{"version":"1.0.0","segments":[{"startTime":0.12,"endTime":1.28,"body":"And let's be honest."},{"startTime":1.28,"endTime":4.12,"body":"Every deal,"},{"startTime":1.28,"endTime":4.12,"body":"something is going to go wrong, right?"},{"startTime":4.2,"endTime":4.72,"body":"Like, you bet."},{"startTime":4.72,"endTime":9.24,"body":"And you and I have been investing"},{"startTime":4.72,"endTime":9.24,"body":"long enough to know that no deal goes"},{"startTime":9.24,"endTime":13.0,"body":"perfectly smooth and never has a challenge"},{"startTime":9.24,"endTime":13.0,"body":"that we have to address."},{"startTime":13.2,"endTime":15.84,"body":"And I think this is where the genius"},{"startTime":13.2,"endTime":15.84,"body":"of real estate investors are,"},{"startTime":15.84,"endTime":19.8,"body":"especially those of us who've been in"},{"startTime":15.84,"endTime":19.8,"body":"a long time, is that we understand that."},{"startTime":19.8,"endTime":21.92,"body":"We know that there's"},{"startTime":19.8,"endTime":21.92,"body":"going to be a challenge"},{"startTime":21.92,"endTime":24.68,"body":"and we accept that responsibility"},{"startTime":21.92,"endTime":24.68,"body":"of the challenge"},{"startTime":24.88,"endTime":28.16,"body":"and we know how to navigate"},{"startTime":24.88,"endTime":28.16,"body":"and solve those problems."},{"startTime":28.4,"endTime":31.68,"body":"And I think that's key"},{"startTime":28.4,"endTime":31.68,"body":"when you're investing with someone"},{"startTime":32.04,"endTime":35.48,"body":"you wouldn't want to invest"},{"startTime":32.04,"endTime":35.48,"body":"with someone, for example, who has who"},{"startTime":35.48,"endTime":39.72,"body":"just barely started investing in 2020 and"},{"startTime":35.48,"endTime":39.72,"body":"and now they're"},{"startTime":39.88,"endTime":43.64,"body":"you know, they're three years in because"},{"startTime":39.88,"endTime":43.64,"body":"20, 20, 20, 21,"},{"startTime":44.0,"endTime":47.64,"body":"you know, even if they said, oh,"},{"startTime":44.0,"endTime":47.64,"body":"we did really great on our investments,"},{"startTime":48.32,"endTime":51.44,"body":"it was kind of"},{"startTime":48.32,"endTime":51.44,"body":"a, I don't know, a fantasy world"},{"startTime":51.68,"endTime":53.84,"body":"that was happening in"},{"startTime":51.68,"endTime":53.84,"body":"those couple of years with."},{"startTime":88.68,"endTime":89.88,"body":"This is ideal, said Wife."},{"startTime":89.88,"endTime":90.24,"body":"Sure."},{"startTime":90.24,"endTime":93.44,"body":"And Amir was thinking"},{"startTime":90.24,"endTime":93.44,"body":"about a commercial real estate investor."},{"startTime":93.44,"endTime":97.12,"body":"And today I have a very special guest,"},{"startTime":93.44,"endTime":97.12,"body":"my good friend Kamala."},{"startTime":97.12,"endTime":99.24,"body":"Jeff's. Welcome, Kamala."},{"startTime":100.64,"endTime":101.56,"body":"Hey, thanks so much."},{"startTime":101.56,"endTime":104.04,"body":"Being cute. So good to be here with you."},{"startTime":104.76,"endTime":106.44,"body":"Thanks. A little bit about Carmela."},{"startTime":106.44,"endTime":109.4,"body":"She's a founder and CEO of Steady"},{"startTime":106.44,"endTime":109.4,"body":"Streams Investment."},{"startTime":109.68,"endTime":112.44,"body":"Kamala is a general partner in over 1500"},{"startTime":112.64,"endTime":116.32,"body":"multifamily units"},{"startTime":112.64,"endTime":116.32,"body":"and a 65 part assisted living community."},{"startTime":116.76,"endTime":120.64,"body":"She has a 20 years of experience"},{"startTime":116.76,"endTime":120.64,"body":"investing in real estate, and she holds"},{"startTime":120.64,"endTime":125.76,"body":"an MBA and was known as an innovator"},{"startTime":120.64,"endTime":125.76,"body":"leader for the tech companies."},{"startTime":126.12,"endTime":128.88,"body":"Kamala"},{"startTime":126.12,"endTime":128.88,"body":"is a host of the Quiet Wealth podcast."},{"startTime":129.24,"endTime":132.6,"body":"She's a mother of five amazing"},{"startTime":129.24,"endTime":132.6,"body":"children, loves to play soccer"},{"startTime":132.6,"endTime":135.08,"body":"and tanners, and Reese farm animals."},{"startTime":135.88,"endTime":138.96,"body":"Today,"},{"startTime":135.88,"endTime":138.96,"body":"we'll be discussing passive investing"},{"startTime":138.96,"endTime":141.12,"body":"and what could go wrong with Carmella."},{"startTime":141.4,"endTime":142.96,"body":"Once again, welcome, Carmela."},{"startTime":144.12,"endTime":144.8,"body":"I'm excited to"},{"startTime":144.8,"endTime":147.84,"body":"dive into this topic"},{"startTime":144.8,"endTime":147.84,"body":"because it's a hot topic today, isn't it?"},{"startTime":147.88,"endTime":149.76,"body":"There's a there's a lot of,"},{"startTime":149.76,"endTime":154.28,"body":"you know, and settlement"},{"startTime":149.76,"endTime":154.28,"body":"happening in the multifamily industry."},{"startTime":154.32,"endTime":157.8,"body":"So let's talk"},{"startTime":154.32,"endTime":157.8,"body":"about what happens when it goes wrong."},{"startTime":158.44,"endTime":158.92,"body":"That's true."},{"startTime":158.92,"endTime":162.72,"body":"And especially in today's market"},{"startTime":158.92,"endTime":162.72,"body":"with all the market volatility"},{"startTime":163.2,"endTime":165.0,"body":"and a lot of things that are happening,"},{"startTime":165.0,"endTime":168.24,"body":"people are so uncertain about the future,"},{"startTime":165.0,"endTime":168.24,"body":"what's going to happen."},{"startTime":168.76,"endTime":171.56,"body":"A lot of, I would say, fear in the market."},{"startTime":173.0,"endTime":174.68,"body":"Yes, for sure. For sure."},{"startTime":174.68,"endTime":177.04,"body":"There is a lot of fear"},{"startTime":174.68,"endTime":177.04,"body":"and understandably so,"},{"startTime":177.48,"endTime":181.0,"body":"because there there's, you know,"},{"startTime":177.48,"endTime":181.0,"body":"a lot of things that have happened."},{"startTime":181.0,"endTime":182.96,"body":"I mean, interest rates"},{"startTime":181.0,"endTime":182.96,"body":"have gone up like crazy."},{"startTime":182.96,"endTime":187.4,"body":"There is you know, some properties"},{"startTime":182.96,"endTime":187.4,"body":"are starting to get into trouble."},{"startTime":187.4,"endTime":191.88,"body":"And so if you're a passive investor"},{"startTime":187.4,"endTime":191.88,"body":"and you get news that I or property"},{"startTime":191.88,"endTime":195.16,"body":"the property I invested in"},{"startTime":191.88,"endTime":195.16,"body":"is having some trouble,"},{"startTime":195.96,"endTime":199.64,"body":"you know, let's talk about like what"},{"startTime":195.96,"endTime":199.64,"body":"what can you do and how can you"},{"startTime":199.96,"endTime":201.64,"body":"how can you weather the storm"},{"startTime":201.64,"endTime":205.28,"body":"and what are your responsibilities versus"},{"startTime":201.64,"endTime":205.28,"body":"not your responsibilities?"},{"startTime":205.56,"endTime":209.04,"body":"If they come and ask for extra money,"},{"startTime":205.56,"endTime":209.04,"body":"for example, I mean,"},{"startTime":209.04,"endTime":212.04,"body":"there's a lot of things that we can make"},{"startTime":209.04,"endTime":212.04,"body":"you really talk about here."},{"startTime":212.64,"endTime":213.28,"body":"That's awesome."},{"startTime":213.28,"endTime":216.12,"body":"So let's start a little bit"},{"startTime":213.28,"endTime":216.12,"body":"briefly with your background."},{"startTime":216.12,"endTime":217.84,"body":"If you can tell me who you are."},{"startTime":217.84,"endTime":219.96,"body":"How did you get here"},{"startTime":217.84,"endTime":219.96,"body":"wherever you are today?"},{"startTime":220.64,"endTime":221.16,"body":"Yeah."},{"startTime":221.16,"endTime":225.64,"body":"So I started investing in at the age of 22"},{"startTime":225.96,"endTime":229.2,"body":"and because I well, really on accident."},{"startTime":229.2,"endTime":234.76,"body":"So my husband and I were young,"},{"startTime":229.2,"endTime":234.76,"body":"married and broke college students and we"},{"startTime":235.08,"endTime":238.6,"body":"we were the only thing we could afford at"},{"startTime":235.08,"endTime":238.6,"body":"the time was a garage apartment."},{"startTime":238.6,"endTime":242.68,"body":"Like somebody's converted garage"},{"startTime":238.6,"endTime":242.68,"body":"that they converted into an apartment."},{"startTime":242.68,"endTime":245.16,"body":"It was just it was a dump. All right."},{"startTime":245.16,"endTime":246.76,"body":"But fond memories, right?"},{"startTime":246.76,"endTime":249.6,"body":"When you have your first place together"},{"startTime":246.76,"endTime":249.6,"body":"with your spouse."},{"startTime":250.08,"endTime":253.12,"body":"Oh, so it was a"},{"startTime":250.08,"endTime":253.12,"body":"it was a good place, but also a dump."},{"startTime":253.4,"endTime":256.32,"body":"Well, one day the landlady came around"},{"startTime":253.4,"endTime":256.32,"body":"to collect the rent, and I knew"},{"startTime":256.32,"endTime":259.04,"body":"she owned"},{"startTime":256.32,"endTime":259.04,"body":"several renter rentals in the area."},{"startTime":259.4,"endTime":260.64,"body":"So I just asked her."},{"startTime":260.64,"endTime":262.76,"body":"I said, Are you how do you do that?"},{"startTime":263.0,"endTime":267.0,"body":"How do you own several rentals and"},{"startTime":263.0,"endTime":267.0,"body":"how did you get to where you are today?"},{"startTime":267.56,"endTime":271.36,"body":"And she said, Oh, what you need to do is"},{"startTime":267.56,"endTime":271.36,"body":"you need to buy a house."},{"startTime":271.8,"endTime":274.04,"body":"And I was like, No, no, lady,"},{"startTime":271.8,"endTime":274.04,"body":"you don't understand."},{"startTime":274.04,"endTime":275.48,"body":"I have no money."},{"startTime":275.48,"endTime":278.2,"body":"I'm living in your garage apartment,"},{"startTime":275.48,"endTime":278.2,"body":"I have no money."},{"startTime":278.68,"endTime":280.84,"body":"And and she's like, No, no."},{"startTime":280.84,"endTime":282.72,"body":"What you do is you buy home"},{"startTime":282.72,"endTime":286.68,"body":"that has a basement apartment in it,"},{"startTime":282.72,"endTime":286.68,"body":"and then you rent that out,"},{"startTime":287.04,"endTime":290.72,"body":"and then your mortgage will be very low"},{"startTime":287.04,"endTime":290.72,"body":"or even for free."},{"startTime":291.24,"endTime":293.48,"body":"I was like, Hmm,"},{"startTime":291.24,"endTime":293.48,"body":"that's an interesting idea."},{"startTime":293.52,"endTime":295.12,"body":"And that's exactly what we did."},{"startTime":295.12,"endTime":299.36,"body":"So we went from living in a garage"},{"startTime":295.12,"endTime":299.36,"body":"apartment to buying a six bedroom home"},{"startTime":299.68,"endTime":304.44,"body":"that had a full basement apartment in it,"},{"startTime":299.68,"endTime":304.44,"body":"and it had a pool in the backyard."},{"startTime":304.44,"endTime":309.12,"body":"And we paid less to live there than we did"},{"startTime":304.44,"endTime":309.12,"body":"at this nasty garage apartment."},{"startTime":309.6,"endTime":312.88,"body":"So that's what really got me excited"},{"startTime":309.6,"endTime":312.88,"body":"about real estate."},{"startTime":312.88,"endTime":315.44,"body":"And I'm like, Yeah, there's something"},{"startTime":312.88,"endTime":315.44,"body":"to this real estate thing."},{"startTime":316.2,"endTime":319.2,"body":"And so I started really learning"},{"startTime":316.2,"endTime":319.2,"body":"as much as I could."},{"startTime":319.2,"endTime":323.48,"body":"I started reading books because podcast"},{"startTime":319.2,"endTime":323.48,"body":"weren't around at that time,"},{"startTime":324.24,"endTime":329.04,"body":"so I was just reading as many books as"},{"startTime":324.24,"endTime":329.04,"body":"I could and found a book that was called"},{"startTime":329.04,"endTime":333.48,"body":"Are You Investing One House at a Time"},{"startTime":329.04,"endTime":333.48,"body":"and I was like, This sounds doable for us."