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Speaker 2: All right, Gods, welcome back, ey L. We got another
Speaker 2: exciting episode.
Speaker 3: That's a fact. That's a fact.
Speaker 2: So anytime we get to talk about real estate, it's exciting.
Speaker 2: It seems like an every time we talk about real estate,
Speaker 2: there's always a different avenue. There's so many different ways
Speaker 2: to make money within real estate. So this is the
Speaker 2: first time that we really had somebody from the city,
Speaker 2: from New York City that was really big in real
Speaker 2: estate as an investor. So Ju Bernard is a huge, huge,
Speaker 2: huge successful investor out of New York City. He owns
Speaker 2: thirteen Brownstones between Brooklyn and Harlem, and he also owns
Speaker 2: a physical location, the Brooklyn Bank, which we'll talk about,
Speaker 2: which is a nonprofit organization in Brooklyn as well. He
Speaker 2: has real estate company, just a very accomplished.
Speaker 4: Yeah that sounds it's called talk.
Speaker 2: So yeah, the properties Echo. The properties together valued over
Speaker 2: forty million dollars. I mean, if you're familiar with the
Speaker 2: parts of New York City, if you know, you know
Speaker 2: Brownstones in Brooklyn Best Die Area and then Harlem, you
Speaker 2: know that you know, on the low end one million,
Speaker 2: one point five million, on the high end two point
Speaker 2: five three million, four million dollars, Like, it's not uncommon
Speaker 2: for Brownstones to go for that.
Speaker 3: He has a very.
Speaker 2: Unique story because he's one of the guys that, like
Speaker 2: when Jay Z said, I could have brought a dumbo,
Speaker 2: I could have brought a what he said, I could
Speaker 2: have brought a cribin dumb I could have brought a
Speaker 2: building in Dumbo for like million, that same buildings where
Speaker 2: twenty million half filling Dumbo. So he's one of these
Speaker 2: guys that actually had an opportunity to invest early and
Speaker 2: and you know, before the areas really started to get
Speaker 2: gentified and changed, and he just you know, set on
Speaker 2: it and it worked.
Speaker 3: Out for his favor.
Speaker 2: So he has a story to tell, He got a
Speaker 2: lot of gyms to give, and it's a great, great
Speaker 2: conversation to have because a lot of times we speak
Speaker 2: about being on the wrong side of gentrification and not
Speaker 2: taking advantage of certain things and like getting in when
Speaker 2: it's too late. But he actually got in before it
Speaker 2: actually started to change, and he saw the whole process,
Speaker 2: and he learned a lot along the wave, created systems
Speaker 2: for himself, and just a wealth of information. He also
Speaker 2: taught a class for us eyl U a professor, Yes
Speaker 2: that's a fact. So he taught the class at Eyo University,
Speaker 2: and we thought it would be a good idea to
Speaker 2: bring him on the podcast as well. So first and foremost,
Speaker 2: thank you for joining us. Appreciate it, glad to be here, brother,
Speaker 2: appreciate you nah for sure, for sure so let's get
Speaker 2: into it. Let's let's get into it, because I you know,
Speaker 2: I was listening to your class shoutut to Jamar did
Speaker 2: a good job of hosting it, and I know you
Speaker 2: said that your original goal in real estate was to
Speaker 2: make five hundred dollars a month, Like he was like,
Speaker 2: if I could just make five hundred dollars a month,
Speaker 2: it's crazy. Five hundred dollars a month to almost forty
Speaker 2: fifty million dollars in real estate, Like, it's crazy how
Speaker 2: life works out. So how what was what was your
Speaker 2: original process into getting to real estate and how did
Speaker 2: you make the transition from just working to actually being
Speaker 2: a real estate investor?
Speaker 5: Okay, what made me get into the game? I was
Speaker 5: just short, you know, like I just didn't have like
Speaker 5: my nine to five just wasn't cutting it. You know,
Speaker 5: this was like back in the mid to late nineties
Speaker 5: when when there was the bottles and and and any
Speaker 5: at any minute, Diddy could run into the into the
Speaker 5: spot and you know say buy the bar out and
Speaker 5: buy the bar out, and you're just sitting there holding
Speaker 5: your hindeken all night, and you know, I just didn't
Speaker 5: want to be that dude, you know, I did not
Speaker 5: want to be that dude. So I was just like, Yo,
Speaker 5: how am I going to do this? You know, I
Speaker 5: had gotten into a little trouble earlier, ended up spending
Speaker 5: you know, like over some dumb ship, like spent a
Speaker 5: week in Albany, Albany County, and I was just like, yo,
Speaker 5: I'm not about that life. So I learned.
Speaker 6: I learned.
Speaker 5: I learned very very early in the game, I'm not
Speaker 5: about that life, you know, being a New York dude
Speaker 5: in Albany County jail.
Speaker 6: It was just like, Nah, this ain't this ain't for me.
Speaker 5: So I was just like, I can't be in the
Speaker 5: streets because that that don't work for me. I ain't
Speaker 5: got no hot sixteens, no hot runs. And my jump
Speaker 5: shot is I wouldn't even say decent. It's on a
Speaker 5: good day, mediocre, mediocre at best. So the only thing
Speaker 5: left for me to do was try to find my
Speaker 5: way in business. You know. So I was I was
Speaker 5: working at Verizon at the time, and I was working
Speaker 5: on my MBA, you know, and I was I was
Speaker 5: planning on going the whole corporate route, but I was
Speaker 5: still you know, I was still young. I was like,
Speaker 5: in my early twenties, still still hanging out and stuff
Speaker 5: like that. So I wanted to be in the mix.
Speaker 6: So when I.
Speaker 5: Met this dude, this dude in my class one day,
Speaker 5: we were just chopping it up and he was a
Speaker 5: real estate broker and he was telling me, yo, if
Speaker 5: you got if you got good credit, if you got
Speaker 5: good credit, you could buy a crib.
Speaker 6: And I was just like, how am I going to
Speaker 6: do that?
Speaker 5: Then he you know, walked me through the whole faha
Speaker 5: process and this, that and the other, and that's when
Speaker 5: I was just like, but I don't have no front
Speaker 5: money to do it.
Speaker 3: So that's when I pulled.
Speaker 5: I pulled money out of a student loan because although
Speaker 5: Verizon was paying me, paying me to go to school,
Speaker 5: but I could still take student loans out. So you know,
Speaker 5: I took I took like a hustle. I took like
Speaker 5: I took like a twelve thousand dollars, twelve thousand dollars
Speaker 5: loan and I bought one hundred thousand dollars crib for
Speaker 5: like three percent down.
Speaker 4: They'll send you the refund check, send me the.
Speaker 5: Refundcheck scale exactly.
Speaker 3: It was. It was, it was faha, It was faha.
Speaker 6: The very first joint.
Speaker 3: So you took twelve So how much was it? You said,
Speaker 3: twelve thousand dollars loan.
Speaker 6: It was a twelve thousand dollars loan.
Speaker 5: When everything's when everything was all said and done, I
Speaker 5: probably came out of my pocket like like ten grand.
Speaker 3: What year it was this, This was ninety seven, so
Speaker 3: three down?
Speaker 6: Yeah, crip. Crip was one hundred thousand dollars.
Speaker 3: So three thousand. And then closing costs, all of.
Speaker 5: That closing costs and all the other little thing.
Speaker 3: Cost ten thousand.
Speaker 5: Yeah, and then okay, and then then my you know,
Speaker 5: then the next crib came available, like a few months later.
Speaker 5: That was right next door. So I did it again.
Speaker 3: Where is this that?
Speaker 6: This was south side Queens.
Speaker 4: So Queens is the Queens is the origin of your
Speaker 4: real estate journey.
Speaker 5: Those were the first two cribs I ever bought. I
Speaker 5: bought them in Queens. I didn't I didn't know anything
Speaker 5: about it because I was actually living in Queens at
Speaker 5: the time.
Speaker 6: I was living in Rosedale.
Speaker 5: So I copped those those two cribs and then and
Speaker 5: then my man put me on to the refinance hustle.
Speaker 7: So on the first crib you did the student loan
Speaker 7: refund right, second crib, same thing, or we just took
Speaker 7: the profits on the first.
Speaker 5: Second crib, same thing, more student loans, next semester, did
Speaker 5: it again.
Speaker 4: Yoh, that's crazy. I remember getting that refund check.
Speaker 7: It was like, if you take out a loan, right,
Speaker 7: and then if somebody's paying for it, they reimburse you.
Speaker 7: And I think I bought like I bought like a
Speaker 7: pair of Tams and some Jordans.
Speaker 4: Nah, I wasn't thinking right.
Speaker 5: And then I rocked. I rocked that same hustle for
Speaker 5: like two years where I was where now. I found
Speaker 5: out that if I paid, if I paid it upfront,
Speaker 5: if I paid the money out of my pocket, then
Speaker 5: I could apply for financial aid. Right. I applied for
Speaker 5: financial aid, and then I got that money, and then
Speaker 5: I took the little student loans, and then I took
Speaker 5: the receipt of when I paid my money, and then
Speaker 5: I gave it to the job and they got reimbursed it,
Speaker 5: and then they reimbursed me.
Speaker 4: So it was student loans brought your homes.
Speaker 5: Yeah, that's how I got started, beautiful stories, you know,
Speaker 5: that's how I got started. I probably statute of limitations
Speaker 5: is probably it was nineteen ninety seven. You know, good
Speaker 5: luck anybody went prosecuting.
Speaker 6: But that's how I got started.
Speaker 2: Okay, So all right, so two homes. Then you say
Speaker 2: you got turned to the to the REFI game.
Speaker 5: Got turned onto the refi game. So cribs that I
Speaker 5: bought for one hundred grand, now now I could refight
Speaker 5: them because the values were like at one hundred and
Speaker 5: fifty like a year later because I bought them blow
Speaker 5: market and stuff like that, and so now I got
Speaker 5: all my cash back plus another I mean plus more cash.
Speaker 5: So so it's like two years into the game, I
Speaker 5: was like already one hundred grand.
Speaker 8: Strong came into the strong, yeah exact, but I always
Speaker 8: use that because that one hundred grand is like I
Speaker 8: had a home akery line of credit.
Speaker 5: I ended up buying a crib. I ended up buying
Speaker 5: another crib that where me and my boys used to
Speaker 5: live at. You know, I bought a two family crib,
Speaker 5: and then I had the mortgage was like two thousand
Speaker 5: dollars a month. The mortgage was like two thousand dollars
Speaker 5: a month.
Speaker 3: I had.
Speaker 5: I was renting upstairs for fifteen hundred, and each one
Speaker 5: of my boys was giving me five hundred plus.
Speaker 6: I was renting the basement for six hundred dollars, so.
Speaker 5: I was put like, I was pretty much living in
Speaker 5: a party house and getting like fifteen hundred dollars.
Speaker 7: He's the dude that Nipsey was talking about, right, He
Speaker 7: was like, Yo, he's the guy who's in school making
Speaker 7: more than his teachers.
Speaker 4: He's a guy, yo.
Speaker 5: But the thing about that is, so it's like a
Speaker 5: year and a half into the into the game. I'm
Speaker 5: making money on real estate, trying you know, working partying,
Speaker 5: and also trying to get my MBA at the same time.
