WEBVTT - EYL #84 American Hustle feat. Jamila Davis 0:00:00.400 --> 0:00:04.280 You just realized your business needed to hire someone yesterday. 0:00:04.800 --> 0:00:09.520 How can you find amazing candidates fast? Easy? Just use Indeed. 0:00:09.960 --> 0:00:12.680 Stop struggling to get your job posts seen on other 0:00:12.760 --> 0:00:16.439 job sites. With Indeed sponsored jobs, your post jumps to 0:00:16.480 --> 0:00:19.000 the top of the page for your relevant candidates, so 0:00:19.120 --> 0:00:22.119 you can reach the people you want faster. According to 0:00:22.160 --> 0:00:26.120 Indeed data, sponsored jobs posted directly on Indeed have forty 0:00:26.120 --> 0:00:30.040 five percent more applications than non sponsored jobs. Don't wait 0:00:30.080 --> 0:00:33.519 any longer. Speed up your hiring right now with Indeed, 0:00:33.960 --> 0:00:36.200 and listeners of this show will get a seventy five 0:00:36.280 --> 0:00:39.440 dollars sponsored job credit to get your jobs more visibility 0:00:39.600 --> 0:00:45.320 at indeed dot com slash pod Katz thirteen. Just go 0:00:45.360 --> 0:00:50.120 to Indeed dot com slash pod Katz thirteen right now 0:00:50.479 --> 0:00:53.040 and support our show by saying you heard about Indeed 0:00:53.080 --> 0:00:57.400 on this podcast. Terms and conditions apply. Hiring Indeed is 0:00:57.440 --> 0:00:58.040 all you need. 0:01:00.120 --> 0:01:04.280 All right, guys, welcome back, Earn your Lisia. This is 0:01:04.319 --> 0:01:07.279 This is a different episode for us, but we tell stories. 0:01:07.400 --> 0:01:09.120 The thing we're unleashes that we do a lot of 0:01:09.120 --> 0:01:12.720 different stuff. Sometimes we do like blueprints on businesses. Sometimes 0:01:12.720 --> 0:01:16.360 we highlight a person's journey. Sometimes we tell stories. Shout 0:01:16.360 --> 0:01:23.319 out to Kenny Burns legendary. Yeah, that's another one. That's 0:01:23.319 --> 0:01:26.760 the fact. So this story is it's a financial story, 0:01:27.520 --> 0:01:30.360 but it also deals with the criminal justice system. It 0:01:30.440 --> 0:01:35.039 deals with all kinds of biases inside of that, it 0:01:35.080 --> 0:01:38.240 deals with the financial crisis of two thousand and eight. 0:01:39.400 --> 0:01:41.320 It's a whole bunch of a lot of stuff. It's 0:01:41.319 --> 0:01:44.520 a lot of stuff. So yeah, you know, I'm excited 0:01:44.560 --> 0:01:47.200 to have this conversation. And this is something that I 0:01:47.240 --> 0:01:52.920 think is going to be extremely informative, educational, and I 0:01:52.960 --> 0:01:53.600 think captivating. 0:01:53.600 --> 0:01:55.520 It might be the word. I'm being honest, and I 0:01:55.520 --> 0:01:59.160 told you this beforehand, but I didn't tell you our guest, uh, 0:01:59.520 --> 0:02:02.080 my parents, you know, they in their sixties, late sixties, 0:02:02.120 --> 0:02:05.360 early seventies, and they just figured out how to use YouTube. 0:02:05.760 --> 0:02:08.840 And once they got on, this young lady that we're 0:02:08.840 --> 0:02:11.919 gonna talk to in a second was on their YouTube 0:02:12.000 --> 0:02:14.320 channel and they watched your story and we're blown away. 0:02:14.560 --> 0:02:16.120 Like they were like, Troy, come downstairs right now, you 0:02:16.160 --> 0:02:18.200 gotta watch this. And we sat down and watched your 0:02:18.240 --> 0:02:21.000 story and just what blown away. So when I told him, like, hey, 0:02:21.000 --> 0:02:22.800 guess we're about to have one on your Leisure. She 0:02:23.000 --> 0:02:25.200 was like, are you serious? So this is gonna be 0:02:25.240 --> 0:02:26.280 my mom's favorite episode. 