1
00:00:00,880 --> 00:00:01,200
Speaker 1: Money.

2
00:00:01,960 --> 00:00:04,440
Speaker 2: It comes with a lot of questions and Fidelity can

3
00:00:04,480 --> 00:00:09,520
Speaker 2: help you get answers. Visit Fidelity dot com slash black Wealth.

4
00:00:09,280 --> 00:00:09,840
Speaker 3: To learn more.

5
00:00:12,800 --> 00:00:15,360
Speaker 2: This episode of the Market Monday's World Tour is brought

6
00:00:15,400 --> 00:00:21,440
Speaker 2: to you with limited interruption by Ally.

7
00:00:23,400 --> 00:00:25,680
Speaker 4: I want to take your banana, butter, you take my banana.

8
00:00:25,960 --> 00:00:27,080
Speaker 1: It's on, It's on.

9
00:00:31,360 --> 00:00:42,720
Speaker 5: I was going to say, will you married?

10
00:00:50,560 --> 00:00:56,000
Speaker 3: Speaking about referrals, thank you appreciate it? How to come

11
00:00:56,040 --> 00:00:57,320
Speaker 3: up appreciated.

12
00:00:57,640 --> 00:01:03,240
Speaker 4: Speaking about referrals right, and the power relatelationships. Remember the

13
00:01:03,360 --> 00:01:05,200
Speaker 4: guy who I said, if you ever get a chance

14
00:01:05,240 --> 00:01:08,520
Speaker 4: to see him, pick his brain. His name is David Gross. Yes,

15
00:01:08,760 --> 00:01:12,679
Speaker 4: so he's actually a legend and he's here right now.

16
00:01:12,760 --> 00:01:14,360
Speaker 1: Actually Dave.

17
00:01:16,000 --> 00:01:17,360
Speaker 3: Clapping up with David Gross.

18
00:01:22,720 --> 00:01:24,240
Speaker 1: That worked in your phone from Man.

19
00:01:26,560 --> 00:01:27,959
Speaker 3: Yes, Inspect.

20
00:01:29,760 --> 00:01:32,600
Speaker 4: The marathon continues Man in theme and theme with the

21
00:01:32,640 --> 00:01:35,200
Speaker 4: marathon obviously, if you don't know who Dave Gross is,

22
00:01:35,280 --> 00:01:37,400
Speaker 4: David is a He's actually a neighborhood kid. He's from

23
00:01:37,400 --> 00:01:43,200
Speaker 4: South Central and he moved, Yes, he moved away when

24
00:01:43,200 --> 00:01:44,760
Speaker 4: he when he was a kid. He worked on Wall

25
00:01:44,760 --> 00:01:48,440
Speaker 4: Street for twenty years, you know, became huge in the

26
00:01:48,440 --> 00:01:51,440
Speaker 4: world of business, but wanted to move back home, and

27
00:01:51,480 --> 00:01:54,880
Speaker 4: when he when he moved back home, he wanted to

28
00:01:54,920 --> 00:01:57,120
Speaker 4: work with somebody that had a lot of buzz in

29
00:01:57,160 --> 00:02:00,080
Speaker 4: his neighborhood that where he's actually from, and you know,

30
00:02:00,200 --> 00:02:02,360
Speaker 4: he's from the same neighborhood, so he had some connections

31
00:02:02,360 --> 00:02:05,760
Speaker 4: to him. And that gentleman's name was Nipsey Hustle, and

32
00:02:06,280 --> 00:02:09,440
Speaker 4: he was able to become partners withn't it And a

33
00:02:09,440 --> 00:02:12,959
Speaker 4: lot of those business moves that you see the venture nine, Vendor, ninth,

34
00:02:13,080 --> 00:02:16,440
Speaker 4: Victor ninety and all of the real estate plays and

35
00:02:16,480 --> 00:02:18,560
Speaker 4: all of that that was that was Dave Gross.

36
00:02:18,600 --> 00:02:20,520
Speaker 3: He's the one that was leading there all that round.

37
00:02:20,560 --> 00:02:27,360
Speaker 3: So clapping up with David. So we're in La. We

38
00:02:27,440 --> 00:02:28,399
Speaker 3: got my brother Dave.

39
00:02:28,480 --> 00:02:30,960
Speaker 4: You know, Market Mondays we always talk about stocks, but

40
00:02:31,120 --> 00:02:33,600
Speaker 4: the live show we always talk about real estate. That's

41
00:02:33,639 --> 00:02:37,680
Speaker 4: something that's extremely, extremely, extremely important. And we can't have

42
00:02:37,760 --> 00:02:40,880
Speaker 4: this conversation on Market Monday's Live without having a real

43
00:02:41,000 --> 00:02:41,760
Speaker 4: estate conversation.

44
00:02:41,880 --> 00:02:45,400
Speaker 1: So Dave, actually, before we get into the real estate conversation,

45
00:02:46,440 --> 00:02:50,160
Speaker 1: that was taking notes your your ten commandments. When we

46
00:02:50,200 --> 00:02:53,360
Speaker 1: first connected, we didn't talk about any business. We broke

47
00:02:53,400 --> 00:02:57,119
Speaker 1: bread and heard your insane takes on hip hop Yeah,

48
00:02:57,800 --> 00:03:01,280
Speaker 1: that was a legendary legend. That was legend your whole team,

49
00:03:01,320 --> 00:03:03,880
Speaker 1: which I respected. You had your whole team. I met everybody.

50
00:03:03,960 --> 00:03:06,799
Speaker 1: I took pictures of Michael backstage earlier. I never forgot

51
00:03:06,800 --> 00:03:09,840
Speaker 1: how funny he is. So we built a real relationship,

52
00:03:11,080 --> 00:03:13,520
Speaker 1: you know, just we broke bread as brothers, and that

53
00:03:13,680 --> 00:03:15,400
Speaker 1: opened up a lot of doors for us. You know,

54
00:03:15,600 --> 00:03:18,480
Speaker 1: happy to give referrals and now I'm you're giving You're

55
00:03:18,480 --> 00:03:21,880
Speaker 1: sharing your platform with me. So having real connections with people,

56
00:03:22,040 --> 00:03:22,799
Speaker 1: that's that's key.

57
00:03:23,440 --> 00:03:25,040
Speaker 3: That's a fact. That is a fact.

58
00:03:25,080 --> 00:03:27,120
Speaker 4: They hold the mic a little closer. Yeah, for sure,

59
00:03:27,240 --> 00:03:30,440
Speaker 4: Thank you, thank you. All right, So let's get into this.

60
00:03:31,280 --> 00:03:36,120
Speaker 4: So what are the primary drivers of real estate market

61
00:03:36,200 --> 00:03:36,640
Speaker 4: right now?

62
00:03:37,880 --> 00:03:40,560
Speaker 1: There's one driver of the real estate market right now,

63
00:03:40,680 --> 00:03:43,720
Speaker 1: and that's the FED raising rates. They have their their

64
00:03:43,760 --> 00:03:46,000
Speaker 1: foot on the neck of the real estate market. Actually

65
00:03:46,000 --> 00:03:47,160
Speaker 1: every market, every market.

66
00:03:47,200 --> 00:03:54,800
Speaker 3: Yeah, all right, are we sweet? Are we in a

67
00:03:54,920 --> 00:03:57,680
Speaker 3: bear market? And? Uh? If so, when will we come

68
00:03:57,720 --> 00:03:58,120
Speaker 3: out of it?

69
00:03:59,120 --> 00:04:02,960
Speaker 1: You know what? Real estates? Real estate's a little bit

70
00:04:03,080 --> 00:04:06,880
Speaker 1: unique in that you can't track prices. There's not like

71
00:04:07,760 --> 00:04:11,200
Speaker 1: a real time kind of pricing mechanism like the stock market.

72
00:04:11,280 --> 00:04:13,400
Speaker 1: The stock market trades every day, they're in disease, you

73
00:04:13,400 --> 00:04:15,960
Speaker 1: can price the whole market minute to minute. Real estate

74
00:04:16,000 --> 00:04:18,800
Speaker 1: isn't like that. But if you ask real estate professionals,

75
00:04:19,120 --> 00:04:22,320
Speaker 1: is the market off twenty to thirty percent from its peak?

76
00:04:22,440 --> 00:04:24,520
Speaker 1: For sure? And so if that's how you define a

77
00:04:24,520 --> 00:04:28,200
Speaker 1: bear market, they were probably in a bear market. And

78
00:04:28,240 --> 00:04:30,440
Speaker 1: when will when will that turn? You know, when will

79
00:04:30,440 --> 00:04:32,679
Speaker 1: the FED stop raising rates and when will they start

80
00:04:32,839 --> 00:04:36,560
Speaker 1: cutting rates? That'll probably be the inflection point in this market.

81
00:04:36,600 --> 00:04:39,279
Speaker 1: But I think there's probably another leg down to go

82
00:04:39,480 --> 00:04:40,880
Speaker 1: in real estate before we get there.

83
00:04:42,120 --> 00:04:46,000
Speaker 6: So we have the crypto fallout, Silicon Valley bank falling out,

84
00:04:47,080 --> 00:04:49,680
Speaker 6: how our institution is able to make money, and how

85
00:04:49,680 --> 00:04:51,360
Speaker 6: are we able to use them making money to make

86
00:04:51,400 --> 00:04:53,080
Speaker 6: money for us as retail investors?