Speaker 5: And I'm not taking that city. I'm not taking that
Speaker 5: as seriously as I should because I'm making money. So
Speaker 5: I roll up, I roll up to class one day
Speaker 5: late again, and the teachers just like, hey, mister Bernard,
Speaker 5: if there's some place you'd rather be, why don't you
Speaker 5: be there?
Speaker 4: Right?
Speaker 5: And I thought about that the whole time, So you
Speaker 5: know how the teachers give you like that break. At
Speaker 5: forty five minutes into the class, I left, you know,
Speaker 5: I left my bag, my books, all of that. I
Speaker 5: just left, you know, got in the car and bounced.
Speaker 5: And I didn't officially withdraw nothing like that. I just
Speaker 5: I was like, you know what, you're right there, someplace
Speaker 5: i'd rather be.
Speaker 4: I'd rather I'm gonna do that words of advice.
Speaker 5: So that's that's when I made the official decision that
Speaker 5: this was my life.
Speaker 3: What what? What school did you go to?
Speaker 6: Saint John's University?
Speaker 5: Okay, you know, like literally my bag, all that other stuff,
Speaker 5: it was just still there, still there, nice.
Speaker 2: Nice. So all right, so you so you said, I'm
Speaker 2: and it's using your master's program.
Speaker 6: I was trying to get my master's at that time NBA.
Speaker 5: Yeah, trying to get a master's in business administration. Was
Speaker 5: trying to get a management degree because I was working
Speaker 5: at Verizon. I was a manager there, so I was
Speaker 5: trying to go up the corporate ladder.
Speaker 2: So all right, so at that point you quit, did y'all?
Speaker 2: You quit school and you have two properties?
Speaker 5: You said that by that time, I had like four properties.
Speaker 2: Yeah, and then all right, so now you're just doing
Speaker 2: real estate full time at this point.
Speaker 5: No, I'm I'm still at Verizon, still doing my thing
Speaker 5: at Verizon.
Speaker 3: But you know, tell the truth.
Speaker 5: I had to take a step back because I was
Speaker 5: gambling at the time too, you know, like I got
Speaker 5: this thing right here says never again twelve thirteen oh four.
Speaker 5: You know, because I was gambling heavy, so I ended
Speaker 5: up those first two cribs. Those first two cribs that
Speaker 5: I had, I had to sell them to pay gambling debts.
Speaker 3: What was your sports or blackjack?
Speaker 6: I'm doing blackjack, I'm doing and dice games.
Speaker 2: People don't realize that gambling is an addiction. I know
Speaker 2: few people that have lost their families, lost homes, lost
Speaker 2: their freedom because of gambling. It's not something that's talked
Speaker 2: about enough. I'm gonna talk about drug addiction a lot, alcoholism,
Speaker 2: but millions of Americans, people all over the world suffer
Speaker 2: from gambling.
Speaker 3: Can you talk about that a little bit?
Speaker 5: First of all, you're right, it is an addiction. And
Speaker 5: I didn't even respect it as an addiction. I was
Speaker 5: just like, looking at It's just something that is something
Speaker 5: I did, and I was good. I was making money
Speaker 5: when I was making money, but when I was losing,
Speaker 5: I was losing money, big money, you know. And I
Speaker 5: had tried. I had tried like gamblers Anonymous and all
Speaker 5: that other stuff. And I remember going to a gambler's
Speaker 5: Anonymous meeting and looking at these dudes telling these stories.
Speaker 5: I was like, damn, y ho's a bunch of losers.
Speaker 5: You know, I'm not ja, you know. But meanwhile, meanwhile,
Speaker 5: I'm like going to Vegas and losing like sixty grand
Speaker 5: a pop, going to dice game, going to dice games,
Speaker 5: losing like fifteen, fifteen, twenty grand. Your funniest story ever.
Speaker 5: Not true, really a funny story.
Speaker 3: But I was.
Speaker 5: The Linux Lounge back in the Days Hall in Harlem.
Speaker 5: One day I found myself in the back room with
Speaker 5: the Lentless lounge. My man to me in there, and
Speaker 5: I had there was the dice game going on, and
Speaker 5: I went down there. Four So I went down there,
Speaker 5: and you know, I was with my man, just went
Speaker 5: out there and humble. We didn't go there for that,
Speaker 5: but we found ourselves back there. And next I was hot,
Speaker 5: you know, and I didn't know anybody in that room,
Speaker 5: right And next thing, you know, I'm like rolling, rolling, rolling,
Speaker 5: and I'm like, I'm up three grand, I'm up five grand,
Speaker 5: I'm up ten grand. My man leaves because he's like, yo,
Speaker 5: I gotta go. I was just like, nah, I'm hot,
Speaker 5: I'm good, I'm staying right. Next thing, you know, I'm
Speaker 5: up like fifteen grand and I'm looking around the room.
Speaker 5: I don't know nobody in there, and ain't nobody.
Speaker 4: Smiling Welcome to New York.
Speaker 3: So then I was just like, ill.
Speaker 5: Had cool, So dude, start making best. I got three
Speaker 5: grand on this. I was like, yo, put your money
Speaker 5: on the floor. It's like, nah, I'm good for it.
Speaker 3: And so they was live and I hit them with trips.
Speaker 4: For their money.
Speaker 5: Paul this, No, No, that's not how That's not how
Speaker 5: it all. So dudes was just the ass betting, like
Speaker 5: because they.
Speaker 3: Knew I was by myself, what are you gonna do?
Speaker 5: What I'm not going to do is so, so I
Speaker 5: basically had to give every dollar back to walk out
Speaker 5: of there.
Speaker 2: So you knew that they was asked anybody's not familiar.
Speaker 2: That's when somebody's betting with no intentions of actually paying
Speaker 2: with their betting. So psychologically you knew you had a
Speaker 2: decision to make either you call their bluff and like, okay,
Speaker 2: I'm leaving. You know that they're not going to pay you.
Speaker 2: You're in Harllow, You're from Queens.
Speaker 6: From Brooklyn, but living in Queens.
Speaker 3: A long way from home.
Speaker 6: And this is this is nineteen ninety something.
Speaker 5: Dangerous, not gentrified, different.
Speaker 2: Magic psychologically, it was like, to just keep it respectful,
Speaker 2: I'll lose the money. I'll play until I just lose.
Speaker 2: So I don't just have to make this awkward situation.
Speaker 2: I could just at least I could just not get
Speaker 2: killed out here, exactly.
Speaker 5: I could.
Speaker 6: I could front like I like, I made a decision.
Speaker 3: That that's calculated decision. That's a calculator. You calculated it
Speaker 3: very well, you know.
Speaker 5: But it's the same calculated decisions that you make every
Speaker 5: day in real estate, you know what I'm saying, Like
Speaker 5: all the time, it's like do I take this l
Speaker 5: right here and live to fight another day or do
Speaker 5: I keep going mm hmm.
Speaker 2: So at what point do you do you really hit
Speaker 2: your stride in real estate and kind of like hit.
Speaker 3: It out the park.
Speaker 5: So again, I always say, I came into this game
Speaker 5: one hundred grand strong. I had a crib in Rosedale,
Speaker 5: the crib where I lived with my boys queens exactly.
Speaker 5: So I pulled one hundred grand out of that. And
Speaker 5: you know, like whenever cats get some real doe what
Speaker 5: they want to do. They want to open a bar,
Speaker 5: all right, Like I told.
Speaker 4: You that was my first barbershop.
Speaker 5: Barbershop, wrecord label, laund sneaker Stone. So I was trying
Speaker 5: to open I was trying to open up a bar
Speaker 5: in downtown Brooklyn, right. So I met this real estate
Speaker 5: broker and he he basically was like showing me around,
Speaker 5: and then I told him, you know, I let him
Speaker 5: know how much money I was holding, and he basically
Speaker 5: was like, yo, I have an opportunity for you.
Speaker 6: So he brought me to this crib in Clinton.
Speaker 9: Hills, right, Jersey, Brooklyn Hills, Brooklyn, and I ended up
Speaker 9: buying a Brownstone for like four hundred thousand dollars you know.
Speaker 5: You know, ten percent down, ten percent down, forty grand.
Speaker 5: So I copped that joint and I ended up copping
Speaker 5: the joint next to it, like three or four months
Speaker 5: later with the rest of that money. Right, So those
Speaker 5: two cribs, I bought one for four hundred, then I
Speaker 5: bought the other one for four And this was like
Speaker 5: two thousand and three, So this was right before things
Speaker 5: started to pop. So within a couple, within a couple
Speaker 5: of I would say every every month, like the values
Speaker 5: were going up like one hundred grand, one hundred and
Speaker 5: fifty grand, two hundred grand up, until like two thousand
Speaker 5: and six, two thousand and seven. So by two thousand
Speaker 5: and six, those same cribs that I bought for four
Speaker 5: hundred grand, four hundred grand turned were worth almost eight
Speaker 5: eight hundred and nine hundre thousand dollars.
Speaker 7: Yeah, and you just get Are you getting rental income
Speaker 7: from them? Are some of you flipping?
Speaker 5: No at, I didn't get into I didn't get into
Speaker 5: the flipping.
Speaker 4: Okay, so rental income right now?
Speaker 5: Yeah, this is straight rental. So and I still owe
Speaker 5: them credits cribs now, you know, so I was taking
Speaker 5: you know, taking home makering lines of credits out and
Speaker 5: just buying more and you know, balling out, you know.
Speaker 5: So so now this is like two thousand and six,
Speaker 5: two thousand and two thousand six, two thousand and seven.
Speaker 6: You know, that's when I bought the big crib in Jersey.
Speaker 3: Of course I gotta do that.
Speaker 6: You know.
Speaker 2: You know, interesting thing about Clinton Hills, you know, interesting
Speaker 2: historical hip hop fact. So the late great Christopher Wallace,
Speaker 2: you know a lot of people think he's from bed Stars.
Speaker 2: He said the love is one from Beeford Stoveson. But
Speaker 2: his actual house is on a borderline and technically it's
Speaker 2: in Clinton Hills.
Speaker 5: Yes, it's not even it's not even on the borderline
Speaker 5: because it's safe.
Speaker 3: I try to get him the benefit.
Speaker 4: Because you got, you got.
Speaker 5: He's like six blocks from bed Stocks. Yeah, little known fact, exactly.
Speaker 2: So, And the New York Posted a did a story
Speaker 2: because you know, you said it's his his mom had
Speaker 2: the one where it's not it's not it was never
Speaker 2: a one room shot. Not sure why he said that,
Speaker 2: but it's a that same apartment right now is is
Speaker 2: written for four thousand dollars a month. And The New
Speaker 2: York Posted did a story about it because it's like,
Speaker 2: you know, he that became so synonymous because when he
Speaker 2: came out with that song Juicy Juicy, right when he
Speaker 2: was talking about it, he literally chronicled that apartment, and
Speaker 2: that apartment today is literally I think it was like
Speaker 2: forty two It might be like forty two hundred dollars
Speaker 2: a month for that same apartment that he used to
Speaker 2: live in back in the nineties.
Speaker 3: So it's crazy.
