How To Get FILTHY RICH In Real Estate | Ben Mallah Unfiltered

I started from zero nothing below zero you should take what you enjoy and take it to theing Stars focus on what you're good at and what you can do and take it as far as you think you can take it Rocky's here baby why you spending so much money you gave it to me I'm going to put this place on the market baby real soon when I don't owe the bank a bunch of money that's a good position to be in because they can't wait to loow me some money deal with all this stress paying double interest rates the stock market's down the writing's on the wall every saying you can imagine in my opinion is there the market doesn't make sense it's got to get disrupted you got to do whatever it takes to put yourself in a position to make a move we got to get this thing done okay put it on the table get a plan and do it at least try you not going succeed unless you try right so you had no choice but to try and hopefully you'll succeed like I did now's the time to get ready Now's the Time to bring your boots out so you can walk in this so we went to your website we see that you're selling $350 million worth of real estate what's going on yes I'm trying to reorganize the portfolio that's what you do in life sometimes and sometimes you say you know what this this portfolio is gone and it's stable and it's taking me pretty much as far as it going to take me I believe that the Market is turning or will be turning soon it has to eventually and there's going to be some serious opportunities out there all right so sitting on all these assets and ain't making me a bunch of money just a decent return doesn't pay to keep all right let's cash them in take some profits off the table pay down a lot of debt because you know what man when I don't owe the bank a bunch of money that's a good position to be in why because they can't wait to loan me some money and the values are coming I just hit the fan the writing is on the wall every saying you can imagine in my opinion is there okay I'm seeing loans coming right now due in the probably hundreds of hundreds of billions maybe definitely in the billions and everybody's trying to sell their property right now you know why because commercial is not residential commercial loans don't go out 30 years all right three five seven typically maybe you go a little further with 10 if you got some AAA Home Depot like I do or Lowe's that has a long lease on it and they ain't going to worry about typically commercial loans a short time so that teaser wonderful great interest rate we used to have when somebody else was president is no longer there all right you're going to have to tell today's rates and the properties can't handle today's rates isn't there a chance because I thought the same thing that you're wrong and that they could lower rates just as quickly as they increase them and then everyone in commercial real estate could get lucky and kind of get bailed out because interest rates go from 7% back down to four let's just say I don't think we're going to see the stupidity anymore of people pushing a button so much all right never did I see the race in my whole lifetime go up so quick so much it's not smart to do that you're supposed to just you know do things in a way where it doesn't people don't feel pain all right do things in a moderate conservative way you know but they didn't do that because they're not business people that's PR this country you don't have no business people running it and if you never ran a business how how you going run a country because basically a country just a business with a conscience but couldn't you then say if Trump gets elected he's going to lower interest rates or at least pressure the federal ler go that way whether he does it or not I mean I'm sure that the Republicans are always going to want to keep rates low because cheap rates mean growth people borrow money cheap they do more they buy more you make more and you know people spend more people are working and uh it just seem like a much better world to me when interest rates are lower I can go out there and you know and borrow you know right now I'm paying more than twice the interest rate I used to pay maybe three times in some specific properties okay versus what I could have locked it in at yeah so I'm cutting back why because I'm spending $5 million a year more in payments how' you like to Shell out a half a 400 Grand a month or 500 Grand a month extra every month month that you normally wouldn't have to that you'd be stashing away in the bank and putting in taxfree immunity bonds at 5% taxfree that's you know anyway the point is is that you know it is what it is and it's a cycle things go up things go down things just people do stupid things then they correct themselves there's going to be a major correction in the market there's tons of loans being sold on the market right now you could buy loans but they haven't really discounted them that much everything's moving slow um but the the shit's going to hit the fan okay let me tell you I talk to Bankers all the time we were playing the game pretend and extend you heard that term before yeah I have that's what they've been playing mhm now that period is over now they have moved to prey And Delay that's it I knew it started with prey so now we're in that phase what happens after you pray and delay the sh H the fan because the the banks don't want to know they don't want you to know that the banks only work with the loans they have correct you're a finance guy yeah the banks only are worth on the amount of loans they have that's what determines the value of a bank and if the bank has loans and the value ain't worth the bank the stock goes down to toilet you know I lost a million bucks on that Silicon Valley uh thing I told you a preferred stock why cuz I bought it my broko bought it three or four years ago was fine and all of a sudden out of the blue everybody found out they couldn't keep it quiet anymore that the loans are bad that they got they're not worth the property to Collateral and now this the loaning work and the stock went down the toilet and the bank went out of business I got out of a million bucks that's what happens that's the way it works so if the banks don't hurry up and right now let me tell you something I don't I don't have to worry there are like the banks are are pretending that you don't have Covenant believe that and I've never seen it happen on Wall Street I'm seen it on cnbs loans I'm seing it on Wall Street money they're pretending that everything's okay but it's not because the property has to go to the A's interest rate and be reappraised it can't cash flow the same debt ratio it's not going to meet the the the proper what's the word what cash flow debt obligation whatever right yeah so basically it's not going to praise out any more today's interest rate yeah but couldn't the Federal Reserve do what they did with Silicon Valley Bank and basically to say hey we're going to loan you money you could pay out your people uh in vors get screwed out of it but none of the customers are affected couldn't they do the same thing with the bank and say hey for all these loans that come du doesn't matter nobody want to go there somebody gets and people get the people with the stock or it could be the taxpayers and now you're talking the stock market you know what it's going to do the stock market if Bank start closing up I don't know if they will I think the Federal Reserve will want to how old were you in 2008 18 18 you remember it right you a smart young guy a lot of banks went belly up a lot of merges came up out out of it and uh it became a mess but it drove but it caused opportunity it's got to happen it has to happen because that's the only way we get opportunity all right see I look at what happened 2020 though money problem what I look at 2020 where they just threw money at the problem they they just you in a way bought themselves out a couple of banks cuz it just started then you know what the they did they backed the away from the whole situation they didn't want to keep doing you know why they keep doing it then it'll become a bigger mess if they start looking at every bank right now trying to make that bank look like they should it'll be a GI disaster I'm telling you the banks it's not that the loans are bad they're bad yeah when they have to be paid back when the money has to be paid back so what they're doing now is they're just saying don't pay us back that's the solution to it right now they don't care about the loan docks they don't care about the agreement you have they're just saying oh sh he's paying us let's keep paying and extend it okay but if they have to go to today's rat and get reappraised it's not it's going to hit the fan already seen it we went to so they're basically betting that interest rates are going to come down by the time come you know they'll come down about the fives and stable out but we got to go through the whole president's [ __ ] and we have to go through a bunch of [ __ ] and uh they're going to keep U praying and delaying right now until the year is over in 25 we see some straighten out the financial situation because sooner or later people are going to say I want my money back you know know can't get your money back right now yeah so for the properties that you're listed on your website they seem like they're priced a bit on the high end like I'm look they priced retail as if things were great peachy keen and everything was a perfect world that's where you price assets like that at why because you got to understand my world is a little different than the the regular Market I'm strictly at 1031 there's a circle of people in this country that have utilized 1031 and uh they don't want to pay back all the tax they deferred okay they don't want to pay it so they find themselves in a situation like I did I sold 100 million or 90 something million a star with capital all right I found myself in a situation it could have been 20 $30 million tax bill on that cuz my base is so low because I've been 1031 for so long you know if I go out and buy a $10 million building tomorrow I don't get the basis of a 10 million I probably get a basis of 2 million okay because all that tax that I defer they don't forget about that [ __ ] they the government remembers that [ __ ] and your basis goes down and then if you die then you get a break the only way you know is to die uh anyway the retail is safe havens I went to the Home Depot I went to the loads went to the Walgreens I went to all the safe haven properties that I knew they going to get you a decent return you know I bought some