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Speaker 1: After twenty two years of being a Titan on Wall

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Speaker 1: Street and starting his own firm, Tony Kasai is walking away.

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Speaker 1: What to said the ugly side Hooking and on the inside,

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Speaker 1: We'll interview insiders and other titans of all types of industry,

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Speaker 1: offering advice and sharing stories of it. First, this is

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Speaker 1: another episode the Inside Show.

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Speaker 2: Welcome to Cannabis Talk one on one's Financial Fridays with

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Speaker 2: the Inside Investor Tony k We're the world's number one

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Speaker 2: source for everything cannabis.

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Speaker 3: The information provided by Financial Friday and Tony Kasai is

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Speaker 3: for general information entertainment purposes only and should not be

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Speaker 3: considered as professional financial advice. Consult with the professional for

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Speaker 3: making any financial decisions.

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Speaker 4: Yo, I don't know where you are, what you're doing,

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Speaker 4: or what day of the week. It is for you,

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Speaker 4: ladies and gentlemen. Over here at the CT one on

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Speaker 4: one iHeart cdios, it is Financial Fridays for us. I'm

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Speaker 4: Tony Kaig, you're Insider investor. I'm here to get your

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Speaker 4: mind right and your money game type. You're hearing me

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Speaker 4: on the world famous CT wan to one iHeart Hurt

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Speaker 4: all over the world in over one hundred and eighty

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Speaker 4: three countries. Now, guys, feel freely me financial question anytime

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Speaker 4: at one eight hundred and four to twenty nineteen eighty.

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Speaker 4: You can always find me on Instagram at the Insider Investor.

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Speaker 4: You can also follow the show on YouTube at cannabis

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Speaker 4: Talk one to one and make sure you show us

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Speaker 4: some love by following and subscribing, guys, that's how you

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Speaker 4: keep us on air. Now, y'all know that I created

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Speaker 4: Frontage Fridays because after twenty years of being in Wall

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Speaker 4: Street Insider, I got sick and tired of watching the

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Speaker 4: little guy get screwed. Now you know what I want

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Speaker 4: to do. I want to empower you by introducing you

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Speaker 4: my friends and what's been inside my head for over

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Speaker 4: twenty years, so that you can get a little insight. Now, you,

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Speaker 4: of course know that one of my biggest secrets of

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Speaker 4: money is that taxes should be a year round concern

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Speaker 4: for you. It's a big misconception that you should only

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Speaker 4: deal with it on April. That's why I love to

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Speaker 4: talk about my friends over at Easier Accounting Easier Accounting

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Speaker 4: dot com. Guys, their name is in their freaking company name,

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Speaker 4: their phone numbers eight eight eight six twenty zero seven

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Speaker 4: seven zero. They not just help you with your taxes,

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Speaker 4: but they help you with tax strategy. What does that

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Speaker 4: mean all year round? If you look at your taxes

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Speaker 4: and have a good tax strategy, it's not how much

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Speaker 4: money you make, it's how much money you keep. Give

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Speaker 4: easier accounting. Call today again. That number is eight eight

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Speaker 4: eight six two zero zero seven seven zero. Now today's

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Speaker 4: ladies and gentlemen. I've got a good friend on the

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Speaker 4: show with me today. This dude and his family hung

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Speaker 4: out with me. If you guys have heard my first episode,

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Speaker 4: my message, my message, you know, after the dark times,

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Speaker 4: after kind of looking at how I was going to

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Speaker 4: reinvent myself, how I was going to pivot, and how

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Speaker 4: I was going to start making the money I made

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Speaker 4: on Wall Street. Of course, real estate is the name

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Speaker 4: of the game. Now. These guys have a company called

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Speaker 4: idlhomes dot comidel home dot Com. IDL stands for invest

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Speaker 4: Develop Live, And what they've done is they've invented a

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Speaker 4: platform that they pretty much just fine tune over the

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Speaker 4: past thirty years here in southern California, where they build

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Speaker 4: luxury real estate teardown, flip up, and then they either

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Speaker 4: invest in it develop it and then they can you

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Speaker 4: can live in it. So I love the name of

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Speaker 4: the company. Company you guys, without further ado, please and please,

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Speaker 4: welcome to the show my good friend Alan Glazian. Yeah, thanks, Tony,

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Speaker 4: welcome brother. Well, you know, I know this is a

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Speaker 4: family run operation here, but you now have a title.

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Speaker 4: It's Chief operating Officer.

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Speaker 5: Yeah.

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Speaker 4: Yeah, dude, you were one of the first friends that

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Speaker 4: I've met that we kind of kept, you know, friends

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Speaker 4: in my inner circle after everything that I went through.

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Speaker 4: And first of all, I just want to thank you

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Speaker 4: for the friendship. You know, it's been many, many years.

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Speaker 4: I was trying to do the math the other day.

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Speaker 4: It's definitely been over a decade that we've known.

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Speaker 5: Each other, right, Yeah, it's been a while.

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Speaker 6: You know, I think I've seen we've been through the

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Speaker 6: ups and the downs, and the left and the right

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Speaker 6: all together. So it's been an interesting journey for both

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Speaker 6: of us. And you know, someone could just look from

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Speaker 6: the outside in and see, you know, what we've been through.

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Speaker 6: I think, you know, they'd be pretty amazed at what

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Speaker 6: we've been able to accomplish and get through.

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Speaker 4: So yeah, yeah, and you know, your your industry is

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Speaker 4: something to where it's not just you know, in Wall Street,

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Speaker 4: it was just numbers and hitting buttons and somebody else

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Speaker 4: is doing all of work. You literally create beautiful things.

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Speaker 4: I know it's a passion of yours. But most people,

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Speaker 4: we'll see some of these luxury homes and the tens

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Speaker 4: of millions of dollars and it's not easy.

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Speaker 6: Yeah, I can definitely if a mess up is a

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Speaker 6: big dollar amount, yeah.

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Speaker 4: No, And I can't wait to share some of those stories.

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Speaker 4: I've lived some of them. And like I said, I've

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Speaker 4: invested with you, I've partnered with you on several projects,

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Speaker 4: and we have some amazing stories. And one of the

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Speaker 4: premises of the show and what I try to help

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Speaker 4: the audience with is just kind of talking about the

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Speaker 4: brutal times, you know, not they're just a great time.

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Speaker 4: Sometimes people look at it as, oh, well, you guys

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Speaker 4: only bought it for four million, you're selling it for thirteen. Yeah,

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Speaker 4: don't they don't consider all the other heads that we

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Speaker 4: went through.

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Speaker 5: Yeah, definitely.

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Speaker 6: I mean when they see that number, they don't think about, well,

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Speaker 6: what interest rate are you paying, or what's your burn

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Speaker 6: rate every month? Or you know, what is the actual

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Speaker 6: cost of construction? Because they think they can. You know,

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Speaker 6: no one really knows. I think the cost of construction

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Speaker 6: really you know, I'm sure people that remodel their houses

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Speaker 6: or whatever, they get a quote, they're like, this is crazy,

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Speaker 6: but that's how much it is. So a lot of

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Speaker 6: people don't really consider that or are able to crunch that,

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Speaker 6: where they just see either the sale price or just

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Speaker 6: what you bought it for and what you sold it for,

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Speaker 6: and so there's a lot, you know, there's a lot

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Speaker 6: of stuff that goes into that and a lot of

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Speaker 6: risk that is being taken that you know, the normal

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Speaker 6: person kind of doesn't know. So, uh, the background is

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Speaker 6: can be a scary place.

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Speaker 4: So give me a little background about you know, obviously

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Speaker 4: I know it, but how you got into the industry,

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Speaker 4: what your passion was. I know you were GC as

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Speaker 4: well for those that don't know what that means, a

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Speaker 4: general contractor, But talk to me a little bit about

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Speaker 4: your background, schooling and how you ended up doing what

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Speaker 4: you're doing.

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Speaker 5: Yeah, I was in I guess where I started out.

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Speaker 5: I did. I did some marketing.

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Speaker 6: I worked in e commerce, which was you know, which

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Speaker 6: was great, but that you know, I felt like there

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Speaker 6: was a big cap to how much money I can make.

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Speaker 5: And expansion in that in that field.

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Speaker 6: So I said, you know what, some of the richest

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Speaker 6: people in real estate and you know, and I need

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Speaker 6: to get into that to kind of, you know, get

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Speaker 6: into a business that I, you know, really has no ceiling.

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Speaker 5: You know, you can go as big as you want

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Speaker 5: to go.

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Speaker 2: Uh.

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Speaker 6: In addition, my my mom was real estate agents, so

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Speaker 6: even as a kid would go to like open houses

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Speaker 6: and I'd hate it so much, but you know, I

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Speaker 6: learned a lot about real estate and I really fell

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Speaker 6: in love and especially the design aspect of just you know,

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Speaker 6: building something really beautiful and unique. And I think that's

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Speaker 6: what made me really want to go into a real

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Speaker 6: estate and and you know being a contractor. So one

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Speaker 6: of my first job or jobs I ever took was

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Speaker 6: like for one hundred.

