WEBVTT - Ep 236 - We Asked The Money Coach 0:00:00.200 --> 0:00:02.800 Hey, ba fam, we are five years into making this 0:00:02.880 --> 0:00:05.480 podcast that we love so much called Brown Ambition, and 0:00:05.519 --> 0:00:08.440 we could not do it without you. We've gone from 0:00:08.760 --> 0:00:11.960 me and Tiffany sneaking around my old office building trying 0:00:11.960 --> 0:00:14.960 to find places to record, and thanks to you, guys, 0:00:15.040 --> 0:00:19.040 we now have one hundred thousand downloads per month for 0:00:19.120 --> 0:00:22.200 this little show called Brown Ambition. We would love to 0:00:22.239 --> 0:00:25.320 ask y'all for a small favor as fans of the show. Tiffany, 0:00:25.360 --> 0:00:26.080 what are we looking for? 0:00:26.480 --> 0:00:29.000 Here's what we'd love from you, guys. We already have 0:00:29.200 --> 0:00:33.280 over a thousand reviews and a five star rating on iTunes, 0:00:33.560 --> 0:00:36.400 but you know it's better than one thousand reviews two 0:00:36.560 --> 0:00:39.360 thousand reviews. If you get head on over to iTunes, 0:00:39.920 --> 0:00:43.040 go to our Brown Ambition page, scroll on down to 0:00:43.080 --> 0:00:46.760 the bottom, subscribe and leave us a five star rating 0:00:46.800 --> 0:00:51.760 and review. So subscribe, rate review. Not too much to ask, right, easypas. 0:00:51.960 --> 0:00:53.960 We love you guys, and thank you so much for 0:00:54.040 --> 0:00:56.560 making Brown Ambition what it is. The last five years 0:00:56.560 --> 0:01:17.840 have been amazing and it's all things to you. Hey, hey, hey, yay, 0:01:18.120 --> 0:01:23.280 yay yay, Okay, I don't know so, Mandra, you took 0:01:23.360 --> 0:01:26.920 us on a journey there. That's what we call a 0:01:27.000 --> 0:01:29.319 run in singer talk. You might not know that because 0:01:29.319 --> 0:01:30.000 you know, was. 0:01:30.000 --> 0:01:32.080 That what that was? All right? It sounded like you 0:01:32.160 --> 0:01:37.560 tripped a company. Oh man, it's too early in the 0:01:37.560 --> 0:01:38.840 show for the shade. I'm sorry. 0:01:38.920 --> 0:01:40.520 Yeah, no, no, it's okay. I like shade. You know, 0:01:40.560 --> 0:01:41.960 a little light shade is fun. 0:01:42.400 --> 0:01:46.199 Little friendly shade, friendly shade. Speaking of shade, I'm trying 0:01:46.200 --> 0:01:48.080 to find a segue to talk about the thing that 0:01:48.120 --> 0:01:51.120 everyone's talking about today. Did you read about Trump's texts? 0:01:51.360 --> 0:01:52.360 Girls? 0:01:53.480 --> 0:01:57.440 Oh lord, I mean, surprise is not the emotion I have, 0:01:57.840 --> 0:02:00.240 no because we all knew this man did not did 0:02:00.280 --> 0:02:03.560 everything he could to get out of paying chexes. My 0:02:03.680 --> 0:02:06.320 emotions are where are you at? Where are you at? 0:02:06.360 --> 0:02:08.600 I've heard from friends who are like, whatever, nothing's going 0:02:08.680 --> 0:02:11.200 to touch this man, Like they're just like so done. 0:02:11.400 --> 0:02:13.440 And I've heard from other friends who are super outraged, 0:02:13.480 --> 0:02:14.400 like where are you at? 0:02:14.800 --> 0:02:17.239 Honestly, I was actually surprised he was as high as 0:02:17.280 --> 0:02:19.639 seven hundred and fifty dollars. I just assumed it was nothing. 0:02:20.080 --> 0:02:22.840 I was like, he cats seven hundred and fifty dollars woo, 0:02:23.800 --> 0:02:28.400 So that was I was disgusted and I don't think 0:02:28.480 --> 0:02:30.839 he's untouchable. And I think even he knows that there 0:02:30.840 --> 0:02:33.280 are things that he said. Thus, Farlow, I don't know 0:02:33.280 --> 0:02:34.799 if you've seen in some of the articles that said 0:02:34.800 --> 0:02:38.280 that he has basically intimated that he will not seed 0:02:38.520 --> 0:02:43.359 power peacefully. So that's one is troublesome. But then also 0:02:43.440 --> 0:02:46.240 it