1 00:00:00,240 --> 00:00:03,480 Speaker 1: Welcome the Money in Wealth with John Hobriyant, a production 2 00:00:03,680 --> 00:00:15,920 Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Hey, Hey, 3 00:00:15,960 --> 00:00:19,720 Speaker 1: this is John Hobbrant and this is Money and Wealth Podcast. 4 00:00:20,200 --> 00:00:25,240 Speaker 1: This is the first podcast episode host US Presidential Election 5 00:00:25,360 --> 00:00:29,240 Speaker 1: twenty twenty four. I'm with my brother Don Peoples, who 6 00:00:30,040 --> 00:00:33,800 Speaker 1: is a legend in real estate and in business. You're 7 00:00:33,840 --> 00:00:36,680 Speaker 1: going to get to know him and his story and 8 00:00:36,760 --> 00:00:39,000 Speaker 1: what he has to tell you. But this we had 9 00:00:39,040 --> 00:00:42,760 Speaker 1: to reschedule this for a number of reasons tied to 10 00:00:43,120 --> 00:00:46,839 Speaker 1: our mutual schedule. But in many ways this is now 11 00:00:46,920 --> 00:00:51,440 Speaker 1: perfect timing and it ties into this moment. So let 12 00:00:51,479 --> 00:00:54,760 Speaker 1: me see I can set this up properly. When doctor 13 00:00:54,840 --> 00:00:59,000 Speaker 1: King was assassinated in nineteen sixty eight, before that happened, 14 00:00:59,000 --> 00:01:02,760 Speaker 1: he said, I'm here the soul of America from the 15 00:01:02,760 --> 00:01:06,560 Speaker 1: triple evils of war, racism, and poverty. He didn't say 16 00:01:06,560 --> 00:01:10,040 Speaker 1: I'm here to say black people. Even though his work 17 00:01:10,200 --> 00:01:13,840 Speaker 1: helped a lot of black people. He was there for everybody, 18 00:01:14,600 --> 00:01:18,880 Speaker 1: and that last movement of the Poor People's Campaign had 19 00:01:18,920 --> 00:01:23,319 Speaker 1: pivoted also to include poor whites, which were then and 20 00:01:23,400 --> 00:01:28,200 Speaker 1: now the largest population of poverty in America. And he 21 00:01:28,240 --> 00:01:31,880 Speaker 1: was assassinated on the eve of the launch of that movement, 22 00:01:31,920 --> 00:01:36,800 Speaker 1: but he had pivoted to economics. Ambassador Andrew Young, my 23 00:01:36,959 --> 00:01:40,720 Speaker 1: mentor my role model in many ways, the guy who 24 00:01:40,760 --> 00:01:42,480 Speaker 1: sort of helped raise me in my adult life, our 25 00:01:42,520 --> 00:01:46,880 Speaker 1: global spokesman in Operation Hope, who was on the balcony, 26 00:01:46,880 --> 00:01:48,920 Speaker 1: who helped to turn Atlanta, by the way to the 27 00:01:48,920 --> 00:01:51,720 Speaker 1: only international city in the South and the tenth biggest 28 00:01:51,720 --> 00:01:55,120 Speaker 1: economy in the US almost five hundred billion dollars in GDP. 29 00:01:56,160 --> 00:01:59,520 Speaker 1: He was there when Doctor King was assassinated and he 30 00:01:59,560 --> 00:02:02,640 Speaker 1: was the only remember his team to take that mandate 31 00:02:02,680 --> 00:02:07,840 Speaker 1: from Doctor King and pivoted into political realm to structure 32 00:02:07,920 --> 00:02:11,280 Speaker 1: power versus their protests for it, and then to turn 33 00:02:11,360 --> 00:02:14,400 Speaker 1: that into an economy, which was the city of Atlanta, 34 00:02:14,400 --> 00:02:19,280 Speaker 1: as I just mentioned, almost a five hundred billion dollar economy. 35 00:02:19,800 --> 00:02:24,000 Speaker 1: And don pivoting to you what Ambassie Young told me 36 00:02:25,160 --> 00:02:28,600 Speaker 1: a couple Actually wasn't a couple of years ago. I'd 37 00:02:28,639 --> 00:02:34,040 Speaker 1: say actually was about eight years ago, twenty sixteen. As 38 00:02:34,040 --> 00:02:36,840 Speaker 1: we had gotten the Freedman's Bank renamed on the White 39 00:02:36,880 --> 00:02:39,800 Speaker 1: House campus from the Treasury Annex building in honor former 40 00:02:39,840 --> 00:02:42,160 Speaker 1: slaves who've been at charter the Bank to teach free 41 00:02:42,160 --> 00:02:46,080 Speaker 1: slaves about money financial literacy, eighteen seventy five, Abraham Lincoln, 42 00:02:46,080 --> 00:02:48,880 Speaker 1: Frederick Douglass. He said, John, you need to stay focus 43 00:02:48,919 --> 00:02:51,959 Speaker 1: on your work. I never said this publicly now to today. 44 00:02:52,480 --> 00:02:54,200 Speaker 1: You need to stay focus on your work because if 45 00:02:54,200 --> 00:02:59,560 Speaker 1: ever we lose political power, if ever we lose the 46 00:02:59,639 --> 00:03:01,440 Speaker 1: rights that we hold, dear, and he said, I can't 47 00:03:01,480 --> 00:03:05,680 Speaker 1: imagine this happening, but if the only real power, potentially 48 00:03:05,760 --> 00:03:10,280 Speaker 1: is economic power, if ever we lose political power, social power, 49 00:03:10,880 --> 00:03:17,120 Speaker 1: even religious power, we'll only have economic power the lever 50 00:03:17,200 --> 00:03:19,280 Speaker 1: of economics to pull back on. You have got to 51 00:03:19,320 --> 00:03:22,800 Speaker 1: not diminish your work or get distracted from it, because 52 00:03:22,840 --> 00:03:26,640 Speaker 1: we need an economic infrastructure for the underserved of this country. 53 00:03:27,639 --> 00:03:30,520 Speaker 1: And it dawns on me that this is where we are. 54 00:03:31,280 --> 00:03:34,240 Speaker 1: That the only true freedom is I believe and Chris 55 00:03:34,240 --> 00:03:35,640 Speaker 1: Gorman a key back is the one who gave me 56 00:03:35,680 --> 00:03:39,560 Speaker 1: this quote. Is potentially financial and economic freedom because once 57 00:03:39,600 --> 00:03:41,920 Speaker 1: you have it, unless you screw it up, no one 58 00:03:41,920 --> 00:03:43,440 Speaker 1: can take it from you. And it is and we 59 00:03:43,480 --> 00:03:46,440 Speaker 1: live in an economic democracy. This country is I keep 60 00:03:46,480 --> 00:03:52,200 Speaker 1: saying a center slightly right, center slightly right. It's an 61 00:03:52,200 --> 00:03:56,080 Speaker 1: economic democracy. It's a inclusive I like to believe it's 62 00:03:56,200 --> 00:03:59,040 Speaker 1: inclusive capitalism because you and I came from nothing and 63 00:03:59,080 --> 00:04:02,960 Speaker 1: made ourselves to significant some things in America. I don't 64 00:04:03,000 --> 00:04:06,600 Speaker 1: know another country in the world where our stories would 65 00:04:06,600 --> 00:04:10,880 Speaker 1: have proliferated at the level that they have. We might 66 00:04:10,920 --> 00:04:13,840 Speaker 1: have worked for somebody, but you and I work for ourselves. 67 00:04:14,360 --> 00:04:17,640 Speaker 1: So I'm now turning to you because before we got 68 00:04:17,680 --> 00:04:20,080 Speaker 1: on camera, we got we had a very powerful and 69 00:04:20,120 --> 00:04:24,480 Speaker 1: important conversation, some of which I want you to recount here. 70 00:04:25,120 --> 00:04:31,520 Speaker 1: But what do you say to doctor King's vision that 71 00:04:31,560 --> 00:04:33,599 Speaker 1: he was pivoting toward the economic agenda? And what do 72 00:04:33,680 --> 00:04:38,919 Speaker 1: you say to Ambassador Andrew Young's criminition that at the 73 00:04:39,000 --> 00:04:40,960 Speaker 1: end of the day, one of the few things you 74 00:04:41,000 --> 00:04:44,120 Speaker 1: can rely on that you have some control over, it's 75 00:04:44,160 --> 00:04:51,120 Speaker 1: economic empowerment. And where are we with regard to that agenda? 76 00:04:52,400 --> 00:04:54,000 Speaker 1: And then I want to get, of course, into your 77 00:04:54,080 --> 00:04:56,360 Speaker 1: story and how you have built what you have built, 78 00:04:56,400 --> 00:04:58,960 Speaker 1: by the way, with those of you don't know. Don 79 00:04:58,960 --> 00:05:03,000 Speaker 1: Pebles runs people I call the People's Corporation, but it's 80 00:05:03,120 --> 00:05:06,880 Speaker 1: several entities within his company that's a billion dollars plus 81 00:05:06,920 --> 00:05:08,280 Speaker 1: in real estate development. 82 00:05:09,000 --> 00:05:13,640 Speaker 2: Don Peeples well great, So you don't know. It's for 83 00:05:13,640 --> 00:05:17,359 Speaker 2: those listening to this. I I did not mention that 84 00:05:18,040 --> 00:05:21,160 Speaker 2: Don Peoples is a brother. He's black, He's not black 85 00:05:21,200 --> 00:05:23,720 Speaker 2: for a living. He's a great developer who happens to 86 00:05:23,760 --> 00:05:25,680 Speaker 2: be black. He's a great leader who happens to be black. 87 00:05:25,760 --> 00:05:28,320 Speaker 2: But he's proud out of his heritage, and so am I. 88 00:05:28,640 --> 00:05:30,320 Speaker 2: He's after America, okay, Don. 89 00:05:30,200 --> 00:05:33,479 Speaker 3: People absolutely And in fact, I grew up during the 90 00:05:33,520 --> 00:05:37,560 Speaker 3: civil rights movement. I was born in nineteen sixty in Washington, 91 00:05:37,640 --> 00:05:41,599 Speaker 3: d c. Seat of our government, where many of the 92 00:05:41,680 --> 00:05:45,920 Speaker 3: major protests and demonstrations and the fight in the halls 93 00:05:45,920 --> 00:05:49,200 Speaker 3: of our government took place. I remember when doctor King 94 00:05:49,320 --> 00:05:54,680 Speaker 3: was assassinated. I was watching television about the assassination. But 95 00:05:54,760 --> 00:05:57,720 Speaker 3: and then the riots that followed were in my community. 96 00:05:57,800 --> 00:06:00,960 Speaker 3: My mother had to drive me through a commercial quarriter 97 00:06:01,279 --> 00:06:04,839 Speaker 3: near our home and have me duck down so that 98 00:06:04,920 --> 00:06:07,919 Speaker 3: I wouldn't be hit as a little boy. And but 99 00:06:08,160 --> 00:06:13,479 Speaker 3: and then, you know, I remember Robert Kennedy's assassination as well. 100 00:06:14,040 --> 00:06:18,520 Speaker 3: I remember, uh how you know, and and and Malcolm 101 00:06:18,640 --> 00:06:22,400 Speaker 3: X's focus. But I remember that, you know, there was 102 00:06:22,440 --> 00:06:25,560 Speaker 3: a time of struggle in the country for us to 103 00:06:25,720 --> 00:06:30,479 Speaker 3: have equal access to just basic civil rights, and how 104 00:06:30,520 --> 00:06:34,159 Speaker 3: we had to fight for those and now our fight 105 00:06:34,520 --> 00:06:38,240 Speaker 3: continues to be for economic opportunity. And doctor King understood it. 106 00:06:38,279 --> 00:06:40,760 Speaker 3: I remember his quote. It was what good does it 107 00:06:40,920 --> 00:06:43,480 Speaker 3: serve for the Negro to have a seat at the 108 00:06:43,560 --> 00:06:47,240 Speaker 3: lunch counter when they can't afford to buy a hamburger? 109 00:06:47,839 --> 00:06:49,360 Speaker 4: And so that was all. 110 00:06:49,200 --> 00:06:53,599 Speaker 3: The relevance here about economic empowerment. And so he started 111 00:06:53,640 --> 00:06:59,040 Speaker 3: to poor People's March and and and ultimately that's poor 112 00:06:59,200 --> 00:07:03,760 Speaker 3: People's initial and so forth to reset the table economically 113 00:07:03,880 --> 00:07:07,360 Speaker 3: in the country, because our democracy is a capitalism capitalistic 114 00:07:07,400 --> 00:07:13,200 Speaker 3: democracy was that economic opportunity must lead the way. He 115 00:07:14,520 --> 00:07:19,840 Speaker 3: set the pathway for Andrew Young and then uh Mayor 116 00:07:20,000 --> 00:07:25,960 Speaker 3: Jackson before him, and uh and what happened, yes, and 117 00:07:25,960 --> 00:07:31,680 Speaker 3: and and and and initially through Hartsville now Hartsville Jackson Airport. 118 00:07:32,680 --> 00:07:36,200 Speaker 3: Where as mayor he had a vision for Atlanta to 119 00:07:36,240 --> 00:07:41,000 Speaker 3: be a global city and having an international airport and 120 00:07:41,120 --> 00:07:44,040 Speaker 3: got a lot of support throughout the state for that, 121 00:07:44,160 --> 00:07:46,920 Speaker 3: but then people didn't realize what he had. Part of 122 00:07:46,920 --> 00:07:49,400 Speaker 3: his plan was to make it an economic engine, and 123 00:07:49,440 --> 00:07:52,800 Speaker 3: he had to fight to make it. To protect the 124 00:07:52,880 --> 00:07:57,520 Speaker 3: opportunity for minority business contracting. He required thirty five percent 125 00:07:57,720 --> 00:08:02,480 Speaker 3: to be for minority contract for black contractors, and ultimately 126 00:08:03,280 --> 00:08:06,240 Speaker 3: he fought won that and that started the pathway of 127 00:08:06,280 --> 00:08:09,880 Speaker 3: creating significant black wealth in Atlanta, and it made Atlanta 128 00:08:10,200 --> 00:08:15,400 Speaker 3: the mecca for black economic empowerment. But others followed him 129 00:08:15,480 --> 00:08:20,480 Speaker 3: and followed Ambassador Young Marion Barry in Washington, d C. 130 00:08:20,880 --> 00:08:29,120 Speaker 3: Harold Washington in Chicago, bar in New Orleans, Tom Bradley 131 00:08:29,120 --> 00:08:34,000 Speaker 3: in LA. So, as you so, that civil rights generation 132 00:08:34,640 --> 00:08:41,680 Speaker 3: knocked down these barriers economically for businesses like mine or 133 00:08:42,040 --> 00:08:44,240 Speaker 3: Bob Johnson at b E T, which would not have 134 00:08:44,280 --> 00:08:47,160 Speaker 3: been possible if it wasn't for him getting the cable 135 00:08:47,200 --> 00:08:53,600 Speaker 3: television franchise for Washington, DC. So the political power in 136 00:08:53,840 --> 00:08:58,280 Speaker 3: the nineteen seventies and eighties was used to help generate 137 00:08:58,400 --> 00:09:01,880 Speaker 3: economic powerman, And that's how. 138 00:09:01,760 --> 00:09:02,480 Speaker 4: I got started. 139 00:09:03,200 --> 00:09:06,800 Speaker 3: Without that and without that mindset, it would have never happened. 140 00:09:07,080 --> 00:09:10,560 Speaker 3: So I grew up in d C. My mother and 141 00:09:10,600 --> 00:09:13,040 Speaker 3: I My mother parents got divorced when I was five. 142 00:09:13,160 --> 00:09:17,920 Speaker 4: My mother and I moved to Detroit five, okay, and then. 143 00:09:17,920 --> 00:09:20,360 Speaker 3: Nineteen and so in nineteen sixty eight, when I was eight, 144 00:09:20,440 --> 00:09:23,520 Speaker 3: my mother and I moved to Detroit for her to 145 00:09:23,520 --> 00:09:29,760 Speaker 3: start a new life, and and she her sister was 146 00:09:29,800 --> 00:09:33,280 Speaker 3: living in Detroit because her husband was doing his internship 147 00:09:33,280 --> 00:09:36,800 Speaker 3: in residency and medicine. So my mother was a secretary 148 00:09:37,320 --> 00:09:40,839 Speaker 3: at the Urban League and on Capitol Hill in d C. 149 00:09:41,080 --> 00:09:43,559 Speaker 3: So she went to night school, got a real estate license, 150 00:09:44,040 --> 00:09:46,720 Speaker 3: and she started working in real estate in Detroit and 151 00:09:46,760 --> 00:09:48,400 Speaker 3: then within a couple of years had her own real 152 00:09:48,520 --> 00:09:49,600 Speaker 3: estate brokerage business. 153 00:09:49,800 --> 00:09:53,520 Speaker 4: And that was an environment of black entrepreneurship was Detroit. 154 00:09:53,559 --> 00:09:56,280 Speaker 3: And I remember my best friend who's still one of 155 00:09:56,360 --> 00:09:57,480 Speaker 3: my best friends in life. 156 00:09:58,720 --> 00:09:58,960 Speaker 1: You know. 157 00:09:59,440 --> 00:10:02,400 Speaker 3: I met him when I think I was ten, and 158 00:10:02,440 --> 00:10:07,079 Speaker 3: we were best buddies. His father, Barry Gordy. My friend 159 00:10:07,160 --> 00:10:11,600 Speaker 3: Kerry Gordy. So Barry founded Motown and was running Motown, 160 00:10:11,640 --> 00:10:14,240 Speaker 3: which was in Detroit at the time. And I remember 161 00:10:14,440 --> 00:10:18,520 Speaker 3: the fact that there was a black man running, founded 162 00:10:18,600 --> 00:10:22,000 Speaker 3: and ran Motown was very inspirational to me. And it 163 00:10:22,120 --> 00:10:25,280 Speaker 3: showed me early on that there was no limitation. So anyway, 164 00:10:25,320 --> 00:10:27,440 Speaker 3: I went back to Washington, d C. My mother thought 165 00:10:27,440 --> 00:10:30,440 Speaker 3: I should get involved in politics, told me I needed 166 00:10:30,440 --> 00:10:33,000 Speaker 3: to the city. In nineteen seventy four, when we had 167 00:10:33,040 --> 00:10:35,080 Speaker 3: moved back with getting the right to elect its own 168 00:10:35,080 --> 00:10:38,520 Speaker 3: government and for the first time because before it was 169 00:10:38,559 --> 00:10:41,199 Speaker 3: all appointed by the President of the United States, including 170 00:10:41,240 --> 00:10:44,640 Speaker 3: the mayor. So she wanted, yeah, so to think about 171 00:10:44,679 --> 00:10:49,160 Speaker 3: DC didn't have any rights to vote. The citizens of 172 00:10:49,200 --> 00:10:53,120 Speaker 3: seven hundred thousand residents could not vote for anybody. Wow, 173 00:10:53,840 --> 00:10:57,880 Speaker 3: And so they in seventy four they got the right 174 00:10:58,200 --> 00:11:01,640 Speaker 3: to elect their own government. And so there was a 175 00:11:01,640 --> 00:11:04,600 Speaker 3: big deal there. And so my mother told me that 176 00:11:04,679 --> 00:11:07,800 Speaker 3: I needed to go and volunteer and work for one 177 00:11:07,840 --> 00:11:09,559 Speaker 3: of the candidates who was running for chairman of the 178 00:11:09,600 --> 00:11:13,000 Speaker 3: city council, her former boss at the Washington DC Urban 179 00:11:13,080 --> 00:11:16,520 Speaker 3: League God named Sterling Tucker, and then I could pick 180 00:11:16,600 --> 00:11:18,760 Speaker 3: somebody else. And I was upset with her that she 181 00:11:18,840 --> 00:11:21,319 Speaker 3: was taking up my summer for this, and so I 182 00:11:22,280 --> 00:11:26,080 Speaker 3: did some research and I picked the most radical candidates, 183 00:11:26,679 --> 00:11:30,480 Speaker 3: and it was Marion Barry, who was the city council 184 00:11:30,679 --> 00:11:33,040 Speaker 3: and he was he was a part of the civil 185 00:11:33,160 --> 00:11:33,640 Speaker 3: rights movement. 