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So the first 18 00:01:03,120 --> 00:01:06,160 Speaker 2: thing that people have been asking for a long time 19 00:01:06,400 --> 00:01:08,880 Speaker 2: is like the hardest part of and even this is 20 00:01:08,880 --> 00:01:11,960 Speaker 2: what Caesar's saying, The hardest part of real estate is 21 00:01:12,000 --> 00:01:16,759 Speaker 2: finding a good contractor. So you have a contracting company like, 22 00:01:16,880 --> 00:01:19,600 Speaker 2: what are tips? How does somebody know you fresh just 23 00:01:19,600 --> 00:01:21,280 Speaker 2: bought a house. You don't know anything about real estate. 24 00:01:21,280 --> 00:01:23,040 Speaker 2: You're trying to rehab you're trying to fix up a home. 25 00:01:23,440 --> 00:01:26,319 Speaker 2: How do you know like a good contractor? Like, how 26 00:01:26,319 --> 00:01:27,200 Speaker 2: do you vet somebody? 27 00:01:27,560 --> 00:01:27,880 Speaker 3: All right? 28 00:01:27,959 --> 00:01:30,080 Speaker 4: This is the only way you can vet somebody without 29 00:01:30,600 --> 00:01:34,000 Speaker 4: actually knowing what to look for. First and foremost. If 30 00:01:34,000 --> 00:01:36,680 Speaker 4: you know what to look for, then you'll know for 31 00:01:36,680 --> 00:01:38,880 Speaker 4: a contract that's good or not just by the conversation. 32 00:01:39,720 --> 00:01:44,160 Speaker 4: But in our demographic in our community is really word 33 00:01:44,200 --> 00:01:47,039 Speaker 4: of mouth. That's how you can tell. I mean, you know, 34 00:01:47,560 --> 00:01:49,480 Speaker 4: if he used a contract and you ask him, like, yo, 35 00:01:49,520 --> 00:01:52,520 Speaker 4: what's up the contract? He's like, nah, even know not 36 00:01:52,560 --> 00:01:55,080 Speaker 4: to use it? Right, But if you're like nah, he 37 00:01:55,160 --> 00:01:57,800 Speaker 4: officials and we got word of mouth spreads fast in 38 00:01:57,840 --> 00:02:01,320 Speaker 4: our community. But the number one way, man, honestly, is 39 00:02:01,360 --> 00:02:05,160 Speaker 4: to actually get educated. Like everybody that's in the real 40 00:02:05,240 --> 00:02:08,960 Speaker 4: estate business, the contractory, they took a hip off the contractor. 41 00:02:09,160 --> 00:02:11,720 Speaker 4: I did you know what I mean? Plenty of contractors 42 00:02:11,919 --> 00:02:12,640 Speaker 4: got over on us. 43 00:02:12,720 --> 00:02:14,240 Speaker 2: Yeah, exactly. How do you know if somebody the. 44 00:02:14,200 --> 00:02:16,200 Speaker 4: Main contract is gonna get over y'alls like your uncles? 45 00:02:16,240 --> 00:02:17,919 Speaker 4: You know what I mean, Like, nah, my uncle and 46 00:02:17,919 --> 00:02:18,760 Speaker 4: I do everything. 47 00:02:19,200 --> 00:02:20,400 Speaker 2: You know, if you get ripped off. 48 00:02:21,040 --> 00:02:24,160 Speaker 4: I mean in the beginning. No, there's really no way 49 00:02:24,200 --> 00:02:26,240 Speaker 4: to know. There's no way to know. Like man, when 50 00:02:26,280 --> 00:02:28,720 Speaker 4: we I never forget. Me and my best friend we 51 00:02:28,760 --> 00:02:30,600 Speaker 4: had a first house at the same time. He decided, 52 00:02:30,639 --> 00:02:32,919 Speaker 4: by the way to fix this, I decided to sell minds. 53 00:02:34,080 --> 00:02:36,440 Speaker 4: I just blew minds out and I never forget my 54 00:02:36,520 --> 00:02:39,560 Speaker 4: uncles of them had did all the plumbing, so his 55 00:02:39,639 --> 00:02:43,639 Speaker 4: bathroom was done in anything, right, so we couldn't we could. 56 00:02:43,919 --> 00:02:46,400 Speaker 4: So I came downstairs one day, I'm like, wholl where 57 00:02:46,400 --> 00:02:48,880 Speaker 4: are the pipes coming Like, this is your bathroom right again, 58 00:02:48,919 --> 00:02:52,280 Speaker 4: I'm like, well, where are the pipes coming from? No water, 59 00:02:52,639 --> 00:02:55,200 Speaker 4: no pipes, know nothing, the whole bathroom done. 60 00:02:55,400 --> 00:02:57,520 Speaker 3: It was like a model home. You know what I'm saying. 61 00:02:57,520 --> 00:02:59,600 Speaker 4: It's like a mouse like staged you know what I mean. 62 00:03:00,040 --> 00:03:02,640 Speaker 4: How they was able to get over was one, he 63 00:03:02,760 --> 00:03:04,720 Speaker 4: was twenty seven, I was about twenty eight. We was kids, 64 00:03:04,960 --> 00:03:07,800 Speaker 4: not knowing nothing about the business. Two the water was 65 00:03:07,800 --> 00:03:10,200 Speaker 4: turned off from the street at the time, so they 66 00:03:10,200 --> 00:03:11,960 Speaker 4: had a Sunday the impression that they would fix the 67 00:03:12,000 --> 00:03:14,120 Speaker 4: house then call the city last to come cut the 68 00:03:14,160 --> 00:03:17,000 Speaker 4: water on. But it was no plumbing, nothing hooked up, 69 00:03:18,280 --> 00:03:20,200 Speaker 4: and they just they just did it like that. 70 00:03:21,000 --> 00:03:24,040 Speaker 5: When you realize that, I mean, it's it's bad, you 71 00:03:24,080 --> 00:03:26,880 Speaker 5: knowation it's bad. 72 00:03:26,919 --> 00:03:29,320 Speaker 4: It's like but I'm gonna tell you something in that era, 73 00:03:29,480 --> 00:03:31,440 Speaker 4: back then, it's just what people did. 74 00:03:31,480 --> 00:03:31,639 Speaker 3: Man. 75 00:03:31,639 --> 00:03:33,840 Speaker 4: People chase the money. They didn't really think that we 76 00:03:33,880 --> 00:03:35,960 Speaker 4: would make it to this level, you know what I mean. Like, 77 00:03:36,960 --> 00:03:39,280 Speaker 4: you know, they didn't care about reputation. But one thing 78 00:03:39,280 --> 00:03:41,600 Speaker 4: about that construction, you will learn it through trial and era. 79 00:03:41,960 --> 00:03:44,240 Speaker 4: Everybody gonna pick something up and try some stuff on 80 00:03:44,280 --> 00:03:46,600 Speaker 4: their own. They're gonna pick something up and try. Every 81 00:03:46,600 --> 00:03:48,520 Speaker 4: one of us did that. It probably took me a 82 00:03:48,520 --> 00:03:50,560 Speaker 4: month and a half the sheet rock this room all 83 00:03:50,600 --> 00:03:52,160 Speaker 4: by myself. But I can do it, you know what 84 00:03:52,200 --> 00:03:55,160 Speaker 4: I mean. But now once you learn like you don't 85 00:03:55,200 --> 00:03:56,840 Speaker 4: cut the sheet right, if you watch it, once you 86 00:03:56,880 --> 00:03:59,520 Speaker 4: watch a professional do something, you know what I just came. 87 00:03:59,640 --> 00:04:01,720 Speaker 4: I just thought about why I'm sitting here. If you 88 00:04:01,800 --> 00:04:05,280 Speaker 4: got the opportunity to be around some professionals, just go watch, 89 00:04:05,800 --> 00:04:07,720 Speaker 4: because if you see how the sheet rocks supposed to 90 00:04:07,760 --> 00:04:09,720 Speaker 4: be done, and you're going to hire somebody. If they're 91 00:04:09,720 --> 00:04:12,640 Speaker 4: too busy, then you know instantly if they're putting it 92 00:04:12,720 --> 00:04:15,160 Speaker 4: up right, if they're putting it up wrong. You understand 93 00:04:15,160 --> 00:04:17,640 Speaker 4: what I'm saying. Oh, put the walls up, then it's 94 00:04:17,720 --> 00:04:19,120 Speaker 4: now you put the ceiling up. Then you put the 95 00:04:19,160 --> 00:04:21,920 Speaker 4: walls up. The walls holding up the ceiling. It's little 96 00:04:22,160 --> 00:04:24,440 Speaker 4: minute stuff like that that you wouldn't know unless you 97 00:04:24,560 --> 00:04:25,360 Speaker 4: was in there watching. 98 00:04:25,760 --> 00:04:28,440 Speaker 3: So like you talk a lot about the phases of rehab. 99 00:04:28,520 --> 00:04:30,280 Speaker 5: So the first one is find the contract and the 100 00:04:30,320 --> 00:04:31,720 Speaker 5: next one is the demolition. 