0:02:26.440 --> 0:02:31.520 Yeah, for sure. So Jamiller T. Davis. You might have 0:02:31.600 --> 0:02:34.640 seen her on Love and Hip Hop. You might have 0:02:34.720 --> 0:02:36.720 seen I think then if you're referring to as a 0:02:36.720 --> 0:02:40.960 breakfast club interview. She's a published author, she's an entrepreneur. 0:02:41.480 --> 0:02:43.600 She has a program in school, who was just talking 0:02:43.600 --> 0:02:47.040 about now where she's going into school teaching financial literacy 0:02:47.080 --> 0:02:51.799 along with a bunch of other programs. But before that, 0:02:52.400 --> 0:02:57.680 she was incarcerated for nine years. And before that she 0:02:57.960 --> 0:03:02.960 was very big in the credit industry, real estate industry, 0:03:03.120 --> 0:03:08.600 worked with a lot of rappers and Celebritanies. And yeah, 0:03:08.720 --> 0:03:11.640 so the story is, it's a it's a very, like 0:03:11.680 --> 0:03:14.919 you said, captivating story. It involves the government, the former 0:03:14.960 --> 0:03:18.440 governor of New Jersey, Chris Christy. It involves Leaming Brothers, 0:03:18.480 --> 0:03:20.799 which is the most one of the most infamous banks 0:03:20.800 --> 0:03:23.079 on Wall Street that collapsed during in two thousand and eight. 0:03:23.639 --> 0:03:31.040 And it involves credit real estate, it involves mansions, all 0:03:31.080 --> 0:03:35.600 of that, all of that, so we're gonna get to it, 0:03:35.640 --> 0:03:37.880 but first and foremost, thank you for joining us. We 0:03:37.920 --> 0:03:38.920 appreciate it. 0:03:39.080 --> 0:03:39.840 Thank you so much. 0:03:39.880 --> 0:03:43.160 For having no no problem, no problem. So so yes, 0:03:43.240 --> 0:03:45.720 let's let's get into it. So people that might not 0:03:46.000 --> 0:03:47.920 be familiar with your story, they like they said, they 0:03:47.960 --> 0:03:49.960 might have seen you on TV, or they might not have. 0:03:51.040 --> 0:03:53.480 You know, I learned about your story recently and I 0:03:53.520 --> 0:03:56.880 was really intrigued by it. So it's a financial story. 0:03:56.920 --> 0:03:59.040 Can you start us off at the beginning of where 0:03:59.040 --> 0:03:59.600 it starts? 0:04:00.840 --> 0:04:03.920 Okay, the beginning of where it started for me was 0:04:04.240 --> 0:04:08.839 really getting dumped at the age of fourteen, right by 0:04:08.920 --> 0:04:11.400 a sixteen year old drug dealer. So I was like 0:04:11.520 --> 0:04:14.240 a good girl kind of that went bad. My mom 0:04:14.320 --> 0:04:18.039 was a school teacher, my father was a transit supervisor, and. 0:04:17.960 --> 0:04:20.240 I wanted a boyfriend and I got one right. 0:04:20.279 --> 0:04:22.480 So, my first week of going to high school performing 0:04:22.600 --> 0:04:25.960 artson Manhattan, I met this drug dealer boyfriend who now 0:04:25.960 --> 0:04:29.719 I grew up late eighties, early nineties, so you already 0:04:29.760 --> 0:04:31.120 know that was like the beginning of. 0:04:31.040 --> 0:04:33.440 The crack cocaine epidemic. Money was hitting. 0:04:33.839 --> 0:04:35.920 My dude was making like ten thousand dollars a week 0:04:35.960 --> 0:04:39.200 at sixteen, so I was living this life and you know, 0:04:39.320 --> 0:04:41.920 thinking I was a cool kid, and he ended up 0:04:42.080 --> 0:04:45.000 dumping me for the girl that was sixteen years old 0:04:45.080 --> 0:04:48.160 who made her own money, and he said that he 0:04:48.200 --> 0:04:50.720 was choosing her over me because she was an independent 0:04:50.800 --> 0:04:53.680 chick that made her own money. And really, truthfully, the 0:04:53.720 --> 0:04:57.120 pain that I felt inside is like an undescribable feeling 0:04:57.160 --> 0:05:01.800 because as a fourteen year old girl already delving in 0:05:01.920 --> 0:05:04.599 things I wasn't supposed to get involved with, to get 0:05:04.640 --> 0:05:07.400 the heartbreak after I thought we would live happily ever 0:05:07.520 --> 0:05:11.279 after like my parents was heartbreaking. So what it did 0:05:11.480 --> 0:05:14.200 was it drive me to be an independent woman to 0:05:14.240 --> 0:05:16.120 get my own money because I wanted to show. 0:05:16.000 --> 0:05:17.520 Him what he messed up on. 0:05:17.880 --> 0:05:21.200 So it created this drive in me that was like 0:05:21.279 --> 0:05:24.880 nobody's business. Literally, in high school, I had went to 0:05:24.920 --> 0:05:27.080 school full time and had a full time job at 0:05:27.080 --> 0:05:30.440 Hagendos right, And it went from that to following my 0:05:30.480 --> 0:05:33.880 boyfriend's lifestyle getting into hustling, and then it went from 0:05:33.960 --> 0:05:36.880 hustling into getting into the credit business, and then I 0:05:36.960 --> 0:05:37.919 made millions of dollars. 0:05:38.000 --> 0:05:39.760 So by the time I turned twenty. 0:05:39.520 --> 0:05:42.599 Five years old, I was a real estate investor, making 0:05:42.680 --> 0:05:46.600 all kinds of boohoos of money and again chasing that 0:05:46.720 --> 0:05:49.200 thing that was missing aside that never got healed. 0:05:49.200 --> 0:05:50.280 As a fourteen year old. 0:05:50.760 --> 0:05:52.720 So when you talk about the credit business, what were 0:05:52.760 --> 0:05:53.640 we doing credit repair? 0:05:54.320 --> 0:05:57.520 Yes, and so I'm an early burden it. So like 0:05:57.560 --> 0:05:59.200 when I say people now, I laugh. 0:06:01.160 --> 0:06:04.240 Ninety nine two thousand, I was taking people from four 0:06:04.320 --> 0:06:07.240 hundred fighter score to eight hundred overnight. But the thing 0:06:07.279 --> 0:06:10.440 about now is we have information. Then there wasn't really information. 0:06:10.560 --> 0:06:11.279 It was the hookup. 0:06:11.520 --> 0:06:14.000 So I had someone in the credit bureaus that could 0:06:14.040 --> 0:06:15.719 actually you know, we paid them. 0:06:15.560 --> 0:06:17.360 A couple of dollars and they made it happen. 0:06:17.560 --> 0:06:20.120 And that's how I caught my first federal case because 0:06:20.440 --> 0:06:23.120 you know, we got jammed up by putting people through 0:06:23.400 --> 0:06:24.880 the credit system that we created. 0:06:25.240 --> 0:06:27.279 So how did you get turned onto this? Because it's 0:06:27.320 --> 0:06:28.960 like all right, like you said, growing up in the 0:06:29.040 --> 0:06:32.080 late eighties early nineties, the obvious thing to do if 0:06:32.080 --> 0:06:36.480 you want to, you know, at illegal activities, sell drugs, robbery, 0:06:36.880 --> 0:06:42.520 stuff like that. At that time, especially white collar crimes 0:06:42.560 --> 0:06:46.839 for people from the neighborhood of young people like who, like, 0:06:46.880 --> 0:06:51.680 how did you get like what made you say, like, yeah, the. 0:06:52.400 --> 0:06:54.760 Story is gonna make you laugh. First of all, I 0:06:54.839 --> 0:06:58.520 wanted a Lexis GS three hundred, and there was this 0:06:58.720 --> 0:07:01.640 lot on Boulevard, like if you had a couple of 0:07:01.640 --> 0:07:04.160 pay stubbs, and I had a good little bank job. Ironically, 0:07:04.200 --> 0:07:05.880 I used to work at the bank, so I had 0:07:05.880 --> 0:07:07.839 a good little bank job at my pay stubs. 0:07:08.160 --> 0:07:10.520 I went to the Russians, gave them my pay stubs, 0:07:10.600 --> 0:07:12.520 and they got me my Lexus GS three. 