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Speaker 5: Bucks a day, I was go pick up nails and

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Speaker 5: clean the.

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Speaker 6: Job site and throughout the trash and did whatever I

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Speaker 6: needed to do to to kind of get my hands

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Speaker 6: dirty and learn about all all sides of the industry.

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Speaker 5: And then from there I.

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Speaker 6: Got my contractors licensed a couple of years later, and

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Speaker 6: I started doing little jobs here and there. I think

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Speaker 6: the website was like home Advisor or something like Angelslist.

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Speaker 6: I'm like, I'm gonna be the best contractor ever. I'm

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Speaker 6: gonna be like the Amazon of contracting. And little did

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Speaker 6: I learn it was a lot harder than it sounds.

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Speaker 6: And I learned that a lot of people, you know,

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Speaker 6: really they're never happy. So I decided to switch over.

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Speaker 6: I was like, look, even if I let me go

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Speaker 6: try to flip a house, a small house, and you know,

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Speaker 6: even if I fifty thousand dollars, it's better than you know,

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Speaker 6: having to deal with a client that's never happy and

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Speaker 6: not being able to sleep at night and all that. So, uh,

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Speaker 6: from then, you know, the first project, and then it's

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Speaker 6: that you know, one turn into two and two to

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Speaker 6: turn into three. Uh, prices were going up, so you

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Speaker 6: know part of that was being at the right place

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Speaker 6: at the right time. And then you know, and then

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Speaker 6: the next step I guess was meeting you know, actually

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Speaker 6: not immediate knowing you, Tony, but you reached out to

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Speaker 6: me and you were like, hey, you know, I see

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Speaker 6: you're doing all this real estate stuff. Let's you know,

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Speaker 6: let's get together. Maybe we can make something work. And

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Speaker 6: you know it took us.

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Speaker 5: What would you want to jump to that later.

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Speaker 4: Yeah, I think it's a good transition because you know,

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Speaker 4: there's so many little nuggets here that you guys can

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Speaker 4: take from this whether you want to get in the

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Speaker 4: real estate aim, the development game, or the investment game,

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Speaker 4: because literally all three of those worlds are standalone. You

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Speaker 4: can just focus on being a contractor and building. You

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Speaker 4: can focus obviously on real estate acquisition of flipping and

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Speaker 4: being an agent. And then there's the investment side of it.

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Speaker 4: Who's bringing in the capital and how can we basically

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Speaker 4: pour gasoline on this fire and leverage each other's resources.

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Speaker 4: So each one of those you can do on its own,

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Speaker 4: and what we kind of did is we combined all

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Speaker 4: three of those. You obviously knew how to build. You

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Speaker 4: and your dad had been doing it for many, many years,

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Speaker 4: and your mom had the real estate agent background. But

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Speaker 4: primarily you guys were using your own money, your family money,

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Speaker 4: and bank leverage, traditional financing. And at the time, I

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Speaker 4: was going through my transition out of Wall Street, and

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Speaker 4: I understood the power of being able to get somebody

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Speaker 4: a secure interest rate on their money, that it was safe,

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Speaker 4: it was somebody that was reputable this time, and so

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Speaker 4: I felt comfortable diving back in and recommending that to

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Speaker 4: my friends and family and clients because it was something

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Speaker 4: that I was I learned the hard way who not

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Speaker 4: to trust, but I knew I could trust you and

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Speaker 4: your family. That's kind of how we went down that journey.

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Speaker 4: Now we're gonna take a break here in a second,

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Speaker 4: but when we come back, I really want to transition

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Speaker 4: into what could have been the biggest disaster for both

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Speaker 4: of us that could have literally broke both of us

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Speaker 4: once again. And it's funny because I'll share a story.

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Speaker 4: I always say, like planning for a doomsday scenario. Well, God,

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Speaker 4: dang it, a doomsday happened. So we're gonna take a break.

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Speaker 4: I'm gonna tell you about the biggest real estate disaster

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Speaker 4: we avoided. When we come back here on Financial Fridays, iHeartRadio.

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Speaker 5: We'll be right that.

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Speaker 2: We'll be right back with the Financial Friday five on

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Speaker 2: Cannabis Talk one on one's Financial Fridays with the Insider

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Speaker 2: Investor Tony K. Welcome back to Cannabis Talk one on

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Speaker 2: one's Financial Fridays with the Insider Investor Tony K. It's

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Speaker 2: now time for the Financial Friday five and.

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Speaker 4: Master Mentors Live guys, Master Mentors Live is coming to

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Speaker 4: us sitting near you. In fact, we're coming out to

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Speaker 4: one of my favorite states, Texas. We're gonna be in

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Speaker 4: right around Dallas, Irving, Debton area. Look on the website,

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Speaker 4: give us a call. Master Mentors Live is coming to

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Speaker 4: a city near you. But more importantly, I want to

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Speaker 4: see you guys out in Texas. I'm going to be

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Speaker 4: speaking at that one as well. Now, what is Master

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Speaker 4: Mentors Live. What we're doing is we're teaching you the

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Speaker 4: a disea of how to become and cash in on

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Speaker 4: the modern day green rush. If you want to be

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Speaker 4: a canopreneur, doesn't mean you have to own a dispensary

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Speaker 4: or grow you own product, but there's literally thousands of

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Speaker 4: ancillary businesses. You could be a contractor building facilities. You

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Speaker 4: could be lighting, you could be white labeling, you could

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Speaker 4: be in the marketing, you could be in media. Like

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Speaker 4: we're doing literally thousands of ways to cash in on

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Speaker 4: a multi billion dollar industry that's only in its infancy.

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Speaker 4: Master Mentors Live is coming to city near Youth. All right, guys,

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Speaker 4: we're back here on Financial Friday's iHeartRadio. Before we took

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Speaker 4: a break I'm here with my good friend Alan Glazian,

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Speaker 4: who is the COO of idlhome dot com stands for

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Speaker 4: Invest Developed Live. I've known these guys for well over

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Speaker 4: a decade now. The family's been doing it here in

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Speaker 4: Orange County, California. The pocket that they focus on is

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Speaker 4: Corona del Mar. Now, Corona del Mar is significantly different

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Speaker 4: than Corona, if you're not familiar with the Orange County.

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Speaker 4: Couple of million dollars difference per house probably, but all

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Speaker 4: joking aside, if I'm not mistaken, I know when we

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Speaker 4: were developing there together, I looked it up online. I

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Speaker 4: saw a fun fact that price per score foot in

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Speaker 4: Corona del Mar is actually more expensive than Manhattan real estate.

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Speaker 4: Is that still probably pretty accurate?

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Speaker 6: I mean they say it's one of the I mean

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Speaker 6: it's the most expensive places to live price per square

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Speaker 6: foot in the US.

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Speaker 4: So absolutely it's.

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Speaker 5: A great place to be.

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Speaker 4: And for all you Goldiggers out there, he lives there

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Speaker 4: right now as well as a good looking guy. No man,

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Speaker 4: So before we took a break, man, I teed up

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Speaker 4: this conversation and I'm gonna set the stage here right.

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Speaker 4: So I had just walked away from Wall Street was

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Speaker 4: still dealing with a lot of the headaches and the

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Speaker 4: and the trauma and just the disaster that that experience

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Speaker 4: left me. I was looking for a pivot, looking for

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Speaker 4: ways to make some real significant money as well as

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Speaker 4: I was as I was walking away from that, and

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Speaker 4: like you said, you know, we'd been talking for many years.

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Speaker 4: One of the things I love about the way you

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Speaker 4: and your family operate is you do a shit ton

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Speaker 4: of do due diligence. You don't make spontaneous decisions, which

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Speaker 4: probably comes a lot more from your mom and dad,

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Speaker 4: and you guys have a well balanced you know, your

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Speaker 4: dad's got his expertise, your mom's got his expertise, and

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Speaker 4: then obviously you're kind of there in the middle, and

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Speaker 4: you've been driving the growth of the company. I know

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Speaker 4: we went through a couple of couple of growth phases

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Speaker 4: as well, where you were kind of trying to take

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Speaker 4: him out of more of the family run and looking

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Speaker 4: to kind of level up. And you found a project

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Speaker 4: down in Corona del Mar and it was a double lot.

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Speaker 4: For those of you who aren't familiar with southern California

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Speaker 4: real estate, this particular pocket not just is it right

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Speaker 4: pretty much right on the water. But like he said,

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Speaker 4: it's very very expensive price per score foot. But there's

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Speaker 4: a certain type of ordinance or zoning that if you

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Speaker 4: tear the entire house down, then you get to add

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Speaker 4: approximately a couple thousand square feet to the house.

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Speaker 6: Yeah, basically a lot of the properties over there, you know,

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Speaker 6: can are zone to also do a dupex. So a

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Speaker 6: lot of people what they do is they they'll either

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Speaker 6: do a single family home, which was you know range

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Speaker 6: about thirty two hundred square feet and most oft lots

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Speaker 6: of the same size except for maybe a couple of

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Speaker 6: other ones. But we were able to uh build two

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Speaker 6: units on one lot. So luckily there were two next

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Speaker 6: to each other, so we said, why not do it together.