101 00:04:31,839 --> 00:04:35,479 Speaker 4: The constructor scene does that right? First thing is please permits. 102 00:04:36,320 --> 00:04:38,680 Speaker 4: Somebody got to be licensed. ELLENI is not the cops. 103 00:04:39,560 --> 00:04:41,839 Speaker 4: Everybody think Elena's the cops. Like you'll close the windows, 104 00:04:41,880 --> 00:04:44,240 Speaker 4: lock the door, Yo, ELLENI coming down the street. You 105 00:04:44,279 --> 00:04:44,720 Speaker 4: know what I mean? 106 00:04:44,800 --> 00:04:48,760 Speaker 5: Like, Yo, the permit and I felt those are the 107 00:04:48,800 --> 00:04:51,799 Speaker 5: expenses that people don't really think about, like the materials, 108 00:04:51,839 --> 00:04:52,680 Speaker 5: but the. 109 00:04:52,320 --> 00:04:58,640 Speaker 4: Paperwork, permits, plans, blueprints, that sounds like something extensive right now. 110 00:04:58,960 --> 00:05:01,320 Speaker 4: They damn they want playing for everything in Philadelphia. If 111 00:05:01,360 --> 00:05:04,680 Speaker 4: you if I just renovate your basement, they want plans. 112 00:05:04,800 --> 00:05:07,200 Speaker 5: What's the pricing on those permits and get those I 113 00:05:07,240 --> 00:05:10,600 Speaker 5: mean what the permits don't cost nothing, pulling permits in 114 00:05:10,760 --> 00:05:13,160 Speaker 5: like fifty bucks to eighty one eighty. 115 00:05:13,560 --> 00:05:15,080 Speaker 4: Now when you got to get to an architect and 116 00:05:15,120 --> 00:05:17,440 Speaker 4: you need plans, it costs a little more. It might 117 00:05:17,480 --> 00:05:19,760 Speaker 4: be two thousand and three thousand, depend upon the job. 118 00:05:20,279 --> 00:05:23,720 Speaker 4: Now where the permits get pricey at we just I'm 119 00:05:23,720 --> 00:05:25,880 Speaker 4: just gonna put it out there and talk real. Is 120 00:05:26,400 --> 00:05:28,360 Speaker 4: you you doing the house and you don't really have 121 00:05:28,360 --> 00:05:31,800 Speaker 4: a license, So now you want to use his license 122 00:05:31,839 --> 00:05:33,880 Speaker 4: for him to get you a permit, then a permit 123 00:05:33,960 --> 00:05:36,960 Speaker 4: might shoot up to fifteen hundred. This is what people 124 00:05:37,000 --> 00:05:39,640 Speaker 4: do because everybody don't have the credentials. 125 00:05:39,720 --> 00:05:41,760 Speaker 2: So the contractor handles all of that. 126 00:05:41,800 --> 00:05:43,520 Speaker 4: The contract is supposed to handle all of that. 127 00:05:43,720 --> 00:05:45,560 Speaker 2: And so what questions do you do? You ask us? 128 00:05:45,600 --> 00:05:48,720 Speaker 4: Are your licensing insured? Are your licensing insurance almost first 129 00:05:48,760 --> 00:05:50,840 Speaker 4: and foremost? And I'm gonna tell you why, because trying 130 00:05:50,839 --> 00:05:54,719 Speaker 4: to cut corners always seem to revert back to doing 131 00:05:54,760 --> 00:05:58,400 Speaker 4: it three times. You understand what I'm saying. So cutting 132 00:05:58,440 --> 00:06:00,599 Speaker 4: corners always revert back to doing it three times. And 133 00:06:00,600 --> 00:06:02,880 Speaker 4: you look up and you done spent twice the amount 134 00:06:02,920 --> 00:06:05,040 Speaker 4: of money that you were spending, thinking you was gonna 135 00:06:05,080 --> 00:06:05,760 Speaker 4: cut a corner. 136 00:06:07,520 --> 00:06:10,440 Speaker 2: Another thing that I think I heard you say. I 137 00:06:10,480 --> 00:06:12,799 Speaker 2: know Caesars said as well as that you paid contract 138 00:06:12,960 --> 00:06:16,720 Speaker 2: contractors should be paid in phases exactly. 139 00:06:17,960 --> 00:06:18,239 Speaker 3: Yeah. 140 00:06:18,279 --> 00:06:20,600 Speaker 4: And you know what, in this era, people are more 141 00:06:20,640 --> 00:06:23,440 Speaker 4: protected than we was in the beginning because when you 142 00:06:23,480 --> 00:06:26,800 Speaker 4: get funding, they would normally say, okay. Back in the day, 143 00:06:26,800 --> 00:06:28,400 Speaker 4: it's like, oh, it's seventy thousand dollars to get it done. 144 00:06:28,400 --> 00:06:29,960 Speaker 4: They give you seventy thousand, Well, we know we ain't 145 00:06:29,960 --> 00:06:31,480 Speaker 4: gonna get the job done. Got to get the car 146 00:06:31,520 --> 00:06:33,839 Speaker 4: and to watch, you know what I mean, Maybe we 147 00:06:33,920 --> 00:06:35,480 Speaker 4: get the job done later, you know what I'm saying. 148 00:06:35,520 --> 00:06:38,640 Speaker 4: So now and it's like, okay, one, you gotta put 149 00:06:38,640 --> 00:06:40,160 Speaker 4: your own money up. I don't know if y'all know that. 150 00:06:40,279 --> 00:06:42,080 Speaker 4: So let's say let's say you get one hundred thousand 151 00:06:42,120 --> 00:06:44,640 Speaker 4: dollars to do you ever rehab, right, the first phase 152 00:06:44,720 --> 00:06:46,840 Speaker 4: is twenty five thousand, Well, you gotta get twenty five 153 00:06:46,880 --> 00:06:47,480 Speaker 4: thousand dollars. 154 00:06:47,360 --> 00:06:48,120 Speaker 3: Worth of work done. 155 00:06:48,760 --> 00:06:50,800 Speaker 4: Then they come out and expect it and see it's 156 00:06:50,800 --> 00:06:53,600 Speaker 4: twenty five thousands were for work done. Then they reimburse 157 00:06:53,680 --> 00:06:58,120 Speaker 4: you construction loans or reimbursement loans now, which protects everybody 158 00:06:58,160 --> 00:07:02,560 Speaker 4: because I watch this a contractor right, you give me 159 00:07:02,640 --> 00:07:06,159 Speaker 4: twenty five thousand dollars, I don't do no work. Right, 160 00:07:06,680 --> 00:07:08,760 Speaker 4: You burnt out of the twenty five thousand, but you're 161 00:07:08,800 --> 00:07:11,800 Speaker 4: not burnt out of the whole hundred thousand. You understand. 162 00:07:11,880 --> 00:07:15,040 Speaker 4: You gotta chat. You got an opportunity to recoup. Now 163 00:07:15,280 --> 00:07:17,720 Speaker 4: the banks is not out of nothing because you paid 164 00:07:17,760 --> 00:07:21,240 Speaker 4: for the first phase, gotcha, So you. 165 00:07:21,160 --> 00:07:22,480 Speaker 3: Don't have to mess the loan up. 166 00:07:22,520 --> 00:07:25,200 Speaker 4: So let's say if if a contract to get low 167 00:07:25,280 --> 00:07:28,800 Speaker 4: on you in the first phase, well what the lender 168 00:07:28,840 --> 00:07:30,640 Speaker 4: didn't give you no money on the first phase because 169 00:07:30,680 --> 00:07:32,680 Speaker 4: as they come and inspect, the work is not done. 170 00:07:32,800 --> 00:07:36,120 Speaker 4: That's another way. You know. Pulling permits will save you too, 171 00:07:36,360 --> 00:07:39,080 Speaker 4: because you have to get city inspections and you have 172 00:07:39,080 --> 00:07:40,280 Speaker 4: to get inspections. 173 00:07:39,800 --> 00:07:40,200 Speaker 3: From the bank. 174 00:07:40,440 --> 00:07:43,760 Speaker 5: You said something about having permits after every phase. 175 00:07:43,560 --> 00:07:45,680 Speaker 4: After every phase, so you got to get permits and 176 00:07:45,720 --> 00:07:49,000 Speaker 4: plans to go in right, demo alterations. After you demo, 177 00:07:49,240 --> 00:07:50,920 Speaker 4: they got to come out and inspect it. And you 178 00:07:51,000 --> 00:07:54,320 Speaker 4: want to frame it, frame the alterations, permit boom. After 179 00:07:54,320 --> 00:07:57,040 Speaker 4: you frame it, you get inspections. Then you got mechanicals, 180 00:07:57,160 --> 00:08:00,960 Speaker 4: electric plumbing, h BAG. After each McCay, you gotta get 181 00:08:01,040 --> 00:08:03,760 Speaker 4: electrical inspected to come and inspect electrical. They can put 182 00:08:03,760 --> 00:08:05,760 Speaker 4: a sticker on your window this hours in Philly to 183 00:08:05,840 --> 00:08:07,720 Speaker 4: give you a stick that's saying you pass electrical. Then 184 00:08:07,720 --> 00:08:10,920 Speaker 4: a regular city inspector comes back out and inspects the 185 00:08:10,920 --> 00:08:14,520 Speaker 4: plumbing and the hvact boom. You get clear to do that. 186 00:08:14,800 --> 00:08:16,760 Speaker 4: Now you can close the walls. You don't need a 187 00:08:16,880 --> 00:08:19,280 Speaker 4: permit to close the walls. You just need to inspect. 