87
00:04:53,560 --> 00:04:58,640
Speaker 1: So institutional investors in real estates, isn't There's something interesting

88
00:04:58,680 --> 00:05:02,640
Speaker 1: that happened in twenty nineteen, twenty eighteen nineteen, and then

89
00:05:02,680 --> 00:05:05,680
Speaker 1: after the FED use their shock and all metrics in

90
00:05:06,000 --> 00:05:10,280
Speaker 1: twenty twenty, there was so much money raised in real estate, right,

91
00:05:10,320 --> 00:05:12,839
Speaker 1: There's so much. There's tens of billions of dollars sitting

92
00:05:12,839 --> 00:05:16,640
Speaker 1: on the sideline in real estate, and everyone's waiting for

93
00:05:18,120 --> 00:05:20,320
Speaker 1: everyone's waiting for a free fall before they step in.

94
00:05:20,680 --> 00:05:22,800
Speaker 1: But the fact that there's so much money waiting on

95
00:05:22,839 --> 00:05:24,960
Speaker 1: the sidelines pretty much in short there's not going to

96
00:05:24,960 --> 00:05:28,120
Speaker 1: be a complete collapse like two thousand and eight. So

97
00:05:28,160 --> 00:05:30,320
Speaker 1: what most institutions have been doing, Like, no one did

98
00:05:30,320 --> 00:05:32,960
Speaker 1: anything in the second half of twenty twenty two. People

99
00:05:33,040 --> 00:05:36,719
Speaker 1: are still pretty dormant right now. But what people are

100
00:05:36,839 --> 00:05:41,200
Speaker 1: what institutions are doing, They're providing high interest rate loans

101
00:05:41,320 --> 00:05:44,520
Speaker 1: kind of short duration two years, and then to developers

102
00:05:44,560 --> 00:05:47,359
Speaker 1: who are stuck in projects, to people who bought a

103
00:05:47,440 --> 00:05:50,320
Speaker 1: value add project they were going to turn it around

104
00:05:50,440 --> 00:05:53,560
Speaker 1: and refi in three years. Well three years ago, no

105
00:05:53,560 --> 00:05:56,680
Speaker 1: one saw rates blowing out five hundred basis points, right,

106
00:05:57,080 --> 00:05:59,240
Speaker 1: So now they go to refi, they can't, So they

107
00:05:59,279 --> 00:06:01,520
Speaker 1: got to go to institutional lender and say I need

108
00:06:01,839 --> 00:06:04,040
Speaker 1: three million dollars or if it's a large project, ten

109
00:06:04,120 --> 00:06:06,839
Speaker 1: twenty million dollars. So that's how institutions are making money,

110
00:06:07,040 --> 00:06:11,760
Speaker 1: basically high yield collateralized loans. Could I do a follow

111
00:06:11,800 --> 00:06:12,279
Speaker 1: up real quick?

112
00:06:12,320 --> 00:06:12,480
Speaker 3: Yeah?

113
00:06:12,520 --> 00:06:14,359
Speaker 6: Yeah, someone to ask me this last night because they

114
00:06:14,440 --> 00:06:16,280
Speaker 6: had a three percent interest rate on her home.

115
00:06:16,320 --> 00:06:17,280
Speaker 1: I'm like, great, job.

116
00:06:17,680 --> 00:06:20,040
Speaker 6: How long do you think it would be before rates

117
00:06:20,120 --> 00:06:22,279
Speaker 6: finally come back down to those loans of twenty eighteen,

118
00:06:22,360 --> 00:06:23,000
Speaker 6: twenty nineteen.

119
00:06:23,200 --> 00:06:25,440
Speaker 4: Day when you talk like, just try to hold because

120
00:06:25,440 --> 00:06:26,839
Speaker 4: I think it's an echo on the back.

121
00:06:27,160 --> 00:06:28,919
Speaker 3: So yeah, it just act like you're a wrapper.

122
00:06:31,320 --> 00:06:35,839
Speaker 1: The people are notoriously bad at making predictions about interest rates. Yeah,

123
00:06:36,200 --> 00:06:37,839
Speaker 1: a year and a half ago, do you think anybody

124
00:06:37,880 --> 00:06:41,480
Speaker 1: saw this? No one? So when will we see three

125
00:06:41,520 --> 00:06:46,600
Speaker 1: percent again? The ironic part of this is we'll see

126
00:06:46,680 --> 00:06:49,280
Speaker 1: rates go down after the Fed raising rates starts to

127
00:06:49,279 --> 00:06:53,560
Speaker 1: break the economy. Once things start breaking, then they'll be

128
00:06:53,600 --> 00:06:56,280
Speaker 1: forced to cut rates. And if they break things enough,

129
00:06:56,400 --> 00:07:00,400
Speaker 1: then they'll cut rates significantly, maybe down to that three percent,

130
00:07:00,520 --> 00:07:05,320
Speaker 1: but probably not inside five years. I'm guessing five years.

131
00:07:05,400 --> 00:07:06,719
Speaker 3: So we got some time.

132
00:07:06,800 --> 00:07:09,440
Speaker 2: So are there bright spots inside of this market where

133
00:07:09,600 --> 00:07:13,680
Speaker 2: like individual retail investors can say I could be optimistic

134
00:07:13,680 --> 00:07:16,040
Speaker 2: about this because you talk about the interest rates. Yeah,

135
00:07:16,080 --> 00:07:18,520
Speaker 2: it got down to three right now? Thirty year fixes

136
00:07:18,560 --> 00:07:22,400
Speaker 2: at seven percent? Should we be optimistic?

137
00:07:22,480 --> 00:07:22,720
Speaker 3: Saying?

138
00:07:22,720 --> 00:07:25,480
Speaker 2: All right, well, you know that the adage is don't

139
00:07:25,800 --> 00:07:28,480
Speaker 2: don't wait to buy real estate, buy real estate and wait, like,

140
00:07:29,080 --> 00:07:30,160
Speaker 2: should we be optimistic?

141
00:07:30,840 --> 00:07:34,520
Speaker 1: Yeah, there's another saying, when there's blood in the streets,

142
00:07:34,520 --> 00:07:38,240
Speaker 1: you buy real estate. All right, So one of the

143
00:07:38,280 --> 00:07:41,800
Speaker 1: messed up things about investing, or it's a cynical aspect

144
00:07:41,880 --> 00:07:45,960
Speaker 1: of investing, to stress yields opportunity. Yeah, right, So it's

145
00:07:46,480 --> 00:07:49,120
Speaker 1: everyone was excited to buy real estate a year and

146
00:07:49,160 --> 00:07:52,960
Speaker 1: a half ago, two years ago, when prices were setting

147
00:07:53,000 --> 00:07:56,240
Speaker 1: records month over month for a year straight, quarter over

148
00:07:56,320 --> 00:07:59,040
Speaker 1: quarter for a couple of years straight. You just locked

149
00:07:59,040 --> 00:08:01,800
Speaker 1: in losses by at the peak. And so I'm sure

150
00:08:01,880 --> 00:08:03,920
Speaker 1: in talks about this all the time when it comes

151
00:08:03,960 --> 00:08:07,480
Speaker 1: to stocks. It's scary right now, but if you can

152
00:08:07,520 --> 00:08:09,960
Speaker 1: make the financing work, it's much better to buy something

153
00:08:10,280 --> 00:08:12,800
Speaker 1: forty percent cheaper than it was a year ago. Absolutely,

154
00:08:12,880 --> 00:08:15,640
Speaker 1: So that's one thing to be you know, optimistic about,

155
00:08:15,880 --> 00:08:19,960
Speaker 1: is to stress yields opportunity. The second thing is there's

156
00:08:19,960 --> 00:08:22,520
Speaker 1: just real estate is such a massive asset class. It's

157
00:08:22,520 --> 00:08:25,520
Speaker 1: a three hundred trillion dollar market. It's the biggest asset

158
00:08:25,560 --> 00:08:28,680
Speaker 1: class in the world. And that's because you include residential

159
00:08:28,680 --> 00:08:34,000
Speaker 1: real estate and that globally. So there's always opportunity everywhere,

160
00:08:34,000 --> 00:08:36,959
Speaker 1: and always in real estate there's opportunity, and it just

161
00:08:37,000 --> 00:08:40,240
Speaker 1: it moves, and it changes from different asset classes, so

162
00:08:40,400 --> 00:08:47,520
Speaker 1: from office or retail to industrial storage spaces, multifamily and

163
00:08:47,559 --> 00:08:49,520
Speaker 1: single family is going to be an opportunity in this

164
00:08:49,600 --> 00:08:52,880
Speaker 1: country in almost every major city for the next decade

165
00:08:52,920 --> 00:08:56,840
Speaker 1: because we have a shortage housing. So things are stressful

166
00:08:56,880 --> 00:09:00,439
Speaker 1: now and they're scary, but there's opportunity.

167
00:09:01,440 --> 00:09:04,199
Speaker 4: So all right, let me ask you this, what are opportunity?

168
00:09:04,280 --> 00:09:05,880
Speaker 4: What are the opportunities in this market?

169
00:09:08,559 --> 00:09:15,240
Speaker 1: So two years ago, people who had never invested in

170
00:09:15,240 --> 00:09:18,320
Speaker 1: real estate, everyone wanted to jump into the market. A

171
00:09:18,360 --> 00:09:20,960
Speaker 1: lot of those people bought deals, value add deals or

172
00:09:20,960 --> 00:09:23,440
Speaker 1: bought deals are going to flip. Some people even started

173
00:09:23,440 --> 00:09:28,400
Speaker 1: to develop. They're going to be hurting soon, and again

174
00:09:28,600 --> 00:09:31,959
Speaker 1: this is just the fact of life. They're going to

175
00:09:32,000 --> 00:09:34,000
Speaker 1: be hurting and they're going to sell at a price

176
00:09:34,320 --> 00:09:37,599
Speaker 1: that they're not going to like, but the buyer is

177
00:09:37,640 --> 00:09:39,760
Speaker 1: going to like. And that's going to happen a lot

178
00:09:39,920 --> 00:09:42,360
Speaker 1: over the next two or three years. It hasn't really

179
00:09:42,400 --> 00:09:45,839
Speaker 1: accelerated downward at this point, but it's gonna start once

180
00:09:45,880 --> 00:09:48,440
Speaker 1: people actually start selling things. Right now, everyone's been trying

181
00:09:48,440 --> 00:09:50,000
Speaker 1: to hold on. They've been trying to see if things

182
00:09:50,000 --> 00:09:52,199
Speaker 1: were going to stabilize the market was going to change.