0:07:12.400 --> 0:07:13.400 Hundred, good car car. 0:07:13.600 --> 0:07:17.440 Tom, you know only IRV, Gotti and JYZ had j 0:07:18.480 --> 0:07:21.240 pushing through and the GS three hundred. Everybody like, yo, 0:07:21.960 --> 0:07:24.280 that's your dual car. Like, nah, this is my car. 0:07:24.600 --> 0:07:26.440 So it went from that and people was like, well, 0:07:26.480 --> 0:07:28.200 how did you get it? I want to get one too. 0:07:28.680 --> 0:07:31.480 So I started helping people get cars, and I learned 0:07:31.480 --> 0:07:34.520 that I could make more money doing that than working 0:07:34.560 --> 0:07:37.360 at my nine to five job. So I stumbled on 0:07:37.480 --> 0:07:40.680 becoming an entrepreneur right and then I got into the 0:07:40.720 --> 0:07:44.680 credit game, helping people to purchase cars and houses and 0:07:44.720 --> 0:07:47.440 stuff like that. I went from cars to houses, and 0:07:47.480 --> 0:07:50.200 I wanted to help my people get their portion of 0:07:50.240 --> 0:07:51.600 the American dream. 0:07:51.600 --> 0:07:54.920 So you're introducing people to the credit, I'm assuming the 0:07:54.960 --> 0:07:58.320 derogatories and late payments. We're wiping these out. 0:07:59.320 --> 0:08:00.960 Listen, we wipe out. 0:08:01.880 --> 0:08:05.240 The system is not even you know, people would die 0:08:05.280 --> 0:08:07.440 for the system today because it's not like you writing 0:08:07.440 --> 0:08:07.840 a letter. 0:08:08.120 --> 0:08:10.240 It's not like you wishing or praying or waiting. 0:08:10.440 --> 0:08:12.360 It's like, hey, yo, take that off, all right, we 0:08:12.440 --> 0:08:15.200 got that when that one next day you wipe clean. 0:08:15.280 --> 0:08:17.920 And then what we did as well, we added trade 0:08:17.960 --> 0:08:20.760 lines on. So like, trade lines is not new, this 0:08:20.800 --> 0:08:24.080 is all old stuff. So back in ninety nine two thousand, 0:08:24.280 --> 0:08:26.800 we was adding trade lines onto people's credit. So we 0:08:26.800 --> 0:08:29.320 would take people with blank credit and then make them 0:08:29.320 --> 0:08:33.160 have an eight hundred score overnight because we understood the system. 0:08:33.200 --> 0:08:35.360 So all right, so at what point do you get 0:08:35.400 --> 0:08:36.160 into real estate? 0:08:37.559 --> 0:08:41.600 So ironically, like I grew up in real estate because 0:08:41.640 --> 0:08:45.280 my parents, who migrated from North Carolina, they used real 0:08:45.400 --> 0:08:48.360 estate as a way to overcome party. So my father 0:08:48.520 --> 0:08:51.559 had several multi family buildings in Brooklyn, and I. 0:08:51.559 --> 0:08:55.120 Watched him have his tenants pay off his mortgage. 0:08:55.240 --> 0:08:57.760 So seeing that as a young girl, I was always 0:08:57.760 --> 0:08:59.880 intrigued by it, and I knew that it was the answer. 0:09:00.240 --> 0:09:03.000 So I went to school. I actually got my real 0:09:03.080 --> 0:09:06.400 estate broker's license back in nineteen ninety eight, and I 0:09:06.440 --> 0:09:09.120 started selling houses in. 0:09:08.200 --> 0:09:12.040 My neighborhood in Queens, Yes, so all right, so you're 0:09:12.040 --> 0:09:14.480 selling houses and queens. Is this during the time that 0:09:14.520 --> 0:09:17.040 you you got the credit thing going, Yes. 0:09:17.040 --> 0:09:20.520 So I'm hustling multiple streams of income. Then understand that 0:09:20.559 --> 0:09:22.679 at the time, but yeah, I was doing that. 0:09:23.559 --> 0:09:26.880 Hey, yeah, So the person comes in, they're looking for 0:09:26.920 --> 0:09:29.800 the home. The credit is bad, Like, yo, don't worry, 0:09:30.000 --> 0:09:31.400 I can take care of that. We're gonna get you 0:09:31.440 --> 0:09:33.080 this home tome, that's right. 