means to me that he thinks that there's a 0:02:46.600 --> 0:02:49.200 very strong likelihood that he's not going to win. It's 0:02:49.240 --> 0:02:52.640 just so much stacked against him. So of course folks 0:02:52.639 --> 0:02:54.760 who are hardcore Trump followers, they're not going to care, 0:02:54.840 --> 0:02:55.080 you know. 0:02:55.200 --> 0:02:56.000 But there are. 0:02:55.960 --> 0:02:59.679 People who voted because they said, well, how bad could 0:02:59.680 --> 0:03:02.480 it be? Those people are like, yikes, this is how 0:03:02.520 --> 0:03:05.040 bad it could be. So I think those people are 0:03:05.040 --> 0:03:07.440 the ones that I might come on over to the 0:03:07.480 --> 0:03:09.640 other side, not because they love the other side, but 0:03:09.680 --> 0:03:11.880 because they're like, wow, this is actually way worse than 0:03:11.919 --> 0:03:13.000 I ever anticipated. 0:03:13.760 --> 0:03:16.320 I just again, and it's like you said, and I've 0:03:16.360 --> 0:03:18.840 got family and Georgia who are pro Trump, and you 0:03:18.880 --> 0:03:22.000 can't tell them nothing. And we've tried, and you know, 0:03:22.040 --> 0:03:23.840 and I think it's worth trying, even if you're not 0:03:23.880 --> 0:03:25.880 going to get anywhere, just so that you have some 0:03:26.000 --> 0:03:28.440 other voice in their heads. But when it comes to 0:03:28.480 --> 0:03:30.519 his base, and you think about who his base is 0:03:30.560 --> 0:03:34.200 and how he really appealed to working class white voters. 0:03:34.320 --> 0:03:36.080 And then of course you have the people who voted 0:03:36.120 --> 0:03:39.040 for him because they're wealthy or business owners and they 0:03:39.080 --> 0:03:42.600 knew that a Trump presidency would lower their taxes, which 0:03:42.600 --> 0:03:44.480 it did. But if you look at his you know, 0:03:44.560 --> 0:03:48.560 base of working class white Americans, like, I'm pretty damn 0:03:48.600 --> 0:03:52.040 sure they've paid their taxes, right, and I just it 0:03:52.080 --> 0:03:54.600 boggles my mind that they can support someone who so 0:03:54.760 --> 0:03:58.800 clearly does not. It's just so it's hypocrisy, you know. 0:03:59.000 --> 0:04:02.320 He he doesn't not stand for, you know, lowering the 0:04:02.360 --> 0:04:06.520 tax burden for low income people, for middle class people. 0:04:07.040 --> 0:04:10.320 He is all about how can the rich stay rich 0:04:10.480 --> 0:04:13.119 and the wealthy get wealthier. That is what his actions say, 0:04:13.120 --> 0:04:17.920 even though you know his words speak differently and personally 0:04:17.960 --> 0:04:20.640 as someone who lives not far so he has this 0:04:20.839 --> 0:04:22.320 The part of the New York Times story that got 0:04:22.400 --> 0:04:25.880 me was he has this massive compound, you know, just 0:04:26.040 --> 0:04:28.880 jillions of acres somewhere in Westchester County. I don't live 0:04:28.920 --> 0:04:31.360 too far from there, but I mean, like worlds away 0:04:31.400 --> 0:04:34.039 from the size of his compound, and he has gotten 0:04:34.040 --> 0:04:38.600 out of paying any property taxes on this mega estate. Meanwhile, 0:04:38.839 --> 0:04:41.040 his own tax law, which put into was put into 0:04:41.080 --> 0:04:43.640 effect a few years ago. His own tax law made 0:04:43.680 --> 0:04:47.120 it basically impossible for us to deduct any of our 0:04:47.160 --> 0:04:50.240 property taxes. So I'm like, I'm trying to be a 0:04:50.279 --> 0:04:53.800 homeowner out here. Our property taxes are really expensive. I 0:04:53.839 --> 0:04:56.039 mean for me, like the double digits, you know, and 0:04:56.360 --> 0:04:58.240 not double digits, but like what do you call it, 0:04:58.279 --> 0:05:03.640 how you figures? You know, double digit thousands of Ye, yes, 0:05:04.320 --> 0:05:07.520 it is painful. And I'm like, this is just that 0:05:07.520 --> 0:05:10.520 that