Speaker 5: So I'm gonna take you back to a true story
Speaker 5: back on Biggie's block. Right, So this is like two
Speaker 5: thousand and two thousand and two, two thousand and three again.
Speaker 5: I'm on the corner of Saint James and Fulton, you
Speaker 5: know that little triangle over there, the same I don't
Speaker 5: know if anybody ever saw that like that, that freestyle
Speaker 5: Biggie was doing.
Speaker 2: Yeah, when they had the exactly with the tims on
Speaker 2: with this, they put it in Juicy.
Speaker 5: Too, they exactly. So I'm I'm on that corner. This
Speaker 5: is before I bought the cribs in Brooklyn. I'm on
Speaker 5: that corner rolling dice because that's what I do. So
Speaker 5: we're out there, we rolling dice heavy. Like there's like
Speaker 5: at least twenty dudes out there, all thugs, you know.
Speaker 5: And I was comfortable out there because this is Brooklyn,
Speaker 5: Brooklyn exactly. I'm comfortable.
Speaker 3: Exactly.
Speaker 5: So I'm out there rolling dice heavy and there's a cipher.
Speaker 6: You know what I'm saying.
Speaker 5: It's like twenty twenty dudes all in the circle, and
Speaker 5: the dude just smoking blunts and forty ounces old old
Speaker 5: e and Saint I.
Speaker 7: And for the people that are under twenty five or
Speaker 7: forty ounces an alcoholic beverage.
Speaker 5: That will give you cancer. Right, So we're in the cipher,
Speaker 5: like and what happens was what happened was the dice
Speaker 5: are on the floor, right and right in the middle.
Speaker 6: Here comes this this.
Speaker 5: White girl who's jogging with her headphones on, who runs
Speaker 5: right through.
Speaker 6: The cipher, kicks the dice and keeps it moving.
Speaker 5: And and what what happened was what I looked around,
Speaker 5: was that nobody said anything, but everybody nobody believed what
Speaker 5: just happened. And that's when I knew that this was
Speaker 5: her neighborhood now, and these were our wires, right, change
Speaker 5: your life exactly because I looked at it. I looked
Speaker 5: at it, and it's just like yo, she just kept
Speaker 5: it moving like no fear in her heart, no nothing
Speaker 5: and to do and nobody say nothing to her.
Speaker 6: But that's when I knew. That's when I that's when.
Speaker 5: I started looking at that area a little differently. You know,
Speaker 5: That's when that's when things changed for me over there.
Speaker 5: That's when you know I got I got this this
Speaker 5: philosophy right that the only way you make money is
Speaker 5: when you're able to see things that other people can't see.
Speaker 5: So when you see opportunities that other people can't see. Right,
Speaker 5: And the other thing I always say is like when
Speaker 5: you do things that other people are not willing to
Speaker 5: do right. So at that little dice game, it opened
Speaker 5: my eyes and I was able to see something. You
Speaker 5: know what I'm saying. I was able to see change coming.
Speaker 5: You know. It's just like like very early in those days,
Speaker 5: like I never I never did a marketing analysis, you know,
Speaker 5: to check the to check the demographics, to see what
Speaker 5: people were making and what what you know, the money
Speaker 5: was like in the neighborhood and what was coming. Right.
Speaker 5: So what I used to do a poor man's marketing analysis,
Speaker 5: which is I would just look to see what what businesses.
Speaker 6: Were coming in the neighborhood. Right, So like if I.
Speaker 5: Saw if I saw a Starbucks opening up, I was
Speaker 5: just like, yo, I need to be around here, because
Speaker 5: like it was like copying somebody else's homework because you know,
Speaker 5: they did they marketing analysis.
Speaker 7: So if they if they felt comfortable enough coming into
Speaker 7: this neighborhood, then I should feel comfortable enough to start
Speaker 7: investing in this neighborhood exactly.
Speaker 3: So when I saw.
Speaker 5: I initially, I initially like, you're familiar with Brooklyn, So
Speaker 5: it basically like the big money.
Speaker 6: Was Fort Green.
Speaker 5: Then then the next big money was Clinton Hills, and
Speaker 5: then the next big Money was a bad star, right,
Speaker 5: so I got in. I got in on on the
Speaker 5: Clinton Hill side like when it you know, when it
Speaker 5: was still a little there's still a little bit money
Speaker 5: to be made, right, So when I saw when I
Speaker 5: saw like like these coffee shops and and.
Speaker 6: The t store that's on Biggie's block.
Speaker 5: Now you know what I'm saying that on the corner
Speaker 5: of his block there's a tea store.
Speaker 2: The great thing is like people like the New York
Speaker 2: Post is a great article for anybody if they want
Speaker 2: to read it. And they was interviewing like the neighbors.
Speaker 2: It's like it's like all hipsters and tech people and
Speaker 2: they're like, yo, it's hard to even imagine those lyrics
Speaker 2: that he rapped about now like on his block like
Speaker 2: it was, it would be hard to imagine that, Like
Speaker 2: this is so far. And I remember even like Fort Green,
Speaker 2: like when I was young, because like when I was young,
Speaker 2: I used to play basketball and you know, going to
Speaker 2: like Gauchos and Riverside and got the guys from Brooklyn
Speaker 2: and meet gods from Fort Green. And that's the first
Speaker 2: time I ever heard about Fort Green and it was different.
Speaker 5: You know, who don't get no love for being on
Speaker 5: that block?
Speaker 3: Who's that?
Speaker 5: Who?
Speaker 6: Do you know who else was.
Speaker 3: On that block?
Speaker 5: I don't Saint James. Between Gates and Green chub Rock legend.
Speaker 2: Most people that's his block, right across the street from
Speaker 2: Big got overshadowed.
Speaker 3: It's a big shadows, a big shadow.
Speaker 5: Exactly, another big man that could rap Rock.
Speaker 7: I think that's the first time I heard NOAs when
Speaker 7: he was on like back in the Really Game, I
Speaker 7: think chub Rock was on the record. I was like,
Speaker 7: who's this guy talking about way automatic guns and nuns?
Speaker 3: Rock? So all right, so you see the gentrification taking place.
Speaker 2: You have the the moment in the Dice Game where
Speaker 2: it's like, and that's a good point that you bring
Speaker 2: up too, because it's like it's unfortunate, but nobody should
Speaker 2: have crime brought a part of it.
Speaker 3: Nobody.
Speaker 2: But like you see in neighborhoods like we'll commit crime
Speaker 2: against each other all day, where you never commit crime
Speaker 2: against anybody that doesn't look like us. Even Nipsey Hustle
Speaker 2: said that, like reprogrammed to actually go and train to
Speaker 2: hunt and do violence and disrespect people that look similar
Speaker 2: to you. But when you see somebody that looks opposite
Speaker 2: to you. You're not even gonna play around with that
Speaker 2: because you're scared really like of repercussions that come with that.
Speaker 3: Yeah.
Speaker 2: The consequences, Yeah, serious consequences. So you saw that happening
Speaker 2: in your brain. So you're like, all right, did you
Speaker 2: want to just double down? Like now I got to
Speaker 2: actually really double down on my investment strategy and bodies
Speaker 2: property before it too late.
Speaker 5: It you know, I it'd be very easy for me
Speaker 5: to tell you right now that you know, I had
Speaker 5: this master plan and I saw that and this is
Speaker 5: how I was going to execute and this is the
Speaker 5: plan and this was the road map that.
Speaker 6: Got nah Son.
Speaker 3: You know, just happened.
Speaker 5: It's happening. You're you know, like that's the beauty. Like
Speaker 5: when people come on these podcasts, right, everybody chrono you know,
Speaker 5: wants to chronological chronological I can't say the word chronologically
Speaker 5: chronologically define everything that they did, right, but nobody highlights
Speaker 5: all the mistakes and the dumb shit that they did.
Speaker 5: And you know what I'm saying, like a lot of
Speaker 5: mistakes were made, Like it worked out at some point
Speaker 5: I saw it, you know, like in the last ten years,
Speaker 5: I've you know, it's been crystal clear.
Speaker 6: But I was still trying to figure it out, still
Speaker 6: trying to.
Speaker 2: What some of the mistakes that you made. Because you're right,
Speaker 2: people can learn. Just like they learned from information, they
Speaker 2: can also learn from mistakes. What's some of the biggest
Speaker 2: mistakes that you made?
Speaker 5: A lot of the cribs that I sold too early,
Speaker 5: sold them too early, like one eighty four I ustill
Speaker 5: got the address eighty four Madison, all right, So one
Speaker 5: eighty four B Madison. I bought that crib for like
Speaker 5: four hundred thousand dollars when it was worth seven hundred
Speaker 5: thousand dollars.
Speaker 6: And I sold it.
Speaker 5: I sold it for nine hundred thousand dollars in a
Speaker 5: few months. And at that time I thought I was
Speaker 5: like the smartest dude in the world, you know, because
Speaker 5: I coppt that joint. And there's a story behind that
Speaker 5: joint too.
Speaker 2: Is that the one with the Nate but you brought
Speaker 2: it because somebody else wanted it? Can you tell that story?
Speaker 2: I think that's good. That's a good strategy. I was
Speaker 2: listening to that. Can you tell that story?
Speaker 5: All right? So I have gotten a phone call about
Speaker 5: about that one particular property right, that one particular property.
Speaker 5: But you know, and just like any other game, just
Speaker 5: like you know what other you know what I'm saying,
Speaker 5: what other podcasts are doing, and who the players are
Speaker 5: and what their targets are. So I knew for a
Speaker 5: fact that there was a hasidic dude who owned the
Speaker 5: two building the opposite of that building, right, So I
Speaker 5: got the phone call on that one, just just random
Speaker 5: somebody who knew, you know, somebody, somebody who knew who
Speaker 5: knew somebody's auntie or this that the other, blah blah blah.
Speaker 5: I got the phone call, so I got I was
Speaker 5: able to buy that crib that was worth seven hundred
Speaker 5: thousand dollars for for four.
Speaker 6: Hundred thousand dollars.
Speaker 5: So I bought that crib with no intention of doing
Speaker 5: anything with it except to extort the guy who owned.
Speaker 2: The other two the other because he wanted the whole block,
Speaker 2: because he wanted to Plus, it just gives them power,
Speaker 2: you know, like to have monopoly.
Speaker 5: You get three in a row, you know, like I'm
Speaker 5: still chasing three in a row, like I've got you know,
Speaker 5: I got a couple of joints where I got.
Speaker 4: You know, two in a row before you get the
Speaker 4: hotel exactly.
Speaker 5: So I basically use you know, I had no I
Speaker 5: had no desire for that building. It was not within
Speaker 5: the confine, you know, it's not It wasn't where I
Speaker 5: was working at the time. But I got it, didn't
Speaker 5: do any work to it, and held it and him
Speaker 5: and I just went back and forth for a few
Speaker 5: months until he gave me, you know, he gave me
Speaker 5: the nine hundred grand. And the thing is, it's not
Speaker 5: it might seem as if I turned four hundred and
Speaker 5: nine hundred thousand dollars, that's not really the case. I
Speaker 5: really turned one hundred thousand dollars into into five hundred
Speaker 5: thousand dollars in a few months because although the crib
Speaker 5: was was four hundred thousand, I came out of my
Speaker 5: pocket twenty percent down, which was eighty thousand plus closing course,
Speaker 5: which was you know, one hundred thousand, hundred thousand, which
Speaker 5: I put that put that down. But then I sold
Speaker 5: it for nine so you know, that five hundred thousand
Speaker 5: dollars profit was made with one hundred thousand dollars. So
Speaker 5: that is like one of you know, like the best
Speaker 5: g moves, like percentage wise, percentage wise, it's like one
Speaker 5: of the best percentage in time was probably one of
Speaker 5: the best G moves I've made, you know, better than Tesla.