in the six caps some the seven caps maybe some of them my value added and I rented up some space and there's more value in them and they maxed out it's the best you're going to do with them you know I got shopping centers you know bring in a few million a month uh you know gross and there not lot of expenses cuz you know you Cam out you know you Cam back all the expenses so retail could be a very safe haven if you're in 1031 and the clock's ticking and you got to hurry up and buy something and you don't want to pay the government some guys go out and buy planes I go out and buy Triple Nets like you heard you um I don't want to you know your friend Grant Cardone Kevin and all these guys they go out they buy these big fancy planes right before the year is up because they don't want to pay they get a tax right off for it that's fine that's their thing they need the planes me I go out and buy a triple net and uh defer my gains from Real Estate into that so what does your portfolio look like today today yeah how's it Chang mean it's a combination of everything you know we got hotels running a half a dozen hotels some are in contract On's in contract was sold um maybe two I don't know I'm always trying to sell stuff after I've reached its Max potential you know and it's a good investment for somebody else but I don't want to sit around running a hotel for the rest of my life I rather just sell it take the profits maybe go find something that add value to that I'm trying to tone down the operation part too the money's in the flip yeah it used to be you know when rates were low the money was in buying something fixing it refinancing it get your money back and then sit on cash flow but because rates are so high right now that game doesn't really play as well yeah how's it changed over the last year interest rates control everything you know cash flows down because interest rates are up everything's up insurance is up labor is up materials are back up now it seems like I don't know it's very expensive to run property you got to be very careful and do your homework now and make sure you'll allocate proper amounts for the expenses if the rates stayed High and the loans came do and there was a bit of a correction or even like a crash how would that affect you listen they're going to try to start selling off these loans and well they can't sell a loan it doesn't exist anymore that's going to be the problem once the time is up on a loan they can't sell it they got nothing to sell either the guys got to [ __ ] pay him back they're going to just extend the old loan but then they don't get rid of it or they have to sell that property see the problem is a lot of people in commercial real estate is not one single guy like me a lot of them are Partnerships a lot of them are a combination of a lot of people and the only way to cure this problem right now is to buy down your debt but nobody likes to make Capital Investments or whatever they call it infusion of capital into a property to buy Deb debt because normally you know it's a combination of a lot of people that means everybody's got to throw money into a deal they don't want to do that some of them just walk I've seen it happen a million times me I'll buy down a debt before the bank tells me you know but the bank's never going to tell me they never loow me money because I got money you know and when you have money and you have Investments you got lines of credit said they ow me all the money I want you know just where does it get to the point you say what's the point of holding this property if you're not cash flowing all right but you know what before we go into that we got to some quick math because the less money your business spends the more money you get to keep which is really important right now because with the rising cost of materials labor distribution and borrowing everything is costing more so to reduce these costs and headaches smart businesses are graduating to our sponsor netsuite by Oracle netsu is the number one Cloud Financial system bringing accounting financial management inventory and HR into one platform and one source of Truth with netw Suite you reduce it costs because it lives in the cloud with no Hardware required and you can access it from anywhere you basically cut the cost of maintaining 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description so stop putting off those doctor's appointments and go to Zach do.com to find and instantly book a toprated doctor today that's zocdoc.com zocdoc.com / IED with the link Down Below in the description thank you Z do for sponsoring today's episode and now let's get back to the podcast why not just pay down the debt have you know a 100 million worth of really great EST I pay down the debt then I have more income correct correct what do you mean you if I pay down my debt yes I will have more cash flow and more income right correct luckily even though I live in Florida I'm going to pay 37% and I don't have much to appreciate because I 103 one to these properties and you also lose depreciation is based on basis not on what you paid so if I buy something for 10 million I don't get to divide it by what's that number7 37 yeah 21 for 27 for residential resal 30 commercial is like 37 and a half I can't get that full depreciation anymore so I'll be paying if I don't pay the bank let's say I save a million bucks a year right not paying a bank so I got in my pocket another Mill ion bucks a year I don't have that write off anymore okay because I do not pay any interest so I'm going to have to pay 37% to the government but your life would be simple I rather keep the money I got put in taxfree immunity bonds at five plus percent in some cases if you go into a fund sure okay and that's simple life that's the end game that I'm trying to really prepare right now I'm trying to sell off assets that we don't need let my kids keep growing okay and just give me let me let me just retire with enough mun bonds that give me taxfree income and then when I die she'll have to tax free income for the mity bonds she ain't got to worry about not having any tax problems whatsoever ever why not just do taxfree Muni bonds like if that's making 5% I mean if I sell my portfolio right now probably have to pay to IRS 50 million I know but the taxfree munity bonds at 5 something per. you don't have to worry about depreciation you don't have to worry about tenants it's I have a lot of taxe commi bonds and I'm trying to grow them so that'll be my retirement but I still got to clean up the mess I made in real estate I got 25 different projects you know all around some were still working on some were stabilizing some are stabilized some are waiting to be stabilized some are in construction some are whatever some are just being operating an office full of people keeping track of all the rents and all the escalations in the rents and whatever needs are out to the properties you got a major management company we just bought another hotel we just put a we we put a new flag on it uh when we bought it and uh we got a rehab that place there's always a lot of sh going on luckily my kids handle most of it my managers and I just you know worry about buying selling um and keep an eye on everything that's going on you know it doesn't even seem like that's my life everybody's got a life my life is managing 25 different assets and trying to prepare for retirement and figure out a trust it seems like you're pretty happy though with the problems we were talking before this and you're kind of like lamenting a lot of the problems that you have to deal with on a daily basis we were just on your boat and you're talking about like the different scratches on the glass that you have and this needs to go get painted in this Silver Surfer guy that's my life you know right but course you don't need to necessarily be doing that now but I say you also enjoy it because you're also buying hotels you I don't like people charging my money cuz if they're not if I don't know that that person you know knows what how you know I'm the one trying to fix the boat up and sell it not them they're just there to accomplish doing what I want done somebody has to orchestrate everything real estate are you YouTube channel fix it up a boat somebody's got to orchestrate this when there money involved and I'm the orchestrator Ben toen you heard of be toven Ben toven there you go but it seems like you enjoy these these problems though like it gives you something to to work on and you enjoy no I like having problem I'd love to wake up oneing day and say you know what I ain't got [ __ ] to worry about you could do that though oh I love it I can't wait and I'm getting old and I want that day to come soon so I'm trying to fix all this [ __ ] and get it to where I could just stop worrying about how much money would you need to not have to worry about anything is it is it a dollar amount or is it income to be comfortable and not worry about half million a month so 6 million you I keep that big house in the sand and property tax a killing me there oh my God how much property tax qu million quarter million what percentage is that 2% oh yeah Florida 2% no state tax so you're paying the ass property taxes Vegas is8 and no state tax and you have no state tax I'm moving to Vegas problem with Vegas you got no water how the can you live somewhere Vegas it's on the water we have an aqueduct I think it's not like this I can't get my boat and go in two hours being in Bahamas no I can't do that in Vegas I can only do that in a RV right because I feel like with a with a you know 100 million be able to buy a great 100 million will get you 5 million a year taxfree right that's what you need there you go yeah I mean I can retire tomorrow but I gotta clean up the mess I got yeah I got a mess I gotta clean up but if you believe mess yeah but if you believe the Market's going to be going down for commercial real estate I believe there's going to be major opportunities coming my kids are just build bidding on an auction online don't worry though thatting an auction on 217 apartments that went foreclosure don't you worry though with you your current holding that if you wait too long the market could correct before you're able to sell you're absolutely right and that's why I'm trying to sell them and if I get an offer of course I'm going to work a you know nothing's etching Stone I got to look at what I'm selling for if I can't 1031 what's my tax bill going to be and then come up with that price and see can I swallow it or not how much will I get after I pay the loan off how much will I walk away with how much is that going to get me if