},{"startTime":333.48,"endTime":334.52,"body":"And so that's what we did."},{"startTime":334.52,"endTime":336.96,"body":"So basically every two years"},{"startTime":334.52,"endTime":336.96,"body":"we would move out"},{"startTime":336.96,"endTime":339.48,"body":"and we would buy a new property"},{"startTime":336.96,"endTime":339.48,"body":"and we move into it."},{"startTime":339.8,"endTime":343.92,"body":"We buy a fixer upper and we live"},{"startTime":339.8,"endTime":343.92,"body":"in a construction mess and we'd fix it up."},{"startTime":344.16,"endTime":347.8,"body":"And then we'd once it was nice and pretty,"},{"startTime":344.16,"endTime":347.8,"body":"we move out so someone else"},{"startTime":347.8,"endTime":348.48,"body":"could enjoy it"},{"startTime":349.52,"endTime":352.0,"body":"and we"},{"startTime":349.52,"endTime":352.0,"body":"live in a dump again and fix up that one."},{"startTime":352.28,"endTime":356.0,"body":"But it was a way"},{"startTime":352.28,"endTime":356.0,"body":"for us to build up our portfolio."},{"startTime":356.44,"endTime":363.32,"body":"So fast forward 15 years of this"},{"startTime":356.44,"endTime":363.32,"body":"and we had about 20 units and we were DIY,"},{"startTime":363.36,"endTime":366.76,"body":"everything like we were going over"},{"startTime":363.36,"endTime":366.76,"body":"and cutting the grass."},{"startTime":366.76,"endTime":369.96,"body":"I was taking all the tenant calls,"},{"startTime":366.76,"endTime":369.96,"body":"I was figuring out the marketing strategy,"},{"startTime":369.96,"endTime":373.04,"body":"the account and the,"},{"startTime":369.96,"endTime":373.04,"body":"you know, every little thing."},{"startTime":373.04,"endTime":376.64,"body":"We were dragging our five kids with us"},{"startTime":373.04,"endTime":376.64,"body":"because we had five kids by then"},{"startTime":376.64,"endTime":380.12,"body":"and to paint the units"},{"startTime":376.64,"endTime":380.12,"body":"and get them, clean them up."},{"startTime":380.92,"endTime":383.24,"body":"And I just got completely burnt out."},{"startTime":383.24,"endTime":386.28,"body":"And I like this is just so hard"},{"startTime":386.28,"endTime":390.12,"body":"to do ourselves and it's not scalable."},{"startTime":390.12,"endTime":393.4,"body":"I couldn't figure out how to get more"},{"startTime":390.12,"endTime":393.4,"body":"properties is I couldn't just couldn't"},{"startTime":393.4,"endTime":398.64,"body":"physically do the work because I was"},{"startTime":393.4,"endTime":398.64,"body":"stuck in DIY mode, do it yourself mode"},{"startTime":399.64,"endTime":403.08,"body":"and so then"},{"startTime":399.64,"endTime":403.08,"body":"we paused our investing for a little bit."},{"startTime":403.08,"endTime":405.36,"body":"I went back to school, got my MBA."},{"startTime":405.36,"endTime":408.88,"body":"I thought, maybe the corporate world is"},{"startTime":405.36,"endTime":408.88,"body":"is where I meant to be."},{"startTime":409.44,"endTime":411.48,"body":"And my got my MBA."},{"startTime":411.48,"endTime":413.96,"body":"Awesome experience."},{"startTime":411.48,"endTime":413.96,"body":"I joined the corporate world."},{"startTime":413.96,"endTime":418.68,"body":"I landed a really great job, you know, six"},{"startTime":413.96,"endTime":418.68,"body":"figure income and R with tech companies."},{"startTime":419.08,"endTime":421.0,"body":"I loved it."},{"startTime":421.16,"endTime":425.28,"body":"And then four or five years into that,"},{"startTime":421.16,"endTime":425.28,"body":"I was like, Oh,"},{"startTime":425.84,"endTime":429.44,"body":"this is not going to make me"},{"startTime":425.84,"endTime":429.44,"body":"a millionaire."},{"startTime":429.44,"endTime":432.76,"body":"Only not going the right path"},{"startTime":429.44,"endTime":432.76,"body":"to really build wealth."},{"startTime":432.76,"endTime":437.04,"body":"I mean, it's a it's a good path for,"},{"startTime":432.76,"endTime":437.04,"body":"you know, acclaim and for people"},{"startTime":437.04,"endTime":439.4,"body":"to pat you on the back and say,"},{"startTime":437.04,"endTime":439.4,"body":"hey, you're doing a good job."},{"startTime":439.4,"endTime":440.96,"body":"But also as an h.r."},{"startTime":440.96,"endTime":443.72,"body":"Professional, we were"},{"startTime":440.96,"endTime":443.72,"body":"i would study compensation"},{"startTime":444.08,"endTime":448.24,"body":"and we tried really hard to not pay people"},{"startTime":444.08,"endTime":448.24,"body":"a lot of money, right."},{"startTime":448.48,"endTime":450.96,"body":"Because we were trying"},{"startTime":448.48,"endTime":450.96,"body":"to keep the costs low and"},{"startTime":451.36,"endTime":454.44,"body":"and it was rare to give people promotions"},{"startTime":454.44,"endTime":457.04,"body":"like there was no way for people"},{"startTime":454.44,"endTime":457.04,"body":"to really get ahead."},{"startTime":457.44,"endTime":461.0,"body":"Just working at the same company"},{"startTime":457.44,"endTime":461.0,"body":"every year over year to year."},{"startTime":461.16,"endTime":461.64,"body":"Yeah."},{"startTime":461.64,"endTime":465.24,"body":"And and then I also wanted back my time"},{"startTime":461.64,"endTime":465.24,"body":"freedom"},{"startTime":465.56,"endTime":469.0,"body":"also I'm very creative person"},{"startTime":465.56,"endTime":469.0,"body":"and so I had all these ideas about things"},{"startTime":469.0,"endTime":469.68,"body":"we could do."},{"startTime":469.68,"endTime":473.16,"body":"And my the answer was always,"},{"startTime":469.68,"endTime":473.16,"body":"not that we're just going to do it"},{"startTime":473.16,"endTime":475.12,"body":"the way we've always done it"},{"startTime":473.16,"endTime":475.12,"body":"because that works."},{"startTime":475.12,"endTime":477.24,"body":"We're not going to try new things."},{"startTime":477.24,"endTime":479.56,"body":"And so I'm like, this is not fun."},{"startTime":479.72,"endTime":483.36,"body":"So then I just kind of looked around"},{"startTime":479.72,"endTime":483.36,"body":"and said, Well, how can I build wealth?"},{"startTime":483.4,"endTime":487.2,"body":"Let's go back to real estate,"},{"startTime":483.4,"endTime":487.2,"body":"my roots and really get involved."},{"startTime":487.2,"endTime":488.76,"body":"But this time I want to do it different."},{"startTime":489.96,"endTime":491.64,"body":"I want to buy apartments."},{"startTime":491.64,"endTime":493.92,"body":"And so then I started"},{"startTime":491.64,"endTime":493.92,"body":"researching apartments."},{"startTime":493.92,"endTime":495.4,"body":"I looked him up on Zillow and stuff"},{"startTime":495.4,"endTime":499.6,"body":"and I'm like, Oh, no, apartments cost"},{"startTime":495.4,"endTime":499.6,"body":"millions of dollars."},{"startTime":499.6,"endTime":503.32,"body":"Like, I had never bought a property"},{"startTime":499.6,"endTime":503.32,"body":"that was over $500,000 up until then."},{"startTime":503.92,"endTime":505.32,"body":"So I'm looking at my bank account."},{"startTime":505.32,"endTime":507.64,"body":"Nope, not millions of dollars"},{"startTime":505.32,"endTime":507.64,"body":"in my bank account."},{"startTime":507.64,"endTime":510.2,"body":"So how do you even buy an apartment?"},{"startTime":510.72,"endTime":513.8,"body":"So then I started researching"},{"startTime":510.72,"endTime":513.8,"body":"and realized, Oh,"},{"startTime":513.84,"endTime":518.76,"body":"you don't buy them on your own,"},{"startTime":513.84,"endTime":518.76,"body":"you buy them together in a group."},{"startTime":518.76,"endTime":520.12,"body":"A group of people come together."},{"startTime":520.12,"endTime":524.04,"body":"My mom fell in love with this concept,"},{"startTime":520.12,"endTime":524.04,"body":"invested"},{"startTime":524.04,"endTime":529.52,"body":"passively into a deal"},{"startTime":524.04,"endTime":529.52,"body":"and I was so mad. Yes."},{"startTime":530.16,"endTime":533.92,"body":"That some of the returns"},{"startTime":530.16,"endTime":533.92,"body":"I got on that on that investment"},{"startTime":533.92,"endTime":537.48,"body":"were better than the returns"},{"startTime":533.92,"endTime":537.48,"body":"I got on some of my single family stuff"},{"startTime":537.48,"endTime":540.04,"body":"that I had literally done"},{"startTime":537.48,"endTime":540.04,"body":"all the work for."},{"startTime":540.8,"endTime":544.4,"body":"A piece of investing"},{"startTime":540.8,"endTime":544.4,"body":"and the power of passive investing"},{"startTime":544.4,"endTime":548.72,"body":"was just amazing that, you know,"},{"startTime":544.4,"endTime":548.72,"body":"I didn't have to do all of that work."},{"startTime":550.0,"endTime":551.76,"body":"And so that's when I fell in love with it."},{"startTime":551.76,"endTime":555.24,"body":"I launched that Extreme Investments"},{"startTime":551.76,"endTime":555.24,"body":"because I know there's thousands of other"},{"startTime":555.24,"endTime":559.52,"body":"burnt out landlords like me that needed"},{"startTime":555.24,"endTime":559.52,"body":"to know about this way of investing."},{"startTime":560.4,"endTime":563.2,"body":"And so I just started"},{"startTime":560.4,"endTime":563.2,"body":"educating people on that."},{"startTime":563.52,"endTime":566.52,"body":"And from that, I just stepped into"},{"startTime":566.6,"endTime":571.4,"body":"your becoming a general partner in in it"},{"startTime":566.6,"endTime":571.4,"body":"and, and helping people place their money"},{"startTime":571.4,"endTime":575.28,"body":"and bringing them investment opportunities"},{"startTime":571.4,"endTime":575.28,"body":"and becoming an expert on passive"},{"startTime":575.28,"endTime":578.32,"body":"investing and what that means"},{"startTime":575.28,"endTime":578.32,"body":"in the ins and outs and the process"},{"startTime":578.32,"endTime":580.52,"body":"and the risks at all, all around."},{"startTime":581.32,"endTime":583.6,"body":"And that's how I got to where I am today."},{"startTime":583.6,"endTime":586.8,"body":"So I did exit my corporate job"},{"startTime":583.6,"endTime":586.8,"body":"so I could do this full time."},{"startTime":587.24,"endTime":588.92,"body":"And and I'm loving it."},{"startTime":588.92,"endTime":593.28,"body":"I really love talking to investors"},{"startTime":588.92,"endTime":593.28,"body":"and teaching them how to do it."},{"startTime":593.28,"endTime":599.32,"body":"And I help a lot of new people in"},{"startTime":593.28,"endTime":599.32,"body":"in this industry to kind of get out from"},{"startTime":599.76,"endTime":602.52,"body":"just doing four one KS and IRAs."},{"startTime":602.52,"endTime":604.64,"body":"And let's"},{"startTime":602.52,"endTime":604.64,"body":"hey, let's try something different."},{"startTime":604.64,"endTime":609.04,"body":"Let's let's get into the game"},{"startTime":604.64,"endTime":609.04,"body":"and be a real investor rather than just"},{"startTime":609.04,"endTime":613.24,"body":"kind of letting, you know,"},{"startTime":609.04,"endTime":613.24,"body":"the financial advisor tell you what to do."},{"startTime":613.24,"endTime":615.44,"body":"So that's where I am today."},{"startTime":615.44,"endTime":618.68,"body":"Now, I love your story"},{"startTime":615.44,"endTime":618.68,"body":"and I totally resonate with that."},{"startTime":619.2,"endTime":621.96,"body":"I trust me"},{"startTime":619.2,"endTime":621.96,"body":"and my God, been there, done that"},{"startTime":623.32,"endTime":625.0,"body":"same story."},{"startTime":626.28,"endTime":628.2,"body":"The problem, the problem"},{"startTime":628.2,"endTime":633.6,"body":"that I hear is that we entangle ourselves"},{"startTime":628.2,"endTime":633.6,"body":"with our corporate jobs"},{"startTime":634.0,"endTime":636.84,"body":"and we ID changes."},{"startTime":637.56,"endTime":642.96,"body":"We are not me anymore, you know,"},{"startTime":637.56,"endTime":642.96,"body":"because we are the title"},{"startTime":642.96,"endTime":646.4,"body":"in that corporation with whatever"},{"startTime":642.96,"endTime":646.4,"body":"corporation that we are working for."},{"startTime":646.88,"endTime":649.84,"body":"Like I'm a president, so and so"},{"startTime":650.12,"endTime":652.96,"body":"I do manage or whatever it is, right?"