186 00:11:33,640 --> 00:11:34,120 Speaker 4: He was co. 187 00:11:34,120 --> 00:11:39,000 Speaker 3: Founder of the Student Non Violent Coordinating Committee SNICK and 188 00:11:40,200 --> 00:11:42,960 Speaker 3: was very active in the civil rights movement and then 189 00:11:43,440 --> 00:11:47,280 Speaker 3: also the fight for economic inclusion. So fourteen years old, 190 00:11:47,320 --> 00:11:51,560 Speaker 3: I volunteered for his campaign he won Sterling Tucker one. 191 00:11:52,240 --> 00:11:54,600 Speaker 3: They were since it was a new government Barry, they 192 00:11:54,679 --> 00:11:57,240 Speaker 3: drew straws for terms, whether it was two or four years. 193 00:11:57,240 --> 00:12:00,000 Speaker 3: He got a short straw, so he ran two years later. 194 00:12:00,320 --> 00:12:03,160 Speaker 3: I was more active in his campaign and got to 195 00:12:03,200 --> 00:12:05,160 Speaker 3: know him a little bit better. I was one of 196 00:12:05,200 --> 00:12:09,880 Speaker 3: the you know, advanced people for him. And then when 197 00:12:09,880 --> 00:12:11,800 Speaker 3: I was on my way to college and I spent 198 00:12:11,840 --> 00:12:13,880 Speaker 3: my last two years, my mother was big on politics, 199 00:12:13,880 --> 00:12:16,280 Speaker 3: so she had me become a page, one of her 200 00:12:16,480 --> 00:12:18,760 Speaker 3: you know, she used her relationships on Capitol Hill. 201 00:12:19,080 --> 00:12:20,040 Speaker 4: I got appointed a. 202 00:12:19,960 --> 00:12:22,680 Speaker 3: Page, spent my last two years of high school going 203 00:12:22,720 --> 00:12:24,480 Speaker 3: to school at the top floor of the Library of 204 00:12:24,520 --> 00:12:27,120 Speaker 3: Congress from six am to ten thirty, and then walking 205 00:12:27,120 --> 00:12:29,960 Speaker 3: across the street and working in the US Capitol. 206 00:12:30,800 --> 00:12:32,160 Speaker 4: So I was a page on the. 207 00:12:32,080 --> 00:12:35,000 Speaker 3: Floor of the House of Representatives under Tip O'Neil, the 208 00:12:35,080 --> 00:12:38,040 Speaker 3: speaker at the time, and then I worked in the 209 00:12:38,080 --> 00:12:43,000 Speaker 3: offices of Charlie Rangel, Ron Dillams and John Conyers. I 210 00:12:43,000 --> 00:12:46,600 Speaker 3: got a good sense of politics. So Barry and Sterling 211 00:12:46,640 --> 00:12:50,840 Speaker 3: Tucker run for a mayor to unseat the first elected mayor. 212 00:12:50,920 --> 00:12:55,480 Speaker 3: So three way race and Barry runs. I'd go off 213 00:12:55,520 --> 00:13:00,280 Speaker 3: to college and the primary he wins, and and then 214 00:13:00,320 --> 00:13:04,560 Speaker 3: I'm in college at Rutgers going into studying pre med. 215 00:13:04,880 --> 00:13:06,920 Speaker 3: And then after that, after my first year, I quit, 216 00:13:07,040 --> 00:13:08,720 Speaker 3: went back to DC and started working. 217 00:13:09,160 --> 00:13:12,679 Speaker 1: You start you study pre man Why my uncle. 218 00:13:13,360 --> 00:13:15,240 Speaker 3: I was very close to him. He was a role 219 00:13:15,320 --> 00:13:18,600 Speaker 3: model and he was a doctor, and he was telling 220 00:13:18,640 --> 00:13:20,199 Speaker 3: me not to go into medicine. But I wanted to 221 00:13:20,240 --> 00:13:21,959 Speaker 3: go into medicine because I wanted to look my mother 222 00:13:21,960 --> 00:13:23,239 Speaker 3: and I struggled financially. 223 00:13:23,640 --> 00:13:25,960 Speaker 1: I wanted to have what. 224 00:13:25,880 --> 00:13:28,520 Speaker 3: Would be a stable income stream. I really wasn't driven 225 00:13:28,520 --> 00:13:30,840 Speaker 3: to try to be alter rich. I was driven to 226 00:13:30,920 --> 00:13:33,600 Speaker 3: have a nice, stable lifestyle. Be it to take care 227 00:13:33,600 --> 00:13:37,400 Speaker 3: of myself, take care of my family, and that be good, 228 00:13:37,440 --> 00:13:40,160 Speaker 3: and then maybe an invest in real estate over time 229 00:13:40,200 --> 00:13:44,400 Speaker 3: and make some money doing that. But after my first year, 230 00:13:44,440 --> 00:13:47,320 Speaker 3: I decided that it wasn't for me, and I decided 231 00:13:47,360 --> 00:13:49,880 Speaker 3: to go back to DC and start working in the 232 00:13:49,880 --> 00:13:52,520 Speaker 3: real estate business. And I became a sales agent. But 233 00:13:52,640 --> 00:13:57,240 Speaker 3: interest rates were twenty plus percent. It was nineteen seventy nine, 234 00:13:57,720 --> 00:13:58,439 Speaker 3: so I. 235 00:13:58,400 --> 00:14:01,320 Speaker 1: Could sell whod on. People need to hear that they 236 00:14:01,400 --> 00:14:03,560 Speaker 1: slow that down. First of all, in bach or young 237 00:14:03,559 --> 00:14:06,280 Speaker 1: and you have something in common. Don you have a 238 00:14:06,320 --> 00:14:08,880 Speaker 1: lot in common? But one thing. His father was a 239 00:14:08,920 --> 00:14:12,680 Speaker 1: dentist and had a nice middle class lifestyle, wanted his 240 00:14:12,720 --> 00:14:15,960 Speaker 1: sons to be dentists, and his brother became a dentist. 241 00:14:16,520 --> 00:14:18,520 Speaker 1: But in Bassie Young, after studying it for a bit, 242 00:14:18,600 --> 00:14:20,760 Speaker 1: it was like, no, that's your dream, that's not mine. 243 00:14:20,800 --> 00:14:22,720 Speaker 1: I don't want to be a dentist. I respect your dad, 244 00:14:22,760 --> 00:14:24,560 Speaker 1: thank you. I want to be a pastor and I 245 00:14:24,600 --> 00:14:26,880 Speaker 1: want to preacher it. And then when he when he 246 00:14:26,880 --> 00:14:29,400 Speaker 1: told us Dad he was going to follow doctor king Is, 247 00:14:29,480 --> 00:14:32,960 Speaker 1: Dad like literally rolled his eyes and like, you, what 248 00:14:33,280 --> 00:14:34,840 Speaker 1: have I done with What have I done with my 249 00:14:35,360 --> 00:14:39,240 Speaker 1: with sacrifices my life. Of course, the rest is history 250 00:14:39,600 --> 00:14:42,720 Speaker 1: of all that Ambassador Young did with his life, which 251 00:14:42,880 --> 00:14:45,200 Speaker 1: is the legacy, really living a legacy of this family. 252 00:14:45,240 --> 00:14:49,160 Speaker 1: You could have been a doctor because you saw somebody 253 00:14:49,240 --> 00:14:52,560 Speaker 1: who was a role model, who you admired, your uncle, 254 00:14:53,320 --> 00:14:55,560 Speaker 1: and that was enough for you. You model what you see. 255 00:14:55,600 --> 00:14:57,920 Speaker 1: We had talked about, we talked earlier about the power 256 00:14:57,960 --> 00:15:00,680 Speaker 1: of words and the power of we see and what 257 00:15:00,720 --> 00:15:02,920 Speaker 1: we feel and what we hear in our lives and 258 00:15:02,960 --> 00:15:07,000 Speaker 1: how that influences us positively and negatively. Your uncle influenced 259 00:15:07,000 --> 00:15:09,600 Speaker 1: you so much you went to pre medt the school 260 00:15:10,120 --> 00:15:12,680 Speaker 1: to maybe frame your whole life, and luckily you had 261 00:15:12,680 --> 00:15:17,120 Speaker 1: a strong constitution. Your mother also, what's her name, god 262 00:15:17,120 --> 00:15:23,600 Speaker 1: gressn Yvonne Willoughby Pool, Yvonne Willoughby Pool. Let's say her 263 00:15:23,680 --> 00:15:27,080 Speaker 1: name and let it live in history, because without her 264 00:15:27,160 --> 00:15:28,920 Speaker 1: you wouldn't be you. I say my mother's name on 265 00:15:29,040 --> 00:15:32,360 Speaker 1: Nita Smith because she reminds me of your story, the 266 00:15:32,520 --> 00:15:36,160 Speaker 1: same story. Divorced five years at age five, want to 267 00:15:36,160 --> 00:15:37,280 Speaker 1: go do her own things. We want to go live 268 00:15:37,320 --> 00:15:39,800 Speaker 1: with my auntie, not really my auntie, girl her girlfriend 269 00:15:40,200 --> 00:15:42,880 Speaker 1: to save to build her to buy her his home. 270 00:15:43,160 --> 00:15:48,640 Speaker 1: Now on your story, your mother interceded several times, including 271 00:15:48,640 --> 00:15:51,720 Speaker 1: getting you a page position. Is that right? Yeah? I 272 00:15:51,720 --> 00:15:56,960 Speaker 1: mean she's a bold, audacious, strong willed woman. It sounds like, 273 00:15:57,080 --> 00:15:57,520 Speaker 1: is that right? 274 00:15:58,160 --> 00:15:58,360 Speaker 4: Yes? 275 00:15:58,440 --> 00:15:58,800 Speaker 1: She was. 276 00:15:58,880 --> 00:16:01,760 Speaker 3: Or she was very big on exposing me to what 277 00:16:01,840 --> 00:16:06,960 Speaker 3: the world had to offer, and so she really worked 278 00:16:07,120 --> 00:16:10,760 Speaker 3: very hard to let me know what was out there. 279 00:16:12,000 --> 00:16:15,520 Speaker 3: And so every chance she could get to introduce me 280 00:16:15,680 --> 00:16:19,520 Speaker 3: to someone else. And she was working in DC. She 281 00:16:19,680 --> 00:16:23,000 Speaker 3: met a real estate developer who was pretty successful and 282 00:16:23,080 --> 00:16:25,480 Speaker 3: asked if he would meet with me for lunch one day, 283 00:16:26,040 --> 00:16:28,040 Speaker 3: and he did, and I got a chance to meet 284 00:16:28,120 --> 00:16:31,640 Speaker 3: was a very successful developer over lunch when I was 285 00:16:31,720 --> 00:16:32,960 Speaker 3: maybe sixteen. 286 00:16:33,720 --> 00:16:37,520 Speaker 1: Wow, how did your mother know? First of all, she's 287 00:16:37,560 --> 00:16:38,240 Speaker 1: still with us. 288 00:16:38,640 --> 00:16:41,080 Speaker 4: No, she passed away about twelve years ago. 289 00:16:41,440 --> 00:16:44,240 Speaker 1: Okay, my mother passed away a year. They've both been promoted. 290 00:16:44,240 --> 00:16:50,280 Speaker 1: Hopefully they're cooking gumbo together in heaven. But she certainly 291 00:16:50,400 --> 00:16:53,280 Speaker 1: left a great legacy with you. So how did she 292 00:16:53,440 --> 00:16:59,400 Speaker 1: know don to that relationship? Capital and exposure was so important. 293 00:16:59,440 --> 00:17:01,880 Speaker 1: Was there something on in her life and the way 294 00:17:01,920 --> 00:17:04,160 Speaker 1: she grew up and made his obvious. 295 00:17:04,480 --> 00:17:07,159 Speaker 3: Yeah, it's an interesting story actually, because she learned it 296 00:17:07,160 --> 00:17:12,680 Speaker 3: from her father. My grandfather, and he was from North Carolina, 297 00:17:13,240 --> 00:17:15,399 Speaker 3: moved he and his brothers moved up to d C. 298 00:17:16,400 --> 00:17:20,240 Speaker 3: First New York and then d C for better opportunities. 299 00:17:20,680 --> 00:17:23,199 Speaker 3: He got a job as a dorman at the Warboro 300 00:17:23,280 --> 00:17:25,919 Speaker 3: Park Hotel and he worked. 301 00:17:25,640 --> 00:17:27,600 Speaker 4: As a dorman for forty one years. 302 00:17:28,600 --> 00:17:31,800 Speaker 3: But he d C was, you know, the government town, 303 00:17:31,880 --> 00:17:36,439 Speaker 3: so he got to know many of the members of 304 00:17:36,520 --> 00:17:41,840 Speaker 3: Congress and political people and so and then he would 305 00:17:41,880 --> 00:17:45,600 Speaker 3: take My grandparents had five daughters. My mother was a 306 00:17:45,640 --> 00:17:49,520 Speaker 3: middle one and my grandmother died with my mother was 307 00:17:49,560 --> 00:17:51,800 Speaker 3: a teenager. My so my grandfather really took care of 308 00:17:51,840 --> 00:17:54,960 Speaker 3: his daughters. Worked around o'clock, but he would bring them 309 00:17:55,000 --> 00:18:01,000 Speaker 3: to the hotel on Sundays for you know, a you know, 310 00:18:01,240 --> 00:18:05,080 Speaker 3: like a brunch, so they could dress up in a 311 00:18:05,119 --> 00:18:08,040 Speaker 3: little dress addresses and then go and sit down and 312 00:18:08,200 --> 00:18:11,680 Speaker 3: the segregated area of the hotel, but sit down and 313 00:18:11,040 --> 00:18:14,640 Speaker 3: and see something different. But so he was all about 314 00:18:14,680 --> 00:18:19,040 Speaker 3: exposing them. But also when you know, one of the 315 00:18:19,760 --> 00:18:23,560 Speaker 3: my father, for example, when he needed a job, you know, 316 00:18:23,600 --> 00:18:24,480 Speaker 3: he was my. 317 00:18:24,520 --> 00:18:26,399 Speaker 4: Parents got married. 318 00:18:26,720 --> 00:18:29,560 Speaker 3: He was an he was a car mechanic, and so 319 00:18:29,680 --> 00:18:33,000 Speaker 3: to make more money he needed a job. My grandfather 320 00:18:34,119 --> 00:18:37,080 Speaker 3: asked the congressman to do him a favor and help 321 00:18:37,160 --> 00:18:39,200 Speaker 3: him get a job, which he did, got a job 322 00:18:39,240 --> 00:18:43,520 Speaker 3: in the federal government. My my another one of his 323 00:18:44,040 --> 00:18:47,480 Speaker 3: daughter's husbands was going to law school. Needed a job 324 00:18:48,440 --> 00:18:51,760 Speaker 3: that could work you know at night and make money. 325 00:18:52,280 --> 00:18:55,760 Speaker 3: Got him a government job as an elevator operator. And 326 00:18:55,760 --> 00:19:02,159 Speaker 3: and so so he used his relationships to help his family. Yes, 327 00:19:02,600 --> 00:19:04,840 Speaker 3: and that was as a dormant to be able to 328 00:19:04,880 --> 00:19:06,840 Speaker 3: do that. So it was all about exposure. So my 329 00:19:06,880 --> 00:19:11,680 Speaker 3: mother taught me because what she did is she generally 330 00:19:12,000 --> 00:19:15,879 Speaker 3: you know, she was a relationship builder. So it was 331 00:19:15,920 --> 00:19:19,640 Speaker 3: never kind of about something for her. It was how 332 00:19:19,680 --> 00:19:24,080 Speaker 3: could she offer some value or help somebody else and 333 00:19:24,119 --> 00:19:27,240 Speaker 3: then build up a relationship and one day if she 334 00:19:27,359 --> 00:19:31,280 Speaker 3: needed help with me or something, she could yes. And 335 00:19:32,440 --> 00:19:38,560 Speaker 3: so I learned the value of relationships myself, and that, 336 00:19:38,920 --> 00:19:41,919 Speaker 3: you know, like I learned her. It was more valuable 337 00:19:41,920 --> 00:19:45,240 Speaker 3: for me to build learn politics and build a relationship 338 00:19:45,440 --> 00:19:48,359 Speaker 3: with Barry than it was to earn some money. So 339 00:19:48,440 --> 00:19:52,320 Speaker 3: I was doing it on a volunteer basis. So but 340 00:19:52,400 --> 00:19:55,160 Speaker 3: I benefit, I wouldn't be here today, but it wasn't 341 00:19:55,200 --> 00:19:55,600 Speaker 3: for Barry. 342 00:19:56,640 --> 00:20:00,960 Speaker 4: Be no chance. Really, yeah, I think, and. 343 00:20:00,920 --> 00:20:05,360 Speaker 3: I think I'm a capable person, But I mean, so Barry. 344 00:20:05,440 --> 00:20:10,800 Speaker 3: I go back to d C. Barry is mayor and 345 00:20:11,040 --> 00:20:16,159 Speaker 3: everybody and so he's he's mayor and he is in 346 00:20:16,200 --> 00:20:20,520 Speaker 3: his first term, and I'm working as a real estate agent. 347 00:20:20,600 --> 00:20:22,159 Speaker 3: And then I ended up going to work for my 348 00:20:22,240 --> 00:20:25,440 Speaker 3: mother as an appraiser because she had a conselling business, 349 00:20:25,880 --> 00:20:29,840 Speaker 3: and uh, and then I worked as a subcontractor for 350 00:20:29,880 --> 00:20:33,040 Speaker 3: another company. My aspirations were to have my own appraisal business. 351 00:20:33,320 --> 00:20:36,720 Speaker 3: Barry's running for reelection. I'm twenty two years old and 352 00:20:36,760 --> 00:20:38,800 Speaker 3: I understood politics, So I said, okay, I'm going to 353 00:20:38,840 --> 00:20:42,440 Speaker 3: help him. I lived in War three, which was a 354 00:20:42,640 --> 00:20:45,520 Speaker 3: had a big white population, and he had struggled over 355 00:20:45,520 --> 00:20:48,359 Speaker 3: at War three. So I did a Meet the Mayor 356 00:20:48,400 --> 00:20:50,840 Speaker 3: event with several of the community leaders and so we 357 00:20:50,920 --> 00:20:53,440 Speaker 3: had this large gathering of residents and then I also 358 00:20:53,480 --> 00:20:56,040 Speaker 3: did a fundraiser for him. He was running against Patricia 359 00:20:56,119 --> 00:20:59,439 Speaker 3: Roberts Harris, who had served in President Carter's administration as 360 00:20:59,480 --> 00:21:02,160 Speaker 3: Secretary put in hg W. So everybody thought Barry would 361 00:21:02,200 --> 00:21:06,120 Speaker 3: lose and and I thought he would win. And so 362 00:21:06,600 --> 00:21:09,760 Speaker 3: I did a fundraiser for him to get two days 363 00:21:09,760 --> 00:21:12,680 Speaker 3: after the primary. I scheduled it for because he could 364 00:21:12,720 --> 00:21:14,920 Speaker 3: You could you could deficit spend in DC. You could 365 00:21:14,960 --> 00:21:19,800 Speaker 3: run up a campaign debt and so and so I 366 00:21:19,840 --> 00:21:22,320 Speaker 3: have sent out an invitation to everybody who had given 367 00:21:22,359 --> 00:21:26,000 Speaker 3: Harris more than one thousand dollars and then other supporters, 368 00:21:26,000 --> 00:21:27,040 Speaker 3: and I got a little host. 369 00:21:26,880 --> 00:21:30,160 Speaker 4: Committee together more you know, mature, more experienced. 