Speaker 7: Like, so when I heard you speaking about that, it
Speaker 7: was like this, do you have some reasons to buy?
Speaker 4: Obviously cash flow is what you were doing equity, so.
Speaker 7: That was your chess move. That was your chess move.
Speaker 7: Then you said there's some portfolio fits. One thing I
Speaker 7: found very interesting it was like, obviously two thousand and
Speaker 7: seven affected the real estate game like no other than
Speaker 7: our generation. But you kept all your properties by hook
Speaker 7: and by crook, Like how did that happen?
Speaker 5: So first of all, like I literally I literally lost everything, right, So,
Speaker 5: like two thousand and six, I was like a hood billionaire,
Speaker 5: you know, like I was. I had a network of
Speaker 5: three million dollars. You know, three million dollars is like.
Speaker 7: A billion dollars a billionaire a fact, yeah, very close
Speaker 7: to a billion, right.
Speaker 5: So but like when everything, you know, I was over leveraged.
Speaker 5: I was spending, you know, I was in, I was in.
Speaker 5: I was in the clubs, you know, four thousand dollar
Speaker 5: nights like maybe two three times a month, you know,
Speaker 5: fifteen hundred dollar nights more than that?
Speaker 3: What clubs were you frequency at this time?
Speaker 4: So many from Club Cheetah to Club all.
Speaker 5: Of that, you know, all of that. I don't know how,
Speaker 5: I ain't actually, but I guess all the Black Diamond
Speaker 5: parties back in the day and.
Speaker 3: China Club, China Club.
Speaker 4: A few times.
Speaker 2: I was going to clubs when I was a little kid,
Speaker 2: like twelve years old. My brother was a promoter and
Speaker 2: I had a fake out and I always looked older
Speaker 2: than I was, So I remember these clubs like all
Speaker 2: of the all of the clubs when I was like
Speaker 2: twelve years old, but that might have been like speed.
Speaker 5: Was the Yeah, I was there spending money, you know,
Speaker 5: like just just getting caught up. You know what I'm saying.
Speaker 4: You were the guy we were watching with our cups.
Speaker 5: And just like just like when I you know, later,
Speaker 5: I was watching Puff with my cups right right, So
Speaker 5: it was just like the same way that promotes, you know,
Speaker 5: made me want to go out and do more. Hopefully
Speaker 5: you know other people did that as well. But anyway,
Speaker 5: I lost everything by like two thousand and two thousand
Speaker 5: and eight, right, and I had a whole bunch of
Speaker 5: cribs and every last one of them was just like
Speaker 5: underwater because I had pulled too much cash out. You know,
Speaker 5: I had I had this big house in Jersey that
Speaker 5: I was paying like seven grand a month for. I
Speaker 5: think I had like a paint one thousand dollars for.
Speaker 5: I had a drop six lease, you know, just everything,
Speaker 5: you know.
Speaker 4: And.
Speaker 3: Yeah, the dough dough was you.
Speaker 5: Know before before we had Instagram models, we had the
Speaker 5: Kse Sleigh models in those magazines.
Speaker 3: Yeah.
Speaker 6: Yeah, So I had a couple of exactly.
Speaker 5: So I had I had a couple of levels on
Speaker 5: the payroll, so literally lost you know what I'm.
Speaker 3: Saying, literally.
Speaker 4: So a couple exactly.
Speaker 5: So So after that, I woke up one day and
Speaker 5: I was just like, yo, I went from positive three
Speaker 5: million to like negative a million when I did the math,
Speaker 5: you know, and I remember but just being in my
Speaker 5: crib waiting waiting to have them come, you know, Like
Speaker 5: I got.
Speaker 6: All the foreclosure notices and stuff.
Speaker 5: Like that, and that's when I basically got on ground,
Speaker 5: you know, Like I had like probably like forty or
Speaker 5: fifty thousand in cash left, and that's when I got
Speaker 5: on my grind. And I I really think that I
Speaker 5: worked for like for like the next two three years
Speaker 5: without a day off, you know, like I was doing everything.
Speaker 5: I had stopped gambling by then. I had opened this
Speaker 5: thing called Law six seventy six. It was a it
Speaker 5: was a studio like and I used to rent that
Speaker 5: out and actually there would have been there would be
Speaker 5: no Brooklyn Bank without Law six seventy six because I was,
Speaker 5: you know, having parties in there and stuff like that,
Speaker 5: and it was an event space.
Speaker 6: So I did that for a while.
Speaker 5: I ended up going to going to India getting a
Speaker 5: hair connected and I started a hair company weaves. Yeah. Yeah,
Speaker 5: like I had the number three. I had the number
Speaker 5: three hair Indian hair company in New York City for
Speaker 5: like a year or two.
Speaker 4: Well known fact.
Speaker 6: Select strands, selectans exactly. So I was doing that.
Speaker 5: I was. I had a I had a card game going.
Speaker 5: You know, I had a card even though I wasn't gambling,
Speaker 5: but I knew, I knew the general gamblers. So I
Speaker 5: was just like, yo, I this card game going.
Speaker 7: You know, so folks, yo, yo, what's up? Yeah, yeah,
Speaker 7: I about to run this game ya playing? Just bring
Speaker 7: your money exactly.
Speaker 3: Okay, So you just had to do what you had
Speaker 3: to do is just get back with and you kept
Speaker 3: them all.
Speaker 2: You kept but you were able to keep your properties
Speaker 2: by doing all these side hustles, all.
Speaker 5: These sizes, twenty four hours a day. I was i
Speaker 5: Airbnb in my crib.
Speaker 4: This is the early stages.
Speaker 5: Yeah, that's when it was called home away and vrbo,
Speaker 5: you know all that other stuff. So I was doing that,
Speaker 5: you know, like letting people stay in my crib like
Speaker 5: five hundred dollars a night while I was sleeping on
Speaker 5: a friend's couch.
Speaker 3: You know, you gotta do what you gotta do.
Speaker 6: Did what I had to do.
Speaker 2: And then you survived. Let me ask you this as
Speaker 2: far as the helock, let's bring it back. You spoke
Speaker 2: about the helock, and we spoked about helocks before a
Speaker 2: little bit. But you want to talk about helocks a
Speaker 2: little bit, like the benefits of it and maybe like
Speaker 2: some things that people may be aware of. There's a
Speaker 2: home equity line of credit, right, different from a refine.
Speaker 3: Yeah.
Speaker 5: No, So so basically you take a helock when you
Speaker 5: have some equity in the property, and it's it's either
Speaker 5: a secondary lian or it could be a primary line
Speaker 5: depending on how much on how much equity you have,
Speaker 5: and it's like it's basically like a credit card.
Speaker 6: Or checking account on your CRIB.
Speaker 5: So you're not paying interest when you're not paying interest
Speaker 5: when you don't owe them any money. But when you
Speaker 5: take the money out, you're paying interest on it. So
Speaker 5: it's like, so let's say you have a CRIB and
Speaker 5: it's worth a million, and.
Speaker 6: You have half half a.
Speaker 5: Million on your mortgage, right, and so now you could
Speaker 5: take up to eighty percent on the helock. So that's
Speaker 5: three hundred thousand dollars a home aquer line of credits.
Speaker 5: So you you have a lean on your property for
Speaker 5: three hundred thousand on that helock. But unless you're using it,
Speaker 5: unless you're using the whole thing.
Speaker 3: You don't have to pay.
Speaker 2: And that's the good thing as far for mindersating, correct
Speaker 2: me if I'm wrong, as far as like with the REFI,
Speaker 2: it's essentially like a second mortgage on your home exactly,
Speaker 2: and you have to pay the interest no matter what
Speaker 2: interest and principle.
Speaker 3: Interest in principal, no matter what.
Speaker 2: But you get the money where the home equity line
Speaker 2: of credit, you take the.
Speaker 3: Money out as you need it, as you need it.
Speaker 3: It's just available to you exactly.
Speaker 7: So are the interest rates high?
Speaker 5: The interest rates are typically around what what what the
Speaker 5: regular regular thing is, what what you normally save on
Speaker 5: is the closing course, because there's typically exactly so with
Speaker 5: with the homemaker line of credit. You always gott to
Speaker 5: just do the math on all right, I'm gonna be
Speaker 5: paying this much interest on it. I'm gonna be paying
Speaker 5: this much interest on it, and and if I, if I,
Speaker 5: if I make a decision, it has to cover this
Speaker 5: interest plus make me more, you know, Like earlier this year,
Speaker 5: I took out, I banged o all my I banged
Speaker 5: got all my helocks because I didn't want them to.
Speaker 2: Cancel it when you couldn't get it. That's something that yeah,
Speaker 2: MG Matt had said that before. He said that before COVID.
Speaker 2: He was like, yo, yeah, He's like, you know, take
Speaker 2: it out, yeah, because it's like monopoly money, like if
Speaker 2: the value of your home goes down, and that's going
Speaker 2: to affect your refine and your your helocks. So it's
Speaker 2: like he said that, like co COVID, you never know,
Speaker 2: they can just it's not like it's guaranteed they can
Speaker 2: cancel it. So it's like you don't need to use it,
Speaker 2: you don't have to use it, but at least you
Speaker 2: have it locked in and then if you need to
Speaker 2: use it, it's available now.
Speaker 4: That literally happened.
Speaker 7: I went to the bank in January because I was
Speaker 7: going to refile, and I hit mad. I'm like, yo,
Speaker 7: run me some numbers on the refile and I'll run
Speaker 7: me some numbers for the helock. And I went back
Speaker 7: to the bank in March, helock wasn't available anymore.
Speaker 4: Yeah, I was like, oh damn.
Speaker 5: So so back in March, I had like a million
Speaker 5: in changing helocks and I pulled it all out because
Speaker 5: I was just scared, like I didn't want to wake
Speaker 5: up one day, because that happened to me back in
Speaker 5: two thousand and seven where I woke up one day
Speaker 5: and my heelock or my helocks were gone. So I
Speaker 5: took this cash out, but I just I didn't want
Speaker 5: to just sit with it in the bank, So I
Speaker 5: ended up putting it in the market at that time
Speaker 5: when the market was at this lowest in March.
Speaker 2: In March, you put a million dollars in the market. Yeah,
Speaker 2: and what stock did you put it in?
Speaker 5: Amazon? Tesla?
Speaker 3: Apple?
Speaker 5: Nah, Amazon Tesla?
Speaker 8: This V G T G T talk about that A
Speaker 8: lot of this alum v F.
Speaker 5: I A X which is a Vanguard, which is a vanguard,
Speaker 5: t ts Ian which is a Chinese, which is a
Speaker 5: Chinese one.