183
00:09:52,440 --> 00:09:56,319
Speaker 1: The faed's going to bail them out. So one big opportunity.

184
00:09:56,400 --> 00:09:58,280
Speaker 1: The people who made the most money in real estate

185
00:09:58,640 --> 00:10:01,559
Speaker 1: over the past decade. They bought in two thousand and

186
00:10:01,640 --> 00:10:04,640
Speaker 1: nine twenty ten when everyone was scared, when no one

187
00:10:04,720 --> 00:10:07,960
Speaker 1: had capital, and they sold in twenty seventeen, twenty eighteen,

188
00:10:08,000 --> 00:10:12,040
Speaker 1: twenty nineteen. They made generational wealth. So that's one source

189
00:10:12,080 --> 00:10:15,200
Speaker 1: of opportunity. You know that distress. But people in La

190
00:10:15,400 --> 00:10:17,400
Speaker 1: So if I if I was someone starting in real

191
00:10:17,520 --> 00:10:22,400
Speaker 1: estate right now in California, southern California, I think the

192
00:10:22,480 --> 00:10:27,320
Speaker 1: ADU market is. I think that's a massive opportunity. And

193
00:10:27,360 --> 00:10:29,400
Speaker 1: I know that the world is rough right now, but

194
00:10:29,440 --> 00:10:31,320
Speaker 1: it's going to be an opportunity for the next decade.

195
00:10:31,440 --> 00:10:35,360
Speaker 4: Well talk about what does anybody know what ADU is?

196
00:10:36,520 --> 00:10:38,480
Speaker 1: They all know, you guys are amazing, I all know,

197
00:10:38,880 --> 00:10:39,720
Speaker 1: all right, they all know.

198
00:10:39,840 --> 00:10:44,280
Speaker 3: Does anybody not know what ADU is? That's okay.

199
00:10:44,120 --> 00:10:47,760
Speaker 4: So the few people that don't have a suspicion that

200
00:10:48,120 --> 00:10:50,680
Speaker 4: there's more people that might not know what is the ADU.

201
00:10:51,280 --> 00:10:57,040
Speaker 1: So ADUs they call them granny flats, tiny homes, accessory

202
00:10:57,120 --> 00:11:01,400
Speaker 1: dwelling units, is the formal name, but this audience they

203
00:11:01,400 --> 00:11:03,440
Speaker 1: probably get what house hacking is. This is house hacking

204
00:11:03,520 --> 00:11:05,920
Speaker 1: two point zero. So you have a single family house.

205
00:11:06,200 --> 00:11:08,880
Speaker 1: You know, land is the most expensive thing in southern

206
00:11:09,160 --> 00:11:11,959
Speaker 1: in California. Right, there's a cost of construction or building

207
00:11:12,000 --> 00:11:13,960
Speaker 1: a house, but land is a thing they're not making

208
00:11:13,960 --> 00:11:16,640
Speaker 1: more land in La or in La County. So if

209
00:11:16,640 --> 00:11:19,400
Speaker 1: you have a single family house, you can build a

210
00:11:19,480 --> 00:11:21,480
Speaker 1: tiny home in the back. Actually you can build a

211
00:11:21,480 --> 00:11:24,720
Speaker 1: couple of them. And if you think about it, building

212
00:11:24,760 --> 00:11:27,440
Speaker 1: a five hundred square foot structure or an eight hundred

213
00:11:27,480 --> 00:11:33,240
Speaker 1: square foot structure, it's less capital intensive, it's a shorter

214
00:11:33,320 --> 00:11:36,040
Speaker 1: time frame to build it, and you're still getting incredible

215
00:11:36,080 --> 00:11:41,240
Speaker 1: rents for it. And so from a legislative standpoint, the governor,

216
00:11:41,280 --> 00:11:45,600
Speaker 1: the mayor, every politician in the state has been trying

217
00:11:45,640 --> 00:11:48,480
Speaker 1: to push legislation to streamline it, make it easy, make

218
00:11:48,520 --> 00:11:53,120
Speaker 1: it attractive. Everyone views it as a way to address

219
00:11:53,280 --> 00:11:56,560
Speaker 1: housing and affordability. And I think it's a massive opportunity

220
00:11:57,000 --> 00:11:58,680
Speaker 1: for people to get started with not a lot of.

221
00:11:58,679 --> 00:12:00,800
Speaker 3: Capital, really quickly.

222
00:12:00,840 --> 00:12:05,400
Speaker 2: And so as far as opportunities, what are the zoning

223
00:12:05,600 --> 00:12:08,000
Speaker 2: parameters for that? Right, So, if I have a property

224
00:12:09,000 --> 00:12:10,880
Speaker 2: obviously I got to go through my town or I

225
00:12:10,920 --> 00:12:14,200
Speaker 2: got to go through my local municipality. Are there zoning

226
00:12:14,280 --> 00:12:15,440
Speaker 2: laws that say you can't do this.

227
00:12:16,679 --> 00:12:19,960
Speaker 1: No, So recently that both the state and county they've

228
00:12:19,960 --> 00:12:22,120
Speaker 1: been passing laws to make it so that you could.

229
00:12:22,320 --> 00:12:26,360
Speaker 1: It's still there's still nuances, and there's still complexity which

230
00:12:26,440 --> 00:12:30,160
Speaker 1: jams people up, but it's changing every day. It's one

231
00:12:30,160 --> 00:12:35,040
Speaker 1: of the few things that almost every politician, regardless of

232
00:12:35,040 --> 00:12:37,000
Speaker 1: which side and the how they're one, in this state,

233
00:12:37,160 --> 00:12:41,559
Speaker 1: is behind because there are some structural issues in housing

234
00:12:41,600 --> 00:12:44,360
Speaker 1: that are built up over the past sixty years in

235
00:12:44,400 --> 00:12:48,080
Speaker 1: this state that make it unaffordable. But this is a

236
00:12:48,120 --> 00:12:50,520
Speaker 1: solution that everyone is seemingly embracing.

237
00:12:51,440 --> 00:12:53,960
Speaker 6: You've worked on the institutional side, and I always tell everyone,

238
00:12:54,040 --> 00:12:56,480
Speaker 6: regardless of what you're investing in the principles all the saying,

239
00:12:56,880 --> 00:12:59,040
Speaker 6: what parallels do you see between the stock market and

240
00:12:59,080 --> 00:13:03,280
Speaker 6: real estate to help them mitigate risk and also maximize

241
00:13:03,280 --> 00:13:05,040
Speaker 6: the upside potential when they are investing.

242
00:13:08,200 --> 00:13:11,280
Speaker 1: You know, the greatest similarity I think between real estate

243
00:13:11,320 --> 00:13:14,640
Speaker 1: and the stock market and basically every asset class. Everything

244
00:13:14,760 --> 00:13:19,120
Speaker 1: is a it's a cost of capital game. It's it's

245
00:13:19,160 --> 00:13:23,880
Speaker 1: how much how much are you paying for your capital,

246
00:13:25,000 --> 00:13:28,640
Speaker 1: and that dictates how much you can make on your investment.

247
00:13:29,000 --> 00:13:29,280
Speaker 3: And so.

248
00:13:32,720 --> 00:13:35,480
Speaker 1: You gave an example a while ago you said, you know,

249
00:13:35,800 --> 00:13:39,560
Speaker 1: somebody had a three percent mortgage. Right, So two years ago,

250
00:13:40,080 --> 00:13:45,160
Speaker 1: institutional real estate investors buying multi family buildings, buying you know,

251
00:13:45,240 --> 00:13:49,800
Speaker 1: office buildings. You guys have heard of cap rates. Yeah,

252
00:13:50,120 --> 00:13:52,480
Speaker 1: everything in really and multi family was a four cap

253
00:13:52,800 --> 00:13:55,480
Speaker 1: or a five cap. That's because you could borrow three percent.

254
00:13:55,600 --> 00:13:57,640
Speaker 1: So if you can borrow three percent and you can

255
00:13:57,640 --> 00:14:00,720
Speaker 1: make a four percent return, you're making money. And the

256
00:14:00,760 --> 00:14:04,400
Speaker 1: more leverage you have, the more money you're making. Right now,

257
00:14:04,400 --> 00:14:08,319
Speaker 1: when interest rates blow out to seven percent, you obviously

258
00:14:08,360 --> 00:14:12,040
Speaker 1: can't take a four percent return. Now you're looking for

259
00:14:12,080 --> 00:14:14,440
Speaker 1: an eight percent or a nine percent return. So you

260
00:14:14,440 --> 00:14:18,199
Speaker 1: have positive leverage that resets pricing in the market. It's

261
00:14:18,240 --> 00:14:22,320
Speaker 1: the same thing in the stock market. Every large investment

262
00:14:22,320 --> 00:14:24,920
Speaker 1: firm in the stock market, they have an embedded cost

263
00:14:24,960 --> 00:14:29,840
Speaker 1: of capital how they run their business, right, So the

264
00:14:29,880 --> 00:14:32,480
Speaker 1: way they can when when their cost the capital goes up,

265
00:14:33,120 --> 00:14:34,920
Speaker 1: the way they make money on their investments is they

266
00:14:34,960 --> 00:14:37,480
Speaker 1: buy their investments at a lower price. So that's why

267
00:14:37,600 --> 00:14:40,600
Speaker 1: risk gets repriced in rising rate environments and everything is

268
00:14:40,640 --> 00:14:42,280
Speaker 1: cheaper as the follow up.

