00:12:41,440 Speaker 3: property that they want to live in, so it makes 298 00:12:41,480 --> 00:12:44,959 Speaker 3: it unattainable from a cash flowing standpoint because the rents 299 00:12:45,000 --> 00:12:47,960 Speaker 3: won't service the debt, or they put family members in 300 00:12:48,080 --> 00:12:50,120 Speaker 3: or they don't run it like a business. See, I 301 00:12:50,240 --> 00:12:52,560 Speaker 3: run my real estate portfolio like a business. 302 00:12:52,640 --> 00:12:54,839 Speaker 1: I'm definitely more emotional when it comes to you. 303 00:12:54,960 --> 00:12:56,240 Speaker 3: We got to help you remove that. 304 00:12:56,960 --> 00:12:58,080 Speaker 1: No, I'm not gonna lie. 305 00:12:58,720 --> 00:13:02,720 Speaker 2: And I've learned, like I've had issues with tenants. 306 00:13:01,960 --> 00:13:04,240 Speaker 3: And placing attenance though so. 307 00:13:04,520 --> 00:13:08,680 Speaker 2: Only in one scenario, and I will not do that again. 308 00:13:08,720 --> 00:13:10,480 Speaker 3: We got to get your property management team. 309 00:13:10,559 --> 00:13:12,560 Speaker 2: Yeah, I actually have one now, so I'm in the 310 00:13:12,600 --> 00:13:16,280 Speaker 2: process of trying to remedy that situation. But it was 311 00:13:16,320 --> 00:13:18,120 Speaker 2: a learning lesson, like you said, for me, for me 312 00:13:18,200 --> 00:13:20,880 Speaker 2: trying to help somebody and being really nice about even 313 00:13:20,920 --> 00:13:24,240 Speaker 2: the amount of money that they pay, and then you know, 314 00:13:24,320 --> 00:13:26,880 Speaker 2: some people will never it's never enough ever. 315 00:13:27,080 --> 00:13:31,000 Speaker 3: Yeah, and Christmas and come on, yee, I gotta buy 316 00:13:31,040 --> 00:13:33,040 Speaker 3: presents and then they don't want to pay rent. So 317 00:13:33,120 --> 00:13:35,560 Speaker 3: I just remove that emotion. My tenants don't even know 318 00:13:35,600 --> 00:13:38,360 Speaker 3: I'm the owner because all of my properties under an LLC. 319 00:13:38,960 --> 00:13:41,000 Speaker 2: So yeah, and I do have LLCs for all of 320 00:13:41,000 --> 00:13:43,120 Speaker 2: my and that's another thing that I learned to do. 321 00:13:43,160 --> 00:13:45,280 Speaker 2: But you know, even for me doing like my first 322 00:13:45,360 --> 00:13:49,280 Speaker 2: ever airbnb Upstate, it's a beautiful property, but it's a 323 00:13:49,320 --> 00:13:51,600 Speaker 2: lot of things that I didn't take into account when 324 00:13:51,720 --> 00:13:54,640 Speaker 2: I actually purchased it. You know. Fortunately, it is paying 325 00:13:54,679 --> 00:13:57,360 Speaker 2: for itself, you know, in that space, So I'm grateful 326 00:13:57,400 --> 00:14:00,520 Speaker 2: for that. But if I had to do things now, 327 00:14:00,520 --> 00:14:03,680 Speaker 2: I know, you know, so it hasn't been awful, but 328 00:14:03,760 --> 00:14:05,840 Speaker 2: it also I'm like, Okay, I messed up here. I 329 00:14:05,880 --> 00:14:07,880 Speaker 2: messed up with this, and the next one that I 330 00:14:07,880 --> 00:14:09,160 Speaker 2: do is going to be a little different. 331 00:14:09,200 --> 00:14:11,040 Speaker 3: So I think you kind of answered your question was 332 00:14:11,080 --> 00:14:13,680 Speaker 3: how do you protect the bad investment? It's paying for itself, 333 00:14:14,000 --> 00:14:16,600 Speaker 3: So we have to overstand that sometimes breaking even is 334 00:14:16,640 --> 00:14:17,000 Speaker 3: a win. 335 00:14:17,240 --> 00:14:19,440 Speaker 1: Yeah, it is a win because we lose. 336 00:14:19,080 --> 00:14:21,720 Speaker 3: So often with a lot of investments. But at the 337 00:14:21,800 --> 00:14:24,080 Speaker 3: end of the day, and always say, when you buy 338 00:14:24,120 --> 00:14:26,080 Speaker 3: real estate the right way, because you make your money 339 00:14:26,120 --> 00:14:28,520 Speaker 3: at the purchase. If you buy it the right way, 340 00:14:28,560 --> 00:14:31,280 Speaker 3: if things hit the fan, you could sell that property 341 00:14:31,320 --> 00:14:32,280 Speaker 3: and at least break even. 342 00:14:32,400 --> 00:14:34,520 Speaker 2: Yeah, and if I sold that property, I wouldn't make 343 00:14:34,560 --> 00:14:37,240 Speaker 2: money because it's worth more than when I bought it 344 00:14:37,280 --> 00:14:38,600 Speaker 2: a couple of years ago already. 345 00:14:38,680 --> 00:14:40,480 Speaker 1: So you were in a win win situation. 346 00:14:40,480 --> 00:14:41,800 Speaker 3: So I got a place to stay when I need 347 00:14:41,800 --> 00:14:42,520 Speaker 3: to go there, right. 348 00:14:42,440 --> 00:14:42,840 Speaker 1: Yes you did. 349 00:14:42,960 --> 00:14:44,760 Speaker 3: Okay, y'all heard that. Yah, y'all heard that. 350 00:14:45,480 --> 00:14:47,280 Speaker 2: But the business side of me is like, well talk 351 00:14:47,320 --> 00:14:50,800 Speaker 2: to the real to no kidding. And I do always 352 00:14:50,840 --> 00:14:52,520 Speaker 2: try to hook up my friends, like if one of 353 00:14:52,560 --> 00:14:54,600 Speaker 2: my friends hits me up, because I think part of 354 00:14:54,640 --> 00:14:56,840 Speaker 2: me even having that is a space where I can 355 00:14:56,880 --> 00:14:59,440 Speaker 2: go to where I can also let my friends, you know, 356 00:14:59,560 --> 00:15:02,000 Speaker 2: be able to to use it as well, absolutely, which 357 00:15:02,000 --> 00:15:03,920 Speaker 2: is not very business definitely. 