Speaker 6: Why I double n that one? They make me no
Speaker 6: real money.
Speaker 5: And I put it baba. Yeah, I didn't make no
Speaker 5: real money on that, like because I got that in
Speaker 5: about two hundred and it's like two fifty now.
Speaker 4: But that test is a little different, yeah, hit a
Speaker 4: little different.
Speaker 3: So you so you so all right?
Speaker 2: This is just important for people to understand because it's
Speaker 2: like you always got a plan for worst case scenario,
Speaker 2: so when you saw them, it's like, all right, COVID
Speaker 2: is hitting this about to get crazy.
Speaker 3: Don't panic.
Speaker 2: Let me let me gather this much money as money
Speaker 2: as I possibly came out of my house before they
Speaker 2: shut this he locked in.
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Speaker 3: Do you get a million dollars? You say?
Speaker 5: Okay?
Speaker 2: Stock market crashed literally crashed, and probably a good time
Speaker 2: to put money in the market might be abotto, you
Speaker 2: put it in at a low point.
Speaker 3: Guy rockets. Over the next couple of months, what did
Speaker 3: that million turn into?
Speaker 7: He said, my CPA, it might advise me not to
Speaker 7: I mean, well, how about this, how about this?
Speaker 4: How about this? Not what it turned into?
Speaker 7: How did you allocate the million equally throughout those assets?
Speaker 5: No?
Speaker 7: Oh, you just dumb, like, yeah, I'm putting one hundred
Speaker 7: thousand in Tesla.
Speaker 5: Tesla, Tesla, mad At Tesla because I only put I
Speaker 5: only put like, I think, like fifty grand in Tesla. Okay,
Speaker 5: you know, like and I had put I put like
Speaker 5: half a million. I put like half a million in
Speaker 5: Amazon Amazon, right, and that that one.
Speaker 4: Did well, that did great. But I'm just I'm running
Speaker 4: the numbers.
Speaker 7: But if that half a million would have been in
Speaker 7: Tesla after it ran up to like fourteen hundred, then split.
Speaker 5: I know, I know, I know, But what can you do?
Speaker 4: Money?
Speaker 5: Part of the game, part of the game that I've
Speaker 5: that I've learned is you know, you got to keep
Speaker 5: looking forward the next thing, and you know, like there's
Speaker 5: always opportunities and you'll never you'll never ever.
Speaker 6: Get all of them.
Speaker 5: It's impossible, exactly. Like you you know, there's a you
Speaker 5: got a handful, you know what I'm saying, and you,
Speaker 5: you know, to pick something up, you always have to,
Speaker 5: you know, let something go to pick something up. So
Speaker 5: you're hoping that what you're picking up is greater than
Speaker 5: what you're letting go.
Speaker 3: And you leverage a lot of time, people say like
Speaker 3: which one is it better? In real estate? Stocks? But
Speaker 3: you leveraged both that you could do both.
Speaker 2: You could you leverage your real estate to put money
Speaker 2: in stocks, and then you could take the money out
Speaker 2: of stocks and buy the more real estate. And it's
Speaker 2: like it's a combination. It's a one two punch. It's
Speaker 2: not like only do real estate, it's one of the
Speaker 2: only do stocks. And that's a perfect example. You leverage
Speaker 2: money in real estate, put it in the stock market,
Speaker 2: made a bunch of money in the stock market, and
Speaker 2: then you know, yeah.
Speaker 5: So like things kind of cooled off, like Amazon is
Speaker 5: cooled off, like I've been I've been waiting.
Speaker 3: I'm just like, yo, come on, come on, four thousands,
Speaker 3: come back to the game.
Speaker 5: What happens hard exactly, But we're stuck at that thirty two, y'all,
Speaker 5: like we've been stuck at.
Speaker 4: I mean three months.
Speaker 7: This is the season though, this is the season for Amazon,
Speaker 7: so you know, sit, let's let's talk about s R
Speaker 7: s ROS.
Speaker 2: Yeah, I was actually going the s ROS because you
Speaker 2: got an interesting story about that.
Speaker 3: What is an s R First and foremast.
Speaker 5: Single room occupancy in New York City where it's a
Speaker 5: Class B apartment. So it's not it's not like the
Speaker 5: Class A apartment. Like there's a lot of rules and
Speaker 5: regulations that the city, the city pretty much comes down
Speaker 5: and tells you what you can do, what you can't do.
Speaker 5: The HPD house, the Housing Preservation Department tells you all
Speaker 5: the things you can and can't do with your s RO.
Speaker 5: It initially, the the s R program was initially a
Speaker 5: program for for like the the the do who came
Speaker 5: back from war so they could have a safe place
Speaker 5: to stay and stuff like that. And over the years,
Speaker 5: you know, like you know, the city is mad late
Speaker 5: to always change these old things. So all these old
Speaker 5: rules still apply.
Speaker 4: So the Class A and what SRO is the difference?
Speaker 4: What are some of the differences.
Speaker 7: Is it like it has to have a full bathroom
Speaker 7: or have bathroom some of the differences.
Speaker 5: Well, an apartment, an apartment, you need a bedroom and
Speaker 5: bathroom in the kitchen. In a class a apartment, in
Speaker 5: a in an sro, you need you need a bedroom
Speaker 5: and you need access to a bathroom and access to
Speaker 5: a kitchen.
Speaker 4: Okay, you know what I'm saying.
Speaker 6: So you don't you.
Speaker 5: Don't necessarily have to have a have your your bathroom
Speaker 5: and your kitchen in your unit.
Speaker 7: So this feels like almost like college dormage exactly. Okay,
Speaker 7: So it's like we could have the we could have
Speaker 7: a quad with bedrooms and shared bathroom, share.
Speaker 5: A single room occupancy. So and the thing about it,
Speaker 5: so now, over the last few over the last decade,
Speaker 5: you know, like when when the market has gone crazy
Speaker 5: and and and you know, the values of these brownstones
Speaker 5: and buildings and.
Speaker 6: Stuff like that.
Speaker 5: Skyrocketed, the city has put things in the place to protect,
Speaker 5: to protect the people, protect the tenants.
Speaker 6: Because we're living in a blue state.
Speaker 5: State, you know, out out in Texas, California, I mean Texas,
Speaker 5: Arizona and stuff like that. Florida, Arizona's blue now, but
Speaker 5: typically the red states, you don't pay your rent, gotta
Speaker 5: go right, But you know, New York is not. It's
Speaker 5: not that type of place, its not that type of party.
Speaker 5: So there's a lot of laws that protect them. So
Speaker 5: one of the things that protects s ros right now
Speaker 5: is something that they call a certifically non harassment, whereas
Speaker 5: if if you before, before you can convert an SRO
Speaker 5: into a class A apartment or into a house or
Speaker 5: anything like that, you have to get a certificate non
Speaker 5: harassment where you know, HPD does an investigation to find
Speaker 5: out if the tenants were harassed on their way out
Speaker 5: or anything like that, and if that, if that's the case,
Speaker 5: if that's the case, you're pretty much stuck. You're pretty
Speaker 5: much stuck because they'll put like a three year a
Speaker 5: three year penalty on you before you could apply again.
Speaker 5: So I purchased, I purchased an SRO and a building,
Speaker 5: right yeah, I pursed an sroh and the the tenants,
Speaker 5: you know, thought that they were doing the sella dirty
Speaker 5: by telling HPD that they were.
Speaker 6: Harassed and sell don't care.
Speaker 5: Sell it got their money, so they put that three
Speaker 5: year you know, that three year ban on me. Oh
Speaker 5: so I basically paid this, you know, I paid a
Speaker 5: million plus for a Brownstone and I can't do anything
Speaker 5: with it.
Speaker 6: I couldn't do anything with it for three years.
Speaker 5: So I'm just sitting on this thing, paying hard money
Speaker 5: on it, paying hard money on it until September of
Speaker 5: twenty twenty one.
Speaker 4: That's when you could maybe do renovations.
Speaker 5: To it, renovated, flip it, do whatever it is.
Speaker 7: It going to be more lucrative because I'm thinking, let's
Speaker 7: I mean, I'm sure there's like a square footage requirement
Speaker 7: that needs that they need to have for the SRO,
Speaker 7: and so I'm thinking like maybe an apartment that you
Speaker 7: could get twelve hundred for.
Speaker 5: Right I can't do anything like I can't bring more
Speaker 5: people in because if I bring people into rent it now,
Speaker 5: I'm risking in twenty two.
Speaker 6: Yeah, but.
Speaker 5: I don't like where the money's at in New York
Speaker 5: City right now is getting these stones and converting them
Speaker 5: into luxury you know, luxury town homes where where you
Speaker 5: know people could people spend big money on them. So
Speaker 5: I could turn around and sell it for three and
Speaker 5: a half four million dollars.
Speaker 7: Yes, you're not leave looking for the rental income of
Speaker 7: more units, looking for the like yo, somebody's coming in
Speaker 7: to buy this for one point one exactly.
Speaker 5: Okay, well, no, somebody's coming to buy somebody's coming to
Speaker 5: buy this for four.
Speaker 4: Million, four million. I'm sorry, what was I talking about?
Speaker 3: One point one?
Speaker 5: No, No, one point one is what I paid for it.
Speaker 5: So now I'm sitting here and I'm paying, you know,
Speaker 5: like ten ten grand a month, ten grand a month
Speaker 5: on a property that I can't do nothing.
Speaker 3: With, you know.
Speaker 5: But it's a it's a you know, it's it's a
Speaker 5: decision I'm that I'm making. I'm saying, all right, I'm paying.
Speaker 5: I'm losing ten grand a month, but I'm losing ten
Speaker 5: grand a month, but I know when the time comes,
Speaker 5: I'll be able to sell this for four million.
Speaker 4: So it's just another version of your chest move exactly right.
Speaker 3: But as the taxes the tax laws, well yeah.
Speaker 5: So so now i'm paying interest. So that's one hundred
Speaker 5: and twenty grand and interest that I'm paying every every year.
Speaker 5: So if I sell a property, if I if I
Speaker 5: sold the property, or or if if I if I
Speaker 5: sold if I sold my Amazon stock, so instead of
Speaker 5: paying capital gains on X, it'll be X minus one
Speaker 5: twenty thousand.
Speaker 2: So because you're taking loss and you're depreciating the assets
Speaker 2: exactly because you're losing money on it.
Speaker 5: I'm losing money on I'm losing money on this end.
Speaker 5: Well not even losing money. It's a business expense. So
Speaker 5: you know, you're you're taking your deduction from your business
Speaker 5: expense and so that brings that brings your taxable income down,
Speaker 5: which it's what keeps what keeps money in your pocket.
Speaker 7: So in the real estate game, you wear many hats, yes,
Speaker 7: and that obviously has happened over time. Right, So your
Speaker 7: initial one was you're the landlord. Yes, So at some
Speaker 7: point you decide to become the developer, then you become
Speaker 7: the broker, and then you also become the contractor.
Speaker 4: What was that process what led to you?
Speaker 5: And at one part I was a mortgage broker like
Speaker 5: a man Matt.