370 00:21:29,760 --> 00:21:33,000 Speaker 3: People than me, and uh and and we did this 371 00:21:33,080 --> 00:21:36,119 Speaker 3: event at the Capitol Hilton and d C on sixteenth 372 00:21:36,160 --> 00:21:40,320 Speaker 3: and K and you know, we were kind of struggling 373 00:21:40,320 --> 00:21:42,159 Speaker 3: a little bit to you know, but you know, and 374 00:21:42,200 --> 00:21:43,920 Speaker 3: at one point they were the campaign was going to 375 00:21:44,000 --> 00:21:45,960 Speaker 3: cancel it, but I got them to stick it out. 376 00:21:46,440 --> 00:21:49,760 Speaker 3: So Barry wins. He beats her by four to one, 377 00:21:50,080 --> 00:21:50,600 Speaker 3: crushes her. 378 00:21:50,680 --> 00:21:50,880 Speaker 1: Wow. 379 00:21:51,359 --> 00:21:51,840 Speaker 4: Wow. 380 00:21:52,000 --> 00:21:56,760 Speaker 3: So two days later we have our event. It's so 381 00:21:57,000 --> 00:22:01,200 Speaker 3: big that they were bringing in extra table because all 382 00:22:01,280 --> 00:22:04,320 Speaker 3: the people who had given her Harris money were trying 383 00:22:04,359 --> 00:22:08,159 Speaker 3: to redeem themselves with him. Made raised a huge amount 384 00:22:08,160 --> 00:22:11,560 Speaker 3: of money and I got the chance to introduce him, 385 00:22:12,200 --> 00:22:15,280 Speaker 3: and that showed him that I was no longer the 386 00:22:15,320 --> 00:22:18,560 Speaker 3: little teenage guy that he had had, you know, working 387 00:22:18,600 --> 00:22:21,720 Speaker 3: as his advanced person as a volunteer, but I was 388 00:22:21,760 --> 00:22:25,760 Speaker 3: now somebody that could be helpful to him. Within a 389 00:22:25,840 --> 00:22:30,199 Speaker 3: matter of months, one of the camp, one of the 390 00:22:30,240 --> 00:22:33,200 Speaker 3: campaign team members called me. And what happened is many 391 00:22:33,200 --> 00:22:35,440 Speaker 3: of the people in the campaign transitioned to work in 392 00:22:35,480 --> 00:22:37,359 Speaker 3: the government. So one of them called me and offered 393 00:22:37,400 --> 00:22:40,920 Speaker 3: me a position on as president of the Real Estate Commission. 394 00:22:42,080 --> 00:22:46,360 Speaker 3: And ultimately I spoke to a person at the head 395 00:22:46,359 --> 00:22:50,320 Speaker 3: of boards and commissions and she said that that wasn't 396 00:22:50,320 --> 00:22:53,120 Speaker 3: the right position. I wasn't qualified for that position because 397 00:22:53,160 --> 00:22:54,560 Speaker 3: you had to be a broker, and I was only 398 00:22:54,600 --> 00:22:57,800 Speaker 3: a sales agent, but a proper assessment of pillboard would 399 00:22:57,800 --> 00:23:00,600 Speaker 3: be good for me. But they had just filled all 400 00:23:00,600 --> 00:23:03,680 Speaker 3: the slots and the appointees are on the Mayor's desk, 401 00:23:04,320 --> 00:23:06,840 Speaker 3: and my mother had served on that board, so I 402 00:23:06,920 --> 00:23:10,120 Speaker 3: knew that board. So I called the deputy mayor, who 403 00:23:10,200 --> 00:23:13,520 Speaker 3: happened to have been the mayor's campaign manager from the 404 00:23:13,600 --> 00:23:15,640 Speaker 3: time he ran for city council. 405 00:23:15,800 --> 00:23:17,440 Speaker 4: And I was right. 406 00:23:17,560 --> 00:23:20,280 Speaker 3: So I knew since I was fourteen years old. And 407 00:23:20,320 --> 00:23:22,000 Speaker 3: I went and met with him and asked to meet 408 00:23:22,080 --> 00:23:25,680 Speaker 3: with him, and I made my case and he said, okay, 409 00:23:25,720 --> 00:23:27,800 Speaker 3: let me look into it. A couple of days later, 410 00:23:27,880 --> 00:23:29,560 Speaker 3: the woman called me back and said, oh my god, 411 00:23:29,640 --> 00:23:31,199 Speaker 3: I just want to I've got good news for you. 412 00:23:31,240 --> 00:23:33,359 Speaker 3: I went into the Mayor's office and I told Mary, 413 00:23:33,680 --> 00:23:35,960 Speaker 3: you were such an impressive young man that we had 414 00:23:36,000 --> 00:23:39,080 Speaker 3: to appoint you. And he has nominated you for the 415 00:23:39,200 --> 00:23:44,160 Speaker 3: Property Assessment Appeal Board. And I thanked her. I knew 416 00:23:44,200 --> 00:23:45,840 Speaker 3: she didn't do it, but I thanked her for it 417 00:23:45,960 --> 00:23:48,600 Speaker 3: and thanked her for her support and so forth, and 418 00:23:49,800 --> 00:23:52,520 Speaker 3: so I served on the board the following year. The 419 00:23:52,600 --> 00:23:57,320 Speaker 3: chairman's position was a chairman with a term had expired, 420 00:23:57,760 --> 00:24:00,879 Speaker 3: and I asked Barry not to a reappoint him, and 421 00:24:00,920 --> 00:24:05,160 Speaker 3: I asked Barry to pick somebody else, and I made 422 00:24:05,160 --> 00:24:07,359 Speaker 3: a deal with one of the older members on the 423 00:24:07,400 --> 00:24:10,520 Speaker 3: board to pick him, but he didn't want to. He 424 00:24:10,560 --> 00:24:12,440 Speaker 3: said he didn't want to do it. So I told 425 00:24:12,480 --> 00:24:16,360 Speaker 3: the mayor my first choice was this guy, but if 426 00:24:16,480 --> 00:24:18,160 Speaker 3: he's not going to do it, I'd like to do it. 427 00:24:18,960 --> 00:24:19,560 Speaker 1: How were you? 428 00:24:20,119 --> 00:24:23,399 Speaker 3: I was twenty three. I love it, And and his 429 00:24:23,560 --> 00:24:27,159 Speaker 3: deputy mayor gave me instructions on how to make it 430 00:24:27,200 --> 00:24:29,280 Speaker 3: easier for the mayor to get some of the people 431 00:24:29,320 --> 00:24:31,920 Speaker 3: that I had met during the fundraising and so forth 432 00:24:32,040 --> 00:24:34,880 Speaker 3: who the mayor respected, to call the mayor and say 433 00:24:34,880 --> 00:24:36,760 Speaker 3: they thought I'd do a good job, which I did. 434 00:24:37,280 --> 00:24:41,400 Speaker 3: And so Barry told me that, well, you know that 435 00:24:42,480 --> 00:24:44,959 Speaker 3: you're the guy was supporting. His name is Ted Wade. 436 00:24:45,480 --> 00:24:47,880 Speaker 3: He said, you know that he is. That he's been 437 00:24:47,880 --> 00:24:50,320 Speaker 3: trying to get to meet with me, and he's been 438 00:24:50,400 --> 00:24:53,520 Speaker 3: asking and he's been telling people to call me because 439 00:24:53,520 --> 00:24:56,439 Speaker 3: he wants to be chairman, right, I said, But he 440 00:24:56,480 --> 00:24:59,240 Speaker 3: told me he didn't want it. He says, well, he 441 00:24:59,280 --> 00:25:02,000 Speaker 3: can't be trusted, so he said, so let me think 442 00:25:02,000 --> 00:25:04,879 Speaker 3: about it, don and and I'll get back to you. 443 00:25:04,880 --> 00:25:06,600 Speaker 4: And I met with him in his big office and 444 00:25:06,640 --> 00:25:07,160 Speaker 4: so forth. 445 00:25:07,200 --> 00:25:09,800 Speaker 3: And because I've been on the hill, I was accustomed 446 00:25:09,800 --> 00:25:11,359 Speaker 3: to the big office and so still I was a 447 00:25:11,359 --> 00:25:14,119 Speaker 3: little nervous, but I wasn't as intimidated because I'd been 448 00:25:14,119 --> 00:25:16,800 Speaker 3: exposed to it. But I was very you know, you know, 449 00:25:17,000 --> 00:25:21,399 Speaker 3: humble and respectful. But because of the deputy mayor, he 450 00:25:22,080 --> 00:25:24,120 Speaker 3: taught me. He said, look, you have to make You're 451 00:25:24,160 --> 00:25:26,639 Speaker 3: twenty three years old. You have to make this. This 452 00:25:26,720 --> 00:25:28,800 Speaker 3: is the most powerful board in the city. 453 00:25:29,520 --> 00:25:29,800 Speaker 1: Wow. 454 00:25:30,320 --> 00:25:34,560 Speaker 3: To make this easier for the mayor. Because him appointing 455 00:25:34,600 --> 00:25:38,000 Speaker 3: a twenty three year old young black man, that's not 456 00:25:38,160 --> 00:25:41,760 Speaker 3: easy to oversee all these real estate property owners. 457 00:25:43,040 --> 00:25:45,520 Speaker 4: So you got to make it easier. And he showed 458 00:25:45,520 --> 00:25:45,840 Speaker 4: me how. 459 00:25:46,080 --> 00:25:49,120 Speaker 3: And because of that, Barry calls me up and says, hey, 460 00:25:49,920 --> 00:25:54,680 Speaker 3: I'm going to you know, announce your appointment tomorrow. Wow, 461 00:25:54,880 --> 00:25:56,400 Speaker 3: I'm going to get to come down the city Hall 462 00:25:56,600 --> 00:25:59,680 Speaker 3: and and you know, and he asked his assistant what 463 00:25:59,760 --> 00:26:02,200 Speaker 3: time was it, and so any sence, you'll give you 464 00:26:02,240 --> 00:26:05,760 Speaker 3: all the details and I'll see them. And so it 465 00:26:05,880 --> 00:26:10,040 Speaker 3: came in and he announced my appointment and then swarm in. 466 00:26:20,880 --> 00:26:22,800 Speaker 1: A couple of things that jump out. By the way, 467 00:26:22,800 --> 00:26:28,679 Speaker 1: I've got my own Mary Barry stories. Our backgrounds parallel 468 00:26:29,119 --> 00:26:31,359 Speaker 1: so much. And Marion Barry helped Operation Hope when we 469 00:26:31,440 --> 00:26:34,440 Speaker 1: went into Anacostia. He was a leader of one of 470 00:26:34,480 --> 00:26:39,040 Speaker 1: the wards there and I put a Hope inside my 471 00:26:39,119 --> 00:26:43,159 Speaker 1: first Hope center. We have fifteen hundred now. My first 472 00:26:43,200 --> 00:26:45,719 Speaker 1: on the ground Hope center which was eat with E Trade. 473 00:26:45,800 --> 00:26:48,600 Speaker 1: We built on good Hope Road. I believe it was 474 00:26:48,640 --> 00:26:50,160 Speaker 1: called her It was a Hope Road. 475 00:26:51,240 --> 00:26:54,600 Speaker 3: My first building that I built was on Martin Luther 476 00:26:54,760 --> 00:26:57,640 Speaker 3: King Avenue just south of good Hope Road. 477 00:26:58,160 --> 00:27:04,040 Speaker 1: Wow, coincidences. God's way remaining anonymous, But to stay focused 478 00:27:04,040 --> 00:27:07,399 Speaker 1: on this incredible story of yours. Your mother taught you 479 00:27:07,440 --> 00:27:11,359 Speaker 1: something else, and it's something that Ambassador Young has said 480 00:27:12,080 --> 00:27:14,040 Speaker 1: that I'm going to repeat. Men and women fail for 481 00:27:14,119 --> 00:27:19,200 Speaker 1: three reasons arrogance, pride, and greed. And of a quote 482 00:27:19,200 --> 00:27:21,520 Speaker 1: that I use that I did not create, but I 483 00:27:21,640 --> 00:27:24,119 Speaker 1: use in bast Young loves is quote from that I 484 00:27:24,200 --> 00:27:27,560 Speaker 1: use all the time, which is to talk without being offensive, 485 00:27:27,680 --> 00:27:31,399 Speaker 1: listen without being defensive, and always leave even your adversary 486 00:27:31,400 --> 00:27:34,600 Speaker 1: with their dignity, humility stepping over mess night and it 487 00:27:34,680 --> 00:27:40,800 Speaker 1: humility is really an underrated quality. And you said about 488 00:27:40,840 --> 00:27:45,280 Speaker 1: five minutes ago, basically I'm paraphrasing, being smart wasn't enough. 489 00:27:45,800 --> 00:27:47,680 Speaker 1: You said, I know I was smart, I knew I 490 00:27:47,720 --> 00:27:49,800 Speaker 1: was sharp. But I'm not going to get this position 491 00:27:50,560 --> 00:27:53,680 Speaker 1: just because I'm smart, just because I'm worthy. I need 492 00:27:53,720 --> 00:27:56,680 Speaker 1: to have relationship capital. I need to understand. I need 493 00:27:56,720 --> 00:27:58,760 Speaker 1: to read the tea leaves, I need to read the room. 494 00:27:59,200 --> 00:28:00,959 Speaker 1: I need to make sure I've got the right people 495 00:28:01,200 --> 00:28:04,880 Speaker 1: pitching for me, vouching for me. I need to make 496 00:28:05,359 --> 00:28:09,320 Speaker 1: the job for the mayor easier to tell me, to 497 00:28:09,400 --> 00:28:13,240 Speaker 1: empower me. Am I saying that right, You're saying exactly right. 498 00:28:14,160 --> 00:28:20,480 Speaker 1: And uh, there's some lessons here for the audience on success. 499 00:28:20,800 --> 00:28:23,600 Speaker 1: And we're not just storytelling here. We're giving you a 500 00:28:23,680 --> 00:28:26,680 Speaker 1: narrative and an inside channel. And again, keep in mind 501 00:28:26,720 --> 00:28:30,960 Speaker 1: that Don and I are two of the largest people 502 00:28:31,200 --> 00:28:33,199 Speaker 1: who happen to be of after American descent in the 503 00:28:33,240 --> 00:28:37,199 Speaker 1: country who are running big books of real estate and 504 00:28:37,320 --> 00:28:40,840 Speaker 1: businesses with hundreds of employees. I don't know any employees 505 00:28:40,880 --> 00:28:43,920 Speaker 1: you have done I've got four hundred. But you know 506 00:28:43,960 --> 00:28:46,640 Speaker 1: we're you know, this didn't happen by accident. And a 507 00:28:46,640 --> 00:28:50,920 Speaker 1: lot of his story so a lot of successes. It's 508 00:28:50,960 --> 00:28:55,240 Speaker 1: just good habits. It's good habits and discipline and execution. 509 00:28:56,120 --> 00:29:00,320 Speaker 1: But good habits is a big part of this. Don 510 00:29:00,400 --> 00:29:03,920 Speaker 1: had good habits from an early age. And for anybody 511 00:29:03,920 --> 00:29:05,959 Speaker 1: who's having a child or thinking about it, first of all, 512 00:29:05,960 --> 00:29:07,880 Speaker 1: you should delay it as long as you can because 513 00:29:07,920 --> 00:29:09,600 Speaker 1: you want to make sure you have a maturity to 514 00:29:09,640 --> 00:29:11,480 Speaker 1: give to that child. But you can't be a baby 515 00:29:11,480 --> 00:29:13,800 Speaker 1: mama or a baby daddy. You had to be a 516 00:29:13,840 --> 00:29:16,920 Speaker 1: mother and a father. If Don had a baby mama, 517 00:29:17,280 --> 00:29:21,080 Speaker 1: he'd been screwed. If you had a baby mama. In 518 00:29:21,080 --> 00:29:22,760 Speaker 1: other words, I got you, but I had you. But 519 00:29:22,800 --> 00:29:27,040 Speaker 1: I've got no whatever the streets chase you run you. 520 00:29:27,040 --> 00:29:29,000 Speaker 1: You know, I'm sort of concerned about you, but I'm 521 00:29:29,000 --> 00:29:31,680 Speaker 1: not responsible for you. No, no, No, he had a mother. 522 00:29:31,880 --> 00:29:35,400 Speaker 1: I had a mother. He talked about his grandfather. You know, 523 00:29:35,640 --> 00:29:37,640 Speaker 1: I know my grandfather R. B. Smith. I know my 524 00:29:37,680 --> 00:29:40,720 Speaker 1: second great grandfather, George Young, fought in the Civil War 525 00:29:41,560 --> 00:29:46,680 Speaker 1: protected Memphis. Know your story, Know your story, and if 526 00:29:46,720 --> 00:29:49,200 Speaker 1: you're gonna have a child, be a mother and or 527 00:29:49,200 --> 00:29:53,240 Speaker 1: a father be parents, because that's often who your children 528 00:29:53,920 --> 00:29:57,440 Speaker 1: are most influenced by. And so if it wasn't for 529 00:29:57,480 --> 00:30:01,880 Speaker 1: your mother being your advocate, and I think your grandfather 530 00:30:02,000 --> 00:30:07,720 Speaker 1: you said, well opening those doors in d C. Before her, 531 00:30:08,560 --> 00:30:10,520 Speaker 1: you wouldn't be who you are today. 532 00:30:10,760 --> 00:30:13,440 Speaker 3: No, And look also my father, I mean my father 533 00:30:13,560 --> 00:30:19,240 Speaker 3: and I had a good relationship overall, and I got 534 00:30:19,240 --> 00:30:21,480 Speaker 3: my work ethic from him. Not only did he work 535 00:30:21,520 --> 00:30:24,560 Speaker 3: his full time job at the government, he also kept 536 00:30:24,600 --> 00:30:26,720 Speaker 3: a part time job as a carma catechut to set 537 00:30:26,760 --> 00:30:28,800 Speaker 3: up his own little business in the garage. 538 00:30:28,400 --> 00:30:28,960 Speaker 1: Of our house. 539 00:30:29,560 --> 00:30:32,600 Speaker 3: And so he always was willing to work for what 540 00:30:32,680 --> 00:30:36,240 Speaker 3: he wanted, and he worked to provide and he had 541 00:30:36,280 --> 00:30:38,440 Speaker 3: this great work ethic. And one of the things I 542 00:30:38,520 --> 00:30:41,360 Speaker 3: think about pride, and I look at it, I think 543 00:30:41,400 --> 00:30:44,120 Speaker 3: in some regards like my father, and I think my 544 00:30:44,200 --> 00:30:47,040 Speaker 3: grandfather did the same thing. My father was more so, 545 00:30:47,360 --> 00:30:50,680 Speaker 3: but he grew up very hard in segregated rural Virginia, 546 00:30:51,720 --> 00:30:54,040 Speaker 3: and so he didn't want to ask anybody for anything. 547 00:30:55,000 --> 00:30:57,080 Speaker 3: His whole thing is, I'll do it myself, and if 548 00:30:57,080 --> 00:30:59,880 Speaker 3: I can't provide it for me myself, then I'm not 549 00:31:00,280 --> 00:31:02,960 Speaker 3: I don't need it, but I learned a lot from him, 550 00:31:03,080 --> 00:31:06,520 Speaker 3: and also my mother's four sisters, they you know, all 551 00:31:06,960 --> 00:31:09,760 Speaker 3: got married, three of their husbands and the one that 552 00:31:09,880 --> 00:31:12,320 Speaker 3: was a doctor, the other one a lawyer, the other 553 00:31:12,360 --> 00:31:14,600 Speaker 3: one a school teacher. I learned from each one of them, 554 00:31:15,040 --> 00:31:18,000 Speaker 3: and they were models for me and role models for me. 555 00:31:18,400 --> 00:31:20,360 Speaker 3: And I happened to have grown up in an environment, 556 00:31:20,360 --> 00:31:25,200 Speaker 3: in a family where money was was not something that 557 00:31:25,640 --> 00:31:30,719 Speaker 3: was elevated or it was you know, worshiped. It was 558 00:31:30,760 --> 00:31:34,120 Speaker 3: more about, hey, you needed to take care of yourself 559 00:31:34,160 --> 00:31:37,880 Speaker 3: and be supportive of your family. But that there, you know, 560 00:31:37,960 --> 00:31:43,320 Speaker 3: your your existence and your you know, your contributions to 561 00:31:43,360 --> 00:31:46,760 Speaker 3: our society are very different and and and they don't. 562 00:31:47,440 --> 00:31:49,560 Speaker 3: It's not about money. And so I think that that 563 00:31:49,560 --> 00:31:52,600 Speaker 3: probably helped me quite a bit in terms of being 564 00:31:52,640 --> 00:31:55,440 Speaker 3: able to be grounded and so on. And one of 565 00:31:55,480 --> 00:31:57,640 Speaker 3: the interesting lessons I learned, one of the best lessons 566 00:31:57,680 --> 00:32:01,640 Speaker 3: I learned from Barry is in and that election for 567 00:32:01,680 --> 00:32:04,600 Speaker 3: his first campaign for mayor. And I didn't I didn't 568 00:32:04,640 --> 00:32:07,640 Speaker 3: witness this, but I told his story probably one hundred times. 