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Speaker 5: H M. So we did, we did.
Speaker 6: We did two interviews in Atlanta yesterday in our Atlanta
Speaker 6: headquarters for the for the week, and the second of
Speaker 6: the two was somebody that is doing a double hitter
Speaker 6: for us.
Speaker 5: They did a podcast for us yesterday.
Speaker 6: She's doing a live podcast for today. So real estate,
Speaker 6: that's what you guys are here for. You all want
Speaker 6: to know about real estate. It's like the new everything. Everything, everybody,
Speaker 6: everything is real estate, which is very very Watson is
Speaker 6: one of the top realtors and Metro Atlanta area. She
Speaker 6: is the top five percent producing real TOA. But the
Speaker 6: thing I like about her is that she's not only
Speaker 6: a realtor.
Speaker 5: She has her own firm. She's an entrepreneur.
Speaker 6: She has a firm Keanu Watson and associates, and she's
Speaker 6: just really, really, really smart, dynamic person. And when we
Speaker 6: spoke to her yesterday was really an education for me
Speaker 6: because you know, we cover real estate a lot, but
Speaker 6: we never got it from a realtist perspective. So she
Speaker 6: gave us a lot of game and insight and sure
Speaker 6: she's going to share the same today. So without further ado,
Speaker 6: Keanu Watson, Keanu, what's up?
Speaker 7: Hello everybody? How you doing today? We're good, good, welcome back,
Speaker 7: glad to be here.
Speaker 2: Yeah.
Speaker 5: So, yes, well I was wondering why you were late.
Speaker 4: Well worth well worth it, I understand, I understand, God,
Speaker 4: we got it.
Speaker 5: It all makes sense.
Speaker 4: Well we look at like the African flag right now. Excellent,
Speaker 4: you look, you look, you look one amazing.
Speaker 6: So yeah, so once again, thank you for joining us
Speaker 6: back to back days. And yeah, you know, we we
Speaker 6: we really just really really enjoyed that conversation yesterday, so
Speaker 6: we wanted to extend it. So, first and foremost, you know,
Speaker 6: being a real to I think you have a unique
Speaker 6: perspective on real estate because you see it from a
Speaker 6: different angle as opposed to maybe a mortgage book or
Speaker 6: maybe just an investor. It's like you, you're on like
Speaker 6: every side of the situation, right, absolutely, So, all right,
Speaker 6: we're going to talk about realty, and we're going to
Speaker 6: talk about real estate, but the first thing I wanted
Speaker 6: to talk about is the entrepreneur side. So you were saying,
Speaker 6: like when you started, because you could have just continue
Speaker 6: to just be a realta and work for somebody, right,
Speaker 6: but you started your own company and now you employ
Speaker 6: other people. So what made you psychologically want to transition
Speaker 6: from working to actually being a boss.
Speaker 7: The truth of the matter is, I'm only one person.
Speaker 7: The Metro Atlanta area is huge. So when I first
Speaker 7: was moving around, if a lot of you guys followed
Speaker 7: me on social when I used to have a little
Speaker 7: hoster in my car, I'm going from Marietta to South
Speaker 7: Atlanta to Cascade, I go back up to Alpharetta back down.
Speaker 7: Just you know, working with about four or five clients
Speaker 7: a day. You're doing that from seven am to like
Speaker 7: ten o'clock at night. You like, wait a minute. You know,
Speaker 7: I'm making money, but I can't even.
Speaker 3: Enjoy the money. I can't even enjoy the.
Speaker 7: Time because I'm always moving. So the reason I created
Speaker 7: Keanu Washston Associates is like, look, I need to make
Speaker 7: sure that I hire some people, some agents that are qualified,
Speaker 7: that are intellectual, that know what they're doing, because I
Speaker 7: got to refer to some of these people out and
Speaker 7: then on the on the flip end of that, that's
Speaker 7: a residual income for me, you know.
Speaker 3: So that's the that's the main reason for doing so.
Speaker 7: You you train them, you get them out there, and
Speaker 7: now I have a group of women and I'm gonna
Speaker 7: ad some mails later I'm asking, but I have a
Speaker 7: group that are able to get out here and service
Speaker 7: the client's real estate needs and we're building generational wealth.
Speaker 3: That's the goal.
Speaker 2: Yeah.
Speaker 4: One of the things we spoke about yes Sday allot
Speaker 4: was systems and having those systems.
Speaker 5: Put in place.
Speaker 4: Was there an event that caused you to say, you
Speaker 4: know what I have to I can't do this anymore.
Speaker 2: This is enough.
Speaker 5: I had enough.
Speaker 3: Oh, absolutely.
Speaker 7: So I used to have on any given day, I
Speaker 7: would have about six clients I'm talking to, maybe maybe
Speaker 7: sometimes seven, depending on how much I can squeeze in
Speaker 7: one and a half hours, each person thirty minutes to
Speaker 7: get to each location. So one day I'm out and
Speaker 7: about and I got a client sitting at my office
Speaker 7: waiting for a consultation. I forgot I'm out showing houses.
Speaker 7: I'm just running house to house. I literally forgot that
Speaker 7: I had this person waiting, and they were not pleased,
Speaker 7: you know.
Speaker 3: I apologized, and I lost that client.
Speaker 7: And by the time I lost that client, I was like,
Speaker 7: I got to step back.
Speaker 3: I need to create systems.
Speaker 7: I'm only one person and I'm doing a disservice by
Speaker 7: trying to be everything to everybody. So I wrote down
Speaker 7: my processes and I was like, it's time for Keanu
Speaker 7: Watson Associates.
Speaker 5: And hence the birth the birth.
Speaker 6: No, that's just that's extremely important, especially for anybody that's
Speaker 6: interested in businesses. Having we talked about that as far
Speaker 6: as McDonald's, right, like your franchise own of McDonald's, nothing
Speaker 6: is every They have a six hundred page book how
Speaker 6: you fold the napkins how the ketchup should be placed.
Speaker 6: They have a system in place. All you gotta do
Speaker 6: is just follow the system. A lot of times, don't
Speaker 6: you got to run your small business your life like McDonald's,
Speaker 6: Like you got to have a system. You're just winging it.
Speaker 6: You're just gonna just be flying by that. And that's
Speaker 6: a perfect example. It's like you're just winging it, and
Speaker 6: now you're just making a bunch of mistakes left and right.
Speaker 3: You make a lot of mistakes.
Speaker 7: I think that a lot of times as entrepreneurs, you
Speaker 7: get into business and all the information is in your head,
Speaker 7: you know what to do, and you didn't think that
Speaker 7: in three years, two years, or even a year, if
Speaker 7: you're blessed and you just you know, you blow up,
Speaker 7: that you may need to add people on. So I
Speaker 7: would say, the moment you decide to join become an entrepreneur,
Speaker 7: write down your systems. If your systems are great, write
Speaker 7: them down. If they're not, write them down so you
Speaker 7: can find the loopholes in your system to make them better.
Speaker 7: Because but by the time you're training other people, you
Speaker 7: need to have your you need to have your systems
Speaker 7: in place or they won't be great.
Speaker 3: And then it defeats the purpose of you creating the team.
Speaker 5: So Atlanta.
Speaker 6: We're in Atlanta right now, and I think I like
Speaker 6: about Atlanta.
Speaker 5: Atlanta like Houston.
Speaker 6: It's like when we was out there, everybody that we
Speaker 6: ran into was like, I have the largest black dump
Speaker 6: truck company.
Speaker 4: You have the largest black sanitation everybody.
Speaker 6: Everybody had the largest black largest black fish tank company.
Speaker 5: Like everything. It's like, it's like.
Speaker 6: The whole vibe is just really really encouraging. So being
Speaker 6: out we're in Atlanta, we're going to talk about Atlanta specifically.
Speaker 5: You're a realta right right. Atlanta is blowing up.
Speaker 6: We got the Mercedes Benz Stadium, we got the belt Line,
Speaker 6: all that.
Speaker 5: Georgia Aquarium right here.
Speaker 6: What's the hottest people want to invest and they might
Speaker 6: want to invest in Atlanta.