makes my blood boil because someone like that who 0:05:10.560 --> 0:05:13.599 has the resources. And by the way, property taxes, the 0:05:13.680 --> 0:05:16.159 reason we we we grin and bear it and pay 0:05:16.200 --> 0:05:18.680 them is we say things like, well, okay, this goes 0:05:18.720 --> 0:05:22.360 toward paying our teachers and paying for you know, public services, 0:05:22.560 --> 0:05:26.440 and uh, you know, all kinds of services that help 0:05:26.480 --> 0:05:29.880 our community, and that's our contribution. This this, this story 0:05:30.160 --> 0:05:33.719 pretty much proved that this man has not done anything 0:05:34.000 --> 0:05:37.159 for anybody but himself and his children and his family 0:05:37.160 --> 0:05:40.200 and his his brand in the last couple of decades. 0:05:40.240 --> 0:05:43.160 And I think, like, I think you're right. It really 0:05:43.200 --> 0:05:45.919 affirms what we thought if you were anti Trump. But 0:05:46.560 --> 0:05:49.679 I don't know if it'll be enough to sway anyone 0:05:50.200 --> 0:05:53.800 you know, who was always pro Trump. The one thing 0:05:53.839 --> 0:05:56.080 that like the other silver lining of this is I 0:05:56.080 --> 0:05:59.360 feel like, so I have an uncle who's who owns 0:05:59.400 --> 0:06:02.719 some real estate, real estate investment firm in Georgia, in 0:06:02.760 --> 0:06:05.680 the Georgia area, in the Georgia area, in Georgia, in 0:06:05.720 --> 0:06:08.640 the state of Georgia. And you know, I've heard through 0:06:08.680 --> 0:06:11.360 my cousin that one of the reasons he's pro Trump 0:06:11.560 --> 0:06:15.160 is Trump's story of being, you know, pull yourself up 0:06:15.200 --> 0:06:19.440 by your bootstraps, self made billionaire. This is the brand 0:06:19.800 --> 0:06:22.800 that people, you know, that people understand as Trump, like 0:06:22.839 --> 0:06:26.640 he really made his fortune himself, blah blah blah. This 0:06:26.800 --> 0:06:30.480 article like, if you read it, he's a bad businessman. Yes, 0:06:30.680 --> 0:06:34.640 his businesses lose money. He's got some real, real good accountants, 0:06:34.680 --> 0:06:37.200 though they deserve some sort of prize, like if there 0:06:37.279 --> 0:06:40.240 is an Oscar for accounting. I mean, these people are 0:06:40.240 --> 0:06:43.359 like Olympic gold medal winning accountants because they've made this 0:06:43.440 --> 0:06:46.760 man stay afloat all this time. But that persona of 0:06:46.880 --> 0:06:48.720 I'm a very rich, I'm a very smart, I'm a 0:06:48.800 --> 0:06:51.359 very wealthy man with the biggest brain. Like that is 0:06:51.400 --> 0:06:53.919 really like the curtain has been pulled back. 0:06:53.839 --> 0:06:56.360 They say in the New York City, like a real 0:06:56.480 --> 0:06:58.799 estate like circles, like the high level circles. 0:06:58.880 --> 0:06:59.000 Was it? 0:06:59.040 --> 0:07:02.080 Bloomberg was like, uh, we all giggle at him. We 0:07:02.320 --> 0:07:04.360 like you know what I mean, Like, you know, it's 0:07:04.360 --> 0:07:06.440 almost like you know, you you go to college and 0:07:06.480 --> 0:07:08.599 someone pretends like, oh, yeah, when I was in high school, 0:07:08.600 --> 0:07:11.800 I was totally the coolest. I was totally like all 0:07:11.920 --> 0:07:14.200 the girls love me or whatever, and then you go 0:07:14.240 --> 0:07:16.040 back to your college and find out like, oh, you're 0:07:16.080 --> 0:07:20.720 a loser there too. Interesting. So yeah, he he's not 0:07:20.800 --> 0:07:23.800 fooling anyone who's close enough to really see. He's a Picasso, 0:07:23.960 --> 0:07:27.080 you know, from Afar looks like maybe something upfront you're like, 0:07:27.160 --> 0:07:33.840 oh the mess. But what's perfect now is that I 0:07:33.840 --> 0:07:34.720 was like, what did I get this one? 0:07:34.840 --> 0:07:35.040 Yes? 0:07:36.280 --> 0:07:38.120 Silverstone, Yes that was. 0:07:39.600 --> 0:07:43.040 Okay. So but yeah, I just think that it's just 0:07:44.440 --> 0:07:46.960 I'm not gonna lie every day. I'm like, okay, let's 0:07:46.960 --> 0:07:51.000 see now what now? What now? And now? So but yeah, 0:07:51.120 --> 0:07:53.960 I wasn't. I was actually surprised that he paid anything 0:07:53.960 --> 0:07:57.920 at all. And I'm glad that the New York Times 0:07:58.080 --> 0:08:00.440 did this at this moment in time. And then, you know, 0:08:00.600 --> 0:08:02.360 like you said, for some people, they can he can 0:08:02.440 --> 0:08:05.040 literally and Trump has said this himself. He can literally 0:08:05.160 --> 0:08:09.920 kill someone on national television and his biggest supporters would 0:08:09.960 --> 0:08:13.400 be like, well, what did that person do? So yeah, yeah, 0:08:13.440 --> 0:08:15.160 if they need not for them, this is for the 0:08:15.160 --> 0:08:16.440 people who were on the boarderline. 0:08:16.680 --> 0:08:18.440 Yeah, I mean the debate with By the time you 0:08:18.440 --> 0:08:20.840 guys hear this show, the debate, the first presidential debate 0:08:20.880 --> 0:08:23.440 will have been over. You know, I hope Biden takes 0:08:23.480 --> 0:08:27.040 this the ammunition and uses it. Well, for me, it's 0:08:27.160 --> 0:08:33.160 it's just the it's the hypocrisy. And it's like we 0:08:33.160 --> 0:08:34.840 were talking about last week on the show. You know, 0:08:34.840 --> 0:08:37.080 we get questions from people, so you know, how can 0:08:37.120 --> 0:08:39.520 I I hear about people not paying income taxes? Like 0:08:39.559 --> 0:08:41.840 how can I you know, what are some strategies I 0:08:41.840 --> 0:08:44.000 can use? And I'm like, oh, you need to be 0:08:44.080 --> 0:08:47.680 really freaking wealthy, that the wealthy have the most access 0:08:47.720 --> 0:08:49.760 to these tax breaks, because that is who the tax 0:08:49.760 --> 0:08:52.480 code was written for. And although we like to, you know, 0:08:52.600 --> 0:08:57.000 talk about Trump, he's he's following the playbook that Congress 0:08:57.040 --> 0:09:01.200 has made possible. So it's just another reminder that you 0:09:01.240 --> 0:09:03.439 can't just focus on the presidential election. You've got to 0:09:03.480 --> 0:09:06.240 focus about focus on your elected officials, the people who 0:09:06.240 --> 0:09:09.200 are writing the laws and writing legislation. Yes, it was 0:09:09.240 --> 0:09:11.920 Trump's tax plan a few years ago, but Congress passed it, 0:09:12.280 --> 0:09:14.079 and you have to We're the people who put those 0:09:14.120 --> 0:09:15.679 people in the seats that they have where they can 0:09:15.760 --> 0:09:17.280 vote on these things. So you've really got to take 0:09:17.280 --> 0:09:20.760 that into consideration and please vote. Do we say that already. 0:09:21.240 --> 0:09:25.319 Vote right, vote be ot e e. 0:09:26.720 --> 0:09:29.480 But speaking of real estate, that kind of has to 0:09:29.520 --> 0:09:33.760 do with today's show a little bit. We talk about well, honestly, 0:09:33.800 --> 0:09:36.000 we don't talk about this too too much. You guys 0:09:36.040 --> 0:09:39.760 know about our personal stories becoming homeowners and Tiffany's path 0:09:39.880 --> 0:09:42.360 to you know, starting her real estate empire, which I'm 0:09:42.360 --> 0:09:44.520 sure is to come. We get a lot of questions 0:09:44.559 --> 0:09:46.360 actually from people who were like, you know, I'm interested 0:09:46.400 --> 0:09:48.640 in investing in real estate and want an income property. 0:09:48.679 --> 0:09:51.320 How do you? How do you start? And we're really 0:09:51.360 --> 0:09:55.400 excited because today we have a returning guest, Lynette Califoni Cox, 0:09:55.480 --> 0:09:57.080 the money coach herself. What do we call her? 0:09:57.120 --> 0:09:59.400 Our fairy, our fairy financial godmother. 