0:09:33.120 --> 0:09:35.280 And I really had a lot of like rappers and 0:09:35.280 --> 0:09:37.480 stuff that were my clients. I grew up around the 0:09:37.480 --> 0:09:40.880 corner from DJ Clue, Me and joh Rul went to 0:09:40.880 --> 0:09:43.600 school together. So it's like I got and then E 0:09:43.760 --> 0:09:48.920 money bags peace, Yes, my big homie. So like he 0:09:49.000 --> 0:09:51.199 put me on the Oconelly Oconnelly put me on the 0:09:51.280 --> 0:09:53.400 jay Z and Dame and then the story just went 0:09:53.520 --> 0:09:57.040 on from there. So all of these people have fresh new. 0:09:56.840 --> 0:09:59.520 Money, right, so they had cash, but they didn't. 0:09:59.360 --> 0:10:01.960 Have credit, so they couldn't really obtain the things that 0:10:01.960 --> 0:10:04.160 they wanted. So I became to go to with a 0:10:04.200 --> 0:10:07.040 plug like, Okay, you want to get in this apartment complex. 0:10:07.200 --> 0:10:09.719 Okay, we're gonna get approved, no problem. Let me get 0:10:09.720 --> 0:10:11.800 that bread I got you. You feel me. Then it 0:10:11.840 --> 0:10:12.640 went from getting. 0:10:12.440 --> 0:10:15.400 Them into apartments to like, listen, let's go by these mansions. 0:10:15.400 --> 0:10:18.760 And I actually got introduced to Alpine, New Jersey. Like 0:10:18.800 --> 0:10:21.199 and if anybody knows anything about Alpine and south of 0:10:21.200 --> 0:10:24.200 the river, these are like the states, right, So these 0:10:24.200 --> 0:10:27.360 are our houses that are mansions. 0:10:27.000 --> 0:10:29.840 On two, three, four or five acres. 0:10:29.480 --> 0:10:32.800 Of land with swimming pools and tennis courts and all 0:10:32.840 --> 0:10:33.560 that kind of thing. 0:10:34.559 --> 0:10:38.679 Actually, bigs jay z partner introduced me to Alpine. 0:10:38.920 --> 0:10:41.000 And when I seen the castles out there, I was like, 0:10:41.040 --> 0:10:43.520 oh my god, how do I get into this game? 0:10:43.559 --> 0:10:44.640 I want to get. 0:10:44.480 --> 0:10:46.880 Into these kind of houses. And I figured it out 0:10:47.160 --> 0:10:48.720 and it was on and popping from there. So I 0:10:48.720 --> 0:10:51.680 started bringing like way before did he move there? Way 0:10:51.679 --> 0:10:54.640 before Mary moved there? You know, we was in Ourpine 0:10:54.640 --> 0:10:57.480 and we started bringing in different celebrities to live in 0:10:57.520 --> 0:10:59.920 these areas. 0:11:00.440 --> 0:11:04.280 Oh, don't do that to the we gave the neighborhood, 0:11:04.360 --> 0:11:04.800 you know what I mean. 0:11:05.080 --> 0:11:08.319 Yeah, I'm just yeah out the bigs man we've we 0:11:08.440 --> 0:11:09.679 met on a few time. Were gonna get him on 0:11:09.679 --> 0:11:10.640 any leigure soon enough. 0:11:10.800 --> 0:11:16.720 Yeah, So Alpine, New Jersey, all right, So you start 0:11:16.760 --> 0:11:19.280 to buy houses in Alpine New Jersey. Are you buying 0:11:19.280 --> 0:11:21.800 it for yourself? Are you helping other people? Like you're 0:11:21.840 --> 0:11:24.200 like a real estate agent at this point. 0:11:24.679 --> 0:11:28.080 Well, I'm still a broker, but I've also investor, so 0:11:28.320 --> 0:11:29.000 I was kind. 0:11:28.880 --> 0:11:30.120 Of like a business manager. 0:11:30.400 --> 0:11:34.040 So actually, one of my clients, Akonelli, came to me 0:11:34.120 --> 0:11:37.320 and he wanted to purchase a property in Creskill, which 0:11:37.360 --> 0:11:39.960 is the town outside of Alpine. And the house that 0:11:40.000 --> 0:11:42.640 he wanted to buy, he was able to secure it 0:11:42.679 --> 0:11:45.480 for one point one million dollars, but when I sent 0:11:45.520 --> 0:11:49.079 my appraisals out, I realized that it came in for 0:11:49.160 --> 0:11:51.600 two point two So I'm like, yo, this property got 0:11:51.600 --> 0:11:53.360 like a million dollars worth of equity. 0:11:53.520 --> 0:11:53.720 Right. 0:11:54.360 --> 0:11:58.280 What happens is rich people don't want to fix up property. 0:11:58.400 --> 0:12:01.520 So if something had repairs that need to be done, 0:12:01.600 --> 0:12:03.720 they don't want that house. They want to move in, 0:12:04.200 --> 0:12:06.680 everything done, everything the way that they wanted to be. 0:12:07.080 --> 0:12:08.280 So I noticed that there. 