I put in taxfree community bonds this is what I have to think about before accepting an offer on a property and then what about the residential real estate like you just mentioned apartment buildings are those getting hit the same way cuz I feel like rents for apartments are still pretty high apartments are holding strong because nobody's buying house so that's keeping rent strong why nobody buying houses we don't know because of the interest rate you know the same guy was buying a half million dollar house can only afford and qualify for a 250 now because the interest rates are double right and there's no 250 houses so what do you think is going to be happening to the residential real estate market residential everybody locked in long-term rates not going to move because when they go see oh I'm can sell my house and make a half million dollars yeah but now you're going to go pay another half a million and then pay more interest and it doesn't pay I'll just stay where I'm at a lot of lot of people are not going to sell all right I'm starting to see a lot of houses coming on the market people may have to sell not everybody took the 30-year fixed rate not everybody was that smart yeah you know some people took it for maybe um only a short period of time or some I don't know a teaser rate I don't know but residential is going to be residential it's not going to have a major upside because all the people locked in for a long time commercial is going to hit the fan okay retail suffering anyway so when do you think this is going to happen cuz I've been thinking the commercial real estate market is didn't happen until the end of the year listen people sit around these big shots and they say okay let's readdress this issue after we change election in a New Year all right let's just extend and keep things quiet and then we'll deal with this at the new year let's get out of this fing year already we got the president bull going on we got all these problems going on you got Wars going on uh let's see what happens in 25 so I tend to think that if you're correct on the timeline and let's say it's March 2025 it should take about a year to really start to feel the pain which would put us 206 now the time to get ready Now's the Time to bring your boots out so you can walk in this identify the deals that are going bad identifying out who the people the first ones to get slaughtered are going to be those types of properties those opportunities start look there a lot of more auctions listen when the interest rates were low 10x didn't have SH now look at 10x we were we were bidding on a 10x deal the other day for like I don't know we didn't want to pay the 8 million it sold for you know you the 10x list is getting bigger the loop Net's getting bigger the craie is getting bigger people are trying to dump sh and I'm one of them yeah but if you're lowballing now don't you think that you could just wait better be early than late and it's never you never hurt you by being early all right it's educating yourself it's getting in there and getting going because sooner or later something's going to pop and you're going to make a deal I may have to you know look at bunch of deals you know there was an auction the other day in my on the beach it went for 2 and a half million I wouldn't I was thinking I'd pay a million and a half somebody's still stepping up paying that spending that money you know sooner or later those people run away the ones that over spend on I thought that for the last year in Vegas but consistently well why would you buy something at a five cap well that's what I'm saying when you go to tax for uni bonds if you're not if you're not forced to it it's 1031 so I want to find something that's about eight 8 and a half% they there I see them all day long nowas se you dig into Vegas the best deals I found in Vegas are about 6 and a half% return but people are still paying for it see Starbucks going 6 and half now where maybe not in Vegas but who gives a Starbucks wouldn't have put it there unless they knew were going to make money they already did all that money and looking into the uh doing their homework you know what people are conc got a long lease do you think Starbucks go out of business you think they're going to violate a lease I I think they might start to close down some stores because it seems like Starbucks is are really suffering lately yeah but you get a brand new one there's too many Starbucks if you get a brand new one with a 10-year lease you worried about it I'd say there's a small amount of risk no risk if you get a brand new Starbucks right now with a 10-year lease that a personally guaranteed corporate you ain't got [ __ ] to worry about where would you say the opportunity is for the average person out there that may not have the it's always the same story same things find the deal yeah lowball is the find distress lowball [ __ ] get it down to the right price it's all about the numbers the numbers got to work all right and they got to satisfy your desire for an investment and you got to limit your risk like he he's very risk uh you're low risk tolerant which is fine it's good to play prob a fault though huh that's probably to a fault I think I miss everybody got their own R tolerance all right I have R tolerance I I I can't tolerate a lot of you know I got a line you don't cross and if you feel comfortable with that line it's fine but sometimes you got to do is when you really feel like you're stable and you you push it a little and you say okay if it does me over or things don't go to my way it's not going to kill me it's worth taking a risk versus a reward you got to determine you know but you gotta be comfortable and what if someone doesn't have the money but they see the opportunities coming up a year from now and they want to get you got to do whatever it takes to put yourself in a position to make a move whether it is get qualified from FHA one to four units uh or if you're if you're a veteran used a VA loan or save up to 10% down the bank wants you to put down or if you go commercial 20% down but it's all about finding the deal you got to have good credit you got to have some sort of money you can't be broke a lot of people out there find the deals that have no money they find somebody else's money they find a deal they find the money they're in the deal there you go it's all about putting forth effort into something that's going to help you and get you forward in life what whatever it is what are some of your best negotiation strategies how do you know when you're too aggressive I'm going to tell you right now if you go look at real estate and there are issues that there that exist which hopefully there are cuz that's where the money's at the money's in the issue issues because you buy it you cure the issues and there's a reward for that value add you add value so always get your your issues with the property documented pictures have a have like a presentation almost put together saying whether it's a house whether it's a vplex whether it's 300 units this is what this place needs right now and estimate the value and of course add on for 20% for you know good purpose but have a plan to come in and show the seller that hey it's a great place I love this place but you want too much why because I got to put all this money into it that's a good tactic that we use you know my son will put together a report with put issue picture and then we'll put a dollar amount on it you got to also got a low ball the [ __ ] on Loop net that you like but the cap rate's too low you got to make offers do you have a license or no you have a license not anymore Ian you don't even need a license you just r a [ __ ] ly to the existing broker and write up an ly from yourself if you want and you know if they don't like it fine or they scratch it out and put change the number if they're asking for a [ __ ] seven cap and you offer him an eight and a half cap if you like the property yeah what you do how much more difficult is it today to find a deal versus like four years ago New Deals out there it's hard I mean it's hard but it's it's I mean they're starting to come I'm starting to see it trickle down I'm starting to see a lot more deals popping auction sites I think you're going to start seeing some foreclosures coming you know but right now they're still working out uh the debt part of it they're going to sell off as much debt as they can and then be left with the dogs that they say well we can't sell the debt we got to sell the real estate that's what's going to happen but it's not going to happen till next year yeah what do you think is a good cap rate to buy at I mean if you're looking to sit back get a good return it all depends on the tenant you know if it's a good tenant long term right now the deal is buying a strip center with some empty space the only way you can make money in retail is to have an empty space I mean yeah you go out and find I've been seeing daycare centers and aaps from strong companies you know daycare centers are really good now anything it's necessity you know hair nails food uh daycare things that internet can't [ __ ] with strip senders with empty space are the best things you can do right now you fix the place up you get that space rented out whether you use a leasing agent or not or you just list it on co-star you make it look nice you find somebody to fill that space that's how you make Instant Equity in um retail all right we or you chop up a big space make it into two small spaces we've done that um you know I mean we've made we've had some success in building small retail on Lots you know because we had to tenant before we built it so there was no [ __ ] brainer no risk right we just rented to cookies my son wanted to do it and I did it California marijuana dispensory medical card Florida Dale Mary right next to the with the Bucks play so I saw one actually a dispensary that was for sale in Arizona dispensaries are all over the place dispensaries the Market's flooded with dispensaries I've seen it for 10 caps same that was Michigan why I don't know I have to go to Michigan and I have to find out why are they paying a 10 cap how strong is the people that own the dispensary are you know and how they making money and get a field for it those the ones really wor investig Arizona it was it was it was at a 10 cap but it hadn't sold in months and I'm looking why is not why you got to know why and typically the broker can tell you he can say okay why this place sold you offering 10 cap on the money Banks won't loan on them that's the number one reason no dispensaries go for less than even the best one's never