0:09:59.720 --> 0:10:04.280 Yeah, yes, our money auntie. She is joining us today 0:10:04.320 --> 0:10:08.440 because Lynette has been quietly building a real estate empire 0:10:08.480 --> 0:10:11.160 of her own just across the country. It feels like 0:10:11.200 --> 0:10:14.320 her and her husband, Earl have been purchasing income property 0:10:14.360 --> 0:10:17.079 after income property, and I would like to know her secret. 0:10:17.320 --> 0:10:19.600 I would like to know how she's doing it, why 0:10:19.600 --> 0:10:22.000 she's doing it, you know what their thought process is 0:10:22.040 --> 0:10:25.080 behind it, and you know how she's doing especially in 0:10:25.120 --> 0:10:30.040 this economy as she's building up her portfolio of homes. 0:10:30.520 --> 0:10:32.600 So Lynette is joining us on Today show. 0:10:32.800 --> 0:10:34.400 I'm excited because you know, I'm starting to get my 0:10:34.400 --> 0:10:36.160 little baby to owned real estate. So I can't wait 0:10:36.200 --> 0:10:39.280 to see what our very financial godmother has to say. 0:10:39.600 --> 0:10:41.839 Yeah, I've been listening to a watching a lot of 0:10:41.880 --> 0:10:44.400 YouTube on real estate investing, and we have this house 0:10:44.400 --> 0:10:49.000 across the street that's pretty much been abandoned, just like 0:10:49.040 --> 0:10:51.840 in a pre foreclosure situation. I don't know, We're like, 0:10:52.400 --> 0:10:54.400 let's get that house. We can do that, we can 0:10:54.440 --> 0:10:56.120 do this, like, yeah, let's get a fix her upper. 0:10:56.520 --> 0:10:58.280 It sounds easy on paper, So I really want to 0:10:58.320 --> 0:11:00.840 know what Lynett's strategy has Benam decited to talk to her. 0:11:01.520 --> 0:11:04.040 All right, well, should we take a quick break or 0:11:04.080 --> 0:11:07.200 is there anything else you wanted to cover before he Let's. 0:11:06.960 --> 0:11:43.880 Talk on and we're back and blacker than ever. No, 0:11:43.960 --> 0:11:46.520 I'm just joking. We are blacker than ever because we 0:11:46.679 --> 0:11:51.160 have one of my favorite financial folks. She is our 0:11:51.200 --> 0:11:56.360 financial fair godmother. As we mentioned earlier, Linette Califani Cox. 0:11:58.400 --> 0:11:59.960 You Stan, Yeah, we do. 0:12:01.720 --> 0:12:03.440 Stand for the money Coach. Thank you so much for 0:12:03.480 --> 0:12:06.440 being with us. Lynette, No, you guys, I was totally 0:12:06.480 --> 0:12:07.320 looking forward to it. 0:12:07.360 --> 0:12:08.240 I'm happy to be here. 0:12:08.640 --> 0:12:11.800 I think you are a most Guested guest. If there's 0:12:11.880 --> 0:12:13.800 like some sort of trophy we could give the most, 0:12:14.160 --> 0:12:16.440 like having someone on the show that the much of 0:12:16.720 --> 0:12:18.360 the much? Can I speak words today? 0:12:19.520 --> 0:12:20.320 Most Guested? 0:12:20.960 --> 0:12:21.520 You've been here a. 0:12:21.480 --> 0:12:23.560 Lot, Lynnette, totally cool. 0:12:23.559 --> 0:12:26.400 I feel like, you know, like FNL, like when somebody 0:12:26.440 --> 0:12:29.400 gets the whole SNL, you know, and they asked them 0:12:29.440 --> 0:12:31.960 back again again and I'm like, oh, hey, okay, good, 0:12:32.080 --> 0:12:33.040 I get to come back. 0:12:33.880 --> 0:12:38.600 One of brown ambition. Yeah, That's what I'm trying to say. Well, 0:12:38.640 --> 0:12:40.679 we were talking a little bit before the show, and 0:12:40.720 --> 0:12:42.920 we know, let's just take a who like a deep 0:12:42.920 --> 0:12:47.720 breath because we know the world's on fire literally, fingeratively politically, 0:12:47.720 --> 0:12:50.480 it seems like, but one of the silver linings, like 0:12:50.480 --> 0:12:53.480 you were just saying, is real estate. I mean, at 0:12:53.520 --> 0:12:56.760 a time when everything seems so uncertain, you know, we 0:12:57.120 --> 0:12:59.640 continue to get questions from listeners who were interested and 0:12:59.679 --> 0:13:01.960 you know, how can I start building wealth? And of 0:13:01.960 --> 0:13:04.600 course they're like me, and they read about real estate 0:13:04.640 --> 0:13:06.800 and the importance of owning property and they want to start. 