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Speaker 4: It'll get economies and same on fencing, contracting, et cetera.

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Speaker 4: So you know, his mom again being out there for

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Speaker 4: many years, they have a lot of contacts with other

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Speaker 4: other agents, et cetera. So this is kind of a

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Speaker 4: pocket listing. It was a two identical units side by side.

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Speaker 4: I think we're going to pull up a picture of

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Speaker 4: this in just a second, but hold off before you

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Speaker 4: do it. Kind of want to make sure we set

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Speaker 4: the stage right. So this is going to be our

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Speaker 4: first project together. I'm going to bring in a couple

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Speaker 4: of million.

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Speaker 6: He's going to do the developing these you know, once

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Speaker 6: from when we met to when this came through fruition,

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Speaker 6: it was maybe five years going back and forth.

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Speaker 5: Then figure out how we're gonna, you know, get it done.

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Speaker 6: And you know, because with real estate, I mean with

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Speaker 6: in this situation, is that what comes first the chicken

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Speaker 6: or the So if you have all the money but

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Speaker 6: don't have the property, the money is just sitting there.

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Speaker 6: But or if you have the property, you don't have

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Speaker 6: the money, you're not able to close in time.

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Speaker 5: So what comes first?

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Speaker 1: You know?

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Speaker 6: So that was, you know, one of the difficult parts

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Speaker 6: of bringing this thing together, and then you know from

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Speaker 6: there five years later.

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Speaker 4: Well, I also believe that, you know, there's higher powers

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Speaker 4: at force and that stops good people from getting hurt,

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Speaker 4: you know. And when I first approached to you about

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Speaker 4: working with you on the private side or the capital

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Speaker 4: raising side, I was still licensed, I was still working

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Speaker 4: with my former partner. I still had my old firm,

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Speaker 4: Crystal Cob Wealth Management. And thank god you didn't kind

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Speaker 4: of we didn't get tied in earlier, because you may

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Speaker 4: have got sucked up into that. You may have just

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Speaker 4: got dragged in by association. So I think it was

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Speaker 4: all meant to be. And to your point, you're right.

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Speaker 4: I mean I remember the first time I kind of

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Speaker 4: presented what I was doing and how you get involved.

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Speaker 4: It was about five years before we actually did this.

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Speaker 4: One fast forward about three years later, I go through

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Speaker 4: what I'm going through, and it took about another two

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Speaker 4: years of me repairing that damage before I felt comfortable

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Speaker 4: kind of asking for investors for another dollar. So absolutely,

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Speaker 4: it was about five years from the time that we

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Speaker 4: even talked about working together, and before that we were

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Speaker 4: friends for another handful of years. So now your mom

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Speaker 4: identifies this project and it's at one point eight million

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Speaker 4: dollars one point seventy five if I'm not mistaken for

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Speaker 4: a project, right, And these were two existing duplexus side

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Speaker 4: by side or just a house on two different lots,

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Speaker 4: and there's tenants in there, which means we could collect.

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Speaker 4: We closed escrow. It was a very last minute escrow.

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Speaker 4: We really pushed it through. We high five celebrated that

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Speaker 4: we got the deal, and as Alan will tell you,

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Speaker 4: it takes about six months to pull permits to demo

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Speaker 4: a project in southern California, et cetera. So everything that

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Speaker 4: if your builders in other states, you can just magnet

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Speaker 4: by how long it takes to build or anything else

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Speaker 4: you want to do in southern California to take about

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Speaker 4: five to ten times longer, and it's five to ten

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Speaker 4: times more expensive. So in this case, we start the project.

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Speaker 4: You've built these beautiful designs, we're off to the races.

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Speaker 4: We demolish, we bowled A. And now you can pull

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Speaker 4: up this picture. And as we were putting together our

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Speaker 4: presentations for you guys on YouTube, as you see this

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Speaker 4: obviously picture A. These are two side by side lots,

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Speaker 4: and each one of those costs one point eight call

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Speaker 4: at one point eight million dollars a piece, and we

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Speaker 4: demo it right, So that's each one. It looks like

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Speaker 4: one house with that big tree separating. So we demo

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Speaker 4: that a picture A, and we go to picture B

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Speaker 4: right where now just looks like a bomb has gone off.

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Speaker 4: And I remember, as we were putting together our projections

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Speaker 4: for our partners and our investors, I said, well, listen,

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Speaker 4: in a doomsday scenario, and in Wall Street I would

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Speaker 4: always say, oh, if you're buying annuity in a doomsday scenario.

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Speaker 4: The world's going to hell, you can at least count

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Speaker 4: on this cashing out. And unfortunately I doomed myself because

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Speaker 4: I use that expression in a do day scenario. Bro,

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Speaker 4: And as God is my witness man, we demo the project.

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Speaker 4: He's going into the city to apply for now the

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Speaker 4: permits to start putting it in the first studs and

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Speaker 4: the nails or whatever the lingo is, and COVID.

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Speaker 5: N it's yeah, so right, we did that.

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Speaker 6: We cleaned up the property and and so we pull

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Speaker 6: the demo permit first to kind of get ahead of

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Speaker 6: the game, so speed things up. So once we demo

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Speaker 6: it a few weeks later, we're gonna get you know,

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Speaker 6: final plans completed. And then COVID hits and everything gets

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Speaker 6: shut down and we start freaking out because you know,

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Speaker 6: everything's shut down. No one can go to work, no

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Speaker 6: one can do anything.

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Speaker 4: Hey, you guys do the math, man. I mean, on three,

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Speaker 4: you're looking at about three point four million dollars worth

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Speaker 4: of hard costs of the asset. Right, we've already spent

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Speaker 4: some construction debt, which is even more borrowing costs. And

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Speaker 4: as I mentioned before, you kind of wait till the

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Speaker 4: last minute before You're like, you know what, I can

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Speaker 4: start building the next day if I demo kicked the

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Speaker 4: tenants out. So now we have no rent coming in.

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Speaker 4: We have about a year to year and a half projected.

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Speaker 4: I'm sorry, we have about eighteen months build time that

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Speaker 4: we projected. But now it's COVID's hit and this And

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Speaker 4: remember when I said in a doomsday scenario, we can't

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Speaker 4: lose money. Well, now we're in a freaking doomsday scenario

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Speaker 4: that never happened. We have no rental income. We're burning

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Speaker 4: through it at approximately eight nine percent interest, right something else?

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Speaker 4: And you know, now it's like he's like going to

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Speaker 4: the city and I'll never forget you submit some drawings.

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Speaker 4: I'm like, dude, what's taking so long. You're like, well,

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Speaker 4: the drawings have to sit in a box for two weeks. Yeah,

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Speaker 4: then the guy will like make one correction, then he

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Speaker 4: has to put it back in the box and has

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Speaker 4: to sit in the box for two weeks because those

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Speaker 4: are the current.

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Speaker 5: Protocol quarantine for the plane.

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Speaker 4: Oh my god, the plants are in quarantine now, Like

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Speaker 4: what should it taken? Like three weeks of planning revision

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Speaker 4: is taken freaking three to four months. Yeah, now we're

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Speaker 4: in lockdown. Now they still haven't established what's essential, what's not,

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Speaker 4: and all we can think. You know, I'm doing the math.

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Speaker 4: We're burning through about fifteen to twenty thousand dollars a

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Speaker 4: month of just interest you know, costs there.

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Speaker 6: And then we couldn't. We said, you know what, let's

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Speaker 6: just sell it. Let's just let's just give our investors

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Speaker 6: our money back. We'll just break even or even if

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Speaker 6: take anything. But the problem is now that there's nothing

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Speaker 6: on there, so almost you know, typically someone has to

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Speaker 6: come in and pay all cash to take the land

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Speaker 6: because they don't get it. Yeah, so we couldn't even

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00:18:58,800 --> 00:19:01,120
Speaker 6: do that or you know, the sharks were circling.

435
00:19:01,160 --> 00:19:03,000
Speaker 5: They were like, oh, let's just lowball these guys.

436
00:19:03,080 --> 00:19:06,040
Speaker 4: Dude, that's another nugget, man, because that's you know, Warren

437
00:19:06,080 --> 00:19:08,600
Speaker 4: Buffett says, the best be fearful when others are greedy,

438
00:19:08,640 --> 00:19:11,119
Speaker 4: Be greedy when others are fearful. And of course in

439
00:19:11,160 --> 00:19:13,520
Speaker 4: this case, we were. We were shit scared because you know,

440
00:19:13,560 --> 00:19:15,200
Speaker 4: and I got to God, bless her heart, man, your

441
00:19:15,200 --> 00:19:17,200
Speaker 4: mom was the only one that had the nerve of

442
00:19:17,280 --> 00:19:19,200
Speaker 4: the balls to basically say no, we're going to ride

443
00:19:19,200 --> 00:19:20,720
Speaker 4: this out me and you were like, I was like,

444
00:19:20,760 --> 00:19:22,359
Speaker 4: I don't want to hurt my invstor they're willing to

445
00:19:22,359 --> 00:19:24,639
Speaker 4: take a thirty percent loss. She's like, the problem is

446
00:19:24,680 --> 00:19:27,440
Speaker 4: the vultures were offering us fifty cents on it all exactly.