569 00:32:08,160 --> 00:32:11,520 Speaker 3: So the most prominent black business person in the city 570 00:32:11,520 --> 00:32:14,840 Speaker 3: of Washington was supporting Stirling Tucker, and he was not 571 00:32:14,960 --> 00:32:19,640 Speaker 3: just supporting him. He was really speaking very nasty and 572 00:32:19,760 --> 00:32:24,960 Speaker 3: negative about Barry, saying, you know, he wasn't articulate because 573 00:32:24,960 --> 00:32:27,120 Speaker 3: he was, you know, grew up in the segregated South, 574 00:32:27,160 --> 00:32:30,560 Speaker 3: even though Barry had a degree in chemistry and was 575 00:32:31,400 --> 00:32:35,000 Speaker 3: getting a masters in chemistry before he left to fight 576 00:32:35,040 --> 00:32:38,920 Speaker 3: in a civil rights movement. But he dogged him, I 577 00:32:38,960 --> 00:32:43,880 Speaker 3: mean totally. And but the bank's biggest customer was the 578 00:32:43,920 --> 00:32:48,440 Speaker 3: city of Washington, d C. So when Barry won, this 579 00:32:48,520 --> 00:32:55,959 Speaker 3: guy was depressed. And so he, you know, got up 580 00:32:55,960 --> 00:32:59,200 Speaker 3: the next day, went to work, got in a little late, 581 00:32:59,680 --> 00:33:02,720 Speaker 3: and he walks in the reception area of his offices 582 00:33:02,760 --> 00:33:05,760 Speaker 3: at the bank, and Marion Barry is sitting in the 583 00:33:05,800 --> 00:33:11,880 Speaker 3: reception area really and he you know, stood up, shook 584 00:33:11,880 --> 00:33:15,120 Speaker 3: his hand and said, now can I have your support? 585 00:33:15,680 --> 00:33:18,120 Speaker 1: Wow, Marion Barry did that. 586 00:33:18,400 --> 00:33:19,600 Speaker 4: Marion Barry did that. 587 00:33:20,320 --> 00:33:30,440 Speaker 1: Unbelievable. That's that's saying something I've heard. That's that's wicked smart. 588 00:33:30,640 --> 00:33:34,160 Speaker 3: And that was Bill Fitzgerald, the banker who owned Independence 589 00:33:34,200 --> 00:33:36,600 Speaker 3: Federal Savings and Bank and Savings and Loan, which was 590 00:33:36,640 --> 00:33:39,400 Speaker 3: the largest black owned bank in the country at the time. 591 00:33:40,120 --> 00:33:46,680 Speaker 3: And throughout Barry's campaigns, and his you know, his scandal. 592 00:33:48,440 --> 00:33:52,880 Speaker 3: It was Bill Fitzgerald who was rock solid for Barry, 593 00:33:53,240 --> 00:33:57,360 Speaker 3: unyielding supportive of him from you know that point on, 594 00:33:58,000 --> 00:34:03,360 Speaker 3: and and it was that what Barry did is he 595 00:34:03,440 --> 00:34:05,800 Speaker 3: gave this man who was certain that he was going 596 00:34:05,880 --> 00:34:08,879 Speaker 3: to lose his custom the biggest client, and the mayor 597 00:34:08,920 --> 00:34:10,960 Speaker 3: of the city was going to put him on his 598 00:34:11,600 --> 00:34:13,319 Speaker 3: shit list and that would have been it, and he 599 00:34:13,320 --> 00:34:16,960 Speaker 3: wouldn't be able to do business. And instead Barry helped him. 600 00:34:17,120 --> 00:34:19,520 Speaker 3: And I learned that from Barry. And ultimately we used 601 00:34:19,520 --> 00:34:22,600 Speaker 3: to play poker as a group, and Barry included me 602 00:34:22,640 --> 00:34:26,320 Speaker 3: in their poker games. And so I became very friendly 603 00:34:26,360 --> 00:34:29,440 Speaker 3: with a bunch of different black business people because we 604 00:34:29,560 --> 00:34:33,279 Speaker 3: played poker, you know, once a week and so and 605 00:34:33,360 --> 00:34:36,759 Speaker 3: I did that probably from twenty five to you know 606 00:34:37,480 --> 00:34:40,960 Speaker 3: thirty something until I moved down to Miami. So but 607 00:34:41,000 --> 00:34:45,760 Speaker 3: I learned that lesson, you cannot be a sore winner. 608 00:34:46,239 --> 00:34:48,520 Speaker 3: It's bad to be a sore loser, but it's worse 609 00:34:48,920 --> 00:34:50,000 Speaker 3: to be a sore winner. 610 00:34:50,520 --> 00:34:54,160 Speaker 1: That's right, step over mess, not in it. And realized 611 00:34:54,239 --> 00:34:56,200 Speaker 1: that you may be careful to toe you step on. 612 00:34:56,400 --> 00:34:58,000 Speaker 1: It may be connected to the rear end you got 613 00:34:58,000 --> 00:35:02,359 Speaker 1: to kiss later. We're all in this thing together, We're 614 00:35:02,360 --> 00:35:06,359 Speaker 1: all interconnected. And that is one of the messages that 615 00:35:06,480 --> 00:35:10,160 Speaker 1: Don and I were both trying to articulate before we 616 00:35:10,200 --> 00:35:13,720 Speaker 1: got on camera about how we all of us, everybody 617 00:35:14,320 --> 00:35:18,960 Speaker 1: needs to be gracious, uh and find a higher frequency 618 00:35:19,200 --> 00:35:23,319 Speaker 1: in the coming weeks and months, because there are four 619 00:35:23,360 --> 00:35:29,280 Speaker 1: countries that want to take us out China, Russia, Iran, 620 00:35:30,040 --> 00:35:33,560 Speaker 1: and North Korea. We're not each other's enemy. That's if 621 00:35:33,560 --> 00:35:35,320 Speaker 1: you want to have an enemy. I mean, honestly, anybody 622 00:35:35,360 --> 00:35:36,840 Speaker 1: is my enemy. If you want to say an enemy, 623 00:35:36,880 --> 00:35:39,600 Speaker 1: that's your enemy. They hope that we hate each other, 624 00:35:39,640 --> 00:35:41,640 Speaker 1: they hope that we that we kick it, they pick 625 00:35:41,719 --> 00:35:46,080 Speaker 1: each other continue to and so I'm really hoping that 626 00:35:46,160 --> 00:35:49,799 Speaker 1: we can find a higher frequency. And now we've had 627 00:35:49,960 --> 00:35:53,719 Speaker 1: we've had a uh, you know, potentially the election of 628 00:35:53,920 --> 00:35:57,200 Speaker 1: the of a lifetime here. And but as I said 629 00:35:57,320 --> 00:36:00,239 Speaker 1: to Charlottage and some others this morning on we were 630 00:36:00,239 --> 00:36:05,000 Speaker 1: trading text messages, where else in the world, Well, first 631 00:36:05,000 --> 00:36:06,320 Speaker 1: of all, said, where else in the world could you 632 00:36:06,360 --> 00:36:09,279 Speaker 1: and I our stories have come of age up from 633 00:36:09,400 --> 00:36:12,879 Speaker 1: literally slavery, where we control our own destiny. But where 634 00:36:12,920 --> 00:36:15,319 Speaker 1: else in the world could you have a superpower, yet 635 00:36:15,320 --> 00:36:19,120 Speaker 1: alone to sol superpower have an election of tens and 636 00:36:19,160 --> 00:36:25,240 Speaker 1: tens of millions of people. It's transparent, it's passionate, it's vibrant, 637 00:36:25,680 --> 00:36:33,120 Speaker 1: it's violent free, it's drama free, it's scandal free. It 638 00:36:33,160 --> 00:36:38,319 Speaker 1: appears it seems, it's unrigged, it's unboughketd It is what 639 00:36:38,360 --> 00:36:40,000 Speaker 1: it is. You can like it the outcome and not 640 00:36:40,120 --> 00:36:43,200 Speaker 1: like the outcome, but it is what it is. And 641 00:36:43,280 --> 00:36:45,560 Speaker 1: tomorrow today you get up and you go to work, 642 00:36:45,640 --> 00:36:48,160 Speaker 1: or you go to you have a conversation about it 643 00:36:48,239 --> 00:36:49,960 Speaker 1: and you figure out how you go. But you know, 644 00:36:50,040 --> 00:36:54,560 Speaker 1: you you express yourself. In Russia, you just disappear. China, 645 00:36:55,000 --> 00:37:00,000 Speaker 1: you just disappear. Right, So people, you know, people need 646 00:37:00,080 --> 00:37:03,520 Speaker 1: to understand that even in the Bible says you cannot 647 00:37:03,520 --> 00:37:07,680 Speaker 1: grow except through legitimate suffering. You cannot grow except through 648 00:37:07,719 --> 00:37:10,279 Speaker 1: legitimate suffering. Where would Andrew Young be if he hadn't 649 00:37:10,320 --> 00:37:13,320 Speaker 1: been fired from the U N A little known story, 650 00:37:13,360 --> 00:37:16,440 Speaker 1: but he was. You know, this vault is successful. You 651 00:37:16,440 --> 00:37:18,399 Speaker 1: know he was one of the most powerful black men 652 00:37:18,400 --> 00:37:21,719 Speaker 1: in America. Uh and uh and he was a you 653 00:37:21,960 --> 00:37:23,840 Speaker 1: he was the first black unimbassador in the history of 654 00:37:23,840 --> 00:37:28,080 Speaker 1: the country, and they fired him for talking to the Palestinians. Yes, 655 00:37:28,239 --> 00:37:30,960 Speaker 1: they fired him for talking to the Palestinians, something that 656 00:37:30,960 --> 00:37:33,799 Speaker 1: of course is just nothing but common sense. Now you 657 00:37:33,800 --> 00:37:36,839 Speaker 1: need to talk to everybody. And he had his hid 658 00:37:36,960 --> 00:37:38,919 Speaker 1: for a couple of days. Don his head was low 659 00:37:38,960 --> 00:37:41,759 Speaker 1: and he was wondering what the future hell. But he 660 00:37:41,760 --> 00:37:45,319 Speaker 1: he realized that God's is on the throne and guy 661 00:37:45,480 --> 00:37:48,040 Speaker 1: was not in any way through with him. But rainbows 662 00:37:48,040 --> 00:37:51,719 Speaker 1: follow storms, and he gets called to become mayor of Atlanta, 663 00:37:52,000 --> 00:37:55,360 Speaker 1: and uh, he wonders whether they should do that, And 664 00:37:55,440 --> 00:37:57,640 Speaker 1: this older lady says to him, you know, boy, we 665 00:37:57,960 --> 00:38:00,719 Speaker 1: wasted our time on you. We had you with doctor King. 666 00:38:00,840 --> 00:38:03,080 Speaker 1: We we supported you, we let you, we we we 667 00:38:03,280 --> 00:38:05,520 Speaker 1: were rooted for you and did this, you did that, 668 00:38:06,520 --> 00:38:09,960 Speaker 1: but then we need you. You just shrugged your shoulders. 669 00:38:10,040 --> 00:38:12,359 Speaker 1: We just wasted our time on you. And that turned 670 00:38:12,400 --> 00:38:14,879 Speaker 1: him around, that caused him to run for mayor. And 671 00:38:15,080 --> 00:38:18,880 Speaker 1: uh yeah, and and don last story even get back 672 00:38:18,880 --> 00:38:19,920 Speaker 1: to you, because I want to, ma, sure we spend 673 00:38:19,920 --> 00:38:22,040 Speaker 1: the last ten fifteen minutes on how you came from 674 00:38:22,040 --> 00:38:24,279 Speaker 1: where you are that to this billion dollar portfolio and 675 00:38:24,280 --> 00:38:26,960 Speaker 1: where it comes next, and how people can get the 676 00:38:27,120 --> 00:38:31,160 Speaker 1: art of how you did your uh your transactions and 677 00:38:31,200 --> 00:38:36,640 Speaker 1: grew your business. So in uh in in this is 678 00:38:36,680 --> 00:38:44,000 Speaker 1: a in this unique narrative of Ambassador Andrew Young. He 679 00:38:44,000 --> 00:38:53,000 Speaker 1: he becomes mayor and and grows this incredible portfolio of inclusion. 680 00:38:53,520 --> 00:38:56,319 Speaker 1: Gives his phone number to all the business people, say 681 00:38:56,360 --> 00:38:58,759 Speaker 1: anybody tries to bribe you, whatever, you call me if 682 00:38:58,760 --> 00:39:00,719 Speaker 1: you have any problems at all. Everybody had his home 683 00:39:00,760 --> 00:39:04,480 Speaker 1: phone number. And uh that he attracted seventy trillion, seventy 684 00:39:04,520 --> 00:39:08,319 Speaker 1: billion dollars of foreign investment to Atlanta on his on 685 00:39:08,400 --> 00:39:12,120 Speaker 1: his personal rapport UH and people and his and folks 686 00:39:12,200 --> 00:39:13,800 Speaker 1: and give him folks his phone number. Now, he couldn't 687 00:39:13,800 --> 00:39:17,760 Speaker 1: have done what he did without Maynard. Right, Maynard created 688 00:39:17,800 --> 00:39:20,600 Speaker 1: black wealth. But and Bashil Young really created the first 689 00:39:20,600 --> 00:39:25,759 Speaker 1: international UH city in the South. And but it was 690 00:39:25,800 --> 00:39:28,000 Speaker 1: a lot of his his he will say himself, it 691 00:39:28,080 --> 00:39:30,640 Speaker 1: wasn't it wasn't just a success as it was a 692 00:39:30,680 --> 00:39:34,320 Speaker 1: lot of his failures. He got a call from Quincy 693 00:39:34,400 --> 00:39:39,920 Speaker 1: Jones's dear friend, the black godfather, Clarence. He got who 694 00:39:39,920 --> 00:39:42,200 Speaker 1: I knew Clarence. So Clarence called him one day and 695 00:39:42,239 --> 00:39:45,759 Speaker 1: again I can't say it completely here. But so is 696 00:39:45,800 --> 00:39:47,880 Speaker 1: this a crazy negro? You didn't say negro? Is this 697 00:39:47,880 --> 00:39:50,319 Speaker 1: a crazy negro running for mayor? Black man running from 698 00:39:50,360 --> 00:39:54,160 Speaker 1: mayor at running for congress? Actually in uh in the 699 00:39:54,320 --> 00:39:57,880 Speaker 1: Atlanta for yes, are you not your mind? Are you 700 00:39:57,960 --> 00:40:00,759 Speaker 1: out of your dang on mind? He said, I if 701 00:40:00,760 --> 00:40:02,640 Speaker 1: you're crazy enough a run, I'm crazy enough to support you, 702 00:40:02,840 --> 00:40:05,799 Speaker 1: and did a concert for him in the stadium here, 703 00:40:06,040 --> 00:40:08,480 Speaker 1: filled it up and gave him the campaign money. He 704 00:40:08,520 --> 00:40:12,400 Speaker 1: was the first congressman from Georgia since reconstruction. And of 705 00:40:12,400 --> 00:40:16,040 Speaker 1: course you ambassador congressman mayor, and we know the rest 706 00:40:16,040 --> 00:40:18,960 Speaker 1: of the story. But it was not the successes. Is 707 00:40:18,960 --> 00:40:22,719 Speaker 1: how he managed the failures. It was gracious when he 708 00:40:22,760 --> 00:40:25,720 Speaker 1: won and when he lost. But also understanding his story 709 00:40:25,760 --> 00:40:28,319 Speaker 1: was not over. The narrative was this was a It 710 00:40:28,360 --> 00:40:30,520 Speaker 1: was a one hundred yard dash, not a marathon. It 711 00:40:30,600 --> 00:40:32,200 Speaker 1: was a marathon, not one hundred yard dash. And it 712 00:40:32,239 --> 00:40:34,680 Speaker 1: was a long game. So you've been playing the long 713 00:40:34,719 --> 00:40:38,200 Speaker 1: game in your life. And you have said on this call, 714 00:40:38,239 --> 00:40:43,359 Speaker 1: there's not about permanent friends, but permanent interests. I get 715 00:40:43,400 --> 00:40:47,320 Speaker 1: that right, yes, and and and so you went from 716 00:40:47,360 --> 00:40:49,840 Speaker 1: that humble beginning and setting it up the setup, and 717 00:40:49,880 --> 00:40:54,600 Speaker 1: the payoff was that you created now a business that 718 00:40:54,800 --> 00:40:56,719 Speaker 1: is one of the biggest run who runs by a 719 00:40:56,760 --> 00:40:59,960 Speaker 1: person of color in real estate, I'd argue in the world, 720 00:41:00,120 --> 00:41:03,799 Speaker 1: certainly in the US, tell us about that business, how 721 00:41:03,840 --> 00:41:06,880 Speaker 1: you built it, where you are now, and where do 722 00:41:06,960 --> 00:41:08,799 Speaker 1: you want to go and what and is is there 723 00:41:08,840 --> 00:41:11,160 Speaker 1: a lesson here for folks other than the narrative of 724 00:41:11,160 --> 00:41:14,600 Speaker 1: your life of how to do a deal that you 725 00:41:14,640 --> 00:41:17,000 Speaker 1: want them to know? Sure? 726 00:41:17,040 --> 00:41:18,399 Speaker 3: I mean, I think the first thing is that you've 727 00:41:18,400 --> 00:41:20,880 Speaker 3: got to prepare yourself to be able to do deals 728 00:41:20,920 --> 00:41:22,880 Speaker 3: and to prepare yourself to be in business. And so 729 00:41:22,960 --> 00:41:26,160 Speaker 3: that means how you live your life, how you conduct yourself. 730 00:41:26,400 --> 00:41:29,000 Speaker 3: In terms of building relationships, you want people to root 731 00:41:29,040 --> 00:41:30,840 Speaker 3: for you. Most of the time people won't root for 732 00:41:30,880 --> 00:41:32,960 Speaker 3: successful people, but you want them to root for you 733 00:41:33,520 --> 00:41:36,400 Speaker 3: and and you, you know, want people to think you 734 00:41:36,440 --> 00:41:38,759 Speaker 3: know decently of you and you and you want to 735 00:41:38,920 --> 00:41:41,080 Speaker 3: be able to build relationships like I learned from my 736 00:41:41,160 --> 00:41:44,840 Speaker 3: grandfather and my mother. And so it's building relationships, not 737 00:41:44,960 --> 00:41:49,960 Speaker 3: making enemies. So the arrogance and having humility instead is 738 00:41:50,080 --> 00:41:54,800 Speaker 3: very helpful. But building some relationships now and and and 739 00:41:54,880 --> 00:42:00,000 Speaker 3: learning from other people and reading and understanding the business 740 00:42:00,120 --> 00:42:02,560 Speaker 3: to being somewhat of a student of it. That puts 741 00:42:02,560 --> 00:42:05,520 Speaker 3: you in a position to be able to be in 742 00:42:05,560 --> 00:42:07,759 Speaker 3: the mix and be able to be successful when the 743 00:42:07,760 --> 00:42:10,160 Speaker 3: opportunity comes, and then to put yourself in the mix 744 00:42:10,719 --> 00:42:13,959 Speaker 3: of where you'll see opportunities. I knew that by being 745 00:42:13,960 --> 00:42:17,759 Speaker 3: in the mix in DC politically, that was my pathway 746 00:42:18,120 --> 00:42:20,440 Speaker 3: to being more engaged in the business. Then when I 747 00:42:20,480 --> 00:42:24,480 Speaker 3: was appraising houses for HUT insured mortgages, that wasn't going 748 00:42:24,560 --> 00:42:26,759 Speaker 3: to do anything for me earn a living and me 749 00:42:26,880 --> 00:42:29,280 Speaker 3: to be and learn more about real estate but also 750 00:42:29,320 --> 00:42:31,839 Speaker 3: be being in touch with you know, where people are, 751 00:42:31,960 --> 00:42:33,319 Speaker 3: how they're living, and. 752 00:42:34,920 --> 00:42:35,239 Speaker 1: So on. 753 00:42:35,320 --> 00:42:39,399 Speaker 3: But it was the Property Assessment Appeals Board that put 754 00:42:39,440 --> 00:42:42,960 Speaker 3: me in the mix. It paid, you know, twenty five 755 00:42:43,000 --> 00:42:47,000 Speaker 3: dollars an hour when I met when we had board meetings. 