269
00:14:42,280 --> 00:14:44,360
Speaker 6: Do you think that's why Vanguard and Black have went

270
00:14:44,400 --> 00:14:47,360
Speaker 6: so heavy into the rental space to offset the losses

271
00:14:47,400 --> 00:14:48,359
Speaker 6: in the stock market.

272
00:14:50,280 --> 00:14:53,000
Speaker 1: I think they went so heavy into the and you're

273
00:14:53,000 --> 00:14:57,720
Speaker 1: talking about the single family market. I think institutions were

274
00:14:57,760 --> 00:15:02,040
Speaker 1: forced into doing that because all of the large investment

275
00:15:02,080 --> 00:15:06,920
Speaker 1: firms were, you know, they're handful of their handful of

276
00:15:06,960 --> 00:15:10,920
Speaker 1: markets in this country like San Francisco, New York, LA,

277
00:15:10,960 --> 00:15:14,200
Speaker 1: where there three four or five hundred million dollar real

278
00:15:14,280 --> 00:15:17,440
Speaker 1: estate assets, and so all the big investors were circling

279
00:15:17,440 --> 00:15:20,320
Speaker 1: the same assets, and the pricing went crazy and they started

280
00:15:20,360 --> 00:15:23,520
Speaker 1: being There became regional players who were kicking ass, buying

281
00:15:23,960 --> 00:15:27,080
Speaker 1: thousands of single family homes in Memphis, in LA, in

282
00:15:27,120 --> 00:15:29,640
Speaker 1: every market. And they weren't competing with institutions. They were

283
00:15:29,640 --> 00:15:33,240
Speaker 1: competing with mom and pops, and they were eating the world,

284
00:15:33,400 --> 00:15:35,120
Speaker 1: you know what I mean. So then the Black Rocks

285
00:15:35,240 --> 00:15:39,040
Speaker 1: and the Vanguards and the big investor said, we're fighting.

286
00:15:39,040 --> 00:15:43,680
Speaker 1: We're knife fighting each other for subpar returns. They're fighting

287
00:15:44,080 --> 00:15:47,320
Speaker 1: local investors and they're beating us. So that's why they

288
00:15:47,320 --> 00:15:48,000
Speaker 1: started doing it.

289
00:15:49,760 --> 00:15:51,800
Speaker 2: I'm tied of Sam because we obviously we talk about

290
00:15:51,800 --> 00:15:55,040
Speaker 2: a lot of companies that we talk about layoffs, and

291
00:15:55,080 --> 00:15:57,360
Speaker 2: we talk about people not going back to work, and

292
00:15:57,400 --> 00:15:59,960
Speaker 2: so what that leaves is vacancies in commercial real estate.

293
00:16:00,320 --> 00:16:02,360
Speaker 2: I wonder from your perspective, what do you think the

294
00:16:02,440 --> 00:16:06,920
Speaker 2: outlook is for the space of commercial real estate? If right,

295
00:16:06,960 --> 00:16:09,240
Speaker 2: people don't go back like they say that they're not

296
00:16:09,280 --> 00:16:12,000
Speaker 2: doing in DROs right now, where we see sort of

297
00:16:12,000 --> 00:16:14,120
Speaker 2: a pullback or maybe a crisis in the commercial real

298
00:16:14,200 --> 00:16:15,400
Speaker 2: estate space.

299
00:16:16,880 --> 00:16:20,800
Speaker 1: Yeah, for sure. I think everyone who everyone who's built

300
00:16:20,800 --> 00:16:23,640
Speaker 1: a career and has a massive portfolio in office or

301
00:16:23,720 --> 00:16:27,800
Speaker 1: retail beyond pens and needles, probably beyond pens and needles,

302
00:16:28,080 --> 00:16:29,680
Speaker 1: trying to figure out an exit and trying to figure

303
00:16:29,680 --> 00:16:33,800
Speaker 1: out how to transition. I think what's going to happen

304
00:16:33,840 --> 00:16:37,760
Speaker 1: in large office spaces and in central business districts will

305
00:16:37,760 --> 00:16:40,720
Speaker 1: be repurposed into multi family or makes use. There'll be

306
00:16:40,800 --> 00:16:44,720
Speaker 1: multi family, be retail, some office. But it's going to

307
00:16:44,800 --> 00:16:49,920
Speaker 1: be a generational kind of transformation in the real estate market. Again,

308
00:16:50,000 --> 00:16:52,760
Speaker 1: people are bad at making predictions. Maybe five years from

309
00:16:52,760 --> 00:16:55,640
Speaker 1: now we're all back in the office five days straight.

310
00:16:56,080 --> 00:16:59,640
Speaker 1: Who knows it hasn't happened yet, And as much as

311
00:16:59,680 --> 00:17:02,440
Speaker 1: bank in real estate firms or pushing it, you know,

312
00:17:02,480 --> 00:17:07,359
Speaker 1: the general public is resistant tech erners. What's up?

313
00:17:07,440 --> 00:17:09,919
Speaker 2: You ever walk into a small business and everything just

314
00:17:10,080 --> 00:17:13,240
Speaker 2: works like the checkout is fast, the receipts are digital,

315
00:17:13,760 --> 00:17:16,760
Speaker 2: tipping is a breeze, and you're out the door before

316
00:17:16,760 --> 00:17:20,919
Speaker 2: the line even builds odds are they're using Square. We

317
00:17:21,080 --> 00:17:23,639
Speaker 2: love supporting businesses that run on Square because it just

318
00:17:23,640 --> 00:17:26,879
Speaker 2: feels seamless. Whether it's a local coffee shop, a vendor

319
00:17:26,920 --> 00:17:29,200
Speaker 2: at a pop up market, or even one of our

320
00:17:29,240 --> 00:17:32,920
Speaker 2: merch partners, Square makes it easy for them to take payments,

321
00:17:33,119 --> 00:17:36,840
Speaker 2: manage inventory, and run their business with confidence, all from

322
00:17:36,960 --> 00:17:40,359
Speaker 2: one simple system. If you're a business owner or even

323
00:17:40,440 --> 00:17:43,960
Speaker 2: just thinking about launching something soon, Square is hands down

324
00:17:44,000 --> 00:17:47,040
Speaker 2: one of the best tools out there to help you start, run,

325
00:17:47,280 --> 00:17:50,600
Speaker 2: and grow. It's not just about payments, it's about giving

326
00:17:50,600 --> 00:17:53,280
Speaker 2: you time back so you can focus on what matters

327
00:17:53,320 --> 00:17:56,560
Speaker 2: most ready. To see how Square can transform your business,

328
00:17:56,840 --> 00:18:01,480
Speaker 2: visit Square dot com backslash, go backslash eyl to learn

329
00:18:01,520 --> 00:18:06,720
Speaker 2: more that Square dot com backslash, go backslash eyl. Don't wait,

330
00:18:07,000 --> 00:18:09,840
Speaker 2: don't hesitate, Let's Square handle the back end so you

331
00:18:09,840 --> 00:18:16,200
Speaker 2: can keep pushing your vision forward. This episode is brought

332
00:18:16,200 --> 00:18:18,119
Speaker 2: to you by P and C Bank. A lot of

333
00:18:18,119 --> 00:18:21,720
Speaker 2: people think podcasts about work are boring, and sure, they

334
00:18:21,800 --> 00:18:25,680
Speaker 2: definitely can be, but understanding of professional's routine shows us

335
00:18:25,680 --> 00:18:29,320
Speaker 2: how they achieve their success little by little, day after day.

336
00:18:30,280 --> 00:18:32,800
Speaker 2: It's like banking with P and C Bank. It might

337
00:18:32,920 --> 00:18:35,800
Speaker 2: seem boring to save, plan and make calculated decisions with

338
00:18:35,840 --> 00:18:38,879
Speaker 2: your bank, but keeping your money boring is what helps

339
00:18:38,880 --> 00:18:41,960
Speaker 2: you live or more happily fulfilled life. P and C

340
00:18:42,119 --> 00:18:47,280
Speaker 2: Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since

341
00:18:47,320 --> 00:18:50,000
Speaker 2: eighteen sixty five is a service mark of the PNC

342
00:18:50,080 --> 00:18:54,040
Speaker 2: Financial Service Group, Inc. P and C Bank National Association

343
00:18:54,240 --> 00:18:55,200
Speaker 2: Member FDIC.

344
00:18:57,000 --> 00:19:00,680
Speaker 7: An illegal alien from Guatemala charged with being a child

345
00:19:00,680 --> 00:19:04,480
Speaker 7: in Massachusetts. An MS thirteen gang member from Al Salvador

346
00:19:04,720 --> 00:19:08,879
Speaker 7: accused of murdering a Texas man of Venezuelan charged with

347
00:19:08,920 --> 00:19:12,840
Speaker 7: filming and selling child pornography in Michigan. These are just

348
00:19:12,920 --> 00:19:16,639
Speaker 7: some of the heinous migrant criminals caught because of President

349
00:19:16,720 --> 00:19:20,320
Speaker 7: Donald J. Trump's leadership. I'm Christy nom the United States

350
00:19:20,320 --> 00:19:25,119
Speaker 7: Secretary of Homeland Security Under President Trump, attempted illegal border

351
00:19:25,160 --> 00:19:28,720
Speaker 7: crossings are at the lowest levels ever recorded, and over

352
00:19:28,760 --> 00:19:32,000
Speaker 7: one hundred thousand illegal aliens have been arrested. If you

353
00:19:32,040 --> 00:19:35,919
Speaker 7: are here illegally, your next you will be fine nearly

354
00:19:36,000 --> 00:19:40,000
Speaker 7: one thousand dollars a day, imprisoned and deported. You will

355
00:19:40,040 --> 00:19:43,680
Speaker 7: never return. But if you register using our CBP home

356
00:19:43,720 --> 00:19:47,120
Speaker 7: app and leave now, you could be allowed to return legally.