0:13:07.080 --> 0:13:09.040 And you know, it's something that we haven't really touched 0:13:09.040 --> 0:13:10.920 on too much. I think Tiffany said, you, what are 0:13:10.920 --> 0:13:14.760 you dip in your baby toe into retate? Yeah, investing 0:13:15.280 --> 0:13:18.600 the pinky the pinky one, the pinky toe. And I 0:13:18.679 --> 0:13:21.800 have been semi social stocking you, Lynette, and it seems 0:13:21.840 --> 0:13:25.320 like you and Earl, mister Earle have been just acquiring 0:13:25.400 --> 0:13:28.839 property after property, slowly but surely, and building your own 0:13:28.880 --> 0:13:31.200 little real estate empire. And I was like, let's have 0:13:31.280 --> 0:13:33.680 the net on because I would love to hear your 0:13:33.840 --> 0:13:37.000 approach to real estate investing and why you think this 0:13:37.040 --> 0:13:40.160 actually could be a good time if people are considering 0:13:40.800 --> 0:13:42.560 getting real estate right. 0:13:43.120 --> 0:13:49.800 Well, we have been slowly but surely building since twenty sixteen, 0:13:50.600 --> 0:13:54.400 and it just got accelerated a lot in the last year. 0:13:55.160 --> 0:14:01.240 So we currently have eight properties. Are own house that 0:14:01.280 --> 0:14:03.920 we live in, which is in the suburbs of Houston. 0:14:03.960 --> 0:14:06.480 We're in the kind of the northwest section of Houston, 0:14:07.040 --> 0:14:12.160 and then seven rental properties. So I don't know where 0:14:12.200 --> 0:14:14.320 do you want to start, like how it first began 0:14:14.520 --> 0:14:15.640 or what our approach? 0:14:16.120 --> 0:14:18.520 Yes, what was your approach from the beginning? Was it 0:14:18.559 --> 0:14:20.680 eight always in your mind? Like or were you like, 0:14:20.760 --> 0:14:23.120 let's start with one and then accidentally you had eight? 0:14:23.440 --> 0:14:24.240 How does that happen? 0:14:24.960 --> 0:14:25.200 No? 0:14:25.440 --> 0:14:29.800 I definitely did not have this in mind, but when 0:14:29.880 --> 0:14:31.640 the journey sort of began. 0:14:31.760 --> 0:14:34.600 I was like, oh, okay, yeah, I think. 0:14:34.480 --> 0:14:37.520 I want to have like ten to twelve plus, you know. 0:14:38.200 --> 0:14:45.600 So what happened was really so it's kind of a 0:14:45.640 --> 0:14:48.520 circuitous thing. And I think Mandy, we talked about this 0:14:48.560 --> 0:14:52.960 before when our oldest daughter, Aziza went off to college. 0:14:53.400 --> 0:14:55.640 You know, we were living in New Jersey. She went 0:14:55.680 --> 0:15:00.960 to college in Texas at ut in Austin, and long 0:15:01.000 --> 0:15:07.080 story short, she lost her scholarship her first year and 0:15:07.640 --> 0:15:10.600 she rebounded afterwards and you know, got her aise again 0:15:10.680 --> 0:15:12.080 and was on the dean's list and all that good. 0:15:12.080 --> 0:15:13.080 Stuff, but by. 0:15:13.080 --> 0:15:16.920 Line she didn't have her three point five GPA that 0:15:17.080 --> 0:15:20.600 was required, so she lost her scholarship. So as a 0:15:20.640 --> 0:15:25.200 result of that, we started looking for ways to lower 0:15:25.240 --> 0:15:27.800 her tuition because there was about three times as much 0:15:27.880 --> 0:15:32.840 the tuition, you know, a good thirty something thousand at 0:15:32.840 --> 0:15:35.480 the time per year I don't know, thirty five thirty 0:15:35.520 --> 0:15:38.480 eight something like that as an out of state resident. 0:15:39.000 --> 0:15:41.440 So I was doing some research and I said, oh, 0:15:41.480 --> 0:15:44.640 wait a minute, if you like, if she owns property 0:15:44.880 --> 0:15:47.240 in the state of Texas, then you know, she can 0:15:47.320 --> 0:15:49.800 establish residency and then she'll get in state tuition. 