Speaker 5: You are realta.
Speaker 6: You know the properties, what's the best areas in Atlanta
Speaker 6: right now? And what's the up and coming areas to
Speaker 6: invest in.
Speaker 7: Okay, if you're going to invest in Atlanta, you need
Speaker 7: to invest in Atlanta.
Speaker 3: You know, we say we.
Speaker 7: Live in Atlanta when you actually live in Gwenette County,
Speaker 7: when you actually live in the cab County, you actually
Speaker 7: are not within the city. If you are looking to
Speaker 7: invest in Atlanta, you want to make a purchase, you
Speaker 7: need to purchase in town specifically, just because I know
Speaker 7: these numbers. If you're looking to purchase in town, you
Speaker 7: going to West Atlanta three h three one eight. That's
Speaker 7: the upcoming area. They have a huge West West Atlanta
Speaker 7: project coming. The appreciation values are around twelve year over
Speaker 7: year right now.
Speaker 3: That's before the project is even finished. Go over there.
Speaker 7: The next spot I will say you want to focus
Speaker 7: on is what it's East East Atlanta is next three
Speaker 7: or three one six. That particular area has the appreciation
Speaker 7: value right now. I was looking up the other day.
Speaker 7: I want to say about eight percent. So you're looking
Speaker 7: at that's just right now before they continue to finish,
Speaker 7: before they finish building. So that's close to the city.
Speaker 7: You're talking fifteen to twenty minutes to downtown. And the
Speaker 7: next place you want to invest in is the city
Speaker 7: of Decatur.
Speaker 3: Three zero zero three two and three zero zero three zero.
Speaker 3: Those are the two areas.
Speaker 7: They have a twenty one percent twenty one percent growth
Speaker 7: and tho in those areas. And I say that to
Speaker 7: say those areas are gentrifying.
Speaker 5: Those are not.
Speaker 3: Those are areas that are in transition.
Speaker 7: We need to make sure we invest in those areas
Speaker 7: because the next time they say, oh, you know, they
Speaker 7: gentrified our area, we couldn't afford it. I'm out here,
Speaker 7: I'm working with people every day. You can't afford to
Speaker 7: live in these areas. You don't want to so face
Speaker 7: the facts in ten years from now, if you didn't
Speaker 7: invest in that area and now you can afford, it
Speaker 7: is your fault.
Speaker 2: All right.
Speaker 4: So in these areas, right, what are you said? The
Speaker 4: inflation rate? Not inflation, I appreciate apreciation rate. I'm sorry,
Speaker 4: it's increasing. Is that public knowledge?
Speaker 2: And too?
Speaker 5: Some of it is okay? And then what are some
Speaker 5: other indicators? Right?
Speaker 4: If I'm moving to this area, col what should I
Speaker 4: be looking at? Because most time, I mean, I'm kind
Speaker 4: of like knowledgable, but most people just.
Speaker 5: Look at yo, it's the school district. Good, all right,
Speaker 5: I'm going there.
Speaker 3: Development.
Speaker 7: You got to keep your eyes on the developments and
Speaker 7: what's going on in the area. You know, when you
Speaker 7: know what's coming up, that's when you know what's going
Speaker 7: to bring people, you know, I mean, the cliche thing
Speaker 7: to say is you know there's a Chick fil A,
Speaker 7: there's a Starbucks, there's a Chipotle. Something's happening right now.
Speaker 7: But no all jokes aside. I like to read magazines
Speaker 7: and I keep up to date with the developments. If
Speaker 7: you go to Curved Atlanta, you can go to different
Speaker 7: neighborhoods and see the upcoming developments that are taking place.
Speaker 7: You can see where the investors are putting their money
Speaker 7: by the time. If you follow where the investments are going,
Speaker 7: if you follow where the development is going, then you
Speaker 7: can follow the Okay, right now, this place saying hot,
Speaker 7: But think about the people that were able to buy
Speaker 7: in like the West End back in two thousand and six.
Speaker 3: You could buy a whole house over there for like
Speaker 3: ten thousand.
Speaker 7: Dollars, really ten thousand, twelve thousand dollars. And if those
Speaker 7: if you had the foresight when I first moved to Atlanta,
Speaker 7: then they were talking about the beltline. So if you
Speaker 7: had the foresight to invest in, and you can go
Speaker 7: back and sell that property now and make a couple.
Speaker 3: Hundred thousand dollars.
Speaker 7: See, that's about having foresight and keeping your ears to
Speaker 7: the market, and you can do that locally.
Speaker 3: You don't need an age.
Speaker 7: I mean, I want you to need an agent, but
Speaker 7: you could just read up on the areas and of
Speaker 7: course find somebody to represent your best interests in make
Speaker 7: a good decision.
Speaker 3: Curved Atlanta, Curved Atlanta.
Speaker 5: Okay, yep, that's a gym all right.
Speaker 6: So as far as a relator, right, you're more than
Speaker 6: just a relator because you help your client, you educate them, right.
Speaker 6: And we were talking a little bit yesterday about like
Speaker 6: different more like ten year fifteen year morar versus thirty
Speaker 6: year mortgage.
Speaker 5: And most people, you know, when you.
Speaker 6: Train and nobody, you know, we working class Envier Everents,
Speaker 6: we're not really trained about financial literacy. So it's like,
Speaker 6: get a thirty year mortgage, right, that's just you know,
Speaker 6: it's common sense because it's lower payments obviously in the
Speaker 6: fifteen year mortgage. But you were saying that might not
Speaker 6: necessarily be the best idea.
Speaker 7: No, it depends on your long term or short term goals.
Speaker 7: You have to understand every property is an investment. Even
Speaker 7: if you think the property you're going to be there forever,
Speaker 7: look at it as an investment because you can use
Speaker 7: that for several things. So a fifteen year mortgage is
Speaker 7: different than a thirty year mortgage, and I see some
Speaker 7: on top of just the years in the mortgage, just
Speaker 7: the mortgage tites. You know you got faha financing, You
Speaker 7: have conventional financing.
Speaker 3: Raise your hand. If you heard about the first time
Speaker 3: home buy program, just please do it.
Speaker 5: I know you heard about it.
Speaker 3: Yeah yeah, yeah, okay.
Speaker 7: So the problem I have with people forcing this narrative
Speaker 7: of first time home buyer programs and our state is
Speaker 7: no such thing as a first time home buy program.
Speaker 7: Let me debunk that myth right now. You have to
Speaker 7: meet certain criteria. There's restrictions on all of this money.
Speaker 7: Every single dome has restrictions. And to add to that,
Speaker 7: typically speaking, if you were to use the program, I
Speaker 7: don't want to say the name, but if you use
Speaker 7: one specific program in this state, your interest rate will
Speaker 7: be five percent, even if you have a seven hundred
Speaker 7: credit score.
Speaker 3: Because they charge you for that.
Speaker 7: Then on top of that, there's an upfront funding fee
Speaker 7: that you don't know about that's added on top of
Speaker 7: you getting that money. So by the time you think
Speaker 7: you're saving on that down payment and you didn't want
Speaker 7: to spend your seventy five hundred dollars, you have paid
Speaker 7: that and more just to kind of think you saved
Speaker 7: and don't try to sell the house within the terms.
Speaker 7: You can't sell it without paying that money back plus interest.
Speaker 7: So think about that and know understand that you're never
Speaker 7: going to get something for nothing. Now, for some people,
Speaker 7: those programs do work for them, and I'm not here
Speaker 7: to judge it's better than renting, But walk into everything
Speaker 7: with your eyes wide open, and stop thinking that because
Speaker 7: you woke up today and you want to be a
Speaker 7: first time buyer, there's something out there to help you,
Speaker 7: because it isn't. They're all going to take advantage of you,
Speaker 7: whether it be the interest rates, whether it be the
Speaker 7: terms of how you got to pay it back. There's
Speaker 7: one in one county where you can't sell the house
Speaker 7: for ten years. And the one time that someone actually
Speaker 7: did sell their house, I know an agent. They sold
Speaker 7: their house. They had to split the profits with the program.
Speaker 7: They made six figures and had to give half back
Speaker 7: because they didn't read the fine print.