sell for less than a seven and a half cap a capap used to be seven now it's now none of them ever sell for less than eight if eight it better be a major company so if 10 is a smaller guy so if you're buying at a 10 so a 10% return and you have to buy it cash is that you buy cash is that is that a good use of money sure as long as you know that that dispensary is not going nowhere and the people that are growing and selling the weed I got money and are making money and you'll never have to worry about your rent just like any other tenant but in this case you got to be double sure because you can't loan against that property all your money has to be tied up in it so there are some Bank that will loan on it tell you the truth but there's been some changes with Federal Charters and some banks will loan but they're going to charge you 10% probably so what's the point right but if you have cash do you think that would be you go tomorrow you get for a million bucks you can go buy a dispensary and get 100 Grand a year just deposit it right into your account what's the biggest risk of that outside of the tenant just lot of them can't take a lot of them still can only take cash that's the biggest problem dispensaries have allow them to take cash which is not good because the St it interferes in their business but a lot of them got credit lines now banks have recognized it I mean the only thing is if it can only to me it's all about any other business supply and demand is there a demand for that dispensary what are their numbers but the problem is dispensaries a lot of times competition can come in and [ __ ] them over if another dispensary comes in that neighborhood and they got better weed for a better price they could get get hurt but I don't know I don't know the business that well but you got to do your homework for every business you know it's just like an ice cream place you're not going to run an ice cream store to an ice cream guy if there's one right next door right you know yeah but you know you can get 10% on your money if you want to rent to buy marijuana medical marijuana triple Nets is there any other Niche businesses that are pretty good returns aside from dispensaries I mean safe is like like I said necessity properties are safe think that are making money the Necessities people need them hair nails food uh daycare private schools I like private schools I'm seeing a lot of schools and daycare is being sold in Vegas at a really good return like I'm talking like seven seven and a half% it's all about but why are they selling it such a low price for a necessity 7% is not a low price when you're paying 7% to borrow money it's a shitty price you only get 20% when I'm seeing everything selling at a only 20% skin in the game right you're only going to get a 7% return return on 20% because in today's interest rates all the [ __ ] money goes to the bank it's not a good return it sounds like it because we're used to them being lower but seven is not a good cap rate these days if the banks charges seven it's a wash yeah do you see wash at least not really maybe that's your problem with girls you got to start washing more he reminds me of my captain they're like young good-looking guys but you know for some reason they don't I don't know I think it's because they're like is he like the spoiled brat type self-centered is he self-centered no no he's not no he's not he about and you know I don't know I don't think so I gave him the nice room when we were he did actually last night there's a room that connected to a bathroom and and Graham and I already I said Graham right or left and without looking he said right and he didn't want that room even though we already predetermined it and then I said and he's like can I please have this room I'm like of course you can cuz previously he gave me the nice room and I remembered that this whole time because I was always grateful for that and so is it he a boss it's Tech is he not your [ __ ] boss technically well depends on do you have a job without him without him no but you have an existence without him he's your [ __ ] Golden Goose and you got to protect the goose to lay the golden eggs yes he's not protecting the goose very well we protect got married got to protect the goose um did you get a preown how much does a wife cost per year a wife cost I mean you know it depends what about kids kids are 100 Grand a year private schools and all the [ __ ] they want forget about my kids um I mean you know kids are 100 Grand a year wives are probably getting piss away 100 Grand a year you know they got hair they got nails they got shopping they got you're talking about groceries you're talking about housekeepers I mean you know I mean not count mortgages yeah your wife's going to be at least 100 Grand a year minimum that's a low-end wife mine's probably 200 Grand a year she got two [ __ ] housekeepers do you not even talk to her when she wants to spend money like she can just go and do I'm luckily beyond the point luckily my wife is not a she don't spend a lot of money like she wouldn't buy nothing crazy or and if she really wanted something then I try to talk her out of it and I would we were in Vegas when we were in Vegas she went into a [ __ ] jewelry store and she had these [ __ ] people mouthwatering about getting ready to buy some [ __ ] what was she buying you were with me some [ __ ] bracelet or something for 10 grand or some [ __ ] yeah I said lady you got a jewelry [ __ ] sa full of [ __ ] and you don't even wear okay and what do you want to watch for you always want to watch you don't even [ __ ] look at the time on a watch use your phone you only wear it for jewelry she wears watches jewelry yeah I I think most people [ __ ] watch even have the right time on it she's got a Rolex and it don't even have the right time it never had the right time I feel like most people wear watches for no one looks at the time on their watch I mean occasionally during a podcast I will but that's about it [ __ ] phone everyone uses their phone so you seem pretty good at reading people how do you know if someone's trying to screw you the point is you got you got to verify [ __ ] you can't take anybody's word for anything there's plenty of people I thought were 100% honest great people would never screw me they screwed me verify verify verify every [ __ ] thing I mean because you know even if you feel like oh I didn't need to do it well you did it now you know for sure that you're not getting [ __ ] with they're telling you is true I try to verify everything I can and what about through evictions like evicting tenants how is there any any telltale signs for tenants that come in even if you verify I you know if you check the tenant out and you rent to them and they're good and and they're paying they working and you know there shouldn't be no problem I mean things happen in people's lives the problem is tenants lives change and bad [ __ ] can happen okay it's like one day you can wake up and say why is UN let sit in the back and let this guy Jack screw me over so much and you might say you know what Jack take a walk go find Jill and uh you know and then he's [ __ ] you know and then um basically his life changed and if he's paying your rent every month he can't pay it what's the most expensive eviction you've ever been through oh my God they were all pretty much the same you know what the reason why I got out of California was every time I had to do an eviction even on criminals with police reports that owed me money the [ __ ] courts were so liberal in California they all run the legal aid whatever they called it you know and then those [ __ ] people they all went to school of Berkeley and then they go work in San Francisco and want to save all the people that don't give a [ __ ] about nobody but themselves okay those are the people they want to save listen if a poor person needs help and they're a decent person and and they need help I'm all for it but they want to go beyond that they want to save the [ __ ] poor people that are fuckups and criminals and that's what they did to me in California okay what happened every [ __ ] time I want to evict somebody right away we request a jury trial you know what that means it means I got to pay my lawyer five or 10 grand for a [ __ ] tenant that owes me a grand hand and get him out of my place so they use as a scare tactic nobody goes to jury trial but that's a way of sticking your land lord in the corner and making him settle well give him three months free pay him $2,000 for moving uh go take them out to dinner who the [ __ ] knows and you know and it it cost you thousands I got out of California 20 years ago back then every eviction was starting the course between a lawyer's fees and the loss of rents and that money had to even pay him to get the [ __ ] out could been like at least 5 to 10 grand now it's probably who knows even more 15 20 I don't know the the politics there were so bad the courts was just so one-sided and and the whole legal system was so one-sided you'd have be a [ __ ] idiot to be a landlord in California where I was at I had a class action lawsuit against me oh was that for because I was one of the biggest Section 8 landlords at the time in Oakland some raise a stink because on all section A contracts it says you should pay a deposit doesn't say you have to pay it okay or there's a place for deposit on the unit right my trick to getting tenants or one of my I'll say one of my tactics in sales and marketing was if you at Section 8 I'm a nice guy I'm going to wave the deposit and I'm not going to collect it cuz these people were poor they didn't have the money to move into an apartment and and and move and turn on the electric and turn on this and that still give you a big fat deposit these people aren wellit people on't Social Security especially old people honestly if you had a voucher and I knew my rent was guaranteed every month from section 8 I went charge a deposit no then some crazy Berkeley San Francisco group says they started asking everybody that was a tenant of mine that moved out of my properties they do search searches they get a bug up their ass is a big FR landlord he's just taking advantage of poor people they went out and they they asked people did they ever pay you back a deposit no I never did why and they made me spend thousands of dollars defending myself just to to tell them listen I never charged one why would I pay one back imagine that that's how crazy how long dides it take to settle that went over a months CU once you get in that [ __ ] Court they think they got big money against you and you're big fat rich guy they're