Speaker 7: So what was the thought process that inspires you to say,
Speaker 7: you know what, I can do this, I can do this.
Speaker 5: Let me do this too, just just trying to keep
Speaker 5: it as much money in house as possible, you know,
Speaker 5: like once you get the team together, you get the
Speaker 5: team and everybody's working, you know, for the common goal. Uh,
Speaker 5: it doesn't make it doesn't make sense to to pay
Speaker 5: somebody to do something that you could do yourself. It's
Speaker 5: it's cheaper, you know. And and the more people you
Speaker 5: the more people you interact with and you connect with
Speaker 5: on different levels, the more opportunities that come come about.
Speaker 5: So and it also gives me a better way to
Speaker 5: look at every opportunity because now when I when I
Speaker 5: come to you, like when I when an opportunity presents itself,
Speaker 5: am I am I going to try to Am I
Speaker 5: going to try to sell this for you? Or am
Speaker 5: I going to try to buy it for myself? Am
Speaker 5: I going to sell it for you as a broker?
Speaker 5: Am I going to try to buy it? Buy it
Speaker 5: for myself? As a developer? Am I going to say, hey,
Speaker 5: I'll tell you what you could buy it, but I'll
Speaker 5: be the contractor for you. You know, I could bring
Speaker 5: it to you and say, yo, I got this great
Speaker 5: opportunity for you.
Speaker 6: You should buy this building and let me fix it.
Speaker 5: You know. So it's just different, you know, like different
Speaker 5: ways to make money.
Speaker 7: Every time you saw another position, it was like cut
Speaker 7: the middle man, cut the middle man, cut the middle man.
Speaker 5: And it's more opportunities, more opportunities, more opportunities. And like
Speaker 5: each each hat that I wear, I have a whole network,
Speaker 5: and so I'm talking to people and I'm you know,
Speaker 5: that's where the opportunities come from. You know, Like in
Speaker 5: the last twenty something years, I could probably you know,
Speaker 5: I've done a hundred million dollars in transaction, and I
Speaker 5: could probably tell you that only two times that I've
Speaker 5: ever purchased something that didn't come from a direct connect,
Speaker 5: you know, like somebody called me and said, hey, Jude,
Speaker 5: I got a deal for you. You know, wait for
Speaker 5: my pitch. That's my that's my line. You know, I
Speaker 5: always wait for my pitch. Like if if it's on
Speaker 5: Street Easy, if it's on if it's on the MLS
Speaker 5: and stuff like that, and everybody else can see it, it
Speaker 5: ain't my deal.
Speaker 2: So at this point, are most of your deals what
Speaker 2: kind of financing? Are you cash or are you doing
Speaker 2: traditional financing?
Speaker 3: Hard money? How are you financing your deals?
Speaker 5: Whatever makes sense, you know, like if if it's say
Speaker 5: like I always do the math, right, So if it
Speaker 5: makes if it makes sense for me to use cash,
Speaker 5: I'll use cash. If there's enough, if there's enough meat
Speaker 5: on it where I can can use hard money, I'll.
Speaker 6: Use hard money.
Speaker 5: You know, if if if time is not a big deal,
Speaker 5: and I can go get traditional financing and it'll you know,
Speaker 5: like this is a house that's gonna praise and and
Speaker 5: there's a kitchen in the bath and all that other stuff,
Speaker 5: and and I.
Speaker 6: Could go to a you know, to go.
Speaker 5: To Chase or somebody like that. I'll do that. Those
Speaker 5: are those are my favorites, you know. But most of
Speaker 5: the time, when there's deals and opportunities, there's usually a
Speaker 5: reason why you're getting a deal and an opportunity. And
Speaker 5: nine ten times is that that it's it's a deal
Speaker 5: because traditional financing won't do it. So you're either stuck.
Speaker 5: You have a decision to make. You're either gonna use
Speaker 5: hard money guy, you're gonna use your cash, or or
Speaker 5: a mixture. What I like to do is I like
Speaker 5: to take investors where where let's say the hard money
Speaker 5: the hard money guy is giving me eighty percent eighty percent,
Speaker 5: and I'll take a couple of investors that that give me,
Speaker 5: that give me the give me the twenty percent. So
Speaker 5: I'm literally just coming out of my pocket. Nothing just
Speaker 5: you know, everything is all sweat equity.
Speaker 7: So yeah, Rick Ross is famous for having three seeds
Speaker 7: right color clarity.
Speaker 4: That's that's his thing.
Speaker 7: But you have an interesting analogy for your four seas
Speaker 7: and real estate and while they're important, can you go
Speaker 7: over it? So you had credit, collateral, connects, and character
Speaker 7: why they're all important?
Speaker 5: Credit? You know, like like if the banks, if the
Speaker 5: banks ain't messing with you, you're dead in the water. You know,
Speaker 5: like you need that money. You know, you need your credit.
Speaker 5: It's like one of your most valuable assets. You know
Speaker 5: you're able to leverage, right, m Collateral you need either
Speaker 5: cash or something you need.
Speaker 6: You need to be able to.
Speaker 5: Prove that you have a track record, you have you
Speaker 5: have skin in the game. You know, like I had
Speaker 5: lost I've lost money in business dealings where I was
Speaker 5: messing with people who didn't.
Speaker 6: Have any skin in the game, so they just walk away.
Speaker 5: So it's very important that that you have skin in
Speaker 5: the game. What's the credit cash connects? Like, it's not
Speaker 5: it's not it's not bs when they say your network
Speaker 5: is your network, you know, it's just like the more
Speaker 5: people you know, the more people, the more the more deals,
Speaker 5: the more opportunities, the more things that come your way. Right,
Speaker 5: That's like to me, that's the most important thing. Your connects.
Speaker 5: You know, your ability, your ability to get it done,
Speaker 5: your ability to know who you could call, uh, the
Speaker 5: the resources that come to you, and so forth. And
Speaker 5: the last one is your character. If if your name
Speaker 5: is mud, you're dead. You know, like streets talk, you know,
Speaker 5: you think chicks pillar talk. Like in business, everybody talking.
Speaker 5: So you do one person dirty, everybody's gonna know, anybody
Speaker 5: gonna mess with you. Like one of the things I'm
Speaker 5: really proud of is that I've been in this game
Speaker 5: twenty plus years. Like I've never I've never jerked anybody
Speaker 5: on a deal. I've never lied to anybody. I've never
Speaker 5: I've never taken anything that that didn't belong to me.
Speaker 5: And I could even say I've never lost anybody money. Well,
Speaker 5: I lost one person money, but I made it back
Speaker 5: for him. But like there's been times. There's been times
Speaker 5: like I've had investors invest in something and I promised
Speaker 5: them a return and it didn't happen, and you know.
Speaker 6: I paid out.
Speaker 5: I paid out like like it did, like everything went
Speaker 5: cool because I didn't want to burn that bridge, you know, like,
Speaker 5: oh yo, reinvested in this, You're gonna make excel, You're
Speaker 5: gonna make X out of this. You know, and I'd
Speaker 5: rather pay him that, knowing that I could go back
Speaker 5: to him one day then come back. Yo, it didn't
Speaker 5: work out.
Speaker 7: Yo, you know what I'm saying, it's not gonna be
Speaker 7: worth Yeah, yeah, Rick.
Speaker 3: I think that's Carol City cartel. If I'm not, I know.
Speaker 4: But then he says, I mean when you're talking about diamonds.
Speaker 2: Let me ask you this as far as the because
Speaker 2: you're a developer, landlord, you're a broker, contractor.
Speaker 3: So how important is it.
Speaker 2: For people to learn all aspects of real estate? Or
Speaker 2: do you think it is important for people to learn
Speaker 2: all aspects of real estate?
Speaker 4: You know?
Speaker 5: Back when I when I was doing here, right, I
Speaker 5: went to India. I went to India and I learned How.
Speaker 3: Did you get to India?
Speaker 5: Yo?
Speaker 7: In my mind, I want in my mind, all I
Speaker 7: can think about is American gangs?
Speaker 4: How Vietnam?
Speaker 3: How did you go to India to get to get here?
Speaker 3: How did that happen? All?
Speaker 4: Right?
Speaker 5: So I told you things were really bad. So things
Speaker 5: are really bad. So what do you do when things
Speaker 5: are be bad? You know, you have a big ass
Speaker 5: party at your house.
Speaker 3: That's an option.
Speaker 4: So remember that was my next guest.
Speaker 5: Remember I still had this big ass house and you know,
Speaker 5: out in Jersey.
Speaker 2: Yeah, so as well, why not if you lose it,
Speaker 2: at least you have some good memory.
Speaker 5: Exactly. So I have this pool party, like two hundred
Speaker 5: people at my crib, this, that, the other people in
Speaker 5: the pool, this, that, and the next day editions straight stunting.
Speaker 5: The next day I'm cleaning filters out and I'm pulling.
Speaker 3: Out hair, hair all over, right.
Speaker 6: And I'm just like, yo, who did this?
Speaker 5: Right? So so I'm not I'm not looking at the
Speaker 5: pictures to figure out what what girl left?
Speaker 4: What I had?
Speaker 5: What girl, you know, shedding, shedding my hold? And then
Speaker 5: I realized it wasn't one girl.
Speaker 3: It was a whole collection, every girl in it.
Speaker 5: I was just like, Yo, that's where the money is at.
Speaker 4: Shout out to all women who just spey, thank you.
Speaker 5: Thank you, saved your life, saved my life. But so
Speaker 5: I ended up like doing a little bit research about this.
Speaker 5: And this was around the time Chris Rock had that
Speaker 5: good hair thing.
Speaker 6: Yeah.
Speaker 5: And then so I'm trying, like the internet wasn't popping
Speaker 5: popping like it is right now, like you could get
Speaker 5: anything like like that no matter. So I literally had
Speaker 5: to go to India to get me a connect, to
Speaker 5: get me a good connector, U was, I basically have
Speaker 5: to buy retail and and pretty much make a small margin.
Speaker 2: So sight unseen, you just went to India and just
Speaker 2: like figure it out when you get there. Where'd you
Speaker 2: go to? And I hair capital of the world, the
Speaker 2: hair capital of the world. Yeah, you got to meet
Speaker 2: somebody there and they speak English, Yeah, pretty much, they
Speaker 2: speak English.
Speaker 5: Okay, So I got the So I basically got the
Speaker 5: connect got a couple of connectors.
Speaker 4: Like Frank Lucas I'm thinking going to be.
Speaker 5: So I go out there and you know, I started
Speaker 5: buying it. I started buying from somebody and and that
Speaker 5: didn't work out, and bought from somebody else, you know,
Speaker 5: until you know, like you know, my first shipment was
Speaker 5: always great.
Speaker 6: And then I sent you know what I'm saying.
Speaker 5: I sent I had a first ship for like, you know,
Speaker 5: ten keys or something like that, right, and that's.
Speaker 6: Great, all right?
Speaker 5: And then so I was just like, all right, send
Speaker 5: me over fifty keys.
Speaker 4: Right, that's right, fifty keys of bundles.
Speaker 5: Fifty keys of bundles. They coming in four package.
Speaker 7: When we titled this please fifty keys of bundles.
Speaker 3: So that over you.