358 00:15:04,120 --> 00:15:06,960 Speaker 3: That's why you get a manager. Let them be the liaison. 359 00:15:07,080 --> 00:15:09,720 Speaker 2: Now let's talk about some of the quote unquote failures 360 00:15:09,720 --> 00:15:10,920 Speaker 2: too and what you learn from that. 361 00:15:12,080 --> 00:15:14,240 Speaker 3: Man. So on the real estate side, I think the 362 00:15:14,280 --> 00:15:17,040 Speaker 3: biggest one is the emotional part. You know, I don't 363 00:15:17,040 --> 00:15:20,119 Speaker 3: buy stuff because it's pretty. I buy stuff because it's profitable. 364 00:15:20,160 --> 00:15:21,920 Speaker 3: I'd be like, this is amazing, see, And that's where 365 00:15:21,920 --> 00:15:24,640 Speaker 3: people get messed up at you. And so people get 366 00:15:24,720 --> 00:15:26,880 Speaker 3: jammed up. And again that's why I don't necessarily go 367 00:15:26,920 --> 00:15:30,160 Speaker 3: look at the properties. So here's what I normally do. 368 00:15:30,280 --> 00:15:33,120 Speaker 3: My realator will send me a deal and we'll run 369 00:15:33,160 --> 00:15:35,840 Speaker 3: the numbers. I'm like, okay, bet the numbers make sense. 370 00:15:35,880 --> 00:15:38,720 Speaker 3: Here's the potential rents or a lot of my properties 371 00:15:38,720 --> 00:15:42,040 Speaker 3: already have tenants in there, so I'll send my home 372 00:15:42,080 --> 00:15:45,800 Speaker 3: inspector over there. As long as the home inspector make 373 00:15:45,840 --> 00:15:48,240 Speaker 3: sure that the four main points that I look for 374 00:15:48,440 --> 00:15:54,320 Speaker 3: to qualify. I'm looking at roofing, I'm looking at the foundation, heating, plumbing, 375 00:15:54,480 --> 00:15:57,880 Speaker 3: and electrical. As long as those things check out and 376 00:15:57,920 --> 00:16:01,440 Speaker 3: everything else is good, and as long as I know 377 00:16:01,520 --> 00:16:03,880 Speaker 3: it can cash flow and it can service the debt, 378 00:16:03,920 --> 00:16:06,960 Speaker 3: that I'm fine with that. Outside of that, those are 379 00:16:07,000 --> 00:16:09,680 Speaker 3: typically the biggest mistakes people make. Is they either buy 380 00:16:10,080 --> 00:16:12,440 Speaker 3: with emotion, or they buy and they're trying to do 381 00:16:12,520 --> 00:16:15,960 Speaker 3: everything themselves, or they are, you know, utilizing all of 382 00:16:16,000 --> 00:16:19,720 Speaker 3: their money. The biggest one is one of your highing contractors. 383 00:16:19,960 --> 00:16:22,000 Speaker 3: I tell people, if you're a new investor and you're 384 00:16:22,000 --> 00:16:25,000 Speaker 3: trying to do real estate flipping and you're calling contractors, 385 00:16:25,400 --> 00:16:28,440 Speaker 3: they usually see the worst sucker on your forebee because 386 00:16:28,600 --> 00:16:31,440 Speaker 3: they're gonna over They're gonna underbid you, They're gonna bust 387 00:16:31,440 --> 00:16:33,360 Speaker 3: open the walls, and then now they're gonna say, okay, 388 00:16:33,760 --> 00:16:36,800 Speaker 3: we got a ten thousand dollars plumbing issue. So there's 389 00:16:36,840 --> 00:16:39,040 Speaker 3: just too many things that can go wrong. And I 390 00:16:39,120 --> 00:16:42,200 Speaker 3: believe in what's called velocity of money, how fast I 391 00:16:42,200 --> 00:16:43,880 Speaker 3: can put it out there and how fast I can 392 00:16:43,920 --> 00:16:47,160 Speaker 3: get it back, so I mitigate, you know, all of 393 00:16:46,880 --> 00:16:50,240 Speaker 3: the errors that can go wrong by either doing turnkey 394 00:16:50,800 --> 00:16:53,120 Speaker 3: or buying things that I don't have to go in 395 00:16:53,160 --> 00:16:55,240 Speaker 3: and do a bunch of rehab at because it puts 396 00:16:55,240 --> 00:16:57,440 Speaker 3: me in a position to make my money back immediately. 397 00:16:57,520 --> 00:16:59,280 Speaker 1: Are you more of a hold and sell type a 398 00:16:59,320 --> 00:17:01,400 Speaker 1: person or I hold? 399 00:17:01,480 --> 00:17:05,159 Speaker 3: I don't flip real estate because when you think about wealth, 400 00:17:05,680 --> 00:17:08,160 Speaker 3: people think making money or making a lot of money 401 00:17:08,280 --> 00:17:10,680 Speaker 3: is being wealthy. But when you look up the definition 402 00:17:10,800 --> 00:17:14,200 Speaker 3: and the layman's terms of wealth is an accumulation of assets. 403 00:17:14,480 --> 00:17:17,159 Speaker 3: If I sell all of Big Mama's houses, or in 404 00:17:17,160 --> 00:17:18,600 Speaker 3: my case, when I got rid of all of my 405 00:17:18,600 --> 00:17:21,560 Speaker 3: grandfather's houses, nothing in our family is going to pay 406 00:17:21,600 --> 00:17:23,719 Speaker 3: us for the rest of our lives. So I have 407 00:17:23,800 --> 00:17:26,040 Speaker 3: to hold my real estate. And this is why I'm 408 00:17:26,080 --> 00:17:28,320 Speaker 3: so passionate This is why I've been traveling the country 409 00:17:28,480 --> 00:17:31,280 Speaker 3: for the past seven years on my own dime, going 410 00:17:31,320 --> 00:17:34,920 Speaker 3: out doing free workshops, doing pop up events, and why 411 00:17:34,960 --> 00:17:37,240 Speaker 3: I'm writing books and doing all of these things because 412 00:17:37,359 --> 00:17:40,800 Speaker 3: nobody's really teaching us these concepts. These are all concepts 413 00:17:40,840 --> 00:17:42,360 Speaker 3: that were not being taught now. 414 00:17:42,400 --> 00:17:44,800 Speaker 1: Some people also feel like, well, does credit matter if 415 00:17:44,840 --> 00:17:45,760 Speaker 1: I have cash? 416 00:17:45,800 --> 00:17:48,240 Speaker 3: Absolutelyity, okay, because why would I use all my Why 417 00:17:48,240 --> 00:17:49,840 Speaker 3: would I use all my cash when I can go 418 00:17:49,880 --> 00:17:50,880 Speaker 3: and play with the bank's money. 