188 00:08:19,280 --> 00:08:22,040 Speaker 4: You didn't need to permit for the beginning to start 189 00:08:22,280 --> 00:08:26,240 Speaker 4: the demo, the framing and the mechanicals. After that, once 190 00:08:26,240 --> 00:08:28,480 Speaker 4: you close the walls up and everything is done, they 191 00:08:28,520 --> 00:08:30,640 Speaker 4: do it's called the final inspection, signed off on it, 192 00:08:31,320 --> 00:08:32,520 Speaker 4: and that's it and you ready to go. 193 00:08:32,800 --> 00:08:35,000 Speaker 2: So like the two O three K loan, which is 194 00:08:35,040 --> 00:08:36,880 Speaker 2: a renovation loan from a bank, the. 195 00:08:36,840 --> 00:08:38,760 Speaker 4: Card is loan in the world. No contract don wants 196 00:08:38,800 --> 00:08:42,960 Speaker 4: to deal with that. It's too extensive and it's too 197 00:08:43,160 --> 00:08:48,000 Speaker 4: tight the government. It's not like the government. It's a 198 00:08:48,040 --> 00:08:50,600 Speaker 4: lot to get your money for a contractor. Yeah, it's 199 00:08:50,640 --> 00:08:52,600 Speaker 4: a lot for a contractor, a lot of contracts on 200 00:08:52,679 --> 00:08:54,800 Speaker 4: Like you got some contractors that are just specializing that. 201 00:08:55,080 --> 00:08:57,000 Speaker 4: Then you got some contractors down they don't want to 202 00:08:57,040 --> 00:08:59,520 Speaker 4: deal with that. So it's because it's too much easy money. 203 00:08:59,720 --> 00:09:00,880 Speaker 4: That's I'm thinking to myself. 204 00:09:00,920 --> 00:09:02,880 Speaker 5: It's great for the person who's trying to get the home, 205 00:09:02,960 --> 00:09:04,439 Speaker 5: not so great for the guy who's trying to say 206 00:09:04,480 --> 00:09:06,240 Speaker 5: exactly exactly. 207 00:09:05,920 --> 00:09:09,480 Speaker 2: So what kind of financing do most contractors? Obviously cash, 208 00:09:09,480 --> 00:09:11,640 Speaker 2: but the majority of people don't have enough cash to 209 00:09:11,640 --> 00:09:12,200 Speaker 2: pay somebody. 210 00:09:12,240 --> 00:09:15,560 Speaker 4: So right now, people staying away from banks like the 211 00:09:15,600 --> 00:09:18,400 Speaker 4: reason that the market is not really gonna tank. It 212 00:09:18,480 --> 00:09:20,200 Speaker 4: might slow up and shift, but it's not gonna tank 213 00:09:20,240 --> 00:09:22,800 Speaker 4: because people are not over exposed with these banks. People 214 00:09:22,800 --> 00:09:25,960 Speaker 4: are dealing with private lenders. Hard money hard money, not 215 00:09:26,000 --> 00:09:28,080 Speaker 4: really hard money, and private lending is two different things. 216 00:09:28,240 --> 00:09:30,760 Speaker 4: What's the probably a private private lend is just a 217 00:09:30,800 --> 00:09:32,719 Speaker 4: group of people like us, you know what I mean. 218 00:09:32,720 --> 00:09:35,280 Speaker 4: We might got twenty million dollars, we're gonna lend on 219 00:09:35,320 --> 00:09:37,360 Speaker 4: it with eight percent interests on it, and we're gonna 220 00:09:37,360 --> 00:09:39,679 Speaker 4: make some money right together collectively a group of us 221 00:09:39,800 --> 00:09:42,880 Speaker 4: friends heard money lens is different. They're kind of the same, 222 00:09:43,200 --> 00:09:46,160 Speaker 4: but they are a little more extensive on the requirements 223 00:09:46,160 --> 00:09:48,240 Speaker 4: in the criteria, you know what I mean. Hard money 224 00:09:48,320 --> 00:09:49,880 Speaker 4: lenders come a little they come a little harder, you 225 00:09:49,920 --> 00:09:52,600 Speaker 4: know what I mean. Like, you know one false moved, 226 00:09:52,360 --> 00:09:54,400 Speaker 4: we own that, you know what I mean? 227 00:09:55,480 --> 00:09:58,000 Speaker 3: Yeah? What about the job, like the materials for the job. 228 00:09:58,160 --> 00:09:59,480 Speaker 3: Is there a strategy that you. 229 00:09:59,480 --> 00:10:01,640 Speaker 4: Use or you buying in bulk or this is what 230 00:10:01,679 --> 00:10:04,319 Speaker 4: I do? Build a relationship. I don't care. Don't think 231 00:10:04,360 --> 00:10:06,600 Speaker 4: you can't build a relationship with a corporation. I spent. 232 00:10:06,720 --> 00:10:09,680 Speaker 4: I spend over a million dollars a year in home depot, 233 00:10:10,360 --> 00:10:12,839 Speaker 4: so I got a great relationship with them. I'm getting 234 00:10:12,840 --> 00:10:15,000 Speaker 4: everything with like a three percent markup on some things. 235 00:10:15,480 --> 00:10:17,760 Speaker 4: So where let's say sheet, where I costs eleven dollars 236 00:10:17,840 --> 00:10:20,360 Speaker 4: a sheet, I'm paying like seven dollars and thirty cent, 237 00:10:21,240 --> 00:10:23,040 Speaker 4: you know what I mean. So I get discounts because 238 00:10:23,080 --> 00:10:25,400 Speaker 4: the more money I spend there, the more discounts I get. 239 00:10:25,760 --> 00:10:26,760 Speaker 2: How did you establish that? 240 00:10:27,440 --> 00:10:30,240 Speaker 4: I went through what's called a pro rewards account, and 241 00:10:30,960 --> 00:10:33,720 Speaker 4: I get two percent off of everything I spend every 242 00:10:33,760 --> 00:10:37,280 Speaker 4: six months. So if I spend five hundred thousand dollars, 243 00:10:37,280 --> 00:10:39,680 Speaker 4: I get two percent of that and six months and 244 00:10:39,840 --> 00:10:41,640 Speaker 4: I spend another five hundred thousand. I get two percent 245 00:10:41,679 --> 00:10:44,120 Speaker 4: of that, So I get that, I get discount on pain. 246 00:10:44,200 --> 00:10:46,280 Speaker 4: But it's just for everybody, Like, these are just programs 247 00:10:46,320 --> 00:10:48,199 Speaker 4: that they offer. When you're a contractor, you got to 248 00:10:48,240 --> 00:10:50,320 Speaker 4: get into You can't just go in there and spend money 249 00:10:50,320 --> 00:10:52,400 Speaker 4: like every day person. Because you spending a lot of money, 250 00:10:52,520 --> 00:10:53,880 Speaker 4: you want to get the discount. So you want to 251 00:10:53,880 --> 00:10:55,400 Speaker 4: find out what programs available. 252 00:10:55,920 --> 00:11:00,440 Speaker 2: So what is the most important part of rehabbing house? Like, 253 00:11:00,520 --> 00:11:02,280 Speaker 2: is it the walls? Is the floor? Like, what's gonna 254 00:11:02,320 --> 00:11:03,640 Speaker 2: make the house the most valuable? 