WEBVTT - Money & Wealth w/ Don Peebles

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<v Speaker 1>Welcome the Money in Wealth with John Hobriyant, a production

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<v Speaker 1>of the Black Effect Podcast Network and iHeartRadio. Hey, Hey,

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<v Speaker 1>this is John Hobbrant and this is Money and Wealth Podcast.

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<v Speaker 1>This is the first podcast episode host US Presidential Election

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<v Speaker 1>twenty twenty four. I'm with my brother Don Peoples, who

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<v Speaker 1>is a legend in real estate and in business. You're

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<v Speaker 1>going to get to know him and his story and

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<v Speaker 1>what he has to tell you. But this we had

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<v Speaker 1>to reschedule this for a number of reasons tied to

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<v Speaker 1>our mutual schedule. But in many ways this is now

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<v Speaker 1>perfect timing and it ties into this moment. So let

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<v Speaker 1>me see I can set this up properly. When doctor

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<v Speaker 1>King was assassinated in nineteen sixty eight, before that happened,

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<v Speaker 1>he said, I'm here the soul of America from the

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<v Speaker 1>triple evils of war, racism, and poverty. He didn't say

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<v Speaker 1>I'm here to say black people. Even though his work

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<v Speaker 1>helped a lot of black people. He was there for everybody,

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<v Speaker 1>and that last movement of the Poor People's Campaign had

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<v Speaker 1>pivoted also to include poor whites, which were then and

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<v Speaker 1>now the largest population of poverty in America. And he

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<v Speaker 1>was assassinated on the eve of the launch of that movement,

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<v Speaker 1>but he had pivoted to economics. Ambassador Andrew Young, my

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<v Speaker 1>mentor my role model in many ways, the guy who

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<v Speaker 1>sort of helped raise me in my adult life, our

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<v Speaker 1>global spokesman in Operation Hope, who was on the balcony,

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<v Speaker 1>who helped to turn Atlanta, by the way to the

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<v Speaker 1>only international city in the South and the tenth biggest

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<v Speaker 1>economy in the US almost five hundred billion dollars in GDP.

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<v Speaker 1>He was there when Doctor King was assassinated and he

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<v Speaker 1>was the only remember his team to take that mandate

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<v Speaker 1>from Doctor King and pivoted into political realm to structure

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<v Speaker 1>power versus their protests for it, and then to turn

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<v Speaker 1>that into an economy, which was the city of Atlanta,

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<v Speaker 1>as I just mentioned, almost a five hundred billion dollar economy.

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<v Speaker 1>And don pivoting to you what Ambassie Young told me

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<v Speaker 1>a couple Actually wasn't a couple of years ago. I'd

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<v Speaker 1>say actually was about eight years ago, twenty sixteen. As

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<v Speaker 1>we had gotten the Freedman's Bank renamed on the White

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<v Speaker 1>House campus from the Treasury Annex building in honor former

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<v Speaker 1>slaves who've been at charter the Bank to teach free

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<v Speaker 1>slaves about money financial literacy, eighteen seventy five, Abraham Lincoln,

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<v Speaker 1>Frederick Douglass. He said, John, you need to stay focus

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<v Speaker 1>on your work. I never said this publicly now to today.

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<v Speaker 1>You need to stay focus on your work because if

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<v Speaker 1>ever we lose political power, if ever we lose the

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<v Speaker 1>rights that we hold, dear, and he said, I can't

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<v Speaker 1>imagine this happening, but if the only real power, potentially

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<v Speaker 1>is economic power, if ever we lose political power, social power,

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<v Speaker 1>even religious power, we'll only have economic power the lever

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<v Speaker 1>of economics to pull back on. You have got to

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<v Speaker 1>not diminish your work or get distracted from it, because

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<v Speaker 1>we need an economic infrastructure for the underserved of this country.

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<v Speaker 1>And it dawns on me that this is where we are.

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<v Speaker 1>That the only true freedom is I believe and Chris

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<v Speaker 1>Gorman a key back is the one who gave me

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<v Speaker 1>this quote. Is potentially financial and economic freedom because once

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<v Speaker 1>you have it, unless you screw it up, no one

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<v Speaker 1>can take it from you. And it is and we

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<v Speaker 1>live in an economic democracy. This country is I keep

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<v Speaker 1>saying a center slightly right, center slightly right. It's an

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<v Speaker 1>economic democracy. It's a inclusive I like to believe it's

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<v Speaker 1>inclusive capitalism because you and I came from nothing and

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<v Speaker 1>made ourselves to significant some things in America. I don't

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<v Speaker 1>know another country in the world where our stories would

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<v Speaker 1>have proliferated at the level that they have. We might

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<v Speaker 1>have worked for somebody, but you and I work for ourselves.

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<v Speaker 1>So I'm now turning to you because before we got

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<v Speaker 1>on camera, we got we had a very powerful and

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<v Speaker 1>important conversation, some of which I want you to recount here.

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<v Speaker 1>But what do you say to doctor King's vision that

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<v Speaker 1>he was pivoting toward the economic agenda? And what do

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<v Speaker 1>you say to Ambassador Andrew Young's criminition that at the

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<v Speaker 1>end of the day, one of the few things you

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<v Speaker 1>can rely on that you have some control over, it's

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<v Speaker 1>economic empowerment. And where are we with regard to that agenda?

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<v Speaker 1>And then I want to get, of course, into your

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<v Speaker 1>story and how you have built what you have built,

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<v Speaker 1>by the way, with those of you don't know. Don

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<v Speaker 1>Pebles runs people I call the People's Corporation, but it's

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<v Speaker 1>several entities within his company that's a billion dollars plus

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<v Speaker 1>in real estate development.

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<v Speaker 2>Don Peeples well great, So you don't know. It's for

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<v Speaker 2>those listening to this. I I did not mention that

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<v Speaker 2>Don Peoples is a brother. He's black, He's not black

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<v Speaker 2>for a living. He's a great developer who happens to

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<v Speaker 2>be black. He's a great leader who happens to be black.

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<v Speaker 2>But he's proud out of his heritage, and so am I.

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<v Speaker 2>He's after America, okay, Don.

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<v Speaker 3>People absolutely And in fact, I grew up during the

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<v Speaker 3>civil rights movement. I was born in nineteen sixty in Washington,

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<v Speaker 3>d c. Seat of our government, where many of the

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<v Speaker 3>major protests and demonstrations and the fight in the halls

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<v Speaker 3>of our government took place. I remember when doctor King

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<v Speaker 3>was assassinated. I was watching television about the assassination. But

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<v Speaker 3>and then the riots that followed were in my community.

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<v Speaker 3>My mother had to drive me through a commercial quarriter

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<v Speaker 3>near our home and have me duck down so that

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<v Speaker 3>I wouldn't be hit as a little boy. And but

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<v Speaker 3>and then, you know, I remember Robert Kennedy's assassination as well.

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<v Speaker 3>I remember, uh how you know, and and and Malcolm

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<v Speaker 3>X's focus. But I remember that, you know, there was

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<v Speaker 3>a time of struggle in the country for us to

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<v Speaker 3>have equal access to just basic civil rights, and how

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<v Speaker 3>we had to fight for those and now our fight

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<v Speaker 3>continues to be for economic opportunity. And doctor King understood it.

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<v Speaker 3>I remember his quote. It was what good does it

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<v Speaker 3>serve for the Negro to have a seat at the

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<v Speaker 3>lunch counter when they can't afford to buy a hamburger?

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<v Speaker 4>And so that was all.

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<v Speaker 3>The relevance here about economic empowerment. And so he started

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<v Speaker 3>to poor People's March and and and ultimately that's poor

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<v Speaker 3>People's initial and so forth to reset the table economically

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<v Speaker 3>in the country, because our democracy is a capitalism capitalistic

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<v Speaker 3>democracy was that economic opportunity must lead the way. He

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<v Speaker 3>set the pathway for Andrew Young and then uh Mayor

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<v Speaker 3>Jackson before him, and uh and what happened, yes, and

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<v Speaker 3>and and and and initially through Hartsville now Hartsville Jackson Airport.

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<v Speaker 3>Where as mayor he had a vision for Atlanta to

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<v Speaker 3>be a global city and having an international airport and

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<v Speaker 3>got a lot of support throughout the state for that,

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<v Speaker 3>but then people didn't realize what he had. Part of

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<v Speaker 3>his plan was to make it an economic engine, and

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<v Speaker 3>he had to fight to make it. To protect the

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<v Speaker 3>opportunity for minority business contracting. He required thirty five percent

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<v Speaker 3>to be for minority contract for black contractors, and ultimately

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<v Speaker 3>he fought won that and that started the pathway of

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<v Speaker 3>creating significant black wealth in Atlanta, and it made Atlanta

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<v Speaker 3>the mecca for black economic empowerment. But others followed him

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<v Speaker 3>and followed Ambassador Young Marion Barry in Washington, d C.

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<v Speaker 3>Harold Washington in Chicago, bar in New Orleans, Tom Bradley

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<v Speaker 3>in LA. So, as you so, that civil rights generation

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<v Speaker 3>knocked down these barriers economically for businesses like mine or

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<v Speaker 3>Bob Johnson at b E T, which would not have

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<v Speaker 3>been possible if it wasn't for him getting the cable

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<v Speaker 3>television franchise for Washington, DC. So the political power in

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<v Speaker 3>the nineteen seventies and eighties was used to help generate

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<v Speaker 3>economic powerman, And that's how.

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<v Speaker 4>I got started.

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<v Speaker 3>Without that and without that mindset, it would have never happened.

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<v Speaker 3>So I grew up in d C. My mother and

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<v Speaker 3>I My mother parents got divorced when I was five.

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<v Speaker 4>My mother and I moved to Detroit five, okay, and then.

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<v Speaker 3>Nineteen and so in nineteen sixty eight, when I was eight,

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<v Speaker 3>my mother and I moved to Detroit for her to

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<v Speaker 3>start a new life, and and she her sister was

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<v Speaker 3>living in Detroit because her husband was doing his internship

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<v Speaker 3>in residency and medicine. So my mother was a secretary

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<v Speaker 3>at the Urban League and on Capitol Hill in d C.

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<v Speaker 3>So she went to night school, got a real estate license,

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<v Speaker 3>and she started working in real estate in Detroit and

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<v Speaker 3>then within a couple of years had her own real

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<v Speaker 3>estate brokerage business.

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<v Speaker 4>And that was an environment of black entrepreneurship was Detroit.

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<v Speaker 3>And I remember my best friend who's still one of

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<v Speaker 3>my best friends in life.

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<v Speaker 1>You know.

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<v Speaker 3>I met him when I think I was ten, and

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<v Speaker 3>we were best buddies. His father, Barry Gordy. My friend

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<v Speaker 3>Kerry Gordy. So Barry founded Motown and was running Motown,

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<v Speaker 3>which was in Detroit at the time. And I remember

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<v Speaker 3>the fact that there was a black man running, founded

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<v Speaker 3>and ran Motown was very inspirational to me. And it

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<v Speaker 3>showed me early on that there was no limitation. So anyway,

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<v Speaker 3>I went back to Washington, d C. My mother thought

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<v Speaker 3>I should get involved in politics, told me I needed

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<v Speaker 3>to the city. In nineteen seventy four, when we had

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<v Speaker 3>moved back with getting the right to elect its own

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<v Speaker 3>government and for the first time because before it was

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<v Speaker 3>all appointed by the President of the United States, including

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<v Speaker 3>the mayor. So she wanted, yeah, so to think about

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<v Speaker 3>DC didn't have any rights to vote. The citizens of

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<v Speaker 3>seven hundred thousand residents could not vote for anybody. Wow,

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<v Speaker 3>And so they in seventy four they got the right

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<v Speaker 3>to elect their own government. And so there was a

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<v Speaker 3>big deal there. And so my mother told me that

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<v Speaker 3>I needed to go and volunteer and work for one

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<v Speaker 3>of the candidates who was running for chairman of the

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<v Speaker 3>city council, her former boss at the Washington DC Urban

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<v Speaker 3>League God named Sterling Tucker, and then I could pick

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<v Speaker 3>somebody else. And I was upset with her that she

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<v Speaker 3>was taking up my summer for this, and so I

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<v Speaker 3>did some research and I picked the most radical candidates,

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<v Speaker 3>and it was Marion Barry, who was the city council

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<v Speaker 3>and he was he was a part of the civil

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<v Speaker 3>rights movement.

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<v Speaker 4>He was co.

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<v Speaker 3>Founder of the Student Non Violent Coordinating Committee SNICK and

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<v Speaker 3>was very active in the civil rights movement and then

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<v Speaker 3>also the fight for economic inclusion. So fourteen years old,

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<v Speaker 3>I volunteered for his campaign he won Sterling Tucker one.

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<v Speaker 3>They were since it was a new government Barry, they

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<v Speaker 3>drew straws for terms, whether it was two or four years.

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<v Speaker 3>He got a short straw, so he ran two years later.

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<v Speaker 3>I was more active in his campaign and got to

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<v Speaker 3>know him a little bit better. I was one of

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<v Speaker 3>the you know, advanced people for him. And then when

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<v Speaker 3>I was on my way to college and I spent

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<v Speaker 3>my last two years, my mother was big on politics,

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<v Speaker 3>so she had me become a page, one of her

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<v Speaker 3>you know, she used her relationships on Capitol Hill.

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<v Speaker 4>I got appointed a.

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<v Speaker 3>Page, spent my last two years of high school going

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<v Speaker 3>to school at the top floor of the Library of

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<v Speaker 3>Congress from six am to ten thirty, and then walking

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<v Speaker 3>across the street and working in the US Capitol.

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<v Speaker 4>So I was a page on the.

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<v Speaker 3>Floor of the House of Representatives under Tip O'Neil, the

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<v Speaker 3>speaker at the time, and then I worked in the

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<v Speaker 3>offices of Charlie Rangel, Ron Dillams and John Conyers. I

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<v Speaker 3>got a good sense of politics. So Barry and Sterling

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<v Speaker 3>Tucker run for a mayor to unseat the first elected mayor.

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<v Speaker 3>So three way race and Barry runs. I'd go off

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<v Speaker 3>to college and the primary he wins, and and then

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<v Speaker 3>I'm in college at Rutgers going into studying pre med.

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<v Speaker 3>And then after that, after my first year, I quit,

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<v Speaker 3>went back to DC and started working.

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<v Speaker 1>You start you study pre man Why my uncle.

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<v Speaker 3>I was very close to him. He was a role

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<v Speaker 3>model and he was a doctor, and he was telling

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<v Speaker 3>me not to go into medicine. But I wanted to

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<v Speaker 3>go into medicine because I wanted to look my mother

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<v Speaker 3>and I struggled financially.

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<v Speaker 1>I wanted to have what.

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<v Speaker 3>Would be a stable income stream. I really wasn't driven

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<v Speaker 3>to try to be alter rich. I was driven to

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<v Speaker 3>have a nice, stable lifestyle. Be it to take care

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<v Speaker 3>of myself, take care of my family, and that be good,

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<v Speaker 3>and then maybe an invest in real estate over time

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<v Speaker 3>and make some money doing that. But after my first year,

0:13:44.440 --> 0:13:47.320
<v Speaker 3>I decided that it wasn't for me, and I decided

0:13:47.360 --> 0:13:49.880
<v Speaker 3>to go back to DC and start working in the

0:13:49.880 --> 0:13:52.520
<v Speaker 3>real estate business. And I became a sales agent. But

0:13:52.640 --> 0:13:57.240
<v Speaker 3>interest rates were twenty plus percent. It was nineteen seventy nine,

0:13:57.720 --> 0:13:58.439
<v Speaker 3>so I.

0:13:58.400 --> 0:14:01.320
<v Speaker 1>Could sell whod on. People need to hear that they

0:14:01.400 --> 0:14:03.560
<v Speaker 1>slow that down. First of all, in bach or young

0:14:03.559 --> 0:14:06.280
<v Speaker 1>and you have something in common. Don you have a

0:14:06.320 --> 0:14:08.880
<v Speaker 1>lot in common? But one thing. His father was a

0:14:08.920 --> 0:14:12.680
<v Speaker 1>dentist and had a nice middle class lifestyle, wanted his

0:14:12.720 --> 0:14:15.960
<v Speaker 1>sons to be dentists, and his brother became a dentist.

0:14:16.520 --> 0:14:18.520
<v Speaker 1>But in Bassie Young, after studying it for a bit,

0:14:18.600 --> 0:14:20.760
<v Speaker 1>it was like, no, that's your dream, that's not mine.

0:14:20.800 --> 0:14:22.720
<v Speaker 1>I don't want to be a dentist. I respect your dad,

0:14:22.760 --> 0:14:24.560
<v Speaker 1>thank you. I want to be a pastor and I

0:14:24.600 --> 0:14:26.880
<v Speaker 1>want to preacher it. And then when he when he

0:14:26.880 --> 0:14:29.400
<v Speaker 1>told us Dad he was going to follow doctor king Is,

0:14:29.480 --> 0:14:32.960
<v Speaker 1>Dad like literally rolled his eyes and like, you, what

0:14:33.280 --> 0:14:34.840
<v Speaker 1>have I done with What have I done with my

0:14:35.360 --> 0:14:39.240
<v Speaker 1>with sacrifices my life. Of course, the rest is history

0:14:39.600 --> 0:14:42.720
<v Speaker 1>of all that Ambassador Young did with his life, which

0:14:42.880 --> 0:14:45.200
<v Speaker 1>is the legacy, really living a legacy of this family.

0:14:45.240 --> 0:14:49.160
<v Speaker 1>You could have been a doctor because you saw somebody

0:14:49.240 --> 0:14:52.560
<v Speaker 1>who was a role model, who you admired, your uncle,

0:14:53.320 --> 0:14:55.560
<v Speaker 1>and that was enough for you. You model what you see.

0:14:55.600 --> 0:14:57.920
<v Speaker 1>We had talked about, we talked earlier about the power

0:14:57.960 --> 0:15:00.680
<v Speaker 1>of words and the power of we see and what

0:15:00.720 --> 0:15:02.920
<v Speaker 1>we feel and what we hear in our lives and

0:15:02.960 --> 0:15:07.000
<v Speaker 1>how that influences us positively and negatively. Your uncle influenced

0:15:07.000 --> 0:15:09.600
<v Speaker 1>you so much you went to pre medt the school

0:15:10.120 --> 0:15:12.680
<v Speaker 1>to maybe frame your whole life, and luckily you had

0:15:12.680 --> 0:15:17.120
<v Speaker 1>a strong constitution. Your mother also, what's her name, god

0:15:17.120 --> 0:15:23.600
<v Speaker 1>gressn Yvonne Willoughby Pool, Yvonne Willoughby Pool. Let's say her

0:15:23.680 --> 0:15:27.080
<v Speaker 1>name and let it live in history, because without her

0:15:27.160 --> 0:15:28.920
<v Speaker 1>you wouldn't be you. I say my mother's name on

0:15:29.040 --> 0:15:32.360
<v Speaker 1>Nita Smith because she reminds me of your story, the

0:15:32.520 --> 0:15:36.160
<v Speaker 1>same story. Divorced five years at age five, want to

0:15:36.160 --> 0:15:37.280
<v Speaker 1>go do her own things. We want to go live

0:15:37.320 --> 0:15:39.800
<v Speaker 1>with my auntie, not really my auntie, girl her girlfriend

0:15:40.200 --> 0:15:42.880
<v Speaker 1>to save to build her to buy her his home.