447
00:19:27,520 --> 00:19:29,280
Speaker 4: And she says, you know what, I know I can

448
00:19:29,359 --> 00:19:32,040
Speaker 4: make this work. It's you know, she primarily her credit

449
00:19:32,119 --> 00:19:34,399
Speaker 4: was online. She says, I will make this work. I

450
00:19:34,400 --> 00:19:37,040
Speaker 4: don't care how long it takes. This area will always

451
00:19:37,119 --> 00:19:39,520
Speaker 4: come back. And she had nerves of steel man and

452
00:19:39,800 --> 00:19:42,760
Speaker 4: she made it work for us. And as you know,

453
00:19:43,440 --> 00:19:46,359
Speaker 4: we're starting to come out. Well now we're in lockdown still,

454
00:19:46,400 --> 00:19:51,480
Speaker 4: but construction became essential. Yeah, that was life that shaved us. Yeah, however,

455
00:19:51,680 --> 00:19:53,800
Speaker 4: now that we've built it, this is part two of

456
00:19:53,800 --> 00:19:56,520
Speaker 4: this horror story. So now we built there were like

457
00:19:56,640 --> 00:20:00,000
Speaker 4: ninety percent done and if you guys, you know, come out.

458
00:20:00,160 --> 00:20:01,520
Speaker 4: He's doing an event here in a couple of weeks.

459
00:20:01,560 --> 00:20:04,159
Speaker 4: If you guys see their worksmanship or look on the website,

460
00:20:04,359 --> 00:20:05,879
Speaker 4: everything is state of the art. You know, if you're

461
00:20:05,920 --> 00:20:08,480
Speaker 4: paying six seven million dollars for a house, you want

462
00:20:08,640 --> 00:20:12,199
Speaker 4: everything to be nice. And the cabinetry had been designed

463
00:20:12,200 --> 00:20:16,440
Speaker 4: in purchased somewhere in Italy, and so now the house

464
00:20:16,560 --> 00:20:18,919
Speaker 4: is done, but there's certain pieces that you couldn't get

465
00:20:18,960 --> 00:20:20,800
Speaker 4: your final permit, which means even though we had a

466
00:20:20,840 --> 00:20:24,000
Speaker 4: buyer lined up, they couldn't buy it because you couldn't

467
00:20:24,000 --> 00:20:25,920
Speaker 4: get funding or you can get financing audit. But the

468
00:20:25,960 --> 00:20:28,400
Speaker 4: cabinetry was stuck on a freaking one of these barges

469
00:20:28,720 --> 00:20:30,560
Speaker 4: out in Long Beach and we could literally see the

470
00:20:30,600 --> 00:20:33,119
Speaker 4: boats just tied up, and every day that boat was

471
00:20:33,160 --> 00:20:35,560
Speaker 4: just sitting there was costing it's like thirty to forty

472
00:20:35,600 --> 00:20:37,480
Speaker 4: thousand dollars a month at this point, because now we've

473
00:20:37,480 --> 00:20:38,000
Speaker 4: spent all the.

474
00:20:37,920 --> 00:20:41,800
Speaker 6: Construction yet, so everything was supply chain this, supply chain that,

475
00:20:42,000 --> 00:20:43,679
Speaker 6: and then the prices were like, oh, you know, like

476
00:20:43,720 --> 00:20:46,040
Speaker 6: the prices were skyrocketing as it was going on.

477
00:20:46,200 --> 00:20:48,720
Speaker 4: Yeah, I remember lumber was whatever, and it's like forty

478
00:20:48,720 --> 00:20:50,640
Speaker 4: percent more by time we finished that project.

479
00:20:50,640 --> 00:20:52,960
Speaker 6: I don't know if it's a was a mistake or not,

480
00:20:53,080 --> 00:20:56,320
Speaker 6: but I also just to you know, guarantee and give

481
00:20:56,359 --> 00:21:00,760
Speaker 6: ours investors some safety. I actually guaranteed the cost of construction.

482
00:21:00,880 --> 00:21:02,920
Speaker 6: I said, no matter what, it's not going to go over.

483
00:21:03,040 --> 00:21:06,040
Speaker 6: And if it goes over, I'll take care of the difference,

484
00:21:06,280 --> 00:21:08,560
Speaker 6: just to make sure that this plan. Would you know,

485
00:21:08,640 --> 00:21:12,760
Speaker 6: this plan succeeded, and you know, I think it all

486
00:21:12,800 --> 00:21:14,520
Speaker 6: it all kind of worked out eventually.

487
00:21:14,600 --> 00:21:17,919
Speaker 4: But yeah, and you know, even when people said, well,

488
00:21:17,920 --> 00:21:20,200
Speaker 4: how did you trust somebody else with money again after

489
00:21:20,240 --> 00:21:23,520
Speaker 4: everything you went through, it was really because I'd gotten

490
00:21:23,520 --> 00:21:25,800
Speaker 4: to know your family. Even my mom ended up investing

491
00:21:25,800 --> 00:21:27,400
Speaker 4: in that project, even though she had taken a bath

492
00:21:27,440 --> 00:21:29,359
Speaker 4: on the last one. And if you pull that picture

493
00:21:29,440 --> 00:21:31,879
Speaker 4: up again, Connor to give you guys the fundamentals and

494
00:21:31,920 --> 00:21:34,080
Speaker 4: the math of the hard work paying off. Right. So

495
00:21:34,119 --> 00:21:37,320
Speaker 4: we bought those front units for one point eight or

496
00:21:37,359 --> 00:21:39,760
Speaker 4: we bought each lot for one point eight the front units,

497
00:21:39,800 --> 00:21:42,760
Speaker 4: and talk about how high real estate went the front units.

498
00:21:42,760 --> 00:21:44,639
Speaker 4: So now we got two front units on each lot.

499
00:21:44,840 --> 00:21:47,720
Speaker 4: Those sold for about two point nine million dollars apiece

500
00:21:48,200 --> 00:21:51,240
Speaker 4: for a twenty three twenty four hundred square foot house,

501
00:21:51,520 --> 00:21:54,520
Speaker 4: and we thought we we scored right. And so the

502
00:21:54,680 --> 00:21:57,080
Speaker 4: chick who brought the front unit for for two point

503
00:21:57,119 --> 00:21:59,639
Speaker 4: seven two point eight, she ended up reputting it on

504
00:21:59,680 --> 00:22:01,960
Speaker 4: the market six months later for how much makes me want.

505
00:22:01,800 --> 00:22:03,800
Speaker 6: To cry, Well, you put it on for four point

506
00:22:03,880 --> 00:22:06,639
Speaker 6: two and we just started laughing, like no way. And

507
00:22:06,720 --> 00:22:09,240
Speaker 6: then they actually did end up selling it for three

508
00:22:09,240 --> 00:22:10,080
Speaker 6: point nine.

509
00:22:10,200 --> 00:22:12,480
Speaker 4: Three point nine. We sold it for two point nine.

510
00:22:12,560 --> 00:22:15,080
Speaker 4: They sold it for a million dollars more, and they

511
00:22:15,080 --> 00:22:21,960
Speaker 4: didn't have to deal with any of that. Really. Yeah, yeah,

512
00:22:21,960 --> 00:22:24,800
Speaker 4: but you know, so when I tell people like the

513
00:22:24,880 --> 00:22:26,919
Speaker 4: safety of working with good people, like we went through

514
00:22:26,960 --> 00:22:29,800
Speaker 4: a doomsday scenario. We went through a higher material costs,

515
00:22:29,840 --> 00:22:32,560
Speaker 4: we went through the higher carrying costs, higher lending costs,

516
00:22:33,119 --> 00:22:36,600
Speaker 4: hire everything, and we still delivered double digit maternal for

517
00:22:36,640 --> 00:22:39,560
Speaker 4: the investors We got out of it. We learned a lot,

518
00:22:39,640 --> 00:22:42,480
Speaker 4: we grew a lot. So it is a blessing when

519
00:22:42,480 --> 00:22:45,080
Speaker 4: you work with people who know what they're doing. And

520
00:22:45,600 --> 00:22:48,640
Speaker 4: it makes sense now when we go, when we take

521
00:22:48,640 --> 00:22:50,040
Speaker 4: a break, when we come back, I'm going to put

522
00:22:50,080 --> 00:22:51,880
Speaker 4: you through the financial Friday five. I want to kind

523
00:22:51,880 --> 00:22:54,000
Speaker 4: of ask you a couple of investment questions. And then

524
00:22:54,040 --> 00:22:56,400
Speaker 4: if you guys are interested in checking out what he does,

525
00:22:56,400 --> 00:22:58,040
Speaker 4: if you're a real estate agent, or if you're just

526
00:22:58,080 --> 00:23:00,399
Speaker 4: somebody that thinks they want to kind of different SPI

527
00:23:00,560 --> 00:23:04,280
Speaker 4: maybe put some money into a mega project here and

528
00:23:04,320 --> 00:23:06,919
Speaker 4: just earn a fixed rate of return. Myself and now,

529
00:23:06,960 --> 00:23:08,679
Speaker 4: and I'm gonna host a little open house at this

530
00:23:09,240 --> 00:23:12,800
Speaker 4: thirteen million dollar house if they just finished building from

531
00:23:12,840 --> 00:23:16,080
Speaker 4: the ground up. It's in Ledo Island. It's a beautiful property.