Speaker 3: But had they used ten their own.
Speaker 7: Ten thousand dollars as they down payment, that would have
Speaker 7: been their profit. So walk So, you know, I really
Speaker 7: encourage us to really start, especially us we think we
Speaker 7: think we're going to get something because the first time
Speaker 7: home buyers we think it's like, oh yeah, they're going
Speaker 7: to give it to me. It's got a lot of
Speaker 7: red tape around it. And make sure you understand those terms.
Speaker 4: One of the things you spoke about what was yesterday
Speaker 4: and it just stuck with me because I know you
Speaker 4: do luxury properties, but you said that's not always the
Speaker 4: best scenario for people who will come into the realty game, right,
Speaker 4: because there was a triangle theory.
Speaker 5: That you had. You want to talk about that.
Speaker 7: So the triangle theory is this, you have a triangle here,
Speaker 7: so the most the one percenters are at the top.
Speaker 3: Those are the ones that are going to be able
Speaker 3: to buy those luxury properties.
Speaker 7: So if I'm marketing myself to only luxury people, I'm
Speaker 7: only going to close a certain amount of deals.
Speaker 3: I want to eat every day. I'm not trying to
Speaker 3: eat once every once a quarter.
Speaker 5: You know.
Speaker 3: You know, I'm from North Carolina where kind of kind of.
Speaker 6: Me all the morning them full for PtTe into them.
Speaker 7: So my goal is to make everybody feel like you're
Speaker 7: having a luxury experience. Like I'm not turning away anybody
Speaker 7: if you're ready to sell your house by your house.
Speaker 3: Let's work.
Speaker 7: You know, I'm working with all price points because I'm
Speaker 7: not putting myself in the corner. That's why i have
Speaker 7: Kean and Watson Associates. Let's make sure you get the
Speaker 7: same level of service no matter what. Because owning your
Speaker 7: property and building some wealth, buying in investment property as
Speaker 7: your first property.
Speaker 3: I had a girl. She still rents an apartment, but
Speaker 3: her first purchase was a due plex. I was down
Speaker 3: with it.
Speaker 2: Come on, let's do it.
Speaker 7: You know, you have to just make sure you're making
Speaker 7: a decision and understand that. You know, every everybody starts
Speaker 7: somewhere with you know, and I'm not just trying to
Speaker 7: work with this one percent of that.
Speaker 5: Like I said, how many other mothers.
Speaker 7: It's a one percent, the top one percent, But the
Speaker 7: everyday person, that's the that's my real bread and butter.
Speaker 7: That's who really supports me. That everyday person out here
Speaker 7: is just trying to get it. That's why I'm able
Speaker 7: to close it. Amount of do's I'm closing per month
Speaker 7: and I'm happy.
Speaker 6: So that's very important as far as business is concerned.
Speaker 6: Is that a lot of times we focus on the
Speaker 6: top and it's risky because there's money obviously in focusing
Speaker 6: and people that have a lot of money, but it's
Speaker 6: a limited amount of people. So it's like it's like
Speaker 6: a home run hitting as opposed to just regular base.
Speaker 6: It like if you swinging at home runs and you
Speaker 6: can consistently hit home runs, great, But if you're striking.
Speaker 5: Out, let's strike out a lot. Take out the game.
Speaker 5: Let's take out the game. So let me ask you
Speaker 5: a question.
Speaker 6: You had mentioned that the first time home buyer situation, right,
Speaker 6: and you also talked about multifamily or duplex. So what
Speaker 6: is your opinion on somebody that's looking to buy their
Speaker 6: first home or their second home or whatever, but mainly
Speaker 6: let's focus on first home. Is it a good idea
Speaker 6: as a relative in your opinion, to buy an investment
Speaker 6: property first, maybe like a duplex triplex, or is it
Speaker 6: a good idea just to buy a home where you lived.
Speaker 3: It really depends on the person.
Speaker 7: And let me tell you that in Atlanta the last
Speaker 7: time I ran the numbers, because everybody want a house hack.
Speaker 3: Now, everybody want to do plex, everybody want a multi family.
Speaker 7: When I was running just in the system on the
Speaker 7: mols in a reasonable price point so reasonable, anything less
Speaker 7: than three hundred thousand. We had one hundred and twenty
Speaker 7: seven that included states like places like State Squirrel out
Speaker 7: well outside of the place you get into the city
Speaker 7: of Atlanta you start looking at was twenty eight twenty
Speaker 7: eight duplexes.
Speaker 3: So there are opportunities where they need to work.
Speaker 7: And if you're a type of person you don't mind,
Speaker 7: if you don't mind putting a little sweat equity, then.
Speaker 3: Let's go for it.
Speaker 7: But just know that we don't have those type of
Speaker 7: multifamily opportunities in areas that some of my people are
Speaker 7: comfortable staying in. Let me just say that wherever you're comfortable,
Speaker 7: I'm comfortable. You want to stay there, I want to
Speaker 7: stay there, you know, but at the end of the day,
Speaker 7: you have to make sure you're comfortable with that. So
Speaker 7: I would say, let's start with one. What's your what's
Speaker 7: your budget, and what is your long term and short
Speaker 7: term goals? Do you want to drive an hour and
Speaker 7: a half to work every day? If not, okay, then
Speaker 7: we need to adjust and figure out what's the central
Speaker 7: location for you. Because you can house hack in a
Speaker 7: regular house with a basement.
Speaker 3: You know, you don't necessarily need a multi family. The
Speaker 3: house hack.
Speaker 7: I had one of my my sellers, he's how he
Speaker 7: house hacked a whole house. Each person was in a
Speaker 7: different room, they shared the kitchen. It can happen.
Speaker 3: So just look at the opportunity and where you want to.
Speaker 4: Be because and part of that that that purchase of
Speaker 4: process is the closing process, and that is tremendously confusing.
Speaker 4: Who pays for what? Who's supposed to get money? Can
Speaker 4: you explain that process? Try to clear it up for us,
Speaker 4: because I noticed so many people that are like, wait,
Speaker 4: I gotta pay you know, they're supposed to be.
Speaker 5: Right, you know.
Speaker 7: I got to ask one more question, who in here
Speaker 7: thinks the seller is supposed to pay for y'all to
Speaker 7: buy the out?
Speaker 3: Just Pressireted to tell.
Speaker 7: Me exactly say don't. And now that's what happens a lot.
Speaker 7: When you're buying house. You have two parts.
Speaker 3: When you're buying a house, you have your down payment.
Speaker 3: That's your skin in the game.
Speaker 7: Unless you use one hundred percent financing or a down
Speaker 7: payment assistance program.
Speaker 3: You have your down payment.
Speaker 7: Faha, three point five percent if you're looking at conventional
Speaker 7: as three percent home ready five percent down or anything else.
Speaker 7: Right on the other side of that, that is your
Speaker 7: closing costs. That is your responsibility. That is you paying
Speaker 7: for the attorney's fees. You also pay for the lender
Speaker 7: to process your fees, your prepaid taxes in your your insurance.
Speaker 3: Your homeowners insurance.
Speaker 7: So when you look at all those fees, it takes
Speaker 7: the process your loan and get you to the closing table.
Speaker 3: Typically it depends on the house we're looking.
Speaker 7: We always try to calculate closing costs at four percent,
Speaker 7: especially at the top of the year when you got
Speaker 7: to pay pretty much the whole year's taxes when you
Speaker 7: move into the property.
Speaker 3: So when you're looking at it from that.
Speaker 7: Perspective, you're talking about ten to eleven thousand dollars on
Speaker 7: a typical three hundred thousand dollars house just for closing costs.
Speaker 3: So that is your responsibility.
Speaker 7: You can negotiate some of that purpose from the seller,
Speaker 7: but it's not their responsibility. If you're in a multi
Speaker 7: offer situation, which I'm starting to see all the time now,
Speaker 7: I'm talk about fourteen offers to one house. If you're
Speaker 7: the one that needs the seller to pay six thousand,
Speaker 7: four thousands towards your clothing and cost You're gonna lose
Speaker 7: that offer, So you just got to be mindful of
Speaker 7: the location.