0:15:43.160 --> 0:15:48.640
<v Speaker 1>Now on your story, your mother interceded several times, including

0:15:48.640 --> 0:15:51.720
<v Speaker 1>getting you a page position. Is that right? Yeah? I

0:15:51.720 --> 0:15:56.960
<v Speaker 1>mean she's a bold, audacious, strong willed woman. It sounds like,

0:15:57.080 --> 0:15:57.520
<v Speaker 1>is that right?

0:15:58.160 --> 0:15:58.360
<v Speaker 4>Yes?

0:15:58.440 --> 0:15:58.800
<v Speaker 1>She was.

0:15:58.880 --> 0:16:01.760
<v Speaker 3>Or she was very big on exposing me to what

0:16:01.840 --> 0:16:06.960
<v Speaker 3>the world had to offer, and so she really worked

0:16:07.120 --> 0:16:10.760
<v Speaker 3>very hard to let me know what was out there.

0:16:12.000 --> 0:16:15.520
<v Speaker 3>And so every chance she could get to introduce me

0:16:15.680 --> 0:16:19.520
<v Speaker 3>to someone else. And she was working in DC. She

0:16:19.680 --> 0:16:23.000
<v Speaker 3>met a real estate developer who was pretty successful and

0:16:23.080 --> 0:16:25.480
<v Speaker 3>asked if he would meet with me for lunch one day,

0:16:26.040 --> 0:16:28.040
<v Speaker 3>and he did, and I got a chance to meet

0:16:28.120 --> 0:16:31.640
<v Speaker 3>was a very successful developer over lunch when I was

0:16:31.720 --> 0:16:32.960
<v Speaker 3>maybe sixteen.

0:16:33.720 --> 0:16:37.520
<v Speaker 1>Wow, how did your mother know? First of all, she's

0:16:37.560 --> 0:16:38.240
<v Speaker 1>still with us.

0:16:38.640 --> 0:16:41.080
<v Speaker 4>No, she passed away about twelve years ago.

0:16:41.440 --> 0:16:44.240
<v Speaker 1>Okay, my mother passed away a year. They've both been promoted.

0:16:44.240 --> 0:16:50.280
<v Speaker 1>Hopefully they're cooking gumbo together in heaven. But she certainly

0:16:50.400 --> 0:16:53.280
<v Speaker 1>left a great legacy with you. So how did she

0:16:53.440 --> 0:16:59.400
<v Speaker 1>know don to that relationship? Capital and exposure was so important.

0:16:59.440 --> 0:17:01.880
<v Speaker 1>Was there something on in her life and the way

0:17:01.920 --> 0:17:04.160
<v Speaker 1>she grew up and made his obvious.

0:17:04.480 --> 0:17:07.159
<v Speaker 3>Yeah, it's an interesting story actually, because she learned it

0:17:07.160 --> 0:17:12.680
<v Speaker 3>from her father. My grandfather, and he was from North Carolina,

0:17:13.240 --> 0:17:15.399
<v Speaker 3>moved he and his brothers moved up to d C.

0:17:16.400 --> 0:17:20.240
<v Speaker 3>First New York and then d C for better opportunities.

0:17:20.680 --> 0:17:23.199
<v Speaker 3>He got a job as a dorman at the Warboro

0:17:23.280 --> 0:17:25.919
<v Speaker 3>Park Hotel and he worked.

0:17:25.640 --> 0:17:27.600
<v Speaker 4>As a dorman for forty one years.

0:17:28.600 --> 0:17:31.800
<v Speaker 3>But he d C was, you know, the government town,

0:17:31.880 --> 0:17:36.439
<v Speaker 3>so he got to know many of the members of

0:17:36.520 --> 0:17:41.840
<v Speaker 3>Congress and political people and so and then he would

0:17:41.880 --> 0:17:45.600
<v Speaker 3>take My grandparents had five daughters. My mother was a

0:17:45.640 --> 0:17:49.520
<v Speaker 3>middle one and my grandmother died with my mother was

0:17:49.560 --> 0:17:51.800
<v Speaker 3>a teenager. My so my grandfather really took care of

0:17:51.840 --> 0:17:54.960
<v Speaker 3>his daughters. Worked around o'clock, but he would bring them

0:17:55.000 --> 0:18:01.000
<v Speaker 3>to the hotel on Sundays for you know, a you know,

0:18:01.240 --> 0:18:05.080
<v Speaker 3>like a brunch, so they could dress up in a

0:18:05.119 --> 0:18:08.040
<v Speaker 3>little dress addresses and then go and sit down and

0:18:08.200 --> 0:18:11.680
<v Speaker 3>the segregated area of the hotel, but sit down and

0:18:11.040 --> 0:18:14.640
<v Speaker 3>and see something different. But so he was all about

0:18:14.680 --> 0:18:19.040
<v Speaker 3>exposing them. But also when you know, one of the

0:18:19.760 --> 0:18:23.560
<v Speaker 3>my father, for example, when he needed a job, you know,

0:18:23.600 --> 0:18:24.480
<v Speaker 3>he was my.

0:18:24.520 --> 0:18:26.399
<v Speaker 4>Parents got married.

0:18:26.720 --> 0:18:29.560
<v Speaker 3>He was an he was a car mechanic, and so

0:18:29.680 --> 0:18:33.000
<v Speaker 3>to make more money he needed a job. My grandfather

0:18:34.119 --> 0:18:37.080
<v Speaker 3>asked the congressman to do him a favor and help

0:18:37.160 --> 0:18:39.200
<v Speaker 3>him get a job, which he did, got a job

0:18:39.240 --> 0:18:43.520
<v Speaker 3>in the federal government. My my another one of his

0:18:44.040 --> 0:18:47.480
<v Speaker 3>daughter's husbands was going to law school. Needed a job

0:18:48.440 --> 0:18:51.760
<v Speaker 3>that could work you know at night and make money.

0:18:52.280 --> 0:18:55.760
<v Speaker 3>Got him a government job as an elevator operator. And

0:18:55.760 --> 0:19:02.159
<v Speaker 3>and so so he used his relationships to help his family. Yes,

0:19:02.600 --> 0:19:04.840
<v Speaker 3>and that was as a dormant to be able to

0:19:04.880 --> 0:19:06.840
<v Speaker 3>do that. So it was all about exposure. So my

0:19:06.880 --> 0:19:11.680
<v Speaker 3>mother taught me because what she did is she generally

0:19:12.000 --> 0:19:15.879
<v Speaker 3>you know, she was a relationship builder. So it was

0:19:15.920 --> 0:19:19.640
<v Speaker 3>never kind of about something for her. It was how

0:19:19.680 --> 0:19:24.080
<v Speaker 3>could she offer some value or help somebody else and

0:19:24.119 --> 0:19:27.240
<v Speaker 3>then build up a relationship and one day if she

0:19:27.359 --> 0:19:31.280
<v Speaker 3>needed help with me or something, she could yes. And

0:19:32.440 --> 0:19:38.560
<v Speaker 3>so I learned the value of relationships myself, and that,

0:19:38.920 --> 0:19:41.919
<v Speaker 3>you know, like I learned her. It was more valuable

0:19:41.920 --> 0:19:45.240
<v Speaker 3>for me to build learn politics and build a relationship

0:19:45.440 --> 0:19:48.359
<v Speaker 3>with Barry than it was to earn some money. So

0:19:48.440 --> 0:19:52.320
<v Speaker 3>I was doing it on a volunteer basis. So but

0:19:52.400 --> 0:19:55.160
<v Speaker 3>I benefit, I wouldn't be here today, but it wasn't

0:19:55.200 --> 0:19:55.600
<v Speaker 3>for Barry.

0:19:56.640 --> 0:20:00.960
<v Speaker 4>Be no chance. Really, yeah, I think, and.

0:20:00.920 --> 0:20:05.360
<v Speaker 3>I think I'm a capable person, But I mean, so Barry.

0:20:05.440 --> 0:20:10.800
<v Speaker 3>I go back to d C. Barry is mayor and

0:20:11.040 --> 0:20:16.159
<v Speaker 3>everybody and so he's he's mayor and he is in

0:20:16.200 --> 0:20:20.520
<v Speaker 3>his first term, and I'm working as a real estate agent.

0:20:20.600 --> 0:20:22.159
<v Speaker 3>And then I ended up going to work for my

0:20:22.240 --> 0:20:25.440
<v Speaker 3>mother as an appraiser because she had a conselling business,

0:20:25.880 --> 0:20:29.840
<v Speaker 3>and uh, and then I worked as a subcontractor for

0:20:29.880 --> 0:20:33.040
<v Speaker 3>another company. My aspirations were to have my own appraisal business.

0:20:33.320 --> 0:20:36.720
<v Speaker 3>Barry's running for reelection. I'm twenty two years old and

0:20:36.760 --> 0:20:38.800
<v Speaker 3>I understood politics, So I said, okay, I'm going to

0:20:38.840 --> 0:20:42.440
<v Speaker 3>help him. I lived in War three, which was a

0:20:42.640 --> 0:20:45.520
<v Speaker 3>had a big white population, and he had struggled over

0:20:45.520 --> 0:20:48.359
<v Speaker 3>at War three. So I did a Meet the Mayor

0:20:48.400 --> 0:20:50.840
<v Speaker 3>event with several of the community leaders and so we

0:20:50.920 --> 0:20:53.440
<v Speaker 3>had this large gathering of residents and then I also

0:20:53.480 --> 0:20:56.040
<v Speaker 3>did a fundraiser for him. He was running against Patricia

0:20:56.119 --> 0:20:59.439
<v Speaker 3>Roberts Harris, who had served in President Carter's administration as

0:20:59.480 --> 0:21:02.160
<v Speaker 3>Secretary put in hg W. So everybody thought Barry would

0:21:02.200 --> 0:21:06.120
<v Speaker 3>lose and and I thought he would win. And so

0:21:06.600 --> 0:21:09.760
<v Speaker 3>I did a fundraiser for him to get two days

0:21:09.760 --> 0:21:12.680
<v Speaker 3>after the primary. I scheduled it for because he could

0:21:12.720 --> 0:21:14.920
<v Speaker 3>You could you could deficit spend in DC. You could

0:21:14.960 --> 0:21:19.800
<v Speaker 3>run up a campaign debt and so and so I

0:21:19.840 --> 0:21:22.320
<v Speaker 3>have sent out an invitation to everybody who had given

0:21:22.359 --> 0:21:26.000
<v Speaker 3>Harris more than one thousand dollars and then other supporters,

0:21:26.000 --> 0:21:27.040
<v Speaker 3>and I got a little host.

0:21:26.880 --> 0:21:30.160
<v Speaker 4>Committee together more you know, mature, more experienced.

0:21:29.760 --> 0:21:33.000
<v Speaker 3>People than me, and uh and and we did this

0:21:33.080 --> 0:21:36.119
<v Speaker 3>event at the Capitol Hilton and d C on sixteenth

0:21:36.160 --> 0:21:40.320
<v Speaker 3>and K and you know, we were kind of struggling

0:21:40.320 --> 0:21:42.159
<v Speaker 3>a little bit to you know, but you know, and

0:21:42.200 --> 0:21:43.920
<v Speaker 3>at one point they were the campaign was going to

0:21:44.000 --> 0:21:45.960
<v Speaker 3>cancel it, but I got them to stick it out.

0:21:46.440 --> 0:21:49.760
<v Speaker 3>So Barry wins. He beats her by four to one,

0:21:50.080 --> 0:21:50.600
<v Speaker 3>crushes her.

0:21:50.680 --> 0:21:50.880
<v Speaker 1>Wow.

0:21:51.359 --> 0:21:51.840
<v Speaker 4>Wow.

0:21:52.000 --> 0:21:56.760
<v Speaker 3>So two days later we have our event. It's so

0:21:57.000 --> 0:22:01.200
<v Speaker 3>big that they were bringing in extra table because all

0:22:01.280 --> 0:22:04.320
<v Speaker 3>the people who had given her Harris money were trying

0:22:04.359 --> 0:22:08.159
<v Speaker 3>to redeem themselves with him. Made raised a huge amount

0:22:08.160 --> 0:22:11.560
<v Speaker 3>of money and I got the chance to introduce him,

0:22:12.200 --> 0:22:15.280
<v Speaker 3>and that showed him that I was no longer the

0:22:15.320 --> 0:22:18.560
<v Speaker 3>little teenage guy that he had had, you know, working

0:22:18.600 --> 0:22:21.720
<v Speaker 3>as his advanced person as a volunteer, but I was

0:22:21.760 --> 0:22:25.760
<v Speaker 3>now somebody that could be helpful to him. Within a

0:22:25.840 --> 0:22:30.199
<v Speaker 3>matter of months, one of the camp, one of the

0:22:30.240 --> 0:22:33.200
<v Speaker 3>campaign team members called me. And what happened is many

0:22:33.200 --> 0:22:35.440
<v Speaker 3>of the people in the campaign transitioned to work in

0:22:35.480 --> 0:22:37.359
<v Speaker 3>the government. So one of them called me and offered

0:22:37.400 --> 0:22:40.920
<v Speaker 3>me a position on as president of the Real Estate Commission.

0:22:42.080 --> 0:22:46.360
<v Speaker 3>And ultimately I spoke to a person at the head

0:22:46.359 --> 0:22:50.320
<v Speaker 3>of boards and commissions and she said that that wasn't

0:22:50.320 --> 0:22:53.120
<v Speaker 3>the right position. I wasn't qualified for that position because

0:22:53.160 --> 0:22:54.560
<v Speaker 3>you had to be a broker, and I was only

0:22:54.600 --> 0:22:57.800
<v Speaker 3>a sales agent, but a proper assessment of pillboard would

0:22:57.800 --> 0:23:00.600
<v Speaker 3>be good for me. But they had just filled all

0:23:00.600 --> 0:23:03.680
<v Speaker 3>the slots and the appointees are on the Mayor's desk,

0:23:04.320 --> 0:23:06.840
<v Speaker 3>and my mother had served on that board, so I

0:23:06.920 --> 0:23:10.120
<v Speaker 3>knew that board. So I called the deputy mayor, who

0:23:10.200 --> 0:23:13.520
<v Speaker 3>happened to have been the mayor's campaign manager from the

0:23:13.600 --> 0:23:15.640
<v Speaker 3>time he ran for city council.

0:23:15.800 --> 0:23:17.440
<v Speaker 4>And I was right.

0:23:17.560 --> 0:23:20.280
<v Speaker 3>So I knew since I was fourteen years old. And

0:23:20.320 --> 0:23:22.000
<v Speaker 3>I went and met with him and asked to meet

0:23:22.080 --> 0:23:25.680
<v Speaker 3>with him, and I made my case and he said, okay,

0:23:25.720 --> 0:23:27.800
<v Speaker 3>let me look into it. A couple of days later,

0:23:27.880 --> 0:23:29.560
<v Speaker 3>the woman called me back and said, oh my god,

0:23:29.640 --> 0:23:31.199
<v Speaker 3>I just want to I've got good news for you.

0:23:31.240 --> 0:23:33.359
<v Speaker 3>I went into the Mayor's office and I told Mary,

0:23:33.680 --> 0:23:35.960
<v Speaker 3>you were such an impressive young man that we had

0:23:36.000 --> 0:23:39.080
<v Speaker 3>to appoint you. And he has nominated you for the

0:23:39.200 --> 0:23:44.160
<v Speaker 3>Property Assessment Appeal Board. And I thanked her. I knew

0:23:44.200 --> 0:23:45.840
<v Speaker 3>she didn't do it, but I thanked her for it

0:23:45.960 --> 0:23:48.600
<v Speaker 3>and thanked her for her support and so forth, and

0:23:49.800 --> 0:23:52.520
<v Speaker 3>so I served on the board the following year. The

0:23:52.600 --> 0:23:57.320
<v Speaker 3>chairman's position was a chairman with a term had expired,

0:23:57.760 --> 0:24:00.879
<v Speaker 3>and I asked Barry not to a reappoint him, and

0:24:00.920 --> 0:24:05.160
<v Speaker 3>I asked Barry to pick somebody else, and I made

0:24:05.160 --> 0:24:07.359
<v Speaker 3>a deal with one of the older members on the

0:24:07.400 --> 0:24:10.520
<v Speaker 3>board to pick him, but he didn't want to. He

0:24:10.560 --> 0:24:12.440
<v Speaker 3>said he didn't want to do it. So I told

0:24:12.480 --> 0:24:16.360
<v Speaker 3>the mayor my first choice was this guy, but if

0:24:16.480 --> 0:24:18.160
<v Speaker 3>he's not going to do it, I'd like to do it.

0:24:18.960 --> 0:24:19.560
<v Speaker 1>How were you?

0:24:20.119 --> 0:24:23.399
<v Speaker 3>I was twenty three. I love it, And and his

0:24:23.560 --> 0:24:27.159
<v Speaker 3>deputy mayor gave me instructions on how to make it

0:24:27.200 --> 0:24:29.280
<v Speaker 3>easier for the mayor to get some of the people

0:24:29.320 --> 0:24:31.920
<v Speaker 3>that I had met during the fundraising and so forth

0:24:32.040 --> 0:24:34.880
<v Speaker 3>who the mayor respected, to call the mayor and say

0:24:34.880 --> 0:24:36.760
<v Speaker 3>they thought I'd do a good job, which I did.

0:24:37.280 --> 0:24:41.400
<v Speaker 3>And so Barry told me that, well, you know that

0:24:42.480 --> 0:24:44.959
<v Speaker 3>you're the guy was supporting. His name is Ted Wade.

0:24:45.480 --> 0:24:47.880
<v Speaker 3>He said, you know that he is. That he's been

0:24:47.880 --> 0:24:50.320
<v Speaker 3>trying to get to meet with me, and he's been

0:24:50.400 --> 0:24:53.520
<v Speaker 3>asking and he's been telling people to call me because

0:24:53.520 --> 0:24:56.439
<v Speaker 3>he wants to be chairman, right, I said, But he

0:24:56.480 --> 0:24:59.240
<v Speaker 3>told me he didn't want it. He says, well, he

0:24:59.280 --> 0:25:02.000
<v Speaker 3>can't be trusted, so he said, so let me think

0:25:02.000 --> 0:25:04.879
<v Speaker 3>about it, don and and I'll get back to you.

0:25:04.880 --> 0:25:06.600
<v Speaker 4>And I met with him in his big office and

0:25:06.640 --> 0:25:07.160
<v Speaker 4>so forth.