532
00:23:16,080 --> 00:23:17,880
Speaker 4: We'll pull up some pictures here. When we come back,

533
00:23:18,080 --> 00:23:19,640
Speaker 4: we'll be right back on Financial Fire.

534
00:23:19,800 --> 00:23:22,199
Speaker 2: We'll be right back with more Financial Fridays with the

535
00:23:22,240 --> 00:23:26,040
Speaker 2: Inside Investor Tony Ka. Make sure you follow Tony at

536
00:23:26,080 --> 00:23:37,440
Speaker 2: the Insider Investor. Welcome back to Cannabis Talk, one on

537
00:23:37,520 --> 00:23:41,840
Speaker 2: one's Financial Fridays with the Inside Investor Tony Ka. Make

538
00:23:41,880 --> 00:23:44,120
Speaker 2: sure you like, follow and subscribe to the show.

539
00:23:44,160 --> 00:23:46,320
Speaker 4: Now, Guys, if you get yourself caught up and you

540
00:23:46,320 --> 00:23:49,080
Speaker 4: need an attorney, find it nobody better than my good

541
00:23:49,200 --> 00:23:52,160
Speaker 4: friend Freddie Sage. Freddy Sage is your go to attorney

542
00:23:52,160 --> 00:23:55,879
Speaker 4: for criminal defense, cannabis law, entertainment law. You have it.

543
00:23:56,040 --> 00:23:57,600
Speaker 4: He's got it. He's got you covered.

544
00:23:57,600 --> 00:23:57,760
Speaker 2: Man.

545
00:23:57,840 --> 00:24:00,760
Speaker 4: It's the Fox Firm. Now, that's the Box Firm dot

546
00:24:00,800 --> 00:24:03,080
Speaker 4: com with two x's his phone numbers three one o

547
00:24:03,320 --> 00:24:06,000
Speaker 4: eight seven seven five zero three three again three one

548
00:24:06,040 --> 00:24:08,520
Speaker 4: oh eight seven seven five zero three three. He's just

549
00:24:08,600 --> 00:24:11,360
Speaker 4: not he's not just a rockstar attorney, but he's also

550
00:24:11,440 --> 00:24:13,920
Speaker 4: a killer comedian. We just saw him over the ice

551
00:24:13,960 --> 00:24:16,680
Speaker 4: House in Pasadena where he absolutely brought the crowd to

552
00:24:16,800 --> 00:24:21,080
Speaker 4: their needs. So make sure you keep out, uh lookout

553
00:24:21,119 --> 00:24:22,680
Speaker 4: for him. His stage name, what's.

554
00:24:22,480 --> 00:24:25,119
Speaker 5: His stage name, Connor Freddy Fox.

555
00:24:25,160 --> 00:24:27,400
Speaker 4: That's not his porn star names, that's his comedian name,

556
00:24:27,440 --> 00:24:29,280
Speaker 4: Freddy Fox. Will take care of you, guys. Three one

557
00:24:29,320 --> 00:24:31,960
Speaker 4: o eight seven zero five zero three three. We're not

558
00:24:32,080 --> 00:24:34,320
Speaker 4: back here on financial Fridays. Before we took a break,

559
00:24:34,359 --> 00:24:36,640
Speaker 4: we were talking about, you know, the up and downs

560
00:24:36,720 --> 00:24:40,960
Speaker 4: of developing and making money with luxury real estate. And

561
00:24:41,000 --> 00:24:42,639
Speaker 4: if you want to get to know out on a

562
00:24:42,680 --> 00:24:45,280
Speaker 4: little bit more, maybe check out his work and you're qualified,

563
00:24:45,440 --> 00:24:47,560
Speaker 4: shoot me a DM. We're thrown at an event actually

564
00:24:47,600 --> 00:24:49,960
Speaker 4: a little kind of a networking mixture, thirty to forty

565
00:24:50,000 --> 00:24:52,600
Speaker 4: people of just some high end people that could probably

566
00:24:52,640 --> 00:24:55,280
Speaker 4: benefit from meeting each other. And we're gonna do it

567
00:24:55,320 --> 00:24:58,120
Speaker 4: at this thirteen million dollar project that he's got right

568
00:24:58,160 --> 00:25:00,600
Speaker 4: now in Lido. This is a project you've been working

569
00:25:00,600 --> 00:25:03,560
Speaker 4: on for three years, right and again, guys, when we're

570
00:25:03,560 --> 00:25:06,000
Speaker 4: talking about these houses that are right on the water

571
00:25:06,119 --> 00:25:08,600
Speaker 4: with their own decks, etc. Connors, youve can zoom in

572
00:25:08,920 --> 00:25:11,560
Speaker 4: to one of the bigger pictures. That thing's just gorgeous.

573
00:25:11,680 --> 00:25:14,880
Speaker 4: So you guys bought this one another great example where

574
00:25:14,920 --> 00:25:17,240
Speaker 4: you tore it completely down to the studs down to

575
00:25:17,320 --> 00:25:21,200
Speaker 4: the floor and you've rebuilt it custom everything inside. I mean,

576
00:25:21,280 --> 00:25:23,200
Speaker 4: it's just really a work of art what he does

577
00:25:23,240 --> 00:25:26,160
Speaker 4: with these. And I've walked this project before. In fact,

578
00:25:26,200 --> 00:25:27,760
Speaker 4: this is where we're going to be hosting the event.

579
00:25:27,960 --> 00:25:30,440
Speaker 4: We set a date for you. I think we set

580
00:25:30,560 --> 00:25:33,880
Speaker 4: Thursday September. Let me give you guys a date here.

581
00:25:35,040 --> 00:25:38,919
Speaker 4: We got Thursday September the fifth. We're going to be

582
00:25:38,960 --> 00:25:41,520
Speaker 4: doing something here in the evening for a couple hours,

583
00:25:41,560 --> 00:25:44,000
Speaker 4: a little wine mixer, So if you guys are interested

584
00:25:44,000 --> 00:25:47,240
Speaker 4: in that, shoot me a DM. But before we went

585
00:25:47,280 --> 00:25:48,760
Speaker 4: on break, I promise I'm going to put you through

586
00:25:48,800 --> 00:25:51,400
Speaker 4: the financial Friday five that we ask you five questions

587
00:25:51,520 --> 00:25:53,760
Speaker 4: to every guest kind of get an idea and maybe

588
00:25:53,800 --> 00:25:56,360
Speaker 4: help the audience to learn some lessons through you. So

589
00:25:56,400 --> 00:25:58,159
Speaker 4: the first question for you, Alan is what was the

590
00:25:58,160 --> 00:26:01,040
Speaker 4: best investment you have ever made?

591
00:26:01,280 --> 00:26:06,240
Speaker 6: The best investment I have ever made. That's a good one.

592
00:26:06,440 --> 00:26:08,680
Speaker 6: I know this sounds really cheesy, but I would say

593
00:26:08,680 --> 00:26:10,840
Speaker 6: all the investments that I made on myself as been

594
00:26:10,920 --> 00:26:13,840
Speaker 6: have been the most successful, whether it's a project of

595
00:26:13,840 --> 00:26:16,680
Speaker 6: my own that I've you know, built, one of my

596
00:26:16,720 --> 00:26:20,040
Speaker 6: construction projects, or even you know, even going down to

597
00:26:20,280 --> 00:26:22,919
Speaker 6: you know the gym, or or some you know mixer

598
00:26:23,240 --> 00:26:26,040
Speaker 6: or a mastermind or anything like that. I think that

599
00:26:26,119 --> 00:26:30,520
Speaker 6: really is the best investments that you can make, or

600
00:26:30,520 --> 00:26:33,720
Speaker 6: I can make. So I vowed to myself that in

601
00:26:33,800 --> 00:26:37,520
Speaker 6: the future, you know, kind of bank on myself and

602
00:26:37,520 --> 00:26:40,240
Speaker 6: and invested myself from from here on out.

603
00:26:40,480 --> 00:26:42,359
Speaker 4: And it's definitely not cheesy. In fact, some of the

604
00:26:42,359 --> 00:26:45,200
Speaker 4: most we just talked about this on last week's episode

605
00:26:45,200 --> 00:26:47,680
Speaker 4: with the Young Lady that was on. And I have

606
00:26:47,840 --> 00:26:51,000
Speaker 4: found that the more successful people, nine times out of ten,

607
00:26:51,040 --> 00:26:54,760
Speaker 4: that's their answers, is investing in themselves. And you mentioned masterminds,

608
00:26:54,800 --> 00:26:57,760
Speaker 4: and I actually forgot. When I had my Insider Investor Club.