0:15:50.680 --> 0:15:52.000 So we just thought. 0:15:52.080 --> 0:15:55.240 Time to double down on Aziza, you know, And so 0:15:55.480 --> 0:15:57.400 we ended up buying her. 0:15:57.680 --> 0:15:59.880 This first property. 0:16:00.520 --> 0:16:05.560 And we knew that relative to say, the northeast to 0:16:06.040 --> 0:16:10.880 New York New Jersey area, prices were very affordable, very reasonable. 0:16:11.280 --> 0:16:14.360 And so the house it was a it was a condo, 0:16:14.880 --> 0:16:16.800 I should say it is. She still lives there to 0:16:16.840 --> 0:16:19.960 this day. It was a condo that was two hundred 0:16:20.000 --> 0:16:23.080 and ten thousand dollars. We put ten percent down, so 0:16:23.200 --> 0:16:25.360 twenty one thousand dollars down. We had about four thousand 0:16:25.440 --> 0:16:28.160 dollars in closing costs. So we came out of pocket 0:16:28.200 --> 0:16:31.200 about twenty five thousand dollars, which was about the difference 0:16:31.280 --> 0:16:33.760 that we would have been paying in her tuition about 0:16:33.760 --> 0:16:37.560 you know, ten thousand, eleven thousand in state costs versus 0:16:37.680 --> 0:16:41.640 thirty five thirty six ish thirty eight even out of state. 0:16:42.080 --> 0:16:44.600 So I was thinking, like, Okay, I'm going to be 0:16:44.640 --> 0:16:48.040 paying housing, you know, on campus anyway, but if I 0:16:48.080 --> 0:16:49.800 can kind of get her started, I can get in 0:16:49.920 --> 0:16:53.640 state tuition, you know, help establish credit in her name 0:16:53.680 --> 0:16:58.040 as well, put her on there. So we knew that 0:16:58.120 --> 0:17:04.560 the Austin market was actually quite hot and that we 0:17:04.640 --> 0:17:10.120 could very easily get roommates in there to cover the mortgage. 0:17:10.920 --> 0:17:14.080 So that's pretty much exactly what happened. It was a 0:17:14.119 --> 0:17:19.080 two bedroom and in a Ziza's room, which was pretty spacious. 0:17:19.520 --> 0:17:22.600 It was her and one other roommate in the room, 0:17:23.119 --> 0:17:28.720 and then another girl in the second bedroom who had 0:17:28.720 --> 0:17:34.560 the big another bedroom all to herself. And so the 0:17:34.680 --> 0:17:40.159 two roommates paid essentially to cover the mortgage, and it 0:17:40.240 --> 0:17:44.920 was about fourteen hundred dollars, and that's what the two 0:17:45.400 --> 0:17:47.840 you know, two students, her two roommates were paying. So, 0:17:48.440 --> 0:17:52.680 you know, sophomore year, junior year, senior year. That's exactly 0:17:52.680 --> 0:17:56.280 what happened. They're paying the mortgage, knocking down the principal 0:17:56.440 --> 0:17:59.760 balance on there. There's no profit in it for us, 0:18:00.720 --> 0:18:05.360 except of course having in state tuition, having no housing 0:18:05.480 --> 0:18:09.400 costs because housing on campus at UT was about ten 0:18:09.480 --> 0:18:12.080 thousand a year as well, so we definitely got a 0:18:12.119 --> 0:18:14.560 financial benefit from it. 0:18:14.720 --> 0:18:17.720 Brilliant, It's all I'm thinking is, yeah, very brilliant. 0:18:18.920 --> 0:18:21.760 Sorry, so we would so again, we kind of like 0:18:21.920 --> 0:18:24.280 stumbled into this strategy if I'm if I'm again, if 0:18:24.280 --> 0:18:25.760 I'm honest, It wasn't like, oh, let me try to 0:18:25.800 --> 0:18:26.680 do this to start it off. 0:18:27.480 --> 0:18:30.200 So so your first step is have your daughter lose 0:18:30.240 --> 0:18:31.000 her scholarship. 0:18:33.400 --> 0:18:34.400 Yeah, exact, that's funny. 0:18:34.520 --> 0:18:37.760 Sure, okay, but don't freak out become a real estate mogul. 0:18:37.800 --> 0:18:39.399 Got it exactly totally. 