0:25:07.200 --> 0:25:09.800
<v Speaker 3>And because I've been on the hill, I was accustomed

0:25:09.800 --> 0:25:11.359
<v Speaker 3>to the big office and so still I was a

0:25:11.359 --> 0:25:14.119
<v Speaker 3>little nervous, but I wasn't as intimidated because I'd been

0:25:14.119 --> 0:25:16.800
<v Speaker 3>exposed to it. But I was very you know, you know,

0:25:17.000 --> 0:25:21.399
<v Speaker 3>humble and respectful. But because of the deputy mayor, he

0:25:22.080 --> 0:25:24.120
<v Speaker 3>taught me. He said, look, you have to make You're

0:25:24.160 --> 0:25:26.639
<v Speaker 3>twenty three years old. You have to make this. This

0:25:26.720 --> 0:25:28.800
<v Speaker 3>is the most powerful board in the city.

0:25:29.520 --> 0:25:29.800
<v Speaker 1>Wow.

0:25:30.320 --> 0:25:34.560
<v Speaker 3>To make this easier for the mayor. Because him appointing

0:25:34.600 --> 0:25:38.000
<v Speaker 3>a twenty three year old young black man, that's not

0:25:38.160 --> 0:25:41.760
<v Speaker 3>easy to oversee all these real estate property owners.

0:25:43.040 --> 0:25:45.520
<v Speaker 4>So you got to make it easier. And he showed

0:25:45.520 --> 0:25:45.840
<v Speaker 4>me how.

0:25:46.080 --> 0:25:49.120
<v Speaker 3>And because of that, Barry calls me up and says, hey,

0:25:49.920 --> 0:25:54.680
<v Speaker 3>I'm going to you know, announce your appointment tomorrow. Wow,

0:25:54.880 --> 0:25:56.400
<v Speaker 3>I'm going to get to come down the city Hall

0:25:56.600 --> 0:25:59.680
<v Speaker 3>and and you know, and he asked his assistant what

0:25:59.760 --> 0:26:02.200
<v Speaker 3>time was it, and so any sence, you'll give you

0:26:02.240 --> 0:26:05.760
<v Speaker 3>all the details and I'll see them. And so it

0:26:05.880 --> 0:26:10.040
<v Speaker 3>came in and he announced my appointment and then swarm in.

0:26:20.880 --> 0:26:22.800
<v Speaker 1>A couple of things that jump out. By the way,

0:26:22.800 --> 0:26:28.679
<v Speaker 1>I've got my own Mary Barry stories. Our backgrounds parallel

0:26:29.119 --> 0:26:31.359
<v Speaker 1>so much. And Marion Barry helped Operation Hope when we

0:26:31.440 --> 0:26:34.440
<v Speaker 1>went into Anacostia. He was a leader of one of

0:26:34.480 --> 0:26:39.040
<v Speaker 1>the wards there and I put a Hope inside my

0:26:39.119 --> 0:26:43.159
<v Speaker 1>first Hope center. We have fifteen hundred now. My first

0:26:43.200 --> 0:26:45.719
<v Speaker 1>on the ground Hope center which was eat with E Trade.

0:26:45.800 --> 0:26:48.600
<v Speaker 1>We built on good Hope Road. I believe it was

0:26:48.640 --> 0:26:50.160
<v Speaker 1>called her It was a Hope Road.

0:26:51.240 --> 0:26:54.600
<v Speaker 3>My first building that I built was on Martin Luther

0:26:54.760 --> 0:26:57.640
<v Speaker 3>King Avenue just south of good Hope Road.

0:26:58.160 --> 0:27:04.040
<v Speaker 1>Wow, coincidences. God's way remaining anonymous, But to stay focused

0:27:04.040 --> 0:27:07.399
<v Speaker 1>on this incredible story of yours. Your mother taught you

0:27:07.440 --> 0:27:11.359
<v Speaker 1>something else, and it's something that Ambassador Young has said

0:27:12.080 --> 0:27:14.040
<v Speaker 1>that I'm going to repeat. Men and women fail for

0:27:14.119 --> 0:27:19.200
<v Speaker 1>three reasons arrogance, pride, and greed. And of a quote

0:27:19.200 --> 0:27:21.520
<v Speaker 1>that I use that I did not create, but I

0:27:21.640 --> 0:27:24.119
<v Speaker 1>use in bast Young loves is quote from that I

0:27:24.200 --> 0:27:27.560
<v Speaker 1>use all the time, which is to talk without being offensive,

0:27:27.680 --> 0:27:31.399
<v Speaker 1>listen without being defensive, and always leave even your adversary

0:27:31.400 --> 0:27:34.600
<v Speaker 1>with their dignity, humility stepping over mess night and it

0:27:34.680 --> 0:27:40.800
<v Speaker 1>humility is really an underrated quality. And you said about

0:27:40.840 --> 0:27:45.280
<v Speaker 1>five minutes ago, basically I'm paraphrasing, being smart wasn't enough.

0:27:45.800 --> 0:27:47.680
<v Speaker 1>You said, I know I was smart, I knew I

0:27:47.720 --> 0:27:49.800
<v Speaker 1>was sharp. But I'm not going to get this position

0:27:50.560 --> 0:27:53.680
<v Speaker 1>just because I'm smart, just because I'm worthy. I need

0:27:53.720 --> 0:27:56.680
<v Speaker 1>to have relationship capital. I need to understand. I need

0:27:56.720 --> 0:27:58.760
<v Speaker 1>to read the tea leaves, I need to read the room.

0:27:59.200 --> 0:28:00.959
<v Speaker 1>I need to make sure I've got the right people

0:28:01.200 --> 0:28:04.880
<v Speaker 1>pitching for me, vouching for me. I need to make

0:28:05.359 --> 0:28:09.320
<v Speaker 1>the job for the mayor easier to tell me, to

0:28:09.400 --> 0:28:13.240
<v Speaker 1>empower me. Am I saying that right, You're saying exactly right.

0:28:14.160 --> 0:28:20.480
<v Speaker 1>And uh, there's some lessons here for the audience on success.

0:28:20.800 --> 0:28:23.600
<v Speaker 1>And we're not just storytelling here. We're giving you a

0:28:23.680 --> 0:28:26.680
<v Speaker 1>narrative and an inside channel. And again, keep in mind

0:28:26.720 --> 0:28:30.960
<v Speaker 1>that Don and I are two of the largest people

0:28:31.200 --> 0:28:33.199
<v Speaker 1>who happen to be of after American descent in the

0:28:33.240 --> 0:28:37.199
<v Speaker 1>country who are running big books of real estate and

0:28:37.320 --> 0:28:40.840
<v Speaker 1>businesses with hundreds of employees. I don't know any employees

0:28:40.880 --> 0:28:43.920
<v Speaker 1>you have done I've got four hundred. But you know

0:28:43.960 --> 0:28:46.640
<v Speaker 1>we're you know, this didn't happen by accident. And a

0:28:46.640 --> 0:28:50.920
<v Speaker 1>lot of his story so a lot of successes. It's

0:28:50.960 --> 0:28:55.240
<v Speaker 1>just good habits. It's good habits and discipline and execution.

0:28:56.120 --> 0:29:00.320
<v Speaker 1>But good habits is a big part of this. Don

0:29:00.400 --> 0:29:03.920
<v Speaker 1>had good habits from an early age. And for anybody

0:29:03.920 --> 0:29:05.959
<v Speaker 1>who's having a child or thinking about it, first of all,

0:29:05.960 --> 0:29:07.880
<v Speaker 1>you should delay it as long as you can because

0:29:07.920 --> 0:29:09.600
<v Speaker 1>you want to make sure you have a maturity to

0:29:09.640 --> 0:29:11.480
<v Speaker 1>give to that child. But you can't be a baby

0:29:11.480 --> 0:29:13.800
<v Speaker 1>mama or a baby daddy. You had to be a

0:29:13.840 --> 0:29:16.920
<v Speaker 1>mother and a father. If Don had a baby mama,

0:29:17.280 --> 0:29:21.080
<v Speaker 1>he'd been screwed. If you had a baby mama. In

0:29:21.080 --> 0:29:22.760
<v Speaker 1>other words, I got you, but I had you. But

0:29:22.800 --> 0:29:27.040
<v Speaker 1>I've got no whatever the streets chase you run you.

0:29:27.040 --> 0:29:29.000
<v Speaker 1>You know, I'm sort of concerned about you, but I'm

0:29:29.000 --> 0:29:31.680
<v Speaker 1>not responsible for you. No, no, No, he had a mother.

0:29:31.880 --> 0:29:35.400
<v Speaker 1>I had a mother. He talked about his grandfather. You know,

0:29:35.640 --> 0:29:37.640
<v Speaker 1>I know my grandfather R. B. Smith. I know my

0:29:37.680 --> 0:29:40.720
<v Speaker 1>second great grandfather, George Young, fought in the Civil War

0:29:41.560 --> 0:29:46.680
<v Speaker 1>protected Memphis. Know your story, Know your story, and if

0:29:46.720 --> 0:29:49.200
<v Speaker 1>you're gonna have a child, be a mother and or

0:29:49.200 --> 0:29:53.240
<v Speaker 1>a father be parents, because that's often who your children

0:29:53.920 --> 0:29:57.440
<v Speaker 1>are most influenced by. And so if it wasn't for

0:29:57.480 --> 0:30:01.880
<v Speaker 1>your mother being your advocate, and I think your grandfather

0:30:02.000 --> 0:30:07.720
<v Speaker 1>you said, well opening those doors in d C. Before her,

0:30:08.560 --> 0:30:10.520
<v Speaker 1>you wouldn't be who you are today.

0:30:10.760 --> 0:30:13.440
<v Speaker 3>No, And look also my father, I mean my father

0:30:13.560 --> 0:30:19.240
<v Speaker 3>and I had a good relationship overall, and I got

0:30:19.240 --> 0:30:21.480
<v Speaker 3>my work ethic from him. Not only did he work

0:30:21.520 --> 0:30:24.560
<v Speaker 3>his full time job at the government, he also kept

0:30:24.600 --> 0:30:26.720
<v Speaker 3>a part time job as a carma catechut to set

0:30:26.760 --> 0:30:28.800
<v Speaker 3>up his own little business in the garage.

0:30:28.400 --> 0:30:28.960
<v Speaker 1>Of our house.

0:30:29.560 --> 0:30:32.600
<v Speaker 3>And so he always was willing to work for what

0:30:32.680 --> 0:30:36.240
<v Speaker 3>he wanted, and he worked to provide and he had

0:30:36.280 --> 0:30:38.440
<v Speaker 3>this great work ethic. And one of the things I

0:30:38.520 --> 0:30:41.360
<v Speaker 3>think about pride, and I look at it, I think

0:30:41.400 --> 0:30:44.120
<v Speaker 3>in some regards like my father, and I think my

0:30:44.200 --> 0:30:47.040
<v Speaker 3>grandfather did the same thing. My father was more so,

0:30:47.360 --> 0:30:50.680
<v Speaker 3>but he grew up very hard in segregated rural Virginia,

0:30:51.720 --> 0:30:54.040
<v Speaker 3>and so he didn't want to ask anybody for anything.

0:30:55.000 --> 0:30:57.080
<v Speaker 3>His whole thing is, I'll do it myself, and if

0:30:57.080 --> 0:30:59.880
<v Speaker 3>I can't provide it for me myself, then I'm not

0:31:00.280 --> 0:31:02.960
<v Speaker 3>I don't need it, but I learned a lot from him,

0:31:03.080 --> 0:31:06.520
<v Speaker 3>and also my mother's four sisters, they you know, all

0:31:06.960 --> 0:31:09.760
<v Speaker 3>got married, three of their husbands and the one that

0:31:09.880 --> 0:31:12.320
<v Speaker 3>was a doctor, the other one a lawyer, the other

0:31:12.360 --> 0:31:14.600
<v Speaker 3>one a school teacher. I learned from each one of them,

0:31:15.040 --> 0:31:18.000
<v Speaker 3>and they were models for me and role models for me.

0:31:18.400 --> 0:31:20.360
<v Speaker 3>And I happened to have grown up in an environment,

0:31:20.360 --> 0:31:25.200
<v Speaker 3>in a family where money was was not something that

0:31:25.640 --> 0:31:30.719
<v Speaker 3>was elevated or it was you know, worshiped. It was

0:31:30.760 --> 0:31:34.120
<v Speaker 3>more about, hey, you needed to take care of yourself

0:31:34.160 --> 0:31:37.880
<v Speaker 3>and be supportive of your family. But that there, you know,

0:31:37.960 --> 0:31:43.320
<v Speaker 3>your your existence and your you know, your contributions to

0:31:43.360 --> 0:31:46.760
<v Speaker 3>our society are very different and and and they don't.

0:31:47.440 --> 0:31:49.560
<v Speaker 3>It's not about money. And so I think that that

0:31:49.560 --> 0:31:52.600
<v Speaker 3>probably helped me quite a bit in terms of being

0:31:52.640 --> 0:31:55.440
<v Speaker 3>able to be grounded and so on. And one of

0:31:55.480 --> 0:31:57.640
<v Speaker 3>the interesting lessons I learned, one of the best lessons

0:31:57.680 --> 0:32:01.640
<v Speaker 3>I learned from Barry is in and that election for

0:32:01.680 --> 0:32:04.600
<v Speaker 3>his first campaign for mayor. And I didn't I didn't

0:32:04.640 --> 0:32:07.640
<v Speaker 3>witness this, but I told his story probably one hundred times.

0:32:08.160 --> 0:32:11.520
<v Speaker 3>So the most prominent black business person in the city

0:32:11.520 --> 0:32:14.840
<v Speaker 3>of Washington was supporting Stirling Tucker, and he was not

0:32:14.960 --> 0:32:19.640
<v Speaker 3>just supporting him. He was really speaking very nasty and

0:32:19.760 --> 0:32:24.960
<v Speaker 3>negative about Barry, saying, you know, he wasn't articulate because

0:32:24.960 --> 0:32:27.120
<v Speaker 3>he was, you know, grew up in the segregated South,

0:32:27.160 --> 0:32:30.560
<v Speaker 3>even though Barry had a degree in chemistry and was

0:32:31.400 --> 0:32:35.000
<v Speaker 3>getting a masters in chemistry before he left to fight

0:32:35.040 --> 0:32:38.920
<v Speaker 3>in a civil rights movement. But he dogged him, I

0:32:38.960 --> 0:32:43.880
<v Speaker 3>mean totally. And but the bank's biggest customer was the

0:32:43.920 --> 0:32:48.440
<v Speaker 3>city of Washington, d C. So when Barry won, this

0:32:48.520 --> 0:32:55.959
<v Speaker 3>guy was depressed. And so he, you know, got up

0:32:55.960 --> 0:32:59.200
<v Speaker 3>the next day, went to work, got in a little late,

0:32:59.680 --> 0:33:02.720
<v Speaker 3>and he walks in the reception area of his offices

0:33:02.760 --> 0:33:05.760
<v Speaker 3>at the bank, and Marion Barry is sitting in the

0:33:05.800 --> 0:33:11.880
<v Speaker 3>reception area really and he you know, stood up, shook

0:33:11.880 --> 0:33:15.120
<v Speaker 3>his hand and said, now can I have your support?

0:33:15.680 --> 0:33:18.120
<v Speaker 1>Wow, Marion Barry did that.

0:33:18.400 --> 0:33:19.600
<v Speaker 4>Marion Barry did that.

0:33:20.320 --> 0:33:30.440
<v Speaker 1>Unbelievable. That's that's saying something I've heard. That's that's wicked smart.

0:33:30.640 --> 0:33:34.160
<v Speaker 3>And that was Bill Fitzgerald, the banker who owned Independence

0:33:34.200 --> 0:33:36.600
<v Speaker 3>Federal Savings and Bank and Savings and Loan, which was

0:33:36.640 --> 0:33:39.400
<v Speaker 3>the largest black owned bank in the country at the time.

0:33:40.120 --> 0:33:46.680
<v Speaker 3>And throughout Barry's campaigns, and his you know, his scandal.

0:33:48.440 --> 0:33:52.880
<v Speaker 3>It was Bill Fitzgerald who was rock solid for Barry,

0:33:53.240 --> 0:33:57.360
<v Speaker 3>unyielding supportive of him from you know that point on,

0:33:58.000 --> 0:34:03.360
<v Speaker 3>and and it was that what Barry did is he

0:34:03.440 --> 0:34:05.800
<v Speaker 3>gave this man who was certain that he was going

0:34:05.880 --> 0:34:08.879
<v Speaker 3>to lose his custom the biggest client, and the mayor

0:34:08.920 --> 0:34:10.960
<v Speaker 3>of the city was going to put him on his

0:34:11.600 --> 0:34:13.319
<v Speaker 3>shit list and that would have been it, and he

0:34:13.320 --> 0:34:16.960
<v Speaker 3>wouldn't be able to do business. And instead Barry helped him.

0:34:17.120 --> 0:34:19.520
<v Speaker 3>And I learned that from Barry. And ultimately we used

0:34:19.520 --> 0:34:22.600
<v Speaker 3>to play poker as a group, and Barry included me

0:34:22.640 --> 0:34:26.320
<v Speaker 3>in their poker games. And so I became very friendly

0:34:26.360 --> 0:34:29.440
<v Speaker 3>with a bunch of different black business people because we

0:34:29.560 --> 0:34:33.279
<v Speaker 3>played poker, you know, once a week and so and

0:34:33.360 --> 0:34:36.759
<v Speaker 3>I did that probably from twenty five to you know

0:34:37.480 --> 0:34:40.960
<v Speaker 3>thirty something until I moved down to Miami. So but

0:34:41.000 --> 0:34:45.760
<v Speaker 3>I learned that lesson, you cannot be a sore winner.

0:34:46.239 --> 0:34:48.520
<v Speaker 3>It's bad to be a sore loser, but it's worse

0:34:48.920 --> 0:34:50.000
<v Speaker 3>to be a sore winner.

0:34:50.520 --> 0:34:54.160
<v Speaker 1>That's right, step over mess, not in it. And realized

0:34:54.239 --> 0:34:56.200
<v Speaker 1>that you may be careful to toe you step on.