756 00:42:47,360 --> 00:42:49,279 Speaker 3: I would have done it and paid them for it 757 00:42:49,360 --> 00:42:53,200 Speaker 3: because it was all about me learning and being able 758 00:42:53,320 --> 00:42:57,640 Speaker 3: to be a you know, a player in the business world. 759 00:42:57,800 --> 00:43:01,880 Speaker 3: So I was trying to build my own appraisal business 760 00:43:01,920 --> 00:43:06,839 Speaker 3: because I was a subcontractor for another appraisal company and 761 00:43:07,760 --> 00:43:10,920 Speaker 3: I need and the top clients were HUT. One of 762 00:43:10,960 --> 00:43:14,000 Speaker 3: the top clients for residential and so I tried. My 763 00:43:14,080 --> 00:43:15,120 Speaker 3: mother had had. 764 00:43:15,360 --> 00:43:17,200 Speaker 1: An urban development. For those who don't know, the US 765 00:43:17,440 --> 00:43:19,239 Speaker 1: Department of Housing Urban Development, and. 766 00:43:19,200 --> 00:43:23,719 Speaker 3: They ensure mortgages for moderate and low moderate income home purchases, 767 00:43:23,880 --> 00:43:26,680 Speaker 3: and then they also ensure multi family loans as well. 768 00:43:27,040 --> 00:43:29,480 Speaker 4: So my mother had done't work for them. 769 00:43:29,560 --> 00:43:31,239 Speaker 3: So I used to go in and drop off her 770 00:43:32,440 --> 00:43:35,080 Speaker 3: appraisal reports and so forth. I became friendly with the 771 00:43:35,400 --> 00:43:38,279 Speaker 3: staff there, so I tried to get on the on 772 00:43:38,320 --> 00:43:41,279 Speaker 3: the approved list there and I couldn't do it. By 773 00:43:41,320 --> 00:43:43,480 Speaker 3: that time, one of my high school classmates was working 774 00:43:43,480 --> 00:43:46,680 Speaker 3: for Ron Dellaps, so I asked him to ask him 775 00:43:46,680 --> 00:43:49,360 Speaker 3: to write a letter of recommendation for me and have 776 00:43:50,239 --> 00:43:54,960 Speaker 3: the Congressman sign it. And the Congressman and so signed it, 777 00:43:55,040 --> 00:43:56,919 Speaker 3: and then I say, and then also, can you make 778 00:43:57,000 --> 00:44:02,440 Speaker 3: a call for the congressman to speak to the area 779 00:44:02,600 --> 00:44:05,719 Speaker 3: director for the HUT director for Washington, d C. And 780 00:44:05,760 --> 00:44:10,080 Speaker 3: put in a good word for me. He did, and 781 00:44:10,160 --> 00:44:13,120 Speaker 3: I got a meeting with her, spoke to her, and 782 00:44:13,120 --> 00:44:15,480 Speaker 3: then I stayed in touch, and then you know, a 783 00:44:15,520 --> 00:44:18,080 Speaker 3: few months go by, I stay in touch, and then 784 00:44:18,280 --> 00:44:20,120 Speaker 3: I asked my friend to get the congressman a touch 785 00:44:20,120 --> 00:44:22,600 Speaker 3: base again, just see how things are going. Yeah, and 786 00:44:23,840 --> 00:44:26,479 Speaker 3: that he known me since I was sixteen years old, 787 00:44:26,520 --> 00:44:28,319 Speaker 3: et cetera, and I'm going to do a good job. 788 00:44:28,360 --> 00:44:31,800 Speaker 3: He's confidence. So ultimately I got my first client, started 789 00:44:31,840 --> 00:44:34,560 Speaker 3: my appraisal business. And one of the things that we 790 00:44:34,640 --> 00:44:37,239 Speaker 3: said was that if he's qualified to be chairman of 791 00:44:37,280 --> 00:44:40,080 Speaker 3: the Property Assessment of Pillboard in DC that reviews all 792 00:44:40,080 --> 00:44:43,080 Speaker 3: one hundred and sixty five thousand properties in Washington, d C. 793 00:44:43,360 --> 00:44:46,600 Speaker 3: He should be qualified to appraise some property for HUT 794 00:44:46,800 --> 00:44:48,719 Speaker 3: And that was so it gave me a little bit 795 00:44:48,760 --> 00:44:51,040 Speaker 3: of a building block, and then I use the relationship 796 00:44:51,560 --> 00:44:54,359 Speaker 3: and then from there I was there. 797 00:44:55,160 --> 00:44:56,040 Speaker 4: Yes, so we built. 798 00:44:56,080 --> 00:44:58,000 Speaker 3: I was building my appraisal business, but I wanted to 799 00:44:58,000 --> 00:45:00,440 Speaker 3: get into development. So I took a shot and a 800 00:45:00,440 --> 00:45:03,560 Speaker 3: couple of different deals that were parcels owned by the 801 00:45:03,640 --> 00:45:08,720 Speaker 3: government where I thought I had an edge and I couldn't. 802 00:45:08,760 --> 00:45:10,560 Speaker 3: You know, not that one of them became successful. But 803 00:45:10,600 --> 00:45:12,560 Speaker 3: I'd assembled investors and all of that. 804 00:45:14,320 --> 00:45:17,120 Speaker 1: You took a shot. You're in DC. Now you know 805 00:45:17,239 --> 00:45:21,319 Speaker 1: all the players. You take a shot, you're on your 806 00:45:21,400 --> 00:45:24,480 Speaker 1: chairman of an important committee. You've You've gotten this relationship 807 00:45:24,520 --> 00:45:26,960 Speaker 1: through a Congressman. You've gotten this deal through hud You've 808 00:45:26,960 --> 00:45:29,320 Speaker 1: gotten this and now you take a shot at properties 809 00:45:29,360 --> 00:45:32,600 Speaker 1: that you understand control by people who you know. And 810 00:45:32,640 --> 00:45:36,000 Speaker 1: they didn't happen. The first two deals did not happen. 811 00:45:36,880 --> 00:45:39,959 Speaker 1: Please listen to me, everybody, listen to what Donna is saying. 812 00:45:41,440 --> 00:45:45,799 Speaker 1: This whole fantasy that you're going to be a microwave 813 00:45:45,840 --> 00:45:49,680 Speaker 1: success story overnight, or that you put a business card 814 00:45:49,680 --> 00:45:52,279 Speaker 1: and put CEO in your name and lease a car 815 00:45:52,280 --> 00:45:54,760 Speaker 1: and go to some fancy meetings and buy some suits 816 00:45:54,760 --> 00:45:58,200 Speaker 1: and take an Instagram shot of you being a successful person. 817 00:45:58,360 --> 00:46:00,560 Speaker 1: That's not the way it works. Only in the dictionary 818 00:46:01,200 --> 00:46:03,279 Speaker 1: does the word success come before the word work, because 819 00:46:03,320 --> 00:46:08,000 Speaker 1: it's alphabetical. Again, he did everything right and it still didn't. 820 00:46:08,360 --> 00:46:10,720 Speaker 1: He said earlier, being smart is not enough, being competent 821 00:46:10,840 --> 00:46:14,760 Speaker 1: is not enough. And he didn't give up. He takes 822 00:46:14,760 --> 00:46:26,960 Speaker 1: no provide im. It's just like me. So those two 823 00:46:27,000 --> 00:46:27,680 Speaker 1: deals didn't happen. 824 00:46:27,719 --> 00:46:31,400 Speaker 3: Continue right, and those two deals didn't happen. And Barry 825 00:46:31,960 --> 00:46:34,320 Speaker 3: could have made either one of those happen, but he didn't. 826 00:46:34,560 --> 00:46:38,040 Speaker 3: And for and I understood why, different reasons and different politics. 827 00:46:39,160 --> 00:46:42,680 Speaker 3: So I happen to be in my office, my appraisal office, 828 00:46:43,000 --> 00:46:46,480 Speaker 3: and I'd sublet some space to a real estate broker. 829 00:46:46,520 --> 00:46:48,399 Speaker 3: And he comes into my office and he says, hey, 830 00:46:48,400 --> 00:46:50,320 Speaker 3: I got a piece of property he should look at bye, 831 00:46:50,960 --> 00:46:53,080 Speaker 3: And I said, okay, where is He says, in Anacostia. 832 00:46:53,120 --> 00:46:54,399 Speaker 3: I said, well, why would I want to own anything 833 00:46:54,440 --> 00:46:57,359 Speaker 3: in Anacostia. I mean it's a depressed community. I want 834 00:46:57,360 --> 00:47:01,879 Speaker 3: to build an office building in downtow Dow, DC says look, 835 00:47:02,520 --> 00:47:06,080 Speaker 3: he shows me this letter, and there's a letter on 836 00:47:06,120 --> 00:47:10,239 Speaker 3: the Mayor of Washington, DC's letterhead, and the letter starts off, 837 00:47:10,480 --> 00:47:14,320 Speaker 3: this letter constitutes a commitment on behalf of the District 838 00:47:14,320 --> 00:47:18,640 Speaker 3: of Columbia government to lease office space in your proposed building. 839 00:47:19,040 --> 00:47:23,560 Speaker 3: So letter, that letter was written to a white developer 840 00:47:24,400 --> 00:47:28,120 Speaker 3: who was trying who was working on buying this piece 841 00:47:28,160 --> 00:47:34,600 Speaker 3: of property in Anacostia from my subtenant's client. And I said, so, 842 00:47:34,680 --> 00:47:36,520 Speaker 3: what's the issue here? Why are you showing it to me? 843 00:47:36,560 --> 00:47:38,319 Speaker 3: It looks like the deal is all done. He said, well, 844 00:47:38,520 --> 00:47:41,360 Speaker 3: my client wants nine hundred thousand dollars for this property 845 00:47:42,000 --> 00:47:48,720 Speaker 3: and the developer won't pay more than seven hundred. And 846 00:47:48,800 --> 00:47:51,680 Speaker 3: I said, wait a minute. So they're arguing over two 847 00:47:51,760 --> 00:47:54,040 Speaker 3: hundred thousand dollars. It was like six fifty. I think 848 00:47:54,040 --> 00:47:56,279 Speaker 3: it was six to fifty, but they were arguing over 849 00:47:56,320 --> 00:47:58,000 Speaker 3: two hundred hundred fifty thousand dollars. 850 00:47:58,960 --> 00:47:59,560 Speaker 4: You're kidding me. 851 00:48:00,160 --> 00:48:02,040 Speaker 3: And so I look at the letter and I and 852 00:48:02,200 --> 00:48:03,560 Speaker 3: I said, can I have a copy of it? And 853 00:48:03,640 --> 00:48:06,239 Speaker 3: we make a copy of it, and I said, okay, 854 00:48:06,320 --> 00:48:08,200 Speaker 3: let me get back to you tomorrow. So I called 855 00:48:08,280 --> 00:48:10,839 Speaker 3: the investors that I had assembled for the other deal 856 00:48:11,640 --> 00:48:12,279 Speaker 3: and I. 857 00:48:12,400 --> 00:48:15,480 Speaker 4: Called them up. Didn't happen, which failed, and didn't happen, 858 00:48:15,680 --> 00:48:16,080 Speaker 4: never got it. 859 00:48:16,200 --> 00:48:18,600 Speaker 3: But I knew them, and I said, how would you 860 00:48:18,840 --> 00:48:23,000 Speaker 3: like to own fifty percent of an office building that 861 00:48:23,160 --> 00:48:25,520 Speaker 3: we will build is pre lease to the District of 862 00:48:25,600 --> 00:48:26,759 Speaker 3: Columbia for twenty years. 863 00:48:27,360 --> 00:48:29,399 Speaker 1: Oh my god, Oh my god. 864 00:48:30,040 --> 00:48:32,400 Speaker 3: And they said, what's the deal? And I said, well, 865 00:48:32,600 --> 00:48:34,759 Speaker 3: you guys put up all the money and I bring 866 00:48:34,840 --> 00:48:36,680 Speaker 3: the deal. I bring the land, and I bring the deal, 867 00:48:37,440 --> 00:48:40,920 Speaker 3: and uh and and so and you had own that 868 00:48:42,080 --> 00:48:43,400 Speaker 3: I owned fifty percent. 869 00:48:43,880 --> 00:48:45,440 Speaker 1: Wow, okay. 870 00:48:46,120 --> 00:48:50,200 Speaker 3: And so I set up a meeting with the owner 871 00:48:50,280 --> 00:48:54,200 Speaker 3: of the property and we had a meeting at the 872 00:48:54,480 --> 00:48:59,480 Speaker 3: offices of my investors, and we laid out a deal. 873 00:48:59,640 --> 00:49:01,560 Speaker 3: I said, you know who I am, because by that 874 00:49:01,640 --> 00:49:04,080 Speaker 3: time I was somewhat prominent. So you know that if 875 00:49:04,120 --> 00:49:06,160 Speaker 3: the mayor is going to do this for this group, 876 00:49:06,400 --> 00:49:08,719 Speaker 3: chances are he'll do a deal with me, especially with 877 00:49:08,840 --> 00:49:10,920 Speaker 3: my partners who are putting up all the money and 878 00:49:11,200 --> 00:49:14,520 Speaker 3: have the experience. But we can't buy your property until 879 00:49:15,120 --> 00:49:18,160 Speaker 3: we have a deal with the city. But the price 880 00:49:18,280 --> 00:49:19,880 Speaker 3: is not an issue. We're going to pay you exactly 881 00:49:19,920 --> 00:49:21,759 Speaker 3: what you asked for. You want a nine hundred thousand dollars, 882 00:49:21,840 --> 00:49:23,879 Speaker 3: We're going to pay you nine hundred thousand dollars. We're 883 00:49:23,920 --> 00:49:26,200 Speaker 3: going to give you one hundred thousand dollars deposit, and 884 00:49:26,440 --> 00:49:30,320 Speaker 3: if we don't close, it's yours. And calculated what it 885 00:49:30,440 --> 00:49:33,919 Speaker 3: costs to carry the property after ninety days, we'll pay 886 00:49:34,040 --> 00:49:35,759 Speaker 3: to carry the property. You got to give us six 887 00:49:35,840 --> 00:49:39,760 Speaker 3: months to make our deal, made a deal, signed a contract, partners, 888 00:49:39,760 --> 00:49:41,640 Speaker 3: put up the money, and then I wrote. 889 00:49:41,520 --> 00:49:45,439 Speaker 4: A letter to the mayor, and I wrote them a letter. 890 00:49:45,800 --> 00:49:48,680 Speaker 3: In fact, no, I wrote the city council member for 891 00:49:48,800 --> 00:49:53,040 Speaker 3: that district and the City of Washington's Director of of 892 00:49:53,360 --> 00:49:57,480 Speaker 3: Government Services General Services, wrote them a letter saying that 893 00:49:57,800 --> 00:49:58,720 Speaker 3: we own the property. 894 00:49:58,800 --> 00:50:00,640 Speaker 4: We understood that they were and to lease it. 895 00:50:01,200 --> 00:50:04,839 Speaker 3: And the rent that you all are proposing is twenty 896 00:50:04,880 --> 00:50:07,319 Speaker 3: two dollars and fifty CENTSUS square foot, triple net. 897 00:50:07,640 --> 00:50:08,720 Speaker 4: We're going to do a building. 898 00:50:08,760 --> 00:50:11,319 Speaker 1: Explain triple net. Don explain triple net. Plice. 899 00:50:11,360 --> 00:50:16,719 Speaker 3: So triple net means that twenty fifty cents rent to 900 00:50:16,880 --> 00:50:21,799 Speaker 3: the owner. Net means that the tenant has to pay 901 00:50:21,840 --> 00:50:25,680 Speaker 3: the property taxes, has to pay all operating expenses of 902 00:50:25,760 --> 00:50:31,480 Speaker 3: the building, insurance, utilities, et cetera. So they have to 903 00:50:31,560 --> 00:50:34,440 Speaker 3: pay all the expenses, so that the developer or the 904 00:50:34,520 --> 00:50:36,960 Speaker 3: owner of the building gets twenty two dollars and fifty 905 00:50:36,960 --> 00:50:40,320 Speaker 3: cents per square foot and a net of all expenses, 906 00:50:40,360 --> 00:50:42,400 Speaker 3: so the tenant pays all operating expenses. 907 00:50:42,560 --> 00:50:44,839 Speaker 1: For those listeners who don't didn't follow that and run 908 00:50:44,880 --> 00:50:47,360 Speaker 1: the tape back, listen to it slowly. That's a brilliant 909 00:50:47,440 --> 00:50:51,440 Speaker 1: deal because basically that meant that that don knew exactly 910 00:50:51,480 --> 00:50:53,560 Speaker 1: and his investors knew exactly what they would receive in 911 00:50:53,640 --> 00:50:56,600 Speaker 1: a return net of all expenses that could kill you, 912 00:50:56,920 --> 00:50:59,960 Speaker 1: property taxes, things that are that go up and down, utilities, 913 00:51:00,040 --> 00:51:02,400 Speaker 1: all that stuff. It was it was tripling. So he 914 00:51:02,440 --> 00:51:05,200 Speaker 1: had he had a twenty year lease with a credit tenant. 915 00:51:05,320 --> 00:51:07,680 Speaker 1: Credit means somebody you know is credit worthy. The word 916 00:51:07,719 --> 00:51:10,279 Speaker 1: credit comes on the latter of word credit credibility. You 917 00:51:10,360 --> 00:51:12,719 Speaker 1: knew that person was credit worthy. It's a government in 918 00:51:12,880 --> 00:51:15,359 Speaker 1: DC doesn't get a better tenant than that twenty year lease, 919 00:51:15,440 --> 00:51:17,840 Speaker 1: so you can get predictable income, which then gives the 920 00:51:17,880 --> 00:51:21,560 Speaker 1: problem the property a value for twenty years. Uh. And 921 00:51:21,840 --> 00:51:24,920 Speaker 1: he knew exactly what net cash flow would come to 922 00:51:25,000 --> 00:51:28,160 Speaker 1: him and his investors because his triple net and as 923 00:51:28,200 --> 00:51:31,040 Speaker 1: the government goes bankrupt, which was not likely and has 924 00:51:31,120 --> 00:51:33,640 Speaker 1: it h he had a great deal. This wasn't a 925 00:51:33,680 --> 00:51:36,440 Speaker 1: good deal. This is a great deal. He negotiated a 926 00:51:36,560 --> 00:51:40,800 Speaker 1: up great He negotiated success up front. He was financially literate. 927 00:51:40,920 --> 00:51:43,920 Speaker 1: Wasn't just a good developer, wasn't just smart, wasn't just lucky. 928 00:51:44,400 --> 00:51:46,279 Speaker 1: He created his own lucky. He was smart, and he 929 00:51:46,719 --> 00:51:49,759 Speaker 1: was financially literate, and he understood a budget and a 930 00:51:49,800 --> 00:51:52,440 Speaker 1: balance sheet. And he took risks because he cut the 931 00:51:52,520 --> 00:51:55,200 Speaker 1: deal before he wrote the letter to the council person 932 00:51:55,520 --> 00:51:57,320 Speaker 1: or got back to the mayor, he'd already he was 933 00:51:57,360 --> 00:51:59,600 Speaker 1: at risk if the deal gone sideways, the mayor changed 934 00:51:59,640 --> 00:52:02,160 Speaker 1: their mind city council person decide they didn't like him. 935 00:52:02,520 --> 00:52:04,240 Speaker 1: He's toast, okay, go ahead, don. 936 00:52:04,600 --> 00:52:07,320 Speaker 3: So there and in fact there's there's some drama to it. 937 00:52:07,440 --> 00:52:10,160 Speaker 3: So we make a deal, and so we send a 938 00:52:10,239 --> 00:52:12,360 Speaker 3: letter to the city. The first argument I had with 939 00:52:12,480 --> 00:52:16,319 Speaker 3: the investors there were three white guys and who are 940 00:52:16,400 --> 00:52:20,080 Speaker 3: real estate investors, two Jewish guys and a Greek guy. 941 00:52:20,280 --> 00:52:22,520 Speaker 3: And they said, why in the world are we offering 942 00:52:22,600 --> 00:52:25,440 Speaker 3: eighteen dollars and seventy five cents a square foot. The 943 00:52:26,200 --> 00:52:28,640 Speaker 3: other the mayor wrote a letter saying twenty two dollars 944 00:52:28,680 --> 00:52:32,600 Speaker 3: and fifty cents. This is a minority deal. Those deals 945 00:52:32,680 --> 00:52:35,520 Speaker 3: always cost more money to do business with minorities. You 946 00:52:35,600 --> 00:52:38,040 Speaker 3: should be charging twenty five dollars a foot. I said, no, 947 00:52:38,120 --> 00:52:40,719 Speaker 3: you don't understand the reality of the world here, and 948 00:52:40,840 --> 00:52:42,879 Speaker 3: the reality of the world is I've got to be better. 