357
00:19:47,480 --> 00:19:52,240
Speaker 7: Do what's right, leave now. Under President Trump, America's laws,

358
00:19:52,400 --> 00:19:54,400
Speaker 7: border and families will.

359
00:19:54,240 --> 00:19:57,080
Speaker 1: Be protected sponsored by the United States Department of Homeland Security.

360
00:19:57,240 --> 00:19:59,440
Speaker 1: Firms are resistant, so it's not going to happen in

361
00:19:59,440 --> 00:20:01,360
Speaker 1: the next tour three years. So what do you do

362
00:20:02,040 --> 00:20:04,600
Speaker 1: to You know that your portfolio of office space that

363
00:20:04,640 --> 00:20:06,240
Speaker 1: you're sitting on, that you have to surface that on,

364
00:20:06,560 --> 00:20:11,320
Speaker 1: that's increasingly banked vacant, So there will be some seismic

365
00:20:11,680 --> 00:20:15,320
Speaker 1: shift and change. Now, I think you asked the question,

366
00:20:15,440 --> 00:20:18,480
Speaker 1: do I think there's distress coming in the market or

367
00:20:18,520 --> 00:20:21,520
Speaker 1: something like that. You guys were talking about Silicon Valley

368
00:20:21,520 --> 00:20:26,320
Speaker 1: Bank earlier. Yeah, that's lightweight Silvergate, that's lightweight commercial real

369
00:20:26,400 --> 00:20:29,280
Speaker 1: estate will be the thing that breaks this economy.

370
00:20:29,440 --> 00:20:32,560
Speaker 3: What hot take?

371
00:20:33,200 --> 00:20:34,040
Speaker 1: That's not a hot take?

372
00:20:34,119 --> 00:20:37,359
Speaker 3: That's that said, so cash he doesn't show emotion.

373
00:20:38,760 --> 00:20:42,479
Speaker 2: We learned that from personal No for real, If the

374
00:20:42,520 --> 00:20:46,600
Speaker 2: fact that he's smiling is telling.

375
00:20:45,760 --> 00:20:51,359
Speaker 6: SVB is lightweight, how big do you think the commercial

376
00:20:51,400 --> 00:20:52,480
Speaker 6: bubble losses will be?

377
00:20:55,200 --> 00:20:58,040
Speaker 1: I can't peg it, but it's in every real estate

378
00:20:58,119 --> 00:21:01,840
Speaker 1: is everywhere. Go outside, throw a rock, you're gonna hit

379
00:21:01,880 --> 00:21:07,800
Speaker 1: real estate, office, retail housing will be more insulated. Right,

380
00:21:07,800 --> 00:21:10,560
Speaker 1: People aren't going to stop paying their rents and rents rents.

381
00:21:11,320 --> 00:21:14,679
Speaker 1: Rent growth is slowing down, some places going backwards, but

382
00:21:14,760 --> 00:21:18,080
Speaker 1: rents rarely go backwards. But there are certain asset classes

383
00:21:18,119 --> 00:21:19,760
Speaker 1: where they're just going to be pain and it's just

384
00:21:19,800 --> 00:21:23,520
Speaker 1: such a big market, like the exposure to Silicon Valley Bank.

385
00:21:23,680 --> 00:21:26,400
Speaker 1: Are the startups who bank there, you know what I mean?

386
00:21:26,480 --> 00:21:28,320
Speaker 1: Not much outside of that, and all of them will

387
00:21:28,359 --> 00:21:31,879
Speaker 1: probably be made whole silver Gate. I don't really know

388
00:21:31,960 --> 00:21:34,280
Speaker 1: much about that situation, but let's assume that's a loss

389
00:21:34,480 --> 00:21:39,240
Speaker 1: and nobody really cares. But if you guys follow the

390
00:21:39,280 --> 00:21:42,120
Speaker 1: Real Deal or read the New York Times the real

391
00:21:42,240 --> 00:21:47,320
Speaker 1: estate section every day of the past two months, there

392
00:21:47,320 --> 00:21:52,400
Speaker 1: have been black Rock and Blackstone. They've defaulted on properties, right,

393
00:21:53,880 --> 00:21:56,200
Speaker 1: and that's going to continue happening. If the FED keeps

394
00:21:56,200 --> 00:21:59,639
Speaker 1: pushing interest rates to the point where people can't service

395
00:21:59,640 --> 00:22:00,360
Speaker 1: their debt, you.

396
00:22:00,320 --> 00:22:03,760
Speaker 6: Think it's the global or just contained in the United States.

397
00:22:05,520 --> 00:22:08,119
Speaker 1: I think, what when the US sneezes, the rest of

398
00:22:08,119 --> 00:22:12,480
Speaker 1: the world catches the cold.

399
00:22:12,720 --> 00:22:14,000
Speaker 3: So look the one Look.

400
00:22:14,119 --> 00:22:16,560
Speaker 1: So it sounds like what I'm saying is all bad,

401
00:22:16,640 --> 00:22:21,760
Speaker 1: But the ship is already happening. The FED has already

402
00:22:21,800 --> 00:22:24,480
Speaker 1: raised rates to you know, to where they are now. Right,

403
00:22:24,560 --> 00:22:31,560
Speaker 1: there's there's one indicator of distress in the markets, the

404
00:22:31,600 --> 00:22:36,240
Speaker 1: twos tens. That inversion inverted your curve, right, yep, so

405
00:22:36,840 --> 00:22:39,159
Speaker 1: always and then when it's disinverted, it hasn't been this

406
00:22:39,280 --> 00:22:43,880
Speaker 1: inverted in the past forty years. A recession always foules, right,

407
00:22:44,320 --> 00:22:46,879
Speaker 1: So it's already happened. It just happens with the lag.

408
00:22:47,600 --> 00:22:49,480
Speaker 1: And I'm saying all this, And I'm not telling people

409
00:22:49,520 --> 00:22:52,640
Speaker 1: to be scared because everyone here there earners, Everyone here

410
00:22:52,680 --> 00:22:55,320
Speaker 1: has some capital they want to invest. And I told

411
00:22:55,320 --> 00:22:57,879
Speaker 1: you earlier. People that made their money in real estate,

412
00:22:58,040 --> 00:22:59,680
Speaker 1: they made it buy it. You make your money when

413
00:22:59,680 --> 00:23:02,760
Speaker 1: you buy real estate, not when you sell. You make

414
00:23:02,760 --> 00:23:04,480
Speaker 1: your money when you buy. So the people who bought

415
00:23:04,480 --> 00:23:06,920
Speaker 1: in two thousand and nine and twenty ten when shit

416
00:23:07,040 --> 00:23:10,679
Speaker 1: was scary. They just took profit, you know, over the

417
00:23:10,720 --> 00:23:12,640
Speaker 1: past three or four years, and that's what you guys

418
00:23:12,640 --> 00:23:16,240
Speaker 1: are gonna do. But yeah, I think commercial real estate

419
00:23:16,280 --> 00:23:18,680
Speaker 1: because it's such an important and such a large asset class.

420
00:23:18,680 --> 00:23:21,080
Speaker 6: What quick follow up if you if you're sitting up

421
00:23:21,119 --> 00:23:22,800
Speaker 6: here and you're like, man, I just heard you say

422
00:23:22,800 --> 00:23:25,040
Speaker 6: that the world's going to fall apart. How do you

423
00:23:25,080 --> 00:23:27,520
Speaker 6: expect me to put my capital into the market to

424
00:23:27,520 --> 00:23:30,479
Speaker 6: buy assets even though I know long term it's going

425
00:23:30,520 --> 00:23:33,240
Speaker 6: to work, but I can't even afford to like suffer

426
00:23:33,280 --> 00:23:35,960
Speaker 6: for those three years or seven years. What advice would

427
00:23:35,960 --> 00:23:37,920
Speaker 6: you give them if you were like twenty years old

428
00:23:38,000 --> 00:23:40,280
Speaker 6: or twenty five years old and you were sitting up there.

429
00:23:40,640 --> 00:23:43,520
Speaker 1: I'm going to answer your question with the question, no,

430
00:23:43,640 --> 00:23:47,520
Speaker 1: I am been doing my move, go ahead. How what

431
00:23:47,680 --> 00:23:49,560
Speaker 1: kind of mindset or what kind of time frame do

432
00:23:49,600 --> 00:23:52,359
Speaker 1: you encourage people to invest over on market? Mondays or

433
00:23:52,400 --> 00:23:53,359
Speaker 1: do your rad Panda.

434
00:23:53,080 --> 00:23:57,600
Speaker 6: Group minimum of five minimum five ideally tend to thirty.

435
00:23:57,880 --> 00:24:03,959
Speaker 1: Okay, so two years ago and this this is one

436
00:24:03,960 --> 00:24:07,240
Speaker 1: of the paradoxes of investing. Yeah, everyone feels good when

437
00:24:07,280 --> 00:24:10,200
Speaker 1: every market is up. Oh yeah, everyone feels great when

438
00:24:10,240 --> 00:24:13,199
Speaker 1: every market is setting a new high every day. Is

439
00:24:13,240 --> 00:24:15,080
Speaker 1: that the best time to buy? It's the worst time

440
00:24:15,160 --> 00:24:18,280
Speaker 1: unless you're my manum trader. Worst time. It's the worst

441
00:24:18,280 --> 00:24:20,760
Speaker 1: time to buy as a long term investor. When would

442
00:24:20,760 --> 00:24:22,320
Speaker 1: be the absolute best time to buy.