0:34:56.400 --> 0:34:58.000
<v Speaker 1>It may be connected to the rear end you got

0:34:58.000 --> 0:35:02.359
<v Speaker 1>to kiss later. We're all in this thing together, We're

0:35:02.360 --> 0:35:06.359
<v Speaker 1>all interconnected. And that is one of the messages that

0:35:06.480 --> 0:35:10.160
<v Speaker 1>Don and I were both trying to articulate before we

0:35:10.200 --> 0:35:13.720
<v Speaker 1>got on camera about how we all of us, everybody

0:35:14.320 --> 0:35:18.960
<v Speaker 1>needs to be gracious, uh and find a higher frequency

0:35:19.200 --> 0:35:23.319
<v Speaker 1>in the coming weeks and months, because there are four

0:35:23.360 --> 0:35:29.280
<v Speaker 1>countries that want to take us out China, Russia, Iran,

0:35:30.040 --> 0:35:33.560
<v Speaker 1>and North Korea. We're not each other's enemy. That's if

0:35:33.560 --> 0:35:35.320
<v Speaker 1>you want to have an enemy. I mean, honestly, anybody

0:35:35.360 --> 0:35:36.840
<v Speaker 1>is my enemy. If you want to say an enemy,

0:35:36.880 --> 0:35:39.600
<v Speaker 1>that's your enemy. They hope that we hate each other,

0:35:39.640 --> 0:35:41.640
<v Speaker 1>they hope that we that we kick it, they pick

0:35:41.719 --> 0:35:46.080
<v Speaker 1>each other continue to and so I'm really hoping that

0:35:46.160 --> 0:35:49.799
<v Speaker 1>we can find a higher frequency. And now we've had

0:35:49.960 --> 0:35:53.719
<v Speaker 1>we've had a uh, you know, potentially the election of

0:35:53.920 --> 0:35:57.200
<v Speaker 1>the of a lifetime here. And but as I said

0:35:57.320 --> 0:36:00.239
<v Speaker 1>to Charlottage and some others this morning on we were

0:36:00.239 --> 0:36:05.000
<v Speaker 1>trading text messages, where else in the world, Well, first

0:36:05.000 --> 0:36:06.320
<v Speaker 1>of all, said, where else in the world could you

0:36:06.360 --> 0:36:09.279
<v Speaker 1>and I our stories have come of age up from

0:36:09.400 --> 0:36:12.879
<v Speaker 1>literally slavery, where we control our own destiny. But where

0:36:12.920 --> 0:36:15.319
<v Speaker 1>else in the world could you have a superpower, yet

0:36:15.320 --> 0:36:19.120
<v Speaker 1>alone to sol superpower have an election of tens and

0:36:19.160 --> 0:36:25.240
<v Speaker 1>tens of millions of people. It's transparent, it's passionate, it's vibrant,

0:36:25.680 --> 0:36:33.120
<v Speaker 1>it's violent free, it's drama free, it's scandal free. It

0:36:33.160 --> 0:36:38.319
<v Speaker 1>appears it seems, it's unrigged, it's unboughketd It is what

0:36:38.360 --> 0:36:40.000
<v Speaker 1>it is. You can like it the outcome and not

0:36:40.120 --> 0:36:43.200
<v Speaker 1>like the outcome, but it is what it is. And

0:36:43.280 --> 0:36:45.560
<v Speaker 1>tomorrow today you get up and you go to work,

0:36:45.640 --> 0:36:48.160
<v Speaker 1>or you go to you have a conversation about it

0:36:48.239 --> 0:36:49.960
<v Speaker 1>and you figure out how you go. But you know,

0:36:50.040 --> 0:36:54.560
<v Speaker 1>you you express yourself. In Russia, you just disappear. China,

0:36:55.000 --> 0:37:00.000
<v Speaker 1>you just disappear. Right, So people, you know, people need

0:37:00.080 --> 0:37:03.520
<v Speaker 1>to understand that even in the Bible says you cannot

0:37:03.520 --> 0:37:07.680
<v Speaker 1>grow except through legitimate suffering. You cannot grow except through

0:37:07.719 --> 0:37:10.279
<v Speaker 1>legitimate suffering. Where would Andrew Young be if he hadn't

0:37:10.320 --> 0:37:13.320
<v Speaker 1>been fired from the U N A little known story,

0:37:13.360 --> 0:37:16.440
<v Speaker 1>but he was. You know, this vault is successful. You

0:37:16.440 --> 0:37:18.399
<v Speaker 1>know he was one of the most powerful black men

0:37:18.400 --> 0:37:21.719
<v Speaker 1>in America. Uh and uh and he was a you

0:37:21.960 --> 0:37:23.840
<v Speaker 1>he was the first black unimbassador in the history of

0:37:23.840 --> 0:37:28.080
<v Speaker 1>the country, and they fired him for talking to the Palestinians. Yes,

0:37:28.239 --> 0:37:30.960
<v Speaker 1>they fired him for talking to the Palestinians, something that

0:37:30.960 --> 0:37:33.799
<v Speaker 1>of course is just nothing but common sense. Now you

0:37:33.800 --> 0:37:36.839
<v Speaker 1>need to talk to everybody. And he had his hid

0:37:36.960 --> 0:37:38.919
<v Speaker 1>for a couple of days. Don his head was low

0:37:38.960 --> 0:37:41.759
<v Speaker 1>and he was wondering what the future hell. But he

0:37:41.760 --> 0:37:45.319
<v Speaker 1>he realized that God's is on the throne and guy

0:37:45.480 --> 0:37:48.040
<v Speaker 1>was not in any way through with him. But rainbows

0:37:48.040 --> 0:37:51.719
<v Speaker 1>follow storms, and he gets called to become mayor of Atlanta,

0:37:52.000 --> 0:37:55.360
<v Speaker 1>and uh, he wonders whether they should do that, And

0:37:55.440 --> 0:37:57.640
<v Speaker 1>this older lady says to him, you know, boy, we

0:37:57.960 --> 0:38:00.719
<v Speaker 1>wasted our time on you. We had you with doctor King.

0:38:00.840 --> 0:38:03.080
<v Speaker 1>We we supported you, we let you, we we we

0:38:03.280 --> 0:38:05.520
<v Speaker 1>were rooted for you and did this, you did that,

0:38:06.520 --> 0:38:09.960
<v Speaker 1>but then we need you. You just shrugged your shoulders.

0:38:10.040 --> 0:38:12.359
<v Speaker 1>We just wasted our time on you. And that turned

0:38:12.400 --> 0:38:14.879
<v Speaker 1>him around, that caused him to run for mayor. And

0:38:15.080 --> 0:38:18.880
<v Speaker 1>uh yeah, and and don last story even get back

0:38:18.880 --> 0:38:19.920
<v Speaker 1>to you, because I want to, ma, sure we spend

0:38:19.920 --> 0:38:22.040
<v Speaker 1>the last ten fifteen minutes on how you came from

0:38:22.040 --> 0:38:24.279
<v Speaker 1>where you are that to this billion dollar portfolio and

0:38:24.280 --> 0:38:26.960
<v Speaker 1>where it comes next, and how people can get the

0:38:27.120 --> 0:38:31.160
<v Speaker 1>art of how you did your uh your transactions and

0:38:31.200 --> 0:38:36.640
<v Speaker 1>grew your business. So in uh in in this is

0:38:36.680 --> 0:38:44.000
<v Speaker 1>a in this unique narrative of Ambassador Andrew Young. He

0:38:44.000 --> 0:38:53.000
<v Speaker 1>he becomes mayor and and grows this incredible portfolio of inclusion.

0:38:53.520 --> 0:38:56.319
<v Speaker 1>Gives his phone number to all the business people, say

0:38:56.360 --> 0:38:58.759
<v Speaker 1>anybody tries to bribe you, whatever, you call me if

0:38:58.760 --> 0:39:00.719
<v Speaker 1>you have any problems at all. Everybody had his home

0:39:00.760 --> 0:39:04.480
<v Speaker 1>phone number. And uh that he attracted seventy trillion, seventy

0:39:04.520 --> 0:39:08.319
<v Speaker 1>billion dollars of foreign investment to Atlanta on his on

0:39:08.400 --> 0:39:12.120
<v Speaker 1>his personal rapport UH and people and his and folks

0:39:12.200 --> 0:39:13.800
<v Speaker 1>and give him folks his phone number. Now, he couldn't

0:39:13.800 --> 0:39:17.760
<v Speaker 1>have done what he did without Maynard. Right, Maynard created

0:39:17.800 --> 0:39:20.600
<v Speaker 1>black wealth. But and Bashil Young really created the first

0:39:20.600 --> 0:39:25.759
<v Speaker 1>international UH city in the South. And but it was

0:39:25.800 --> 0:39:28.000
<v Speaker 1>a lot of his his he will say himself, it

0:39:28.080 --> 0:39:30.640
<v Speaker 1>wasn't it wasn't just a success as it was a

0:39:30.680 --> 0:39:34.320
<v Speaker 1>lot of his failures. He got a call from Quincy

0:39:34.400 --> 0:39:39.920
<v Speaker 1>Jones's dear friend, the black godfather, Clarence. He got who

0:39:39.920 --> 0:39:42.200
<v Speaker 1>I knew Clarence. So Clarence called him one day and

0:39:42.239 --> 0:39:45.759
<v Speaker 1>again I can't say it completely here. But so is

0:39:45.800 --> 0:39:47.880
<v Speaker 1>this a crazy negro? You didn't say negro? Is this

0:39:47.880 --> 0:39:50.319
<v Speaker 1>a crazy negro running for mayor? Black man running from

0:39:50.360 --> 0:39:54.160
<v Speaker 1>mayor at running for congress? Actually in uh in the

0:39:54.320 --> 0:39:57.880
<v Speaker 1>Atlanta for yes, are you not your mind? Are you

0:39:57.960 --> 0:40:00.759
<v Speaker 1>out of your dang on mind? He said, I if

0:40:00.760 --> 0:40:02.640
<v Speaker 1>you're crazy enough a run, I'm crazy enough to support you,

0:40:02.840 --> 0:40:05.799
<v Speaker 1>and did a concert for him in the stadium here,

0:40:06.040 --> 0:40:08.480
<v Speaker 1>filled it up and gave him the campaign money. He

0:40:08.520 --> 0:40:12.400
<v Speaker 1>was the first congressman from Georgia since reconstruction. And of

0:40:12.400 --> 0:40:16.040
<v Speaker 1>course you ambassador congressman mayor, and we know the rest

0:40:16.040 --> 0:40:18.960
<v Speaker 1>of the story. But it was not the successes. Is

0:40:18.960 --> 0:40:22.719
<v Speaker 1>how he managed the failures. It was gracious when he

0:40:22.760 --> 0:40:25.720
<v Speaker 1>won and when he lost. But also understanding his story

0:40:25.760 --> 0:40:28.319
<v Speaker 1>was not over. The narrative was this was a It

0:40:28.360 --> 0:40:30.520
<v Speaker 1>was a one hundred yard dash, not a marathon. It

0:40:30.600 --> 0:40:32.200
<v Speaker 1>was a marathon, not one hundred yard dash. And it

0:40:32.239 --> 0:40:34.680
<v Speaker 1>was a long game. So you've been playing the long

0:40:34.719 --> 0:40:38.200
<v Speaker 1>game in your life. And you have said on this call,

0:40:38.239 --> 0:40:43.359
<v Speaker 1>there's not about permanent friends, but permanent interests. I get

0:40:43.400 --> 0:40:47.320
<v Speaker 1>that right, yes, and and and so you went from

0:40:47.360 --> 0:40:49.840
<v Speaker 1>that humble beginning and setting it up the setup, and

0:40:49.880 --> 0:40:54.600
<v Speaker 1>the payoff was that you created now a business that

0:40:54.800 --> 0:40:56.719
<v Speaker 1>is one of the biggest run who runs by a

0:40:56.760 --> 0:40:59.960
<v Speaker 1>person of color in real estate, I'd argue in the world,

0:41:00.120 --> 0:41:03.799
<v Speaker 1>certainly in the US, tell us about that business, how

0:41:03.840 --> 0:41:06.880
<v Speaker 1>you built it, where you are now, and where do

0:41:06.960 --> 0:41:08.799
<v Speaker 1>you want to go and what and is is there

0:41:08.840 --> 0:41:11.160
<v Speaker 1>a lesson here for folks other than the narrative of

0:41:11.160 --> 0:41:14.600
<v Speaker 1>your life of how to do a deal that you

0:41:14.640 --> 0:41:17.000
<v Speaker 1>want them to know? Sure?

0:41:17.040 --> 0:41:18.399
<v Speaker 3>I mean, I think the first thing is that you've

0:41:18.400 --> 0:41:20.880
<v Speaker 3>got to prepare yourself to be able to do deals

0:41:20.920 --> 0:41:22.880
<v Speaker 3>and to prepare yourself to be in business. And so

0:41:22.960 --> 0:41:26.160
<v Speaker 3>that means how you live your life, how you conduct yourself.

0:41:26.400 --> 0:41:29.000
<v Speaker 3>In terms of building relationships, you want people to root

0:41:29.040 --> 0:41:30.840
<v Speaker 3>for you. Most of the time people won't root for

0:41:30.880 --> 0:41:32.960
<v Speaker 3>successful people, but you want them to root for you

0:41:33.520 --> 0:41:36.400
<v Speaker 3>and and you, you know, want people to think you

0:41:36.440 --> 0:41:38.759
<v Speaker 3>know decently of you and you and you want to

0:41:38.920 --> 0:41:41.080
<v Speaker 3>be able to build relationships like I learned from my

0:41:41.160 --> 0:41:44.840
<v Speaker 3>grandfather and my mother. And so it's building relationships, not

0:41:44.960 --> 0:41:49.960
<v Speaker 3>making enemies. So the arrogance and having humility instead is

0:41:50.080 --> 0:41:54.800
<v Speaker 3>very helpful. But building some relationships now and and and

0:41:54.880 --> 0:42:00.000
<v Speaker 3>learning from other people and reading and understanding the business

0:42:00.120 --> 0:42:02.560
<v Speaker 3>to being somewhat of a student of it. That puts

0:42:02.560 --> 0:42:05.520
<v Speaker 3>you in a position to be able to be in

0:42:05.560 --> 0:42:07.759
<v Speaker 3>the mix and be able to be successful when the

0:42:07.760 --> 0:42:10.160
<v Speaker 3>opportunity comes, and then to put yourself in the mix

0:42:10.719 --> 0:42:13.959
<v Speaker 3>of where you'll see opportunities. I knew that by being

0:42:13.960 --> 0:42:17.759
<v Speaker 3>in the mix in DC politically, that was my pathway

0:42:18.120 --> 0:42:20.440
<v Speaker 3>to being more engaged in the business. Then when I

0:42:20.480 --> 0:42:24.480
<v Speaker 3>was appraising houses for HUT insured mortgages, that wasn't going

0:42:24.560 --> 0:42:26.759
<v Speaker 3>to do anything for me earn a living and me

0:42:26.880 --> 0:42:29.280
<v Speaker 3>to be and learn more about real estate but also

0:42:29.320 --> 0:42:31.839
<v Speaker 3>be being in touch with you know, where people are,

0:42:31.960 --> 0:42:33.319
<v Speaker 3>how they're living, and.

0:42:34.920 --> 0:42:35.239
<v Speaker 1>So on.

0:42:35.320 --> 0:42:39.399
<v Speaker 3>But it was the Property Assessment Appeals Board that put

0:42:39.440 --> 0:42:42.960
<v Speaker 3>me in the mix. It paid, you know, twenty five

0:42:43.000 --> 0:42:47.000
<v Speaker 3>dollars an hour when I met when we had board meetings.

0:42:47.360 --> 0:42:49.279
<v Speaker 3>I would have done it and paid them for it

0:42:49.360 --> 0:42:53.200
<v Speaker 3>because it was all about me learning and being able

0:42:53.320 --> 0:42:57.640
<v Speaker 3>to be a you know, a player in the business world.

0:42:57.800 --> 0:43:01.880
<v Speaker 3>So I was trying to build my own appraisal business

0:43:01.920 --> 0:43:06.839
<v Speaker 3>because I was a subcontractor for another appraisal company and

0:43:07.760 --> 0:43:10.920
<v Speaker 3>I need and the top clients were HUT. One of

0:43:10.960 --> 0:43:14.000
<v Speaker 3>the top clients for residential and so I tried. My

0:43:14.080 --> 0:43:15.120
<v Speaker 3>mother had had.

0:43:15.360 --> 0:43:17.200
<v Speaker 1>An urban development. For those who don't know, the US

0:43:17.440 --> 0:43:19.239
<v Speaker 1>Department of Housing Urban Development, and.

0:43:19.200 --> 0:43:23.719
<v Speaker 3>They ensure mortgages for moderate and low moderate income home purchases,

0:43:23.880 --> 0:43:26.680
<v Speaker 3>and then they also ensure multi family loans as well.

0:43:27.040 --> 0:43:29.480
<v Speaker 4>So my mother had done't work for them.

0:43:29.560 --> 0:43:31.239
<v Speaker 3>So I used to go in and drop off her

0:43:32.440 --> 0:43:35.080
<v Speaker 3>appraisal reports and so forth. I became friendly with the

0:43:35.400 --> 0:43:38.279
<v Speaker 3>staff there, so I tried to get on the on

0:43:38.320 --> 0:43:41.279
<v Speaker 3>the approved list there and I couldn't do it. By

0:43:41.320 --> 0:43:43.480
<v Speaker 3>that time, one of my high school classmates was working

0:43:43.480 --> 0:43:46.680
<v Speaker 3>for Ron Dellaps, so I asked him to ask him

0:43:46.680 --> 0:43:49.360
<v Speaker 3>to write a letter of recommendation for me and have

0:43:50.239 --> 0:43:54.960
<v Speaker 3>the Congressman sign it. And the Congressman and so signed it,

0:43:55.040 --> 0:43:56.919
<v Speaker 3>and then I say, and then also, can you make

0:43:57.000 --> 0:44:02.440
<v Speaker 3>a call for the congressman to speak to the area

0:44:02.600 --> 0:44:05.719
<v Speaker 3>director for the HUT director for Washington, d C. And

0:44:05.760 --> 0:44:10.080
<v Speaker 3>put in a good word for me. He did, and

0:44:10.160 --> 0:44:13.120
<v Speaker 3>I got a meeting with her, spoke to her, and

0:44:13.120 --> 0:44:15.480
<v Speaker 3>then I stayed in touch, and then you know, a

0:44:15.520 --> 0:44:18.080
<v Speaker 3>few months go by, I stay in touch, and then

0:44:18.280 --> 0:44:20.120
<v Speaker 3>I asked my friend to get the congressman a touch

0:44:20.120 --> 0:44:22.600
<v Speaker 3>base again, just see how things are going. Yeah, and

0:44:23.840 --> 0:44:26.479
<v Speaker 3>that he known me since I was sixteen years old,

0:44:26.520 --> 0:44:28.319
<v Speaker 3>et cetera, and I'm going to do a good job.

0:44:28.360 --> 0:44:31.800
<v Speaker 3>He's confidence. So ultimately I got my first client, started

0:44:31.840 --> 0:44:34.560
<v Speaker 3>my appraisal business. And one of the things that we

0:44:34.640 --> 0:44:37.239
<v Speaker 3>said was that if he's qualified to be chairman of

0:44:37.280 --> 0:44:40.080
<v Speaker 3>the Property Assessment of Pillboard in DC that reviews all

0:44:40.080 --> 0:44:43.080
<v Speaker 3>one hundred and sixty five thousand properties in Washington, d C.