going to just say you didn't do this you didn't do that they're going to make up all the you ever see a lawsuit you've been serving with a lawsuit the lawsuit says you're you're guilty they're accusing you of all this [ __ ] doesn't mean it's true you got to go to court and fight it out you know they going to accuse you everything under the W without doing their homework because these lawyers especially the liberal lawyers are nuts they just see oh we're going to stick it to him we're going to collect we're going to get damages we're we're going to do all this we're going to don't get me wrong there's some lawsuits that are are valid you know especially class actions like with you know big companies that [ __ ] up but you know San Francisco and Oakland and Berkeley is a different place you're from Southern California yes from La it's different it's not even as bad as Southern California it was bad I had to serve a tenant with an eviction a few years ago originally this person was was going to buy the house that I was renting to them ended up not buying it and then I gave a 60-day notice to leave because they weren't buying the house and wanted to sell the house after the 60 days they didn't leave and they continued paying rent and so I gave the notice to uh basically notice to vacate and in that notice you know gave all the forms everything and you did it all yourself no so I hired a property manager to go and do that for me and she signed everything sent it back to the property manager we we think we're good but the next month she pays rent again and I think this is odd so we actually have to go to the courts and file and I sent the rent back and it took about two months to go through the courts Court rejected it because they say in this she you did not include a covid disclosure and keep in mind this is like somewhat recently you didn't include a covid disclosure and because of that your notice is not valid and you have to start the process over again all because of that now it turns out the tenant knew that that's why she signed everything sent it back to BU time she knew it or she got legal representation to tell her that yep she got her from a serious liberal this is California we're talking about this is California she got it from a typical liberal California legal aid or whoever chief lawyer that specializes in that [ __ ] that's why your first I'm not knocking you but your first mistake was not a property manager you go to a legal lawyer they don't charge that much just the process of eviction to start with you go to a lawyer that specializes in evictions that's and he does the notice he does all the filings he does everything and he's responsible for the case normally they have places that guys are specialize in that's all they do they run a mill I know of addictions my issue was that I trusted her CO's been over for [ __ ] years I trusted her explicitly her and I were on Amazing terms she might be a good manager but she's not but when it came to when it came to that I didn't I I thought it would be completely amicable I thought you know a handshakes like DET tenant DET tenant yeah we're on great terms and so it caugh me off well I got to pack up a move I got to find another place it's going to cost more money uh you know and it just you know they California is California they going to you know they got these stupid things oh you didn't have a c for [ __ ] CO's been gone and what the [ __ ] Co got to do it me want my property back uh your person doesn't have covid you know so what's the problem and if you get Co these days it ain't [ __ ] it's a cold but before we get into that this episode was filmed in Fort Lauderdale we had to fly back to Vegas and then after that we flew all the way to to Toronto to film for you guys and now we're in Orlando Florida we are people with very busy schedules and to be honest finding time to cook a meal can be extremely challenging and it's way too easy to just go out and order food which is definitely not the most cost- effective or healthy option but that is where our sponsor Factor comes in with their no prep and no mess meals Factor meals are 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online consultation with a healthcare provider who will determine if a prescription is appropriate restrictions apply see website for full details and important safety information thank you so much him for sponsoring this episode and back to the podcast have you had to deal with any squatters on your properties squatters you shouldn't have to deal with them if you're managing your property they you they're like roaches they come in like a bug and you got to [ __ ] exterminate them uh but yeah I mean you got to monit your property you got to not ever let them get in and as soon as they get in you got to get them out how would you solve the squatter issue vacan property has to be monitored with some sort of device or ring or motion detector or something come on management that's management it should never happen you know and um if it does happen you know of course you're going to try with the police first I saw something online it was funny a guy had squatters in his house he wrote a lease up squatter Hunter to somebody else mhm so he squatted the squatter this person said I rented this place and these people broke into it they're here and here's my lease the tenant has more rights than the owner figure that out so the lady he gave a lease to said I just rented this place cops threw those [ __ ] people out because that tenant had rice this is where she's renting to live and you don't belong here and she's got a legal document saying she's got rights to rent it but the owner doesn't take a presidency there so believe it or not crazy thing the T come rights so you should see the podcast that we did with this guy called the squatter Hunter so he does exactly that where the landlord if they have a squatter they give this guy Dias agreement and he could move in with the squatter and because the squatter doesn't want to live with this guy who will have his buddies over and he installs cameras all throughout the property except for the bedroom and he says we're going to be live streaming everything that you do over here not the bedrooms or the bathroom but everything else is going to be public or you could leave right now why not the bedrooms privac it's a privacy issue they belong there have signs up you're on video you're on video yeah but yeah it's it's a great brilliant idea and it's great material for YouTube and he's and he could charge 15 20 grand video what goes on with him and his five [ __ ] roommates I'd love to see that too probably a bunch of nerds right they nerds yeah they're pretty nerdy party hard like Animal House too no no no they did that it refund I want to know what the difference is between being a landlord in Florida versus California like are there what are the main totally different what the differ you got rights as the landlord you're the property owner you're paying the taxes you're the one that that owns it ownership means a lot here all right where ownership doesn't have the same respect and entitlements in California here listen it's real simple whoever owns it runs it and as long as they're not breaking a law you don't belong to if you don't pay them your you got to go they don't even contest the evictions here very rarely I don't think in all the years I've been here 20 years in Florida I don't recall any evictions being contested they just process the paperwork and then the sheriff will eventually come out in less than a month and tell them they they got to go and they go normally doesn't even get down to that the people leave before the sheriff comes I mean it's just it's more landlord friendly and normal pay or stay no pay no stay Chinese way what do you think of the anti- landlord movement that seems to be going on now nonsense all these movements are nonsense everybody just needs a basic Common Sense movements we have a movement against landlords well [ __ ] if there were no landlords where the [ __ ] would you live if guys didn't build [ __ ] for you to lay a head in and sleep and live where the [ __ ] would you be that's why they call him Lord they would put landlord a property owner on the highest level of society when Society first started that's why they use Lord God you provide a [ __ ] place for people to live and exist and raise your family I'm not saying I'm a God but that's the level that the history put people on you know because you were important I mean what do you do sleep in the [ __ ] Street the argument against that is that landlords drive up the cost of housing and then other people would be Market everything's a market supply and demand well they said that housing should be a right and not housing should be a right and not for profits listen housing is not housing is a right in commun this country the government provides housing for everybody you may not like that [ __ ] housing but who the [ __ ] wants to be controlled listen we're a capitalistic Society listen if you're poor you got to sleep somewhere cheap all right if you're homeless you got to sleep on the street if you got money you can sleep in a better place I mean I don't know it's just common sense you know you know what's interesting so I I did subsidizing is very important to me helping the poor is my career was based on that I'll be honest Section 8 helping the poor is a great way to spend tax money so what's interesting is that it's been a few years since I've drafted up a lease agreement as a landlord in California I did one recently they got rid of the term landlord in California they got what they got rid of the word landlord landlord's not a term anymore in California property owner housing provider housing provider you're a housing provider it sounds a little nicer though than landlord I mean let's you know just like they got rid of someone proba just got so proud of thems because they got to switch out one word in a leasing document it's I mean they did the world's crazy in California that's all I can tell you if you go anywhere else people typically use common sense and logic but with these cuckoo now running [ __ ] and all the poor people running [ __ ] why are poor people running [ __ ] they don't know how to do [ __ ] else they would have made money why are they in charge of my life makes sense the whole Democratic uh thing it doesn't make sense to me a lot of them you know they just I don't get it so you've mentioned before that you've met Trump I met Trump when did you meet Trump I met around like a some pretty much like a small fundraiser in my neighborhood he came