419 00:17:50,880 --> 00:17:52,840 Speaker 2: Because I always hear people say that, well, if I 420 00:17:52,880 --> 00:17:55,160 Speaker 2: have cash and credit doesn't really matter, it's no big deal. 421 00:17:55,160 --> 00:17:57,520 Speaker 1: And I don't know where that line of thinking came from. 422 00:17:57,640 --> 00:17:59,680 Speaker 3: So this is what I tell people. All Right, let's 423 00:17:59,680 --> 00:18:02,800 Speaker 3: say you I have one hundred thousand dollars cash and 424 00:18:03,000 --> 00:18:05,360 Speaker 3: I have one hundred thousand dollars worth of credit. Once 425 00:18:05,359 --> 00:18:07,439 Speaker 3: your one hundred thousand dollars of cash runs out, how 426 00:18:07,520 --> 00:18:08,399 Speaker 3: much do you have left? 427 00:18:08,640 --> 00:18:08,920 Speaker 1: Zero? 428 00:18:09,040 --> 00:18:10,560 Speaker 3: But guess what, I can go to another bank and 429 00:18:10,560 --> 00:18:14,040 Speaker 3: get another one hundred thousand, so I'll always have access 430 00:18:14,080 --> 00:18:14,600 Speaker 3: to capital. 431 00:18:14,760 --> 00:18:17,160 Speaker 2: How are you when it comes to paying off properties? 432 00:18:17,200 --> 00:18:18,680 Speaker 2: What are your thoughts on that great question? 433 00:18:18,680 --> 00:18:20,280 Speaker 3: Because I know you paid off your house, not to. 434 00:18:20,280 --> 00:18:23,200 Speaker 2: Say I paid off well, No, listen, I've paid off 435 00:18:24,160 --> 00:18:26,840 Speaker 2: the first house I ever bought, plus the condo and Williamsburg, 436 00:18:26,920 --> 00:18:30,080 Speaker 2: plus I bought you know, everything cash except for the 437 00:18:30,080 --> 00:18:32,560 Speaker 2: building in Detroit. So the house I have there is 438 00:18:32,600 --> 00:18:35,080 Speaker 2: paid for because it was twenty five thousand dollars. 439 00:18:35,080 --> 00:18:38,960 Speaker 3: No. Absolutely, Yeah. So here's my concept about that. When 440 00:18:38,960 --> 00:18:42,200 Speaker 3: we hear the term debt free, most people, I think, 441 00:18:42,320 --> 00:18:45,800 Speaker 3: think you should not owe anybody but debt free. It 442 00:18:45,840 --> 00:18:50,520 Speaker 3: should be consumer debt, wasteful credit card spending, debt, et cetera, 443 00:18:50,560 --> 00:18:53,000 Speaker 3: et cetera. When it comes to paying off of property, 444 00:18:53,480 --> 00:18:56,520 Speaker 3: it depends on your scenario. For me personally, that's not 445 00:18:56,600 --> 00:19:00,560 Speaker 3: necessarily a goal of mine, because I'm gonna always leverage 446 00:19:00,600 --> 00:19:03,440 Speaker 3: the debt. So, for example, if I have a string 447 00:19:03,480 --> 00:19:05,840 Speaker 3: of properties, and let's say I eventually pay them off, 448 00:19:06,160 --> 00:19:09,400 Speaker 3: I'm gonna now do what's called a portfolio loan, which 449 00:19:09,440 --> 00:19:11,640 Speaker 3: means I'm gonna go and get a loan against all 450 00:19:11,720 --> 00:19:14,679 Speaker 3: five properties and then go and use that money to 451 00:19:14,720 --> 00:19:17,880 Speaker 3: go buy another bigger property, whether it's a multifamily, whether 452 00:19:17,920 --> 00:19:20,560 Speaker 3: it's a commercial building, which I bought an old historical 453 00:19:20,600 --> 00:19:24,399 Speaker 3: bank in Milwaukee. So so I'm always gonna leverage the 454 00:19:24,560 --> 00:19:26,840 Speaker 3: debt to go make me more money because the goal 455 00:19:27,040 --> 00:19:30,720 Speaker 3: is every single dollar or every single credit dollar, my 456 00:19:30,840 --> 00:19:32,680 Speaker 3: goal is to get at least a two point five 457 00:19:33,000 --> 00:19:35,879 Speaker 3: x return on that. And I look at every dollar 458 00:19:35,920 --> 00:19:39,680 Speaker 3: as an employee. So you deploy money, you deploy capital. 459 00:19:39,760 --> 00:19:41,280 Speaker 3: You don't hold it and save it and put it 460 00:19:41,320 --> 00:19:41,840 Speaker 3: in the bank. 461 00:19:42,320 --> 00:19:44,600 Speaker 2: Right now, I know that's something, but you know what, 462 00:19:44,840 --> 00:19:48,520 Speaker 2: I still feel like relief. I do have mortgages still, 463 00:19:48,760 --> 00:19:52,520 Speaker 2: but there's those things that I've paid off, so I 464 00:19:52,520 --> 00:19:54,760 Speaker 2: feel stable with those, and then I had the other things. 465 00:19:54,800 --> 00:19:56,679 Speaker 2: It makes me not nervous because I always know I 466 00:19:56,680 --> 00:19:59,359 Speaker 2: have these assets that if necessary, I can just be like, 467 00:19:59,359 --> 00:19:59,800 Speaker 2: all right. 468 00:19:59,680 --> 00:20:01,119 Speaker 1: Well we'll just you know, sell that. 469 00:20:01,280 --> 00:20:05,040 Speaker 3: If you don't sell them against them, you borrow because see, 470 00:20:05,080 --> 00:20:06,639 Speaker 3: when you sell it, guess what you gotta do? 471 00:20:07,480 --> 00:20:10,639 Speaker 2: Pay taxes, taxes unless you do a ten thirty one exchange, 472 00:20:10,720 --> 00:20:11,560 Speaker 2: and then you can guess something. 