609
00:26:57,760 --> 00:26:59,960
Speaker 4: You were one of the founding members and we held

610
00:27:00,119 --> 00:27:03,439
Speaker 4: our first event at that house that we just showed

611
00:27:03,920 --> 00:27:05,439
Speaker 4: the first house that we showed on the screen that

612
00:27:05,480 --> 00:27:08,400
Speaker 4: we just finished developing. A couple of our investors were there,

613
00:27:08,400 --> 00:27:09,960
Speaker 4: and it was a really cool way to kind of

614
00:27:09,960 --> 00:27:13,520
Speaker 4: bring everything full circle, you know. So I love that

615
00:27:13,520 --> 00:27:15,280
Speaker 4: that ability to be able to do that, and hopefully

616
00:27:15,320 --> 00:27:17,120
Speaker 4: here on the next project, we'll be able to kind

617
00:27:17,119 --> 00:27:20,320
Speaker 4: of jumpstart that whole thing and bring in some of

618
00:27:20,320 --> 00:27:23,240
Speaker 4: our investors through our community and and throw another event

619
00:27:23,320 --> 00:27:25,000
Speaker 4: at the at the next house that you complete. So

620
00:27:25,760 --> 00:27:27,800
Speaker 4: question number two on the Financial Friday five hour and

621
00:27:28,119 --> 00:27:30,040
Speaker 4: is what is the worst investment? Now, this could be

622
00:27:30,040 --> 00:27:32,120
Speaker 4: into a business or a person that you've ever made.

623
00:27:33,760 --> 00:27:34,760
Speaker 5: So this is really funny.

624
00:27:34,760 --> 00:27:37,160
Speaker 6: When I was when I was a little kid, well

625
00:27:37,200 --> 00:27:39,679
Speaker 6: not a little kid, I was maybe a teenager, and

626
00:27:39,720 --> 00:27:43,760
Speaker 6: I found the and I wouldn't say it was it

627
00:27:43,800 --> 00:27:45,320
Speaker 6: was not an investment, but it was more of a

628
00:27:45,400 --> 00:27:49,879
Speaker 6: lesson about, you know, giving someone money and not oh,

629
00:27:49,920 --> 00:27:52,560
Speaker 6: you know, no, well anyway, let me let me just

630
00:27:52,600 --> 00:27:54,879
Speaker 6: get into it. So I found these shoes online that

631
00:27:54,920 --> 00:27:57,120
Speaker 6: I really wanted and you couldn't find them anywhere else.

632
00:27:57,119 --> 00:27:58,399
Speaker 5: It was like Craigslist or something.

633
00:27:59,000 --> 00:28:01,640
Speaker 6: And I was like, you know what, I'm gonna send

634
00:28:01,640 --> 00:28:05,159
Speaker 6: this to send a cashier check or whatever, you know.

635
00:28:05,200 --> 00:28:06,560
Speaker 6: And I told my mom that I was doing it.

636
00:28:06,640 --> 00:28:08,320
Speaker 6: She's like, I don't think that's a good idea. I'm like,

637
00:28:08,359 --> 00:28:10,480
Speaker 6: it's a great idea. I'm gonna do it, you know,

638
00:28:10,520 --> 00:28:12,640
Speaker 6: And it's a good price or whatever. So I sent

639
00:28:12,680 --> 00:28:17,920
Speaker 6: that check and obviously those shoes never came. So growing up,

640
00:28:18,080 --> 00:28:22,200
Speaker 6: I was always really frugal and you know, cautious about

641
00:28:23,040 --> 00:28:26,359
Speaker 6: you know, where where the money's going or what to

642
00:28:26,480 --> 00:28:30,040
Speaker 6: invest in. So I think that and and even my

643
00:28:30,160 --> 00:28:33,720
Speaker 6: parents have always taught me, you know, just be careful

644
00:28:33,760 --> 00:28:35,800
Speaker 6: with your with your money, don't just throw it out there.

645
00:28:35,840 --> 00:28:39,440
Speaker 6: So I've always been really really safe from with with

646
00:28:39,480 --> 00:28:42,240
Speaker 6: my investments and everything else from from then on out.

647
00:28:42,320 --> 00:28:44,640
Speaker 5: So I'm you know, not a big risk taker at all.

648
00:28:44,960 --> 00:28:47,200
Speaker 6: So everything has to be almost a guarantee before I

649
00:28:47,320 --> 00:28:49,880
Speaker 6: decide to do it or spend money on it or whatever.

650
00:28:50,080 --> 00:28:51,880
Speaker 4: Yeah, I had a couple of learning lessons. There are

651
00:28:51,880 --> 00:28:54,320
Speaker 4: guys too, you know, when when we partner up on things.

652
00:28:54,720 --> 00:28:54,840
Speaker 2: Uh.

653
00:28:54,960 --> 00:28:57,000
Speaker 4: One of the things I've always admired about you is

654
00:28:57,040 --> 00:28:59,280
Speaker 4: that quality that you have. You're about eight to nine

655
00:28:59,360 --> 00:29:01,560
Speaker 4: years younger than me, but you're you're a lot more

656
00:29:01,640 --> 00:29:03,960
Speaker 4: risk adverse than I am. You're a little bit more cautious.

657
00:29:04,040 --> 00:29:06,720
Speaker 4: You're you definitely are way more You love spreadsheets. I

658
00:29:06,760 --> 00:29:09,280
Speaker 4: hate spreadsheet, so we do compliment each other.

659
00:29:09,480 --> 00:29:12,120
Speaker 5: Every decision I make spreadsheet.

660
00:29:13,360 --> 00:29:15,200
Speaker 4: But we're buying it for a million, We're selling it

661
00:29:15,200 --> 00:29:16,840
Speaker 4: for two. You're like, I need to see the spreadsheet,

662
00:29:17,360 --> 00:29:20,200
Speaker 4: breaking spreadsheet. I thought you were going to say your

663
00:29:20,240 --> 00:29:22,280
Speaker 4: worst investment was him and I had a little swore

664
00:29:22,480 --> 00:29:24,960
Speaker 4: where we literally made and lost about one hundred and

665
00:29:24,960 --> 00:29:27,320
Speaker 4: fifty thousand dollars in the span of twelve hours. We

666
00:29:27,400 --> 00:29:29,640
Speaker 4: invest in some shit coin dot com and I think

667
00:29:29,640 --> 00:29:31,840
Speaker 4: it was most point or something that went up to

668
00:29:31,880 --> 00:29:34,760
Speaker 4: one hundred and fifty thousand. Were like, no, sell itself.

669
00:29:35,040 --> 00:29:37,360
Speaker 5: No, We're gonna put in another hours later it.

670
00:29:37,400 --> 00:29:39,360
Speaker 4: Was just worth five grand. I'm like, well that was

671
00:29:39,400 --> 00:29:42,040
Speaker 4: the book. I didn't even get a lap dance. I

672
00:29:42,040 --> 00:29:43,239
Speaker 4: had a block shot got him.

673
00:29:43,240 --> 00:29:47,000
Speaker 5: Man, we imagine that was I feel that bad.

674
00:29:48,520 --> 00:29:51,640
Speaker 4: We can still laugh about it, all right, brother. So

675
00:29:51,800 --> 00:29:53,720
Speaker 4: question number three on the Financial Friday five is what

676
00:29:53,800 --> 00:29:56,400
Speaker 4: is the best present You've ever bought yourself?

677
00:29:58,200 --> 00:30:04,840
Speaker 5: Best president I ever bought myself? Okay, can we come

678
00:30:04,880 --> 00:30:08,800
Speaker 5: back to that put to give you a good answer.

679
00:30:09,200 --> 00:30:12,040
Speaker 4: The final final question on Financial Friday five is if

680
00:30:12,040 --> 00:30:14,680
Speaker 4: you could buy one thing money is not an object,

681
00:30:14,800 --> 00:30:16,640
Speaker 4: what would it be? If you could buy one thing

682
00:30:16,680 --> 00:30:18,240
Speaker 4: money is not an object, what could that be?

683
00:30:21,720 --> 00:30:28,320
Speaker 5: I would buy the Leedle House.

684
00:30:25,960 --> 00:30:30,520
Speaker 4: More money for that's a beautiful house. Yeah. If you

685
00:30:30,520 --> 00:30:32,400
Speaker 4: guys see the screen right now, go go to a

686
00:30:32,480 --> 00:30:36,440
Speaker 4: camera whatever that you're on your screen? Connor, Oh is

687
00:30:36,440 --> 00:30:36,720
Speaker 4: it up?

688
00:30:36,800 --> 00:30:37,000
Speaker 5: Yeah?