949 00:52:43,160 --> 00:52:46,040 Speaker 3: There's no way we're going to get this deal if 950 00:52:46,239 --> 00:52:50,040 Speaker 3: I'm not better. One I'm black. Two I'm a friend 951 00:52:50,840 --> 00:52:54,839 Speaker 3: an ally of the mayors. So we have to make 952 00:52:54,920 --> 00:52:58,000 Speaker 3: this where they'd be fools not to take our deal. 953 00:52:58,200 --> 00:53:00,560 Speaker 3: I said, But we're going to do something smart. We 954 00:53:00,640 --> 00:53:04,360 Speaker 3: don't spend a money per dollars per square foot. We 955 00:53:04,440 --> 00:53:08,520 Speaker 3: spent absolute dollars. So we're going to double the size 956 00:53:08,560 --> 00:53:11,880 Speaker 3: of the building mhm. And we're going to have and 957 00:53:11,920 --> 00:53:16,000 Speaker 3: we're going to pitch that as a bigger economic development 958 00:53:16,120 --> 00:53:18,920 Speaker 3: impact on the community. And we're going to commit to 959 00:53:19,280 --> 00:53:22,680 Speaker 3: thirty five percent or better minority contracting. 960 00:53:23,040 --> 00:53:23,320 Speaker 2: Wow. 961 00:53:24,200 --> 00:53:27,719 Speaker 1: And you're a minority promising minority contractor. 962 00:53:27,960 --> 00:53:31,960 Speaker 4: Yes, And and we were going to build a bigger building. 963 00:53:32,160 --> 00:53:34,880 Speaker 4: So the mayor, so, the so so all. 964 00:53:35,040 --> 00:53:37,640 Speaker 3: So we send the letter to the council member and 965 00:53:37,840 --> 00:53:41,719 Speaker 3: probably within within almost hours, I get a call from 966 00:53:41,760 --> 00:53:45,959 Speaker 3: the mayor and the mayor said, Don, what are you doing? Further, 967 00:53:46,280 --> 00:53:49,560 Speaker 3: the way it happens is, you know, is his assistant Jerry, 968 00:53:50,000 --> 00:53:52,399 Speaker 3: and she says, hold don hold on for the mayor. 969 00:53:52,560 --> 00:53:55,959 Speaker 3: So mayor A, Don, what are you doing over in Anacostia? 970 00:53:56,480 --> 00:53:59,080 Speaker 3: I mean Native council member Nadine Winner just came up. 971 00:53:59,160 --> 00:54:01,440 Speaker 3: I came we just left my office. She was yelling 972 00:54:01,520 --> 00:54:05,000 Speaker 3: and all crazy in here, saying, you bought this property 973 00:54:05,040 --> 00:54:09,520 Speaker 3: in Anacostia and now you took it from you know, 974 00:54:09,880 --> 00:54:11,760 Speaker 3: some other people who were going to build a building 975 00:54:11,840 --> 00:54:13,200 Speaker 3: over there, and I. 976 00:54:13,200 --> 00:54:14,719 Speaker 4: Guess they were friends of hers. Or something. 977 00:54:15,200 --> 00:54:19,200 Speaker 3: And I said, well, yeah, mister Mayor, I did buy 978 00:54:19,200 --> 00:54:22,080 Speaker 3: a piece of property. I put it under contract because 979 00:54:22,080 --> 00:54:25,520 Speaker 3: the city was interested in leasing office space there. And 980 00:54:25,719 --> 00:54:29,120 Speaker 3: you want to have you want to help rebuild economic, 981 00:54:29,239 --> 00:54:33,040 Speaker 3: you know, neglected communities. And I know that you have 982 00:54:33,200 --> 00:54:38,319 Speaker 3: been an outspoken advocate of economic empowerment for black entrepreneurs. 983 00:54:38,560 --> 00:54:42,960 Speaker 3: This is anacostia, a predominantly black community in a commercial courter, 984 00:54:43,120 --> 00:54:46,440 Speaker 3: destroyed by the nineteen sixty eight riots, been neglected ever since. 985 00:54:46,719 --> 00:54:50,479 Speaker 3: I'm a black developer, and I figured that it would 986 00:54:50,520 --> 00:54:54,000 Speaker 3: be better if I built it in a community this 987 00:54:54,120 --> 00:54:56,719 Speaker 3: reflective of my people. And I'm doing it, and I'm 988 00:54:56,760 --> 00:54:59,279 Speaker 3: doing it on better economic terms. And I don't know 989 00:54:59,320 --> 00:55:01,719 Speaker 3: why she's mad. She should be happy. She's a black 990 00:55:01,800 --> 00:55:04,719 Speaker 3: council member and everybody's talking about how you all want 991 00:55:04,760 --> 00:55:06,440 Speaker 3: to help more black entrepreneurship. 992 00:55:06,760 --> 00:55:09,840 Speaker 4: Okay, here you go. And he says, yeah, man, she is. 993 00:55:10,360 --> 00:55:11,280 Speaker 4: She is furious. 994 00:55:12,080 --> 00:55:15,320 Speaker 3: And I said, well, and I shouldn't have said it, 995 00:55:15,360 --> 00:55:17,560 Speaker 3: but I said it. I said, well, mister Mayor, if 996 00:55:17,560 --> 00:55:19,520 Speaker 3: it's a real problem for you, I could walk from 997 00:55:19,560 --> 00:55:24,040 Speaker 3: the deal. And he paused for a second, and he said, 998 00:55:24,160 --> 00:55:27,560 Speaker 3: would you lose money? And one hundred thousand dollars. I said, yes, 999 00:55:27,600 --> 00:55:30,960 Speaker 3: miss May, I'd lose a lot of money and loves 1000 00:55:31,000 --> 00:55:34,920 Speaker 3: a big opportunity and right, I said, but you know 1001 00:55:35,800 --> 00:55:38,960 Speaker 3: you were You know, my relationship with you is extremely 1002 00:55:39,000 --> 00:55:41,600 Speaker 3: important to me, and so in this thing, you know 1003 00:55:41,719 --> 00:55:43,919 Speaker 3: what you want to do as a priority. He says, 1004 00:55:44,000 --> 00:55:45,480 Speaker 3: all right, let me think about it. I'll get back 1005 00:55:45,520 --> 00:55:48,759 Speaker 3: to you, and uh. And then a couple of days 1006 00:55:48,840 --> 00:55:51,200 Speaker 3: later he calls me back up, and I'm all worried 1007 00:55:51,400 --> 00:55:52,680 Speaker 3: calling back up and said, you know, we're going to 1008 00:55:52,719 --> 00:55:54,840 Speaker 3: go forward with that deal. It's the right thing to do, 1009 00:55:55,239 --> 00:55:57,520 Speaker 3: and you're saving us money and you're doing a better building. 1010 00:55:58,000 --> 00:55:59,719 Speaker 3: And a counsel member whin is going to need to 1011 00:55:59,719 --> 00:56:00,120 Speaker 3: get over it. 1012 00:56:00,480 --> 00:56:01,759 Speaker 1: Now. I like you to go down and. 1013 00:56:01,840 --> 00:56:04,399 Speaker 3: Meet with her and try to get her to feel 1014 00:56:04,440 --> 00:56:07,640 Speaker 3: good about this. But you can go there knowing that 1015 00:56:08,760 --> 00:56:13,080 Speaker 3: we're going forward. And and so I did that, went 1016 00:56:13,160 --> 00:56:17,080 Speaker 3: in and and then met with her, got her on board. 1017 00:56:17,880 --> 00:56:21,080 Speaker 3: But a few like a couple of weeks later, I 1018 00:56:21,200 --> 00:56:24,880 Speaker 3: get a phone call from a reporter in the Washington Post. 1019 00:56:24,920 --> 00:56:26,360 Speaker 3: I get and I was out of the office, so 1020 00:56:26,440 --> 00:56:30,319 Speaker 3: I returned the phone call and I called the guy 1021 00:56:30,480 --> 00:56:30,960 Speaker 3: up and. 1022 00:56:32,440 --> 00:56:34,040 Speaker 4: And he says, this is Tom Sherwood. 1023 00:56:34,920 --> 00:56:37,920 Speaker 3: I'm an investigative reporter for the Washington Post because I 1024 00:56:37,920 --> 00:56:39,879 Speaker 3: thought it was a special interest story about a black 1025 00:56:39,920 --> 00:56:43,320 Speaker 3: developer helping the black community. And he says that we 1026 00:56:43,400 --> 00:56:46,080 Speaker 3: want to talk to you about this least deal that 1027 00:56:46,160 --> 00:56:50,280 Speaker 3: you're doing with the mayor and that's above market rent. 1028 00:56:51,560 --> 00:56:53,160 Speaker 4: And so. 1029 00:56:54,800 --> 00:56:56,799 Speaker 3: And so he I want to talk to you about 1030 00:56:56,840 --> 00:56:58,120 Speaker 3: it and so forth. And I said, well, all right, 1031 00:56:58,120 --> 00:56:59,960 Speaker 3: well let me get back to you. So I called 1032 00:57:00,080 --> 00:57:05,440 Speaker 3: the mayor's office, talked to his press secretary she and 1033 00:57:05,520 --> 00:57:10,279 Speaker 3: then his inner governmental affairs person, and they tell me one, 1034 00:57:10,320 --> 00:57:12,520 Speaker 3: I should do the interview, and then they talked me 1035 00:57:12,600 --> 00:57:15,520 Speaker 3: through how to do it. And that was my first 1036 00:57:16,760 --> 00:57:21,000 Speaker 3: real interaction with the media. And so I do this interview. 1037 00:57:21,360 --> 00:57:22,360 Speaker 1: How are you? At this point? 1038 00:57:23,160 --> 00:57:30,720 Speaker 4: I was twenty six unbelievable love, And so I go 1039 00:57:30,880 --> 00:57:31,360 Speaker 4: and meet with. 1040 00:57:31,400 --> 00:57:37,560 Speaker 3: This guy and in my office and I recorded the interview, 1041 00:57:38,240 --> 00:57:41,640 Speaker 3: and we do the interview, and I kept saying, well, 1042 00:57:41,680 --> 00:57:44,560 Speaker 3: here's a letter that the mayor sent to some other 1043 00:57:45,080 --> 00:57:49,160 Speaker 3: developer other than me, and it was for twenty two 1044 00:57:49,160 --> 00:57:51,920 Speaker 3: dollars and fifty cents the square foot I'm reased in 1045 00:57:52,120 --> 00:57:55,160 Speaker 3: eighteen seventy five square foot. 1046 00:57:55,440 --> 00:57:56,360 Speaker 4: My deal is better. 1047 00:57:57,040 --> 00:58:01,080 Speaker 3: So it's the market was what this person offered and 1048 00:58:01,240 --> 00:58:04,040 Speaker 3: what the city signed a commitment letter for. He just 1049 00:58:04,080 --> 00:58:06,960 Speaker 3: didn't control the property. And I figured out how to 1050 00:58:07,000 --> 00:58:10,720 Speaker 3: control the prop by the property, and you know, and. 1051 00:58:10,720 --> 00:58:11,720 Speaker 4: I'm doing it for less money. 1052 00:58:12,080 --> 00:58:13,919 Speaker 3: So that got me some and I called a couple 1053 00:58:13,920 --> 00:58:16,240 Speaker 3: of city council members and they were supportive of me 1054 00:58:16,560 --> 00:58:20,760 Speaker 3: as well. And uh and and so a couple of 1055 00:58:20,800 --> 00:58:23,600 Speaker 3: days later, from page to the Washington Post, right next 1056 00:58:23,680 --> 00:58:27,840 Speaker 3: to Ronald Reagan's, I ran contra a fair issue where 1057 00:58:27,840 --> 00:58:32,040 Speaker 3: they're trading, you know, arm or drugs for arms. It's 1058 00:58:32,120 --> 00:58:35,000 Speaker 3: my little building in Anacostia, And it was a front 1059 00:58:35,000 --> 00:58:38,280 Speaker 3: page story in the Washington Post, and they were trying 1060 00:58:38,280 --> 00:58:40,960 Speaker 3: to make controversy out of it, but it wasn't. I 1061 00:58:41,040 --> 00:58:43,320 Speaker 3: saw the mayor that I saw the mayor that day, 1062 00:58:43,360 --> 00:58:45,040 Speaker 3: tell me, don't worry about it. But then I go 1063 00:58:45,200 --> 00:58:48,919 Speaker 3: into this prominent restaurant where I started. I'd been going 1064 00:58:49,560 --> 00:58:54,160 Speaker 3: with this Washington local business and political power restaurant called 1065 00:58:54,240 --> 00:58:57,360 Speaker 3: Joe and Mose. And that was where, like Bill Fitzgerald, 1066 00:58:57,400 --> 00:58:59,280 Speaker 3: the banker I talked about earlier, it would go every 1067 00:58:59,360 --> 00:59:01,400 Speaker 3: day for line and all the power broke. 1068 00:59:01,480 --> 00:59:03,360 Speaker 4: Many of the power brokers would be there for lunch. 1069 00:59:03,760 --> 00:59:05,800 Speaker 4: So I go there. I became more of a regular. 1070 00:59:05,840 --> 00:59:06,360 Speaker 4: So I go in. 1071 00:59:06,800 --> 00:59:10,040 Speaker 3: Bill Fitzgeral standing at the bar. He gets up and 1072 00:59:10,120 --> 00:59:13,360 Speaker 3: he comes over to me and he hands me a 1073 00:59:13,440 --> 00:59:16,440 Speaker 3: glass of champagne, and he said, welcome to the club. 1074 00:59:17,520 --> 00:59:21,760 Speaker 3: And what he told me is that there will be 1075 00:59:21,880 --> 00:59:25,000 Speaker 3: no fans. Yeah, they will not there. 1076 00:59:25,200 --> 00:59:25,880 Speaker 1: You will not the. 1077 00:59:26,160 --> 00:59:29,600 Speaker 3: Washington Post in the establishment. You are now their target, 1078 00:59:30,360 --> 00:59:32,880 Speaker 3: and you will not have fans, and they will not 1079 00:59:33,000 --> 00:59:36,840 Speaker 3: be in your fan club. And but you're gonna have 1080 00:59:36,880 --> 00:59:40,280 Speaker 3: to keep going and not lett none of this bother you, 1081 00:59:40,600 --> 00:59:44,320 Speaker 3: and you just keep focusing, stay on your point, don't 1082 00:59:44,360 --> 00:59:48,080 Speaker 3: do anything wrong, and you're fine. But I was like 1083 00:59:48,200 --> 00:59:49,680 Speaker 3: worried that my deal was going to blow up. And 1084 00:59:49,720 --> 00:59:51,520 Speaker 3: then Barry said he'd stick it out, and then it 1085 00:59:51,680 --> 00:59:54,520 Speaker 3: was lingering. And then one of the council members who 1086 00:59:54,560 --> 00:59:57,520 Speaker 3: had ran against him and lost, he said, look and 1087 00:59:57,600 --> 00:59:59,520 Speaker 3: he designed the lease now and get it over. Just 1088 00:59:59,560 --> 01:00:02,680 Speaker 3: put it in this now, and that was it. Got 1089 01:00:02,720 --> 01:00:08,880 Speaker 3: my deal done and signed the lease in nineteen eighty seven. 1090 01:00:09,360 --> 01:00:14,080 Speaker 3: I just turned in twenty seven and then built the 1091 01:00:14,120 --> 01:00:19,840 Speaker 3: building in two years. We brother in early and that 1092 01:00:20,000 --> 01:00:23,520 Speaker 3: building was my first building, and I was netting back 1093 01:00:23,600 --> 01:00:26,120 Speaker 3: then about my share was about four hundred grand a year, 1094 01:00:26,480 --> 01:00:28,439 Speaker 3: so I no longer had to work for a living. 1095 01:00:28,640 --> 01:00:30,880 Speaker 3: And then I could start focusing and it was just me, 1096 01:00:31,360 --> 01:00:33,560 Speaker 3: so I could just be helping my mother and I 1097 01:00:33,640 --> 01:00:37,160 Speaker 3: could just focus now on what's the next step. And 1098 01:00:37,240 --> 01:00:39,960 Speaker 3: then from that one building. Oh and I forgot to 1099 01:00:40,040 --> 01:00:44,400 Speaker 3: get it financed. The National Bank of Washington did the 1100 01:00:44,480 --> 01:00:48,160 Speaker 3: construction loan. And the way I met them is the 1101 01:00:48,280 --> 01:00:53,720 Speaker 3: chairman of the National Bank of Washington with Barry's campaign chairperson. 1102 01:00:53,960 --> 01:00:55,680 Speaker 4: So Barry introduced me to him. 1103 01:00:56,320 --> 01:00:59,040 Speaker 3: I did the lung construction loan and found an insurance 1104 01:00:59,120 --> 01:01:02,720 Speaker 3: company for me to take the construction loan out and 1105 01:01:02,840 --> 01:01:05,200 Speaker 3: repay the construction loan and give me a permanent loan 1106 01:01:05,280 --> 01:01:05,960 Speaker 3: for ten years. 1107 01:01:06,560 --> 01:01:09,920 Speaker 1: And so just for those to follow that he had 1108 01:01:10,080 --> 01:01:14,400 Speaker 1: he purchased it, he needed a banker, a lender to 1109 01:01:14,560 --> 01:01:17,840 Speaker 1: do a construction loan to get the building up. And 1110 01:01:17,920 --> 01:01:20,960 Speaker 1: then with the construction loans not the final financing. You 1111 01:01:21,080 --> 01:01:24,560 Speaker 1: need a permanent financing, a long term vehicle at firmly 1112 01:01:24,640 --> 01:01:27,760 Speaker 1: fixed rates, so you know what the monthly outflow is 1113 01:01:27,800 --> 01:01:30,480 Speaker 1: because because the construction loan offen is at adjustable rates 1114 01:01:30,520 --> 01:01:33,800 Speaker 1: and is not very economical deal, you don't want to 1115 01:01:33,880 --> 01:01:37,640 Speaker 1: keep it long term. But he got the construction loan, 1116 01:01:37,640 --> 01:01:40,080 Speaker 1: which is typically you know, two years or less on 1117 01:01:40,200 --> 01:01:43,919 Speaker 1: a building like that, and then he did a permanent loan, 1118 01:01:43,960 --> 01:01:46,480 Speaker 1: which is what the insurance company he mentioned that allowed 1119 01:01:46,520 --> 01:01:50,200 Speaker 1: him to finance it institutionally for the life of the building. Okay, 1120 01:01:50,240 --> 01:01:52,640 Speaker 1: go ahead, and so that freed me up. 1121 01:01:52,680 --> 01:01:54,880 Speaker 3: And from that one building, it was a ten million 1122 01:01:54,920 --> 01:01:59,840 Speaker 3: dollar project cost I built. I built a business that 1123 01:02:00,000 --> 01:02:02,680 Speaker 3: where I had about ultimately about two and a half 1124 01:02:02,840 --> 01:02:05,920 Speaker 3: million square feet of space in DC, you know, and 1125 01:02:06,000 --> 01:02:08,680 Speaker 3: other sites I could build more. I expanded into Miami 1126 01:02:09,640 --> 01:02:11,680 Speaker 3: and then other parts of the country. And so today 1127 01:02:11,760 --> 01:02:26,320 Speaker 3: we do business in Boston, New York, d C, Atlanta, Charlotte, Roley, Durham, Miami, La, 1128 01:02:27,120 --> 01:02:29,280 Speaker 3: San Francisco, Vegas. 