473 00:20:12,160 --> 00:20:14,920 Speaker 3: But why not just borrow against it and don't pay 474 00:20:14,960 --> 00:20:17,240 Speaker 3: any tax right now you're gonna get the same amount. 475 00:20:17,400 --> 00:20:19,520 Speaker 2: Now, let's talk about what you have going on though 476 00:20:19,520 --> 00:20:21,119 Speaker 2: with your coaching program. 477 00:20:21,240 --> 00:20:23,520 Speaker 3: Yeah, so myri I ninety program, which stands for real 478 00:20:23,600 --> 00:20:27,280 Speaker 3: estate investing, where I target three different you know, prototypes, 479 00:20:27,320 --> 00:20:31,080 Speaker 3: the newbies, people who I call like lifelong strugglers, people 480 00:20:31,080 --> 00:20:32,959 Speaker 3: who are who have been trying to double dutch their 481 00:20:33,000 --> 00:20:35,440 Speaker 3: way into real estate but can't seem to get a grip, 482 00:20:35,440 --> 00:20:38,080 Speaker 3: and in the future planners. And so essentially I have 483 00:20:38,119 --> 00:20:41,840 Speaker 3: a step by step process of concepts that teach people 484 00:20:41,840 --> 00:20:43,960 Speaker 3: how to buy real estate, but how to build a 485 00:20:43,960 --> 00:20:47,439 Speaker 3: real estate team. And I've purchased all my properties literally 486 00:20:47,440 --> 00:20:50,840 Speaker 3: from my iPhone ye meaning like it's really just it's 487 00:20:51,119 --> 00:20:53,760 Speaker 3: all numbers, and I try to teach people how to 488 00:20:53,800 --> 00:20:56,440 Speaker 3: remove the emotions. I actually have a webinar coming up 489 00:20:56,680 --> 00:20:59,800 Speaker 3: August thirtieth, where it's a free webinar online. I'm gonna 490 00:20:59,800 --> 00:21:03,040 Speaker 3: be teaching people these concepts. I'm gonna be primarily focusing 491 00:21:03,200 --> 00:21:05,760 Speaker 3: on speaking to the newbies, show them not only how 492 00:21:05,760 --> 00:21:08,600 Speaker 3: to find real estate deals, what constitutes a good deal. 493 00:21:08,760 --> 00:21:10,440 Speaker 3: I'm even show them how to get the money from 494 00:21:10,480 --> 00:21:12,440 Speaker 3: the banks to do the real estate so you can 495 00:21:12,480 --> 00:21:14,879 Speaker 3: have zero dollars, and I'm gonna show you how to 496 00:21:14,880 --> 00:21:17,879 Speaker 3: get through the properties. And then September thirtieth, I'm actually 497 00:21:17,880 --> 00:21:20,959 Speaker 3: doing the in person event in Milwaukee Wisconsin where we're 498 00:21:21,000 --> 00:21:24,000 Speaker 3: actually gonna rent buses and take them into the communities. 499 00:21:24,040 --> 00:21:26,520 Speaker 3: I'm gonna show them how to evaluate deals. I'm gonna 500 00:21:26,520 --> 00:21:30,160 Speaker 3: have my contractor there. I'm gonna have my property manager there, 501 00:21:30,320 --> 00:21:32,920 Speaker 3: my lender, my banker, I mean, I have a banker 502 00:21:33,480 --> 00:21:37,280 Speaker 3: who lends for properties what is called a DSCR loan, 503 00:21:37,359 --> 00:21:41,240 Speaker 3: which stands for Debt service coverage ratio loan. Essentially, they'll 504 00:21:41,280 --> 00:21:44,160 Speaker 3: finance any deal as long as it has a one 505 00:21:44,200 --> 00:21:47,520 Speaker 3: to one ratio. So if the mortgage is a thousand, 506 00:21:47,520 --> 00:21:49,320 Speaker 3: as long as the rent is at least a thousand 507 00:21:49,400 --> 00:21:52,040 Speaker 3: or more, they'll finance the deal. They'll put it under 508 00:21:52,040 --> 00:21:54,240 Speaker 3: your business name, so that debt is not on your 509 00:21:54,240 --> 00:21:58,000 Speaker 3: personal debt, and it also protects you from getting into 510 00:21:58,080 --> 00:22:00,480 Speaker 3: bad deals because now you can't go get a deal 511 00:22:00,560 --> 00:22:03,320 Speaker 3: that's worth this and the rent it's here, so you 512 00:22:03,359 --> 00:22:07,399 Speaker 3: can't starve. Finance absolutely, so we even have different things 513 00:22:07,400 --> 00:22:09,320 Speaker 3: that I teach people how to put things in place 514 00:22:09,359 --> 00:22:11,960 Speaker 3: to protect themselves so they don't get jammed up. 515 00:22:12,280 --> 00:22:13,400 Speaker 1: How about instinct? 516 00:22:13,520 --> 00:22:17,040 Speaker 2: What part does instinct play when it comes to purchasing 517 00:22:17,160 --> 00:22:19,159 Speaker 2: or investing in real estate or do you feel like 518 00:22:19,240 --> 00:22:21,560 Speaker 2: it's only I got to talk to my you know, 519 00:22:21,640 --> 00:22:22,280 Speaker 2: my accountant. 520 00:22:22,320 --> 00:22:23,439 Speaker 1: I have to do this, I have to do that. 521 00:22:23,560 --> 00:22:25,560 Speaker 2: Or sometimes are you like, my gut is telling me 522 00:22:26,080 --> 00:22:27,800 Speaker 2: don't do this, or my gut is telling me to 523 00:22:28,359 --> 00:22:28,960 Speaker 2: go for it. 524 00:22:29,040 --> 00:22:31,480 Speaker 3: So I'm one that believes that you should always follow 525 00:22:31,480 --> 00:22:34,640 Speaker 3: your instinct, whether it's in relationships, whether it's in money 526 00:22:34,720 --> 00:22:37,960 Speaker 3: or whatever. But I can remove all of that by 527 00:22:38,080 --> 00:22:40,560 Speaker 3: just looking at the numbers. So I often say you 528 00:22:40,600 --> 00:22:44,200 Speaker 3: can be successful in real estate and business because it's 529 00:22:44,200 --> 00:22:45,240 Speaker 3: all fifth grade math. 530 00:22:46,040 --> 00:22:49,160 Speaker 2: Sometimes we can't predict, like I think even in Harlem 531 00:22:49,160 --> 00:22:51,640 Speaker 2: when people had opportunities to invest there but people didn't 532 00:22:51,680 --> 00:22:53,840 Speaker 2: have the vision to see what it could be. Or 533 00:22:53,880 --> 00:22:56,760 Speaker 2: even in Brooklyn as neighborhoods are changing, or in Detroit 534 00:22:56,800 --> 00:22:57,280 Speaker 2: some people. 