},{"startTime":653.32,"endTime":657.64,"body":"So that's your ID,"},{"startTime":653.32,"endTime":657.64,"body":"So it's very hard to let go"},{"startTime":658.84,"endTime":661.08,"body":"and it can only happen"},{"startTime":661.08,"endTime":664.04,"body":"either they let you go or something."},{"startTime":664.52,"endTime":666.84,"body":"Oh yeah, lightning goes, Oh, I was."},{"startTime":667.56,"endTime":669.92,"body":"I was talking to a friend"},{"startTime":667.56,"endTime":669.92,"body":"the other day who was having"},{"startTime":669.92,"endTime":673.4,"body":"this identity crisis and he was like,"},{"startTime":669.92,"endTime":673.4,"body":"you know, I want to leave."},{"startTime":673.4,"endTime":674.64,"body":"I want to leave my corporate job."},{"startTime":674.64,"endTime":675.6,"body":"So bad, you know?"},{"startTime":675.6,"endTime":678.36,"body":"But I really like being a VP."},{"startTime":678.76,"endTime":681.52,"body":"And I said to him, You leave your job,"},{"startTime":681.84,"endTime":684.72,"body":"you're going to become"},{"startTime":681.84,"endTime":684.72,"body":"the CEO of your own business."},{"startTime":684.72,"endTime":686.8,"body":"I mean, that's a level up, right?"},{"startTime":686.8,"endTime":689.28,"body":"He's like,"},{"startTime":686.8,"endTime":689.28,"body":"Oh, I didn't think about it that way."},{"startTime":689.68,"endTime":691.16,"body":"Well, there you go."},{"startTime":691.16,"endTime":692.56,"body":"Take on the CEO title."},{"startTime":692.56,"endTime":693.24,"body":"You know."},{"startTime":693.36,"endTime":697.84,"body":"That's what I'm enjoying My resignation"},{"startTime":693.36,"endTime":697.84,"body":"now, actually, CEO of my own"},{"startTime":697.84,"endTime":700.68,"body":"company was being a vice president"},{"startTime":697.84,"endTime":700.68,"body":"for somebody else."},{"startTime":701.2,"endTime":703.32,"body":"Right? That's right."},{"startTime":703.32,"endTime":706.04,"body":"I mean, that's a big aspect"},{"startTime":703.32,"endTime":706.04,"body":"of what most people, you know,"},{"startTime":706.04,"endTime":709.92,"body":"because they get to untangle"},{"startTime":706.04,"endTime":709.92,"body":"that It's very hard to let go."},{"startTime":709.92,"endTime":713.04,"body":"And for me to it was all the thing"},{"startTime":709.92,"endTime":713.04,"body":"that I I'm from India,"},{"startTime":713.6,"endTime":718.88,"body":"so when you move countries, there's always"},{"startTime":713.6,"endTime":718.88,"body":"this thing in my country that I learned."},{"startTime":718.88,"endTime":720.0,"body":"My parents taught me"},{"startTime":720.0,"endTime":723.8,"body":"go to school, get good education,"},{"startTime":720.0,"endTime":723.8,"body":"get a good job, get a white collar job."},{"startTime":723.8,"endTime":726.96,"body":"So it was like white collar"},{"startTime":723.8,"endTime":726.96,"body":"job was the number one thing for us."},{"startTime":727.32,"endTime":731.4,"body":"I started in real estate,"},{"startTime":727.32,"endTime":731.4,"body":"but 20 years ago to single family."},{"startTime":731.4,"endTime":732.96,"body":"That's a saying I could hear your pain."},{"startTime":732.96,"endTime":737.16,"body":"I dealt with as well as termites,"},{"startTime":732.96,"endTime":737.16,"body":"you know, myself."},{"startTime":737.16,"endTime":739.32,"body":"And we were that DIY as well."},{"startTime":739.72,"endTime":742.56,"body":"Like I joke all the time,"},{"startTime":739.72,"endTime":742.56,"body":"me and my husband, we didn't even know"},{"startTime":742.56,"endTime":747.44,"body":"that property management companies existed"},{"startTime":742.56,"endTime":747.44,"body":"at the time because it's not like that."},{"startTime":747.48,"endTime":750.64,"body":"It was not that it was there,"},{"startTime":747.48,"endTime":750.64,"body":"but we wanted to do it ourselves"},{"startTime":750.64,"endTime":751.56,"body":"because we wanted to,"},{"startTime":751.56,"endTime":755.28,"body":"because we didn't want to pay somebody"},{"startTime":751.56,"endTime":755.28,"body":"else, because that's making enough money."},{"startTime":755.56,"endTime":756.08,"body":"That's the reason"},{"startTime":756.08,"endTime":759.64,"body":"I'm saying I resonate with this story"},{"startTime":756.08,"endTime":759.64,"body":"because we did that same thing."},{"startTime":760.32,"endTime":763.56,"body":"But now we learned the hard way"},{"startTime":763.56,"endTime":766.36,"body":"and we are doing much better."},{"startTime":766.72,"endTime":768.92,"body":"So I wanted to understand from you,"},{"startTime":769.44,"endTime":772.48,"body":"what are some of the key"},{"startTime":769.44,"endTime":772.48,"body":"benefits of passive investing,"},{"startTime":773.44,"endTime":775.36,"body":"you know, that we can share"},{"startTime":775.36,"endTime":779.44,"body":"with our listeners and how can you create"},{"startTime":775.36,"endTime":779.44,"body":"generational wealth?"},{"startTime":779.44,"endTime":782.04,"body":"Because it's very easy to do it."},{"startTime":782.04,"endTime":782.92,"body":"Yes. Yeah."},{"startTime":782.92,"endTime":785.28,"body":"So there's three"},{"startTime":782.92,"endTime":785.28,"body":"there's three key benefits."},{"startTime":785.28,"endTime":789.12,"body":"So one is your cash flow, right?"},{"startTime":789.24,"endTime":791.08,"body":"And second is appreciation."},{"startTime":791.08,"endTime":792.96,"body":"And the third is tax benefits."},{"startTime":792.96,"endTime":797.28,"body":"So when you invest it, you'll move"},{"startTime":792.96,"endTime":797.28,"body":"your money into a real estate investment."},{"startTime":797.6,"endTime":801.12,"body":"I think the the biggest benefit"},{"startTime":797.6,"endTime":801.12,"body":"and the most"},{"startTime":801.4,"endTime":805.08,"body":"misunderstood one"},{"startTime":801.4,"endTime":805.08,"body":"is probably the taxes, taxes."},{"startTime":805.08,"endTime":808.68,"body":"It has been it's been amazing for us"},{"startTime":805.08,"endTime":808.68,"body":"to invest in real estate"},{"startTime":808.68,"endTime":812.44,"body":"because we get significant"},{"startTime":808.68,"endTime":812.44,"body":"losses on on paper."},{"startTime":812.44,"endTime":813.48,"body":"Remember, they're on paper."},{"startTime":813.48,"endTime":817.48,"body":"I had an investor once to who did panic"},{"startTime":813.48,"endTime":817.48,"body":"because they got you know, they did"},{"startTime":817.48,"endTime":821.48,"body":"a $50,000 investment and they got a key"},{"startTime":817.48,"endTime":821.48,"body":"one that showed a $30,000 loss."},{"startTime":821.48,"endTime":825.12,"body":"And they thought they had lost 30,"},{"startTime":821.48,"endTime":825.12,"body":"30,000 of their 50."},{"startTime":825.12,"endTime":826.32,"body":"And like, no, no, no."},{"startTime":826.32,"endTime":830.4,"body":"This is just a paper loss that you can"},{"startTime":826.32,"endTime":830.4,"body":"then write off on your taxes."},{"startTime":831.04,"endTime":834.84,"body":"So that one is a huge benefit,"},{"startTime":831.04,"endTime":834.84,"body":"especially for business owners, too,"},{"startTime":834.88,"endTime":836.04,"body":"like business owners."},{"startTime":836.04,"endTime":838.68,"body":"And that's what I teach on my podcast"},{"startTime":836.04,"endTime":838.68,"body":"quite, quite well"},{"startTime":838.68,"endTime":842.04,"body":"because I teach, you know, how"},{"startTime":838.68,"endTime":842.04,"body":"to invest and own a business."},{"startTime":842.04,"endTime":844.64,"body":"You can maximize your tax strategies"},{"startTime":845.28,"endTime":848.04,"body":"and really play the game"},{"startTime":845.28,"endTime":848.04,"body":"right and win the game."},{"startTime":848.88,"endTime":851.84,"body":"And so though that's a huge benefit,"},{"startTime":848.88,"endTime":851.84,"body":"but then, you know,"},{"startTime":851.88,"endTime":854.92,"body":"investing passively like you get"},{"startTime":851.88,"endTime":854.92,"body":"you get cash"},{"startTime":854.92,"endTime":858.2,"body":"flow throughout the deal"},{"startTime":854.92,"endTime":858.2,"body":"now depends on the deal, right?"},{"startTime":858.24,"endTime":861.96,"body":"Some deals will offer a lot of cash flow"},{"startTime":858.24,"endTime":861.96,"body":"and others will offer minimal amount."},{"startTime":862.68,"endTime":865.92,"body":"And then when the deal sells at the end,"},{"startTime":862.68,"endTime":865.92,"body":"you get your money back"},{"startTime":865.92,"endTime":868.6,"body":"plus some plus extra. Right."},{"startTime":868.6,"endTime":872.24,"body":"And so one of the one of the"},{"startTime":868.6,"endTime":872.24,"body":"a lot of the goals is to"},{"startTime":872.28,"endTime":875.08,"body":"you can get much higher returns"},{"startTime":872.28,"endTime":875.08,"body":"in real estate"},{"startTime":875.44,"endTime":879.04,"body":"and then you can,"},{"startTime":875.44,"endTime":879.04,"body":"you know in the in the stock market."},{"startTime":879.48,"endTime":880.6,"body":"Yeah you set it very well."},{"startTime":880.6,"endTime":884.4,"body":"And regarding the tax"},{"startTime":880.6,"endTime":884.4,"body":"benefits, it's just like tax deferment,"},{"startTime":885.12,"endTime":888.84,"body":"putting the money into different buckets"},{"startTime":885.12,"endTime":888.84,"body":"and you can keep on doing"},{"startTime":888.84,"endTime":891.96,"body":"life long,"},{"startTime":888.84,"endTime":891.96,"body":"you know, and not have to pay taxes."},{"startTime":891.96,"endTime":895.48,"body":"It's not necessarily"},{"startTime":891.96,"endTime":895.48,"body":"that you're eliminating"},{"startTime":895.48,"endTime":898.32,"body":"the taxes,"},{"startTime":895.48,"endTime":898.32,"body":"you're just deferring the taxes."},{"startTime":898.56,"endTime":901.68,"body":"So but we are not"},{"startTime":898.56,"endTime":901.68,"body":"the CPA is really just to get more work."},{"startTime":901.96,"endTime":903.6,"body":"So we're just chatting a little bit."},{"startTime":905.52,"endTime":908.28,"body":"So let's talk about how can"},{"startTime":908.28,"endTime":913.8,"body":"somebody start investing in real estate"},{"startTime":908.28,"endTime":913.8,"body":"if somebody is a newbie or a beginner,"},{"startTime":914.36,"endTime":917.48,"body":"what are some of the key strategies"},{"startTime":914.36,"endTime":917.48,"body":"they should be following"},{"startTime":917.88,"endTime":921.12,"body":"and also getting to the comfort level"},{"startTime":917.88,"endTime":921.12,"body":"that they feel like,"},{"startTime":921.12,"endTime":924.32,"body":"Oh, I'm not hesitant anymore,"},{"startTime":921.12,"endTime":924.32,"body":"let me try this."},{"startTime":924.32,"endTime":926.84,"body":"And you know, right this way."},{"startTime":926.84,"endTime":929.4,"body":"Well, I'll tell you through my experience,"},{"startTime":926.84,"endTime":929.4,"body":"right."},{"startTime":929.4,"endTime":934.04,"body":"So my story is, is, you know,"},{"startTime":929.4,"endTime":934.04,"body":"I started poking around"},{"startTime":934.04,"endTime":935.56,"body":"looking for different ways to invest"},{"startTime":935.56,"endTime":939.76,"body":"that did not involve my time and muscles"},{"startTime":935.56,"endTime":939.76,"body":"and skills and tears right."},{"startTime":939.96,"endTime":943.8,"body":"It's like, well, how can I still invest?"},{"startTime":943.8,"endTime":945.88,"body":"Because I believe 100% in real estate."},{"startTime":946.56,"endTime":947.48,"body":"I know, you know, over"},{"startTime":947.48,"endTime":951.0,"body":"90% of the world's billionaires"},{"startTime":947.48,"endTime":951.0,"body":"have real estate in their portfolio."},{"startTime":951.96,"endTime":955.6,"body":"And so it's a it's a lucrative investment"},{"startTime":951.96,"endTime":955.6,"body":"strategy, and it's one that"},{"startTime":955.6,"endTime":958.4,"body":"if you want to become a millionaire"},{"startTime":955.6,"endTime":958.4,"body":"or multimillionaire,"},{"startTime":958.48,"endTime":960.48,"body":"you need to have some real estate."