and did a comedy show on stage it was very entertaining and you know he raised him money and um that was um before he lost you know listen we know what Trump's problem is okay you know he's a New Yorker and um he's not perfect and he's got issues and uh he grew up as a Playboy and came from Rich family and he did Big Time [ __ ] but he's a [ __ ] dealmaker did he make all the best deals probably not nobody does I've made bad deals too but he's a dealmaker he's got balls and we might be able to get four years left out of him because he's already 77 years old and uh the other guys will walk in Corpse I'm sorry to say nothing personal I mean but Trump will get respect okay because he will [ __ ] and Bluff as much as [ __ ] Putin as much as Kim jun jong and as much as the other guy in uh China or Korea xping pingpong uh and the [ __ ] the Middle Easterns come on the Middle Easterns you didn't hear [ __ ] out of nobody the world was quiet when he was president why because we need a cuckoo to deal with cuckoo and he'll he'll play their Bluff and he'll stand up to them and we won't look like weak idiots I mean we destroyed Afghanistan that's disgusting we just packed up and left all our [ __ ] there we just packed up left why we left there with our tail between our legs or we gave it to the [ __ ] tally bands I thought the tally band would a [ __ ] terrorists okay weren't they behind the World Trade Center [ __ ] come on I mean they're all nuts we turned it over to them now women are are are pets women can't leave their house when we were there women were working women were going to school women could be in society a woman cannot leave their [ __ ] house in Afghanistan right now under their religious Law Without a man holding with the man their man they can't go to school they can't go to work they can't do [ __ ] that's the way these people are living like it's thousands of years ago women are like just your slave it's sickening it's disgusting and um Trump had all that [ __ ] quiet under control and making improvements to the world and uh interest rates were low and um we weren't perfect we'll never be perfect but I think we were better off then we were much than we are now what do you what do you think about the fraud what do you think about the fraud case with him overestimating the value of his asset it's just if you're involved with the bureaucrats they have unlimited resources and they see the problem with Democrats is their personal a republican don't give a [ __ ] it's business typically business guys people in business it's business they take it personal their politics is personal personal politics and they have unlimited resources and all their cool gang to [ __ ] hang with them to go after all right this guy we're against this guy everybody's against him so they're going to [ __ ] with him it's totally ridiculous what they're saying he valued his property at less than what the tax assess his office is saying I mean for tax purposes everybody [ __ ] wants to cheapest property tax any [ __ ] don't mix his business with his politics if you go to every [ __ ] house in this country it's going to be valued at less than what they could sell it for everybody it's a fact we all know that it's the way it is yeah well I think their argument was purly value him less even in their formula their their argument was that he overvalued his properties between him and the banks the [ __ ] government's not loaning the money so what do they give a [ __ ] the bank did appraisals the bank has a risk tolerance the bank is in business it's strictly there's too much government involvement the government should have no say between a person and the bank borrow money all right yeah they got regulations so nobody can take advantage of nobody whatever but they're they're now they're protecting the banks they're protect their banks by by doing this right I well their argument again I I not saying I agree with this but their argument is that it gave him an unfair advantage over other people by him showing more assets than he actually had getting more money and that there is no other people it's between you and the [ __ ] bank whatever deal I cut with Bank of America or Mar Lynch or whoever the [ __ ] I'm B on money from is between me and them they have a risk tolerance for me if they want to low me money at really cheap rates why because they feel that's the deal they need to cut with me to get me get my business it's a very personal thing just like guess tax return is a personal thing it's between him and the IRS that's it all these other [ __ ] politicians should mind their own [ __ ] business it's not their business worry about your own business and if he ain't hurt nobody don't worry about his business he didn't really break any [ __ ] laws in my opinion all he did was negotiate with the bank and and made himself you know look like he felt he looked which is really some defense to that they were trying to label maralago worth like stupid little money come on you know it's ridiculous it's nonsense it's personal politics they hate the guy and really if you would have try to tone it down a little and try to get along more with people okay he could have prevented a lot of it he really could have sometimes you can learn to get along with people and still not be on the same side of them do you know if it was ever confirmed true that he buried I think it was an ex-wife at a property to be able to call it a cemetery for the tax is that not true I never heard of any I grew up in New York I don't know any stories about cemeteries and burying people I don't know how he built all that [ __ ] in New York how the [ __ ] a guy you can't get away with building all that [ __ ] in New York unless you can deal with the mafia if he can deal with the mafia back then especially with concrete and garbage and getting [ __ ] built he know how to make deals he's a dealmaker and we need him is he perfect no is he is he a womanizer maybe I don't know is he a big shot big ego guy yes but that's what we need to because the rest of the world are nuts you always you always feel like one thing he cares about the country he proud to be American and that's what we need somebody that's you know our Gunslinger to deal with Putin and Korea and China and the Middle East and all these wackos what do What policies do you think would help the United States in terms of taxes the national debt app logic whatever is logical okay let's look at a logical situation okay can a person afford to pay taxes on certain income levels you know make sure it's affordable you know and the rich people should contribute their percentage that they should pay just like every everybody should pay the same to me you think a flat tax flat tax really is always thought of a flat tax this way fair you get over your ass to make more money that's fine you pay the same tax if you make a million you pay 250,000 if it's 25% flat tax and the next guy's makes uh 100 Grand a year you got to pay 25,000 of course you got your deductions and all that [ __ ] so that guy really a to pay 25,000 I mean I like a flat tax you work you pay a tax that's it we're all equal but I don't know there's good and bad to everything I'm not you know I'm not an expert in stuff but I just think we need to apply logic you know and we need to keep the [ __ ] not just think we need to have relations to all these cucko in the world because they can [ __ ] destroy the world and then you know plus it botherers me to watch destruction on T TV War makes no sense it's inhuman it's illogical destroying buildings destroying families hurting people unnecessarily Dying For What it's a [ __ ] money problem throw money at it throw money at the problem you know why do we have to we're still so violent I mean it's crazy and if we don't have somebody that can keep these [ __ ] in check from fighting in wars and all that [ __ ] then we're in trouble and Biden can't do it that's clear the point with Trump is this I'm not a big Trumpeter um new word Trumpeter um it's just that I've seen what he's done I've experienced it I base my Logic on logic he was President for four years the world was quiet I was making money and I think we were moving the right direction we're in a lot better shape I base it on history and facts so why wouldn't it be different why wouldn't it just do the same job again yeah so for the economy right now would you say it's today good or bad for the economy a [ __ ] guy can't take his kid to McDonald's and spend less than $15 a person on a [ __ ] a meal it's ridiculous things should not be so expensive I don't know how people can afford life these days we got McDonald's the other night it was $13 for how many mcnets uh I I a discount so may that was it yeah I we had a slight discount for MC 40 McNuggets and one MC Big Mac or something like that it was like no sorry I think it was was like 20 bucks all right but that was a special they were running it was a special if you walk in you know and just buy a [ __ ] Big Mac meal it's going to cost you ridiculous it's with tax and everything it's crazy all right it cost too much my wife goes to BU a dozen eggs used to be a buck 10 cents an egg now I went to $2 fine I could see 20 cents an egg she told me she PID like eight [ __ ] dollars for a dozen of eggs it's crazy you go to [ __ ] breakfast now breakfast cost 15 20 bucks lunch cost 20 bucks 25 dinner cost 50 so who's doing well right now because the stock market is near all-time highs people have savings I'm not doing well because it cost a fortune to to buy to spend on everything I don't know who's doing well and then I don't know they're paying more for Transportation uh labor has gone through the roof because things are so expensive labor has to go up uh it's just we're not in a good place there's nowhere all I can say it's not like it was when he was president when he was president everything was fine do you better do you think Biden could pass a cognitive test he went through Co which nobody ever went through do you think he could pass a cognitive test a what test a cognitive like a mental conative test a smart test who Biden no no he can't even talk on TV he's gibbering he called him vice president Trump today president see he you didn't hear him say that was yesterday that's why we have our vice president Trump yeah he's all over the listen it's not his fault it's a teleprompter he's [ __ ] no he's 81 three he's three years older I believe than Trump I think he's four any he's old 81 come on it's too old it's supposed to be a senior at 55 and over a 62 but we got 80y old [ __ ] presidents running the [ __ ] country are you kidding me there's no