535 00:22:57,119 --> 00:22:59,280 Speaker 3: That I can tell you why that's the case, because 536 00:22:59,280 --> 00:23:01,960 Speaker 3: people are trying to get rich off of one deal. Okay, 537 00:23:02,600 --> 00:23:05,600 Speaker 3: when people chase equity, which means, hey, let me buy 538 00:23:05,720 --> 00:23:08,919 Speaker 3: high and hope that it goes to this, that's the 539 00:23:08,960 --> 00:23:12,239 Speaker 3: wrong type of mentality to have. If the goal is, hey, 540 00:23:12,359 --> 00:23:15,240 Speaker 3: let me just build Like the game of Monopoly, when 541 00:23:15,280 --> 00:23:17,840 Speaker 3: you go across board walk, you're not going based off 542 00:23:17,880 --> 00:23:20,439 Speaker 3: of instinct. If somebody's gonna land on there and make money. 543 00:23:20,600 --> 00:23:22,960 Speaker 3: You're gonna buy the board walk because if somebody lands 544 00:23:22,960 --> 00:23:25,639 Speaker 3: on the board walk on Monopoly, what happens. I gotta 545 00:23:25,640 --> 00:23:27,880 Speaker 3: pay you. And so that's no different than how real 546 00:23:28,000 --> 00:23:30,840 Speaker 3: estate works. As long as it's making money, I'm gonna 547 00:23:30,840 --> 00:23:33,399 Speaker 3: buy it. Because when we think about business as a whole, 548 00:23:33,720 --> 00:23:36,440 Speaker 3: I don't go and start a business because of the instinct. Oh, 549 00:23:36,480 --> 00:23:39,040 Speaker 3: I think my burgers are gonna do well. I'm going 550 00:23:39,080 --> 00:23:41,480 Speaker 3: in knowing, Hey, I make great burgers. I have a 551 00:23:41,480 --> 00:23:44,320 Speaker 3: great product. Here's my numbers. It makes sense. I'm gonna 552 00:23:44,320 --> 00:23:47,040 Speaker 3: sell it. So once you remove the emotion and do 553 00:23:47,119 --> 00:23:49,960 Speaker 3: it strictly off the numbers, I don't go and get 554 00:23:50,000 --> 00:23:52,800 Speaker 3: my accountant's permission. I just make sure that, you know, 555 00:23:52,840 --> 00:23:55,160 Speaker 3: they make sure my books are good, you know, so 556 00:23:55,240 --> 00:23:57,800 Speaker 3: I can remove all of that stigma and the emotion. 557 00:23:58,320 --> 00:23:59,880 Speaker 2: How do you make sure that when people are vetting 558 00:24:00,200 --> 00:24:02,680 Speaker 2: out that they can understand. Look, these are the people 559 00:24:02,680 --> 00:24:05,119 Speaker 2: that have successfully you know, went through my program. These 560 00:24:05,119 --> 00:24:07,520 Speaker 2: are people that I've coached, They've seen success. Where can 561 00:24:07,560 --> 00:24:08,720 Speaker 2: people find that information? 562 00:24:08,840 --> 00:24:10,439 Speaker 3: Yeah? I mean one of the things that I believe 563 00:24:10,480 --> 00:24:13,400 Speaker 3: is that bad news travels faster than good news. And 564 00:24:13,800 --> 00:24:16,919 Speaker 3: if you're out there jamming people up and putting them 565 00:24:16,920 --> 00:24:20,080 Speaker 3: in bad situations, it'll be out there, you know. I 566 00:24:20,160 --> 00:24:23,879 Speaker 3: tell people just follow my journey, follow my progress. My 567 00:24:24,040 --> 00:24:26,880 Speaker 3: results speak for themselves. See. My thing is is I'm 568 00:24:26,880 --> 00:24:29,639 Speaker 3: never trying to convince somebody to do business with me. 569 00:24:30,160 --> 00:24:32,040 Speaker 3: My thing is is, let me show you the results 570 00:24:32,240 --> 00:24:34,760 Speaker 3: come or don't come or don't. But then, more importantly, 571 00:24:34,960 --> 00:24:37,480 Speaker 3: I'm not asking you for your money. See, this is 572 00:24:37,480 --> 00:24:39,920 Speaker 3: why I think people get jammed up. Let's say you're 573 00:24:39,920 --> 00:24:40,400 Speaker 3: doing a. 574 00:24:40,359 --> 00:24:42,600 Speaker 1: Project and they come invest with me. 575 00:24:42,920 --> 00:24:45,280 Speaker 3: Yeah, you're like, hey, park your money with me. I'm 576 00:24:45,359 --> 00:24:47,480 Speaker 3: angela yee and this, and as great as you are, 577 00:24:47,920 --> 00:24:49,960 Speaker 3: you know, but you like you say, that's not what 578 00:24:50,040 --> 00:24:53,200 Speaker 3: you do full time. And so then we're in trusting 579 00:24:53,240 --> 00:24:55,760 Speaker 3: that my money gets flipped with you. But then you're 580 00:24:55,800 --> 00:24:58,640 Speaker 3: giving me some unbelievable terms like hey, I'm gonna flip 581 00:24:58,720 --> 00:25:02,080 Speaker 3: it to fifty percent in nine days. That's not practical. 582 00:25:02,119 --> 00:25:04,840 Speaker 3: You can't even do that in the streets, you know. 583 00:25:05,160 --> 00:25:07,960 Speaker 3: And so that's where that instinct and common sense that 584 00:25:08,000 --> 00:25:10,520 Speaker 3: I believe has to come into, where I'm saying, look, 585 00:25:10,600 --> 00:25:13,040 Speaker 3: ye I don't want your money. I'm going to show 586 00:25:13,040 --> 00:25:15,960 Speaker 3: you how to use your own money, your own ingenuity. 