Speaker 3: Depends on location. Everything is dependable. It's certain areas.
Speaker 7: I feel like, I know I can get you about
Speaker 7: ten fifteen thousand from the seller because it's an area
Speaker 7: that's not in high demand. But let's just say you
Speaker 7: want this property and smarty it hit the market fifteen showings,
Speaker 7: they got ten offers. You're gonna lose that offer because
Speaker 7: you need the money. So I'd rather be you've been
Speaker 7: in a position that you have your money saved, or
Speaker 7: you find out how it's gonna work. And it depends
Speaker 7: on the location you want to be in. We can
Speaker 7: always negotiate some clothing costs for you. But this is
Speaker 7: technically a responsibility, so you know, start saving.
Speaker 6: But you said the colding courses technically could be negotiated
Speaker 6: to zero it.
Speaker 3: Oh we can.
Speaker 7: I mean there's been plenty of times to zero minus
Speaker 7: your prepage. You are responsible for your prepays, which is
Speaker 7: your taxes and your insurance. You got to pay that,
Speaker 7: but they will, they can negotiate it to zero.
Speaker 3: You know, I have.
Speaker 7: I've had situations where I've negotiated for the seller and
Speaker 7: we have paid zero closing costs.
Speaker 3: Buyer brought their all money to the table.
Speaker 7: Then I negotiated for the buyer and basically I've had
Speaker 7: people come to the table get a refund after they've
Speaker 7: taken the money from your earnes's money. So it just
Speaker 7: depends on location. Everything is area specific here, So don't
Speaker 7: think that overall you can't get any money. But certain
Speaker 7: areas they're just not going for they don't have to.
Speaker 7: It's one neighborhood, it's morning they do not pay clothes
Speaker 7: and costs and they don't have to.
Speaker 3: It's too much demand. And it's other neighborhoods that are
Speaker 3: like that too.
Speaker 7: But this is the other areas where it's like, I
Speaker 7: know I can get you some money because you know, we.
Speaker 3: Don't have that many offers. I got other ways to finness.
Speaker 7: It's one hundred things on the contract to really put
Speaker 7: you in a good light other than just the money.
Speaker 7: There's timing, there's contingencies, there's a lot we can do
Speaker 7: to negotiate on your behalf. But I just want to
Speaker 7: have you go into the situation with your eyes wide open.
Speaker 4: So when somebody has a deadline, or when they're about
Speaker 4: to close, like that forty five day window.
Speaker 5: I know.
Speaker 4: My man MG always says do not buy a new
Speaker 4: car and dots to not do when you're about to close.
Speaker 7: If you're a spender and you like to use your
Speaker 7: credit card, don't stop using your credit card. Don't don't
Speaker 7: even buy anything excessive like this is your time to wait. Please,
Speaker 7: don't go to home goods and ze gallery start furnishing
Speaker 7: the house before you get it. By the time you
Speaker 7: do that, you're using You're using the cash that you
Speaker 7: have saved to close, and you never know each of
Speaker 7: your situations. Like some lenders, I have been in a
Speaker 7: situation where they want to see money in reserves.
Speaker 3: That means you don't necessarily.
Speaker 7: Need to use this money to buy the house, but
Speaker 7: because of something with your credit profile, we want to
Speaker 7: see that you have two months of reserves of the
Speaker 7: mortgage amount of your account outside of the money you
Speaker 7: have saved for your down payment. You start digging into that,
Speaker 7: you're going to lose the property. You will be denied
Speaker 7: the loan.
Speaker 3: So don't spend.
Speaker 7: Keep your credit scores high, don't put anything into your
Speaker 7: name for someone else, and monitor any collections accounts that
Speaker 7: could come your way. This happens often you have a
Speaker 7: bill that you forgot about all of a sudden it
Speaker 7: comes up, and it's a different it's a different way
Speaker 7: it comes up.
Speaker 3: It comes up. Everything comes up when they're when you're
Speaker 3: buying a house, and then you can't buy the house
Speaker 3: because it pops up and your score gets low.
Speaker 7: So just don't do anything to mess up your financial profile,
Speaker 7: get your credit together, get your money together, and don't
Speaker 7: do anything until you.
Speaker 5: Close your the key.
Speaker 7: The moment you close at ten am, you could go
Speaker 7: buy the Ferrari I want.
Speaker 6: So, how it's a lot of people here that's probably
Speaker 6: intersted in real estate investing, in real estate investors themselves, and.
Speaker 5: How all right?
Speaker 6: So what's your take on real estate investors working with relators,
Speaker 6: because not you, but some people might feel like the
Speaker 6: realtor is always going to try to get some money
Speaker 6: out of them and they're not going to give them
Speaker 6: the best deals.
Speaker 5: As you know, you know a real estate investor. What's
Speaker 5: your thoughts?
Speaker 7: I be honest, if you if you want to invest,
Speaker 7: let's say your first property, you want to buy twenty
Speaker 7: dollars thirty thousand, forty thousand, dollars property, but you also
Speaker 7: need someone to help you find contractors to rehab that property.
Speaker 3: You also want someone to give you all that.
Speaker 7: That means that you're looking for a project manager and
Speaker 7: a realtor, two separate things. So when you're working, when
Speaker 7: I work with investors, I want to figure out what
Speaker 7: is it that you need for me?
Speaker 3: Because if you need me to.
Speaker 7: Identify the properties and that's all you need to do
Speaker 7: is negotiate the contract, I'm okay with that. But oftentimes
Speaker 7: that's not where the buck stops. And that's where the
Speaker 7: conflict comes in with realtors and investors because I'm not
Speaker 7: going to manage your project for.
Speaker 3: The fee that I'm getting just for helping you sell
Speaker 3: the property.
Speaker 7: I'm gonna need a feed for that too.
Speaker 3: That's different. You know.
Speaker 5: Can you talk about jumbo mortgage?
Speaker 3: Okay?
Speaker 7: So jumbo MORTGAGEES is if you're buying a property above
Speaker 7: the conforming loan rates. So when you have there are
Speaker 7: people that are offering jumbo loans. This is you're getting
Speaker 7: seven hundred thousand dollars house. You want to get a
Speaker 7: million dollar house, one point two million dollar house, You're
Speaker 7: going to have to get a jumbo loan. And that
Speaker 7: being said, now you have the scores at this point,
Speaker 7: you really need a seven hundred plus score seven twenty
Speaker 7: really to be exact, seven twenty score. You're going to
Speaker 7: get five percent down and you can get a jumbo mortgage,
Speaker 7: which is basically they're going to basically finance the first
Speaker 7: mortgage then do a second one as a jumbo time.
Speaker 4: So there is there a line that you have that
Speaker 4: apologizes as a home as luxury.
Speaker 5: I know in New York it's ridiculous, it's funny ask that.
Speaker 7: So I was just looking up with the luxury marketing part,
Speaker 7: like the Certified Home Luxury Marketing Institute. So I was
Speaker 7: looking at what the luxury threshold is for each county Ernest.
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Speaker 7: So we're county specific. So we're Atlanta. We still ain't
Speaker 7: New York yet, so y'all you know. But so for
Speaker 7: Gonett County, five hundred thousand is considered luxury, fullth In County,
Speaker 7: six hundred thousand is considered luxury, five hundred thousands considered luxury.
Speaker 7: Into Cab County and Cobb County is five hundred and
Speaker 7: seventy five thousand. So our luxury threshold is kind of
Speaker 7: low compared to other states, but for us, it's still
Speaker 7: high because if you can think into it, right now,
Speaker 7: the average price point for the metro Atlanta area is
Speaker 7: three hundred and twenty five thousand, where two years ago
Speaker 7: was two hundred and seventy five thousand.
Speaker 3: So the prices are going up two years ago, two
Speaker 3: years ago, like two and a half three years ago.
Speaker 5: That's crazy. Yeah, I mean it's on fire right now.
Speaker 3: It's on fire right now.
Speaker 7: Tyler Perry told y'all to come down here and build.
Speaker 3: Your own table, and I'm so happy that you are.
Speaker 5: So one last question.