0:12:08.240 --> 0:12:10.800 Was a lot of houses on the market that we 0:12:10.840 --> 0:12:13.600 could actually obtain that would appraise Because if you know 0:12:13.640 --> 0:12:16.920 anything about appraisals, it's about really square footage, right, So 0:12:16.960 --> 0:12:19.040 if you have a house that's the same square footage 0:12:19.040 --> 0:12:21.120 as a house across the street. You might take two 0:12:21.120 --> 0:12:23.360 three hundred thousand off the value if you know it 0:12:23.360 --> 0:12:26.160 has elabrary repairs, but they would be worth the same 0:12:26.200 --> 0:12:27.680 amount when you're do an appraisal. 0:12:28.000 --> 0:12:31.560 So when I noticed that, I'm like, whoa, you know, 0:12:32.760 --> 0:12:33.920 the bell started going on. 0:12:34.240 --> 0:12:36.840 If I get a couple of these, I could flip 0:12:36.880 --> 0:12:39.440 them to my celebrity clients and make a bunch of money. 0:12:39.720 --> 0:12:41.400 And that's how I kind of got in the game. 0:12:41.480 --> 0:12:44.280 My partner, he was actually in East Orange and Newark 0:12:44.320 --> 0:12:47.880 flipping houses back then, killing the game back then, and 0:12:48.120 --> 0:12:50.640 we kind of joined forces together and I'm like, can 0:12:50.720 --> 0:12:53.200 we take the same formula that you're doing in the 0:12:53.280 --> 0:12:55.840 hood and let's bring that over to the rich people's 0:12:55.880 --> 0:12:58.440 area and we could bang And we did that, and 0:12:58.480 --> 0:13:00.520 the rich people were like a maze because we was 0:13:00.520 --> 0:13:03.480 coming in renovating houses that they would have knocked down, 0:13:03.840 --> 0:13:07.120 and we was able to increase the equity pretty quickly. 0:13:06.800 --> 0:13:07.360 By doing it. 0:13:07.480 --> 0:13:12.240 So you were buying distressed properties in rich neighborhoods and 0:13:12.320 --> 0:13:15.640 fixing them up. Same concept that you know, shout out 0:13:15.679 --> 0:13:19.000 to Caesar and Lord of the slums and envying all 0:13:19.000 --> 0:13:21.880 of them. That's what things in Patterson, New Jersey. It's 0:13:22.000 --> 0:13:24.960 very popular, like you said, in poorer neighborhoods on middle 0:13:24.960 --> 0:13:28.840 class neighborhoods, but you took that same strategy and applied 0:13:28.880 --> 0:13:32.160 it to wealthy neighborhoods because it always there's always one 0:13:32.240 --> 0:13:33.760 bad house in a good neighborhood. 0:13:34.480 --> 0:13:36.160 You could the thing about real. 0:13:36.080 --> 0:13:38.680 Estate, and my father taught me that it just continues 0:13:38.720 --> 0:13:40.120 to keep going and going and going. 0:13:40.160 --> 0:13:42.760 It's just about when people are enlightened. Right. 0:13:43.000 --> 0:13:46.160 So for instance, I bought my father helped me purchase 0:13:46.200 --> 0:13:48.480 my first property in Brooklyn, and I got it for 0:13:48.480 --> 0:13:51.600 two hundred thousand dollars on Coprad Street in Bushwick, right. 0:13:51.920 --> 0:13:54.200 And I saw that property maybe two years later for 0:13:54.280 --> 0:13:56.680 like four hundred and I thought I did something like, yes, 0:13:57.120 --> 0:13:59.040 you know, I got a home run. Guess what that 0:13:59.080 --> 0:14:01.840 property is worth today, like one point seven one point 0:14:01.840 --> 0:14:03.360 eight million if I would have held. 0:14:03.200 --> 0:14:03.960 Onto it, right. 0:14:04.280 --> 0:14:08.320 So real estate is always evolving. It's just about when 0:14:08.400 --> 0:14:10.920 you get in the game. And when you get in early, 0:14:11.160 --> 0:14:13.400 you know, you make out better because it continues to 0:14:13.440 --> 0:14:13.839 go up. 0:14:14.000 --> 0:14:15.240 So it's about when you get in. 0:14:15.480 --> 0:14:18.240 So really the market is kind of similar, you know 0:14:18.520 --> 0:14:22.240 now to what it was back then. In regards to opportunities. 