587 00:25:16,000 --> 00:25:19,119 Speaker 3: I'm gonna give you the concepts and you dictate your 588 00:25:19,160 --> 00:25:21,880 Speaker 3: own return client in real life you apply it. I'll 589 00:25:21,880 --> 00:25:23,800 Speaker 3: give you all of the tools. I'll even give you 590 00:25:23,840 --> 00:25:27,200 Speaker 3: my resources. But I don't want I'm not taking your money. 591 00:25:27,480 --> 00:25:28,960 Speaker 3: I can go to the bank and get as much 592 00:25:28,960 --> 00:25:30,080 Speaker 3: money as I want, So. 593 00:25:30,119 --> 00:25:32,480 Speaker 2: I don't even want the responsibility of anybody at all. 594 00:25:32,680 --> 00:25:35,640 Speaker 2: But everything that I've done, I've had the latest project, 595 00:25:35,760 --> 00:25:38,760 Speaker 2: I had like a couple of my friends invest with me, 596 00:25:38,800 --> 00:25:40,720 Speaker 2: and we did it together, and they were able to 597 00:25:40,800 --> 00:25:43,119 Speaker 2: go through the whole process with me, you know, and 598 00:25:43,280 --> 00:25:46,840 Speaker 2: either do it or don't know my feelings, but you know, they're. 599 00:25:46,640 --> 00:25:48,480 Speaker 1: Really happy they did it. I'm going to say that. 600 00:25:48,600 --> 00:25:50,600 Speaker 2: But I also wanted to be able to walk through 601 00:25:50,680 --> 00:25:52,960 Speaker 2: doing something like a thirty unit building that I've never 602 00:25:53,040 --> 00:25:55,639 Speaker 2: done before, so that when people ask me about it, 603 00:25:55,720 --> 00:25:57,719 Speaker 2: I want to feel more educated on telling them what 604 00:25:57,720 --> 00:25:59,879 Speaker 2: to do, rather than me just well, this is what 605 00:26:00,040 --> 00:26:02,040 Speaker 2: you're supposed to do, right, some more like this is 606 00:26:02,080 --> 00:26:02,560 Speaker 2: what I did. 607 00:26:02,720 --> 00:26:04,760 Speaker 3: And another thing too, even with that e is that 608 00:26:04,840 --> 00:26:07,560 Speaker 3: sometimes people don't do their own due diligence. Sometimes we 609 00:26:07,640 --> 00:26:10,520 Speaker 3: have to take the drug called accountability. 610 00:26:09,720 --> 00:26:12,600 Speaker 1: Ourselves, Like what made me think? Right? 611 00:26:12,640 --> 00:26:14,359 Speaker 3: Not only that, Like if you bring me a deal 612 00:26:14,400 --> 00:26:17,320 Speaker 3: and I'm like, okay, what LLC is this going under? 613 00:26:17,560 --> 00:26:19,720 Speaker 3: And you're like, no, this is going under my ned, Like, 614 00:26:19,760 --> 00:26:22,159 Speaker 3: I'm not doing that deal. I need to see paperwork, 615 00:26:22,480 --> 00:26:25,679 Speaker 3: lawyers need to be involved. The money is going to scrow. 616 00:26:25,720 --> 00:26:27,919 Speaker 3: I'm not sending it to your bank account. So we 617 00:26:27,960 --> 00:26:30,160 Speaker 3: got us. And that's the thing that I tell people, 618 00:26:30,160 --> 00:26:32,280 Speaker 3: and I wrote this in my book Full Time CEO. 619 00:26:32,640 --> 00:26:35,359 Speaker 3: We have to learn about business, yes, but we're not 620 00:26:35,480 --> 00:26:39,320 Speaker 3: learning the just the basics about business. If you tell 621 00:26:39,359 --> 00:26:41,960 Speaker 3: me it's under your name, I'm not doing that deal. 622 00:26:42,040 --> 00:26:43,640 Speaker 1: But you know what, let's end it with that. Let's 623 00:26:43,680 --> 00:26:45,080 Speaker 1: talk about with Will Roundchie. 624 00:26:45,320 --> 00:26:47,760 Speaker 2: Just give people some tips if you're doing something that 625 00:26:47,840 --> 00:26:51,080 Speaker 2: you should watch out for, and so that when people 626 00:26:51,160 --> 00:26:54,879 Speaker 2: are doing things, if they are planning to invest whatever 627 00:26:54,920 --> 00:26:56,359 Speaker 2: it is that they're doing, what are some things that 628 00:26:56,400 --> 00:26:57,840 Speaker 2: you are saying you should look out for, because like 629 00:26:57,840 --> 00:27:00,280 Speaker 2: you said, don't send the money to a per and 630 00:27:00,320 --> 00:27:01,120 Speaker 2: what is the LLC? 631 00:27:01,359 --> 00:27:02,720 Speaker 1: Like, what are some things that you should look out for? 632 00:27:02,760 --> 00:27:04,080 Speaker 3: How much time we got because I could go for 633 00:27:04,119 --> 00:27:06,719 Speaker 3: three days I want to hear this, so I mean 634 00:27:06,760 --> 00:27:10,640 Speaker 3: bottom line, absolutely bottom line. First of all, let's start 635 00:27:10,640 --> 00:27:13,359 Speaker 3: with our instinct. Let's do our own due diligence. Now, 636 00:27:13,960 --> 00:27:16,679 Speaker 3: if somebody's want to do business with me or I'm 637 00:27:16,720 --> 00:27:18,679 Speaker 3: looking to do business, first thing I'm gonna do is 638 00:27:18,680 --> 00:27:20,080 Speaker 3: I'm gonna check out to see if they have a 639 00:27:20,080 --> 00:27:23,520 Speaker 3: credible business. You'd be surprised how many people are doing 640 00:27:23,560 --> 00:27:26,000 Speaker 3: these projects and you go to the secretary of state 641 00:27:26,240 --> 00:27:29,920 Speaker 3: and their business is not active. So literally find out 642 00:27:30,240 --> 00:27:33,520 Speaker 3: what that person business entity is or what entity