Speaker 6: You you talked about the first time home buyers that
Speaker 6: may not always be the best program So, like, what
Speaker 6: are some programs that may be benefitial for first like
Speaker 6: faha two or three K like what in your opinion?
Speaker 7: Well, in my opinion, I really hate to say the
Speaker 7: day in the program, but I guess I'm.
Speaker 3: Being forced to.
Speaker 7: In my opinion, if you're in Georgia and you want
Speaker 7: to use the program, I would say use the shnowa
Speaker 7: faha on one hundred percent financing program because after three
Speaker 7: years then you it's.
Speaker 3: Like a grant. It turns to a grant. You no
Speaker 3: onet have to pay it.
Speaker 7: Then you may want to use the community home by
Speaker 7: a program because after three years that one turns into
Speaker 7: a grant. I don't recommend the fullteen county down payment
Speaker 7: Assistants program because they are the ones that take a
Speaker 7: percentage of your money. I highly don't recommend the Georgia Dream,
Speaker 7: although everybody loves the Georgia' Dream. Georgia Dream has a
Speaker 7: huge upfront funding fee on average to five percent monthly
Speaker 7: and then they have a five year plan on your
Speaker 7: property and which you have to give the money back.
Speaker 7: And I know everybody thinks they love the Georgia Dream.
Speaker 7: I'm gonna tell you the real reason I don't like it.
Speaker 7: When you're negotiating with the seller they want to close
Speaker 7: in thirty days. The Georgia Dream does not care that
Speaker 7: you were supposed to close than thirty days. By the
Speaker 7: time they get your file and they bring it back,
Speaker 7: on average, they closed in sixty days.
Speaker 3: I've had two.
Speaker 7: Clients almost lose their earnest money, and I'm talking about two.
Speaker 7: I had to use everything I had in order to
Speaker 7: keep the deal together because the Georgia's ring was delayed
Speaker 7: that far. So I don't love the Georgia Dream because
Speaker 7: of that, because of the fees and hidden fees that
Speaker 7: are a part of it. So if you have to
Speaker 7: use a program, use that and then use that opportunity
Speaker 7: for those three years, raise your scores, make sure you
Speaker 7: save your money, get your credit right, and then refinance
Speaker 7: and get out of that as soon as you can
Speaker 7: get off that five percent interest rate. Refinance into a
Speaker 7: conventional loan program and then get a lower interest rate.
Speaker 7: But chanoah facha one dchanoah che na, You're welcome, And
Speaker 7: keep in mind real quick, that program was actually one
Speaker 7: of the programs. You know, if you guys don't remember,
Speaker 7: last year, Donald Trump, they actually canceled that program for
Speaker 7: a little while and they had to come back and
Speaker 7: let this one come back on the market. So these
Speaker 7: programs are not around forever, but that one did come back.
Speaker 5: Noah, A whole lot.
Speaker 6: Of game, A whole lot of game, A whole lot
Speaker 6: of game. Keanu Watson, thank you, thank you. We got
Speaker 6: to give a picture, all right, So we got we
Speaker 6: got one more guest, We got one more guest.
Speaker 5: I guess they kind of gave it away. Yeah, I guess.
Speaker 6: I told I told them, you know, we we we
Speaker 6: If you listen to Earnie Alesia podcast, you know how
Speaker 6: big of a fan of rap music and hip hop
Speaker 6: and Jay.
Speaker 5: We quote Jay every time.
Speaker 6: So when I when we was FaceTime and the other
Speaker 6: day with our guess is about to come on? And
Speaker 6: I told them, like the Marianna with the married eyes,
Speaker 6: so you know when the code that line. If you're
Speaker 6: a baseball fan, you know Marianna Rivero was one of
Speaker 6: the greatest closer, greatest closures ever history, closing close the
Speaker 6: game the greatest. So we got Jay Morris send ladies
Speaker 6: and gentlemen, legendary Ley.
Speaker 5: Figure, mister.
Speaker 2: Mister corner class himself.
Speaker 5: Yeah.
Speaker 6: So Jay, as you know, if you if you're into
Speaker 6: the financial literacy world, especially in our community, you've heard
Speaker 6: of him. He's been around for a very very long
Speaker 6: period of time. And like I told him, when I
Speaker 6: met him, he was on social media doing it before
Speaker 6: most people that I saw as far as like before
Speaker 6: it was really trendy to talk about financial literacy and
Speaker 6: stuff like that. So Jay's Jay's has a lot of
Speaker 6: different things under his belt. He used to be a realtor.
Speaker 6: He's he was a real estate investor. He's the CEO
Speaker 6: of the Historic Tulsa Real Estate.
Speaker 2: We got to write this out.
Speaker 6: He has, he has J Morrison Academy. He's also UH
Speaker 6: activists as well. Thank you for all the work that
Speaker 6: you're doing on that side, sir. And he is a father.
Speaker 10: Shut out my wife, Yes that's my wife for one time,
Speaker 10: and Ernestin Morris.
Speaker 5: They can't see the boots, but the boots are fire.
Speaker 2: I can't see them, but the boots is fire. It's
Speaker 2: all good.
Speaker 6: So it's an investment. So Jay Man, thank you for
Speaker 6: coming back second time.
Speaker 2: Yeah, Well, thank you all and everyone give a big
Speaker 2: viott applaals for e y l A t l.
Speaker 10: Nah.
Speaker 2: Seriously, I mean you know, I love festering and black excellence,
Speaker 2: like I'll kowhallow and black excellence. I can just like
Speaker 2: roll it out of the floor right now. And for
Speaker 2: you all to use your platforms to show this city love.
Speaker 10: You know, I'm from a top New Jersey but I've
Speaker 10: been here for three years now, and for you to
Speaker 10: bring so many folks out of like minds like spirits
Speaker 10: and all those about legacy and building wealth and all that,
Speaker 10: you know, I commend you all and I'm happy.
Speaker 2: To be here. Yeah, man, in real life. Appreciate the
Speaker 2: first time life in real life.
Speaker 4: The first time we met was a few months ago,
Speaker 4: and it was very simple, man, and it goes Kodles
Speaker 4: to you. We just sent the DM and we were like, yo,
Speaker 4: everybody our audience wants to hit you. Man. We put
Speaker 4: out a poll like who do y'all want us to
Speaker 4: get and they said Jay Morris and Jay Morrison and
Speaker 4: I was like, Yo, let's just DM him and see
Speaker 4: what happened.
Speaker 2: So so so as I most requested you were I
Speaker 2: just want to record show in real life.
Speaker 5: I was like, I was like, Yo, let's just let's
Speaker 5: just see if he responds. And he responded and we
Speaker 5: got we got a classic episode done there. So appreciate you.
Speaker 2: Thank you.
Speaker 6: So a lot of people know your story and but
Speaker 6: really you just told us like real estate. You're so
Speaker 6: passionate about real estate because you said it saved your life.
Speaker 6: How did real estate save your life?
Speaker 5: Yeah?
Speaker 2: Real estate was the first.
Speaker 10: Legal, can't do it legal vehicle that I saw where
Speaker 10: I could come out of South Timpton, Springfield and North
Speaker 10: New Jersey thirty CENTI Street and some someone go New
Speaker 10: Jersey as a ten year dope boy three time fell
Speaker 10: in two and a half years in prison, no college.
Speaker 2: Education, but who wanted to do something well with his life.
Speaker 10: Real Estate was the first thing that saw me you
Speaker 10: can make those six and seven figures legally and offer
Speaker 10: so many opportunities just within business. So whether it be
Speaker 10: through investing, wholesaling, realtor loan officer, mortgages, et cetera. I
Speaker 10: really engolf myself in the business coming off the street corner.
Speaker 10: It was the first thing that showed me that I
Speaker 10: can use my talents, my gifts, my hustle, my swag
Speaker 10: and all that in a different space and still be successful.
Speaker 5: Yeah.