255 00:11:03,960 --> 00:11:10,280 Speaker 4: Kitchen, the kitchen, the bathrooms, the x steria, curb of 256 00:11:10,360 --> 00:11:15,800 Speaker 4: pill the extra amenities, finished basement, hardwood floors throughout. What 257 00:11:15,960 --> 00:11:18,880 Speaker 4: kind of towel you use, what kind of light fixtures 258 00:11:18,920 --> 00:11:22,000 Speaker 4: you use, Just just the little stuff that catch people 259 00:11:22,000 --> 00:11:23,840 Speaker 4: at Because I'm gonna be honest with you, I could 260 00:11:23,840 --> 00:11:25,920 Speaker 4: strip a house down to the bare bone, right, strip 261 00:11:25,960 --> 00:11:26,960 Speaker 4: it all the way down. That's what we do. We 262 00:11:26,960 --> 00:11:28,560 Speaker 4: strip it all the way down to the brick and 263 00:11:28,640 --> 00:11:31,760 Speaker 4: frame it up and do all new electric, plumbing, hpect, everything, 264 00:11:31,800 --> 00:11:34,480 Speaker 4: sheet rock, everything brand new. And people noticed one little 265 00:11:34,559 --> 00:11:37,760 Speaker 4: nick on that wall, Oh what's a little paints right here? 266 00:11:38,200 --> 00:11:38,319 Speaker 2: You know? 267 00:11:38,360 --> 00:11:38,679 Speaker 1: What I mean. 268 00:11:38,679 --> 00:11:40,800 Speaker 4: I just we built this whole house. Like I had 269 00:11:40,800 --> 00:11:43,360 Speaker 4: a guy. We had built the deck one time and 270 00:11:43,400 --> 00:11:45,840 Speaker 4: the deck, the back of the deck had leaked, and 271 00:11:45,880 --> 00:11:48,200 Speaker 4: he said he caught me, like you know, he was like, Yo, 272 00:11:48,240 --> 00:11:49,680 Speaker 4: you gotta get down there real quick. I'm like, what's 273 00:11:49,679 --> 00:11:51,520 Speaker 4: the matter. I got this man's leaking in here. So 274 00:11:51,520 --> 00:11:53,160 Speaker 4: I come, I look at the back of the deck 275 00:11:53,240 --> 00:11:55,800 Speaker 4: is leaking. I mean, he irate, what are we gonna do? 276 00:11:55,880 --> 00:11:56,440 Speaker 3: What we gonna do? 277 00:11:56,480 --> 00:11:58,760 Speaker 4: So said, he said, man, what are you laughing at? 278 00:11:59,000 --> 00:12:01,520 Speaker 4: I said, you watch me build this whole house from ship, 279 00:12:02,760 --> 00:12:05,680 Speaker 4: excuse me, from nothing, and you complaining about that little 280 00:12:05,679 --> 00:12:07,360 Speaker 4: teeny leak. And that's how I was able to calm 281 00:12:07,400 --> 00:12:08,920 Speaker 4: me down. I'm like, bro, you watched me build this 282 00:12:08,920 --> 00:12:11,599 Speaker 4: whole house like this was a bandominium, you know what 283 00:12:11,640 --> 00:12:14,560 Speaker 4: I mean. Like you know what I mean. You watch 284 00:12:14,600 --> 00:12:16,160 Speaker 4: me put it back together, you know what I mean? 285 00:12:16,240 --> 00:12:19,800 Speaker 4: But people, like I said, people only see the small things. 286 00:12:19,800 --> 00:12:21,600 Speaker 4: They could see, Oh it's a nick in the walld, 287 00:12:21,640 --> 00:12:24,760 Speaker 4: this is crooked, And we just built this whole entire house, 288 00:12:24,800 --> 00:12:25,319 Speaker 4: you know what I mean. 289 00:12:25,400 --> 00:12:30,000 Speaker 2: So so from a contractor standpoint, because you're you're interesting, 290 00:12:30,040 --> 00:12:32,840 Speaker 2: because you're an investor and you're a contractor, right, right, 291 00:12:32,880 --> 00:12:35,720 Speaker 2: So we talk about a lot. I realized we've never 292 00:12:35,760 --> 00:12:39,440 Speaker 2: really looked at it from that standpoint, like from a contractor, like, 293 00:12:40,160 --> 00:12:43,320 Speaker 2: how how do they go about as far as structuring 294 00:12:43,320 --> 00:12:46,439 Speaker 2: their business model like you have a like how do 295 00:12:46,520 --> 00:12:50,040 Speaker 2: they find clients? How do they like a. 296 00:12:49,960 --> 00:12:52,000 Speaker 4: Lot of time clients? Let me let me just real 297 00:12:52,080 --> 00:12:55,200 Speaker 4: quick because I'm gonna tell you something about contractors, just 298 00:12:55,200 --> 00:12:58,720 Speaker 4: how we lose big with contractors. A contract to give assessment. 299 00:13:00,000 --> 00:13:03,080 Speaker 4: I want one hundred thousand dollars to fix your house, and. 300 00:13:03,000 --> 00:13:03,760 Speaker 3: You beat them up. 301 00:13:04,000 --> 00:13:05,960 Speaker 4: No, I can't do one hundred. I could do sixty two, 302 00:13:06,640 --> 00:13:08,240 Speaker 4: sixty two. I can't do it for sixty two. I 303 00:13:08,240 --> 00:13:10,280 Speaker 4: could do it for ninety five. Man, I can't. I 304 00:13:10,280 --> 00:13:11,160 Speaker 4: could do it for sixty two. 305 00:13:11,240 --> 00:13:11,600 Speaker 3: That's it. 306 00:13:12,240 --> 00:13:15,200 Speaker 4: The man commit to sixty two thousand, You get him 307 00:13:15,200 --> 00:13:15,720 Speaker 4: a deposit? 308 00:13:15,760 --> 00:13:16,160 Speaker 3: What do you do? 309 00:13:16,920 --> 00:13:21,400 Speaker 4: Never come back? Right? You know why, because there's no 310 00:13:21,400 --> 00:13:23,280 Speaker 4: way he's gonna get the job number sixty two thousand. 311 00:13:23,280 --> 00:13:25,959 Speaker 4: He told you how much the job costs, but he 312 00:13:26,040 --> 00:13:29,199 Speaker 4: took the money. A lot of times you get contracts 313 00:13:29,200 --> 00:13:32,000 Speaker 4: that take a deposit and just use jobs like that 314 00:13:32,040 --> 00:13:34,080 Speaker 4: as cash for like, you know what, I'll make the 315 00:13:34,080 --> 00:13:36,320 Speaker 4: difference up somewhere else. I just need this money right now, 316 00:13:36,400 --> 00:13:39,000 Speaker 4: so far and so on. But if you get a 317 00:13:39,080 --> 00:13:42,520 Speaker 4: GC that come through and give you the number, instead 318 00:13:42,520 --> 00:13:44,640 Speaker 4: of beating up on him, just get a couple of estimates. 319 00:13:44,679 --> 00:13:48,280 Speaker 4: If it's in the same ballpark, do not try to 320 00:13:48,400 --> 00:13:50,199 Speaker 4: knock that man down. So you go home and say, yo, 321 00:13:50,200 --> 00:13:51,839 Speaker 4: I got hiven do it for sixty two, and then 322 00:13:51,880 --> 00:13:53,080 Speaker 4: next week you ain't hear it from him. 323 00:13:53,120 --> 00:13:55,120 Speaker 3: No, they go, you're sixty two exactly. 324 00:13:55,240 --> 00:13:58,400 Speaker 5: So when you do these full gut rehabs right and 325 00:13:58,440 --> 00:14:02,200 Speaker 5: you walk in, I mean you're seeing how the land 326 00:14:02,280 --> 00:14:03,480 Speaker 5: you're gonna landscape this thing out? 327 00:14:03,559 --> 00:14:05,400 Speaker 3: Is there an architect that works with you? 328 00:14:05,440 --> 00:14:07,760 Speaker 4: Like, are not me? Who's doing me? 329 00:14:07,760 --> 00:14:07,840 Speaker 3: Me? 330 00:14:08,320 --> 00:14:11,080 Speaker 4: Everything you see in my house is me when I 331 00:14:11,160 --> 00:14:12,760 Speaker 4: got a house out, Like if I ripped this house 332 00:14:12,760 --> 00:14:15,600 Speaker 4: out right now, if I ripped the building out, we like, 333 00:14:15,720 --> 00:14:16,839 Speaker 4: I can visualize whatever. 334 00:14:18,080 --> 00:14:20,320 Speaker 5: This episode is brought to you by P and C Bank. 335 00:14:20,720 --> 00:14:23,480 Speaker 5: A lot of people think podcasts about work are boring, 336 00:14:23,720 --> 00:14:27,560 Speaker 5: and sure they definitely can be, But understanding a professional's 337 00:14:27,640 --> 00:14:30,480 Speaker 5: routine shows us how they achieve their success little by 338 00:14:30,560 --> 00:14:34,440 Speaker 5: little day after day. It's like banking with P and 339 00:14:34,480 --> 00:14:37,400 Speaker 5: C Bank. 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Under President Trump, Attempted illegal border 374 00:16:36,520 --> 00:16:40,040 Speaker 6: crossings are at the lowest levels ever recorded, and over 375 00:16:40,120 --> 00:16:43,320 Speaker 6: one hundred thousand illegal aliens have been arrested. If you 376 00:16:43,400 --> 00:16:47,280 Speaker 6: are here illegally, your next you will be fined nearly 377 00:16:47,360 --> 00:16:51,360 Speaker 6: one thousand dollars a day, imprisoned, and deported. You will 378 00:16:51,400 --> 00:16:55,040 Speaker 6: never return. But if you register using our CBP home 379 00:16:55,080 --> 00:16:57,960 Speaker 6: app and leave now. You could be allowed to return 380 00:16:58,080 --> 00:17:03,560 Speaker 6: legally do what's right. Leave now. Under President Trump, America's laws, 381 00:17:03,760 --> 00:17:06,160 Speaker 6: border and families will be protected. 