},{"startTime":960.48,"endTime":965.24,"body":"So I'm like, okay, well,"},{"startTime":960.48,"endTime":965.24,"body":"how do I how do I figure out what to do?"},{"startTime":965.24,"endTime":969.24,"body":"So when I figured out"},{"startTime":965.24,"endTime":969.24,"body":"that investing in apartments"},{"startTime":969.24,"endTime":972.84,"body":"would be a group investment"},{"startTime":969.24,"endTime":972.84,"body":"and there was a thing called"},{"startTime":972.88,"endTime":977.4,"body":"being a limited partner"},{"startTime":972.88,"endTime":977.4,"body":"in this investment, and that sounded,"},{"startTime":978.04,"endTime":981.56,"body":"well, simultaneously amazing,"},{"startTime":978.04,"endTime":981.56,"body":"but also frightening to me"},{"startTime":981.72,"endTime":985.2,"body":"because I was used"},{"startTime":981.72,"endTime":985.2,"body":"to being in control of everything."},{"startTime":985.56,"endTime":988.32,"body":"And now this time"},{"startTime":985.56,"endTime":988.32,"body":"I was not going to be in control."},{"startTime":988.32,"endTime":991.44,"body":"Because when you come in"},{"startTime":988.32,"endTime":991.44,"body":"as a limited partner, you don't"},{"startTime":991.6,"endTime":994.52,"body":"have you don't get a say in"},{"startTime":991.6,"endTime":994.52,"body":"when they sell the property."},{"startTime":994.72,"endTime":998.36,"body":"You don't get a say in how many, you know,"},{"startTime":994.72,"endTime":998.36,"body":"what they charge for rent"},{"startTime":998.68,"endTime":1002.68,"body":"and how how fast they accelerate"},{"startTime":998.68,"endTime":1002.68,"body":"rent or slow or whatever."},{"startTime":1002.68,"endTime":1003.24,"body":"Right."},{"startTime":1003.24,"endTime":1006.68,"body":"You're you're literally just there"},{"startTime":1003.24,"endTime":1006.68,"body":"to invest your money."},{"startTime":1007.08,"endTime":1009.08,"body":"Kind of exactly like the stock"},{"startTime":1007.08,"endTime":1009.08,"body":"market. Right."},{"startTime":1009.08,"endTime":1010.4,"body":"If you invest your money in Apple,"},{"startTime":1010.4,"endTime":1013.6,"body":"you don't get a say in what products"},{"startTime":1010.4,"endTime":1013.6,"body":"they're going to bring out online."},{"startTime":1013.88,"endTime":1015.8,"body":"You know,"},{"startTime":1013.88,"endTime":1015.8,"body":"you're just investing in that company"},{"startTime":1015.8,"endTime":1018.56,"body":"and you're trusting that company to do"},{"startTime":1015.8,"endTime":1018.56,"body":"well with your money."},{"startTime":1018.92,"endTime":1021.04,"body":"Those same thing as a limited partner."},{"startTime":1021.44,"endTime":1024.28,"body":"So I said,"},{"startTime":1021.44,"endTime":1024.28,"body":"you know the T word, right, trust."},{"startTime":1024.52,"endTime":1028.16,"body":"And that's that's a huge thing"},{"startTime":1024.52,"endTime":1028.16,"body":"as a passive investor."},{"startTime":1028.16,"endTime":1031.84,"body":"And so my story was,"},{"startTime":1028.16,"endTime":1031.84,"body":"you know, when I was trying to figure out"},{"startTime":1031.92,"endTime":1034.52,"body":"who to invest with"},{"startTime":1031.92,"endTime":1034.52,"body":"and what and what to do."},{"startTime":1034.88,"endTime":1038.64,"body":"Education is huge and it's something I'm"},{"startTime":1034.88,"endTime":1038.64,"body":"very passionate about."},{"startTime":1038.64,"endTime":1040.76,"body":"It's steady stream"},{"startTime":1038.64,"endTime":1040.76,"body":"investments is educating"},{"startTime":1041.0,"endTime":1044.0,"body":"people on the ins and outs of passive"},{"startTime":1041.0,"endTime":1044.0,"body":"investing"},{"startTime":1044.92,"endTime":1047.4,"body":"and making sure they understand the risks"},{"startTime":1044.92,"endTime":1047.4,"body":"and making sure"},{"startTime":1047.4,"endTime":1049.8,"body":"they understand the pitfalls,"},{"startTime":1047.4,"endTime":1049.8,"body":"making sure they understand"},{"startTime":1050.56,"endTime":1054.24,"body":"what could happen if it goes wrong,"},{"startTime":1050.56,"endTime":1054.24,"body":"but then also helping them understand"},{"startTime":1054.24,"endTime":1059.04,"body":"what could happen if it all goes right to,"},{"startTime":1054.24,"endTime":1059.04,"body":"you know, and and how they can really"},{"startTime":1059.04,"endTime":1062.72,"body":"make an impact for their own families"},{"startTime":1059.04,"endTime":1062.72,"body":"by investing like this."},{"startTime":1063.92,"endTime":1066.8,"body":"And so one of the things that I did,"},{"startTime":1063.92,"endTime":1066.8,"body":"of course, was education."},{"startTime":1066.8,"endTime":1068.96,"body":"So I started listening to podcasts,"},{"startTime":1068.96,"endTime":1072.32,"body":"as many podcasts"},{"startTime":1068.96,"endTime":1072.32,"body":"as I could find to really understand"},{"startTime":1072.68,"endTime":1075.96,"body":"the process"},{"startTime":1072.68,"endTime":1075.96,"body":"and understand the market and the economy"},{"startTime":1075.96,"endTime":1078.76,"body":"and make sure that it was going"},{"startTime":1075.96,"endTime":1078.76,"body":"to be a smart choice for us."},{"startTime":1079.36,"endTime":1084.8,"body":"Then I started attending local meetups,"},{"startTime":1079.36,"endTime":1084.8,"body":"and you can do this pretty easily."},{"startTime":1084.8,"endTime":1088.72,"body":"Just go to Google"},{"startTime":1084.8,"endTime":1088.72,"body":"and search for local multifamily meetup."},{"startTime":1088.88,"endTime":1090.96,"body":"If you're interested"},{"startTime":1088.88,"endTime":1090.96,"body":"in investing in multifamily"},{"startTime":1090.96,"endTime":1094.88,"body":"or if you're interested in self-storage"},{"startTime":1090.96,"endTime":1094.88,"body":"or RV parks or all of those things,"},{"startTime":1094.88,"endTime":1098.68,"body":"you can just Google those meetups"},{"startTime":1094.88,"endTime":1098.68,"body":"and then you go at a ten"},{"startTime":1098.68,"endTime":1102.4,"body":"to just start talking to people"},{"startTime":1098.68,"endTime":1102.4,"body":"and talk to them about, you know,"},{"startTime":1102.8,"endTime":1106.4,"body":"who's done it and who hasn't done it"},{"startTime":1102.8,"endTime":1106.4,"body":"and where were the deals are."},{"startTime":1106.4,"endTime":1109.8,"body":"And then you start networking and learning"},{"startTime":1106.4,"endTime":1109.8,"body":"and finding the people."},{"startTime":1110.12,"endTime":1113.72,"body":"You can also go to big conferences and,"},{"startTime":1114.04,"endTime":1116.84,"body":"you know, meet the people"},{"startTime":1114.04,"endTime":1116.84,"body":"who speak the speakers on the stage."},{"startTime":1116.84,"endTime":1119.2,"body":"There's virtual conference"},{"startTime":1116.84,"endTime":1119.2,"body":"that you can attend weekly."},{"startTime":1119.24,"endTime":1122.16,"body":"I know you hosted one"},{"startTime":1119.24,"endTime":1122.16,"body":"not not too long ago."},{"startTime":1122.16,"endTime":1124.84,"body":"Like, those are really great"},{"startTime":1122.16,"endTime":1124.84,"body":"events to get educated."},{"startTime":1125.36,"endTime":1128.12,"body":"Once you've gotten educated,"},{"startTime":1125.36,"endTime":1128.12,"body":"then you need to start talking"},{"startTime":1128.12,"endTime":1131.96,"body":"to the people who are offering"},{"startTime":1128.12,"endTime":1131.96,"body":"the investment opportunities."},{"startTime":1131.96,"endTime":1135.92,"body":"So for my business, I have set up a way"},{"startTime":1131.96,"endTime":1135.92,"body":"for you to get on a call with me"},{"startTime":1135.92,"endTime":1140.84,"body":"and we do a 30 minute strategy session"},{"startTime":1135.92,"endTime":1140.84,"body":"where you can learn about"},{"startTime":1141.44,"endTime":1145.16,"body":"we we talk about your experience"},{"startTime":1141.44,"endTime":1145.16,"body":"so far investing."},{"startTime":1145.16,"endTime":1147.8,"body":"We talk about your goals"},{"startTime":1145.16,"endTime":1147.8,"body":"and what you're looking for."},{"startTime":1147.8,"endTime":1151.16,"body":"And then, you know,"},{"startTime":1147.8,"endTime":1151.16,"body":"you can learn about what opportunities"},{"startTime":1151.16,"endTime":1155.0,"body":"that my company provides"},{"startTime":1151.16,"endTime":1155.0,"body":"so that and get on their list."},{"startTime":1155.32,"endTime":1157.8,"body":"So the suggestion"},{"startTime":1155.32,"endTime":1157.8,"body":"would be to get on multiple lists"},{"startTime":1158.24,"endTime":1162.68,"body":"so that you can see multiple investments"},{"startTime":1158.24,"endTime":1162.68,"body":"and you can understand"},{"startTime":1162.68,"endTime":1168.4,"body":"who's doing what in the industry"},{"startTime":1162.68,"endTime":1168.4,"body":"and get options to to look at"},{"startTime":1169.24,"endTime":1172.88,"body":"and then also talk"},{"startTime":1169.24,"endTime":1172.88,"body":"and find other passive investors."},{"startTime":1172.88,"endTime":1176.4,"body":"So other people who are doing it passively"},{"startTime":1172.88,"endTime":1176.4,"body":"and ask them"},{"startTime":1176.6,"endTime":1179.28,"body":"who do they like to invest with"},{"startTime":1176.6,"endTime":1179.28,"body":"and who are the people"},{"startTime":1179.28,"endTime":1182.48,"body":"that they would trust"},{"startTime":1179.28,"endTime":1182.48,"body":"with their with their money."},{"startTime":1182.48,"endTime":1186.76,"body":"So those are some tips that you can do"},{"startTime":1182.48,"endTime":1186.76,"body":"to get started in investing."},{"startTime":1187.8,"endTime":1189.2,"body":"Thank you so much for sharing that."},{"startTime":1189.2,"endTime":1192.04,"body":"That's all really good tips"},{"startTime":1189.2,"endTime":1192.04,"body":"and all of them work."},{"startTime":1192.4,"endTime":1196.16,"body":"And since you're talking about the trust,"},{"startTime":1192.4,"endTime":1196.16,"body":"I wanted to emphasize"},{"startTime":1196.16,"endTime":1199.0,"body":"that it's very important to trust"},{"startTime":1196.16,"endTime":1199.0,"body":"we are investing with."},{"startTime":1199.36,"endTime":1201.48,"body":"So you have to like the person."},{"startTime":1201.8,"endTime":1203.32,"body":"So do not invest with anybody."},{"startTime":1203.32,"endTime":1207.44,"body":"If you do not like somebody because you're"},{"startTime":1203.32,"endTime":1207.44,"body":"marrying that person for 3 to 5 years."},{"startTime":1207.44,"endTime":1210.8,"body":"Because each deal for us,"},{"startTime":1207.44,"endTime":1210.8,"body":"you know, for example, what deals"},{"startTime":1210.8,"endTime":1213.6,"body":"are covered"},{"startTime":1210.8,"endTime":1213.6,"body":"in a way that it lasts 3 to 5 years"},{"startTime":1214.08,"endTime":1215.92,"body":"and that could be three years,"},{"startTime":1214.08,"endTime":1215.92,"body":"could be five"},{"startTime":1215.92,"endTime":1218.96,"body":"years, could be years longer,"},{"startTime":1215.92,"endTime":1218.96,"body":"you know, depending upon the market"},{"startTime":1218.96,"endTime":1222.4,"body":"conditions, you know,"},{"startTime":1218.96,"endTime":1222.4,"body":"So you have to like the person,"},{"startTime":1222.56,"endTime":1225.2,"body":"you have to trust the person"},{"startTime":1222.56,"endTime":1225.2,"body":"in order to invest."},{"startTime":1225.4,"endTime":1229.16,"body":"So today, what topic is mainly we're going"},{"startTime":1225.4,"endTime":1229.16,"body":"to be talking about all the negatives"},{"startTime":1229.52,"endTime":1232.76,"body":"because everybody talks"},{"startTime":1229.52,"endTime":1232.76,"body":"about the good stuff he invested me."},{"startTime":1232.76,"endTime":1234.96,"body":"You'll get tax returns or then."},{"startTime":1234.96,"endTime":1239.6,"body":"So we're going to talk about"},{"startTime":1234.96,"endTime":1239.6,"body":"what could go wrong in passive investing"},{"startTime":1239.88,"endTime":1244.32,"body":"and what are some of the hesitations"},{"startTime":1239.88,"endTime":1244.32,"body":"that the investors have,"},{"startTime":1244.64,"endTime":1245.96,"body":"because I think that so for thing,"},{"startTime":1245.96,"endTime":1248.72,"body":"because that's the reason"},{"startTime":1245.96,"endTime":1248.72,"body":"they sit on the sidelines, because"},{"startTime":1249.2,"endTime":1253.08,"body":"they do not get the questions answered"},{"startTime":1249.2,"endTime":1253.08,"body":"like I was the elephant in the room."