Speaker 6: I really like your story a lot because it's like
Speaker 6: a lot of times people I always say, like, use
Speaker 6: your talent for the wrong things. Yeah, a lot of
Speaker 6: times in our comedy. Unfortunately, it's like people, it's very talented, right,
Speaker 6: and it's like, but you might use that talent to
Speaker 6: be a criminal, and we know where that's headed. But
Speaker 6: you use that your talent to be a criminal, but
Speaker 6: you reversed course and now you're using that talent to
Speaker 6: be an entrepreneur, businessman, thing of that nature. So I
Speaker 6: always like to just encourage, especially young people, because it's
Speaker 6: like a lot of times people feel.
Speaker 5: Like it's too late.
Speaker 6: Yeah, and like you said, you have two feelings on
Speaker 6: your record, but that didn't stop you from becoming who
Speaker 6: you are now.
Speaker 10: Yeah, I think it's all about and I'll listen to
Speaker 10: your podcasts and all the amazing entrepreneurs who are spending
Speaker 10: so much game on this couch and just not even
Speaker 10: for your podcast excuse me, through the EW experience. It's
Speaker 10: not a podcast, the Worse Experience. But in listening to that,
Speaker 10: I always think about and even in my own lectures,
Speaker 10: I'm just a get it done kind of guy. And
Speaker 10: so I think about us all defining what our desired
Speaker 10: destination is, like where the hell we want to be
Speaker 10: in life, and in us finding that route, those directions
Speaker 10: to that desired destination.
Speaker 2: So it for me, it doesn't matter when we start,
Speaker 2: what age we start.
Speaker 10: What kind of educational background we have when we start,
Speaker 10: how much finance it's a credit we have when we start.
Speaker 10: It's all about where you end up at the end
Speaker 10: of the day and what are you willing to sacrifice
Speaker 10: and endure to get to your desired destination. So for me,
Speaker 10: coming out of feeling like the odds were against me
Speaker 10: getting coming into the real estate industry at twenty five
Speaker 10: years old, not knowing even how to send the email.
Speaker 2: At twenty five, I got no even clue I send
Speaker 2: an email that was not a skill that on the corner.
Speaker 2: But coming getting to this industry and over.
Speaker 10: The last fifteen twenty years to be able to amass
Speaker 10: some of the success that we've had, it's really just
Speaker 10: a show of my endurance because it's been ups and downs.
Speaker 10: There's been success and millions, majors and bankruptcies, foreclosures, short sales,
Speaker 10: there's been all the hurds of entrepreneurships. But for me,
Speaker 10: it was always about endurance and really approaching this as
Speaker 10: a marathon and not a sprint.
Speaker 2: And so at the end of the day, it's not
Speaker 2: about where we started. What we go through. It's all
Speaker 2: about how we end the race.
Speaker 4: So I mean you started from Jersey obviously, but you
Speaker 4: chose the great city of Atlanta. Yeah, well why Atlanta
Speaker 4: of all places black people?
Speaker 2: Black people? Now? I literally I was telling the story.
Speaker 10: My wife and I were in Beverly Hills yesterday talking
Speaker 10: to a film producer and they were asking me different
Speaker 10: you know kind of look, there is an interview about
Speaker 10: story part of my life, and I was explaining how
Speaker 10: I moved our companies, Morrison Group of Companies to from
Speaker 10: it from New.
Speaker 2: Jersey to Atlanta.
Speaker 10: And it's when I had my corner class tour where
Speaker 10: I teach on the streets on the corner with a
Speaker 10: flip chart right big frows like this.
Speaker 5: But literally outside on the block.
Speaker 10: And I held the one across from Busy Bee in
Speaker 10: Atlanta on the west side, and like nineties people showed
Speaker 10: up right and it was a pretty big turnout on
Speaker 10: my second corner class. Ever, this is like three or
Speaker 10: four years ago, and the day I was sitting in
Speaker 10: a parking lot dropping my business partner off. I was
Speaker 10: saying to him, like, yo, bro, I think my movement
Speaker 10: to go well in Atlanta and the word that I said.
Speaker 10: The moment I said the word movement, somebody from across
Speaker 10: the parking lot was like, oh, Jay Morris, and that's you.
Speaker 2: I respect your movement, bro, keep it going.
Speaker 10: And so I looked at my man we in a convertible,
Speaker 10: we outside to marry out on Buckhead, and he like, knows,
Speaker 10: you gotta do right. I'm like, yo, I gotta bring
Speaker 10: my energy, my passion, my purpose here to the city
Speaker 10: really in hopes to change the culture and really just show,
Speaker 10: like you know, pop culture and urban culture is really
Speaker 10: spearheaded from Atlanta right now.
Speaker 2: Absolutely Atlanta influences everything.
Speaker 5: Let's keep the Risks.
Speaker 2: Mecca right Medica. So I was like, we're better to
Speaker 2: show the world, to show all culture what a.
Speaker 10: Selfless black man looks like, a servant leader, what that
Speaker 10: looks like where you could be successful, be an entrepreneur,
Speaker 10: but still you can swag out and do all the
Speaker 10: cool things you want to do, but still love your people,
Speaker 10: still drop your egos, still love your wife, Still call
Speaker 10: your your brother's kings, still call your women.
Speaker 2: Queens, and just live kind of at what I call
Speaker 2: rich rich, really really live.
Speaker 10: At a higher frequency than what we're used to in
Speaker 10: the culture where we're constantly suffering and self degradation. We're
Speaker 10: constantly blowing money fast. I believe in blowing money slow right,
Speaker 10: and building welfare error.
Speaker 2: So it's like, how do we.
Speaker 10: Bring a new message to the culture, what's cool and
Speaker 10: what it looks like to be cool in the culture,
Speaker 10: but but to elevate and raise off frequency.
Speaker 5: So let me ask you this.
Speaker 6: Let's talk real estate, because that's what you do, that's
Speaker 6: what you became famous for. So some one of the
Speaker 6: things I didn't actually in the pocket, I actually saw
Speaker 6: on your Instagram page. A lot of people here it
Speaker 6: might be interested in real estate. And the number one
Speaker 6: hurdle a lot of times is like funding, Right. But
Speaker 6: you talked about jvs, which is joint ventures, right, and
Speaker 6: you spoke about like different ways of like how even
Speaker 6: if you don't necessarily have money or a lot of money,
Speaker 6: you can still use jvs as a way to fund
Speaker 6: real estate.
Speaker 5: Can you talk about that?
Speaker 10: Yeah, So a fancy name for jvs or joint ventures
Speaker 10: is called deal syndications, syndications and real estate development. When
Speaker 10: you look at the difference between a real estate investor
Speaker 10: and a real estate developer, the only difference is a
Speaker 10: real estate developer is the organizer of.
Speaker 2: A real estate investment.
Speaker 10: Right, So a real estate investor invests his or her
Speaker 10: money into a project and hopes to make some kind
Speaker 10: of profit. A real estate developer or syndicator organizes a
Speaker 10: real estate transaction and hopes to make it a profit.
Speaker 10: So a lot of us get stuck on the I
Speaker 10: don't have the credit, I don't have the money, I
Speaker 10: don't have the experience, I don't have the time right
Speaker 10: in order to own assets and accumulate some wealth from
Speaker 10: my airs through real estate investing. But as you get
Speaker 10: more hip to the industry and more hip to what
Speaker 10: our counterparts have been doing for years that we're no
Speaker 10: knowledgeable of, is simply if you.
Speaker 2: Don't have the credit, then you link up with a
Speaker 2: credit partner. If you don't have the cash, do you
Speaker 2: link up with a capital partner.
Speaker 10: If you don't have the experience, you link up with
Speaker 10: an experienced partner, somebody's been in the game doing it
Speaker 10: more years than you.
Speaker 2: Same thing. If you don't have the time, you link
Speaker 2: up with somebody that could be an operational partner that
Speaker 2: has the time.
Speaker 10: So you can literally without cash, without credit, whatever your
Speaker 10: deficiency is if you have the knowledge base, which you
Speaker 10: have to know something about the business, right, If you
Speaker 10: got the strategy and a knowledge base, you literally can
Speaker 10: put together multi million dollar deals with people who have
Speaker 10: cash who are looking for a better place to park
Speaker 10: their cash.
Speaker 2: People that have credit who brag.