that 643 00:27:33,640 --> 00:27:35,880 Speaker 3: project is going to be tied to, and you can 644 00:27:35,920 --> 00:27:38,720 Speaker 3: go to that state's Secretary of State and look it 645 00:27:38,800 --> 00:27:41,240 Speaker 3: up for free to even see if it's active or not. 646 00:27:41,640 --> 00:27:43,359 Speaker 3: Then you want to find out who are all of 647 00:27:43,400 --> 00:27:47,000 Speaker 3: the managing members on there. If it's an LLC, they'll 648 00:27:47,000 --> 00:27:50,720 Speaker 3: be managing members. If it's an incorporation, it'll be a 649 00:27:50,920 --> 00:27:53,719 Speaker 3: directors and presidents and all of that. And if it's 650 00:27:53,760 --> 00:27:56,239 Speaker 3: an es corp, it's probably still tied to either an 651 00:27:56,480 --> 00:28:00,240 Speaker 3: LLC or an incorporation. Next is how are you saying 652 00:28:00,280 --> 00:28:03,320 Speaker 3: the money? If you're doing it through an escrow account, 653 00:28:03,359 --> 00:28:07,320 Speaker 3: which typically is a you know, an account that an 654 00:28:07,359 --> 00:28:10,120 Speaker 3: attorney or a title company where they hold. 655 00:28:09,920 --> 00:28:13,359 Speaker 2: The money can't with anything else. 656 00:28:13,760 --> 00:28:16,800 Speaker 3: Then that means that at least your money is protected. 657 00:28:17,160 --> 00:28:19,320 Speaker 3: If someone said, hey, send me a cash shap or 658 00:28:19,680 --> 00:28:21,640 Speaker 3: wire the money to my bank account, I won't even 659 00:28:21,680 --> 00:28:23,760 Speaker 3: do business with people a cash app. But I got 660 00:28:23,840 --> 00:28:26,719 Speaker 3: beat up on Facebook for saying that. But if somebody 661 00:28:26,760 --> 00:28:28,239 Speaker 3: told me to send them a cash shop, I'm not 662 00:28:28,240 --> 00:28:34,200 Speaker 3: doing it. Okay, okay. If they tell me to wire 663 00:28:34,240 --> 00:28:37,440 Speaker 3: it to their personal or even business bank account, I'm 664 00:28:37,440 --> 00:28:39,160 Speaker 3: not doing it. So you want to watch out for 665 00:28:39,200 --> 00:28:42,800 Speaker 3: those signs more, and then secondly, find out what type 666 00:28:42,840 --> 00:28:45,520 Speaker 3: of project is involved. Who are all of the players 667 00:28:45,520 --> 00:28:48,480 Speaker 3: that's involved with the project. When it comes to real estate, 668 00:28:48,800 --> 00:28:50,920 Speaker 3: I don't care if my mam is selling me a house. 669 00:28:50,960 --> 00:28:53,880 Speaker 3: Sorry mama, I know you might be watching, but I'm 670 00:28:54,000 --> 00:28:57,520 Speaker 3: using a title company. I've actually had clients and mentees 671 00:28:57,560 --> 00:29:00,240 Speaker 3: who went and bought real estate from other people. They 672 00:29:00,280 --> 00:29:03,000 Speaker 3: wired the money to somebody's bank account or quote unquote 673 00:29:03,040 --> 00:29:05,560 Speaker 3: the seller, and then that seller took the money and 674 00:29:05,600 --> 00:29:07,080 Speaker 3: sold the property again. 675 00:29:07,200 --> 00:29:08,240 Speaker 1: Because they didn't have the title. 676 00:29:08,320 --> 00:29:10,640 Speaker 3: You don't have the title, So I'm only doing things 677 00:29:11,000 --> 00:29:13,080 Speaker 3: making sure that my money is going through an escrow 678 00:29:13,120 --> 00:29:16,920 Speaker 3: account or a title company, and I'm use an attorney. 679 00:29:17,320 --> 00:29:19,640 Speaker 3: See a thing a lot of people don't realize is 680 00:29:19,680 --> 00:29:22,320 Speaker 3: that when you are doing a real estate transaction, the 681 00:29:22,360 --> 00:29:25,840 Speaker 3: attorney doesn't necessarily charge you a bunch of money to 682 00:29:25,920 --> 00:29:28,960 Speaker 3: review the contract. They don't charge. They're gonna be there 683 00:29:29,000 --> 00:29:31,280 Speaker 3: to protect you. And so it may cost you five 684 00:29:31,360 --> 00:29:33,840 Speaker 3: hundred dollars to use that attorney, but put it on 685 00:29:33,880 --> 00:29:37,560 Speaker 3: a credit card. So we have to stop cutting corners 686 00:29:37,600 --> 00:29:42,560 Speaker 3: because I say often that cutting corners or taking shortcuts 687 00:29:42,600 --> 00:29:43,280 Speaker 3: is expensive. 688 00:29:44,040 --> 00:29:46,760 Speaker 1: Yes, you're absolutely, it's expensive inside yourself. 689 00:29:46,800 --> 00:29:48,400 Speaker 3: You gotta do it right or pay twice. 690 00:29:48,480 --> 00:29:50,280 Speaker 2: And if you don't have the money to pay for 691 00:29:50,320 --> 00:29:52,400 Speaker 2: an attorney or to pay. 692 00:29:51,880 --> 00:29:52,320 Speaker 3: Probably can't. 693 00:29:52,400 --> 00:29:53,440 Speaker 1: Yeah, it's not the time to do it. 694 00:29:53,440 --> 00:29:54,280 Speaker 3: It's not the time to do. 695 00:29:54,480 --> 00:29:56,600 Speaker 2: Because I think people also want to rush into doing 696 00:29:56,600 --> 00:29:59,200 Speaker 2: real estate and sometimes financially it may not be. 697 00:29:59,760 --> 00:30:01,440 Speaker 1: But you said you can do it for zero dollars. 