0:18:39.480 --> 0:18:42.880 So so now you know what though, you know, first 0:18:42.920 --> 0:18:44.480 of all, I can't even tell you how many students 0:18:44.480 --> 0:18:47.159 that happens to that you know that first year just kind. 0:18:47.000 --> 0:18:49.560 Of like, yes, that was me, girl. They brought me 0:18:49.560 --> 0:18:51.479 all the way home. My parents are like, oh, okay, 0:18:51.680 --> 0:18:52.320 come back home. 0:18:53.080 --> 0:18:53.480 Yeah. 0:18:53.720 --> 0:18:57.320 So and the ZSA she wound up, as it turns out, 0:18:57.720 --> 0:19:00.639 instead of graduating in twenty nineteen. She actually graduated in 0:19:00.640 --> 0:19:04.480 December twenty eighteen, and she graduated one semester early, so 0:19:04.480 --> 0:19:04.840 she did. 0:19:04.880 --> 0:19:06.920 She she bounced back and did you know, like I said, 0:19:07.040 --> 0:19:07.480 very well. 0:19:08.000 --> 0:19:13.400 But it worked out so beautifully because again her roommates stayed. 0:19:14.640 --> 0:19:18.280 And then her last after she graduated, she had an 0:19:18.280 --> 0:19:20.720 internship and she got a job, and she's, you know, 0:19:20.800 --> 0:19:23.000 been doing very well working and she was like, Mom, 0:19:23.320 --> 0:19:24.639 I want to I want to pay rent. 0:19:24.720 --> 0:19:27.400 And I was like, why you want to pay rent? 0:19:27.440 --> 0:19:28.960 I did this so you could get a start, you know, 0:19:28.960 --> 0:19:31.280 I want you She's like, Mom, I've had a start 0:19:31.320 --> 0:19:34.040 for three years. I've had you know, I've had no rent. 0:19:34.080 --> 0:19:36.320 But I have to be financially responsible and blah blah 0:19:36.320 --> 0:19:39.639 blah blah. So she wanted to pay rent, and she 0:19:39.680 --> 0:19:44.040 also wanted to have one of the roommates not renewed 0:19:44.040 --> 0:19:45.760 so she could have fewer girls in there. 0:19:45.960 --> 0:19:48.159 She was like, I went out my own room. So 0:19:48.200 --> 0:19:50.000 I was like, uh huh. 0:19:49.720 --> 0:19:53.760 So, as it turns out, this year, in January of 0:19:53.880 --> 0:20:00.680 twenty twenty, she got married to her college sweetheart. He 0:20:01.359 --> 0:20:05.320 graduates and gets his master's degree in engineering, this in December, 0:20:06.000 --> 0:20:11.040 but they still live in that place. So now before 0:20:11.119 --> 0:20:14.600 the roommates were covering it, but then Aziza and Jacob 0:20:14.640 --> 0:20:18.920 live there now and now since January they've been collectively 0:20:18.920 --> 0:20:21.639 paying their rent, paying the mortgage on it, and paying 0:20:21.680 --> 0:20:25.720 so they cover it as their rent and so again 0:20:26.280 --> 0:20:28.359 break even. It's not like I'm you know, we're not 0:20:28.359 --> 0:20:29.960 trying to make any money off of that in terms 0:20:29.960 --> 0:20:34.040 of profit, although good to say prices have gone up, 0:20:34.119 --> 0:20:38.840 so it has appreciated in value and Austin is quite 0:20:38.880 --> 0:20:42.679 a great market. And what it showed me though was 0:20:43.160 --> 0:20:47.119 when you have a public university which has you know, 0:20:47.280 --> 0:20:52.440 forty thousand plus students, and there's high demand for housing 0:20:52.760 --> 0:20:57.520 and it's a very strong sort of economic base, your 0:20:57.920 --> 0:21:02.960 rental property will wist, never go, you know, vacant. You 0:21:03.000 --> 0:21:09.440 can constantly find tenants. So now fast forward to my son, Jakata. 0:21:10.119 --> 0:21:14.359 He went off to college. He's three grades behind Azeiza, 0:21:15.400 --> 0:21:18.760 so he went also to a public university and still 0:21:18.760 --> 0:21:23.280 he's a junior there in college now in Raleigh, North 0:21:23.320 --> 0:21:27.919 Carolina at n C State North Carolina State University. So 0:21:28.080 --> 0:21:33.600 when Jakada was choosing colleges, he was looking at Loyola 0:21:34.480 --> 0:21:39.199 in California and he was looking at other private schools, 0:21:39.200 --> 0:21:42.240