0:44:43.360 --> 0:44:46.600
<v Speaker 3>He should be qualified to appraise some property for HUT

0:44:46.800 --> 0:44:48.719
<v Speaker 3>And that was so it gave me a little bit

0:44:48.760 --> 0:44:51.040
<v Speaker 3>of a building block, and then I use the relationship

0:44:51.560 --> 0:44:54.359
<v Speaker 3>and then from there I was there.

0:44:55.160 --> 0:44:56.040
<v Speaker 4>Yes, so we built.

0:44:56.080 --> 0:44:58.000
<v Speaker 3>I was building my appraisal business, but I wanted to

0:44:58.000 --> 0:45:00.440
<v Speaker 3>get into development. So I took a shot and a

0:45:00.440 --> 0:45:03.560
<v Speaker 3>couple of different deals that were parcels owned by the

0:45:03.640 --> 0:45:08.720
<v Speaker 3>government where I thought I had an edge and I couldn't.

0:45:08.760 --> 0:45:10.560
<v Speaker 3>You know, not that one of them became successful. But

0:45:10.600 --> 0:45:12.560
<v Speaker 3>I'd assembled investors and all of that.

0:45:14.320 --> 0:45:17.120
<v Speaker 1>You took a shot. You're in DC. Now you know

0:45:17.239 --> 0:45:21.319
<v Speaker 1>all the players. You take a shot, you're on your

0:45:21.400 --> 0:45:24.480
<v Speaker 1>chairman of an important committee. You've You've gotten this relationship

0:45:24.520 --> 0:45:26.960
<v Speaker 1>through a Congressman. You've gotten this deal through hud You've

0:45:26.960 --> 0:45:29.320
<v Speaker 1>gotten this and now you take a shot at properties

0:45:29.360 --> 0:45:32.600
<v Speaker 1>that you understand control by people who you know. And

0:45:32.640 --> 0:45:36.000
<v Speaker 1>they didn't happen. The first two deals did not happen.

0:45:36.880 --> 0:45:39.959
<v Speaker 1>Please listen to me, everybody, listen to what Donna is saying.

0:45:41.440 --> 0:45:45.799
<v Speaker 1>This whole fantasy that you're going to be a microwave

0:45:45.840 --> 0:45:49.680
<v Speaker 1>success story overnight, or that you put a business card

0:45:49.680 --> 0:45:52.279
<v Speaker 1>and put CEO in your name and lease a car

0:45:52.280 --> 0:45:54.760
<v Speaker 1>and go to some fancy meetings and buy some suits

0:45:54.760 --> 0:45:58.200
<v Speaker 1>and take an Instagram shot of you being a successful person.

0:45:58.360 --> 0:46:00.560
<v Speaker 1>That's not the way it works. Only in the dictionary

0:46:01.200 --> 0:46:03.279
<v Speaker 1>does the word success come before the word work, because

0:46:03.320 --> 0:46:08.000
<v Speaker 1>it's alphabetical. Again, he did everything right and it still didn't.

0:46:08.360 --> 0:46:10.720
<v Speaker 1>He said earlier, being smart is not enough, being competent

0:46:10.840 --> 0:46:14.760
<v Speaker 1>is not enough. And he didn't give up. He takes

0:46:14.760 --> 0:46:26.960
<v Speaker 1>no provide im. It's just like me. So those two

0:46:27.000 --> 0:46:27.680
<v Speaker 1>deals didn't happen.

0:46:27.719 --> 0:46:31.400
<v Speaker 3>Continue right, and those two deals didn't happen. And Barry

0:46:31.960 --> 0:46:34.320
<v Speaker 3>could have made either one of those happen, but he didn't.

0:46:34.560 --> 0:46:38.040
<v Speaker 3>And for and I understood why, different reasons and different politics.

0:46:39.160 --> 0:46:42.680
<v Speaker 3>So I happen to be in my office, my appraisal office,

0:46:43.000 --> 0:46:46.480
<v Speaker 3>and I'd sublet some space to a real estate broker.

0:46:46.520 --> 0:46:48.399
<v Speaker 3>And he comes into my office and he says, hey,

0:46:48.400 --> 0:46:50.320
<v Speaker 3>I got a piece of property he should look at bye,

0:46:50.960 --> 0:46:53.080
<v Speaker 3>And I said, okay, where is He says, in Anacostia.

0:46:53.120 --> 0:46:54.399
<v Speaker 3>I said, well, why would I want to own anything

0:46:54.440 --> 0:46:57.359
<v Speaker 3>in Anacostia. I mean it's a depressed community. I want

0:46:57.360 --> 0:47:01.879
<v Speaker 3>to build an office building in downtow Dow, DC says look,

0:47:02.520 --> 0:47:06.080
<v Speaker 3>he shows me this letter, and there's a letter on

0:47:06.120 --> 0:47:10.239
<v Speaker 3>the Mayor of Washington, DC's letterhead, and the letter starts off,

0:47:10.480 --> 0:47:14.320
<v Speaker 3>this letter constitutes a commitment on behalf of the District

0:47:14.320 --> 0:47:18.640
<v Speaker 3>of Columbia government to lease office space in your proposed building.

0:47:19.040 --> 0:47:23.560
<v Speaker 3>So letter, that letter was written to a white developer

0:47:24.400 --> 0:47:28.120
<v Speaker 3>who was trying who was working on buying this piece

0:47:28.160 --> 0:47:34.600
<v Speaker 3>of property in Anacostia from my subtenant's client. And I said, so,

0:47:34.680 --> 0:47:36.520
<v Speaker 3>what's the issue here? Why are you showing it to me?

0:47:36.560 --> 0:47:38.319
<v Speaker 3>It looks like the deal is all done. He said, well,

0:47:38.520 --> 0:47:41.360
<v Speaker 3>my client wants nine hundred thousand dollars for this property

0:47:42.000 --> 0:47:48.720
<v Speaker 3>and the developer won't pay more than seven hundred. And

0:47:48.800 --> 0:47:51.680
<v Speaker 3>I said, wait a minute. So they're arguing over two

0:47:51.760 --> 0:47:54.040
<v Speaker 3>hundred thousand dollars. It was like six fifty. I think

0:47:54.040 --> 0:47:56.279
<v Speaker 3>it was six to fifty, but they were arguing over

0:47:56.320 --> 0:47:58.000
<v Speaker 3>two hundred hundred fifty thousand dollars.

0:47:58.960 --> 0:47:59.560
<v Speaker 4>You're kidding me.

0:48:00.160 --> 0:48:02.040
<v Speaker 3>And so I look at the letter and I and

0:48:02.200 --> 0:48:03.560
<v Speaker 3>I said, can I have a copy of it? And

0:48:03.640 --> 0:48:06.239
<v Speaker 3>we make a copy of it, and I said, okay,

0:48:06.320 --> 0:48:08.200
<v Speaker 3>let me get back to you tomorrow. So I called

0:48:08.280 --> 0:48:10.839
<v Speaker 3>the investors that I had assembled for the other deal

0:48:11.640 --> 0:48:12.279
<v Speaker 3>and I.

0:48:12.400 --> 0:48:15.480
<v Speaker 4>Called them up. Didn't happen, which failed, and didn't happen,

0:48:15.680 --> 0:48:16.080
<v Speaker 4>never got it.

0:48:16.200 --> 0:48:18.600
<v Speaker 3>But I knew them, and I said, how would you

0:48:18.840 --> 0:48:23.000
<v Speaker 3>like to own fifty percent of an office building that

0:48:23.160 --> 0:48:25.520
<v Speaker 3>we will build is pre lease to the District of

0:48:25.600 --> 0:48:26.759
<v Speaker 3>Columbia for twenty years.

0:48:27.360 --> 0:48:29.399
<v Speaker 1>Oh my god, Oh my god.

0:48:30.040 --> 0:48:32.400
<v Speaker 3>And they said, what's the deal? And I said, well,

0:48:32.600 --> 0:48:34.759
<v Speaker 3>you guys put up all the money and I bring

0:48:34.840 --> 0:48:36.680
<v Speaker 3>the deal. I bring the land, and I bring the deal,

0:48:37.440 --> 0:48:40.920
<v Speaker 3>and uh and and so and you had own that

0:48:42.080 --> 0:48:43.400
<v Speaker 3>I owned fifty percent.

0:48:43.880 --> 0:48:45.440
<v Speaker 1>Wow, okay.

0:48:46.120 --> 0:48:50.200
<v Speaker 3>And so I set up a meeting with the owner

0:48:50.280 --> 0:48:54.200
<v Speaker 3>of the property and we had a meeting at the

0:48:54.480 --> 0:48:59.480
<v Speaker 3>offices of my investors, and we laid out a deal.

0:48:59.640 --> 0:49:01.560
<v Speaker 3>I said, you know who I am, because by that

0:49:01.640 --> 0:49:04.080
<v Speaker 3>time I was somewhat prominent. So you know that if

0:49:04.120 --> 0:49:06.160
<v Speaker 3>the mayor is going to do this for this group,

0:49:06.400 --> 0:49:08.719
<v Speaker 3>chances are he'll do a deal with me, especially with

0:49:08.840 --> 0:49:10.920
<v Speaker 3>my partners who are putting up all the money and

0:49:11.200 --> 0:49:14.520
<v Speaker 3>have the experience. But we can't buy your property until

0:49:15.120 --> 0:49:18.160
<v Speaker 3>we have a deal with the city. But the price

0:49:18.280 --> 0:49:19.880
<v Speaker 3>is not an issue. We're going to pay you exactly

0:49:19.920 --> 0:49:21.759
<v Speaker 3>what you asked for. You want a nine hundred thousand dollars,

0:49:21.840 --> 0:49:23.879
<v Speaker 3>We're going to pay you nine hundred thousand dollars. We're

0:49:23.920 --> 0:49:26.200
<v Speaker 3>going to give you one hundred thousand dollars deposit, and

0:49:26.440 --> 0:49:30.320
<v Speaker 3>if we don't close, it's yours. And calculated what it

0:49:30.440 --> 0:49:33.919
<v Speaker 3>costs to carry the property after ninety days, we'll pay

0:49:34.040 --> 0:49:35.759
<v Speaker 3>to carry the property. You got to give us six

0:49:35.840 --> 0:49:39.760
<v Speaker 3>months to make our deal, made a deal, signed a contract, partners,

0:49:39.760 --> 0:49:41.640
<v Speaker 3>put up the money, and then I wrote.

0:49:41.520 --> 0:49:45.439
<v Speaker 4>A letter to the mayor, and I wrote them a letter.

0:49:45.800 --> 0:49:48.680
<v Speaker 3>In fact, no, I wrote the city council member for

0:49:48.800 --> 0:49:53.040
<v Speaker 3>that district and the City of Washington's Director of of

0:49:53.360 --> 0:49:57.480
<v Speaker 3>Government Services General Services, wrote them a letter saying that

0:49:57.800 --> 0:49:58.720
<v Speaker 3>we own the property.

0:49:58.800 --> 0:50:00.640
<v Speaker 4>We understood that they were and to lease it.

0:50:01.200 --> 0:50:04.839
<v Speaker 3>And the rent that you all are proposing is twenty

0:50:04.880 --> 0:50:07.319
<v Speaker 3>two dollars and fifty CENTSUS square foot, triple net.

0:50:07.640 --> 0:50:08.720
<v Speaker 4>We're going to do a building.

0:50:08.760 --> 0:50:11.319
<v Speaker 1>Explain triple net. Don explain triple net. Plice.

0:50:11.360 --> 0:50:16.719
<v Speaker 3>So triple net means that twenty fifty cents rent to

0:50:16.880 --> 0:50:21.799
<v Speaker 3>the owner. Net means that the tenant has to pay

0:50:21.840 --> 0:50:25.680
<v Speaker 3>the property taxes, has to pay all operating expenses of

0:50:25.760 --> 0:50:31.480
<v Speaker 3>the building, insurance, utilities, et cetera. So they have to

0:50:31.560 --> 0:50:34.440
<v Speaker 3>pay all the expenses, so that the developer or the

0:50:34.520 --> 0:50:36.960
<v Speaker 3>owner of the building gets twenty two dollars and fifty

0:50:36.960 --> 0:50:40.320
<v Speaker 3>cents per square foot and a net of all expenses,

0:50:40.360 --> 0:50:42.400
<v Speaker 3>so the tenant pays all operating expenses.

0:50:42.560 --> 0:50:44.839
<v Speaker 1>For those listeners who don't didn't follow that and run

0:50:44.880 --> 0:50:47.360
<v Speaker 1>the tape back, listen to it slowly. That's a brilliant

0:50:47.440 --> 0:50:51.440
<v Speaker 1>deal because basically that meant that that don knew exactly

0:50:51.480 --> 0:50:53.560
<v Speaker 1>and his investors knew exactly what they would receive in

0:50:53.640 --> 0:50:56.600
<v Speaker 1>a return net of all expenses that could kill you,

0:50:56.920 --> 0:50:59.960
<v Speaker 1>property taxes, things that are that go up and down, utilities,

0:51:00.040 --> 0:51:02.400
<v Speaker 1>all that stuff. It was it was tripling. So he

0:51:02.440 --> 0:51:05.200
<v Speaker 1>had he had a twenty year lease with a credit tenant.

0:51:05.320 --> 0:51:07.680
<v Speaker 1>Credit means somebody you know is credit worthy. The word

0:51:07.719 --> 0:51:10.279
<v Speaker 1>credit comes on the latter of word credit credibility. You

0:51:10.360 --> 0:51:12.719
<v Speaker 1>knew that person was credit worthy. It's a government in

0:51:12.880 --> 0:51:15.359
<v Speaker 1>DC doesn't get a better tenant than that twenty year lease,

0:51:15.440 --> 0:51:17.840
<v Speaker 1>so you can get predictable income, which then gives the

0:51:17.880 --> 0:51:21.560
<v Speaker 1>problem the property a value for twenty years. Uh. And

0:51:21.840 --> 0:51:24.920
<v Speaker 1>he knew exactly what net cash flow would come to

0:51:25.000 --> 0:51:28.160
<v Speaker 1>him and his investors because his triple net and as

0:51:28.200 --> 0:51:31.040
<v Speaker 1>the government goes bankrupt, which was not likely and has

0:51:31.120 --> 0:51:33.640
<v Speaker 1>it h he had a great deal. This wasn't a

0:51:33.680 --> 0:51:36.440
<v Speaker 1>good deal. This is a great deal. He negotiated a

0:51:36.560 --> 0:51:40.800
<v Speaker 1>up great He negotiated success up front. He was financially literate.

0:51:40.920 --> 0:51:43.920
<v Speaker 1>Wasn't just a good developer, wasn't just smart, wasn't just lucky.

0:51:44.400 --> 0:51:46.279
<v Speaker 1>He created his own lucky. He was smart, and he

0:51:46.719 --> 0:51:49.759
<v Speaker 1>was financially literate, and he understood a budget and a

0:51:49.800 --> 0:51:52.440
<v Speaker 1>balance sheet. And he took risks because he cut the

0:51:52.520 --> 0:51:55.200
<v Speaker 1>deal before he wrote the letter to the council person

0:51:55.520 --> 0:51:57.320
<v Speaker 1>or got back to the mayor, he'd already he was

0:51:57.360 --> 0:51:59.600
<v Speaker 1>at risk if the deal gone sideways, the mayor changed

0:51:59.640 --> 0:52:02.160
<v Speaker 1>their mind city council person decide they didn't like him.

0:52:02.520 --> 0:52:04.240
<v Speaker 1>He's toast, okay, go ahead, don.

0:52:04.600 --> 0:52:07.320
<v Speaker 3>So there and in fact there's there's some drama to it.

0:52:07.440 --> 0:52:10.160
<v Speaker 3>So we make a deal, and so we send a

0:52:10.239 --> 0:52:12.360
<v Speaker 3>letter to the city. The first argument I had with

0:52:12.480 --> 0:52:16.319
<v Speaker 3>the investors there were three white guys and who are

0:52:16.400 --> 0:52:20.080
<v Speaker 3>real estate investors, two Jewish guys and a Greek guy.

0:52:20.280 --> 0:52:22.520
<v Speaker 3>And they said, why in the world are we offering

0:52:22.600 --> 0:52:25.440
<v Speaker 3>eighteen dollars and seventy five cents a square foot. The

0:52:26.200 --> 0:52:28.640
<v Speaker 3>other the mayor wrote a letter saying twenty two dollars

0:52:28.680 --> 0:52:32.600
<v Speaker 3>and fifty cents. This is a minority deal. Those deals

0:52:32.680 --> 0:52:35.520
<v Speaker 3>always cost more money to do business with minorities. You

0:52:35.600 --> 0:52:38.040
<v Speaker 3>should be charging twenty five dollars a foot. I said, no,

0:52:38.120 --> 0:52:40.719
<v Speaker 3>you don't understand the reality of the world here, and

0:52:40.840 --> 0:52:42.879
<v Speaker 3>the reality of the world is I've got to be better.

0:52:43.160 --> 0:52:46.040
<v Speaker 3>There's no way we're going to get this deal if

0:52:46.239 --> 0:52:50.040
<v Speaker 3>I'm not better. One I'm black. Two I'm a friend

0:52:50.840 --> 0:52:54.839
<v Speaker 3>an ally of the mayors. So we have to make

0:52:54.920 --> 0:52:58.000
<v Speaker 3>this where they'd be fools not to take our deal.

0:52:58.200 --> 0:53:00.560
<v Speaker 3>I said, But we're going to do something smart. We

0:53:00.640 --> 0:53:04.360
<v Speaker 3>don't spend a money per dollars per square foot. We

0:53:04.440 --> 0:53:08.520
<v Speaker 3>spent absolute dollars. So we're going to double the size

0:53:08.560 --> 0:53:11.880
<v Speaker 3>of the building mhm. And we're going to have and

0:53:11.920 --> 0:53:16.000
<v Speaker 3>we're going to pitch that as a bigger economic development

0:53:16.120 --> 0:53:18.920
<v Speaker 3>impact on the community. And we're going to commit to

0:53:19.280 --> 0:53:22.680
<v Speaker 3>thirty five percent or better minority contracting.

0:53:23.040 --> 0:53:23.320
<v Speaker 2>Wow.

0:53:24.200 --> 0:53:27.719
<v Speaker 1>And you're a minority promising minority contractor.

0:53:27.960 --> 0:53:31.960
<v Speaker 4>Yes, And and we were going to build a bigger building.

0:53:32.160 --> 0:53:34.880
<v Speaker 4>So the mayor, so, the so so all.

0:53:35.040 --> 0:53:37.640
<v Speaker 3>So we send the letter to the council member and

0:53:37.840 --> 0:53:41.719
<v Speaker 3>probably within within almost hours, I get a call from

0:53:41.760 --> 0:53:45.959
<v Speaker 3>the mayor and the mayor said, Don, what are you doing? Further,

0:53:46.280 --> 0:53:49.560
<v Speaker 3>the way it happens is, you know, is his assistant Jerry,

0:53:50.000 --> 0:53:52.399
<v Speaker 3>and she says, hold don hold on for the mayor.