698 00:30:01,520 --> 00:30:03,760 Speaker 3: Well, when I say zero dollars meaning because let me 699 00:30:03,760 --> 00:30:07,800 Speaker 3: clear that up, I'm be on the blogs. Let me 700 00:30:07,880 --> 00:30:10,520 Speaker 3: clear this up. When I say zero dollars, gee, I'm 701 00:30:10,520 --> 00:30:13,920 Speaker 3: saying I don't necessarily have to use my money. I 702 00:30:13,960 --> 00:30:16,719 Speaker 3: can go to the bank credit. Got to have good credit, 703 00:30:17,240 --> 00:30:18,960 Speaker 3: get a line of credit, and then I'm going to 704 00:30:19,080 --> 00:30:22,520 Speaker 3: use the bank's money to do the deal. So can 705 00:30:22,520 --> 00:30:25,440 Speaker 3: we put the close captions under there to Okay? So yeah, 706 00:30:25,480 --> 00:30:27,800 Speaker 3: so I just try to keep it simple. I love 707 00:30:27,880 --> 00:30:30,240 Speaker 3: to have fun at what I'm doing, but yeah, use 708 00:30:30,240 --> 00:30:34,400 Speaker 3: your intuition. Hire be a professional at hiring professionals. Like 709 00:30:34,560 --> 00:30:37,960 Speaker 3: if I know that I don't know how to read 710 00:30:38,120 --> 00:30:41,480 Speaker 3: contracts because I don't read legal LEAs, I'm going to 711 00:30:41,600 --> 00:30:45,080 Speaker 3: hire an attorney. It may cost me to three hundred dollars. Look, 712 00:30:45,280 --> 00:30:47,040 Speaker 3: just don't go turn up that weekend and. 713 00:30:48,160 --> 00:30:50,040 Speaker 2: An attorney to look at a contract when it comes 714 00:30:50,080 --> 00:30:53,080 Speaker 2: to something like that, I don't even though I've done deal, 715 00:30:53,160 --> 00:30:54,880 Speaker 2: so I'm never going to try to do that. 716 00:30:54,920 --> 00:30:57,400 Speaker 3: I don't even sign birthday cards Gie without my attorn 717 00:30:57,720 --> 00:31:02,520 Speaker 3: that it might be some fine print in there. I 718 00:31:02,560 --> 00:31:05,080 Speaker 3: don't know. I gotta be careful out there, all right. 719 00:31:05,160 --> 00:31:06,880 Speaker 1: Well, will Roundchie, thank you so much. And how can 720 00:31:06,920 --> 00:31:07,480 Speaker 1: people find you? 721 00:31:07,520 --> 00:31:09,360 Speaker 2: And how can they also sign up for the Real 722 00:31:09,440 --> 00:31:11,040 Speaker 2: Estate Investing ninety coaching program? 723 00:31:11,120 --> 00:31:13,480 Speaker 3: Yeah, so they can follow me across all social media 724 00:31:13,520 --> 00:31:18,160 Speaker 3: platforms at mister will Rountree at mister will Roundtree, I'm 725 00:31:18,200 --> 00:31:22,280 Speaker 3: on YouTube, I'm on Facebook, Instagram, LinkedIn, et cetera, et cetera. 726 00:31:22,520 --> 00:31:26,840 Speaker 3: And they can actually go online to roundtreemasterclass dot com. 727 00:31:27,080 --> 00:31:31,000 Speaker 3: The webinar is free ninety nine, so it's for the 728 00:31:31,040 --> 00:31:33,440 Speaker 3: free sky, and so go on there. Like I say, 729 00:31:33,880 --> 00:31:36,000 Speaker 3: and again, I'm not here to convince people. That's not 730 00:31:36,120 --> 00:31:37,960 Speaker 3: my job. And my job is just to give people 731 00:31:38,080 --> 00:31:41,480 Speaker 3: enough information so they can make an educated decision for themselves. 732 00:31:41,560 --> 00:31:43,840 Speaker 2: And those people who are intrigued enough and want to 733 00:31:43,880 --> 00:31:46,000 Speaker 2: do it, then do it. And also don't feel like 734 00:31:46,040 --> 00:31:48,080 Speaker 2: you can be lazy once you get in there, do 735 00:31:48,200 --> 00:31:48,640 Speaker 2: the coaching. 736 00:31:48,720 --> 00:31:50,080 Speaker 1: You also have work to do as you do. 737 00:31:50,240 --> 00:31:51,920 Speaker 3: Oh can I say something real quick to that. I 738 00:31:51,960 --> 00:31:53,880 Speaker 3: want people to know that you're not gonna get rich 739 00:31:53,920 --> 00:31:56,600 Speaker 3: overnight doing real estate. And I think that's where people 740 00:31:56,640 --> 00:31:59,080 Speaker 3: get messed up at you because they go in saying, hey, 741 00:31:59,120 --> 00:32:01,160 Speaker 3: let me flip this money real quick, let me leave 742 00:32:01,280 --> 00:32:03,840 Speaker 3: my job, and it doesn't work like that. I tell 743 00:32:03,880 --> 00:32:06,320 Speaker 3: people real estate should be a retirement plan and it's 744 00:32:06,320 --> 00:32:06,600 Speaker 3: not a. 745 00:32:06,560 --> 00:32:09,320 Speaker 2: Stock market too. You're not going to get rich overnight, definitely. 746 00:32:09,320 --> 00:32:12,600 Speaker 2: You know, doing stocks is very rare that something hits 747 00:32:12,960 --> 00:32:14,840 Speaker 2: in that way that that was. 748 00:32:14,760 --> 00:32:17,440 Speaker 3: A once in a million with games stopping everything. 749 00:32:17,640 --> 00:32:20,800 Speaker 2: So but no, definitely, and it went bad for some people, right, okay, 750 00:32:21,480 --> 00:32:22,160 Speaker 2: all right, well. 751 00:32:22,000 --> 00:32:23,800 Speaker 1: Thank you so much for joining us. I do really 752 00:32:23,840 --> 00:32:24,400 Speaker 1: appreciate it. 753 00:32:24,440 --> 00:32:26,720 Speaker 2: You know, I love talking about real estate and I'm 754 00:32:26,720 --> 00:32:29,760 Speaker 2: trying to learn things myself. So today I feel like 755 00:32:29,800 --> 00:32:30,680 Speaker 2: I had some work to do. 756 00:32:30,840 --> 00:32:33,280 Speaker 3: Well, since you're gonna follow me now, now you can 757 00:32:33,360 --> 00:32:35,320 Speaker 3: hit me up and say, hey, Will, what do I 758 00:32:35,360 --> 00:32:36,680 Speaker 3: do any situations? 759 00:32:37,320 --> 00:32:39,560 Speaker 1: All right, well, thank you so much. It's a wealth Wednesday, 760 00:32:39,880 --> 00:32:41,200 Speaker 1: mister will Rowntree