382 00:17:06,280 --> 00:17:08,399 Speaker 3: Sponsored by the United States parting at Homeland Security. 383 00:17:08,520 --> 00:17:10,639 Speaker 4: We room where I wanted that. I've been doing it 384 00:17:10,680 --> 00:17:12,800 Speaker 4: that once you walk in. Yeah, like I would love 385 00:17:12,800 --> 00:17:14,600 Speaker 4: for y'all come down one day and see me do it. 386 00:17:15,240 --> 00:17:16,720 Speaker 4: I come down and run with me and see me 387 00:17:16,760 --> 00:17:19,160 Speaker 4: do it. But I could rip this whole house out 388 00:17:19,200 --> 00:17:21,159 Speaker 4: and just be As a matter of fact, if you 389 00:17:21,160 --> 00:17:23,920 Speaker 4: look at my Instagram, you'll see me laying out. Yeah, 390 00:17:24,080 --> 00:17:25,439 Speaker 4: that's what I do. I'll visual when you. 391 00:17:25,480 --> 00:17:27,280 Speaker 5: Walk in, you're visually seeing like you know what, I 392 00:17:27,280 --> 00:17:28,600 Speaker 5: can see an open floor space. 393 00:17:28,920 --> 00:17:30,879 Speaker 3: That's gonna be two bedrooms up here. We're gonna put 394 00:17:30,920 --> 00:17:32,600 Speaker 3: the basement. We're gonna add a wall. Yeah. 395 00:17:33,040 --> 00:17:34,920 Speaker 4: Well, when you do so many of them, most of 396 00:17:34,960 --> 00:17:37,400 Speaker 4: them become a cookie cutter. It's four or five different styles. 397 00:17:37,800 --> 00:17:39,119 Speaker 4: When you do so many of them, you know what 398 00:17:39,119 --> 00:17:42,000 Speaker 4: I mean. I'm doing hundreds of houses yearly, you know 399 00:17:42,040 --> 00:17:43,480 Speaker 4: what I mean. So I got stuff going on in 400 00:17:43,520 --> 00:17:46,480 Speaker 4: different cities that in Cleveland, I don't I don't knock 401 00:17:46,560 --> 00:17:49,280 Speaker 4: no walls down. I keep the structure structures sound. I 402 00:17:49,320 --> 00:17:51,679 Speaker 4: keep in Philly they call an open floor plan. When 403 00:17:51,680 --> 00:17:53,040 Speaker 4: they walking in front door, they want to see the 404 00:17:53,080 --> 00:17:55,320 Speaker 4: back door, which is easy because we don't have to 405 00:17:55,320 --> 00:17:58,120 Speaker 4: spend all the money on these partition walls. We knock 406 00:17:58,160 --> 00:18:00,560 Speaker 4: every wall down. On the first floor, you're that front door. 407 00:18:00,600 --> 00:18:02,040 Speaker 4: You can see out the back. You put the kitchen 408 00:18:02,040 --> 00:18:03,840 Speaker 4: in the back, put a half bath on the side, 409 00:18:04,000 --> 00:18:05,119 Speaker 4: and that's it and you come out there. 410 00:18:05,400 --> 00:18:07,760 Speaker 5: When we spoke to a season heavy, they were like, 411 00:18:07,800 --> 00:18:09,800 Speaker 5: they have a standard, right they don't. When they do 412 00:18:09,880 --> 00:18:12,240 Speaker 5: something rehab, they keep the same paint. So everything is 413 00:18:12,600 --> 00:18:15,000 Speaker 5: very easy feeling. It's a strategy you use. You try 414 00:18:15,000 --> 00:18:15,280 Speaker 5: to make it. 415 00:18:15,320 --> 00:18:15,480 Speaker 2: Yeah. 416 00:18:15,480 --> 00:18:17,560 Speaker 4: I got my own paint too, big business gray, in 417 00:18:17,600 --> 00:18:20,480 Speaker 4: the same home depot word. Yeah, big business gray. So 418 00:18:21,080 --> 00:18:23,760 Speaker 4: it's a great I use called big Business gray. It's 419 00:18:23,760 --> 00:18:27,200 Speaker 4: made by PPG Paint and you can get it. And 420 00:18:27,240 --> 00:18:29,879 Speaker 4: it's the ceiling white. It's called Sky's the Limit white. 421 00:18:30,640 --> 00:18:33,000 Speaker 4: And I paint all my doors a signature red. It's 422 00:18:33,000 --> 00:18:36,200 Speaker 4: called Paris Apple reds named after my granddaughter and my daughter. 423 00:18:36,480 --> 00:18:38,800 Speaker 4: And these legit paints, these legit paints that sell the 424 00:18:38,840 --> 00:18:39,320 Speaker 4: home depot. 425 00:18:40,040 --> 00:18:43,000 Speaker 2: So yeah, you're you're like I said you you're like 426 00:18:43,000 --> 00:18:45,399 Speaker 2: on a chessboard, You're the red and black, You're both. 427 00:18:45,760 --> 00:18:48,160 Speaker 2: You're investor in your COTO gives you an advantage because 428 00:18:48,160 --> 00:18:49,600 Speaker 2: you could look at the house and say, Okay, I 429 00:18:49,680 --> 00:18:51,960 Speaker 2: know this is how much it needs to be fixed 430 00:18:52,000 --> 00:18:53,600 Speaker 2: up because you're the want that's fixing it up. But 431 00:18:53,640 --> 00:18:55,879 Speaker 2: for the average person that doesn't have any knowledge or 432 00:18:55,880 --> 00:18:58,240 Speaker 2: that budgeting, like, how do they how do you see 433 00:18:58,240 --> 00:19:00,760 Speaker 2: a property and say okay, this is a good buye 434 00:19:01,160 --> 00:19:03,439 Speaker 2: or this isn't a good buy because you don't really know. 435 00:19:03,720 --> 00:19:06,200 Speaker 4: All right, let me tell you anything that you could 436 00:19:06,240 --> 00:19:08,199 Speaker 4: turn the profit onw is a good BUYE. Remember I 437 00:19:08,240 --> 00:19:10,359 Speaker 4: told you this, and it has nothing to do with 438 00:19:10,720 --> 00:19:12,359 Speaker 4: the structure of it or nothing. Let's say you and 439 00:19:12,400 --> 00:19:15,879 Speaker 4: I buy a house today for twenty thousand, and we 440 00:19:15,920 --> 00:19:17,760 Speaker 4: don't know nothing about it. How much is gonna cost? 441 00:19:17,920 --> 00:19:19,680 Speaker 4: We got one hundred thousand to fix it? We find 442 00:19:19,680 --> 00:19:21,840 Speaker 4: out tomorrow he come through as a construct contract and 443 00:19:21,880 --> 00:19:23,760 Speaker 4: say it's gonna be two hundred thousand to fix it. Well, 444 00:19:23,800 --> 00:19:26,199 Speaker 4: that's one hundred thousand doll our budget, right, But we 445 00:19:26,280 --> 00:19:29,400 Speaker 4: paid what I say, we paid for twenty thousand I mean, listen, 446 00:19:29,480 --> 00:19:32,240 Speaker 4: for fifty, if somebody gives us forty, we make one 447 00:19:32,280 --> 00:19:34,919 Speaker 4: hundred percent interest for my money. There are weighs. It's 448 00:19:34,960 --> 00:19:37,800 Speaker 4: a thousand ways to skin this cat. The biggest part 449 00:19:37,800 --> 00:19:40,679 Speaker 4: about real estate is ownership. The second you own it, 450 00:19:40,720 --> 00:19:43,800 Speaker 4: you got so many angles to ping golf up. Prime example, 451 00:19:43,960 --> 00:19:46,639 Speaker 4: if you and I buy something for twenty we know 452 00:19:46,680 --> 00:19:48,560 Speaker 4: it costs two hundred to fix it, but it's gonna 453 00:19:48,560 --> 00:19:51,240 Speaker 4: be worth four hundred and we stand to make two 454 00:19:51,320 --> 00:19:54,600 Speaker 4: hundred thousand profit. Or guess what I could tell somebody, Hey, 455 00:19:54,920 --> 00:19:56,479 Speaker 4: give me two hundred thousand and fix this house. I'm 456 00:19:56,520 --> 00:19:58,879 Speaker 4: gonna give you back three. I'm still making one hundred 457 00:19:58,920 --> 00:20:01,360 Speaker 4: grand minus a twenty yet paid for it. I made 458 00:20:01,400 --> 00:20:04,200 Speaker 4: eighty grand and I ain't spend none of my money 459 00:20:04,240 --> 00:20:07,240 Speaker 4: but twenty grand. But I gave somebody fifty percent interest 460 00:20:07,320 --> 00:20:10,680 Speaker 4: on their Money's so many ways with this game. You 461 00:20:10,720 --> 00:20:13,199 Speaker 4: can sell it as is, or you and I can 462 00:20:13,240 --> 00:20:15,119 Speaker 4: get a loan to fix it, put the two hundred 463 00:20:15,119 --> 00:20:17,520 Speaker 4: grand into it and it's worth four hundred grand, and 464 00:20:17,600 --> 00:20:21,120 Speaker 4: make the two hundred and one eighty profit. So it's 465 00:20:21,160 --> 00:20:24,399 Speaker 4: so many ways. The main thing is ownership. You gotta 466 00:20:24,440 --> 00:20:27,240 Speaker 4: buy it. You buy it. You good. You buy this 467 00:20:27,280 --> 00:20:29,520 Speaker 4: building right now. Guess what if we go belly up, 468 00:20:29,520 --> 00:20:32,120 Speaker 4: we can refinance it. We don't want to sell it. 469 00:20:32,440 --> 00:20:34,440 Speaker 4: We need to stay here. We're gonna refinance it, pull 470 00:20:34,440 --> 00:20:35,360 Speaker 4: that money out, make a move. 471 00:20:35,400 --> 00:20:35,760 Speaker 3: You know what. 472 00:20:35,880 --> 00:20:37,480 Speaker 4: We don't want to refinance it. We're gonna sell it. 473 00:20:37,480 --> 00:20:39,159 Speaker 4: We're gonna do whatever with it. We can get an 474 00:20:39,160 --> 00:20:41,280 Speaker 4: investor coming. Hey, listen, I want to airbnb this house. 