0:53:52.560 --> 0:53:55.959
<v Speaker 3>So mayor A, Don, what are you doing over in Anacostia?

0:53:56.480 --> 0:53:59.080
<v Speaker 3>I mean Native council member Nadine Winner just came up.

0:53:59.160 --> 0:54:01.440
<v Speaker 3>I came we just left my office. She was yelling

0:54:01.520 --> 0:54:05.000
<v Speaker 3>and all crazy in here, saying, you bought this property

0:54:05.040 --> 0:54:09.520
<v Speaker 3>in Anacostia and now you took it from you know,

0:54:09.880 --> 0:54:11.760
<v Speaker 3>some other people who were going to build a building

0:54:11.840 --> 0:54:13.200
<v Speaker 3>over there, and I.

0:54:13.200 --> 0:54:14.719
<v Speaker 4>Guess they were friends of hers. Or something.

0:54:15.200 --> 0:54:19.200
<v Speaker 3>And I said, well, yeah, mister Mayor, I did buy

0:54:19.200 --> 0:54:22.080
<v Speaker 3>a piece of property. I put it under contract because

0:54:22.080 --> 0:54:25.520
<v Speaker 3>the city was interested in leasing office space there. And

0:54:25.719 --> 0:54:29.120
<v Speaker 3>you want to have you want to help rebuild economic,

0:54:29.239 --> 0:54:33.040
<v Speaker 3>you know, neglected communities. And I know that you have

0:54:33.200 --> 0:54:38.319
<v Speaker 3>been an outspoken advocate of economic empowerment for black entrepreneurs.

0:54:38.560 --> 0:54:42.960
<v Speaker 3>This is anacostia, a predominantly black community in a commercial courter,

0:54:43.120 --> 0:54:46.440
<v Speaker 3>destroyed by the nineteen sixty eight riots, been neglected ever since.

0:54:46.719 --> 0:54:50.479
<v Speaker 3>I'm a black developer, and I figured that it would

0:54:50.520 --> 0:54:54.000
<v Speaker 3>be better if I built it in a community this

0:54:54.120 --> 0:54:56.719
<v Speaker 3>reflective of my people. And I'm doing it, and I'm

0:54:56.760 --> 0:54:59.279
<v Speaker 3>doing it on better economic terms. And I don't know

0:54:59.320 --> 0:55:01.719
<v Speaker 3>why she's mad. She should be happy. She's a black

0:55:01.800 --> 0:55:04.719
<v Speaker 3>council member and everybody's talking about how you all want

0:55:04.760 --> 0:55:06.440
<v Speaker 3>to help more black entrepreneurship.

0:55:06.760 --> 0:55:09.840
<v Speaker 4>Okay, here you go. And he says, yeah, man, she is.

0:55:10.360 --> 0:55:11.280
<v Speaker 4>She is furious.

0:55:12.080 --> 0:55:15.320
<v Speaker 3>And I said, well, and I shouldn't have said it,

0:55:15.360 --> 0:55:17.560
<v Speaker 3>but I said it. I said, well, mister Mayor, if

0:55:17.560 --> 0:55:19.520
<v Speaker 3>it's a real problem for you, I could walk from

0:55:19.560 --> 0:55:24.040
<v Speaker 3>the deal. And he paused for a second, and he said,

0:55:24.160 --> 0:55:27.560
<v Speaker 3>would you lose money? And one hundred thousand dollars. I said, yes,

0:55:27.600 --> 0:55:30.960
<v Speaker 3>miss May, I'd lose a lot of money and loves

0:55:31.000 --> 0:55:34.920
<v Speaker 3>a big opportunity and right, I said, but you know

0:55:35.800 --> 0:55:38.960
<v Speaker 3>you were You know, my relationship with you is extremely

0:55:39.000 --> 0:55:41.600
<v Speaker 3>important to me, and so in this thing, you know

0:55:41.719 --> 0:55:43.919
<v Speaker 3>what you want to do as a priority. He says,

0:55:44.000 --> 0:55:45.480
<v Speaker 3>all right, let me think about it. I'll get back

0:55:45.520 --> 0:55:48.759
<v Speaker 3>to you, and uh. And then a couple of days

0:55:48.840 --> 0:55:51.200
<v Speaker 3>later he calls me back up, and I'm all worried

0:55:51.400 --> 0:55:52.680
<v Speaker 3>calling back up and said, you know, we're going to

0:55:52.719 --> 0:55:54.840
<v Speaker 3>go forward with that deal. It's the right thing to do,

0:55:55.239 --> 0:55:57.520
<v Speaker 3>and you're saving us money and you're doing a better building.

0:55:58.000 --> 0:55:59.719
<v Speaker 3>And a counsel member whin is going to need to

0:55:59.719 --> 0:56:00.120
<v Speaker 3>get over it.

0:56:00.480 --> 0:56:01.759
<v Speaker 1>Now. I like you to go down and.

0:56:01.840 --> 0:56:04.399
<v Speaker 3>Meet with her and try to get her to feel

0:56:04.440 --> 0:56:07.640
<v Speaker 3>good about this. But you can go there knowing that

0:56:08.760 --> 0:56:13.080
<v Speaker 3>we're going forward. And and so I did that, went

0:56:13.160 --> 0:56:17.080
<v Speaker 3>in and and then met with her, got her on board.

0:56:17.880 --> 0:56:21.080
<v Speaker 3>But a few like a couple of weeks later, I

0:56:21.200 --> 0:56:24.880
<v Speaker 3>get a phone call from a reporter in the Washington Post.

0:56:24.920 --> 0:56:26.360
<v Speaker 3>I get and I was out of the office, so

0:56:26.440 --> 0:56:30.319
<v Speaker 3>I returned the phone call and I called the guy

0:56:30.480 --> 0:56:30.960
<v Speaker 3>up and.

0:56:32.440 --> 0:56:34.040
<v Speaker 4>And he says, this is Tom Sherwood.

0:56:34.920 --> 0:56:37.920
<v Speaker 3>I'm an investigative reporter for the Washington Post because I

0:56:37.920 --> 0:56:39.879
<v Speaker 3>thought it was a special interest story about a black

0:56:39.920 --> 0:56:43.320
<v Speaker 3>developer helping the black community. And he says that we

0:56:43.400 --> 0:56:46.080
<v Speaker 3>want to talk to you about this least deal that

0:56:46.160 --> 0:56:50.280
<v Speaker 3>you're doing with the mayor and that's above market rent.

0:56:51.560 --> 0:56:53.160
<v Speaker 4>And so.

0:56:54.800 --> 0:56:56.799
<v Speaker 3>And so he I want to talk to you about

0:56:56.840 --> 0:56:58.120
<v Speaker 3>it and so forth. And I said, well, all right,

0:56:58.120 --> 0:56:59.960
<v Speaker 3>well let me get back to you. So I called

0:57:00.080 --> 0:57:05.440
<v Speaker 3>the mayor's office, talked to his press secretary she and

0:57:05.520 --> 0:57:10.279
<v Speaker 3>then his inner governmental affairs person, and they tell me one,

0:57:10.320 --> 0:57:12.520
<v Speaker 3>I should do the interview, and then they talked me

0:57:12.600 --> 0:57:15.520
<v Speaker 3>through how to do it. And that was my first

0:57:16.760 --> 0:57:21.000
<v Speaker 3>real interaction with the media. And so I do this interview.

0:57:21.360 --> 0:57:22.360
<v Speaker 1>How are you? At this point?

0:57:23.160 --> 0:57:30.720
<v Speaker 4>I was twenty six unbelievable love, And so I go

0:57:30.880 --> 0:57:31.360
<v Speaker 4>and meet with.

0:57:31.400 --> 0:57:37.560
<v Speaker 3>This guy and in my office and I recorded the interview,

0:57:38.240 --> 0:57:41.640
<v Speaker 3>and we do the interview, and I kept saying, well,

0:57:41.680 --> 0:57:44.560
<v Speaker 3>here's a letter that the mayor sent to some other

0:57:45.080 --> 0:57:49.160
<v Speaker 3>developer other than me, and it was for twenty two

0:57:49.160 --> 0:57:51.920
<v Speaker 3>dollars and fifty cents the square foot I'm reased in

0:57:52.120 --> 0:57:55.160
<v Speaker 3>eighteen seventy five square foot.

0:57:55.440 --> 0:57:56.360
<v Speaker 4>My deal is better.

0:57:57.040 --> 0:58:01.080
<v Speaker 3>So it's the market was what this person offered and

0:58:01.240 --> 0:58:04.040
<v Speaker 3>what the city signed a commitment letter for. He just

0:58:04.080 --> 0:58:06.960
<v Speaker 3>didn't control the property. And I figured out how to

0:58:07.000 --> 0:58:10.720
<v Speaker 3>control the prop by the property, and you know, and.

0:58:10.720 --> 0:58:11.720
<v Speaker 4>I'm doing it for less money.

0:58:12.080 --> 0:58:13.919
<v Speaker 3>So that got me some and I called a couple

0:58:13.920 --> 0:58:16.240
<v Speaker 3>of city council members and they were supportive of me

0:58:16.560 --> 0:58:20.760
<v Speaker 3>as well. And uh and and so a couple of

0:58:20.800 --> 0:58:23.600
<v Speaker 3>days later, from page to the Washington Post, right next

0:58:23.680 --> 0:58:27.840
<v Speaker 3>to Ronald Reagan's, I ran contra a fair issue where

0:58:27.840 --> 0:58:32.040
<v Speaker 3>they're trading, you know, arm or drugs for arms. It's

0:58:32.120 --> 0:58:35.000
<v Speaker 3>my little building in Anacostia, And it was a front

0:58:35.000 --> 0:58:38.280
<v Speaker 3>page story in the Washington Post, and they were trying

0:58:38.280 --> 0:58:40.960
<v Speaker 3>to make controversy out of it, but it wasn't. I

0:58:41.040 --> 0:58:43.320
<v Speaker 3>saw the mayor that I saw the mayor that day,

0:58:43.360 --> 0:58:45.040
<v Speaker 3>tell me, don't worry about it. But then I go

0:58:45.200 --> 0:58:48.919
<v Speaker 3>into this prominent restaurant where I started. I'd been going

0:58:49.560 --> 0:58:54.160
<v Speaker 3>with this Washington local business and political power restaurant called

0:58:54.240 --> 0:58:57.360
<v Speaker 3>Joe and Mose. And that was where, like Bill Fitzgerald,

0:58:57.400 --> 0:58:59.280
<v Speaker 3>the banker I talked about earlier, it would go every

0:58:59.360 --> 0:59:01.400
<v Speaker 3>day for line and all the power broke.

0:59:01.480 --> 0:59:03.360
<v Speaker 4>Many of the power brokers would be there for lunch.

0:59:03.760 --> 0:59:05.800
<v Speaker 4>So I go there. I became more of a regular.

0:59:05.840 --> 0:59:06.360
<v Speaker 4>So I go in.

0:59:06.800 --> 0:59:10.040
<v Speaker 3>Bill Fitzgeral standing at the bar. He gets up and

0:59:10.120 --> 0:59:13.360
<v Speaker 3>he comes over to me and he hands me a

0:59:13.440 --> 0:59:16.440
<v Speaker 3>glass of champagne, and he said, welcome to the club.

0:59:17.520 --> 0:59:21.760
<v Speaker 3>And what he told me is that there will be

0:59:21.880 --> 0:59:25.000
<v Speaker 3>no fans. Yeah, they will not there.

0:59:25.200 --> 0:59:25.880
<v Speaker 1>You will not the.

0:59:26.160 --> 0:59:29.600
<v Speaker 3>Washington Post in the establishment. You are now their target,

0:59:30.360 --> 0:59:32.880
<v Speaker 3>and you will not have fans, and they will not

0:59:33.000 --> 0:59:36.840
<v Speaker 3>be in your fan club. And but you're gonna have

0:59:36.880 --> 0:59:40.280
<v Speaker 3>to keep going and not lett none of this bother you,

0:59:40.600 --> 0:59:44.320
<v Speaker 3>and you just keep focusing, stay on your point, don't

0:59:44.360 --> 0:59:48.080
<v Speaker 3>do anything wrong, and you're fine. But I was like

0:59:48.200 --> 0:59:49.680
<v Speaker 3>worried that my deal was going to blow up. And

0:59:49.720 --> 0:59:51.520
<v Speaker 3>then Barry said he'd stick it out, and then it

0:59:51.680 --> 0:59:54.520
<v Speaker 3>was lingering. And then one of the council members who

0:59:54.560 --> 0:59:57.520
<v Speaker 3>had ran against him and lost, he said, look and

0:59:57.600 --> 0:59:59.520
<v Speaker 3>he designed the lease now and get it over. Just

0:59:59.560 --> 1:00:02.680
<v Speaker 3>put it in this now, and that was it. Got

1:00:02.720 --> 1:00:08.880
<v Speaker 3>my deal done and signed the lease in nineteen eighty seven.

1:00:09.360 --> 1:00:14.080
<v Speaker 3>I just turned in twenty seven and then built the

1:00:14.120 --> 1:00:19.840
<v Speaker 3>building in two years. We brother in early and that

1:00:20.000 --> 1:00:23.520
<v Speaker 3>building was my first building, and I was netting back

1:00:23.600 --> 1:00:26.120
<v Speaker 3>then about my share was about four hundred grand a year,

1:00:26.480 --> 1:00:28.439
<v Speaker 3>so I no longer had to work for a living.

1:00:28.640 --> 1:00:30.880
<v Speaker 3>And then I could start focusing and it was just me,

1:00:31.360 --> 1:00:33.560
<v Speaker 3>so I could just be helping my mother and I

1:00:33.640 --> 1:00:37.160
<v Speaker 3>could just focus now on what's the next step. And

1:00:37.240 --> 1:00:39.960
<v Speaker 3>then from that one building. Oh and I forgot to

1:00:40.040 --> 1:00:44.400
<v Speaker 3>get it financed. The National Bank of Washington did the

1:00:44.480 --> 1:00:48.160
<v Speaker 3>construction loan. And the way I met them is the

1:00:48.280 --> 1:00:53.720
<v Speaker 3>chairman of the National Bank of Washington with Barry's campaign chairperson.

1:00:53.960 --> 1:00:55.680
<v Speaker 4>So Barry introduced me to him.

1:00:56.320 --> 1:00:59.040
<v Speaker 3>I did the lung construction loan and found an insurance

1:00:59.120 --> 1:01:02.720
<v Speaker 3>company for me to take the construction loan out and

1:01:02.840 --> 1:01:05.200
<v Speaker 3>repay the construction loan and give me a permanent loan

1:01:05.280 --> 1:01:05.960
<v Speaker 3>for ten years.

1:01:06.560 --> 1:01:09.920
<v Speaker 1>And so just for those to follow that he had

1:01:10.080 --> 1:01:14.400
<v Speaker 1>he purchased it, he needed a banker, a lender to

1:01:14.560 --> 1:01:17.840
<v Speaker 1>do a construction loan to get the building up. And

1:01:17.920 --> 1:01:20.960
<v Speaker 1>then with the construction loans not the final financing. You

1:01:21.080 --> 1:01:24.560
<v Speaker 1>need a permanent financing, a long term vehicle at firmly

1:01:24.640 --> 1:01:27.760
<v Speaker 1>fixed rates, so you know what the monthly outflow is

1:01:27.800 --> 1:01:30.480
<v Speaker 1>because because the construction loan offen is at adjustable rates

1:01:30.520 --> 1:01:33.800
<v Speaker 1>and is not very economical deal, you don't want to

1:01:33.880 --> 1:01:37.640
<v Speaker 1>keep it long term. But he got the construction loan,

1:01:37.640 --> 1:01:40.080
<v Speaker 1>which is typically you know, two years or less on

1:01:40.200 --> 1:01:43.919
<v Speaker 1>a building like that, and then he did a permanent loan,

1:01:43.960 --> 1:01:46.480
<v Speaker 1>which is what the insurance company he mentioned that allowed

1:01:46.520 --> 1:01:50.200
<v Speaker 1>him to finance it institutionally for the life of the building. Okay,

1:01:50.240 --> 1:01:52.640
<v Speaker 1>go ahead, and so that freed me up.

1:01:52.680 --> 1:01:54.880
<v Speaker 3>And from that one building, it was a ten million

1:01:54.920 --> 1:01:59.840
<v Speaker 3>dollar project cost I built. I built a business that

1:02:00.000 --> 1:02:02.680
<v Speaker 3>where I had about ultimately about two and a half

1:02:02.840 --> 1:02:05.920
<v Speaker 3>million square feet of space in DC, you know, and

1:02:06.000 --> 1:02:08.680
<v Speaker 3>other sites I could build more. I expanded into Miami

1:02:09.640 --> 1:02:11.680
<v Speaker 3>and then other parts of the country. And so today

1:02:11.760 --> 1:02:26.320
<v Speaker 3>we do business in Boston, New York, d C, Atlanta, Charlotte, Roley, Durham, Miami, La,

1:02:27.120 --> 1:02:29.280
<v Speaker 3>San Francisco, Vegas.

1:02:30.480 --> 1:02:31.400
<v Speaker 1>And all that.

1:02:31.560 --> 1:02:34.920
<v Speaker 3>From the one building, so we've completed several billion dollars

1:02:35.000 --> 1:02:39.200
<v Speaker 3>of projects. A pipeline today is over six billion dollars

1:02:39.240 --> 1:02:43.400
<v Speaker 3>of development projects around the country. I'm trying to get

1:02:43.480 --> 1:02:45.919
<v Speaker 3>the rights to a site in New York City where

1:02:46.360 --> 1:02:48.680
<v Speaker 3>from the state government where I can build the tallest

1:02:48.680 --> 1:02:51.880
<v Speaker 3>building in the Western hemisphere. It'll be the first skyscraper

1:02:51.960 --> 1:02:56.360
<v Speaker 3>built by African American developers. It's age percent black owned building,

1:02:57.240 --> 1:03:00.320
<v Speaker 3>two point seven billion to build it, and sixteen hundred

1:03:00.320 --> 1:03:02.160
<v Speaker 3>and sixty seven feet tall, which would make it the

1:03:02.200 --> 1:03:06.200
<v Speaker 3>tallest building in the Western hemisphere. All that from that

1:03:06.360 --> 1:03:11.880
<v Speaker 3>one opportunity and if one opportunity, and being prepared to

1:03:11.960 --> 1:03:14.680
<v Speaker 3>take it, being not worrying about what I was going

1:03:14.760 --> 1:03:18.040
<v Speaker 3>to get up from very early, but building a relationship

1:03:18.480 --> 1:03:21.440
<v Speaker 3>of somebody that I respected, and being useful to him.