logic in that should there be an age limit for a presidency absolutely what do you think that should be 75 the same as Social Security probably 65 maybe 65 is when you start collecting your full social Security benefits 65 should be it you get in 70s come on 70 every 70 year old guy who knows a pain he ass all right and they barely can you know all right maybe 70 how about 69 his favorite number I like 69 I think about like the most effective CEOs and what age are they and that's probably what0 should be of the president you're in your Prime when you're in your 50s as far as being in charge mhm all right when you're in 50s you're you're pretty much got you're you know a lot because you learned a lot and now and you're older and you got the confidence of what you know and you know and you have experience and you've had you know history so 50 is a good age to be in your Prime 50s I would like to see Jamie Diamond for president who Jamie Diamond Jamie Diamond COO of diamond I remember he's CEO what JP Morgan he's not that stupid only crazy people want to be president or people that never did [ __ ] and that's I mean Trump was doing it for his ego and um Jamie Diamond likes his private free life you you have no life when you become the president you have no life The Whole World's looking at you all right everything you do everything you say you everywhere you go you're documented you're recorded you're never alone who the [ __ ] wants a life like that the rest of the time he got on his Earth you but Trump we're lucky Trump loves having his ass kied kissed and he's as president he's got 24hour tons of people kissing his ass he likes that so we're lucky yeah you never see Biden in that much at all Trump wants you to see him he's ready to go go go he got shot in the [ __ ] ear [ __ ] that we're going to Minnesota tomorrow wherever the [ __ ] we're going would there be any downside to lowering rates that you could see lowering interest rates is something that I think five makes sense it was at three we're living large s Hertz let's find the middle place of five I think five is a really good place that puts everybody in the right position why because if you every $100,000 the average guy buys borrows for a house it's going to cost him five grand a year $400 a month in interest so if he buys a house for as little if he borrows as little as 300,000 he's only got 1,200 a month to pay to own that house and interest yep now it's um they're paying seven plus the tax insurance so they're really almost but really right now it seems like to play it safe if you want to buy a house and it cost you for every 100,000 you borrow on that house you better plan on to play it safe safe in Florida th000 bucks a month maybe a little less but play it safe th000 bucks a month every hundred grand is 1,000 bucks a month with taxes with insurance with the you know some maintenance whatever I don't know yeah is there any warning that you have for people or something that you've noticed that no one's listening to the warning is I see the warning signals right now that the properties have too much debt that they don't qualify for and sooner or later hopefully sooner the shit's going to hit the fan we're going to see a turn in a cycle and we're going to see opportunity that's why you need to stash of cash right now you know instead of buying houses that barely have any cash flow stash as much cash as you can because when the real deal comes you want that money ready to go you may need cash to buy quick auctions foreclosures you know things like that what's the biggest investing mistake that you've made when rates were really good and low I didn't fix my rate I was greedy I could have fixed probably around three and a half hundreds of millions of dollars and why didn't you you just feel like you just got too I didn't see it happening in my whole life I never seen rates go up so quick so high you might have seen him slowly go up and you say maybe I should fix and then you'll hear them fix and you be safe but they went up like this you know and and um then once you're on a roll you just the Bank Stop and they don't want to you know there was a little window I had where I did fix a bunch of [ __ ] at 5.3 I think I fixed about 100 million but I'm still sitting on probably 150 million at seven or 68 yeah when did you start spending more money mean you know you know when you can comfortably spend you know I mean if my wife wants a [ __ ] new car and it cost 100 Grand you know I mean I'll do that I mean you know stuff like that I mean I started spending money when I made more as long as um I had enough for my investments you know when it didn't hurt me yeah I knew that if I went out and bought her something for five grand it wasn't going to make a break my picture you know I mean see you start off you know small you got a few hundred grand in the bank you said mhm still driving to Tesla yeah how's that working it's great I bought it September of last year here love it I bought I I test drove the truck theu with uh with Aaron it was different but I just felt like I was in a there's no character inside everything is blank no me no met no measurements no nothing everything's one big screen we are now in the future feel like I was on Star Trek um star Tre is yeah I remember that but I was impressed with the bed in the back when you press a button and the whole electric bed comes open you might be fit a piece of sheetrock in there if you can and that's or a piece of plywood 4x8 that was great and then you know the front was cool trunk um it was cool but it still looked kind of weird looked a little too Spacey you know at the shapes like this prices are coming down a lot well they had some issues with him I think the guy wanted to take me for like aund no the highest the highest bid recently at auction was $889,000 for one still they trade for still depends on where and when auction websites no just like cars and bids or bring a trail I know cars and bids go for more than that no not anymore no every week they're coming down by five to 10 grand every single week CU more and more are being listed for sale the sticker on them was only like 60 80 right no 90 99 actually 99 F demand everybody jumped on him some guys flipped him and made a bunch of money yeah like they did with the Hummer friend of mine made 100 Grand on a [ __ ] just every I took delivery bought it maybe took delivery flipped it I don't know anyway it's all supplyed to everybody there's always that guy that wants it the first one to have it yeah so they'll pay what one investment made the biggest impact on your portfolio positively like the number one investment you made I mean I've had a lot of deals where I've made you know good money on I bought stuff for I've doubled my money in some cases which was really good you buy some for 10 million sell for 20 pretty damn good buy some you do that huh how did you do that value add you know mostly you see it a lot in Department buildings and hotels you'll see the retail too if you buy empty retail you know but typically if you got a plan it's going to work you know if you know you come in and raise the rents by putting some new appliances in and competing with your neighbor you know you know how much you going to have to invest how much the return is going to be what your upside is what the value is going to be versus from the upside I mean you can do it you know but you know you can have it's it's like a baseball game in my life sometimes I'll have base hits you know where I'll make a little you know maybe a quarter million on something a small deal I might have big hits for half a million I don't know you might have major home runs for 10 million I don't know could have Triple Play you never know that I mean it's just you figure out you know what you can make on a property and you do it and then you leave alone the ones that don't [ __ ] with the ones that don't have any upside what's the cheapest thing that you've done we went to we went to fill up my wife's gas tank needs premium in at BMW the other day right remember you were with me we go to that Shell station over there he advertised the cheap unlet price right 339 whatever the [ __ ] it is yeah and how much was his super 580 57 something what are you [ __ ] crazy but he has a car wash that I love that cost $9 so I went to the car wash for the $99 wash it's really cool as lights and all this great [ __ ] it does a good job and then I go somewhere else and buy my [ __ ] gas in Cumberland for four something that's how cheap I am for me it's always the happy hour prices so if you go right before happy hour ends I get [ __ ] at happy hours a lot how well I don't drink my wife does oh no I'm talking drinks like I'm talking food happy hour happy hour yeah happy hour like appetizers are usually on happy you got happy early bird eer early bird special has been around for ever happy hours all that good you know but I try to save money but some people don't let me why do you like making money I mean it's a product it's your reward for your hard work your work you get rewarded you make money I mean yeah I want I mean listen that's my third boat it's not going to be my last boat okay yes I've experienced all levels this boat is really great do I want one that's worth about double yes why not I want it nicer I had it I experienced it now I want to move up I need to sell that one for three and I need to move into the $6 million boat that's life you know everybody has their own preference is is there ever a point to being content with what you have you bought that Ford GT but you don't even drive it it's a good investment it is was a good investment how much you pay for it I paid 306,000 for I could have bought them for 100 and something in the showroom back in the day when it came out I didn't do it you paid 300 and something yeah be careful cars are coming down boats coming down planes 4T is going up it's one of the very few cars you put on cars and bids what's it going to get worst case look it up look up car look up and Google the last time before GT sold how much was it look at bring a trailer not cars in Bas bring a trailer my 4 GT 400 Grand is is that much I don't know I think those days may have gone it's a cycle baby four GTs for whatever reason last 30 days have spiked up in price the last one sold for 440,000 how long ago uh a few weeks ago I see I see them all I look at cars one just sold for 350 thank Youk coming down money back but this is500 miles yours yours has more than the bid that didn't even sell that's the bid right now with one day left this one's 7,000 mil less desirable color is already at $400,000 with 