Speaker 8: Yeah.
Speaker 5: So so what ended up happening was like when I
Speaker 5: bought the fifty keys, it was just like it was
Speaker 5: like five keys was good and it was like forty
Speaker 5: five keys of garbage tongue.
Speaker 3: It wasn't getting no, Yeah, they sold they sold you.
Speaker 2: A bad product exactly. So we got screwed over in India
Speaker 2: a few times.
Speaker 4: Yeah, personally, habitually yeah, habit app Yeah, yeah, yeah.
Speaker 2: We started, we did, We did an app and this
Speaker 2: guy completely screwed us over, ran us for like twenty.
Speaker 3: Thousand, thirty there was it, thirty thirty bands.
Speaker 2: Then we hired another Indian to go fly from his
Speaker 2: part of India to the other part of India.
Speaker 3: Yeah, he screwed us over and.
Speaker 4: Then they went on holiday for three weeks.
Speaker 3: A lot of money in India.
Speaker 5: He was on he was on Zoom calls with him FaceTime.
Speaker 2: What'sapp, Like what'sapp calls at like one o'clock in the
Speaker 2: morning because it's like, you know, one o'clock in the
Speaker 2: afternoon over there, and they acting like they don't really
Speaker 2: speak English.
Speaker 3: Good, it was a whole.
Speaker 5: Ordeal when they want to Yeah, yeah, it's tough.
Speaker 2: We should have called you man, it's now, it's real,
Speaker 2: and it's like all of these stories bring back so
Speaker 2: many memories because it's like I always say, hustling isn't
Speaker 2: a hobby. If you're an entrepreneur, you got to get
Speaker 2: the job done by any means necessary. And it's like
Speaker 2: even what us like dealing with merchant Pakistan and like
Speaker 2: we interviewed Derek Grayson. His thing was in China and
Speaker 2: you gotta wire these people money and you're like hoping
Speaker 2: they don't screw you over. And it's like people don't
Speaker 2: understand like this is these are real stories, like this
Speaker 2: really happens.
Speaker 3: And really it really can run off with them, Yo,
Speaker 3: what can you do nothing on the plane?
Speaker 5: You know? One of the one of my my best
Speaker 5: flips ever was I had gotten a call. It was
Speaker 5: like maybe two thousand and two thousand and ten, like
Speaker 5: my man, my man in my man somewhere, ain't gonna
Speaker 5: say where caught me up. He was working at the
Speaker 5: dock someplace and he had a container container full of
Speaker 5: toilet paper. Right He's like, yo, I get I get
Speaker 5: you this container for like literally a container for for
Speaker 5: like for like twenty five hundred. It's like something in
Speaker 5: the system where the like like he's like, Yo, I've
Speaker 5: been watching I've been watching this containers. It's nowhere, Like, yo,
Speaker 5: you can have all the toilet paper in here for
Speaker 5: twenty five hundred, right, So.
Speaker 3: That would have been perfect during COVID. Yeah, at the
Speaker 3: beginning of COVID exactly.
Speaker 5: So I'm just like, yo, I did the math.
Speaker 6: I was just like, Yo, that's that's like one.
Speaker 5: Hundred thousand dollars worth of toilet paper. What paper there? Right?
Speaker 5: So I'm just like all right, So now I'm calling people,
Speaker 5: you know, I'm calling like people. So my man tells
Speaker 5: me he has a connected like where he supplies all
Speaker 5: the bodegas and and like, you know, I could this
Speaker 5: and that I ended up. I ended up like sending
Speaker 5: sending the thing to Panama, like and made like seventy
Speaker 5: five hundred.
Speaker 6: Dollars on the deal, right, But.
Speaker 5: I like my whole thing was like, so I'm sending
Speaker 5: you twenty five hundred dollars and I've never seen this
Speaker 5: toilet paper and you're telling me you're sending it to
Speaker 5: Panama and somebody's gonna send me ten thousand dollars back.
Speaker 6: And he's like yeah, And I was just.
Speaker 4: Like rolling the dice.
Speaker 6: But it worked, right, But.
Speaker 5: Love it, love it, you know, But but that's the
Speaker 5: way you lose money too.
Speaker 4: That's a fact.
Speaker 5: It worked.
Speaker 3: Don't try this at home, but it will.
Speaker 5: It worked out. But the truth of the truth of
Speaker 5: the battle is like the best like the best cons right,
Speaker 5: the best con games is when they put the upside
Speaker 5: in front of you and all you're looking at is
Speaker 5: the upside potential without the downside risk. Right, So what
Speaker 5: you know, what I'm saying made off what I'm saying
Speaker 5: all all them great scams is like, oh, I'm just
Speaker 5: looking at the upside, you know what I'm saying, Like
Speaker 5: if but bottom line is if it's too good to
Speaker 5: be true, most likely it is. You know that one incident,
Speaker 5: you know that one instance it was it worked in
Speaker 5: my favor, but in hindsight, like being the man that
Speaker 5: I am today, I wouldn't have risked it.
Speaker 2: Yeah, they had a lot of a lot of stuff
Speaker 2: go like ppe, like masks, Like you can buy these masks,
Speaker 2: and it's like it's always history, always repeat yourself, and
Speaker 2: there's always an opportunity for somebody to make money. But
Speaker 2: you gotta be careful because like you said, I mean
Speaker 2: those kind of things you hit, but you're going to
Speaker 2: strike out more times than nothing.
Speaker 5: Wait for your pitch and and like right now, I'm
Speaker 5: big on taking risks, but it has to be a
Speaker 5: calculator risk, and it has to be a calculator risk,
Speaker 5: and it has to like I have to have a
Speaker 5: definite plan to control my downs side risk. You know,
Speaker 5: got gotta have those stop losses in place.
Speaker 2: Stop loss that's you know, that's important in all aspects.
Speaker 5: Stop having in place, you know, and like as as
Speaker 5: you progress, you know, the more you go, like you
Speaker 5: got to constantly adjust your.
Speaker 6: Stop losses, you know what I'm saying.
Speaker 5: The other day. The other day, I I'm involved in
Speaker 5: this business and I rolled up on the scene and
Speaker 5: it was like a lot of high risk behavior.
Speaker 4: Going on and you're analyzing the location.
Speaker 5: And then I was just like, yo, I'm making money,
Speaker 5: but I have to shut I got to remove myself
Speaker 5: because you know, one my reputation to insurance.
Speaker 3: You know what I'm saying, you get killed, Yeah, that's yeah.
Speaker 5: It's just like, yo, this is.
Speaker 2: This is crazy dangerous, very dangerous behavior.
Speaker 5: It was you know, there was nothing the fairy is
Speaker 5: going on, but it's just like like you get every
Speaker 5: uncomfortable Yeah, every step, every step you're take in life,
Speaker 5: you gotta you know, like like you ain't got I
Speaker 5: think Jay hasn't said as a line with like yo,
Speaker 5: I ain't gotta be in the projects all day or
Speaker 5: something like that.
Speaker 2: All they talking about how being in the projects all day. Yeah,
Speaker 2: that sounds stupid to me.
Speaker 5: So at some point, like as you elevate, you can't
Speaker 5: be doing the same things you were doing and you
Speaker 5: can't take the same risks.
Speaker 2: I'm saying, no, it's very true, and rest in peace
Speaker 2: to one of our biggest inspirations. Nifty hustles great and
Speaker 2: it's an unfortunate situation. But sometimes you stay around too long. Jealousy, envy,
Speaker 2: just and just random things happen in certain neighborhoods where
Speaker 2: it's you have to elevate and like you can't stay
Speaker 2: in the same and ironment that you might have grew
Speaker 2: up in that you once felt comfortable. At some point
Speaker 2: some one, things that make you used to feel comfortable
Speaker 2: make you feel uncomfortable. At some point you should feel uncomfortable,
Speaker 2: and if you feel comfortable, you have to ask yourself
Speaker 2: why you feel comfortable.
Speaker 5: Yeah, it's just like like keeping it real or or
Speaker 5: keep you know, like you One of one of the
Speaker 5: things that I always try to try to try to
Speaker 5: say to myself is I'm not going to be loyal
Speaker 5: and I'm not going to be faithful to my old self.
Speaker 6: You know what I'm saying.
Speaker 5: Yeah, it's just like, yo, just because I said it,
Speaker 5: Just because I said it, you know, five years ago,
Speaker 5: two years ago, you know, doesn't mean that it has
Speaker 5: to stand true, you know, and you know, not for nothing,
Speaker 5: never give my heart to something like whatever.
Speaker 3: Yeah, and it's just like you and now he's married,
Speaker 3: he's married.
Speaker 7: Yeah, yeah, yeah, the evolution, but it's the saying it
Speaker 7: isn't that same lineage of the growth of him and
Speaker 7: just us listening to the music, it was like we
Speaker 7: watched them at that point, we watched him become a
Speaker 7: mature husband and father and the same line It's like, yo,
Speaker 7: I ain't worked that hard to be the same.
Speaker 5: Yeah you can't. You can't be scared to contradict yourself.
Speaker 6: What I'm saying.
Speaker 4: So the betterment of yourself, right right right.
Speaker 7: Like.
Speaker 6: That's how some backwards.
Speaker 2: That's also true, and you can do that the next
Speaker 2: day if I don't feel if I don't feel the
Speaker 2: same way I felt yesterday, I changed my mind. At
Speaker 2: any point in time, you could reserve the right to
Speaker 2: change your mind and completely become a different person. That's
Speaker 2: why I don't. I don't really get into politics too
Speaker 2: much because the whole things that you said twenty years ago,
Speaker 2: like you said this, I was, it was nineteen eighty four.
Speaker 2: I'm a different person now, you know. It's like you
Speaker 2: can't be held accountable for things that you said thirty
Speaker 2: years ago. I mean it's like Dame said, like I
Speaker 2: was pulling champagne on girls, like I was out of
Speaker 2: my mind fifty years old.
Speaker 3: Now I wouldn't do that now. I can't help.
Speaker 2: You can't hold me accountab before what I did when
Speaker 2: I was twenty eight.
Speaker 5: Yeah, it's it's wild man, Like, if if.
Speaker 6: You ain't growing, you staying the same, right, So.
Speaker 2: Let me ask you this, speaking about growing, let's end
Speaker 2: it out on this. You have a nonprofit, the Brooklyn Bank.
Speaker 2: What is the Brooklyn Bank?
Speaker 5: The Brooklyn Bank. The Brooklyn Bank is like my give
Speaker 5: back right. So here I am and keeping it real
Speaker 5: one hundred percent right. I make my money buying properties
Speaker 5: cheap and selling it to people high and unfortunately most
Speaker 5: of the people that I sell to they don't look
Speaker 5: like me. So I love my people. I care about
Speaker 5: my people. So what I what I did was I
Speaker 5: went and I actually bought the building, the Brooklyn Bank
Speaker 5: eight nine six decal bet Stye, real bedsty not you.
Speaker 3: Know, real best.
Speaker 5: So so basically, so basically I started to nonprofit where
Speaker 5: I have a building where I I do financial literacy programs.
Speaker 5: Like tomorrow, we we giving out toys to the kids Thanksgiving. Thanksgiving,
Speaker 5: we literally gave out a thousand turkeys and a thousand
Speaker 5: things of bags of groceries.