},{"startTime":1253.4,"endTime":1258.52,"body":"So let's talk about the elephant in"},{"startTime":1253.4,"endTime":1258.52,"body":"the room that could go with that defense."},{"startTime":1258.72,"endTime":1261.72,"body":"So you want to start with one obvious"},{"startTime":1262.04,"endTime":1264.8,"body":"misconception that people have."},{"startTime":1265.04,"endTime":1268.84,"body":"So the yeah,"},{"startTime":1265.04,"endTime":1268.84,"body":"I mean, what can go wrong with with deals?"},{"startTime":1268.84,"endTime":1271.16,"body":"There's there's a lot that could go wrong."},{"startTime":1271.16,"endTime":1275.8,"body":"And and let's be honest, every deal"},{"startTime":1271.16,"endTime":1275.8,"body":"something is going to go wrong, right?"},{"startTime":1275.84,"endTime":1276.36,"body":"Like, you bet."},{"startTime":1276.36,"endTime":1280.88,"body":"And you and I have been investing"},{"startTime":1276.36,"endTime":1280.88,"body":"long enough to know that no deal goes"},{"startTime":1280.88,"endTime":1284.64,"body":"perfectly smooth and never has a challenge"},{"startTime":1280.88,"endTime":1284.64,"body":"that we have to address."},{"startTime":1284.84,"endTime":1287.48,"body":"And I think this is where the genius"},{"startTime":1284.84,"endTime":1287.48,"body":"of real estate investors are,"},{"startTime":1287.48,"endTime":1291.44,"body":"especially those of us who've been in"},{"startTime":1287.48,"endTime":1291.44,"body":"a long time, is that we understand that."},{"startTime":1291.44,"endTime":1293.56,"body":"We know that there's"},{"startTime":1291.44,"endTime":1293.56,"body":"going to be a challenge"},{"startTime":1293.56,"endTime":1296.32,"body":"and we accept that responsibility"},{"startTime":1293.56,"endTime":1296.32,"body":"of the challenge"},{"startTime":1296.52,"endTime":1299.8,"body":"and we know how to navigate"},{"startTime":1296.52,"endTime":1299.8,"body":"and solve those problems."},{"startTime":1300.04,"endTime":1301.68,"body":"And I think that's key."},{"startTime":1301.68,"endTime":1304.88,"body":"When you're investing with someone"},{"startTime":1301.68,"endTime":1304.88,"body":"you wouldn't want to invest"},{"startTime":1304.88,"endTime":1309.36,"body":"with someone, for example, who has who"},{"startTime":1304.88,"endTime":1309.36,"body":"just barely started investing in 2020."},{"startTime":1309.76,"endTime":1314.48,"body":"And and now they're you know,"},{"startTime":1309.76,"endTime":1314.48,"body":"they're three years in because 20, 20, 20,"},{"startTime":1314.48,"endTime":1319.28,"body":"21, you know, even if they said, oh,"},{"startTime":1314.48,"endTime":1319.28,"body":"we did really great on our investments,"},{"startTime":1319.96,"endTime":1324.16,"body":"it was kind of a, I don't know,"},{"startTime":1319.96,"endTime":1324.16,"body":"a fantasy world that was happening"},{"startTime":1324.16,"endTime":1328.04,"body":"in those couple of years with real estate"},{"startTime":1324.16,"endTime":1328.04,"body":"because things went up so quickly."},{"startTime":1328.04,"endTime":1331.92,"body":"And so, of course, if you had real estate,"},{"startTime":1328.04,"endTime":1331.92,"body":"if you bought real estate in 2019,"},{"startTime":1331.92,"endTime":1335.88,"body":"2020, you made a ton of money"},{"startTime":1331.92,"endTime":1335.88,"body":"on your real estate investment."},{"startTime":1335.88,"endTime":1338.32,"body":"So awesome, great, good job."},{"startTime":1338.96,"endTime":1342.08,"body":"But it wasn't"},{"startTime":1338.96,"endTime":1342.08,"body":"because you are a savvy investors,"},{"startTime":1342.08,"endTime":1345.68,"body":"because the economic in the market"},{"startTime":1342.08,"endTime":1345.68,"body":"conditions really gave"},{"startTime":1345.68,"endTime":1348.0,"body":"that wind beneath your beneath your sails."},{"startTime":1348.92,"endTime":1350.92,"body":"So let's talk about that."},{"startTime":1350.92,"endTime":1356.4,"body":"We're in 2023"},{"startTime":1350.92,"endTime":1356.4,"body":"and the interest rates have gone crazy."},{"startTime":1356.4,"endTime":1356.92,"body":"Crazy."},{"startTime":1358.16,"endTime":1361.12,"body":"And there's a lot of deals out there"},{"startTime":1358.16,"endTime":1361.12,"body":"that are struggling."},{"startTime":1361.12,"endTime":1362.88,"body":"I have to I talk daily this morning."},{"startTime":1362.88,"endTime":1366.68,"body":"I had coffee with a friend"},{"startTime":1362.88,"endTime":1366.68,"body":"and we were both chatting about how some"},{"startTime":1366.68,"endTime":1371.52,"body":"of the deals that we have are struggling"},{"startTime":1366.68,"endTime":1371.52,"body":"and why are they struggling?"},{"startTime":1371.52,"endTime":1374.32,"body":"Well, I mean, the elephant in the room"},{"startTime":1371.52,"endTime":1374.32,"body":"is the economy,"},{"startTime":1374.76,"endTime":1377.56,"body":"because the interest rates went up so fast"},{"startTime":1374.76,"endTime":1377.56,"body":"and then more"},{"startTime":1377.56,"endTime":1381.32,"body":"than 90% of multifamily properties"},{"startTime":1377.56,"endTime":1381.32,"body":"and over the last year"},{"startTime":1381.32,"endTime":1385.6,"body":"or two were bought"},{"startTime":1381.32,"endTime":1385.6,"body":"using a loan product called a bridge loan."},{"startTime":1385.88,"endTime":1390.4,"body":"And a bridge loan is just simply if you"},{"startTime":1385.88,"endTime":1390.4,"body":"think of like imagery of a bridge, right?"},{"startTime":1390.4,"endTime":1394.28,"body":"You're just trying to get across the rough"},{"startTime":1390.4,"endTime":1394.28,"body":"water to get to the other side"},{"startTime":1394.52,"endTime":1397.92,"body":"and then you get into a permanent"},{"startTime":1394.52,"endTime":1397.92,"body":"loan, right?"},{"startTime":1397.92,"endTime":1400.48,"body":"Or you sell it."},{"startTime":1397.92,"endTime":1400.48,"body":"So those are the strategies."},{"startTime":1400.68,"endTime":1403.68,"body":"And it was a very normal strategy"},{"startTime":1400.68,"endTime":1403.68,"body":"last year"},{"startTime":1403.68,"endTime":1407.52,"body":"for investors to use the the bridge loan."},{"startTime":1409.16,"endTime":1410.92,"body":"So now not every property"},{"startTime":1410.92,"endTime":1414.24,"body":"that has a bridge loan is struggling,"},{"startTime":1410.92,"endTime":1414.24,"body":"but a bridge loan is not fixed debt."},{"startTime":1414.44,"endTime":1416.28,"body":"It is variable interest."},{"startTime":1416.28,"endTime":1420.56,"body":"And and so what has happened"},{"startTime":1416.28,"endTime":1420.56,"body":"is that last year"},{"startTime":1420.56,"endTime":1424.16,"body":"you bought a property"},{"startTime":1420.56,"endTime":1424.16,"body":"and it was like 3.75% interest."},{"startTime":1424.44,"endTime":1427.88,"body":"And today you're paying eight"},{"startTime":1424.44,"endTime":1427.88,"body":"or 9% interest because of that variable"},{"startTime":1427.88,"endTime":1430.12,"body":"rate has just shot up so fast."},{"startTime":1430.96,"endTime":1434.24,"body":"The other issue is that with the economy,"},{"startTime":1434.24,"endTime":1437.36,"body":"you know, last year"},{"startTime":1434.24,"endTime":1437.36,"body":"when we were underwriting, you know,"},{"startTime":1437.44,"endTime":1441.72,"body":"we felt like we were doing conservative"},{"startTime":1437.44,"endTime":1441.72,"body":"underwriting and we even mapped out,"},{"startTime":1441.72,"endTime":1446.16,"body":"okay, well, what if the interest rates"},{"startTime":1441.72,"endTime":1446.16,"body":"go up to like five or 6%?"},{"startTime":1446.52,"endTime":1448.64,"body":"Because we thought that would be worst"},{"startTime":1446.52,"endTime":1448.64,"body":"case scenario"},{"startTime":1449.48,"endTime":1451.64,"body":"and oh, surprise, Nope."},{"startTime":1451.64,"endTime":1452.36,"body":"Eight, nine."},{"startTime":1452.36,"endTime":1455.36,"body":"Here we are right"},{"startTime":1452.36,"endTime":1455.36,"body":"in this in this really high interest rate."},{"startTime":1455.88,"endTime":1457.8,"body":"So what does that do to a property?"},{"startTime":1457.8,"endTime":1463.04,"body":"It makes it negatively cashflow other"},{"startTime":1457.8,"endTime":1463.04,"body":"challenges that could that that happened."},{"startTime":1463.16,"endTime":1465.84,"body":"So that's out of our control, right?"},{"startTime":1466.2,"endTime":1468.08,"body":"There's"},{"startTime":1466.2,"endTime":1468.08,"body":"no way we can control the interest rates."},{"startTime":1468.08,"endTime":1470.12,"body":"So that's one of the things"},{"startTime":1468.08,"endTime":1470.12,"body":"that's out of the control"},{"startTime":1470.12,"endTime":1473.12,"body":"of the investment of the operators"},{"startTime":1470.12,"endTime":1473.12,"body":"who are running it."},{"startTime":1473.36,"endTime":1477.48,"body":"Now. What is in their control"},{"startTime":1473.36,"endTime":1477.48,"body":"is how the investment is operated."},{"startTime":1477.92,"endTime":1481.64,"body":"And so sometimes you hire property"},{"startTime":1477.92,"endTime":1481.64,"body":"management company"},{"startTime":1481.64,"endTime":1485.6,"body":"and things don't work out and you have to"},{"startTime":1481.64,"endTime":1485.6,"body":"fire them and put a new one in."},{"startTime":1486.48,"endTime":1489.16,"body":"That's a painful process"},{"startTime":1486.48,"endTime":1489.16,"body":"and it could cause"},{"startTime":1489.68,"endTime":1493.52,"body":"some, you know, dip in cash flow"},{"startTime":1489.68,"endTime":1493.52,"body":"for the property houses that."},{"startTime":1493.52,"endTime":1497.36,"body":"Yeah, and you know, the occupancy"},{"startTime":1493.52,"endTime":1497.36,"body":"could go down just because the"},{"startTime":1497.64,"endTime":1500.0,"body":"you know,"},{"startTime":1497.64,"endTime":1500.0,"body":"the property management is not going well."},{"startTime":1500.48,"endTime":1503.48,"body":"Well if you combine that"},{"startTime":1500.48,"endTime":1503.48,"body":"with the interest rate issues, that's"},{"startTime":1503.48,"endTime":1508.28,"body":"why a lot of properties are struggling"},{"startTime":1503.48,"endTime":1508.28,"body":"today is that like not only is the"},{"startTime":1508.72,"endTime":1512.0,"body":"you know, it's hard to pay the mortgage"},{"startTime":1508.72,"endTime":1512.0,"body":"because the cash flow"},{"startTime":1512.44,"endTime":1515.0,"body":"and the cash flow is really low."},{"startTime":1515.76,"endTime":1518.28,"body":"So those are kind of a couple of things"},{"startTime":1515.76,"endTime":1518.28,"body":"that can go wrong."},{"startTime":1518.28,"endTime":1520.08,"body":"And then, of course,"},{"startTime":1518.28,"endTime":1520.08,"body":"there's other things like my friend this"},{"startTime":1520.08,"endTime":1523.92,"body":"morning, she's talking about her property"},{"startTime":1520.08,"endTime":1523.92,"body":"and how a boiler went out"},{"startTime":1523.92,"endTime":1527.12,"body":"and the water got"},{"startTime":1523.92,"endTime":1527.12,"body":"shut off for like seven days,"},{"startTime":1528.28,"endTime":1529.56,"body":"the apartment complex."},{"startTime":1529.56,"endTime":1532.48,"body":"And they were trying to fix it"},{"startTime":1529.56,"endTime":1532.48,"body":"and they had to like in and out in and"},{"startTime":1532.68,"endTime":1533.48,"body":"a nightmare."},{"startTime":1533.48,"endTime":1537.56,"body":"And then like two weeks later,"},{"startTime":1533.48,"endTime":1537.56,"body":"the pipes froze and it was just like this"},{"startTime":1537.56,"endTime":1541.12,"body":"huge disaster"},{"startTime":1537.56,"endTime":1541.12,"body":"that cost them over $700,000 to fix,"},{"startTime":1541.68,"endTime":1544.92,"body":"you know,"},{"startTime":1541.68,"endTime":1544.92,"body":"things like that happened in properties."