0:14:22.480 --> 0:14:25.280 So at the time, right, you're buying the distressed properties 0:14:25.400 --> 0:14:29.480 in these affluent neighborhoods. How many properties did you accumulate? Like, 0:14:29.520 --> 0:14:30.720 what's the portfolio looking like? 0:14:31.400 --> 0:14:34.840 I had nine multimillion dollar houses that totaled about thirty 0:14:34.880 --> 0:14:36.560 million dollars. 0:14:36.600 --> 0:14:37.200 Big ms. 0:14:38.440 --> 0:14:40.400 So all right, because you said that you have. 0:14:40.400 --> 0:14:43.040 A strategy, So now look at what my strategy is. 0:14:43.160 --> 0:14:46.120 And one of I know, Big Business was on here too. 0:14:46.160 --> 0:14:47.840 He kind of uses the same strategy. 0:14:47.960 --> 0:14:48.160 Right. 0:14:48.560 --> 0:14:52.800 The strategy is, if you want to increase the value 0:14:52.800 --> 0:14:56.880 of a neighborhood, you buy everything up in that neighborhood 0:14:56.920 --> 0:15:00.200 in that price range, so you control the market. Right, 0:15:00.480 --> 0:15:04.640 So my game plan was going buy everything in that's 0:15:04.720 --> 0:15:07.560 that's low, so there's nothing low available, so if people 0:15:07.680 --> 0:15:09.800 want to come into this neighborhood. 0:15:09.320 --> 0:15:10.920 They gotta buy hot. Right. 0:15:11.240 --> 0:15:13.480 So my plan was working into the Feds knocking on 0:15:13.720 --> 0:15:16.800 my door because basically we would have controlled the market 0:15:16.920 --> 0:15:19.480 and you couldn't get in because we own everything that 0:15:19.640 --> 0:15:21.560 was in that particular balloy. 0:15:22.120 --> 0:15:25.480 How many homes did did you have? And no, that 0:15:25.640 --> 0:15:29.440 was not nine nine you had nine homes in that area. 0:15:29.520 --> 0:15:31.960 We brought up all the properties that were in like 0:15:32.000 --> 0:15:32.600 the two million. 0:15:33.400 --> 0:15:35.400 Well, that's what big that's what another thing Big Business 0:15:35.480 --> 0:15:37.320 said shot out to him when he was on the podcast. 0:15:37.440 --> 0:15:40.440 He said that, and on his thing is that it 0:15:40.480 --> 0:15:44.800 only takes one home to set the comp and so 0:15:45.040 --> 0:15:46.000 but when you buy. 0:15:45.840 --> 0:15:49.320 Up the market like you, you're guaranteeing that you did, 0:15:49.480 --> 0:15:51.640 there is no it's gonna be no other comps that's 0:15:51.680 --> 0:15:52.480 coming in for lower. 0:15:52.680 --> 0:15:56.000 You are the comps, I said, you are the comps. 0:15:56.160 --> 0:15:57.840 Yes, you are the comps, because if you only have 0:15:58.000 --> 0:16:00.840 one comp then a bank could kind of diffuted because 0:16:00.880 --> 0:16:03.160 you know that they go based on three appraisals. They 0:16:03.160 --> 0:16:05.840 don't go based on one cop. They do the average 0:16:05.840 --> 0:16:08.920 of three appraisals, right, like the average of three houses. 0:16:09.160 --> 0:16:11.400 Right, so you want to make sure that ain't no 0:16:11.520 --> 0:16:12.080 three houses. 0:16:12.120 --> 0:16:15.200 They're gonna be able to find that that that that's lower. 0:16:15.760 --> 0:16:19.720 So all right, So what was the illegal part of 0:16:19.760 --> 0:16:20.400 this situation? 0:16:21.360 --> 0:16:24.000 How I acquired the houses? So I took a shortcut. 0:16:24.480 --> 0:16:27.720 I found a mortgage broker, which now people are realizing 0:16:27.840 --> 0:16:30.640 that's the best way to purchase because when you get 0:16:30.640 --> 0:16:33.560 a mortgage broker, they're gonna know about all the banks 0:16:33.760 --> 0:16:36.200 and all the programs that you qualify for, so you 0:16:36.240 --> 0:16:38.920 won't just be applying a miss right. So I had 0:16:38.920 --> 0:16:42.800 a seasoned mortgage broker who had contacts inside a Lehman 0:16:42.880 --> 0:16:46.440 Brothers bank, right, So they were getting things pushed through. 