Speaker 10: About their seven hundred and eighty and eight hundred credit scores,
Speaker 10: but it ain't got eight hundred in the bank, right,
Speaker 10: How do you use your credit to build more wealth?
Speaker 2: Well, you link with those people and create deal syndications.
Speaker 4: I'm glad you said it because you brought up credit,
Speaker 4: and that's another I heard that people have and I
Speaker 4: think I like what you wrote down.
Speaker 5: You have like the four rs of credit?
Speaker 2: Right?
Speaker 4: Yes, repair, Let me see if I get it right, Repair, rebuild, restore, recycle, Yes, sir,
Speaker 4: I got it right, Yes, sir.
Speaker 5: Right. How do we use credit and leverage it in
Speaker 5: real estate? Yeah?
Speaker 10: So the first thing about using credit in general is
Speaker 10: that we have to adopt a kind of a different
Speaker 10: mindset about credit as a community. We too emotional about
Speaker 10: credit and we don't understand that there's two hundred and
Speaker 10: thirty trillion dollars of credit in the world and only
Speaker 10: fifty trillion of cash, coins, and currency.
Speaker 2: So money is not what.
Speaker 5: Runs the world.
Speaker 2: Credit, debt and leverage is what's one of the world.
Speaker 10: But we be so emotional about it is that we
Speaker 10: love the good profile, the good score, are scared to
Speaker 10: leverage that score to go buy more assets. But while
Speaker 10: we teach the four rs is because when you adopt
Speaker 10: the mindset that you credit really don't mean shit. All
Speaker 10: this is a tool for you to go try some
Speaker 10: shit and if it don't work, to be able to
Speaker 10: do it again on the recycle tip.
Speaker 2: Right. So what we teach at the J.
Speaker 10: Morrison Academy and Legacies about credit is that we all
Speaker 10: need to become here's your bad class for how you
Speaker 10: always get on your feet no matter where you're at
Speaker 10: in life right, bounce back all the time. One is
Speaker 10: understanding the power of personal credit and what you got
Speaker 10: to do and know to always build, to rebuild, restore
Speaker 10: or repair your personal credit. But then understand the power
Speaker 10: of family credit. Making sure your significant other, your wifey,
Speaker 10: or your husband that they're on they own game and
Speaker 10: they're credit right, as well as your siblings as.
Speaker 2: Well as your daughters, like my daughter's twenty years old
Speaker 2: in college. But we've been building her credit since fifteen
Speaker 2: years old.
Speaker 10: She got a seven to eighty score, but it's in
Speaker 10: position for business funding at any time. We need to
Speaker 10: activate her into the family businesses. Right, This ensures you
Speaker 10: never I can't promise I'll never go broke. I have
Speaker 10: to promise you for a fact, I'll never stay broke, right,
Speaker 10: because I know too much and how I set my
Speaker 10: my plays up. So outside of your personal credit, your
Speaker 10: family credit, then you could build business credit. Right, So
Speaker 10: business credit you can leverage, and then credit partners. So
Speaker 10: if we all approach credit from a present yo, credit
Speaker 10: is just there to use as some paperwork to give
Speaker 10: us opportunities to buy franchises, to get business funding, to
Speaker 10: buy real estate and.
Speaker 2: Do the things they want to do.
Speaker 10: God forbid, it don't work out. My credit could be repaired, rebuilt, restored,
Speaker 10: and recycled. But in the meanwhile, my next family member
Speaker 10: is up next for their next business, My next credit
Speaker 10: partners up next.
Speaker 4: Can you explain that credit? How does one go about
Speaker 4: getting credit partners?
Speaker 5: How does that even? How does that look?
Speaker 2: Credit partners is all about you being able to offer.
Speaker 10: Some kind of value in a relationship between you and
Speaker 10: someone has a healthy credit profile, So.
Speaker 2: Your value may need to be that you need to
Speaker 2: be able to evaluate a.
Speaker 10: Real estate play, evaluate a business play, evaluate some kind
Speaker 10: of opportunity. Because someone having a healthy credit score, because
Speaker 10: your credit score is good, I know a feeds your ego.
Speaker 10: That doesn't mean that your kids can eat off that right.
Speaker 10: It doesn't mean you can pass that eight hundred score
Speaker 10: onto your airs. But if you the leverage that eight
Speaker 10: hundred score to go buy an eighty unit apartment building
Speaker 10: or eighth unit apartment building, or you know what I'm saying,
Speaker 10: or get business funding for a new.
Speaker 2: App or new franchise idea, now you're putting your credit
Speaker 2: to work with very little risks.
Speaker 10: Because the fact of the matter is if you get
Speaker 10: someone to extend you eight thousand dollars in credit, eighty
Speaker 10: thousand dollars in credit, or eight million in credit, if
Speaker 10: you default on that loan, the same thing's gonna happen,
Speaker 10: no matter if it's eight million or eighty thousand.
Speaker 5: They gonna send you a letter in the mail. We
Speaker 5: need the money, creditscord drop.
Speaker 2: Nobody pulling up on you.
Speaker 10: Ain't no the an't chicking down your door, whether it's
Speaker 10: eight million or eighty million or eighty thousand.
Speaker 2: King, All they gonna do is send you a letter
Speaker 2: in the mail.
Speaker 10: People say, look, I tried my best, it didn't happen. Repair, restore,
Speaker 10: recycled white, feed you up next.
Speaker 2: Nah.
Speaker 6: That's powerful too, because a lot of times, like I
Speaker 6: heard you say on Instagram, where it's like, well credit,
Speaker 6: especially us growing up, we feel like if we mess
Speaker 6: up our credit.
Speaker 5: We've done for life.
Speaker 2: Oh we're done.
Speaker 5: It's never a lifetime sentence.
Speaker 2: Right, Ain't no credit hell like you? Oh shit, credit,
Speaker 2: I'm going to hell like Nah, ain't no credit pergade life.
Speaker 3: Like you? Like?
Speaker 5: Literally, it doesn't like you know, you.
Speaker 10: Know, it's public record. I followed the Chapter seven bankruptcy.
Speaker 10: I had four closures I had, I had that and
Speaker 10: all that, but it didn't stop me from still building
Speaker 10: a deck a million dollar Really, you know real estate
Speaker 10: and business. You know empire, So your your credit score
Speaker 10: doesn't matter. Is really a knowledge base. Your knowledge base
Speaker 10: is the biggest deficiency you can have. If you got
Speaker 10: the knowledge, you can always pull together the credit in
Speaker 10: the capital.
Speaker 5: What's your what's your thoughts on?
Speaker 6: Because so all right, people was always saying like that
Speaker 6: that the next recession is happening, right, It was not
Speaker 6: happening yet, but it's going to happen soon. And a
Speaker 6: lot of times where real estate is like, you know,
Speaker 6: it's it's very popular now to take money out of
Speaker 6: your home and buy a new home. But that's kind
Speaker 6: of a dicey situation if the market crashes and then
Speaker 6: you just kind of get left holding a couple of
Speaker 6: different mortgages.
Speaker 5: So what's your thoughts on that?
Speaker 10: Yeah, it when it comes to this phase in the
Speaker 10: real estate market, what I believe is the market will
Speaker 10: correct itself. It will have some kind of crash for correction,
Speaker 10: and when that correction happens, what it is is banks
Speaker 10: are going to stop loaning money so lingiently, interest rates
Speaker 10: will likely go up, and it's gonna be harder and
Speaker 10: harder to get that home buyer loan or that investor loan.
Speaker 10: So when it's harder for people to buy or excuse me,
Speaker 10: it's harder people to get finance or buy real estate,
Speaker 10: where they end up doing they can't buy, they rent, right,
Speaker 10: So for all those look into when vext in real estate,
Speaker 10: understand that when this market corrects itself, the landlords will win.
Speaker 10: So right now, our focus is on multi unit housing,
Speaker 10: multi family apartment buildings, because we know that whether it
Speaker 10: be a year, eighteen months, or three years from now,
Speaker 10: when this market corrects itself, folks won't be able to
Speaker 10: go get that loan for that you know, faha is easily,
Speaker 10: so easily, and so more people will be renting. And
Speaker 10: so for us, we want to put ourselves in a
Speaker 10: position to be a landlords and you know, apartment unit owners.