443
00:24:22,800 --> 00:24:25,520
Speaker 6: When there's absolute disaster in the street at the absolute

444
00:24:25,520 --> 00:24:27,240
Speaker 6: bottom if you could pick an absolute bottom.

445
00:24:27,280 --> 00:24:31,919
Speaker 1: But no one can pick an absolute bottom.

446
00:24:32,080 --> 00:24:34,920
Speaker 6: Are you if I made your money, can I get

447
00:24:34,920 --> 00:24:35,200
Speaker 6: the hell?

448
00:24:35,280 --> 00:24:39,520
Speaker 1: Yeah? Maybe we can pick some bottom for him?

449
00:24:39,520 --> 00:24:39,840
Speaker 3: All right?

450
00:24:40,680 --> 00:24:42,080
Speaker 6: I mean it would be dope if we called off

451
00:24:42,080 --> 00:24:44,720
Speaker 6: the bottom for him and totally win. To invest y'all

452
00:24:44,720 --> 00:24:48,479
Speaker 6: want to get rich. You know trading and investment has risked.

453
00:24:48,960 --> 00:24:52,000
Speaker 6: Please consult your advisor. I forgot that, Dave. Dave, let

454
00:24:52,000 --> 00:24:53,560
Speaker 6: me ask you this. Let me ask you this before.

455
00:24:54,160 --> 00:24:55,720
Speaker 6: I want to make sure this is important.

456
00:24:55,840 --> 00:24:59,160
Speaker 4: What are financing strategies and tactics that people can use?

457
00:25:02,359 --> 00:25:05,560
Speaker 1: So for local investors or novice investors or people getting

458
00:25:05,560 --> 00:25:09,080
Speaker 1: started real estate. Now, one of the best financing strategies

459
00:25:09,119 --> 00:25:12,679
Speaker 1: is probably going to be seller financing. So when you

460
00:25:12,720 --> 00:25:14,679
Speaker 1: go and buy, you go buy a house from someone

461
00:25:15,400 --> 00:25:20,359
Speaker 1: you know a year ago they wanted all cash. They

462
00:25:20,400 --> 00:25:22,840
Speaker 1: were getting priority to all cash buyers to close quick.

463
00:25:23,600 --> 00:25:27,160
Speaker 1: Now people want to get close to the price they

464
00:25:27,200 --> 00:25:29,840
Speaker 1: think their house is worth, right, and so to get

465
00:25:29,840 --> 00:25:32,760
Speaker 1: close to their price, they'll be flexible with structure. So

466
00:25:32,880 --> 00:25:35,600
Speaker 1: nowadays you don't have to bid all cash. You're definitely

467
00:25:35,640 --> 00:25:38,280
Speaker 1: not bidding over someone. But you can go try to

468
00:25:38,320 --> 00:25:41,360
Speaker 1: buy a million dollar house dummy numbers. You get a

469
00:25:41,640 --> 00:25:44,359
Speaker 1: first mortgage from a bank for five hundred. Now you

470
00:25:44,480 --> 00:25:47,399
Speaker 1: have sellers, so we'll take back two hundred, three hundred

471
00:25:47,600 --> 00:25:49,880
Speaker 1: to get the price they want. Now you as a buyer,

472
00:25:49,880 --> 00:25:52,920
Speaker 1: you will negotiate with them the term, the rate, etc.

473
00:25:53,760 --> 00:25:57,080
Speaker 1: But increasingly people were resorting to that in this environment,

474
00:25:57,119 --> 00:26:01,119
Speaker 1: and a lot of people were closing deals, closing deals

475
00:26:01,200 --> 00:26:02,680
Speaker 1: using that financing strategy.

476
00:26:03,960 --> 00:26:07,399
Speaker 2: Dave, you're from southern California, and so I'll be remiss.

477
00:26:07,480 --> 00:26:10,119
Speaker 2: We would be remiss if we didn't tell them about

478
00:26:10,160 --> 00:26:14,200
Speaker 2: opportunities that they can invest in right here in southern

479
00:26:14,359 --> 00:26:17,399
Speaker 2: La So California. What are some opportunities for the people?

480
00:26:17,960 --> 00:26:18,120
Speaker 3: Now?

481
00:26:18,240 --> 00:26:24,280
Speaker 1: I touched on it earlier about ad US, and you know,

482
00:26:24,560 --> 00:26:27,159
Speaker 1: venture back firms they've been on their back foot. You know,

483
00:26:27,200 --> 00:26:28,840
Speaker 1: it's been hard to raise cash but one of the

484
00:26:28,880 --> 00:26:34,280
Speaker 1: emerging areas that's been raising more money relatively, it's prop tech,

485
00:26:34,359 --> 00:26:37,160
Speaker 1: But within that there are a lot of ADU centric

486
00:26:37,200 --> 00:26:41,479
Speaker 1: firms that are being venture backed. So I do believe

487
00:26:41,560 --> 00:26:45,280
Speaker 1: that out of this current, this emerging kind of crisis

488
00:26:45,320 --> 00:26:48,119
Speaker 1: that we're going into, there will be a couple of

489
00:26:48,200 --> 00:26:52,760
Speaker 1: unicorns in this ADU space. So I think individuals, you

490
00:26:52,760 --> 00:26:54,960
Speaker 1: could walk down your block and look at somebody that

491
00:26:55,000 --> 00:26:57,680
Speaker 1: has a large backyard and go say, hey, I can

492
00:26:57,840 --> 00:26:59,879
Speaker 1: put up some money. I can help you with the permit,

493
00:27:00,280 --> 00:27:03,320
Speaker 1: I can help you, you know with manager process. Have

494
00:27:03,400 --> 00:27:05,879
Speaker 1: you ever thought about an ADU in your backyard? So

495
00:27:06,040 --> 00:27:08,439
Speaker 1: that's one area that I'd be looking into if I

496
00:27:08,480 --> 00:27:11,520
Speaker 1: was just getting into real estate right now. Other opportunities

497
00:27:11,520 --> 00:27:14,720
Speaker 1: would be a lot of local investors in your market.

498
00:27:15,080 --> 00:27:17,040
Speaker 1: There's some of those investors who are probably coming up

499
00:27:17,080 --> 00:27:20,280
Speaker 1: short with proceeds because now they got to refi the

500
00:27:20,640 --> 00:27:23,320
Speaker 1: house that they bought and they fixed up, and you

501
00:27:23,359 --> 00:27:27,520
Speaker 1: know when they underrode it, you know, they assumed interest

502
00:27:27,560 --> 00:27:29,480
Speaker 1: rates were going to be at four percent. Now they're

503
00:27:29,480 --> 00:27:32,000
Speaker 1: getting less money, so they can't take all the money

504
00:27:32,040 --> 00:27:34,439
Speaker 1: out to pay back their first loan. So now they

505
00:27:34,480 --> 00:27:36,199
Speaker 1: got to go to someone else and say, you know,

506
00:27:36,280 --> 00:27:39,119
Speaker 1: I need whatever. You can step in and act like

507
00:27:39,119 --> 00:27:42,680
Speaker 1: institutions and you can offer someone that high that high

508
00:27:42,760 --> 00:27:47,800
Speaker 1: yield two year loan in this market, how great would

509
00:27:47,800 --> 00:27:49,920
Speaker 1: it be to hide out with stops are going to

510
00:27:49,960 --> 00:27:54,320
Speaker 1: be sideways or down clip fifteen percent a year, twenty

511
00:27:54,320 --> 00:27:56,840
Speaker 1: percent a year collateralized by real estate.

512
00:27:57,800 --> 00:28:00,000
Speaker 6: So let's say I have an amazing group of friends,

513
00:28:00,320 --> 00:28:04,480
Speaker 6: shout out to all y'all, and we're here the opportunity

514
00:28:04,480 --> 00:28:07,600
Speaker 6: to invest in southern California. How do we get us

515
00:28:07,640 --> 00:28:10,280
Speaker 6: together as a collective to be able to pull money together,

516
00:28:10,320 --> 00:28:12,880
Speaker 6: to be able to invest and boy these properties safely?

517
00:28:14,440 --> 00:28:16,800
Speaker 1: You know what real estate networking communities are some of

518
00:28:16,800 --> 00:28:20,320
Speaker 1: the most There's so many active and robuff communities out there.

519
00:28:21,560 --> 00:28:24,000
Speaker 1: So I'd say tap into your local markets. So if

520
00:28:24,000 --> 00:28:27,920
Speaker 1: you're from the IE, tap in there. Their meetups out

521
00:28:27,920 --> 00:28:31,680
Speaker 1: to y'all. If you're from the OC, there are groups there.

522
00:28:31,840 --> 00:28:34,200
Speaker 1: If you're in LA, there are hundreds of real estate

523
00:28:34,200 --> 00:28:36,840
Speaker 1: meetup groups. You just got to go meet people, pound

524
00:28:36,880 --> 00:28:40,360
Speaker 1: the flesh, shake hands. But start with your circle. Like

525
00:28:40,400 --> 00:28:44,920
Speaker 1: everyone in here is, I can assume some things about them, right,

526
00:28:45,160 --> 00:28:48,720
Speaker 1: they want to better themselves. They're focused on creating wealth.