},{"startTime":1545.6,"endTime":1548.24,"body":"So let's talk about the passive investor"},{"startTime":1545.6,"endTime":1548.24,"body":"perspective,"},{"startTime":1548.24,"endTime":1551.04,"body":"because I know a lot of your audience"},{"startTime":1548.24,"endTime":1551.04,"body":"are passive investors."},{"startTime":1551.24,"endTime":1555.04,"body":"So as a passive investor,"},{"startTime":1551.24,"endTime":1555.04,"body":"what happens to you"},{"startTime":1555.08,"endTime":1557.12,"body":"when when these things happen?"},{"startTime":1557.52,"endTime":1560.72,"body":"Well, the first thing that happens is you"},{"startTime":1560.92,"endTime":1566.48,"body":"we aggressively cut costs"},{"startTime":1560.92,"endTime":1566.48,"body":"and also probably stop distribution."},{"startTime":1566.48,"endTime":1569.16,"body":"So if you've been in your on dry"},{"startTime":1566.48,"endTime":1569.16,"body":"attributions or cash"},{"startTime":1569.16,"endTime":1572.48,"body":"flow on these properties,"},{"startTime":1569.16,"endTime":1572.48,"body":"sometimes that stops."},{"startTime":1572.48,"endTime":1576.08,"body":"And because we need to make sure"},{"startTime":1572.48,"endTime":1576.08,"body":"that we can pay the mortgage"},{"startTime":1576.32,"endTime":1579.2,"body":"and have enough money in our reserves"},{"startTime":1576.32,"endTime":1579.2,"body":"to be able to pay the mortgage,"},{"startTime":1579.88,"endTime":1580.96,"body":"that's probably the"},{"startTime":1582.32,"endTime":1584.72,"body":"the least"},{"startTime":1582.32,"endTime":1584.72,"body":"impactful thing that could happen."},{"startTime":1585.12,"endTime":1587.76,"body":"And so if that has happened to you on"},{"startTime":1585.12,"endTime":1587.76,"body":"some of your deals,"},{"startTime":1588.48,"endTime":1590.8,"body":"don't stress about it too much. Okay."},{"startTime":1590.84,"endTime":1595.12,"body":"Step two would be"},{"startTime":1590.84,"endTime":1595.12,"body":"when the operators decide,"},{"startTime":1595.72,"endTime":1600.48,"body":"okay, we're running out of cash too much"},{"startTime":1595.72,"endTime":1600.48,"body":"and we need to do a capital call."},{"startTime":1600.8,"endTime":1603.08,"body":"So let me explain what a capital call is."},{"startTime":1603.08,"endTime":1607.48,"body":"A capital call is where they go back out"},{"startTime":1607.72,"endTime":1610.44,"body":"to all of you"},{"startTime":1607.72,"endTime":1610.44,"body":"as passive investors and say, hey,"},{"startTime":1612.04,"endTime":1615.84,"body":"we need some more money to get through,"},{"startTime":1612.04,"endTime":1615.84,"body":"you know, to get over this these"},{"startTime":1615.88,"endTime":1616.76,"body":"these rough waters."},{"startTime":1616.76,"endTime":1619.52,"body":"We're in rough waters right now"},{"startTime":1619.52,"endTime":1621.92,"body":"and we need some more cash"},{"startTime":1619.52,"endTime":1621.92,"body":"to be able to do that."},{"startTime":1621.92,"endTime":1624.08,"body":"We have exhausted all of our reserves"},{"startTime":1624.32,"endTime":1627.0,"body":"with the general partners,"},{"startTime":1624.32,"endTime":1627.0,"body":"have put in money to the deal."},{"startTime":1627.0,"endTime":1630.96,"body":"So typically that happens as well before"},{"startTime":1627.0,"endTime":1630.96,"body":"it comes out to the passive investors."},{"startTime":1631.4,"endTime":1634.52,"body":"And and and we need your help"},{"startTime":1634.52,"endTime":1637.16,"body":"to get through the rough waters."},{"startTime":1638.04,"endTime":1643.0,"body":"I understand that's very unsettling"},{"startTime":1638.04,"endTime":1643.0,"body":"as a passive investor, because now there's"},{"startTime":1643.0,"endTime":1646.88,"body":"a lot of questions that you're probably"},{"startTime":1643.0,"endTime":1646.88,"body":"asking about the property like, well,"},{"startTime":1647.64,"endTime":1653.68,"body":"if I put more money into the property,"},{"startTime":1647.64,"endTime":1653.68,"body":"is it even going to perform right?"},{"startTime":1653.72,"endTime":1657.2,"body":"Like it feels very unsettling and,"},{"startTime":1657.8,"endTime":1662.6,"body":"and so when if that happens to you as"},{"startTime":1657.8,"endTime":1662.6,"body":"a passive investor, you have some choices."},{"startTime":1662.6,"endTime":1665.04,"body":"So first off,"},{"startTime":1662.6,"endTime":1665.04,"body":"I would ask a ton of questions"},{"startTime":1665.28,"endTime":1667.52,"body":"and I would really hit"},{"startTime":1665.28,"endTime":1667.52,"body":"the general partnership team"},{"startTime":1667.52,"endTime":1671.12,"body":"with with a bunch of questions"},{"startTime":1667.52,"endTime":1671.12,"body":"and ask for financial modeling and,"},{"startTime":1671.12,"endTime":1674.92,"body":"and things"},{"startTime":1671.12,"endTime":1674.92,"body":"so that you can see a path to positivity."},{"startTime":1675.2,"endTime":1676.68,"body":"That's what we want to look for."},{"startTime":1677.92,"endTime":1680.08,"body":"And how long, how long, how many years"},{"startTime":1680.08,"endTime":1683.12,"body":"is it going to take to get this property"},{"startTime":1680.08,"endTime":1683.12,"body":"back on track"},{"startTime":1683.12,"endTime":1686.2,"body":"If we do invest with you"},{"startTime":1686.2,"endTime":1689.36,"body":"now, the way a capital call works"},{"startTime":1686.2,"endTime":1689.36,"body":"is they go out"},{"startTime":1689.36,"endTime":1693.88,"body":"and they ask everyone to contribute"},{"startTime":1689.36,"endTime":1693.88,"body":"a percentage of your original investment."},{"startTime":1694.04,"endTime":1698.28,"body":"So the original investment"},{"startTime":1694.04,"endTime":1698.28,"body":"so say you had $100,000 in"},{"startTime":1698.28,"endTime":1702.48,"body":"and they come and say, Hey,"},{"startTime":1698.28,"endTime":1702.48,"body":"we want you to contribute another 30%."},{"startTime":1702.92,"endTime":1706.36,"body":"So now you have a choice"},{"startTime":1702.92,"endTime":1706.36,"body":"as a passive investor, you can one, you"},{"startTime":1706.36,"endTime":1709.48,"body":"can, you can either contribute"},{"startTime":1706.36,"endTime":1709.48,"body":"or not contribute,"},{"startTime":1710.12,"endTime":1712.72,"body":"and if you contribute,"},{"startTime":1713.04,"endTime":1715.28,"body":"you maintain"},{"startTime":1713.04,"endTime":1715.28,"body":"your percentage of the shares."},{"startTime":1715.84,"endTime":1717.8,"body":"If you choose not to contribute,"},{"startTime":1717.8,"endTime":1721.0,"body":"there is a possibility"},{"startTime":1717.8,"endTime":1721.0,"body":"your shares will get diluted."},{"startTime":1721.08,"endTime":1722.4,"body":"And what does that mean?"},{"startTime":1722.4,"endTime":1727.16,"body":"Well, it means, say, the property"},{"startTime":1722.4,"endTime":1727.16,"body":"they raised 5 million, right?"},{"startTime":1727.16,"endTime":1729.48,"body":"So there's $5 million of investor money"},{"startTime":1727.16,"endTime":1729.48,"body":"into it."},{"startTime":1730.0,"endTime":1733.08,"body":"You as a passive investor"},{"startTime":1730.0,"endTime":1733.08,"body":"put $100,000 into this."},{"startTime":1733.28,"endTime":1736.48,"body":"So you own a percentage of that 5 million."},{"startTime":1736.96,"endTime":1739.08,"body":"Well, now,"},{"startTime":1736.96,"endTime":1739.08,"body":"if they go out and raise another million,"},{"startTime":1739.6,"endTime":1742.52,"body":"you own a percentage of the 6 million."},{"startTime":1742.52,"endTime":1744.72,"body":"So if you put in your percentage,"},{"startTime":1742.52,"endTime":1744.72,"body":"you would"},{"startTime":1745.6,"endTime":1748.4,"body":"you would maintain the same percentage."},{"startTime":1748.76,"endTime":1750.04,"body":"If you don't,"},{"startTime":1750.04,"endTime":1752.48,"body":"then your percentage"},{"startTime":1750.04,"endTime":1752.48,"body":"that you own goes down,"},{"startTime":1752.6,"endTime":1754.68,"body":"which could affect"},{"startTime":1752.6,"endTime":1754.68,"body":"your profits in the end."},{"startTime":1755.0,"endTime":1757.56,"body":"It doesn't"},{"startTime":1755.0,"endTime":1757.56,"body":"mean your 100,000 went down, right?"},{"startTime":1757.56,"endTime":1759.64,"body":"And now you only have 90,000 invested."},{"startTime":1759.64,"endTime":1760.6,"body":"Now you still have your hundred"},{"startTime":1760.6,"endTime":1763.92,"body":"thousand invested into the project,"},{"startTime":1760.6,"endTime":1763.92,"body":"and that's still the amount of capital"},{"startTime":1763.92,"endTime":1767.8,"body":"that the general partners"},{"startTime":1763.92,"endTime":1767.8,"body":"would need to return in the end,"},{"startTime":1768.56,"endTime":1770.84,"body":"But you would affect your profits."},{"startTime":1771.2,"endTime":1774.28,"body":"So those are the kind of"},{"startTime":1771.2,"endTime":1774.28,"body":"the decision points that you"},{"startTime":1774.32,"endTime":1776.84,"body":"that you have to think about"},{"startTime":1774.32,"endTime":1776.84,"body":"as a passive investor."},{"startTime":1776.84,"endTime":1780.56,"body":"And, you know, does it make sense for you"},{"startTime":1776.84,"endTime":1780.56,"body":"to put more money into the project?"},{"startTime":1780.56,"endTime":1784.2,"body":"Do you believe that the project"},{"startTime":1780.56,"endTime":1784.2,"body":"is going to get through this rough time,"},{"startTime":1785.0,"endTime":1787.32,"body":"or are you thinking,"},{"startTime":1787.32,"endTime":1790.28,"body":"you know,"},{"startTime":1787.32,"endTime":1790.28,"body":"my money might be better off elsewhere?"},{"startTime":1790.56,"endTime":1791.0,"body":"Right."},{"startTime":1791.0,"endTime":1793.52,"body":"But there's risk, too,"},{"startTime":1791.0,"endTime":1793.52,"body":"because there's risk"},{"startTime":1793.52,"endTime":1796.48,"body":"if there's not enough money"},{"startTime":1793.52,"endTime":1796.48,"body":"that comes in to save the property."},{"startTime":1796.96,"endTime":1797.44,"body":"I mean,"},{"startTime":1798.64,"endTime":1801.6,"body":"I'll be brutally honest,"},{"startTime":1798.64,"endTime":1801.6,"body":"there's a risk of a total loss, right?"},{"startTime":1801.72,"endTime":1804.0,"body":"So a total loss of your capital."},{"startTime":1804.44,"endTime":1807.4,"body":"So it's a very uncomfortable position"},{"startTime":1807.8,"endTime":1810.64,"body":"and it's happening quite a bit this year."},{"startTime":1810.64,"endTime":1811.64,"body":"And I think it's going to happen"},{"startTime":1811.64,"endTime":1815.0,"body":"even more this year just because there's"},{"startTime":1811.64,"endTime":1815.0,"body":"just a lot of properties"},{"startTime":1815.0,"endTime":1816.52,"body":"that are struggling."},{"startTime":1816.52,"endTime":1821.28,"body":"And so we're going to see"},{"startTime":1816.52,"endTime":1821.28,"body":"a lot of capital calls come out this year."},{"startTime":1821.28,"endTime":1824.32,"body":"We're going to see some"},{"startTime":1821.28,"endTime":1824.32,"body":"some a little bit of pain in the market"},{"startTime":1824.32,"endTime":1826.64,"body":"with multifamily especially."},{"startTime":1827.88,"endTime":1830.44,"body":"But it's going to be interesting"},{"startTime":1827.88,"endTime":1830.44,"body":"to see the operators"},{"startTime":1830.44,"endTime":1834.44,"body":"who are successful coming out of this"},{"startTime":1830.44,"endTime":1834.44,"body":"because those are the ones that you want"},{"startTime":1834.44,"endTime":1839.24,"body":"to stick with, is the ones who are, you"},{"startTime":1834.44,"endTime":1839.24,"body":"know, just are working like crazy"},{"startTime":1839.24,"endTime":1842.44,"body":"to get these deals,"},{"startTime":1839.24,"endTime":1842.44,"body":"turn around and get them going."},{"startTime":1843.24,"endTime":1844.6,"body":"Yeah, I agree with you."},{"startTime":1844.6,"endTime":1850.16,"body":"And thanks for sharing all the negatives"},{"startTime":1844.6,"endTime":1850.16,"body":"about investing in the real estate"},{"startTime":1851.2,"endTime":1853.52,"body":"and one thing I wanted to say"},{"startTime":1853.92,"endTime":1857.36,"body":"here is that no"},{"startTime":1853.92,"endTime":1857.36,"body":"deal is a perfect deal to begin with."