1:03:21.560 --> 1:03:24.640
<v Speaker 3>Even that building was a source of pride he did

1:03:24.720 --> 1:03:29.240
<v Speaker 3>and was there the groundbreaking and that building kick started

1:03:29.480 --> 1:03:34.240
<v Speaker 3>the revitalization of Anacostia, and today Homeland Security has a

1:03:34.600 --> 1:03:36.360
<v Speaker 3>three billion dollar headquarters there.

1:03:36.440 --> 1:03:39.440
<v Speaker 1>The department that the building, Homeland Security is building.

1:03:39.800 --> 1:03:41.000
<v Speaker 4>No, no, that's not the building.

1:03:41.040 --> 1:03:43.240
<v Speaker 3>But all of that happened as a result of that

1:03:43.400 --> 1:03:47.400
<v Speaker 3>first investment, a catalyst to create all of that economic development.

1:03:47.920 --> 1:03:52.240
<v Speaker 3>And ironically the government after twenty years, the next mayor

1:03:53.480 --> 1:03:56.880
<v Speaker 3>renewed the lease for ten years and then and then

1:03:57.600 --> 1:04:00.480
<v Speaker 3>we renovated the building and the city he leased it

1:04:00.560 --> 1:04:03.760
<v Speaker 3>for another sixteen years and my son oversaw the renovations.

1:04:03.960 --> 1:04:06.919
<v Speaker 3>So after thirty years after me building it, my son

1:04:07.480 --> 1:04:10.400
<v Speaker 3>who was working is working in the company. He oversaw

1:04:10.480 --> 1:04:14.280
<v Speaker 3>the renovation of that building and the city another sixteen

1:04:14.360 --> 1:04:18.439
<v Speaker 3>years and still on it today. We still make money

1:04:18.480 --> 1:04:20.680
<v Speaker 3>off that building and have been making money off that

1:04:20.800 --> 1:04:23.880
<v Speaker 3>building for thirty five plus years.

1:04:34.560 --> 1:04:37.680
<v Speaker 1>This has been a masterclass everybody. If you did not

1:04:37.840 --> 1:04:40.040
<v Speaker 1>know any about real estate development, he just walked you

1:04:40.160 --> 1:04:46.520
<v Speaker 1>through how he built an empire, and he unpacked a

1:04:46.600 --> 1:04:49.800
<v Speaker 1>critical deal which triggered every other deal in many ways.

1:04:50.320 --> 1:04:52.800
<v Speaker 1>He talked to you about humble beginnings. He talked to

1:04:52.800 --> 1:04:58.720
<v Speaker 1>you about his grandfather. His grandfather, a doorman, had relationship

1:04:58.760 --> 1:05:01.960
<v Speaker 1>capital because everybody coming in out of that hotel he

1:05:02.080 --> 1:05:05.080
<v Speaker 1>got to know. He talked about how his mother built

1:05:05.120 --> 1:05:08.680
<v Speaker 1>relationship capital and his father helped him. His father was

1:05:08.960 --> 1:05:11.480
<v Speaker 1>a hard worker. Don your story, my story is so

1:05:12.400 --> 1:05:14.800
<v Speaker 1>are so similar in so many ways. We don't have

1:05:14.840 --> 1:05:17.720
<v Speaker 1>time to go into it. But it is heartwarming to

1:05:17.800 --> 1:05:20.080
<v Speaker 1>me to know because I didn't know all this backstory.

1:05:20.160 --> 1:05:24.200
<v Speaker 1>How there's so much sympatico here. But he talked about

1:05:24.240 --> 1:05:25.840
<v Speaker 1>and this is the most important thing I want people

1:05:25.880 --> 1:05:30.280
<v Speaker 1>to listen to here, integrity. Integrity. He could have taken

1:05:30.320 --> 1:05:33.440
<v Speaker 1>the short route a couple of times. He could have

1:05:34.280 --> 1:05:38.439
<v Speaker 1>been about himself, But he told the mayor, the then mayor,

1:05:38.760 --> 1:05:41.080
<v Speaker 1>Marion Barry, if you don't like this deal, now he's

1:05:41.120 --> 1:05:44.160
<v Speaker 1>got the money at risk. Now. It is the second

1:05:44.680 --> 1:05:46.440
<v Speaker 1>risky thing he'd done on this property. First of all,

1:05:46.480 --> 1:05:49.400
<v Speaker 1>he went into the contract without having gone back. He

1:05:49.440 --> 1:05:51.959
<v Speaker 1>could have gone to the mayor in advance and tried

1:05:52.000 --> 1:05:54.040
<v Speaker 1>to reassure him that this was a good deal. He

1:05:54.040 --> 1:05:55.920
<v Speaker 1>could have gone to the city council purpose person, but

1:05:56.000 --> 1:05:58.200
<v Speaker 1>by the way they would have set him up. The

1:05:58.240 --> 1:06:01.000
<v Speaker 1>importers then could have suggested that this was some kind

1:06:01.000 --> 1:06:04.480
<v Speaker 1>of a cooked agreement, some kind of a not fraud

1:06:04.560 --> 1:06:06.480
<v Speaker 1>but bribery or whatever. They could have made something of all.

1:06:06.480 --> 1:06:09.040
<v Speaker 1>You gave them free dinners and lunches or whatever. He

1:06:09.160 --> 1:06:11.720
<v Speaker 1>stayed clear of all that. He did his deal on

1:06:11.840 --> 1:06:16.160
<v Speaker 1>the on the strength of the transaction went undercut. His

1:06:16.320 --> 1:06:20.000
<v Speaker 1>competition could have taken more money, but it wasn't greedy. Undercut.

1:06:20.080 --> 1:06:22.480
<v Speaker 1>It made it true, it was competitive, tightened it up,

1:06:23.000 --> 1:06:25.520
<v Speaker 1>put at himself at a risk, because you cannot do

1:06:25.600 --> 1:06:28.600
<v Speaker 1>anything in life without putting yourself on the front lines.

1:06:29.080 --> 1:06:30.880
<v Speaker 1>He backed his own deal. Then he went to the

1:06:30.960 --> 1:06:33.640
<v Speaker 1>mayor and then they had to wait and said, look,

1:06:33.680 --> 1:06:35.680
<v Speaker 1>if it doesn't work out, if you don't like it,

1:06:35.880 --> 1:06:38.640
<v Speaker 1>that's fine with me. I'll recover. But my relationship with

1:06:38.680 --> 1:06:40.920
<v Speaker 1>you is that important. I did the same thing with

1:06:41.000 --> 1:06:44.080
<v Speaker 1>Tony Rester Michael Arraghetty when I sold Promise Homes Company.

1:06:44.760 --> 1:06:47.360
<v Speaker 1>I could have sold it at at a much higher price.

1:06:47.360 --> 1:06:49.000
<v Speaker 1>I could have sold it a much lower price, but

1:06:49.080 --> 1:06:52.960
<v Speaker 1>I simply said, whatever you guys want to do, you're

1:06:53.000 --> 1:06:55.720
<v Speaker 1>my partners here. I want to honor my commitment to you.

1:06:55.880 --> 1:06:58.160
<v Speaker 1>Get you in and out in five years. And ultimately

1:06:58.200 --> 1:07:00.400
<v Speaker 1>they did exactly what you did with Marion. Barry said no,

1:07:00.520 --> 1:07:03.000
<v Speaker 1>we're with you, but I was willing to take much

1:07:03.120 --> 1:07:06.280
<v Speaker 1>less to keep my word. He did that. That was

1:07:06.440 --> 1:07:08.160
<v Speaker 1>a big deal I did on Promise Homes Company. He

1:07:08.280 --> 1:07:12.320
<v Speaker 1>did that on his first deal. And the way he

1:07:12.440 --> 1:07:14.440
<v Speaker 1>did it allowed him to talk to that reporter with

1:07:14.560 --> 1:07:17.880
<v Speaker 1>a straight face and with integrity. And it was nothing

1:07:17.960 --> 1:07:21.600
<v Speaker 1>that reporter could do but report the news. I mean,

1:07:21.640 --> 1:07:23.720
<v Speaker 1>there was no you couldn't make it up. It was

1:07:23.760 --> 1:07:26.920
<v Speaker 1>nothing to make up. Now it's you could they All

1:07:26.960 --> 1:07:28.800
<v Speaker 1>he did was give you great advertiser on the front

1:07:28.840 --> 1:07:31.880
<v Speaker 1>page of the local paper. Ultimately and made you the

1:07:32.000 --> 1:07:35.760
<v Speaker 1>guy made you part of the club. As the guy said, really,

1:07:36.200 --> 1:07:37.960
<v Speaker 1>welcome to the club. You've been hit at, you've been

1:07:38.040 --> 1:07:40.000
<v Speaker 1>knocked on your head. Now welcome to the club. So

1:07:40.080 --> 1:07:42.760
<v Speaker 1>another message for everybody. I rather you respect me and

1:07:42.840 --> 1:07:45.640
<v Speaker 1>learn to like me, then like me and never respect me.

1:07:46.200 --> 1:07:50.680
<v Speaker 1>And what Don has built is a global reputation of respect.

1:07:51.360 --> 1:07:54.360
<v Speaker 1>And people also like him. They know when you when

1:07:54.360 --> 1:07:57.000
<v Speaker 1>he shakes your hand, you've got a deal. He'll keep

1:07:57.080 --> 1:07:59.320
<v Speaker 1>his word. He is a man of integrity. So many

1:07:59.400 --> 1:08:03.640
<v Speaker 1>lessons here you had really a masterclass and up from

1:08:03.680 --> 1:08:08.320
<v Speaker 1>nothing real estate development and integrity and relationship management. Whoever

1:08:08.400 --> 1:08:11.720
<v Speaker 1>you are, where you come from. With no financial capital

1:08:11.720 --> 1:08:16.639
<v Speaker 1>at all, work ethic, hustle, your own developed relationship capital,

1:08:17.360 --> 1:08:21.800
<v Speaker 1>and your own innovation and creativity, you can be immensely successful. Don.

1:08:21.920 --> 1:08:24.120
<v Speaker 1>In the last couple of minutes, we have what comes

1:08:24.200 --> 1:08:26.120
<v Speaker 1>next for you? You got your son and your business.

1:08:26.200 --> 1:08:29.599
<v Speaker 1>Now I've met him is really impressive. I love your

1:08:29.640 --> 1:08:32.800
<v Speaker 1>whole family. What's come next for you? And what last

1:08:32.840 --> 1:08:34.479
<v Speaker 1>piece of wisdom do you want to leave with the audience?

1:08:35.240 --> 1:08:38.160
<v Speaker 4>Well, I mean so and they both kind of both connected.

1:08:38.240 --> 1:08:40.720
<v Speaker 3>So I think what was the one of the more

1:08:40.760 --> 1:08:45.479
<v Speaker 3>important things about you know, my trajectory, aside from the

1:08:45.560 --> 1:08:48.720
<v Speaker 3>building of relationships and a reciprocal relationship, I always wanted

1:08:48.760 --> 1:08:49.639
<v Speaker 3>to create value.

1:08:49.680 --> 1:08:51.160
<v Speaker 4>I didn't ask Barry to mentor me.

1:08:51.600 --> 1:08:55.360
<v Speaker 3>I made myself valuable to him, valuable as a fundraiser,

1:08:55.800 --> 1:08:58.600
<v Speaker 3>valuable did a great job on the property assessment of

1:08:58.640 --> 1:09:00.960
<v Speaker 3>pill abortion. I told him, you will never get a

1:09:01.080 --> 1:09:04.519
<v Speaker 3>call about this board. You will never see a bad

1:09:04.640 --> 1:09:08.040
<v Speaker 3>article about this board. This borders run and you will

1:09:08.080 --> 1:09:11.200
<v Speaker 3>look good, and it will respond to the average person

1:09:11.720 --> 1:09:14.600
<v Speaker 3>because they couch out to the commercial property owners, but

1:09:14.720 --> 1:09:16.599
<v Speaker 3>not to the people who voted for Barrier. I said

1:09:16.680 --> 1:09:19.439
<v Speaker 3>this board. I will take this board and it will

1:09:19.479 --> 1:09:22.479
<v Speaker 3>be an asset for you and not a liability. And

1:09:22.560 --> 1:09:26.320
<v Speaker 3>so I tried to always perform. But you know it

1:09:26.520 --> 1:09:31.560
<v Speaker 3>was my motivation to make money was really to be

1:09:31.920 --> 1:09:34.720
<v Speaker 3>able to pay my bills, to earn a living. It

1:09:34.920 --> 1:09:38.280
<v Speaker 3>wasn't hey, I needed to accumulate all these things. It

1:09:38.439 --> 1:09:42.479
<v Speaker 3>was more about I wanted to be comfortable, but I

1:09:42.520 --> 1:09:44.880
<v Speaker 3>also wanted to have a purpose, and a sense of

1:09:44.920 --> 1:09:47.760
<v Speaker 3>purpose is to knock down these barriers. I mean doctor King,

1:09:47.840 --> 1:09:52.040
<v Speaker 3>Andrew Young, Jesse Jackson John Lewis. They didn't fight and

1:09:52.120 --> 1:09:55.280
<v Speaker 3>struggled so that I could make some more dollars and

1:09:56.000 --> 1:09:59.720
<v Speaker 3>spend it on myself. You know, Doctor King didn't die

1:10:00.000 --> 1:10:02.400
<v Speaker 3>and give his life so that people like me could

1:10:02.479 --> 1:10:05.040
<v Speaker 3>just make some money and you know, keep it to ourselves.

1:10:05.120 --> 1:10:09.600
<v Speaker 3>And so I feel a greatest sense of purpose. And

1:10:09.680 --> 1:10:13.720
<v Speaker 3>so I use business as a tool of transformation. It's

1:10:13.760 --> 1:10:18.920
<v Speaker 3>a it's a tool where I can provide access to opportunities,

1:10:19.320 --> 1:10:22.160
<v Speaker 3>and ownership is the essence of power, and so I

1:10:22.240 --> 1:10:23.720
<v Speaker 3>want to hire a contractor.

1:10:24.439 --> 1:10:25.080
<v Speaker 1>I can do that.

1:10:25.479 --> 1:10:28.200
<v Speaker 3>When I built the last building we did in New York,

1:10:28.240 --> 1:10:31.000
<v Speaker 3>we just finished it a little while ago. I bought

1:10:31.040 --> 1:10:33.880
<v Speaker 3>it from the City of New York and and part

1:10:34.040 --> 1:10:36.920
<v Speaker 3>in a competitive process. And when we did the interview,

1:10:37.080 --> 1:10:39.760
<v Speaker 3>they said, you committed to twenty percent minority and women

1:10:39.840 --> 1:10:43.760
<v Speaker 3>owned business contracting. No one's the government can't even get

1:10:43.800 --> 1:10:45.599
<v Speaker 3>to those numbers. How in the world do you think

1:10:45.600 --> 1:10:47.200
<v Speaker 3>you're going to get to those numbers. You're not ever

1:10:47.240 --> 1:10:49.200
<v Speaker 3>going to get to those numbers. And I said, well,

1:10:49.320 --> 1:10:50.800
<v Speaker 3>we're going to really work hard to try, but I

1:10:50.840 --> 1:10:52.760
<v Speaker 3>think we'll get to the twenty percent numbers. And it's

1:10:52.800 --> 1:10:56.360
<v Speaker 3>our first building in New York and about a five

1:10:56.479 --> 1:10:58.439
<v Speaker 3>hundred and eighty million dollar project.

1:10:58.960 --> 1:10:59.200
<v Speaker 1>Wow.

1:10:59.840 --> 1:11:04.799
<v Speaker 3>So I brought in a construction company, a construction manager.

1:11:05.520 --> 1:11:09.920
<v Speaker 3>It's actually the oldest black owned construction company in the country, mckizac.

1:11:10.280 --> 1:11:12.760
<v Speaker 3>I brought in Gerald mckizac and I said, look, I

1:11:12.840 --> 1:11:15.320
<v Speaker 3>want you to oversee the contractor, and I want you

1:11:15.400 --> 1:11:18.000
<v Speaker 3>to make sure that we do better than twenty percent

1:11:18.520 --> 1:11:20.960
<v Speaker 3>minority in women owned business contract and so I'm hiring

1:11:21.040 --> 1:11:23.400
<v Speaker 3>your company to do that. And so we need to

1:11:23.479 --> 1:11:26.000
<v Speaker 3>set up a structure and a system that we can

1:11:26.080 --> 1:11:28.280
<v Speaker 3>excel it. And she said, well, how much time are

1:11:28.320 --> 1:11:29.760
<v Speaker 3>you going to be willing to commit? I said, well,

1:11:29.800 --> 1:11:31.360
<v Speaker 3>what do you mean? She said, well, one way to

1:11:31.439 --> 1:11:32.880
<v Speaker 3>do it. Part of this is going to be you

1:11:33.000 --> 1:11:35.720
<v Speaker 3>need to approve every contract so you can push it back.

1:11:36.160 --> 1:11:41.000
<v Speaker 3>And so ultimately we set up a system. I approved

1:11:41.000 --> 1:11:44.280
<v Speaker 3>every subcontractor came with a decision memo random that I

1:11:44.439 --> 1:11:48.879
<v Speaker 3>learned from Barry about here's a contract, here are the options,

1:11:48.920 --> 1:11:50.920
<v Speaker 3>and it would tell me who it was, what they did.

1:11:50.960 --> 1:11:54.599
<v Speaker 3>Were they a minority or women own firm and they weren't,

1:11:54.800 --> 1:11:57.960
<v Speaker 3>why not? What were the three bids and so on?

1:11:58.160 --> 1:12:00.600
<v Speaker 3>So I could send it back and so one of

1:12:00.640 --> 1:12:02.280
<v Speaker 3>the building, one of the one of the contracts we

1:12:02.680 --> 1:12:06.720
<v Speaker 3>looked at was the facade contract got came to me

1:12:06.880 --> 1:12:11.000
<v Speaker 3>and it was a nominated is done the exterior walls.

1:12:11.040 --> 1:12:13.639
<v Speaker 3>So it was a historic landmark building that was about

1:12:13.720 --> 1:12:16.920
<v Speaker 3>five hundred thousand square feet and the original New York

1:12:17.000 --> 1:12:20.920
<v Speaker 3>Life Insurance Company headquarters. And so we were restoring the

1:12:21.040 --> 1:12:25.160
<v Speaker 3>limestone facade around this giant building. And so the contract

1:12:25.320 --> 1:12:30.680
<v Speaker 3>to restore the exterior walls was forty million dollars. And

1:12:31.400 --> 1:12:35.320
<v Speaker 3>so just that contract, just that contract, and so the

1:12:35.439 --> 1:12:38.439
<v Speaker 3>lowest price wasn't wasn't with a black owned.

1:12:38.280 --> 1:12:39.400
<v Speaker 1>Firm, okay.