Speaker 6: And stuff like that.
Speaker 5: So that's that's my personal gift back, you know, my
Speaker 5: my opportunity to kind of even it out. Like the
Speaker 5: Brooklyn Bank. What what it's really about is about financial literacy,
Speaker 5: financial empowerment, and economic empowerment. So I'm really big on teaching,
Speaker 5: you know, whether whether it's budgeting, whether it's saving, whether
Speaker 5: it's credit, whether it's real estate, whether it's it's stocks.
Speaker 6: Just trying to share the information.
Speaker 5: Because you know, like you guys do a really great,
Speaker 5: great job on this platform of making the information available
Speaker 5: to those to those who probably could not get it
Speaker 5: elsewhere you know, and you make you know, you bring,
Speaker 5: you bring, you bring the right people on where it's
Speaker 5: it's not foreign. And that's the problem. A lot of
Speaker 5: times people think think that these things are out of
Speaker 5: their out of their out of their reach. So I
Speaker 5: basically wanted to provide a space, a community, a mindset,
Speaker 5: and an organization where it's where we're focused on letting
Speaker 5: people know that, yo, you could do this, you know
Speaker 5: this whole like my whole real estate thing, right and
Speaker 5: my real estate, my business and all that other stuff.
Speaker 5: I didn't invent anything like like I've I've made tens
Speaker 5: of millions of dollars. Like I didn't create anything. I
Speaker 5: didn't make anything better. I didn't revolutionize anything. I'm just
Speaker 5: following the blue print that you know that Andrew Jackson
Speaker 5: was doing back back in the back in the seventeen hundreds.
Speaker 5: You know, like you buy, you buy land, and and
Speaker 5: and you take take that value and you reinvest and
Speaker 5: this that the other and and and you know, you
Speaker 5: you practice discipline, you practice delayed gratification. You know, all
Speaker 5: these little little things like these are all the little
Speaker 5: things that people have to learn so that they could
Speaker 5: elevate themselves.
Speaker 7: So is it is it an event space or is
Speaker 7: it like almost like a community center where anymore.
Speaker 4: Of a community center people can come in through it.
Speaker 5: And we were doing events, we we kind of put
Speaker 5: that on pause, like like right now I'm focused one
Speaker 5: hundred percent on doing doing community things. And we're going
Speaker 5: into schools and you know, bringing in financial literacy stuff.
Speaker 4: So you just partnered with a school.
Speaker 5: Yeah, we partnered with a school the other day. I
Speaker 5: didn't research on you guys. I saw you guys.
Speaker 6: We've been in the school for years.
Speaker 5: Yeah.
Speaker 4: Yeah, I'm a teacher.
Speaker 5: Okay, So that's dope. But that's really what I'm trying
Speaker 5: to do. You know, Like like there's a in regards
Speaker 5: to money, right, like whether whether you have ten million,
Speaker 5: twenty million, one hundred million, or a billion dollars, right,
Speaker 5: the price the price of a steak is a price
Speaker 5: of a steak, so everything else is excess, right. It's like,
Speaker 5: so that's kind of I'm you know, I'm blessed that
Speaker 5: I'm at a point in my life where like another
Speaker 5: check does not change my life, you know, not change
Speaker 5: the life that I that I enjoy. Leading you know,
Speaker 5: you had a dude up here. I was watching an
Speaker 5: episode and he said, yeah, well I got a bigger plane.
Speaker 11: Now him shout out to him, Oh g free, Yeah,
Speaker 11: yeah him if he wants a bigger plane.
Speaker 5: But it's just like I'm at a point in my
Speaker 5: life where I'm comfortable, you know, like like I don't
Speaker 5: want to I don't want to be the dude in
Speaker 5: a Ferrari if everybody can't have a Ferrari, you know,
Speaker 5: because then then you're looking crazy, you looking like what
Speaker 5: I'm saying, you looking like lunch, They're.
Speaker 4: Gonna put you on the menu.
Speaker 5: Yeah.
Speaker 3: So you know, at everybody got Borghinis in Atlanta exactly.
Speaker 3: That's the best.
Speaker 4: That's that's gonna be tough.
Speaker 5: There's no COVID in Atlanta.
Speaker 4: Top that also might be true.
Speaker 3: That's fact effect.
Speaker 5: So that's that's the Brooklyn Bank to me, you know,
Speaker 5: like it's a community. It's it's it's and it's funny
Speaker 5: because like when I talk to Brooklyn Banks, a lot
Speaker 5: of times people just think about the physical location, which
Speaker 5: is cool, you know, because I'm sometimes still in awe
Speaker 5: of it.
Speaker 6: It's just like, yo, dude, you got you own a bank?
Speaker 5: Yo?
Speaker 4: It was was it a church? First, or was it
Speaker 4: a bank church?
Speaker 5: It was a bank, yeah, like it was built. It
Speaker 5: was built as a bank. Like the whole thing is
Speaker 5: is like sixteen inch cement in concrete and bricks right
Speaker 5: with a vault woul a vault and everything. And then
Speaker 5: in the eighties they started using it as a church
Speaker 5: when when the bank went under shout out to economics.
Speaker 5: When the bank went under, they started using it as
Speaker 5: a church. And then I took you know, I got
Speaker 5: that deal. And originally, like my line brother had hooked
Speaker 5: me up on that deal because I got you know,
Speaker 5: like there was mad people trying to get that building,
Speaker 5: you know. And one of the one of the caveats
Speaker 5: of of how I got it, because of how I
Speaker 5: got it and how I how they accepted my bid
Speaker 5: instead of some of the other bids that was higher,
Speaker 5: is that I promised that I would keep doing good
Speaker 5: working there, you know, like I wouldn't turn it into
Speaker 5: a strip club or I would knock it down and
Speaker 5: build condos or nothing like that.
Speaker 2: So more employees Atlanta might argue that that might be
Speaker 2: shout out to Shout out to Blue Flint, shout out
Speaker 2: to Magic City, shout out to twelve.
Speaker 3: Support black business support businesses.
Speaker 5: I digress brolex, I.
Speaker 4: See tell the look up because it's snowing and tousies digress.
Speaker 3: Okay, there you have it, ladies and gentlemen.
Speaker 2: It's been a pleasure man, and once again, thank you
Speaker 2: for teaching that class on Eyo University.
Speaker 3: That was dope.
Speaker 2: And tell them about that your experience. I know you
Speaker 2: you answered questions for like an hour and a half,
Speaker 2: Like how was that teaching it?
Speaker 5: It was dope because like prior to like I kind
Speaker 5: of have it in my in my head how I
Speaker 5: go about analyzing the deal. So prior to that, I've
Speaker 5: never really written it down, written the formula down, and
Speaker 5: and and and wrote it down, and so I'm like
Speaker 5: looking at like, hey, this is this is real, you know,
Speaker 5: this is what I do. And it was It was
Speaker 5: very It was pleasing because like the sometimes sometimes I
Speaker 5: talk to.
Speaker 6: People and it's just like they don't get it.
Speaker 5: But it was good to be in in a a platform,
Speaker 5: you know, where your earners like this is what they do,
Speaker 5: and this is what they're trying to this is what
Speaker 5: they're trying to do when and they're not. The questions
Speaker 5: were intelligent questions and they you know, you know, you
Speaker 5: as a teacher, you know how it feels.
Speaker 4: Like when every every question is a good question.
Speaker 7: Exactly exactly, Now, yeah, I understand because like when when
Speaker 7: sometimes when a question this phrase, you can tell somebody's
Speaker 7: been critically thinking. And that's important, right because it's like,
Speaker 7: all right, I know that that's coming from a place
Speaker 7: of of wanting to know, not just I just wanted
Speaker 7: to say something, and so shout at the earners that
Speaker 7: asked all those We watched the presentation. It was pretty dark.
Speaker 2: I didn't get a chance to watch the whole question answer,
Speaker 2: but they told me it lasted two hours, which is
Speaker 2: longer than usually. So I know that there was a
Speaker 2: bunch of questions and answers, So that's dope. They said,
Speaker 2: most everybody got their question answers, so that's dope.
Speaker 5: Yeah, Like, you know, my goal, my goal, my personal
Speaker 5: goal is like like I said, I've made a lot
Speaker 5: of I've made a lot of mistakes. You know, like
Speaker 5: there's there's no reason why I'm not sitting, you know,
Speaker 5: sitting on nine figures right now, except that I made
Speaker 5: a lot of mistakes. And you know, my goal is
Speaker 5: to make sure that people don't necessarily make the same
Speaker 5: mistakes that I made. You're gonna make your own mistakes.
Speaker 5: But there are a lot of There are a lot
Speaker 5: of mistakes that I made that could have been avoid
Speaker 5: if somebody had just pulled me to the side, or
Speaker 5: if there was a platform like yours where where I
Speaker 5: could get the knowledge.
Speaker 3: That's a fact so big.
Speaker 2: How can people contact you social media handles? What's the information?
Speaker 2: Brooklyn Bank or any other initiative that you want to
Speaker 2: make the public aware of?
Speaker 5: Two places you can get in touch with me. You
Speaker 5: can get in touch with me at the Brooklyn Bank.
Speaker 5: That's the Brooklyn Bank as it's spelled, and you could
Speaker 5: hit me on I g at mister Jude Bernard m
Speaker 5: R dot j U D E B E R N
Speaker 5: A r.
Speaker 3: D Thank you Troy Housekeeping item.
Speaker 7: Yeah, shout out to everybody on Pertreon dot com. Y'all
Speaker 7: know that's our proud to paid program. We referenced NIPPED
Speaker 7: and that's where we got the idea from. So again,
Speaker 7: rest in peace to NIP. Shout everybody in crenshall shout
Speaker 7: shout out to everybody that showed us love out there
Speaker 7: when we visited the West And obviously you know if
Speaker 7: Tier five members. You get access to E y L
Speaker 7: University where you can get some good knowledge from some
Speaker 7: solid professors man, and the exceptional exceptionals top of the line.
Speaker 7: So we appreciate all the support and shout everybody that
Speaker 7: has been copying in new merch. I know, y'all, I
Speaker 7: know y'all saw that that varsity jacket that my boy
Speaker 7: had on looking looking Chris out there, man, So shout
Speaker 7: everybody that's supporting that.
Speaker 3: Man.
Speaker 7: We are very excited to have it and seeing everybody
Speaker 7: wearing it is is a testament to hard work, man.
Speaker 4: So salute to all y'all.
Speaker 2: Yeah, and once again, shot at you all university. And
Speaker 2: that's people ask like, what's the difference between this and
Speaker 2: the podcast, and it's like our question and answers with
Speaker 2: somebody that you know has forty million dollars in real estate.
Speaker 2: It's not something that you get to do every day
Speaker 2: and to have a PowerPoint presentation and stuff like that.
Speaker 2: So these are different things that we bring to EU
Speaker 2: A university and we're very, very proud of that platform.
Speaker 2: So shout out to all the earners out there. Thank
Speaker 2: you guys for rocking with us. We'll see you next week.
Speaker 3: Peace.
Speaker 4: Peace.
Speaker 5: Peace.
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