475 00:20:41,280 --> 00:20:43,800 Speaker 4: Give me fifty thousand, and we're gonna be partners on it. 476 00:20:43,800 --> 00:20:46,240 Speaker 4: It's so many ways that you can flip it once 477 00:20:46,280 --> 00:20:48,400 Speaker 4: we have ownership. Once you own it, you in a game. 478 00:20:49,760 --> 00:20:50,240 Speaker 3: That's okay. 479 00:20:50,400 --> 00:20:52,240 Speaker 2: So how do you know of something because you say 480 00:20:52,280 --> 00:20:54,640 Speaker 2: you fully demolish everything. How you know something doesn't really 481 00:20:54,640 --> 00:20:56,159 Speaker 2: need to be fully demolished or it just needs a 482 00:20:56,200 --> 00:20:56,679 Speaker 2: little bit of. 483 00:20:56,680 --> 00:20:58,800 Speaker 3: Work, like when you do a partial reheab man, is. 484 00:20:58,720 --> 00:21:00,200 Speaker 2: There any partial rehab al? 485 00:21:00,840 --> 00:21:03,280 Speaker 4: All right, listen, listen, I'm gonna be honest with you. 486 00:21:03,760 --> 00:21:08,520 Speaker 4: So and slower in markets that's jumping, like in Jersey 487 00:21:08,600 --> 00:21:11,800 Speaker 4: and stuff, I would definitely demo everything out. If they 488 00:21:11,840 --> 00:21:14,320 Speaker 4: think they got a great comp now and they just 489 00:21:14,400 --> 00:21:17,040 Speaker 4: doing light rehab, they could set the market. If they 490 00:21:17,080 --> 00:21:19,560 Speaker 4: rip everything out to the brick. If they rip it 491 00:21:19,560 --> 00:21:21,959 Speaker 4: out to the brick and do everything crazy over, they 492 00:21:21,960 --> 00:21:23,640 Speaker 4: could set the market. They'd be super rich. 493 00:21:23,720 --> 00:21:26,000 Speaker 2: Set the market. That's like set the market. Comps. 494 00:21:26,000 --> 00:21:29,280 Speaker 4: I set the comps. I don't care. Nobody can't tell me, Oh, 495 00:21:29,320 --> 00:21:30,879 Speaker 4: the comps is only listening this neighborhood. 496 00:21:30,920 --> 00:21:31,359 Speaker 3: Just listen. 497 00:21:32,040 --> 00:21:34,359 Speaker 4: I make the comps everywhere I go. I make the comps. 498 00:21:34,400 --> 00:21:37,600 Speaker 2: How does it all right? So you make the comps 499 00:21:37,640 --> 00:21:40,280 Speaker 2: by how many houses does it take in the neighborhood 500 00:21:40,320 --> 00:21:42,399 Speaker 2: to make a comp like one? Really? 501 00:21:42,880 --> 00:21:47,360 Speaker 4: One house? Prime example. If I went to Cleveland and 502 00:21:47,400 --> 00:21:51,119 Speaker 4: I'm buying houses for fifteen, I'm selling them for I'm 503 00:21:51,160 --> 00:21:53,960 Speaker 4: buying shelves for fifteen. Well, housing need work for fifteen. 504 00:21:54,359 --> 00:21:56,880 Speaker 4: I'm selling them for eighty five or twenty down. People 505 00:21:56,960 --> 00:21:59,480 Speaker 4: asking me who am I selling them to. What happens 506 00:21:59,560 --> 00:22:03,160 Speaker 4: is sell them for twenty down. I do the construction 507 00:22:03,240 --> 00:22:06,480 Speaker 4: for him, and I'm the mortgage company, so I might 508 00:22:06,520 --> 00:22:09,320 Speaker 4: put Let's say, if I put twenty into them, I'm 509 00:22:09,320 --> 00:22:11,600 Speaker 4: all in them. Thirty five people get me twenty down, 510 00:22:11,880 --> 00:22:14,960 Speaker 4: I'm fifteen out of pocket. They still owe me sixty 511 00:22:15,000 --> 00:22:17,520 Speaker 4: thousand dollars. They pay me five hundred, seven hundred a 512 00:22:17,560 --> 00:22:18,160 Speaker 4: month mortgage. 513 00:22:19,000 --> 00:22:20,880 Speaker 5: So once you sell the first one, Once I sell 514 00:22:20,880 --> 00:22:24,280 Speaker 5: the first one for eighty five, it sets the trend. 515 00:22:24,440 --> 00:22:25,879 Speaker 4: It seys it so. 516 00:22:25,920 --> 00:22:28,360 Speaker 3: Normally you might even own the next three on the block. 517 00:22:28,440 --> 00:22:31,159 Speaker 4: I own the whole block. But I'm gonna tell you 518 00:22:31,160 --> 00:22:35,879 Speaker 4: how it goes. That's because people are following. And the 519 00:22:35,960 --> 00:22:39,720 Speaker 4: thing is this, I'm not really looking to really flip. 520 00:22:39,800 --> 00:22:41,800 Speaker 4: I don't want my clients to flip. When I sell them. 521 00:22:41,840 --> 00:22:46,040 Speaker 4: My clients, it's a buying hole because I might sell 522 00:22:46,040 --> 00:22:48,199 Speaker 4: you yours. Like in the beginning, I was selling for fifty, 523 00:22:48,760 --> 00:22:51,879 Speaker 4: then it was sixty five, then it's eighty five. So 524 00:22:51,960 --> 00:22:53,800 Speaker 4: now my people that was in for fifty are trying 525 00:22:53,800 --> 00:22:56,480 Speaker 4: to sell to make their thirty five thousand profit next month. 526 00:22:56,480 --> 00:22:58,440 Speaker 4: When I feel like changing the cop to one twenty five, 527 00:22:58,720 --> 00:23:01,199 Speaker 4: my sixty five people want to be to sell, and 528 00:23:01,200 --> 00:23:03,600 Speaker 4: then so forth and so on. I just keep elevating. 529 00:23:03,600 --> 00:23:06,720 Speaker 4: And the thing is ownership is how I did it. 530 00:23:06,960 --> 00:23:09,360 Speaker 4: If I buy enough, if I own I own over 531 00:23:09,560 --> 00:23:12,040 Speaker 4: like five hundred doors in Cleveland, no exaggeration, we own 532 00:23:12,040 --> 00:23:16,040 Speaker 4: almost five hundred doors, right, So if I listen, if 533 00:23:16,040 --> 00:23:18,280 Speaker 4: I put everything on the market, for sale that I 534 00:23:18,359 --> 00:23:22,199 Speaker 4: own right now for one hundred thousand. Anybody else that 535 00:23:22,240 --> 00:23:24,280 Speaker 4: bought something for ten don't think they're entitled to one hundred. 536 00:23:24,920 --> 00:23:26,480 Speaker 4: So we all put them up four hundred. That's what 537 00:23:26,480 --> 00:23:28,280 Speaker 4: the number is. One hundred. 538 00:23:28,600 --> 00:23:29,359 Speaker 3: That's the new number. 539 00:23:29,520 --> 00:23:34,800 Speaker 2: So that's interesting, is that controlling the comps or manipulating 540 00:23:34,840 --> 00:23:35,280 Speaker 2: the comps. 541 00:23:35,359 --> 00:23:40,200 Speaker 4: That's not manipulating the comps. Is if you, my man, 542 00:23:40,440 --> 00:23:42,400 Speaker 4: and I buy a house for twenty and I sell 543 00:23:42,480 --> 00:23:44,960 Speaker 4: to you for eighty five, that's manipulating. There's people from 544 00:23:45,000 --> 00:23:46,920 Speaker 4: all over the world calling me to buy these properties. 