689
00:30:37,040 --> 00:30:40,360
Speaker 4: Man, that's that thing is just gorgeous. Maybe we should

690
00:30:40,360 --> 00:30:43,080
Speaker 4: just start squatting at it.

691
00:30:44,400 --> 00:30:47,400
Speaker 6: I had this idea of you know, you have your

692
00:30:47,400 --> 00:30:49,840
Speaker 6: host an evenue party there you know, and and have

693
00:30:50,040 --> 00:30:51,959
Speaker 6: and have you know, a bunch of people of all

694
00:30:52,040 --> 00:30:55,440
Speaker 6: time until itself use the house, have fun, you know,

695
00:30:55,520 --> 00:30:57,040
Speaker 6: and I hope it will help itself.

696
00:30:57,280 --> 00:30:59,720
Speaker 4: Hey, just say the word party and I'll be there.

697
00:31:00,280 --> 00:31:03,480
Speaker 4: You know that that's my special team. Rather so you guys,

698
00:31:04,040 --> 00:31:06,760
Speaker 4: you know we're talking about Thursday September. I keep screwing up.

699
00:31:06,760 --> 00:31:10,560
Speaker 4: The date is September fourth, right, fifth, excuse me, September fifth.

700
00:31:10,600 --> 00:31:12,760
Speaker 4: If you guys are interested in it, we're gonna throw

701
00:31:12,800 --> 00:31:14,840
Speaker 4: a little mixer here at the house. That's going to

702
00:31:14,880 --> 00:31:18,320
Speaker 4: be invite only just drop me a DM not everybody can.

703
00:31:18,480 --> 00:31:20,440
Speaker 4: Can will be a lot, obviously, it's got to be

704
00:31:20,440 --> 00:31:22,320
Speaker 4: the right fit. It's beautiful house. We want to make

705
00:31:22,320 --> 00:31:24,080
Speaker 4: sure we don't screw it up. Just a couple of

706
00:31:24,120 --> 00:31:27,360
Speaker 4: hours of just mixing with good people. So Alan, before

707
00:31:27,400 --> 00:31:29,320
Speaker 4: we go, look at the camera. You know, you got

708
00:31:29,320 --> 00:31:31,560
Speaker 4: some people listening right now. They're maybe looking to pivot

709
00:31:31,600 --> 00:31:34,320
Speaker 4: into real estate or maybe want to be take you know,

710
00:31:34,320 --> 00:31:36,040
Speaker 4: maybe the a little bit younger and want to follow

711
00:31:36,040 --> 00:31:38,600
Speaker 4: in your footsteps. What advice would you give somebody sitting

712
00:31:38,640 --> 00:31:39,960
Speaker 4: at home if they want to do what you do

713
00:31:40,120 --> 00:31:40,560
Speaker 4: for a living?

714
00:31:40,600 --> 00:31:44,800
Speaker 6: Now, I guess, I guess the best thing to do

715
00:31:44,920 --> 00:31:48,000
Speaker 6: is one, you know, learning how to comp and learning

716
00:31:48,040 --> 00:31:51,440
Speaker 6: how to kind of quench the numbers. And I think

717
00:31:51,480 --> 00:31:54,560
Speaker 6: that that's one of the biggest things that you know,

718
00:31:54,600 --> 00:31:59,040
Speaker 6: will facilitate success, is really just knowing the numbers and

719
00:31:59,120 --> 00:32:02,320
Speaker 6: the interest rate and the sale price, and in addition

720
00:32:02,480 --> 00:32:06,840
Speaker 6: all all the selling comps are really important too, because

721
00:32:06,960 --> 00:32:09,640
Speaker 6: real estate agents, I think in general, they'll inflate all

722
00:32:09,680 --> 00:32:10,960
Speaker 6: that stuff just to make it look like.

723
00:32:10,960 --> 00:32:11,560
Speaker 5: A good deal.

724
00:32:12,000 --> 00:32:14,560
Speaker 6: And just be aware of that and quench your own

725
00:32:14,640 --> 00:32:17,720
Speaker 6: numbers and you know that's that's the real number, not

726
00:32:17,840 --> 00:32:20,160
Speaker 6: based on you know what what what number may be

727
00:32:20,240 --> 00:32:22,480
Speaker 6: a real estate agent or someone trying to sell you

728
00:32:22,480 --> 00:32:25,400
Speaker 6: the property is. I think that's the the biggest thing

729
00:32:25,880 --> 00:32:26,880
Speaker 6: and the most important thing.

730
00:32:28,440 --> 00:32:31,000
Speaker 4: That's great advice. Yeah, and I think it really goes

731
00:32:31,000 --> 00:32:34,240
Speaker 4: back to spreadsheets and really understanding your numbers. You know,

732
00:32:34,280 --> 00:32:36,080
Speaker 4: it's one of my roles of money now is just

733
00:32:36,120 --> 00:32:38,800
Speaker 4: making sure no matter what industry you're in, there's literally

734
00:32:38,880 --> 00:32:40,959
Speaker 4: not an industry that doesn't cover that. With your an

735
00:32:40,960 --> 00:32:44,360
Speaker 4: attorney or dentist or lawyer, you got to know your numbers.

736
00:32:44,400 --> 00:32:47,280
Speaker 4: And it fascinates me how many people don't know those numbers.

737
00:32:47,280 --> 00:32:50,280
Speaker 4: And when we say numbers, it's not just profit loss,

738
00:32:50,280 --> 00:32:52,640
Speaker 4: but it's the metrics that get you to the profit loss.

739
00:32:53,120 --> 00:32:55,360
Speaker 4: And you you do something really cool and we buy

740
00:32:55,400 --> 00:32:58,040
Speaker 4: our projects as you have multiple fields and you you

741
00:32:58,520 --> 00:33:01,280
Speaker 4: change some variables, you add and what if this happens?

742
00:33:01,320 --> 00:33:03,040
Speaker 4: What if that you just change one of the numbers.

743
00:33:03,120 --> 00:33:05,240
Speaker 6: Yeah, So I make it like a living like spreadsheet,

744
00:33:05,240 --> 00:33:06,520
Speaker 6: and I want to you know, I would know like

745
00:33:06,560 --> 00:33:09,000
Speaker 6: if my construction cost goes up, if my construction cost

746
00:33:09,080 --> 00:33:11,600
Speaker 6: goes down, or or interest rate, you know, based on

747
00:33:11,640 --> 00:33:14,440
Speaker 6: which bank we're going to use, that changes. So on

748
00:33:14,480 --> 00:33:17,040
Speaker 6: the fly, I can tweak any one of those numbers

749
00:33:17,120 --> 00:33:18,800
Speaker 6: and we can get an answer. And that makes the

750
00:33:18,840 --> 00:33:22,640
Speaker 6: decision making process a lot quicker and easier. So as

751
00:33:22,640 --> 00:33:24,560
Speaker 6: we're going, I can find out something quicker and give

752
00:33:24,560 --> 00:33:27,480
Speaker 6: an answer faster as opposed to starting all over again

753
00:33:27,520 --> 00:33:30,720
Speaker 6: and kind of putting those numbers bested by hand or whatever.

754
00:33:30,920 --> 00:33:32,320
Speaker 5: So it's great doing it on Excel.

755
00:33:32,400 --> 00:33:35,160
Speaker 6: That way you get you know, quick quick answers, quick numbers,

756
00:33:35,200 --> 00:33:36,400
Speaker 6: faster and accurate.

757
00:33:37,040 --> 00:33:39,320
Speaker 4: And the other lesson I think from this just you know,

758
00:33:39,400 --> 00:33:42,240
Speaker 4: being a witness to your rise now and from when

759
00:33:42,280 --> 00:33:45,320
Speaker 4: you graduated college and all the way to now is

760
00:33:45,640 --> 00:33:48,520
Speaker 4: you know you didn't just personally jump into luxury thirteen

761
00:33:48,560 --> 00:33:50,800
Speaker 4: million dollar properties. You know you mentioned you worked for

762
00:33:50,800 --> 00:33:52,440
Speaker 4: one hundred bucks a day just to pick up nails

763
00:33:52,440 --> 00:33:54,600
Speaker 4: on the job side. I see that mistake in so

764
00:33:54,680 --> 00:33:58,400
Speaker 4: many different industries, whether it's the movies or or engineer,

765
00:33:58,480 --> 00:34:02,080
Speaker 4: whatever company, the restaurant more specifically, people just want all

766
00:34:02,120 --> 00:34:04,360
Speaker 4: the glamor and the glory, and they don't They don't

767
00:34:04,400 --> 00:34:06,560
Speaker 4: put in their dues, they don't spend time. You and

768
00:34:06,600 --> 00:34:08,680
Speaker 4: I were looking at a five hundred thousand dollars flip

769
00:34:08,719 --> 00:34:10,400
Speaker 4: for a while and then it's become a million. Now

770
00:34:10,400 --> 00:34:12,600
Speaker 4: you got your primary, so there's there. You got to

771
00:34:12,640 --> 00:34:15,839
Speaker 4: take those baby steps otherwise, even if you have the money,

772
00:34:15,960 --> 00:34:18,960
Speaker 4: unless you just like burning money, you know, I see

773
00:34:19,000 --> 00:34:22,440
Speaker 4: people lose that way when they're not putting other dudes

774
00:34:22,480 --> 00:34:23,240
Speaker 4: on the smaller project.