},{"startTime":1857.96,"endTime":1859.92,"body":"You know,"},{"startTime":1857.96,"endTime":1859.92,"body":"somebody comes to you and tells you,"},{"startTime":1859.92,"endTime":1862.76,"body":"okay, this is the best possible deal"},{"startTime":1859.92,"endTime":1862.76,"body":"you can get in this world,"},{"startTime":1863.0,"endTime":1866.36,"body":"but there is no perfect"},{"startTime":1863.0,"endTime":1866.36,"body":"deal is the operator is not perfect"},{"startTime":1866.36,"endTime":1869.08,"body":"or the sponsor is the perfect"},{"startTime":1866.36,"endTime":1869.08,"body":"who are running the deal."},{"startTime":1869.44,"endTime":1870.32,"body":"You have to trust."},{"startTime":1870.32,"endTime":1873.32,"body":"Like I always say, you have to trust"},{"startTime":1870.32,"endTime":1873.32,"body":"the jockey, not the horse."},{"startTime":1873.32,"endTime":1877.0,"body":"You know, jockey is the one who is going"},{"startTime":1873.32,"endTime":1877.0,"body":"to take the horse to the finish line."},{"startTime":1877.28,"endTime":1878.96,"body":"And that's very, very important to know."},{"startTime":1878.96,"endTime":1880.68,"body":"And the other thing you"},{"startTime":1880.68,"endTime":1884.36,"body":"mentioned was about the bridge loan"},{"startTime":1880.68,"endTime":1884.36,"body":"that a lot of people have the bridge loan."},{"startTime":1884.68,"endTime":1888.44,"body":"So these are all the different kind"},{"startTime":1884.68,"endTime":1888.44,"body":"of products available in the market."},{"startTime":1888.44,"endTime":1891.44,"body":"And you can take the bridge"},{"startTime":1888.44,"endTime":1891.44,"body":"or you can go to Freddie"},{"startTime":1891.44,"endTime":1894.68,"body":"or Fannie"},{"startTime":1891.44,"endTime":1894.68,"body":"and then you can get those loans too."},{"startTime":1894.68,"endTime":1898.28,"body":"But there's always some good and bad"},{"startTime":1894.68,"endTime":1898.28,"body":"with everything."},{"startTime":1898.28,"endTime":1898.6,"body":"You know,"},{"startTime":1899.6,"endTime":1900.36,"body":"let's say if you"},{"startTime":1900.36,"endTime":1903.48,"body":"wanted to be in the deal,"},{"startTime":1900.36,"endTime":1903.48,"body":"your strategies or your business"},{"startTime":1903.48,"endTime":1907.64,"body":"plan is only being in the deal"},{"startTime":1903.48,"endTime":1907.64,"body":"for 3 to 5 years."},{"startTime":1908.08,"endTime":1911.36,"body":"So it does not really make sense"},{"startTime":1908.08,"endTime":1911.36,"body":"to go with the agency loan,"},{"startTime":1911.36,"endTime":1915.16,"body":"which is Freddie or Freddie,"},{"startTime":1911.36,"endTime":1915.16,"body":"because there's a little maintenance"},{"startTime":1915.16,"endTime":1918.36,"body":"or there might be some step down cost"},{"startTime":1915.16,"endTime":1918.36,"body":"involved in that"},{"startTime":1918.68,"endTime":1922.52,"body":"that might, you know, dilute your profits"},{"startTime":1918.68,"endTime":1922.52,"body":"at the end when you're trying to exit."},{"startTime":1922.52,"endTime":1926.0,"body":"And if you are trying to hold on"},{"startTime":1922.52,"endTime":1926.0,"body":"to the property only for 3 to 5 years,"},{"startTime":1926.24,"endTime":1929.32,"body":"it might be a good idea"},{"startTime":1926.24,"endTime":1929.32,"body":"to just get a bridge loan and exit"},{"startTime":1929.6,"endTime":1933.08,"body":"meet your all your business plans"},{"startTime":1929.6,"endTime":1933.08,"body":"that you have out, make your predictions"},{"startTime":1933.08,"endTime":1935.08,"body":"and exit the property. Year three."},{"startTime":1935.08,"endTime":1936.04,"body":"That was a good plan."},{"startTime":1936.04,"endTime":1938.96,"body":"I've just been working"},{"startTime":1936.04,"endTime":1938.96,"body":"for a lot of operators over the years,"},{"startTime":1938.96,"endTime":1940.64,"body":"you know,"},{"startTime":1938.96,"endTime":1940.64,"body":"that's why they've been doing it."},{"startTime":1940.64,"endTime":1944.08,"body":"I mean, recently"},{"startTime":1940.64,"endTime":1944.08,"body":"we've been seeing due to the inflation"},{"startTime":1944.08,"endTime":1949.44,"body":"and the hike in the interest rate"},{"startTime":1944.08,"endTime":1949.44,"body":"that a lot of operators are,"},{"startTime":1949.64,"endTime":1954.8,"body":"you know, I would say is struggling"},{"startTime":1949.64,"endTime":1954.8,"body":"because they did not plan to try it again."},{"startTime":1954.92,"endTime":1958.24,"body":"I'm going to come back to"},{"startTime":1954.92,"endTime":1958.24,"body":"my previous point that no deal is perfect."},{"startTime":1958.52,"endTime":1962.12,"body":"You make it perfect"},{"startTime":1958.52,"endTime":1962.12,"body":"because if you have a solid business plan,"},{"startTime":1962.48,"endTime":1965.12,"body":"so if they have done their due"},{"startTime":1965.12,"endTime":1968.56,"body":"diligence right,"},{"startTime":1965.12,"endTime":1968.56,"body":"what could go wrong initially?"},{"startTime":1968.56,"endTime":1972.44,"body":"And get enough reserves"},{"startTime":1968.56,"endTime":1972.44,"body":"and have deeper pockets"},{"startTime":1973.4,"endTime":1977.0,"body":"to make that deal get to the finish line?"},{"startTime":1977.28,"endTime":1979.8,"body":"I don't see any issues that many markets."},{"startTime":1980.28,"endTime":1983.72,"body":"I think this this is the homework"},{"startTime":1980.28,"endTime":1983.72,"body":"that everybody should be doing"},{"startTime":1983.96,"endTime":1988.0,"body":"as operator, our sponsor, you know,"},{"startTime":1983.96,"endTime":1988.0,"body":"and this is the kind of due diligence"},{"startTime":1988.32,"endTime":1993.12,"body":"that investors should do before investing"},{"startTime":1988.32,"endTime":1993.12,"body":"with somebody, check their track record"},{"startTime":1993.12,"endTime":1996.96,"body":"and see how many cycles they have done,"},{"startTime":1993.12,"endTime":1996.96,"body":"you know, complete cycles,"},{"startTime":1997.48,"endTime":2000.28,"body":"what kind of records"},{"startTime":1997.48,"endTime":2000.28,"body":"they're giving to their investors."},{"startTime":2000.6,"endTime":2002.72,"body":"And then you talk about the underwriting."},{"startTime":2003.12,"endTime":2005.6,"body":"I'm going to talk about that"},{"startTime":2003.12,"endTime":2005.6,"body":"a little bit over here."},{"startTime":2005.88,"endTime":2009.76,"body":"So the more conservative"},{"startTime":2005.88,"endTime":2009.76,"body":"you are with the underwriting"},{"startTime":2009.76,"endTime":2014.32,"body":"and then you're promising,"},{"startTime":2009.76,"endTime":2014.32,"body":"like I would say, under-promise or would"},{"startTime":2014.92,"endTime":2019.84,"body":"deliver strategy that you have, you're"},{"startTime":2014.92,"endTime":2019.84,"body":"always going to do well on that, too."},{"startTime":2020.12,"endTime":2021.92,"body":"And then last but not the least, I'm"},{"startTime":2021.92,"endTime":2025.44,"body":"going to talk about working"},{"startTime":2021.92,"endTime":2025.44,"body":"with the property management companies."},{"startTime":2025.96,"endTime":2027.6,"body":"That's like a really big thing."},{"startTime":2027.6,"endTime":2030.68,"body":"And everybody's played working"},{"startTime":2027.6,"endTime":2030.68,"body":"with the property management companies"},{"startTime":2030.68,"endTime":2034.72,"body":"because it's not the property management"},{"startTime":2030.68,"endTime":2034.72,"body":"companies do not deliver,"},{"startTime":2034.72,"endTime":2038.04,"body":"but it could be something wrong"},{"startTime":2034.72,"endTime":2038.04,"body":"with the asset management team too."},{"startTime":2038.52,"endTime":2040.84,"body":"If you're not 100% on board,"},{"startTime":2041.08,"endTime":2045.52,"body":"on the asset management perspective,"},{"startTime":2041.08,"endTime":2045.52,"body":"you want be handled"},{"startTime":2046.12,"endTime":2049.24,"body":"and we want to be able"},{"startTime":2046.12,"endTime":2049.24,"body":"to handle the project seamlessly because"},{"startTime":2049.68,"endTime":2054.8,"body":"you're the one who are again, the jockey"},{"startTime":2049.68,"endTime":2054.8,"body":"and the property management is the horse"},{"startTime":2055.12,"endTime":2058.04,"body":"and you can take the horse"},{"startTime":2055.12,"endTime":2058.04,"body":"in whatever direction you want"},{"startTime":2058.48,"endTime":2062.92,"body":"and you can just make it right"},{"startTime":2058.48,"endTime":2062.92,"body":"the way when taken to the completion line,"},{"startTime":2062.92,"endTime":2066.28,"body":"or you can just get stuck"},{"startTime":2062.92,"endTime":2066.28,"body":"and keep on changing."},{"startTime":2066.28,"endTime":2071.36,"body":"So I would say that's something"},{"startTime":2066.28,"endTime":2071.36,"body":"that the asset managers"},{"startTime":2071.36,"endTime":2074.12,"body":"or the asset management"},{"startTime":2071.36,"endTime":2074.12,"body":"team needs to sort it out"},{"startTime":2074.48,"endTime":2076.84,"body":"and have put a plan together"},{"startTime":2074.48,"endTime":2076.84,"body":"for themselves."},{"startTime":2077.32,"endTime":2081.24,"body":"And another the thing you talk about,"},{"startTime":2077.32,"endTime":2081.24,"body":"stop the cash flow and that happens"},{"startTime":2081.24,"endTime":2081.76,"body":"all the time."},{"startTime":2081.76,"endTime":2085.88,"body":"We have seen that a lot of operators"},{"startTime":2081.76,"endTime":2085.88,"body":"or the sponsor, what they do"},{"startTime":2085.88,"endTime":2090.56,"body":"is they have a catch up"},{"startTime":2085.88,"endTime":2090.56,"body":"because they have the plan for a time."},{"startTime":2090.88,"endTime":2093.0,"body":"So if you miss on the cash flow,"},{"startTime":2094.0,"endTime":2096.4,"body":"like I'm"},{"startTime":2094.0,"endTime":2096.4,"body":"going to say, we do a catch up right?"},{"startTime":2096.52,"endTime":2098.52,"body":"So you're not missing out on that."},{"startTime":2098.52,"endTime":2100.36,"body":"So yes, there's good and bad scores."},{"startTime":2100.36,"endTime":2102.28,"body":"We want to bring out all the negatives,"},{"startTime":2102.28,"endTime":2104.48,"body":"but we wanted to say,"},{"startTime":2102.28,"endTime":2104.48,"body":"what if that happened?"},{"startTime":2104.8,"endTime":2107.32,"body":"This could happen to to mitigate"},{"startTime":2104.8,"endTime":2107.32,"body":"that issue."},{"startTime":2107.6,"endTime":2109.96,"body":"I agree with me on that amount. Yes."},{"startTime":2109.96,"endTime":2112.16,"body":"Yeah, 100%. 100%. Right."},{"startTime":2112.16,"endTime":2115.56,"body":"Like there there are lots of things"},{"startTime":2112.16,"endTime":2115.56,"body":"built in and and, you know,"},{"startTime":2115.56,"endTime":2117.6,"body":"even though we talked about the negatives"},{"startTime":2115.56,"endTime":2117.6,"body":"today,"},{"startTime":2117.6,"endTime":2121.52,"body":"I we do I still believe in multifamily"},{"startTime":2117.6,"endTime":2121.52,"body":"real estate 100%."},{"startTime":2121.52,"endTime":2122.68,"body":"Yep absolutely right."},{"startTime":2122.68,"endTime":2126.76,"body":"80% of my portfolio"},{"startTime":2122.68,"endTime":2126.76,"body":"is going to stay in apartments"},{"startTime":2126.76,"endTime":2130.0,"body":"and because they're"},{"startTime":2126.76,"endTime":2130.0,"body":"they're just a really steady,"},{"startTime":2130.28,"endTime":2134.32,"body":"strong investment"},{"startTime":2130.28,"endTime":2134.32,"body":"and you just have to make sure you look"},{"startTime":2134.32,"endTime":2137.56,"body":"at the finer details"},{"startTime":2134.32,"endTime":2137.56,"body":"ahead to find the right ones."},{"startTime":2137.56,"endTime":2138.96,"body":"Yeah. Okay."},{"startTime":2138.96,"endTime":2140.32,"body":"So let me ask you this question."