545 00:23:47,160 --> 00:23:49,919 Speaker 4: But this is why they calling to buy them. So 546 00:23:50,119 --> 00:23:52,639 Speaker 4: even though I'm charging eighty five, they give me twenty 547 00:23:52,680 --> 00:23:55,600 Speaker 4: thousand down and their mortgage payment is five hundred a month. Right, 548 00:23:56,320 --> 00:23:58,879 Speaker 4: but I want you to understand that their rental income 549 00:23:58,920 --> 00:24:01,600 Speaker 4: is sixteen hundred a month. So if they getting eight 550 00:24:01,640 --> 00:24:04,359 Speaker 4: hundred for each, because these are two families I'm selling, 551 00:24:04,560 --> 00:24:06,639 Speaker 4: they're getting eight hundred for the upstairs, eight hundred for 552 00:24:06,680 --> 00:24:09,160 Speaker 4: the downstairs, they getting sixteen hundred a month. They paid 553 00:24:09,160 --> 00:24:12,480 Speaker 4: me five, let's say me five and property management of 554 00:24:12,600 --> 00:24:14,639 Speaker 4: one fifty. Let's say they walking with a positive of 555 00:24:14,680 --> 00:24:17,439 Speaker 4: eight hundred dollars. This is we're talking like that said Cleveland, 556 00:24:17,440 --> 00:24:19,760 Speaker 4: what's attaches like a couple hundred dollars a year? 557 00:24:19,920 --> 00:24:20,359 Speaker 3: I'm crazy. 558 00:24:20,440 --> 00:24:23,000 Speaker 4: Yeah, So let's say they make an eight hundred dollars 559 00:24:23,080 --> 00:24:26,560 Speaker 4: positive cash flow right off of a twenty thousand dollars investment. 560 00:24:28,560 --> 00:24:31,880 Speaker 4: Like that's ninety six hundred dollars a year. In two years, 561 00:24:31,920 --> 00:24:34,200 Speaker 4: they make all their money back. What happened to the 562 00:24:34,240 --> 00:24:37,760 Speaker 4: thirty year mortgage? We just shrunk that up, owner ship 563 00:24:37,960 --> 00:24:42,560 Speaker 4: three years. You own it, You got all your money back. 564 00:24:42,560 --> 00:24:43,960 Speaker 4: At least you got all your money. 565 00:24:43,680 --> 00:24:46,960 Speaker 3: Back used to get it in, so you said, and 566 00:24:47,000 --> 00:24:47,800 Speaker 3: we ain't even. 567 00:24:47,600 --> 00:24:50,200 Speaker 4: Talking about the refile. I ain't even lay the refied 568 00:24:50,240 --> 00:24:53,200 Speaker 4: game down. That's that's just me saying, you in something 569 00:24:53,240 --> 00:24:55,720 Speaker 4: free and clear, you own it, or you in something 570 00:24:55,720 --> 00:24:57,920 Speaker 4: not no necessarily free and clear, because they still owe 571 00:24:57,960 --> 00:25:00,359 Speaker 4: me a balance, but they got all of their money 572 00:25:00,400 --> 00:25:00,960 Speaker 4: back out of it. 573 00:25:01,320 --> 00:25:03,240 Speaker 2: So I used to that say, that's why you say 574 00:25:03,359 --> 00:25:06,159 Speaker 2: comp should be your starting point, not your bottom. 575 00:25:06,320 --> 00:25:10,560 Speaker 4: Exact exactly sow me say that said, I'm talking about 576 00:25:11,960 --> 00:25:12,960 Speaker 4: the homework, and we do a lot. 577 00:25:13,119 --> 00:25:14,960 Speaker 2: So I one other questions. I wanted to another video. 578 00:25:15,000 --> 00:25:17,240 Speaker 2: I thought that was really dope a while ago that 579 00:25:17,280 --> 00:25:19,520 Speaker 2: you did. You said, the process is you buy it, 580 00:25:19,560 --> 00:25:21,520 Speaker 2: you flip it, you fight, you buy it, you fix 581 00:25:21,600 --> 00:25:24,800 Speaker 2: it up, you refine, then the scrow, then you sell. 582 00:25:25,000 --> 00:25:25,760 Speaker 2: Can you explain that? 583 00:25:26,160 --> 00:25:26,840 Speaker 4: Say it again with that? 584 00:25:26,880 --> 00:25:29,400 Speaker 2: So you buy it, we buy a proper, you fix 585 00:25:29,440 --> 00:25:31,920 Speaker 2: it up, and then you REFI the money you put 586 00:25:31,960 --> 00:25:34,800 Speaker 2: that the refile. Okay, okay, okay, I got saved your time. 587 00:25:35,119 --> 00:25:36,159 Speaker 4: This is how you do it. This is what I 588 00:25:36,200 --> 00:25:39,479 Speaker 4: meant by that. So you buy a house. This is basic. 589 00:25:39,640 --> 00:25:43,600 Speaker 4: Buy it, fix it, refinance it, rent it. So let 590 00:25:43,640 --> 00:25:46,280 Speaker 4: me give it. I got to give you everything in numbers. 591 00:25:46,800 --> 00:25:50,520 Speaker 4: We buy for one hundred, we fix four hundred, we 592 00:25:50,560 --> 00:25:54,479 Speaker 4: in it two hundred. It it praises that four hundred, 593 00:25:54,960 --> 00:25:58,080 Speaker 4: we pull out seventy percent, which is too eighty, right, 594 00:25:59,040 --> 00:26:00,720 Speaker 4: so we pull out too eight We was in it 595 00:26:00,760 --> 00:26:03,360 Speaker 4: two hundred. We got eighty thousand dollars that we up 596 00:26:03,480 --> 00:26:06,760 Speaker 4: on the refile, right, I payment it's twenty eight hundred 597 00:26:06,920 --> 00:26:09,400 Speaker 4: one percent. So I payment it's twenty eight hundred dollars 598 00:26:09,440 --> 00:26:13,080 Speaker 4: a month. We take twenty eight thousand of that eighty 599 00:26:13,160 --> 00:26:16,240 Speaker 4: thousand and put an escrow. So you know you're good 600 00:26:16,280 --> 00:26:20,720 Speaker 4: for ten months. Right, the second money in you rent 601 00:26:20,760 --> 00:26:22,560 Speaker 4: it out, you probably ain't gonna get twenty eight hundred 602 00:26:22,560 --> 00:26:24,400 Speaker 4: dollars a month rent due to this market. But we're 603 00:26:24,400 --> 00:26:27,320 Speaker 4: gonna pull that eighty out anyway, because that's what we do, right, 604 00:26:27,680 --> 00:26:29,960 Speaker 4: that's truth. So but what you want to do is 605 00:26:30,000 --> 00:26:32,080 Speaker 4: if you put that twenty eight thousand, you up ten months. 606 00:26:32,080 --> 00:26:34,080 Speaker 4: So even if you rent it out for fifteen hundred, 607 00:26:34,320 --> 00:26:37,280 Speaker 4: that'll overlap, you understand, and that'll give you some buying 608 00:26:37,359 --> 00:26:40,760 Speaker 4: time while you're taking the other sixty whatever thousand dollars 609 00:26:40,840 --> 00:26:43,359 Speaker 4: left and you turning it. That's what I meant by escort, 610 00:26:43,480 --> 00:26:46,960 Speaker 4: because what happens is people refie take that money out 611 00:26:47,240 --> 00:26:49,119 Speaker 4: and think they're gonna put all the money in one 612 00:26:49,160 --> 00:26:51,080 Speaker 4: bank account and every month they gonna take their money 613 00:26:51,080 --> 00:26:52,560 Speaker 4: from that bank acount and pay that mortgage. What they 614 00:26:52,560 --> 00:26:56,440 Speaker 4: get to spending that money and reinvest in that money. 615 00:26:56,480 --> 00:26:58,480 Speaker 4: Every day life happens and you look up, they don't 616 00:26:58,480 --> 00:27:00,560 Speaker 4: have that money or the mortgage money. So I would 617 00:27:00,680 --> 00:27:02,840 Speaker 4: esco at least ten months, so I know, I'm good 618 00:27:02,840 --> 00:27:05,840 Speaker 4: for ten months for God to give yourself a cushion. 619 00:27:06,640 --> 00:27:10,280 Speaker 4: Every day life happened. So do you believe in buying 620 00:27:10,320 --> 00:27:13,280 Speaker 4: holding or I'm all buying holding now that I'm older. 621 00:27:14,200 --> 00:27:16,719 Speaker 4: My kid probably he probably came wake to flip all 622 00:27:16,760 --> 00:27:17,080 Speaker 4: his house. 