775
00:34:23,280 --> 00:34:25,640
Speaker 6: Well sometimes, honestly, for bigger properties, I know it's the

776
00:34:25,719 --> 00:34:28,440
Speaker 6: numbers seem bigger and may risk is more, but there's more.

777
00:34:28,680 --> 00:34:31,160
Speaker 6: The dollar amounts a lot bigger. So it's like, let's say,

778
00:34:31,160 --> 00:34:34,080
Speaker 6: if you're a roommodel, like a three hundred thousand dollars house,

779
00:34:34,480 --> 00:34:36,520
Speaker 6: that you're gonna make less money, you probably spend the

780
00:34:36,520 --> 00:34:38,439
Speaker 6: same amount of time and make you know, make less

781
00:34:38,440 --> 00:34:40,600
Speaker 6: money just because that number smaller. So like ten percent,

782
00:34:40,719 --> 00:34:42,960
Speaker 6: that's only thirty thousand. If you you know, screw up

783
00:34:43,000 --> 00:34:44,799
Speaker 6: or something gets late or whatever, that's gonna go to

784
00:34:44,880 --> 00:34:47,960
Speaker 6: zero really fast. Yeah, So it's yeah, it goes back

785
00:34:48,000 --> 00:34:51,520
Speaker 6: to just understanding the numbers and mitigating the risks.

786
00:34:51,719 --> 00:34:53,680
Speaker 4: And the swings are bigger. You know, in a project

787
00:34:53,680 --> 00:34:56,719
Speaker 4: like this thirteen million, if the market softens by seven

788
00:34:56,800 --> 00:34:59,319
Speaker 4: to ten percent, well seven to ten percent doesn't sound

789
00:34:59,320 --> 00:35:00,960
Speaker 4: like that much, but the case like ges, you're talking

790
00:35:00,960 --> 00:35:03,319
Speaker 4: about a million, million and a half dollar swing of

791
00:35:03,480 --> 00:35:07,480
Speaker 4: cost profit that that really dampen center that Before we go, man,

792
00:35:07,560 --> 00:35:09,480
Speaker 4: any other upcoming, what are you going to do after

793
00:35:09,520 --> 00:35:11,280
Speaker 4: you sell? This is? Are you staying in that market.

794
00:35:11,320 --> 00:35:13,440
Speaker 4: Are you going into apartments? What what do you predict

795
00:35:13,480 --> 00:35:14,799
Speaker 4: the real estate cycles going to.

796
00:35:15,800 --> 00:35:17,759
Speaker 6: Well, my our next step is I want to I

797
00:35:17,800 --> 00:35:19,879
Speaker 6: want to bring because the numbers have gotten so high,

798
00:35:19,920 --> 00:35:22,680
Speaker 6: Like you know those houses, those houses in Corndel Mar

799
00:35:22,840 --> 00:35:24,920
Speaker 6: used to be two million just for the teardown. Now

800
00:35:24,960 --> 00:35:27,359
Speaker 6: it's like three and a half. And so now you're

801
00:35:27,440 --> 00:35:29,480
Speaker 6: playing in a different I mean a higher ball game

802
00:35:29,520 --> 00:35:31,840
Speaker 6: which ties up the money on one project instead of

803
00:35:32,400 --> 00:35:35,879
Speaker 6: distributing it over two or three projects. So our next

804
00:35:35,880 --> 00:35:39,239
Speaker 6: strategy is to go into kind of the next you know,

805
00:35:39,320 --> 00:35:42,440
Speaker 6: the next luxury market down and where the houses are

806
00:35:42,480 --> 00:35:44,840
Speaker 6: now back to one and a half and two million

807
00:35:44,920 --> 00:35:45,520
Speaker 6: instead of.

808
00:35:46,520 --> 00:35:49,160
Speaker 4: Are we talking about Huntington Beach data point area? Are

809
00:35:49,160 --> 00:35:51,480
Speaker 4: you still staying coastal? Are looking to God?

810
00:35:51,640 --> 00:35:55,000
Speaker 6: Yeah, no, no, mostly just because ocean properties, anyone near

811
00:35:55,040 --> 00:35:57,000
Speaker 6: the ocean are never going to go down. Eventually, even

812
00:35:57,080 --> 00:35:59,600
Speaker 6: in the worst market, it'll start going on, you know,

813
00:35:59,800 --> 00:36:02,520
Speaker 6: on the like inland, and then the prices start coming

814
00:36:02,560 --> 00:36:05,080
Speaker 6: down and typically by the time you get to the ocean,

815
00:36:05,360 --> 00:36:07,279
Speaker 6: you know, things will start picking back up again, which

816
00:36:07,320 --> 00:36:09,560
Speaker 6: is what happened in the in the last recession. Is

817
00:36:09,600 --> 00:36:12,400
Speaker 6: by the time it got to Orange County, it started

818
00:36:12,400 --> 00:36:15,719
Speaker 6: picking back up again and then started So I think

819
00:36:15,840 --> 00:36:18,799
Speaker 6: just going into it to a market where you know,

820
00:36:19,000 --> 00:36:21,760
Speaker 6: you can build a duplex or an adu or anything

821
00:36:21,800 --> 00:36:25,520
Speaker 6: that can give two units, you know, or more to

822
00:36:25,560 --> 00:36:28,960
Speaker 6: bring rental income or even sell them separately. So the

823
00:36:28,960 --> 00:36:31,439
Speaker 6: strategy is to kind of make the numbers a little

824
00:36:31,480 --> 00:36:34,879
Speaker 6: bit smaller but still get the same return and security

825
00:36:35,000 --> 00:36:38,280
Speaker 6: of you know, building more units or having two units

826
00:36:38,280 --> 00:36:41,719
Speaker 6: on one property. So yeah, that's what it's kind of

827
00:36:41,760 --> 00:36:44,760
Speaker 6: the next strategy. We bought one already in Costa Mesa,

828
00:36:45,560 --> 00:36:46,920
Speaker 6: so that's gonna be a fun project.

829
00:36:47,000 --> 00:36:48,160
Speaker 5: So that's what's up there.

830
00:36:48,200 --> 00:36:50,880
Speaker 4: Well, you know, I love working with you, man. Please

831
00:36:50,920 --> 00:36:52,440
Speaker 4: get my love to mom. I think we're gonna have

832
00:36:52,600 --> 00:36:54,879
Speaker 4: lunch with her later today. Your dad as well, your sister.

833
00:36:54,960 --> 00:36:57,279
Speaker 4: The whole family has always been celebrations to me. I

834
00:36:57,280 --> 00:36:59,560
Speaker 4: appreciate your friendship. I appreciate you coming on the show.

835
00:36:59,600 --> 00:37:00,600
Speaker 5: Share it's going to have it.

836
00:37:00,640 --> 00:37:02,279
Speaker 4: And if you guys want to meet Alan will be

837
00:37:02,680 --> 00:37:05,760
Speaker 4: down at Toledo Islands property this third excuse me, Thursday,

838
00:37:05,960 --> 00:37:08,399
Speaker 4: September fifth, And if they want to get a hold

839
00:37:08,400 --> 00:37:10,279
Speaker 4: of you for whatever business needs, if they want to

840
00:37:10,320 --> 00:37:12,200
Speaker 4: maybe look into developing with you. What's the best way

841
00:37:12,239 --> 00:37:12,880
Speaker 4: to get a hold of you.

842
00:37:13,000 --> 00:37:16,759
Speaker 6: Yeah, you can email a company email at info I

843
00:37:17,040 --> 00:37:21,200
Speaker 6: NFO at idlhome dot com.

844
00:37:21,239 --> 00:37:23,880
Speaker 4: Okay, excellent. Well, thank you so much brother for being

845
00:37:23,920 --> 00:37:25,600
Speaker 4: on the show, and thank you guys for listening to

846
00:37:25,640 --> 00:37:28,759
Speaker 4: Financial Fridays here on CT one on one's iHeartRadio. I'm

847
00:37:28,800 --> 00:37:31,160
Speaker 4: Tony K. You can always find me on Instagram at

848
00:37:31,200 --> 00:37:34,160
Speaker 4: the Inside Investor. Guys, remember to keep that wallet tight

849
00:37:34,200 --> 00:37:36,560
Speaker 4: and keep your mind right Until next time. I'll see

850
00:37:36,560 --> 00:37:38,439
Speaker 4: you guys on Financial Fridays. I'm out.

851
00:37:38,520 --> 00:37:41,320
Speaker 2: Thank you for listening to Financial Fridays with the Insider

852
00:37:41,360 --> 00:37:45,040
Speaker 2: Investor Tony K on Cannabis Talk one oh one, the

853
00:37:45,160 --> 00:37:49,200
Speaker 2: world's number one source for everything cannabis.