1:12:39.479 --> 1:12:43.840
<v Speaker 3>And but the contract that was submitted to me was

1:12:44.000 --> 1:12:48.519
<v Speaker 3>for the next lowest bidder, a non minority firm. And

1:12:48.640 --> 1:12:53.640
<v Speaker 3>the reason was because the minority firm couldn't, uh, you know,

1:12:54.360 --> 1:12:55.880
<v Speaker 3>they were not able to.

1:12:56.000 --> 1:12:59.799
<v Speaker 4>Bond the job, so right, they couldn't.

1:12:59.840 --> 1:13:01.560
<v Speaker 3>They they had a bond they could bond half of

1:13:01.640 --> 1:13:04.640
<v Speaker 3>their bonding capacity is about twenty five million dollars, and

1:13:05.200 --> 1:13:08.000
<v Speaker 3>the bank would not give us any relief on that

1:13:08.560 --> 1:13:12.519
<v Speaker 3>on the bond. So the general contractor wanted to pick

1:13:12.960 --> 1:13:16.200
<v Speaker 3>the non minority firm. But the schedule also it has

1:13:16.240 --> 1:13:18.920
<v Speaker 3>a schedule in the contracts, and everybody was around the

1:13:19.000 --> 1:13:22.439
<v Speaker 3>same time period about two years, right, So I said,

1:13:22.479 --> 1:13:25.240
<v Speaker 3>go back to I told my team, go back to

1:13:25.840 --> 1:13:28.720
<v Speaker 3>the minority firm and this firm that you want to hire,

1:13:28.720 --> 1:13:31.000
<v Speaker 3>and ask them if does that mean that half the

1:13:31.040 --> 1:13:34.720
<v Speaker 3>building gets done in a year. And so they come

1:13:34.800 --> 1:13:37.160
<v Speaker 3>back and they give us a schedule for half the building.

1:13:37.680 --> 1:13:40.240
<v Speaker 3>If they only did half, it's about, you know, a

1:13:40.600 --> 1:13:43.160
<v Speaker 3>fourteen months or so for each one of them, basically

1:13:43.200 --> 1:13:46.160
<v Speaker 3>around and the price goes up a little bit. And

1:13:46.840 --> 1:13:48.479
<v Speaker 3>so I said, okay, we're going to give we're split

1:13:48.520 --> 1:13:50.320
<v Speaker 3>in the building up and we're going to give the

1:13:50.360 --> 1:13:52.760
<v Speaker 3>minority contractor half and we're going to do the other

1:13:52.840 --> 1:13:55.800
<v Speaker 3>one half. And while it's going to take us it's

1:13:55.800 --> 1:13:57.200
<v Speaker 3>going to cost us a little more money, we're going

1:13:57.240 --> 1:13:59.280
<v Speaker 3>to make up for it because we're going to finish

1:13:59.680 --> 1:14:02.640
<v Speaker 3>this at least eight months earlier on the exterior, so

1:14:02.760 --> 1:14:04.400
<v Speaker 3>we'll be able to get the windows in and other

1:14:04.479 --> 1:14:09.760
<v Speaker 3>stuff faster. And so we did that and that's how

1:14:09.800 --> 1:14:11.800
<v Speaker 3>we were able to finish. And so we finished the

1:14:11.880 --> 1:14:14.160
<v Speaker 3>project and we had thirty eight and a half percent

1:14:14.600 --> 1:14:17.559
<v Speaker 3>minority contracting. And I was told I couldn't get twenty.

1:14:18.240 --> 1:14:20.760
<v Speaker 3>But that's why A big part of why I do

1:14:20.880 --> 1:14:23.960
<v Speaker 3>what I do, because it gives me the chance to

1:14:24.600 --> 1:14:28.439
<v Speaker 3>provide opportunities instead of standard that if my company can

1:14:28.520 --> 1:14:31.600
<v Speaker 3>do it, then the government should have the expectations of

1:14:31.720 --> 1:14:37.639
<v Speaker 3>all these other developers the same thing, and so changing

1:14:37.760 --> 1:14:41.439
<v Speaker 3>the marketplace and the expectations. But so I think that

1:14:41.520 --> 1:14:44.400
<v Speaker 3>if you're going to be successful, I think you want

1:14:44.400 --> 1:14:47.000
<v Speaker 3>to operate with integrity. You want to operate with a

1:14:47.160 --> 1:14:50.360
<v Speaker 3>long term view. My mother taught me to think long term.

1:14:50.479 --> 1:14:52.720
<v Speaker 3>I mean that's a big thing for her. Think long term,

1:14:52.840 --> 1:14:58.439
<v Speaker 3>not short term, long long term deferred gratification. And so

1:14:59.120 --> 1:15:00.960
<v Speaker 3>you want to look that way, but you have to

1:15:01.000 --> 1:15:01.920
<v Speaker 3>have a sense of purpose.

1:15:02.400 --> 1:15:02.599
<v Speaker 1>Yep.

1:15:02.920 --> 1:15:03.479
<v Speaker 4>I think you know.

1:15:03.560 --> 1:15:06.560
<v Speaker 3>The purpose that I have is that I want to

1:15:07.600 --> 1:15:13.439
<v Speaker 3>expand economic opportunity for Black Americans. And so I'm willing

1:15:13.520 --> 1:15:18.360
<v Speaker 3>to continue to do this, have significant financial risk to

1:15:18.479 --> 1:15:21.800
<v Speaker 3>myself to grow the business because I believe if I

1:15:21.920 --> 1:15:25.400
<v Speaker 3>keep scaling the business up, it creates more and more opportunity,

1:15:25.520 --> 1:15:28.320
<v Speaker 3>and then hopefully the more developers like me and you

1:15:28.520 --> 1:15:32.760
<v Speaker 3>John that will do the same thing and we can

1:15:33.479 --> 1:15:36.720
<v Speaker 3>ultimately get our community to a place where we no

1:15:36.840 --> 1:15:40.719
<v Speaker 3>longer disproportionately carry the burdens of poverty. But we become

1:15:41.160 --> 1:15:47.240
<v Speaker 3>an economic factor in this country, and then many of

1:15:47.280 --> 1:15:50.880
<v Speaker 3>the issues that our community confronts will go away because

1:15:51.000 --> 1:15:53.800
<v Speaker 3>we'll have the financial resources to help ourselves.

1:15:54.160 --> 1:15:55.880
<v Speaker 1>There's a quote that I love to use. Don This

1:15:55.920 --> 1:15:58.000
<v Speaker 1>has been by the way, this has been absolutely great.

1:15:58.080 --> 1:16:01.080
<v Speaker 1>This is technically the longest podcasts I've ever done for

1:16:01.160 --> 1:16:05.040
<v Speaker 1>this series, but at every moment, every minute of it

1:16:05.200 --> 1:16:07.920
<v Speaker 1>was worthwhile. There's not a moment of it. I think

1:16:08.160 --> 1:16:10.080
<v Speaker 1>people will not sit on the edge of their seats.

1:16:10.479 --> 1:16:14.080
<v Speaker 1>I often tell people who don't understand capitalism and free enterprise,

1:16:14.200 --> 1:16:17.479
<v Speaker 1>and they think money is everything. Even if you want

1:16:17.479 --> 1:16:20.360
<v Speaker 1>to distribute money like a socialist, you have to first

1:16:20.400 --> 1:16:24.519
<v Speaker 1>collect it like a capitalist. And that eighty eight percent

1:16:24.560 --> 1:16:28.240
<v Speaker 1>of all jobs in America are private sector jobs. So

1:16:28.439 --> 1:16:31.320
<v Speaker 1>the government gets their money from the private sector. And

1:16:31.479 --> 1:16:33.559
<v Speaker 1>so if you want to have influence on your government,

1:16:34.280 --> 1:16:38.000
<v Speaker 1>you want to influence on your school district, your border counselors,

1:16:38.000 --> 1:16:42.240
<v Speaker 1>your city council. You want to influence on the infrastructure.

1:16:42.280 --> 1:16:45.200
<v Speaker 1>You want to have influence on the trajectory of your

1:16:45.320 --> 1:16:49.840
<v Speaker 1>community and your world. You want to become successful as

1:16:49.880 --> 1:16:52.560
<v Speaker 1>successful as you can be. You want to be a taxpayer,

1:16:53.040 --> 1:16:55.800
<v Speaker 1>you want to be on record, You want to have integrity,

1:16:55.840 --> 1:16:58.559
<v Speaker 1>So people come to you not just for a check,

1:16:58.640 --> 1:17:01.360
<v Speaker 1>but come for your counsel the company. Because you build

1:17:01.479 --> 1:17:04.960
<v Speaker 1>bring credibility to any endeavor you assign your name to.

1:17:05.680 --> 1:17:08.360
<v Speaker 1>So anybody listening to this, I want you to listen

1:17:08.400 --> 1:17:10.960
<v Speaker 1>to this two or three times and take notes, because

1:17:11.000 --> 1:17:14.360
<v Speaker 1>he really gave you a masterclass on how to build

1:17:14.680 --> 1:17:17.840
<v Speaker 1>something from nothing. Don in the last word here and

1:17:17.920 --> 1:17:19.320
<v Speaker 1>by the way, I just do it just so much. Here.

1:17:19.400 --> 1:17:21.960
<v Speaker 1>One of the things that really my heart sung when

1:17:21.960 --> 1:17:24.160
<v Speaker 1>you said it, you hit thirty eight percent of minority

1:17:24.240 --> 1:17:26.920
<v Speaker 1>contractors versus twenty they told you couldn't do twenty. One

1:17:26.960 --> 1:17:28.760
<v Speaker 1>of the reasons I stayed and wanted to build my

1:17:28.840 --> 1:17:31.560
<v Speaker 1>real estate companies was the bigger I made it, the

1:17:31.640 --> 1:17:36.479
<v Speaker 1>more minority contractors plumbing, heating, lighting, and roofing, landscaping, both

1:17:36.560 --> 1:17:41.920
<v Speaker 1>employment and contracts multimi dollar contracts I could let to people.

1:17:42.200 --> 1:17:45.479
<v Speaker 1>Which is sustainable wealth creation. It's not charity. It's not

1:17:45.600 --> 1:17:47.920
<v Speaker 1>a one off check or one off government check or

1:17:48.000 --> 1:17:50.800
<v Speaker 1>one off charity check. I can give you a charity

1:17:50.880 --> 1:17:53.719
<v Speaker 1>check for one thousand dollars or ten thousand dollars one time, maybe,

1:17:54.160 --> 1:17:56.400
<v Speaker 1>but I can give you contract for tens of millions

1:17:56.439 --> 1:17:59.719
<v Speaker 1>of dollars if the business will sustain it and you qualify.

1:18:00.479 --> 1:18:01.800
<v Speaker 1>That's what we got to get. We got to get

1:18:01.840 --> 1:18:04.280
<v Speaker 1>enough infrastructure for companies like yours and Mind and Russell

1:18:04.760 --> 1:18:07.840
<v Speaker 1>Russell Family and others so that we are collectively doing

1:18:07.920 --> 1:18:12.240
<v Speaker 1>so much business that we can literally employ employ not

1:18:12.400 --> 1:18:15.799
<v Speaker 1>just Black America, but underserved America on a sustainable basis.

1:18:16.479 --> 1:18:19.680
<v Speaker 1>What's the total assets under management right now? Or how

1:18:19.720 --> 1:18:22.240
<v Speaker 1>are you you know, I know private equity looks at

1:18:22.280 --> 1:18:24.599
<v Speaker 1>this a little differently, but how do you equate your

1:18:24.760 --> 1:18:30.240
<v Speaker 1>current success platform? Is it develop amount of development you've

1:18:30.280 --> 1:18:33.519
<v Speaker 1>done or assets you own? Now, what's that benchmark that

1:18:33.640 --> 1:18:36.240
<v Speaker 1>you have? You can leave the audience with the employees.

1:18:37.040 --> 1:18:43.080
<v Speaker 3>Michigan Cities as a company, we're focused more on our

1:18:43.160 --> 1:18:47.080
<v Speaker 3>pipeline because that really drives our revenue. That's six billions, yes,

1:18:47.439 --> 1:18:51.479
<v Speaker 3>and our goal is my twenty twenty six that we

1:18:51.680 --> 1:18:55.000
<v Speaker 3>have an ongoing pipeline of about ten billion dollars and

1:18:55.080 --> 1:18:58.840
<v Speaker 3>we just continue to add as we as we deliver

1:18:59.000 --> 1:19:02.479
<v Speaker 3>and add and so it as a as a it's

1:19:02.520 --> 1:19:03.759
<v Speaker 3>a development business.

1:19:04.120 --> 1:19:09.240
<v Speaker 4>On that pipeline. Our goal has been to do just

1:19:09.720 --> 1:19:13.479
<v Speaker 4>under right around forty percent of that in profit.

1:19:13.880 --> 1:19:16.479
<v Speaker 3>So if we you know, so that's about two point

1:19:16.520 --> 1:19:20.080
<v Speaker 3>four billion dollars and so and that pipeline is about

1:19:20.360 --> 1:19:24.760
<v Speaker 3>an eight year process, right, so you're adding and subtracting,

1:19:24.840 --> 1:19:27.439
<v Speaker 3>and but from beginning to end, all the that within

1:19:27.520 --> 1:19:31.559
<v Speaker 3>that pipeline now will be completed within eight years or less.

1:19:31.960 --> 1:19:34.080
<v Speaker 3>And so that's kind of how we measure. And then

1:19:34.520 --> 1:19:36.840
<v Speaker 3>we have been to grow our business that you know,

1:19:36.920 --> 1:19:41.000
<v Speaker 3>we really we we have developed for sale product, we

1:19:41.160 --> 1:19:44.200
<v Speaker 3>sold buildings, et cetera. And so now we're building a

1:19:44.400 --> 1:19:46.760
<v Speaker 3>series of businesses now. So one of the businesses that

1:19:46.840 --> 1:19:51.400
<v Speaker 3>we're doing is a where we are doing a series

1:19:51.439 --> 1:19:56.720
<v Speaker 3>one four a offering, which is a private placement that

1:19:56.960 --> 1:20:01.519
<v Speaker 3>ultimately will probably go public. But of our public private business,

1:20:02.080 --> 1:20:04.120
<v Speaker 3>which is a big core, about seventy five percent of

1:20:04.200 --> 1:20:06.280
<v Speaker 3>what we do, which I learned on that first deal,

1:20:06.439 --> 1:20:09.200
<v Speaker 3>we're doing business with the government. So either we're buying

1:20:09.280 --> 1:20:13.040
<v Speaker 3>building sites from the government or we're buying buildings from

1:20:13.080 --> 1:20:15.479
<v Speaker 3>the government and then redeveloping. And that's about seventy five

1:20:15.520 --> 1:20:17.519
<v Speaker 3>percent of our business part and that company is called

1:20:17.520 --> 1:20:22.639
<v Speaker 3>Affirmation partners and Raymond James is launching that offering next week,

1:20:23.040 --> 1:20:24.719
<v Speaker 3>and so that's one of the things that we're building.

1:20:24.760 --> 1:20:27.920
<v Speaker 3>We're also looking to build a private equity fund business

1:20:28.640 --> 1:20:30.920
<v Speaker 3>to deploy capital to black.

1:20:30.840 --> 1:20:33.479
<v Speaker 4>Entrepreneurs and women entrepreneurs who.

1:20:33.600 --> 1:20:36.320
<v Speaker 3>Have had very limited access to capital, so that we

1:20:36.400 --> 1:20:40.880
<v Speaker 3>can create more opportunities there. But then and then we

1:20:41.040 --> 1:20:44.720
<v Speaker 3>have a robust condo development business in Florida, and that

1:20:44.840 --> 1:20:47.080
<v Speaker 3>was kind of the keys of our business. But it's

1:20:47.120 --> 1:20:53.160
<v Speaker 3>about creating you know, economic performance and then you know,

1:20:53.360 --> 1:20:56.760
<v Speaker 3>growing our business to keep scaling it up and so

1:20:57.800 --> 1:20:59.760
<v Speaker 3>you know, so that's kind of how we measure but

1:20:59.840 --> 1:21:02.639
<v Speaker 3>we measured by a number of buildings and a number.

1:21:02.560 --> 1:21:03.400
<v Speaker 4>And dollar amounts.

1:21:03.479 --> 1:21:05.760
<v Speaker 3>I mean, that's right, the best example of kind of

1:21:05.840 --> 1:21:07.240
<v Speaker 3>measuring us in terms of size.

1:21:07.720 --> 1:21:11.280
<v Speaker 1>So a developer will develop a project audience for their

1:21:11.320 --> 1:21:14.519
<v Speaker 1>own account but also for others, uh, and they deliver

1:21:14.680 --> 1:21:18.240
<v Speaker 1>those products through a pipeline of develop a development process,

1:21:18.880 --> 1:21:21.840
<v Speaker 1>and when they deliver it, they are rewarded for that.

1:21:22.280 --> 1:21:25.960
<v Speaker 1>And sometimes it's fee income and sometimes it's ownership, and

1:21:26.040 --> 1:21:29.600
<v Speaker 1>sometimes it's a combination of both. What you've heard is

1:21:30.200 --> 1:21:33.519
<v Speaker 1>literally a masterclass and Don and I he didn't know this.

1:21:33.680 --> 1:21:35.360
<v Speaker 1>I didn't know this about him. He know this about me.

1:21:35.680 --> 1:21:38.680
<v Speaker 1>But we both started with government service. We volunteered on

1:21:38.800 --> 1:21:41.880
<v Speaker 1>a committee, and we had integrity about that process. We're

1:21:41.880 --> 1:21:44.560
<v Speaker 1>about giving, not getting, and but we used it. We

1:21:44.640 --> 1:21:49.479
<v Speaker 1>built relationship capital serving on those volunteer boards and as

1:21:49.520 --> 1:21:52.640
<v Speaker 1>he said, we would have paid to be there. This

1:21:52.800 --> 1:21:56.680
<v Speaker 1>is John O'Briant, it's my friend Don Peeples. This is

1:21:56.920 --> 1:21:59.800
<v Speaker 1>Money and Wealth, and this is a special episode that

1:22:00.120 --> 1:22:03.000
<v Speaker 1>I probably is my first, other than my conversation with

1:22:03.040 --> 1:22:08.320
<v Speaker 1>Michael Milkin, probably is my first masterclass in a certain area.

1:22:08.439 --> 1:22:11.160
<v Speaker 1>And this is real estate development. I hope you enjoyed it.

1:22:11.760 --> 1:22:14.960
<v Speaker 1>Share it with everybody you know. Love and life. Let's

1:22:15.080 --> 1:22:32.080
<v Speaker 1>go Money and Wealth with John O'Brien is a production

1:22:32.280 --> 1:22:35.599
<v Speaker 1>of the Black Effect Podcast Network. For more podcasts from

1:22:35.640 --> 1:22:40.000
<v Speaker 1>the Black Effect Podcast Network, visit the iHeartRadio app, Apple Podcasts,

1:22:40.479 --> 1:24:09.760
<v Speaker 1>or wherever you listen to your favorite shows. Protect Tempts, Peepers,