0:16:46.720 --> 0:16:49.480 So at the time Lehman didn't care. Leman just wanted 0:16:49.520 --> 0:16:52.240 to get the sale. And what happens is and at 0:16:52.240 --> 0:16:54.479 that time the bank would actually sell. 0:16:54.240 --> 0:16:55.600 Your paper on the market. 0:16:55.800 --> 0:16:58.760 So before you close a deal, they already sold and 0:16:58.800 --> 0:17:02.239 got you know, ten times whatever the number. 0:17:02.120 --> 0:17:06.840 Is, by more more mortgage mortgage backed securities, mortgage backed securities. 0:17:07.400 --> 0:17:12.440 Yeah, right, So they pushed through everything and they would 0:17:12.440 --> 0:17:14.800 tell us what the fix, Oh, you messed up on 0:17:14.800 --> 0:17:17.520 this W two, this should be this number. You messed 0:17:17.560 --> 0:17:19.840 up on these bank statements. So we was giving them 0:17:19.920 --> 0:17:21.359 inflated paperwork. 0:17:21.400 --> 0:17:22.320 So that was my crime. 0:17:22.640 --> 0:17:25.720 My crime was I have real people, real credit scores, 0:17:25.720 --> 0:17:27.600 but I was giving them inflated papers. 0:17:27.720 --> 0:17:33.040 Stated stated like stated, but stated income was was was 0:17:33.040 --> 0:17:35.840 was legal stated, but you was just kind of fudging 0:17:35.840 --> 0:17:36.960 the numbers a little bit more to. 0:17:37.000 --> 0:17:38.080 Stated income program. 0:17:38.160 --> 0:17:41.080 So I purchased these properties in two thousand and two, 0:17:41.200 --> 0:17:41.960 two thousand and three. 0:17:42.280 --> 0:17:43.600 Stated wasn't that popular? 0:17:43.800 --> 0:17:47.440 Stated became popular around two thousand and three and two 0:17:47.440 --> 0:17:48.120 thousand and four. 0:17:49.040 --> 0:17:51.840 So there, Yeah, you're creating the numbers, but they're coaching 0:17:51.880 --> 0:17:53.560 you along the way, like, yo, listen, this is what 0:17:53.600 --> 0:17:55.160 you should have right right, coaching me. 0:17:55.280 --> 0:17:57.800 Like we got red flags all over the place, phone 0:17:57.840 --> 0:17:59.960 numbers not working. They like, yo, change the phone number, 0:18:00.040 --> 0:18:01.400 fix this, do that. 0:18:01.400 --> 0:18:02.360 That is why I had a. 0:18:02.359 --> 0:18:05.400 Problem just sitting back taking it because I'm like, yo, 0:18:05.920 --> 0:18:08.240 y'all was down with everything that, you know. The whole 0:18:08.240 --> 0:18:10.640 point was saying, like, Yo, you gotta pay your mortgage payment. Store, 0:18:10.800 --> 0:18:13.480 nobody wants to collect the foreclosure. They like, look, as 0:18:13.480 --> 0:18:15.639 long as you pay the mortgage payments and do what 0:18:15.680 --> 0:18:17.000 you gotta do, we good. 0:18:17.200 --> 0:18:18.520 And that was pretty much the agreement. 0:18:18.640 --> 0:18:22.880 So so you get you get Joe Schmoe rapper who 0:18:23.080 --> 0:18:27.359 has money to pay the mortgage but doesn't have good credit, 0:18:28.560 --> 0:18:31.000 might not report a lot of income, so can't really 0:18:31.040 --> 0:18:33.879 qualify for this two million dollar home. You fudge the 0:18:33.920 --> 0:18:36.840 paperwork to make it look official. You get them in. 0:18:37.840 --> 0:18:41.160 That's what you did, right pretty much, It's not that bad. 0:18:42.359 --> 0:18:45.760 I mean I seen a lot worse. I mean, shout 0:18:45.760 --> 0:18:49.120 out to our boy. He called it the wild wild West. 0:18:49.119 --> 0:18:50.680 So a lot of things were happening like that. I'm 0:18:50.720 --> 0:18:54.320 and and he says, I mean the stories he's told. 0:18:54.960 --> 0:18:57.000