Speaker 10: So when folks can't get that mortgage, will be the
Speaker 10: ones there to collect their rental application.
Speaker 4: What's the landscape pay Atlanta specifically for multi samily homes
Speaker 4: or like what you're speaking of? Are they an abundance here?
Speaker 4: And can people who are in this room investor? Like
Speaker 4: what does it look like here in Atlanta?
Speaker 10: Yeah, so there's super opportunities for there's a lower pool
Speaker 10: of investors for multi unit housing and particularly ten units,
Speaker 10: twenty five units and better you have you know, more of.
Speaker 2: A pool of inventory.
Speaker 10: But even within that and here in Atlanta, when it
Speaker 10: comes to those who in the residential market, my advice
Speaker 10: is don't get into those bidding wars, right Like you
Speaker 10: shouldn't be buying off the hype of social media or
Speaker 10: the hype of the news or the hype of the market.
Speaker 10: When sellers are getting multiple offers, it's a seller's market.
Speaker 10: Identify that about gracefully. Take your ass from West Atlanta
Speaker 10: where everybody got seven contracts or one property, and go
Speaker 10: an hour and a half down the road to Mobile, Alabama.
Speaker 10: We get a property for twenty thirty thousand instead of
Speaker 10: competing for a hundred and twenty thousand or one hundred
Speaker 10: and seventy thousand dollars property that used to be seventy
Speaker 10: grand two three years ago. Stop buying into the hype
Speaker 10: to say, like, oh, I bought on.
Speaker 2: The West Side. You're cashing investors out.
Speaker 10: Three times what they even anticipated on appreciation when you
Speaker 10: can go into another market that isn't as as much demand.
Speaker 10: So it's back to old school buy low, sell high.
Speaker 10: But if if you're competing against a seller's market, you
Speaker 10: ain't buying low, so you're not putting yourself a position
Speaker 10: for equity or for any kind of you know, future turnover.
Speaker 2: So the multi family market adds an opportunity to that.
Speaker 10: Or you're buying in a residential market but not buying
Speaker 10: in a city where there's so much demand right now.
Speaker 2: Is for the sellers to cash out. The foolish buyers
Speaker 2: will buy now in this market. The smart buyers will
Speaker 2: either hold their cash getting a higher level.
Speaker 10: Of multi family apartments, or they'll going to other b
Speaker 10: markets where there's more inventory.
Speaker 6: We talk about SOSA Real Estate Fund of day just
Speaker 6: opened the Legacy Center, right the black House, Black House?
Speaker 3: What is that?
Speaker 5: What's the Legacy knows about?
Speaker 2: The Legacy Center makes some noise? You heard about the
Speaker 2: black House.
Speaker 5: We got a visit, by the way.
Speaker 10: Yeah, about eighteen months ago, we were able to do
Speaker 10: a really historic thing, a thing that we're really proud of.
Speaker 2: It's something for our ancestors, and that.
Speaker 10: Was to take this fund called the Tulsa Real Estate Fund,
Speaker 10: which is code word for Black Wall Street of Tulsa, Oklahoma,
Speaker 10: and we were able to launch an SEC regulated regulation
Speaker 10: a Tier two real estate croud fund, which simply means
Speaker 10: we were able to go public with our company and
Speaker 10: offer shares of our company to the general public at
Speaker 10: fifty dollars per share minimum ten share investment.
Speaker 2: And so over the last eighteen months, we were able
Speaker 2: to raise nearly eight point five.
Speaker 10: Million dollars of cash from over ninety seven hundred investment partners.
Speaker 2: Yeah, coow So Group Economics.
Speaker 10: We have over ninety seven hundred partners in our company
Speaker 10: who own shares of our company. And with that fund,
Speaker 10: not only were we able to participate in multi family
Speaker 10: housing like our ninety eight unit apartment complex and Making Georgia,
Speaker 10: our fourteen units in Lake Charles, Louisiana, seven units in
Speaker 10: New Orleans, Louisiana, et cetera, also able to purchase and
Speaker 10: develop in East Point, Georgia, five minutes from the airport,
Speaker 10: right in the Opportunity zone. What we call the Legacy
Speaker 10: Center aka the Blackhouse, co founded by my wife and myself.
Speaker 10: It's a thirty thousand square foot class A commercial building.
Speaker 2: It's a coworking space, it's.
Speaker 10: A training space, it's an educational space. It's we're gonna
Speaker 10: have in phase two this summer. We're gonna have our
Speaker 10: media space and studios rolling out. And it's also a
Speaker 10: financial resource center. So you guys see, I got my
Speaker 10: Legacy Center taxes dot com.
Speaker 5: Well.
Speaker 2: At the Legacy Center, not.
Speaker 10: Only are we offering real estate consultations and coaching and
Speaker 10: home ownership advice, et cetera, we're offering credit services, business funding,
Speaker 10: life insurance, and who here is gonna be following taxes
Speaker 10: this year twenty twenty.
Speaker 2: Who here's following the hopefully all of y'all well for
Speaker 2: our business owners and for our wage earners.
Speaker 10: We do offer tax preparation services with certified licensed CPAs
Speaker 10: and certified tax repairers. You go to Legacy Centertaxes dot
Speaker 10: Com to get your taxes done virtually at the Black House.
Speaker 4: Can we just talk about the education piece, because obviously
Speaker 4: I'm coming from a background education the legacy. Are we
Speaker 4: teaching your classes or we have an after school programming
Speaker 4: or we haveving turing what's happening on the education space
Speaker 4: on side?
Speaker 10: I mean, this is our house man, so we do
Speaker 10: it with you know what I'm saying. This ain't one
Speaker 10: of the commercial buildings. We got to go to somebody
Speaker 10: else and ask permission. Yeah, you know what I'm saying,
Speaker 10: this is our building.
Speaker 2: We do what we want.
Speaker 10: We definitely got to bring to earnial leisure experience there.
Speaker 10: We're going to be offering all types of curriculum and
Speaker 10: trainings where you can you can actually like if you
Speaker 10: guys want to come down, you could teach something if
Speaker 10: you want to do it from New York. We got
Speaker 10: the live smart TVs and webcams. You can zoom in
Speaker 10: and teach classes virtually. But the whole goal is like
Speaker 10: to give us a black Wall Street headquarters. Right, it's
Speaker 10: cool to hashtag black Wall Street, but what does it
Speaker 10: looked like in real life? So what it looks like
Speaker 10: is a thirty thousand square foot building on a two
Speaker 10: point six acre campus owned by over ninety seven hundred
Speaker 10: people mostly will look like you, and a building that
Speaker 10: offers financial resources, the trainings and all that we need
Speaker 10: to really uplift ourselves. So yeah, it's our building is
Speaker 10: coworking for anyone in Atlanta Metro you want to co
Speaker 10: work with us, We have a monthly membership give you
Speaker 10: access to our state of the art building, cafe, training room,
Speaker 10: conference rooms, or if you're someone that wants to come
Speaker 10: in on a Saturday or on our weekend classes and
Speaker 10: get a business or real estate class, you'll get all
Speaker 10: that at Legacycenter dot com. You'll see our life insurance,
Speaker 10: tax services, all that at Legacy center dot com as well.
Speaker 5: It's a lot going on.
Speaker 2: Going on, a lot of issues we got to solve.
Speaker 5: That's a fact.
Speaker 2: That's a big issues. The big solutions.
Speaker 5: That's a fact.
Speaker 1: Man.
Speaker 6: Appreciate you, man, appreciate you for rocking with us again.
Speaker 6: Like I said, you pitched the double ahead of you
Speaker 6: last month two months ago, and then you came back
Speaker 6: and we go and do some stuff together for shure up.
Speaker 6: I just want to just visit, but we gotta know
Speaker 6: this list, team up and do something.
Speaker 2: You're ready for the turn up?
Speaker 5: Yeah yet a right, bro, appreciate right.
Speaker 2: Thank you guys. Make sure you followus at mister J
Speaker 2: Morrison All socials. Mister J.
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