4 days to go this one sold less desirable color $396 this one sold modified 400 this one sold less desirable color less miles 441 this one this same color less miles 426 my car is worth about 3.90 worst case and you sign more money what's up you sign it I could sign it you never know you might have a viewer that really likes you said here I'll buy I don't think I don't think of anyone spending 400,000 on a car would not care that I owned it or signed it if anything I think I would devalue the car if I Robin signed my Batmobile made it worth more money who signed it Batman and Robin yeah but that's Batman or Robin you guys are like a Batman or Robin but you're the one in charge that's shaped like Robin and you're the bigger Batman and you're not in charge reverse youever you guys are reverse Batman and Robin we could be that's the nicest thing you said to me yeah that is actually and he just marri cat women we'd like to know in hindsight if you look back on your life if you could go back in time and change one thing what would it be do more do more in what capacity I had to ability to do more deals yes my son sticks it to me every time we drive down the street we should have bought that one we should have bought that one we should have bought that one I had the potential of doing more and I didn't do it I could have bought a lot more multif family at the right price and I would have made a lot more money and then I could have held my properties I always I Rush a little too much I sell my properties off a little too soon and don't capture all the value I could have if I would have been patient to wait a little longer but nobody got a crystal ball it could have went the other way too so I did sell him I did make a profit I did reinvest in more stuff that's going to make me a profit but I sometimes I should have been a little more patient and I should have done more in my own neighborhood I can't drive down the street and I mean I had people begging me to buy these properties at auction at one time uh on the phone and and I told them I can't pay that much and I would have made a forun so I didn't do enough how much money would you pay to go back 20 years no one would I know yes well you know I mean everything listen if you turn the clock back 20 years and I had 20 million I'd be a billionaire today so 130 or 23 million 10 million if I if I knew it was going to happen oh today you're no today you would be 35 years old today yeah D J is greatest the opportunity is not deal like it was when I in my 30s so I I I would probably still need to have 100 million bucks minimum to do anything with to grow so you'd pay 150 million about to be 35 yeah yeah sure you had that power you've been studying Voodoo what we're working on it all right very good age reversal but now you say you need $100 million to do the sort of deals that you could have done you know 20 years ago do you think that's may be discouraging to people who feel like they're 35 and they don't have $100 million and then they think doesn't matter everybody's a different person whatever you got put it on the table get a plan and do it all right I started from zero nothing below zero I started borrowing money off of [ __ ] credit cards and I finally got them or hard money lenders or you got to get on a rooll once you get on a roll at least try you know you're going to you're not going to succeed unless you try right correct so you had no choice but to try and hopefully you'll succeed like I did and then it's all about you know the Stars being aligned timing and interest rates and all this [ __ ] eventually there's going to be opportunity yeah people die every day there's always opportunity how much money would you pay to lose 200 lb boom you snap 200 lb gone I don't think I could lose 200 because if I lose 200 I'll be too small I need to lose 100 okay 100 pound 100 PB yeah 100 Grand th bucks bound Grand what 100 Grand just 100 just 100 Grand to B is nothing I mean like how much 100 pounds right now million bucks 100 what's that 10,000 a pound I just think about the mobility being able to get up move quicker you know like be easier on your knees gives a [ __ ] [ __ ] it it's life it's life you can't change there's certain things in the world you can't change you can't change it you everybody gets old everybody dies that's life all right you're here for somewhere between if you're lucky 70 to 100 years I just see you optimizing your finances and certain aspects of your life so much I don't need a lot of money to live you don't see me living like a big shot this is a piss ass house for Fort Lauderdale this house that best is worth a few million bucks houses out here can go for 50 60 million if you want to put a big boat behind and the boat is a $3 million boat there's guys out here all L along with 30 million boats okay I don't need all that I'm happy where I am I mean like I said if 100 million I can live up 100 million problem is I have so many kids to protect for the future now I'm in the stage of my life where I have to prepare for when I'm gone I got to make sure my wife's got what she needs to be taken care of she's 20 years younger than me I got I don't know how many [ __ ] kids I got to worry about now five six I don't know adopted some nieces that H you know close to me I got to worry about them now grandkids that's what I got to plan my everybody's a stage in your life you haven't gotten to my stage yet you know one day you're going to have kids they're going to have kids and you're going to have to say okay when I'm gone at least the work and effort I put into this life that I had will now help them have a good life so now I'm worried about trusts and wills and taxes and inheritance tax and and things like that and organizing my current business that's the where I'm at my life I'm almost 60 I'm 58 and I'm not in good shape you know not bad shape I ain't dying you know nothing but so that's every it's a stage in life where you at in a stage in life and what should you be doing at that stage in your life you're 25 years old you got four roommates and uh what are you going to do now what's your next move really you should be just focusing on what can you do to make more money and build your wealth and create your Empire so what would you do if you were me though like 34 Just Married everybody's different we're all human we're all different you got to have a hunger in you to do what I do you know you know you got to really just constantly and it's hard to explain it's it's you know you need the next deal you need the next deal you know because that's the only way you're going to grow I mean you know but you chose a path that's a little different you know I think what you should take what you enjoy and what you make money at and enjoy and take it to the [ __ ] stars focus on what you're good at and what you can do and take it as far as you think you can take it because you already got it built it's already something that's built you're just adding and improving but you should be looking for deals trying to find something you know I mean if you can't find one I don't know look at every aspect can you build anything too cost too much to build these days yeah doesn't make sense except I don't know it's kind of working the numbers it depends on location it depends on demand depends on how much you can rent them for I mean if you can build you know you can build probably I think you can build for $150 square foot right probably give or take50 but then it's the work involved in that and years time to be able to make money you got to have things on multiple you can't just build a house you can't just build a duplex for rentals you got to build like 10 units to you know to have that multiplying number so if you make $500 a unit you makeing five grand a month off 10 units if you're making $500 off each unit right yes it's the multiplier it's like if I go out and buy a piece of property and I pay a 100 a door right if I know if I do this this and this it's worth 120 a door which is not a big spread that's 20 time 200 units 4 million bucks I made on one a building bigger a risk bigger a reward bigger a multiplier bigger a Payday what do you think your biggest insecurity is I don't know insecure insecure I'm just worried about that I'm going to [ __ ] drop dead and a g to have my [ __ ] together my family's going to deal with a mess that's my biggest thought right now I don't feel good about or I'm you know I'm trying to make the Right Moves and find the right people and set up the right stuff and I want to be able to sit back at a point in my life where I'm just I got enough money every month coming in offer taxfree Bey bonds I can PVE My Lifestyle my kids can have my portfolio we're not getting hit with a lot of tax and I can just [ __ ] try to enjoy the rest of the years you work all these good years when your physical is the problem you don't get to enjoy them having money you get to have money when you're older but are you physically able to enjoy the money that's the problem what would you do to enjoy what would you do to enjoy yourself like let's I I like to do stuff I like we just got back on that boat we hopped around half dozen different Islands got in the [ __ ] little boat we did some snuba scuba D not scuba but uh you know you go traveling and beautiful places um I like the water I mean you know these things bring me pleasure if I'm sitting on that boat out in the middle of the water away from all land I'm at peace for some reason because I'm I'm always dealing with land you know where would you go where's been your favorite place in the water it's like being anywhere in the water I go everywhere go Bahamas we can go all over in this country places to go you know where's been your favorite spot to travel or go by boat to travel Hawaii was pretty nice it's the only place I feel like I could stay a while but um I mean I travel I I like everywhere but what I do is I go everywhere for a few days so I experience it and I get the [ __ ] out and check out the new place you never get bored that way yeah I don't like the see going back to the same place every year all the time like you know idiots that get around with time shares and stupid [ __ ] what are you going to do vacation in the same [ __ ] place so rest of your life stupid one last question for you I'm curious how much does it cost to own that boat I'm done answering your questions all right if you like gra Steen you really like Ben M check us out on YouTube and go to ben.com consult with Ben who do you know better Real Estate it can s with somebody that knows what the hell they're talking about and you can trust adios amigos