1129 01:02:30,480 --> 01:02:31,400 Speaker 1: And all that. 1130 01:02:31,560 --> 01:02:34,920 Speaker 3: From the one building, so we've completed several billion dollars 1131 01:02:35,000 --> 01:02:39,200 Speaker 3: of projects. A pipeline today is over six billion dollars 1132 01:02:39,240 --> 01:02:43,400 Speaker 3: of development projects around the country. I'm trying to get 1133 01:02:43,480 --> 01:02:45,919 Speaker 3: the rights to a site in New York City where 1134 01:02:46,360 --> 01:02:48,680 Speaker 3: from the state government where I can build the tallest 1135 01:02:48,680 --> 01:02:51,880 Speaker 3: building in the Western hemisphere. It'll be the first skyscraper 1136 01:02:51,960 --> 01:02:56,360 Speaker 3: built by African American developers. It's age percent black owned building, 1137 01:02:57,240 --> 01:03:00,320 Speaker 3: two point seven billion to build it, and sixteen hundred 1138 01:03:00,320 --> 01:03:02,160 Speaker 3: and sixty seven feet tall, which would make it the 1139 01:03:02,200 --> 01:03:06,200 Speaker 3: tallest building in the Western hemisphere. All that from that 1140 01:03:06,360 --> 01:03:11,880 Speaker 3: one opportunity and if one opportunity, and being prepared to 1141 01:03:11,960 --> 01:03:14,680 Speaker 3: take it, being not worrying about what I was going 1142 01:03:14,760 --> 01:03:18,040 Speaker 3: to get up from very early, but building a relationship 1143 01:03:18,480 --> 01:03:21,440 Speaker 3: of somebody that I respected, and being useful to him. 1144 01:03:21,560 --> 01:03:24,640 Speaker 3: Even that building was a source of pride he did 1145 01:03:24,720 --> 01:03:29,240 Speaker 3: and was there the groundbreaking and that building kick started 1146 01:03:29,480 --> 01:03:34,240 Speaker 3: the revitalization of Anacostia, and today Homeland Security has a 1147 01:03:34,600 --> 01:03:36,360 Speaker 3: three billion dollar headquarters there. 1148 01:03:36,440 --> 01:03:39,440 Speaker 1: The department that the building, Homeland Security is building. 1149 01:03:39,800 --> 01:03:41,000 Speaker 4: No, no, that's not the building. 1150 01:03:41,040 --> 01:03:43,240 Speaker 3: But all of that happened as a result of that 1151 01:03:43,400 --> 01:03:47,400 Speaker 3: first investment, a catalyst to create all of that economic development. 1152 01:03:47,920 --> 01:03:52,240 Speaker 3: And ironically the government after twenty years, the next mayor 1153 01:03:53,480 --> 01:03:56,880 Speaker 3: renewed the lease for ten years and then and then 1154 01:03:57,600 --> 01:04:00,480 Speaker 3: we renovated the building and the city he leased it 1155 01:04:00,560 --> 01:04:03,760 Speaker 3: for another sixteen years and my son oversaw the renovations. 1156 01:04:03,960 --> 01:04:06,919 Speaker 3: So after thirty years after me building it, my son 1157 01:04:07,480 --> 01:04:10,400 Speaker 3: who was working is working in the company. He oversaw 1158 01:04:10,480 --> 01:04:14,280 Speaker 3: the renovation of that building and the city another sixteen 1159 01:04:14,360 --> 01:04:18,439 Speaker 3: years and still on it today. We still make money 1160 01:04:18,480 --> 01:04:20,680 Speaker 3: off that building and have been making money off that 1161 01:04:20,800 --> 01:04:23,880 Speaker 3: building for thirty five plus years. 1162 01:04:34,560 --> 01:04:37,680 Speaker 1: This has been a masterclass everybody. If you did not 1163 01:04:37,840 --> 01:04:40,040 Speaker 1: know any about real estate development, he just walked you 1164 01:04:40,160 --> 01:04:46,520 Speaker 1: through how he built an empire, and he unpacked a 1165 01:04:46,600 --> 01:04:49,800 Speaker 1: critical deal which triggered every other deal in many ways. 1166 01:04:50,320 --> 01:04:52,800 Speaker 1: He talked to you about humble beginnings. He talked to 1167 01:04:52,800 --> 01:04:58,720 Speaker 1: you about his grandfather. His grandfather, a doorman, had relationship 1168 01:04:58,760 --> 01:05:01,960 Speaker 1: capital because everybody coming in out of that hotel he 1169 01:05:02,080 --> 01:05:05,080 Speaker 1: got to know. He talked about how his mother built 1170 01:05:05,120 --> 01:05:08,680 Speaker 1: relationship capital and his father helped him. His father was 1171 01:05:08,960 --> 01:05:11,480 Speaker 1: a hard worker. Don your story, my story is so 1172 01:05:12,400 --> 01:05:14,800 Speaker 1: are so similar in so many ways. We don't have 1173 01:05:14,840 --> 01:05:17,720 Speaker 1: time to go into it. But it is heartwarming to 1174 01:05:17,800 --> 01:05:20,080 Speaker 1: me to know because I didn't know all this backstory. 1175 01:05:20,160 --> 01:05:24,200 Speaker 1: How there's so much sympatico here. But he talked about 1176 01:05:24,240 --> 01:05:25,840 Speaker 1: and this is the most important thing I want people 1177 01:05:25,880 --> 01:05:30,280 Speaker 1: to listen to here, integrity. Integrity. He could have taken 1178 01:05:30,320 --> 01:05:33,440 Speaker 1: the short route a couple of times. He could have 1179 01:05:34,280 --> 01:05:38,439 Speaker 1: been about himself, But he told the mayor, the then mayor, 1180 01:05:38,760 --> 01:05:41,080 Speaker 1: Marion Barry, if you don't like this deal, now he's 1181 01:05:41,120 --> 01:05:44,160 Speaker 1: got the money at risk. Now. It is the second 1182 01:05:44,680 --> 01:05:46,440 Speaker 1: risky thing he'd done on this property. First of all, 1183 01:05:46,480 --> 01:05:49,400 Speaker 1: he went into the contract without having gone back. He 1184 01:05:49,440 --> 01:05:51,959 Speaker 1: could have gone to the mayor in advance and tried 1185 01:05:52,000 --> 01:05:54,040 Speaker 1: to reassure him that this was a good deal. He 1186 01:05:54,040 --> 01:05:55,920 Speaker 1: could have gone to the city council purpose person, but 1187 01:05:56,000 --> 01:05:58,200 Speaker 1: by the way they would have set him up. The 1188 01:05:58,240 --> 01:06:01,000 Speaker 1: importers then could have suggested that this was some kind 1189 01:06:01,000 --> 01:06:04,480 Speaker 1: of a cooked agreement, some kind of a not fraud 1190 01:06:04,560 --> 01:06:06,480 Speaker 1: but bribery or whatever. They could have made something of all. 1191 01:06:06,480 --> 01:06:09,040 Speaker 1: You gave them free dinners and lunches or whatever. He 1192 01:06:09,160 --> 01:06:11,720 Speaker 1: stayed clear of all that. He did his deal on 1193 01:06:11,840 --> 01:06:16,160 Speaker 1: the on the strength of the transaction went undercut. His 1194 01:06:16,320 --> 01:06:20,000 Speaker 1: competition could have taken more money, but it wasn't greedy. Undercut. 1195 01:06:20,080 --> 01:06:22,480 Speaker 1: It made it true, it was competitive, tightened it up, 1196 01:06:23,000 --> 01:06:25,520 Speaker 1: put at himself at a risk, because you cannot do 1197 01:06:25,600 --> 01:06:28,600 Speaker 1: anything in life without putting yourself on the front lines. 1198 01:06:29,080 --> 01:06:30,880 Speaker 1: He backed his own deal. Then he went to the 1199 01:06:30,960 --> 01:06:33,640 Speaker 1: mayor and then they had to wait and said, look, 1200 01:06:33,680 --> 01:06:35,680 Speaker 1: if it doesn't work out, if you don't like it, 1201 01:06:35,880 --> 01:06:38,640 Speaker 1: that's fine with me. I'll recover. But my relationship with 1202 01:06:38,680 --> 01:06:40,920 Speaker 1: you is that important. I did the same thing with 1203 01:06:41,000 --> 01:06:44,080 Speaker 1: Tony Rester Michael Arraghetty when I sold Promise Homes Company. 1204 01:06:44,760 --> 01:06:47,360 Speaker 1: I could have sold it at at a much higher price. 1205 01:06:47,360 --> 01:06:49,000 Speaker 1: I could have sold it a much lower price, but 1206 01:06:49,080 --> 01:06:52,960 Speaker 1: I simply said, whatever you guys want to do, you're 1207 01:06:53,000 --> 01:06:55,720 Speaker 1: my partners here. I want to honor my commitment to you. 1208 01:06:55,880 --> 01:06:58,160 Speaker 1: Get you in and out in five years. And ultimately 1209 01:06:58,200 --> 01:07:00,400 Speaker 1: they did exactly what you did with Marion. Barry said no, 1210 01:07:00,520 --> 01:07:03,000 Speaker 1: we're with you, but I was willing to take much 1211 01:07:03,120 --> 01:07:06,280 Speaker 1: less to keep my word. He did that. That was 1212 01:07:06,440 --> 01:07:08,160 Speaker 1: a big deal I did on Promise Homes Company. He 1213 01:07:08,280 --> 01:07:12,320 Speaker 1: did that on his first deal. And the way he 1214 01:07:12,440 --> 01:07:14,440 Speaker 1: did it allowed him to talk to that reporter with 1215 01:07:14,560 --> 01:07:17,880 Speaker 1: a straight face and with integrity. And it was nothing 1216 01:07:17,960 --> 01:07:21,600 Speaker 1: that reporter could do but report the news. I mean, 1217 01:07:21,640 --> 01:07:23,720 Speaker 1: there was no you couldn't make it up. It was 1218 01:07:23,760 --> 01:07:26,920 Speaker 1: nothing to make up. Now it's you could they All 1219 01:07:26,960 --> 01:07:28,800 Speaker 1: he did was give you great advertiser on the front 1220 01:07:28,840 --> 01:07:31,880 Speaker 1: page of the local paper. Ultimately and made you the 1221 01:07:32,000 --> 01:07:35,760 Speaker 1: guy made you part of the club. As the guy said, really, 1222 01:07:36,200 --> 01:07:37,960 Speaker 1: welcome to the club. You've been hit at, you've been 1223 01:07:38,040 --> 01:07:40,000 Speaker 1: knocked on your head. Now welcome to the club. So 1224 01:07:40,080 --> 01:07:42,760 Speaker 1: another message for everybody. I rather you respect me and 1225 01:07:42,840 --> 01:07:45,640 Speaker 1: learn to like me, then like me and never respect me. 1226 01:07:46,200 --> 01:07:50,680 Speaker 1: And what Don has built is a global reputation of respect. 1227 01:07:51,360 --> 01:07:54,360 Speaker 1: And people also like him. They know when you when 1228 01:07:54,360 --> 01:07:57,000 Speaker 1: he shakes your hand, you've got a deal. He'll keep 1229 01:07:57,080 --> 01:07:59,320 Speaker 1: his word. He is a man of integrity. So many 1230 01:07:59,400 --> 01:08:03,640 Speaker 1: lessons here you had really a masterclass and up from 1231 01:08:03,680 --> 01:08:08,320 Speaker 1: nothing real estate development and integrity and relationship management. Whoever 1232 01:08:08,400 --> 01:08:11,720 Speaker 1: you are, where you come from. With no financial capital 1233 01:08:11,720 --> 01:08:16,639 Speaker 1: at all, work ethic, hustle, your own developed relationship capital, 1234 01:08:17,360 --> 01:08:21,800 Speaker 1: and your own innovation and creativity, you can be immensely successful. Don. 1235 01:08:21,920 --> 01:08:24,120 Speaker 1: In the last couple of minutes, we have what comes 1236 01:08:24,200 --> 01:08:26,120 Speaker 1: next for you? You got your son and your business. 1237 01:08:26,200 --> 01:08:29,599 Speaker 1: Now I've met him is really impressive. I love your 1238 01:08:29,640 --> 01:08:32,800 Speaker 1: whole family. What's come next for you? And what last 1239 01:08:32,840 --> 01:08:34,479 Speaker 1: piece of wisdom do you want to leave with the audience? 1240 01:08:35,240 --> 01:08:38,160 Speaker 4: Well, I mean so and they both kind of both connected. 1241 01:08:38,240 --> 01:08:40,720 Speaker 3: So I think what was the one of the more 1242 01:08:40,760 --> 01:08:45,479 Speaker 3: important things about you know, my trajectory, aside from the 1243 01:08:45,560 --> 01:08:48,720 Speaker 3: building of relationships and a reciprocal relationship, I always wanted 1244 01:08:48,760 --> 01:08:49,639 Speaker 3: to create value. 1245 01:08:49,680 --> 01:08:51,160 Speaker 4: I didn't ask Barry to mentor me. 1246 01:08:51,600 --> 01:08:55,360 Speaker 3: I made myself valuable to him, valuable as a fundraiser, 1247 01:08:55,800 --> 01:08:58,600 Speaker 3: valuable did a great job on the property assessment of 1248 01:08:58,640 --> 01:09:00,960 Speaker 3: pill abortion. I told him, you will never get a 1249 01:09:01,080 --> 01:09:04,519 Speaker 3: call about this board. You will never see a bad 1250 01:09:04,640 --> 01:09:08,040 Speaker 3: article about this board. This borders run and you will 1251 01:09:08,080 --> 01:09:11,200 Speaker 3: look good, and it will respond to the average person 1252 01:09:11,720 --> 01:09:14,600 Speaker 3: because they couch out to the commercial property owners, but 1253 01:09:14,720 --> 01:09:16,599 Speaker 3: not to the people who voted for Barrier. I said 1254 01:09:16,680 --> 01:09:19,439 Speaker 3: this board. I will take this board and it will 1255 01:09:19,479 --> 01:09:22,479 Speaker 3: be an asset for you and not a liability. And 1256 01:09:22,560 --> 01:09:26,320 Speaker 3: so I tried to always perform. But you know it 1257 01:09:26,520 --> 01:09:31,560 Speaker 3: was my motivation to make money was really to be 1258 01:09:31,920 --> 01:09:34,720 Speaker 3: able to pay my bills, to earn a living. It 1259 01:09:34,920 --> 01:09:38,280 Speaker 3: wasn't hey, I needed to accumulate all these things. It 1260 01:09:38,439 --> 01:09:42,479 Speaker 3: was more about I wanted to be comfortable, but I 1261 01:09:42,520 --> 01:09:44,880 Speaker 3: also wanted to have a purpose, and a sense of 1262 01:09:44,920 --> 01:09:47,760 Speaker 3: purpose is to knock down these barriers. I mean doctor King, 1263 01:09:47,840 --> 01:09:52,040 Speaker 3: Andrew Young, Jesse Jackson John Lewis. They didn't fight and 1264 01:09:52,120 --> 01:09:55,280 Speaker 3: struggled so that I could make some more dollars and 1265 01:09:56,000 --> 01:09:59,720 Speaker 3: spend it on myself. You know, Doctor King didn't die 1266 01:10:00,000 --> 01:10:02,400 Speaker 3: and give his life so that people like me could 1267 01:10:02,479 --> 01:10:05,040 Speaker 3: just make some money and you know, keep it to ourselves. 1268 01:10:05,120 --> 01:10:09,600 Speaker 3: And so I feel a greatest sense of purpose. And 1269 01:10:09,680 --> 01:10:13,720 Speaker 3: so I use business as a tool of transformation. It's 1270 01:10:13,760 --> 01:10:18,920 Speaker 3: a it's a tool where I can provide access to opportunities, 1271 01:10:19,320 --> 01:10:22,160 Speaker 3: and ownership is the essence of power, and so I 1272 01:10:22,240 --> 01:10:23,720 Speaker 3: want to hire a contractor. 1273 01:10:24,439 --> 01:10:25,080 Speaker 1: I can do that. 1274 01:10:25,479 --> 01:10:28,200 Speaker 3: When I built the last building we did in New York, 1275 01:10:28,240 --> 01:10:31,000 Speaker 3: we just finished it a little while ago. I bought 1276 01:10:31,040 --> 01:10:33,880 Speaker 3: it from the City of New York and and part 1277 01:10:34,040 --> 01:10:36,920 Speaker 3: in a competitive process. And when we did the interview, 1278 01:10:37,080 --> 01:10:39,760 Speaker 3: they said, you committed to twenty percent minority and women 1279 01:10:39,840 --> 01:10:43,760 Speaker 3: owned business contracting. No one's the government can't even get 1280 01:10:43,800 --> 01:10:45,599 Speaker 3: to those numbers. How in the world do you think 1281 01:10:45,600 --> 01:10:47,200 Speaker 3: you're going to get to those numbers. You're not ever 1282 01:10:47,240 --> 01:10:49,200 Speaker 3: going to get to those numbers. And I said, well, 1283 01:10:49,320 --> 01:10:50,800 Speaker 3: we're going to really work hard to try, but I 1284 01:10:50,840 --> 01:10:52,760 Speaker 3: think we'll get to the twenty percent numbers. And it's 1285 01:10:52,800 --> 01:10:56,360 Speaker 3: our first building in New York and about a five 1286 01:10:56,479 --> 01:10:58,439 Speaker 3: hundred and eighty million dollar project. 1287 01:10:58,960 --> 01:10:59,200 Speaker 1: Wow. 1288 01:10:59,840 --> 01:11:04,799 Speaker 3: So I brought in a construction company, a construction manager. 1289 01:11:05,520 --> 01:11:09,920 Speaker 3: It's actually the oldest black owned construction company in the country, mckizac. 1290 01:11:10,280 --> 01:11:12,760 Speaker 3: I brought in Gerald mckizac and I said, look, I 1291 01:11:12,840 --> 01:11:15,320 Speaker 3: want you to oversee the contractor, and I want you 1292 01:11:15,400 --> 01:11:18,000 Speaker 3: to make sure that we do better than twenty percent 1293 01:11:18,520 --> 01:11:20,960 Speaker 3: minority in women owned business contract and so I'm hiring 1294 01:11:21,040 --> 01:11:23,400 Speaker 3: your company to do that. And so we need to 1295 01:11:23,479 --> 01:11:26,000 Speaker 3: set up a structure and a system that we can 1296 01:11:26,080 --> 01:11:28,280 Speaker 3: excel it. And she said, well, how much time are 1297 01:11:28,320 --> 01:11:29,760 Speaker 3: you going to be willing to commit? I said, well, 1298 01:11:29,800 --> 01:11:31,360 Speaker 3: what do you mean? She said, well, one way to 1299 01:11:31,439 --> 01:11:32,880 Speaker 3: do it. Part of this is going to be you 1300 01:11:33,000 --> 01:11:35,720 Speaker 3: need to approve every contract so you can push it back. 1301 01:11:36,160 --> 01:11:41,000 Speaker 3: And so ultimately we set up a system. I approved 1302 01:11:41,000 --> 01:11:44,280 Speaker 3: every subcontractor came with a decision memo random that I 1303 01:11:44,439 --> 01:11:48,879 Speaker 3: learned from Barry about here's a contract, here are the options, 1304 01:11:48,920 --> 01:11:50,920 Speaker 3: and it would tell me who it was, what they did. 1305 01:11:50,960 --> 01:11:54,599 Speaker 3: Were they a minority or women own firm and they weren't, 1306 01:11:54,800 --> 01:11:57,960 Speaker 3: why not? What were the three bids and so on? 1307 01:11:58,160 --> 01:12:00,600 Speaker 3: So I could send it back and so one of 1308 01:12:00,640 --> 01:12:02,280 Speaker 3: the building, one of the one of the contracts we 1309 01:12:02,680 --> 01:12:06,720 Speaker 3: looked at was the facade contract got came to me 1310 01:12:06,880 --> 01:12:11,000 Speaker 3: and it was a nominated is done the exterior walls. 1311 01:12:11,040 --> 01:12:13,639 Speaker 3: So it was a historic landmark building that was about 1312 01:12:13,720 --> 01:12:16,920 Speaker 3: five hundred thousand square feet and the original New York 1313 01:12:17,000 --> 01:12:20,920 Speaker 3: Life Insurance Company headquarters. And so we were restoring the 1314 01:12:21,040 --> 01:12:25,160 Speaker 3: limestone facade around this giant building. And so the contract 1315 01:12:25,320 --> 01:12:30,680 Speaker 3: to restore the exterior walls was forty million dollars. And 1316 01:12:31,400 --> 01:12:35,320 Speaker 3: so just that contract, just that contract, and so the 1317 01:12:35,439 --> 01:12:38,439 Speaker 3: lowest price wasn't wasn't with a black owned. 