527
00:28:50,320 --> 00:28:53,600
Speaker 1: They probably surround themselves when people add value. So start

528
00:28:53,640 --> 00:28:56,840
Speaker 1: with that group, create your own kind of network, and

529
00:28:56,880 --> 00:28:57,680
Speaker 1: then expand that.

530
00:28:58,240 --> 00:29:00,360
Speaker 4: Before we leave. So I feel like everybody comes to

531
00:29:00,400 --> 00:29:02,360
Speaker 4: these type of events. It's for three different reasons.

532
00:29:02,440 --> 00:29:02,600
Speaker 3: Right.

533
00:29:02,880 --> 00:29:07,320
Speaker 4: It's educational, that's obvious, but it's also inspirational and motivational

534
00:29:07,360 --> 00:29:10,600
Speaker 4: as well. So it's important for people to be inspired

535
00:29:10,640 --> 00:29:16,600
Speaker 4: and to be motivated, not just educated. So you neighborhood kid,

536
00:29:16,920 --> 00:29:21,200
Speaker 4: but you've actually accomplished the amazing things. And real estate

537
00:29:21,240 --> 00:29:23,800
Speaker 4: development because we talk about real estate investing and buying

538
00:29:23,840 --> 00:29:25,840
Speaker 4: a home. But I want to talk on a high

539
00:29:25,920 --> 00:29:28,680
Speaker 4: level before we leave. I know Don Peoples to somebody

540
00:29:28,720 --> 00:29:30,080
Speaker 4: that are close with. We had an opportunity to talk

541
00:29:30,080 --> 00:29:32,600
Speaker 4: to him in Madison Square Garden. You were in the

542
00:29:32,640 --> 00:29:35,760
Speaker 4: process of buying the ball went Hill Mall. That didn't

543
00:29:35,800 --> 00:29:38,840
Speaker 4: work out, right, But talk about maybe that or just

544
00:29:38,880 --> 00:29:42,600
Speaker 4: talk about real estate development on a high level, because

545
00:29:42,640 --> 00:29:44,959
Speaker 4: I think it's important for them to hear that, to

546
00:29:45,040 --> 00:29:48,080
Speaker 4: see themselves and you and you somebody that's doing at

547
00:29:48,200 --> 00:29:51,160
Speaker 4: extremely high level with NBA players and entertainers and hundreds

548
00:29:51,200 --> 00:29:53,960
Speaker 4: of millions of dollars of deals and you know, commercial buildings.

549
00:29:54,040 --> 00:29:55,880
Speaker 4: I want them to really just understand that.

550
00:29:57,200 --> 00:30:00,160
Speaker 1: Yeah, and you said it's important to be inspired. It's

551
00:30:00,160 --> 00:30:02,640
Speaker 1: funny you brought up Don Peebles. I was inspired by

552
00:30:02,640 --> 00:30:06,200
Speaker 1: Don Peebles. I read both of Don's books at some point,

553
00:30:06,560 --> 00:30:09,560
Speaker 1: and I made it a mission to meet Don and

554
00:30:09,600 --> 00:30:14,520
Speaker 1: to add value to Don. So I held a symposium

555
00:30:14,800 --> 00:30:17,160
Speaker 1: for NBA players who wanted to invest in real estate

556
00:30:17,160 --> 00:30:19,080
Speaker 1: and invited Don to come and be a keynote speaker

557
00:30:19,080 --> 00:30:22,880
Speaker 1: at start a relationship. So fun I'm taking part of.

558
00:30:22,800 --> 00:30:25,800
Speaker 4: This add value, add value. That's extremely a point that's

559
00:30:25,840 --> 00:30:26,560
Speaker 4: by sale the time.

560
00:30:27,160 --> 00:30:28,960
Speaker 1: So Don, and he'll tell you, you know, if you

561
00:30:29,000 --> 00:30:32,240
Speaker 1: talk to him, he'll tell you that I've articulated to him,

562
00:30:32,280 --> 00:30:34,720
Speaker 1: like you're a major motivation for me to think about

563
00:30:34,720 --> 00:30:38,480
Speaker 1: development because development is development can be blood sport. You know,

564
00:30:38,560 --> 00:30:42,920
Speaker 1: it's super capital intensive. You have millions of dollars tied

565
00:30:43,000 --> 00:30:46,880
Speaker 1: up for years. If you're the developer, you're you're taking

566
00:30:46,920 --> 00:30:49,000
Speaker 1: a lot of the risk, meaning you're signing for the loans,

567
00:30:49,960 --> 00:30:53,760
Speaker 1: completion guarantees, all sorts of guarantees are embedded. I mean

568
00:30:53,800 --> 00:30:58,400
Speaker 1: you when you do development, but once you get into

569
00:31:00,120 --> 00:31:02,120
Speaker 1: once you get into the system and the flow of things.

570
00:31:02,200 --> 00:31:04,000
Speaker 1: You borrow twenty million dollars from the bank and you

571
00:31:04,000 --> 00:31:08,040
Speaker 1: pay him back. They almost have an infinite checkbook for you,

572
00:31:08,560 --> 00:31:11,640
Speaker 1: you know what I mean. And so the way that

573
00:31:11,640 --> 00:31:14,239
Speaker 1: that Don is still aspirational to me, and so I'll

574
00:31:14,320 --> 00:31:17,040
Speaker 1: use him, not myself, because I'm far from there. But

575
00:31:17,920 --> 00:31:22,440
Speaker 1: Don has a billion dollar portfolio because he built buildings

576
00:31:22,640 --> 00:31:27,120
Speaker 1: paid banks back. That solidifies a relationship. Banks are in

577
00:31:27,120 --> 00:31:31,360
Speaker 1: the business of giving out money. They like lending a

578
00:31:31,360 --> 00:31:33,520
Speaker 1: lot of money against one asset that they can vet.

579
00:31:33,680 --> 00:31:36,080
Speaker 1: It's more efficient, they can believe in it. And so

580
00:31:36,200 --> 00:31:40,320
Speaker 1: real estate development is one of the most scalable things

581
00:31:40,440 --> 00:31:43,840
Speaker 1: that an individual or a small group can do. Don

582
00:31:43,880 --> 00:31:46,560
Speaker 1: has a team of ten people, maybe you know, and

583
00:31:46,600 --> 00:31:49,080
Speaker 1: he has a couple multi billion dollar projects going on

584
00:31:49,160 --> 00:31:52,680
Speaker 1: right now. I have a team at a team of

585
00:31:52,720 --> 00:31:55,240
Speaker 1: eight people. When I was going after the ball in

586
00:31:55,320 --> 00:31:57,200
Speaker 1: Hills Mall, I was doing it in partnership as a

587
00:31:57,280 --> 00:32:00,440
Speaker 1: large developer. But to be in pursuit of a billion

588
00:32:00,480 --> 00:32:03,880
Speaker 1: dollar deal with a team of less than a dozen

589
00:32:03,920 --> 00:32:07,520
Speaker 1: people and the money that was on the backside of that,

590
00:32:07,560 --> 00:32:13,160
Speaker 1: had we been successful, you can create dynastic wealth, you know,

591
00:32:13,280 --> 00:32:15,400
Speaker 1: within a decade, a couple of decades if you get

592
00:32:15,400 --> 00:32:18,640
Speaker 1: it right in development dynastic dynastic. That's a great word.

593
00:32:19,160 --> 00:32:21,840
Speaker 6: Well, final question for you before we wrap. So you

594
00:32:21,840 --> 00:32:24,760
Speaker 6: have a very lean team. What traits are you looking

595
00:32:24,760 --> 00:32:26,720
Speaker 6: for when you're putting people on your team to decide

596
00:32:26,720 --> 00:32:28,840
Speaker 6: if they should be there or if you should hold

597
00:32:28,840 --> 00:32:29,520
Speaker 6: off on hiring.

598
00:32:29,960 --> 00:32:33,160
Speaker 1: And I'm going to use I'm going to use somebody

599
00:32:33,160 --> 00:32:37,440
Speaker 1: who show me right now that Rashaan and Troya met

600
00:32:37,680 --> 00:32:42,880
Speaker 1: my associate Brendan, so Brendan started sending me emails. I

601
00:32:42,880 --> 00:32:46,800
Speaker 1: think he hit me up on social media. First, I

602
00:32:46,840 --> 00:32:48,880
Speaker 1: don't think I responded, but then he started sending me

603
00:32:48,920 --> 00:32:51,640
Speaker 1: emails and I don't. I don't know how long it

604
00:32:51,680 --> 00:32:54,240
Speaker 1: took me to respond to him. And then one day

605
00:32:55,040 --> 00:32:57,760
Speaker 1: he sent me a handwritten note. And then I was like, damn,

606
00:32:57,760 --> 00:32:59,720
Speaker 1: I'm not living right if I don't at least respond

607
00:32:59,720 --> 00:33:04,360
Speaker 1: to him. So he sent me a handwritten note and

608
00:33:04,400 --> 00:33:05,720
Speaker 1: then we went out to lunch and he told me

609
00:33:05,800 --> 00:33:07,280
Speaker 1: his real estate journey and he's like, look, I just

610
00:33:07,280 --> 00:33:08,960
Speaker 1: want to learn. He was like, I come work for

611
00:33:08,960 --> 00:33:11,920
Speaker 1: you for free. And it was it was a dope

612
00:33:11,920 --> 00:33:15,440
Speaker 1: conversation because because he was passionate. He was persistent. Like

613
00:33:15,520 --> 00:33:18,959
Speaker 1: somebody shouted, great soft skills. I don't know what kind

614
00:33:18,960 --> 00:33:20,600
Speaker 1: of competition you guys are doing, but she should get

615
00:33:20,600 --> 00:33:21,160
Speaker 1: some points for that.