623 00:27:18,080 --> 00:27:19,800 Speaker 3: But when you get to when you get to. 624 00:27:19,800 --> 00:27:21,879 Speaker 4: A point like me, Man, I'm forty four years old. 625 00:27:21,920 --> 00:27:24,239 Speaker 4: I've been in the game since I've been twenty eight 626 00:27:24,320 --> 00:27:27,119 Speaker 4: years old, and I sleep four hours a day, Like 627 00:27:27,560 --> 00:27:29,520 Speaker 4: I barely sleep with my wife. I see my wife 628 00:27:29,600 --> 00:27:30,920 Speaker 4: like one week out of the month, you know what 629 00:27:30,960 --> 00:27:31,240 Speaker 4: I mean. 630 00:27:31,280 --> 00:27:33,280 Speaker 3: Like, b. 631 00:27:35,280 --> 00:27:40,639 Speaker 4: That's my boy. Yeah, that's my boy. That's all he 632 00:27:40,680 --> 00:27:41,440 Speaker 4: wanted to do was dance. 633 00:27:42,160 --> 00:27:43,880 Speaker 3: He's like he sat this here a few weeks ago. 634 00:27:43,920 --> 00:27:46,520 Speaker 4: Yeah, that's my boy. So when you get to that point, man, 635 00:27:46,560 --> 00:27:48,480 Speaker 4: you gotta kind of sort of figure out one day, 636 00:27:48,600 --> 00:27:50,280 Speaker 4: you know, I won't be able to go out and 637 00:27:50,359 --> 00:27:52,199 Speaker 4: kill my food to bring it home for the tribe. 638 00:27:52,560 --> 00:27:54,800 Speaker 4: You understand what I'm saying. So I got a cord 639 00:27:54,840 --> 00:27:56,560 Speaker 4: of sort of have a machine set up in place. 640 00:27:56,600 --> 00:27:57,840 Speaker 3: And the thing. 641 00:27:57,800 --> 00:28:00,720 Speaker 4: Is, my kids love me and they they follow me. 642 00:28:00,760 --> 00:28:02,720 Speaker 4: But my son, you know what I mean, I don't 643 00:28:02,720 --> 00:28:05,560 Speaker 4: want to leave this earth and I leave my children 644 00:28:05,640 --> 00:28:08,280 Speaker 4: in debt. You know, if you got an extensive portfolio, 645 00:28:08,359 --> 00:28:11,080 Speaker 4: but you but you refined everything and you bringing in 646 00:28:11,119 --> 00:28:13,520 Speaker 4: thirty grand a month, but your mortgages is twenty two. Man, 647 00:28:13,560 --> 00:28:15,840 Speaker 4: you work for the bank. Man, you know what I mean? 648 00:28:15,880 --> 00:28:17,880 Speaker 4: You work for the bank. My kids walk with eight 649 00:28:17,920 --> 00:28:20,399 Speaker 4: thousand dollars a month. Now when I leave here, whatever 650 00:28:20,440 --> 00:28:21,920 Speaker 4: I leave them, I want them to if they don't 651 00:28:21,960 --> 00:28:24,720 Speaker 4: feel like working, they don't owe nobody nothing, you know 652 00:28:24,760 --> 00:28:26,240 Speaker 4: what I mean. And that's that's what we got to 653 00:28:26,240 --> 00:28:28,879 Speaker 4: get into. Like, if you want to be in this business, 654 00:28:30,040 --> 00:28:34,600 Speaker 4: you cannot get into becoming an entrepreneur to be in debt. Entrepreneurs, 655 00:28:34,760 --> 00:28:36,399 Speaker 4: you know, we don't. We're not supposed to work for 656 00:28:36,400 --> 00:28:38,640 Speaker 4: each other. I mean, work for anybody. That's why we 657 00:28:38,760 --> 00:28:42,000 Speaker 4: become entrepreneurs. But I mean, if, like I said, if 658 00:28:42,040 --> 00:28:44,520 Speaker 4: you bringing in thirty thousand dollars rent roll and you're 659 00:28:44,520 --> 00:28:47,560 Speaker 4: paying twenty two thousand out because you got four million loans, 660 00:28:48,120 --> 00:28:49,880 Speaker 4: you know what I mean, you work for the bank. 661 00:28:50,400 --> 00:28:52,040 Speaker 4: Cause if you don't, if you don't believe me, don't 662 00:28:52,040 --> 00:28:54,040 Speaker 4: go out there and pay it and see what happens. 663 00:28:54,040 --> 00:28:54,560 Speaker 3: See how much? 664 00:28:54,760 --> 00:28:56,880 Speaker 4: See how much of an empire you really own? I 665 00:28:56,920 --> 00:28:59,040 Speaker 4: know people that's man, listen, man, I know I know 666 00:28:59,160 --> 00:29:04,479 Speaker 4: groups that's buying and building crazy fifty million dollar lines. 667 00:29:04,680 --> 00:29:06,840 Speaker 4: What happens if something happened to them, their kids got 668 00:29:06,840 --> 00:29:08,960 Speaker 4: to step up and what and be liable for the 669 00:29:08,960 --> 00:29:11,120 Speaker 4: Their next to kin is liable for that stuff or 670 00:29:11,320 --> 00:29:14,080 Speaker 4: they're gonna lose everything. So everything they built, you know, 671 00:29:14,160 --> 00:29:16,479 Speaker 4: when you weren't teaching your kids, you know, to go 672 00:29:16,560 --> 00:29:18,440 Speaker 4: to college and do this because you thought you had 673 00:29:18,480 --> 00:29:21,000 Speaker 4: them and then you look up one day something happened 674 00:29:21,000 --> 00:29:22,760 Speaker 4: to you. How many of us know our friends that 675 00:29:22,840 --> 00:29:24,400 Speaker 4: parents left them stuff and they messed it up. They 676 00:29:24,440 --> 00:29:27,480 Speaker 4: blew it because you know why, the parents never taught 677 00:29:27,520 --> 00:29:28,160 Speaker 4: them the business. 678 00:29:28,160 --> 00:29:28,480 Speaker 3: They don't. 679 00:29:28,520 --> 00:29:30,840 Speaker 4: They didn't care about the business. The parents thought they 680 00:29:30,920 --> 00:29:32,200 Speaker 4: had it to the point where they could just leave 681 00:29:32,240 --> 00:29:34,920 Speaker 4: them the money. We were never taught maintenance. You gotta 682 00:29:34,960 --> 00:29:35,760 Speaker 4: be ta a maintenance. 683 00:29:36,000 --> 00:29:37,680 Speaker 3: Yeah we don't. I mean I don't even know people 684 00:29:37,840 --> 00:29:43,520 Speaker 3: who parents left them anything. So that's dead. Right. 685 00:29:43,680 --> 00:29:46,720 Speaker 4: We're breaking this cyphle right there. We're gonna be the parents. 686 00:29:47,000 --> 00:29:48,720 Speaker 4: I was in a meeting with somebody not to get along. 687 00:29:48,760 --> 00:29:50,600 Speaker 4: When I was in a meeting with somebody last week, 688 00:29:50,920 --> 00:29:52,840 Speaker 4: and he would say, yeah, I just want to you know, 689 00:29:52,840 --> 00:29:55,120 Speaker 4: I'm not gonna leave man. Listen, if I get one 690 00:29:55,200 --> 00:29:58,080 Speaker 4: hundred million. I'm just gonna leave my kids this percentage, 691 00:29:58,080 --> 00:29:59,360 Speaker 4: and I'm not gonna leave my kids all this money. 692 00:29:59,400 --> 00:30:01,080 Speaker 4: I want to be not just straight up looked at 693 00:30:01,120 --> 00:30:03,479 Speaker 4: him and asking, like, then quit what your works are 694 00:30:03,640 --> 00:30:06,200 Speaker 4: for You got enough for you, right, If you got 695 00:30:06,280 --> 00:30:08,520 Speaker 4: enough for you and you feel that way, take two 696 00:30:08,520 --> 00:30:11,200 Speaker 4: million dollars. Put it in some kind of iry or 697 00:30:11,240 --> 00:30:14,200 Speaker 4: something untilay you do have kids and they do get older, 698 00:30:14,280 --> 00:30:17,040 Speaker 4: and quit, Like, what's the use you making fifty one 699 00:30:17,080 --> 00:30:18,600 Speaker 4: hundred million dollar? You say you're gonna leave your kids 700 00:30:18,600 --> 00:30:21,000 Speaker 4: two million apiece? Or they can struggle puzzle for your 701 00:30:21,040 --> 00:30:24,160 Speaker 4: last name? Man, You know what I mean. It's crazy, 702 00:30:24,160 --> 00:30:24,480 Speaker 4: that's the. 703 00:30:24,520 --> 00:30:25,200 Speaker 2: Fact, all right. 704 00:30:26,960 --> 00:30:30,840 Speaker 1: You just realized your business needed to hire someone yesterday. 705 00:30:31,360 --> 00:30:35,560 Speaker 1: How can you find amazing candidates fast? Easy? Just use 706 00:30:35,640 --> 00:30:38,920 Speaker 1: Indeed stop struggling to get your job posts seen on 707 00:30:39,040 --> 00:30:42,920 Speaker 1: other job sites. With INDEED sponsored jobs, your post jumps 708 00:30:42,960 --> 00:30:45,280 Speaker 1: to the top of the page for your relevant candidates, 709 00:30:45,520 --> 00:30:48,560 Speaker 1: so you can reach the people you want faster. 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