1318 01:12:38,280 --> 01:12:39,400 Speaker 1: Firm, okay. 1319 01:12:39,479 --> 01:12:43,840 Speaker 3: And but the contract that was submitted to me was 1320 01:12:44,000 --> 01:12:48,519 Speaker 3: for the next lowest bidder, a non minority firm. And 1321 01:12:48,640 --> 01:12:53,640 Speaker 3: the reason was because the minority firm couldn't, uh, you know, 1322 01:12:54,360 --> 01:12:55,880 Speaker 3: they were not able to. 1323 01:12:56,000 --> 01:12:59,799 Speaker 4: Bond the job, so right, they couldn't. 1324 01:12:59,840 --> 01:13:01,560 Speaker 3: They they had a bond they could bond half of 1325 01:13:01,640 --> 01:13:04,640 Speaker 3: their bonding capacity is about twenty five million dollars, and 1326 01:13:05,200 --> 01:13:08,000 Speaker 3: the bank would not give us any relief on that 1327 01:13:08,560 --> 01:13:12,519 Speaker 3: on the bond. So the general contractor wanted to pick 1328 01:13:12,960 --> 01:13:16,200 Speaker 3: the non minority firm. But the schedule also it has 1329 01:13:16,240 --> 01:13:18,920 Speaker 3: a schedule in the contracts, and everybody was around the 1330 01:13:19,000 --> 01:13:22,439 Speaker 3: same time period about two years, right, So I said, 1331 01:13:22,479 --> 01:13:25,240 Speaker 3: go back to I told my team, go back to 1332 01:13:25,840 --> 01:13:28,720 Speaker 3: the minority firm and this firm that you want to hire, 1333 01:13:28,720 --> 01:13:31,000 Speaker 3: and ask them if does that mean that half the 1334 01:13:31,040 --> 01:13:34,720 Speaker 3: building gets done in a year. And so they come 1335 01:13:34,800 --> 01:13:37,160 Speaker 3: back and they give us a schedule for half the building. 1336 01:13:37,680 --> 01:13:40,240 Speaker 3: If they only did half, it's about, you know, a 1337 01:13:40,600 --> 01:13:43,160 Speaker 3: fourteen months or so for each one of them, basically 1338 01:13:43,200 --> 01:13:46,160 Speaker 3: around and the price goes up a little bit. And 1339 01:13:46,840 --> 01:13:48,479 Speaker 3: so I said, okay, we're going to give we're split 1340 01:13:48,520 --> 01:13:50,320 Speaker 3: in the building up and we're going to give the 1341 01:13:50,360 --> 01:13:52,760 Speaker 3: minority contractor half and we're going to do the other 1342 01:13:52,840 --> 01:13:55,800 Speaker 3: one half. And while it's going to take us it's 1343 01:13:55,800 --> 01:13:57,200 Speaker 3: going to cost us a little more money, we're going 1344 01:13:57,240 --> 01:13:59,280 Speaker 3: to make up for it because we're going to finish 1345 01:13:59,680 --> 01:14:02,640 Speaker 3: this at least eight months earlier on the exterior, so 1346 01:14:02,760 --> 01:14:04,400 Speaker 3: we'll be able to get the windows in and other 1347 01:14:04,479 --> 01:14:09,760 Speaker 3: stuff faster. And so we did that and that's how 1348 01:14:09,800 --> 01:14:11,800 Speaker 3: we were able to finish. And so we finished the 1349 01:14:11,880 --> 01:14:14,160 Speaker 3: project and we had thirty eight and a half percent 1350 01:14:14,600 --> 01:14:17,559 Speaker 3: minority contracting. And I was told I couldn't get twenty. 1351 01:14:18,240 --> 01:14:20,760 Speaker 3: But that's why A big part of why I do 1352 01:14:20,880 --> 01:14:23,960 Speaker 3: what I do, because it gives me the chance to 1353 01:14:24,600 --> 01:14:28,439 Speaker 3: provide opportunities instead of standard that if my company can 1354 01:14:28,520 --> 01:14:31,600 Speaker 3: do it, then the government should have the expectations of 1355 01:14:31,720 --> 01:14:37,639 Speaker 3: all these other developers the same thing, and so changing 1356 01:14:37,760 --> 01:14:41,439 Speaker 3: the marketplace and the expectations. But so I think that 1357 01:14:41,520 --> 01:14:44,400 Speaker 3: if you're going to be successful, I think you want 1358 01:14:44,400 --> 01:14:47,000 Speaker 3: to operate with integrity. You want to operate with a 1359 01:14:47,160 --> 01:14:50,360 Speaker 3: long term view. My mother taught me to think long term. 1360 01:14:50,479 --> 01:14:52,720 Speaker 3: I mean that's a big thing for her. Think long term, 1361 01:14:52,840 --> 01:14:58,439 Speaker 3: not short term, long long term deferred gratification. And so 1362 01:14:59,120 --> 01:15:00,960 Speaker 3: you want to look that way, but you have to 1363 01:15:01,000 --> 01:15:01,920 Speaker 3: have a sense of purpose. 1364 01:15:02,400 --> 01:15:02,599 Speaker 1: Yep. 1365 01:15:02,920 --> 01:15:03,479 Speaker 4: I think you know. 1366 01:15:03,560 --> 01:15:06,560 Speaker 3: The purpose that I have is that I want to 1367 01:15:07,600 --> 01:15:13,439 Speaker 3: expand economic opportunity for Black Americans. And so I'm willing 1368 01:15:13,520 --> 01:15:18,360 Speaker 3: to continue to do this, have significant financial risk to 1369 01:15:18,479 --> 01:15:21,800 Speaker 3: myself to grow the business because I believe if I 1370 01:15:21,920 --> 01:15:25,400 Speaker 3: keep scaling the business up, it creates more and more opportunity, 1371 01:15:25,520 --> 01:15:28,320 Speaker 3: and then hopefully the more developers like me and you 1372 01:15:28,520 --> 01:15:32,760 Speaker 3: John that will do the same thing and we can 1373 01:15:33,479 --> 01:15:36,720 Speaker 3: ultimately get our community to a place where we no 1374 01:15:36,840 --> 01:15:40,719 Speaker 3: longer disproportionately carry the burdens of poverty. But we become 1375 01:15:41,160 --> 01:15:47,240 Speaker 3: an economic factor in this country, and then many of 1376 01:15:47,280 --> 01:15:50,880 Speaker 3: the issues that our community confronts will go away because 1377 01:15:51,000 --> 01:15:53,800 Speaker 3: we'll have the financial resources to help ourselves. 1378 01:15:54,160 --> 01:15:55,880 Speaker 1: There's a quote that I love to use. Don This 1379 01:15:55,920 --> 01:15:58,000 Speaker 1: has been by the way, this has been absolutely great. 1380 01:15:58,080 --> 01:16:01,080 Speaker 1: This is technically the longest podcasts I've ever done for 1381 01:16:01,160 --> 01:16:05,040 Speaker 1: this series, but at every moment, every minute of it 1382 01:16:05,200 --> 01:16:07,920 Speaker 1: was worthwhile. There's not a moment of it. I think 1383 01:16:08,160 --> 01:16:10,080 Speaker 1: people will not sit on the edge of their seats. 1384 01:16:10,479 --> 01:16:14,080 Speaker 1: I often tell people who don't understand capitalism and free enterprise, 1385 01:16:14,200 --> 01:16:17,479 Speaker 1: and they think money is everything. Even if you want 1386 01:16:17,479 --> 01:16:20,360 Speaker 1: to distribute money like a socialist, you have to first 1387 01:16:20,400 --> 01:16:24,519 Speaker 1: collect it like a capitalist. And that eighty eight percent 1388 01:16:24,560 --> 01:16:28,240 Speaker 1: of all jobs in America are private sector jobs. So 1389 01:16:28,439 --> 01:16:31,320 Speaker 1: the government gets their money from the private sector. And 1390 01:16:31,479 --> 01:16:33,559 Speaker 1: so if you want to have influence on your government, 1391 01:16:34,280 --> 01:16:38,000 Speaker 1: you want to influence on your school district, your border counselors, 1392 01:16:38,000 --> 01:16:42,240 Speaker 1: your city council. You want to influence on the infrastructure. 1393 01:16:42,280 --> 01:16:45,200 Speaker 1: You want to have influence on the trajectory of your 1394 01:16:45,320 --> 01:16:49,840 Speaker 1: community and your world. You want to become successful as 1395 01:16:49,880 --> 01:16:52,560 Speaker 1: successful as you can be. You want to be a taxpayer, 1396 01:16:53,040 --> 01:16:55,800 Speaker 1: you want to be on record, You want to have integrity, 1397 01:16:55,840 --> 01:16:58,559 Speaker 1: So people come to you not just for a check, 1398 01:16:58,640 --> 01:17:01,360 Speaker 1: but come for your counsel the company. Because you build 1399 01:17:01,479 --> 01:17:04,960 Speaker 1: bring credibility to any endeavor you assign your name to. 1400 01:17:05,680 --> 01:17:08,360 Speaker 1: So anybody listening to this, I want you to listen 1401 01:17:08,400 --> 01:17:10,960 Speaker 1: to this two or three times and take notes, because 1402 01:17:11,000 --> 01:17:14,360 Speaker 1: he really gave you a masterclass on how to build 1403 01:17:14,680 --> 01:17:17,840 Speaker 1: something from nothing. Don in the last word here and 1404 01:17:17,920 --> 01:17:19,320 Speaker 1: by the way, I just do it just so much. Here. 1405 01:17:19,400 --> 01:17:21,960 Speaker 1: One of the things that really my heart sung when 1406 01:17:21,960 --> 01:17:24,160 Speaker 1: you said it, you hit thirty eight percent of minority 1407 01:17:24,240 --> 01:17:26,920 Speaker 1: contractors versus twenty they told you couldn't do twenty. One 1408 01:17:26,960 --> 01:17:28,760 Speaker 1: of the reasons I stayed and wanted to build my 1409 01:17:28,840 --> 01:17:31,560 Speaker 1: real estate companies was the bigger I made it, the 1410 01:17:31,640 --> 01:17:36,479 Speaker 1: more minority contractors plumbing, heating, lighting, and roofing, landscaping, both 1411 01:17:36,560 --> 01:17:41,920 Speaker 1: employment and contracts multimi dollar contracts I could let to people. 1412 01:17:42,200 --> 01:17:45,479 Speaker 1: Which is sustainable wealth creation. It's not charity. It's not 1413 01:17:45,600 --> 01:17:47,920 Speaker 1: a one off check or one off government check or 1414 01:17:48,000 --> 01:17:50,800 Speaker 1: one off charity check. I can give you a charity 1415 01:17:50,880 --> 01:17:53,719 Speaker 1: check for one thousand dollars or ten thousand dollars one time, maybe, 1416 01:17:54,160 --> 01:17:56,400 Speaker 1: but I can give you contract for tens of millions 1417 01:17:56,439 --> 01:17:59,719 Speaker 1: of dollars if the business will sustain it and you qualify. 1418 01:18:00,479 --> 01:18:01,800 Speaker 1: That's what we got to get. We got to get 1419 01:18:01,840 --> 01:18:04,280 Speaker 1: enough infrastructure for companies like yours and Mind and Russell 1420 01:18:04,760 --> 01:18:07,840 Speaker 1: Russell Family and others so that we are collectively doing 1421 01:18:07,920 --> 01:18:12,240 Speaker 1: so much business that we can literally employ employ not 1422 01:18:12,400 --> 01:18:15,799 Speaker 1: just Black America, but underserved America on a sustainable basis. 1423 01:18:16,479 --> 01:18:19,680 Speaker 1: What's the total assets under management right now? Or how 1424 01:18:19,720 --> 01:18:22,240 Speaker 1: are you you know, I know private equity looks at 1425 01:18:22,280 --> 01:18:24,599 Speaker 1: this a little differently, but how do you equate your 1426 01:18:24,760 --> 01:18:30,240 Speaker 1: current success platform? Is it develop amount of development you've 1427 01:18:30,280 --> 01:18:33,519 Speaker 1: done or assets you own? Now, what's that benchmark that 1428 01:18:33,640 --> 01:18:36,240 Speaker 1: you have? You can leave the audience with the employees. 1429 01:18:37,040 --> 01:18:43,080 Speaker 3: Michigan Cities as a company, we're focused more on our 1430 01:18:43,160 --> 01:18:47,080 Speaker 3: pipeline because that really drives our revenue. That's six billions, yes, 1431 01:18:47,439 --> 01:18:51,479 Speaker 3: and our goal is my twenty twenty six that we 1432 01:18:51,680 --> 01:18:55,000 Speaker 3: have an ongoing pipeline of about ten billion dollars and 1433 01:18:55,080 --> 01:18:58,840 Speaker 3: we just continue to add as we as we deliver 1434 01:18:59,000 --> 01:19:02,479 Speaker 3: and add and so it as a as a it's 1435 01:19:02,520 --> 01:19:03,759 Speaker 3: a development business. 1436 01:19:04,120 --> 01:19:09,240 Speaker 4: On that pipeline. Our goal has been to do just 1437 01:19:09,720 --> 01:19:13,479 Speaker 4: under right around forty percent of that in profit. 1438 01:19:13,880 --> 01:19:16,479 Speaker 3: So if we you know, so that's about two point 1439 01:19:16,520 --> 01:19:20,080 Speaker 3: four billion dollars and so and that pipeline is about 1440 01:19:20,360 --> 01:19:24,760 Speaker 3: an eight year process, right, so you're adding and subtracting, 1441 01:19:24,840 --> 01:19:27,439 Speaker 3: and but from beginning to end, all the that within 1442 01:19:27,520 --> 01:19:31,559 Speaker 3: that pipeline now will be completed within eight years or less. 1443 01:19:31,960 --> 01:19:34,080 Speaker 3: And so that's kind of how we measure. And then 1444 01:19:34,520 --> 01:19:36,840 Speaker 3: we have been to grow our business that you know, 1445 01:19:36,920 --> 01:19:41,000 Speaker 3: we really we we have developed for sale product, we 1446 01:19:41,160 --> 01:19:44,200 Speaker 3: sold buildings, et cetera. And so now we're building a 1447 01:19:44,400 --> 01:19:46,760 Speaker 3: series of businesses now. So one of the businesses that 1448 01:19:46,840 --> 01:19:51,400 Speaker 3: we're doing is a where we are doing a series 1449 01:19:51,439 --> 01:19:56,720 Speaker 3: one four a offering, which is a private placement that 1450 01:19:56,960 --> 01:20:01,519 Speaker 3: ultimately will probably go public. But of our public private business, 1451 01:20:02,080 --> 01:20:04,120 Speaker 3: which is a big core, about seventy five percent of 1452 01:20:04,200 --> 01:20:06,280 Speaker 3: what we do, which I learned on that first deal, 1453 01:20:06,439 --> 01:20:09,200 Speaker 3: we're doing business with the government. So either we're buying 1454 01:20:09,280 --> 01:20:13,040 Speaker 3: building sites from the government or we're buying buildings from 1455 01:20:13,080 --> 01:20:15,479 Speaker 3: the government and then redeveloping. And that's about seventy five 1456 01:20:15,520 --> 01:20:17,519 Speaker 3: percent of our business part and that company is called 1457 01:20:17,520 --> 01:20:22,639 Speaker 3: Affirmation partners and Raymond James is launching that offering next week, 1458 01:20:23,040 --> 01:20:24,719 Speaker 3: and so that's one of the things that we're building. 1459 01:20:24,760 --> 01:20:27,920 Speaker 3: We're also looking to build a private equity fund business 1460 01:20:28,640 --> 01:20:30,920 Speaker 3: to deploy capital to black. 1461 01:20:30,840 --> 01:20:33,479 Speaker 4: Entrepreneurs and women entrepreneurs who. 1462 01:20:33,600 --> 01:20:36,320 Speaker 3: Have had very limited access to capital, so that we 1463 01:20:36,400 --> 01:20:40,880 Speaker 3: can create more opportunities there. But then and then we 1464 01:20:41,040 --> 01:20:44,720 Speaker 3: have a robust condo development business in Florida, and that 1465 01:20:44,840 --> 01:20:47,080 Speaker 3: was kind of the keys of our business. But it's 1466 01:20:47,120 --> 01:20:53,160 Speaker 3: about creating you know, economic performance and then you know, 1467 01:20:53,360 --> 01:20:56,760 Speaker 3: growing our business to keep scaling it up and so 1468 01:20:57,800 --> 01:20:59,760 Speaker 3: you know, so that's kind of how we measure but 1469 01:20:59,840 --> 01:21:02,639 Speaker 3: we measured by a number of buildings and a number. 1470 01:21:02,560 --> 01:21:03,400 Speaker 4: And dollar amounts. 1471 01:21:03,479 --> 01:21:05,760 Speaker 3: I mean, that's right, the best example of kind of 1472 01:21:05,840 --> 01:21:07,240 Speaker 3: measuring us in terms of size. 1473 01:21:07,720 --> 01:21:11,280 Speaker 1: So a developer will develop a project audience for their 1474 01:21:11,320 --> 01:21:14,519 Speaker 1: own account but also for others, uh, and they deliver 1475 01:21:14,680 --> 01:21:18,240 Speaker 1: those products through a pipeline of develop a development process, 1476 01:21:18,880 --> 01:21:21,840 Speaker 1: and when they deliver it, they are rewarded for that. 1477 01:21:22,280 --> 01:21:25,960 Speaker 1: And sometimes it's fee income and sometimes it's ownership, and 1478 01:21:26,040 --> 01:21:29,600 Speaker 1: sometimes it's a combination of both. What you've heard is 1479 01:21:30,200 --> 01:21:33,519 Speaker 1: literally a masterclass and Don and I he didn't know this. 1480 01:21:33,680 --> 01:21:35,360 Speaker 1: I didn't know this about him. He know this about me. 1481 01:21:35,680 --> 01:21:38,680 Speaker 1: But we both started with government service. We volunteered on 1482 01:21:38,800 --> 01:21:41,880 Speaker 1: a committee, and we had integrity about that process. We're 1483 01:21:41,880 --> 01:21:44,560 Speaker 1: about giving, not getting, and but we used it. We 1484 01:21:44,640 --> 01:21:49,479 Speaker 1: built relationship capital serving on those volunteer boards and as 1485 01:21:49,520 --> 01:21:52,640 Speaker 1: he said, we would have paid to be there. This 1486 01:21:52,800 --> 01:21:56,680 Speaker 1: is John O'Briant, it's my friend Don Peeples. This is 1487 01:21:56,920 --> 01:21:59,800 Speaker 1: Money and Wealth, and this is a special episode that 1488 01:22:00,120 --> 01:22:03,000 Speaker 1: I probably is my first, other than my conversation with 1489 01:22:03,040 --> 01:22:08,320 Speaker 1: Michael Milkin, probably is my first masterclass in a certain area. 1490 01:22:08,439 --> 01:22:11,160 Speaker 1: And this is real estate development. I hope you enjoyed it. 1491 01:22:11,760 --> 01:22:14,960 Speaker 1: Share it with everybody you know. Love and life. Let's 1492 01:22:15,080 --> 01:22:32,080 Speaker 1: go Money and Wealth with John O'Brien is a production 1493 01:22:32,280 --> 01:22:35,599 Speaker 1: of the Black Effect Podcast Network. For more podcasts from 1494 01:22:35,640 --> 01:22:40,000 Speaker 1: the Black Effect Podcast Network, visit the iHeartRadio app, Apple Podcasts, 1495 01:22:40,479 --> 01:24:09,760 Speaker 1: or wherever you listen to your favorite shows. Protect Tempts, Peepers,