616
00:33:22,320 --> 00:33:27,160
Speaker 6: You want to come up here, So what's your name?

617
00:33:29,000 --> 00:33:29,800
Speaker 3: Come get a thousand?

618
00:33:30,480 --> 00:33:31,240
Speaker 1: Oh, there we go.

619
00:33:35,800 --> 00:33:37,560
Speaker 4: It's going to take five minutes to write a check,

620
00:33:38,200 --> 00:33:41,200
Speaker 4: you know, So as he's writing a check, well, we'll

621
00:33:41,240 --> 00:33:41,920
Speaker 4: take you to show.

622
00:33:42,840 --> 00:33:45,400
Speaker 1: So you know, it was clear when I talked to

623
00:33:45,440 --> 00:33:47,840
Speaker 1: him that he had the hard skills. He was smart enough.

624
00:33:47,880 --> 00:33:50,320
Speaker 1: Most people were smart enough to be successful at real

625
00:33:50,440 --> 00:33:52,840
Speaker 1: estate and finance or anything. But he just showed that

626
00:33:52,880 --> 00:33:55,120
Speaker 1: he had that dog in him. And that's what mattered

627
00:33:55,120 --> 00:33:59,000
Speaker 1: to me. And for different roles, I'm looking for different things,

628
00:33:59,320 --> 00:34:05,520
Speaker 1: but added to personality persistence, Yeah, just being determined man

629
00:34:05,520 --> 00:34:08,319
Speaker 1: and not giving up. I think that's the most Those

630
00:34:08,320 --> 00:34:11,879
Speaker 1: are the most vital aspects of success in pretty much

631
00:34:11,880 --> 00:34:12,480
Speaker 1: any fields.

632
00:34:12,480 --> 00:34:17,799
Speaker 4: Before we leave, while Ian's writing is checked, a quick answer, well,

633
00:34:17,800 --> 00:34:19,040
Speaker 4: I just I just want to say, I just want

634
00:34:19,040 --> 00:34:21,200
Speaker 4: to I want to just know shit, people be taking

635
00:34:21,200 --> 00:34:23,000
Speaker 4: money out of their homes right now. And I also

636
00:34:23,120 --> 00:34:24,840
Speaker 4: just want you just to speak on the legacy of

637
00:34:24,920 --> 00:34:27,040
Speaker 4: Nipsey hustle, because I think that's important being that way

638
00:34:27,040 --> 00:34:28,320
Speaker 4: in LA.

639
00:34:28,480 --> 00:34:31,600
Speaker 1: I think it's the timing is tricky to be well,

640
00:34:31,640 --> 00:34:33,120
Speaker 1: it depends on what you're taking money out of your

641
00:34:33,120 --> 00:34:35,400
Speaker 1: home for, because I mean, if you're doing a refire

642
00:34:35,520 --> 00:34:38,359
Speaker 1: cash I refile, you're borrowing at seven percent, So if

643
00:34:38,400 --> 00:34:40,520
Speaker 1: you're going to make more, if you're going to put

644
00:34:40,520 --> 00:34:42,360
Speaker 1: in something that's gonna make you more than seven percent,

645
00:34:42,400 --> 00:34:45,600
Speaker 1: then it can make sense. Right, that's the only reason

646
00:34:45,600 --> 00:34:48,480
Speaker 1: you should do it. If there's a positive arbitrage there.

647
00:34:48,760 --> 00:34:51,400
Speaker 1: The legacy of Nipsey Huls So I think everybody in

648
00:34:51,440 --> 00:34:55,319
Speaker 1: this audience, everybody in LA everybody in California, everybody who's

649
00:34:55,360 --> 00:34:59,920
Speaker 1: a hip hop fan, those just all love and respect.

650
00:35:00,600 --> 00:35:02,960
Speaker 1: Like a quote that became his, I don't know whose

651
00:35:03,000 --> 00:35:06,120
Speaker 1: it was, but it became his, the highest human act

652
00:35:06,360 --> 00:35:09,840
Speaker 1: is to inspire. He was one of the most inspirational

653
00:35:09,840 --> 00:35:14,280
Speaker 1: figures and entertainment, one of the most inspirational public figures

654
00:35:14,320 --> 00:35:18,840
Speaker 1: of our generation. So you know, he sparked. He sparked

655
00:35:18,840 --> 00:35:21,520
Speaker 1: a thousands, tens of thousands of people to run their

656
00:35:21,520 --> 00:35:24,680
Speaker 1: marathon and be down and diligent in their journey. And

657
00:35:25,360 --> 00:35:28,200
Speaker 1: that's incalculable. You can't You can't put a price tag

658
00:35:28,239 --> 00:35:32,879
Speaker 1: on that. You can't quantify that. All money in this money.

659
00:35:33,880 --> 00:35:37,000
Speaker 2: They final question, and you could ramble it off if

660
00:35:37,040 --> 00:35:39,040
Speaker 2: you like, in any type of order. But obviously real

661
00:35:39,160 --> 00:35:41,560
Speaker 2: estate is not a regional sport. It's a global sport.

662
00:35:41,760 --> 00:35:43,800
Speaker 2: And so I know you have investments throughout the country.

663
00:35:44,000 --> 00:35:47,160
Speaker 2: Are the specific areas inside the country or maybe internationally

664
00:35:47,440 --> 00:35:49,400
Speaker 2: that you're looking at as a hot spot for the

665
00:35:49,400 --> 00:35:50,560
Speaker 2: next maybe five years?

666
00:35:52,680 --> 00:35:54,800
Speaker 1: You know what this is? This might be a boring answer,

667
00:35:55,360 --> 00:35:58,880
Speaker 1: but like I keep saying, you know, real estate is

668
00:35:58,920 --> 00:36:02,640
Speaker 1: a capital markets game. So it's like where where is

669
00:36:02,680 --> 00:36:05,359
Speaker 1: money willing to go? And so right now institutions are

670
00:36:05,360 --> 00:36:08,760
Speaker 1: willing to lend and invest in Florida, all throughout Florida.

671
00:36:09,200 --> 00:36:12,000
Speaker 1: So I'm looking at things in Florida. I'm pretty close

672
00:36:12,520 --> 00:36:15,120
Speaker 1: a couple of things South Florida. I'm looking in and

673
00:36:15,160 --> 00:36:18,719
Speaker 1: around Day County because that's where the money is going,

674
00:36:18,880 --> 00:36:21,640
Speaker 1: you know, and so that's how you have to orient yourself.

675
00:36:21,880 --> 00:36:26,200
Speaker 1: But randomly Nashville, have a trip to Nashville. Have a

676
00:36:26,200 --> 00:36:28,360
Speaker 1: trip to Nashville in the next couple of weeks to

677
00:36:28,440 --> 00:36:30,239
Speaker 1: go scout some things. You know, I'm in a couple

678
00:36:30,239 --> 00:36:34,280
Speaker 1: of mastermind groups, and everyone's been killing it in Nashville,

679
00:36:34,320 --> 00:36:35,880
Speaker 1: and it's it's been pretty much.

680
00:36:35,719 --> 00:36:41,600
Speaker 4: You know who else said in Nashville people people, Yeah, okay,

681
00:36:41,840 --> 00:36:42,520
Speaker 4: you're going in there here.

682
00:36:42,560 --> 00:36:45,400
Speaker 1: You know, I'm not a bad company. Then bad company then,

683
00:36:45,400 --> 00:36:46,120
Speaker 1: but it's getting.

684
00:36:45,880 --> 00:36:46,560
Speaker 3: Any said Florida.

685
00:36:46,640 --> 00:36:52,920
Speaker 1: Also, Yeah, so you know what great minds absolutely arners.

686
00:36:52,960 --> 00:36:53,560
Speaker 1: What's going on.

687
00:36:53,719 --> 00:36:54,000
Speaker 3: Listen.

688
00:36:54,160 --> 00:36:57,719
Speaker 2: E y l U is relaunching, revamping, retooling. That's why

689
00:36:57,719 --> 00:37:01,640
Speaker 2: we're creating a new educational eperience that's more expensive, shy

690
00:37:01,640 --> 00:37:02,000
Speaker 2: telling what.

691
00:37:01,960 --> 00:37:03,800
Speaker 3: We got hes twenty twenty three.

692
00:37:04,400 --> 00:37:06,279
Speaker 4: We've got a lot in still a lot playing for

693
00:37:06,320 --> 00:37:06,920
Speaker 4: you guys.

694
00:37:06,960 --> 00:37:10,000
Speaker 3: So you know that EYLU already includes.

695
00:37:09,680 --> 00:37:13,040
Speaker 4: Monthly financial planning calls with me, book club calls with Troy,

696
00:37:13,520 --> 00:37:16,200
Speaker 4: real estate calls with MG the mortgage got access to

697
00:37:16,440 --> 00:37:19,959
Speaker 4: the Home Buying Blueprint Volume one and Volume two. Part

698
00:37:20,000 --> 00:37:23,759
Speaker 4: of the revamp will include twenty seven local chapters from

699
00:37:23,800 --> 00:37:27,960
Speaker 4: across the United States, live interactive teaching hands on not

700
00:37:28,040 --> 00:37:33,239
Speaker 4: just pre recorded videos, plus fifteen brand new curriculums.

701
00:37:33,239 --> 00:37:34,840
Speaker 2: The biggest just got bigger.

702
00:37:35,320 --> 00:37:38,759
Speaker 8: Head over to e y l University dot com. That's

703
00:37:38,840 --> 00:37:43,600
Speaker 8: EYL You n I V E R s I t

704
00:37:44,000 --> 00:37:45,960
Speaker 8: Y dot com.

705
00:37:46,000 --> 00:37:46,520
Speaker 1: See you there,