},{"startTime":2140.32,"endTime":2145.24,"body":"Know so Hawken investors"},{"startTime":2140.32,"endTime":2145.24,"body":"avoid falling into the trap of blindly"},{"startTime":2145.24,"endTime":2149.64,"body":"following market trends"},{"startTime":2145.24,"endTime":2149.64,"body":"because everybody's, like, super scared"},{"startTime":2149.64,"endTime":2152.12,"body":"and they just feel like"},{"startTime":2149.64,"endTime":2152.12,"body":"everything is such a sketchy, you know?"},{"startTime":2152.44,"endTime":2154.64,"body":"Oh, you're still making money"},{"startTime":2152.44,"endTime":2154.64,"body":"in real estate?"},{"startTime":2155.32,"endTime":2156.8,"body":"No. No way."},{"startTime":2156.8,"endTime":2159.6,"body":"So if you comment on that. Yeah."},{"startTime":2159.88,"endTime":2161.92,"body":"So my strategy is"},{"startTime":2162.64,"endTime":2164.88,"body":"make sure you're buying one asset"},{"startTime":2162.64,"endTime":2164.88,"body":"every year."},{"startTime":2165.04,"endTime":2167.88,"body":"It doesn't matter what"},{"startTime":2165.04,"endTime":2167.88,"body":"the economy's happening, what's happening"},{"startTime":2167.88,"endTime":2172.04,"body":"in the economy, if it's up, if it's down,"},{"startTime":2167.88,"endTime":2172.04,"body":"if it's all around, or if things are"},{"startTime":2172.04,"endTime":2176.64,"body":"just are going crazy or things are going"},{"startTime":2172.04,"endTime":2176.64,"body":"amazing, buy an asset every year."},{"startTime":2176.84,"endTime":2181.12,"body":"And and if you don't want to manage it"},{"startTime":2176.84,"endTime":2181.12,"body":"yourself, invest passively every year."},{"startTime":2181.12,"endTime":2184.32,"body":"And I have a whole like a ten year plan"},{"startTime":2181.12,"endTime":2184.32,"body":"that I put together"},{"startTime":2184.52,"endTime":2188.64,"body":"that I show my investors that says,"},{"startTime":2184.52,"endTime":2188.64,"body":"if you do this, if you like, put in,"},{"startTime":2189.0,"endTime":2193.16,"body":"even if it's just $50,000 every year"},{"startTime":2189.0,"endTime":2193.16,"body":"for ten years,"},{"startTime":2193.52,"endTime":2196.68,"body":"you're going to have almost $1,000,000"},{"startTime":2193.52,"endTime":2196.68,"body":"invested into in in"},{"startTime":2197.0,"endTime":2200.68,"body":"you're going to have passive income"},{"startTime":2197.0,"endTime":2200.68,"body":"of about $70,000 a year."},{"startTime":2201.28,"endTime":2205.64,"body":"And it's all from just doing it"},{"startTime":2201.28,"endTime":2205.64,"body":"like religiously every single year."},{"startTime":2206.12,"endTime":2208.32,"body":"And so that's always my advice."},{"startTime":2208.32,"endTime":2210.68,"body":"And then, you know,"},{"startTime":2208.32,"endTime":2210.68,"body":"so you just discipline yourself."},{"startTime":2210.68,"endTime":2212.16,"body":"You say, okay, I'm going to invest."},{"startTime":2212.16,"endTime":2214.24,"body":"I'm not going to"},{"startTime":2212.16,"endTime":2214.24,"body":"I'm not going to watch the news"},{"startTime":2214.24,"endTime":2217.24,"body":"and freak out about the news,"},{"startTime":2214.24,"endTime":2217.24,"body":"but I'm going to, you know, make sure"},{"startTime":2217.24,"endTime":2221.08,"body":"that I'm following the right people"},{"startTime":2217.24,"endTime":2221.08,"body":"and I find the right people to invest with"},{"startTime":2222.56,"endTime":2225.04,"body":"and I'm just going to keep doing this"},{"startTime":2222.56,"endTime":2225.04,"body":"every every year."},{"startTime":2225.04,"endTime":2226.6,"body":"And you'll thank yourself later."},{"startTime":2226.6,"endTime":2229.44,"body":"And and really what happens."},{"startTime":2226.6,"endTime":2229.44,"body":"I was talking to a lady the other day."},{"startTime":2229.44,"endTime":2234.4,"body":"She's done over 28 passive investments and"},{"startTime":2229.44,"endTime":2234.4,"body":"I said, Well, that's really interesting."},{"startTime":2234.4,"endTime":2235.68,"body":"You've done so many."},{"startTime":2235.68,"endTime":2238.96,"body":"And have they all gone well? No. Right."},{"startTime":2239.2,"endTime":2242.12,"body":"But she can weather that"},{"startTime":2239.2,"endTime":2242.12,"body":"because she has 28 of them."},{"startTime":2242.28,"endTime":2245.52,"body":"If you're just invested in one"},{"startTime":2242.28,"endTime":2245.52,"body":"and you're one"},{"startTime":2245.84,"endTime":2248.56,"body":"doesn't do well,"},{"startTime":2245.84,"endTime":2248.56,"body":"you're not diversified enough."},{"startTime":2248.56,"endTime":2248.8,"body":"Right."},{"startTime":2248.8,"endTime":2250.96,"body":"And that's why every year"},{"startTime":2248.8,"endTime":2250.96,"body":"you just get another one,"},{"startTime":2250.96,"endTime":2254.8,"body":"another one, another one, another one,"},{"startTime":2250.96,"endTime":2254.8,"body":"so that you have multiple investments"},{"startTime":2254.8,"endTime":2258.88,"body":"so that you can weather all the storms"},{"startTime":2254.8,"endTime":2258.88,"body":"yourself as a passive investor."},{"startTime":2260.0,"endTime":2260.52,"body":"Great."},{"startTime":2260.64,"endTime":2263.0,"body":"That's a really good advice."},{"startTime":2263.0,"endTime":2264.36,"body":"We are out of time."},{"startTime":2264.36,"endTime":2268.92,"body":"So can I ask you one golden"},{"startTime":2264.36,"endTime":2268.92,"body":"nugget with my Ah, yes, with my audience."},{"startTime":2270.64,"endTime":2272.08,"body":"Oh, yes, you bet."},{"startTime":2272.08,"endTime":2274.2,"body":"One golden nugget."},{"startTime":2274.2,"endTime":2277.72,"body":"I mean, you did already so much,"},{"startTime":2274.2,"endTime":2277.72,"body":"but another one."},{"startTime":2278.56,"endTime":2279.84,"body":"Another one."},{"startTime":2279.84,"endTime":2280.68,"body":"Another one."},{"startTime":2280.68,"endTime":2286.08,"body":"Okay, I'll to I'll, I'll give you"},{"startTime":2280.68,"endTime":2286.08,"body":"a generational wealth golden nugget."},{"startTime":2286.08,"endTime":2286.44,"body":"Right."},{"startTime":2286.44,"endTime":2289.4,"body":"So if you're like me and you have a"},{"startTime":2286.44,"endTime":2289.4,"body":"you have a family"},{"startTime":2289.4,"endTime":2292.56,"body":"and that's it's really important to you"},{"startTime":2289.4,"endTime":2292.56,"body":"to build generational wealth,"},{"startTime":2292.8,"endTime":2295.4,"body":"not only generational wealth,"},{"startTime":2292.8,"endTime":2295.4,"body":"but generational knowledge."},{"startTime":2296.08,"endTime":2301.48,"body":"One of the things that I love to do"},{"startTime":2296.08,"endTime":2301.48,"body":"is I love to talk about investing"},{"startTime":2301.48,"endTime":2304.84,"body":"and also invest with my family."},{"startTime":2304.84,"endTime":2309.64,"body":"And so one of the things that we do is"},{"startTime":2304.84,"endTime":2309.64,"body":"we have the kids go out and they help us."},{"startTime":2309.64,"endTime":2311.56,"body":"They invest in with our business."},{"startTime":2311.56,"endTime":2316.12,"body":"And so here's a here's a tip for"},{"startTime":2311.56,"endTime":2316.12,"body":"you have your kids work in your business"},{"startTime":2317.08,"endTime":2317.44,"body":"and then you"},{"startTime":2317.44,"endTime":2321.88,"body":"can pay them for working in your business"},{"startTime":2317.44,"endTime":2321.88,"body":"and you can use an income,"},{"startTime":2321.88,"endTime":2325.84,"body":"a tax strategy called income shifting"},{"startTime":2321.88,"endTime":2325.84,"body":"where you can shift."},{"startTime":2326.64,"endTime":2330.32,"body":"This year, it's like 13,000"},{"startTime":2326.64,"endTime":2330.32,"body":"something that you can shift to"},{"startTime":2330.32,"endTime":2334.16,"body":"your children that's tax free, that"},{"startTime":2330.32,"endTime":2334.16,"body":"the kids don't have to pay any taxes on."},{"startTime":2334.8,"endTime":2339.52,"body":"Take that money and pull it together"},{"startTime":2334.8,"endTime":2339.52,"body":"and invest into either"},{"startTime":2339.52,"endTime":2342.56,"body":"a passive investment"},{"startTime":2339.52,"endTime":2342.56,"body":"or you can go buy a short term rental"},{"startTime":2342.56,"endTime":2345.88,"body":"or something like that and list"},{"startTime":2342.56,"endTime":2345.88,"body":"the kids as owners."},{"startTime":2346.16,"endTime":2351.04,"body":"So that is my strategy for building"},{"startTime":2346.16,"endTime":2351.04,"body":"generational wealth for my kids."},{"startTime":2351.04,"endTime":2354.44,"body":"It's not necessarily that I'm giving them"},{"startTime":2351.04,"endTime":2354.44,"body":"money and I'm going to, you know,"},{"startTime":2354.44,"endTime":2358.8,"body":"I want to build up a $10 million estate"},{"startTime":2354.44,"endTime":2358.8,"body":"that they can have when I die."},{"startTime":2359.08,"endTime":2360.12,"body":"That's not my goal."},{"startTime":2360.12,"endTime":2363.96,"body":"My goal is to help them"},{"startTime":2360.12,"endTime":2363.96,"body":"start investing now today"},{"startTime":2364.32,"endTime":2367.6,"body":"so that they have their own investments"},{"startTime":2364.32,"endTime":2367.6,"body":"when they are young"},{"startTime":2367.88,"endTime":2372.0,"body":"in their twenties and thirties,"},{"startTime":2367.88,"endTime":2372.0,"body":"that they then manage and do."},{"startTime":2372.0,"endTime":2375.28,"body":"So that's my golden nugget"},{"startTime":2372.0,"endTime":2375.28,"body":"for those of you with children."},{"startTime":2376.04,"endTime":2376.88,"body":"And I love that."},{"startTime":2376.88,"endTime":2381.12,"body":"And that way you're teaching them"},{"startTime":2376.88,"endTime":2381.12,"body":"the financial education"},{"startTime":2381.12,"endTime":2383.52,"body":"or giving them"},{"startTime":2381.12,"endTime":2383.52,"body":"the financial education, right."},{"startTime":2383.52,"endTime":2388.0,"body":"Which we missed when we were growing up"},{"startTime":2383.52,"endTime":2388.0,"body":"because our parents didn't do that."},{"startTime":2388.36,"endTime":2391.72,"body":"They just told us to go to college,"},{"startTime":2388.36,"endTime":2391.72,"body":"get your degree, get a job."},{"startTime":2391.72,"endTime":2392.72,"body":"That's part of it."},{"startTime":2392.72,"endTime":2394.96,"body":"And it's very important"},{"startTime":2392.72,"endTime":2394.96,"body":"what you're doing with your kids."},{"startTime":2394.96,"endTime":2395.88,"body":"I love that."},{"startTime":2395.88,"endTime":2397.72,"body":"This brings us to a rapid fire round."},{"startTime":2397.72,"endTime":2399.32,"body":"I'm going to ask you five questions."},{"startTime":2399.32,"endTime":2401.92,"body":"You have to answer that one word"},{"startTime":2399.32,"endTime":2401.92,"body":"or one sentence only."},{"startTime":2402.56,"endTime":2403.48,"body":"Are you ready?"},{"startTime":2403.6,"endTime":2404.64,"body":"I'm ready."},{"startTime":2404.64,"endTime":2408.16,"body":"And those first question is,"},{"startTime":2404.64,"endTime":2408.16,"body":"what is one of the most important thing"},{"startTime":2408.16,"endTime":2409.6,"body":"that you have learned in your life"},{"startTime":2409.6,"endTime":2412.32,"body":"and how did it change"},{"startTime":2409.6,"endTime":2412.32,"body":"your life after learning it?"},{"startTime":2413.64,"endTime":2416.12,"body":"Everything is figure out able,"},{"startTime":2416.12,"endTime":2420.48,"body":"meaning that everything that you approach"},{"startTime":2416.12,"endTime":2420.48,"body":"and things that come,"},{"startTime":2421.04,"endTime":2425.64,"body":"that you can figure it out and"},{"startTime":2421.04,"endTime":2425.64,"body":"you have to have the confidence to do so."},{"startTime":2426.24,"endTime":2429.8,"body":"It totally changed my life"},{"startTime":2426.24,"endTime":2429.8,"body":"and my view on even like stepping"},{"startTime":2429.8,"endTime":2433.64,"body":"into being an entrepreneur"},{"startTime":2429.8,"endTime":2433.64,"body":"because I didn't know if I could do it."},{"startTime":2433.64,"endTime":2435.8,"body":"I'm like, Well,"},{"startTime":2433.64,"endTime":2435.8,"body":"I don't know if I can do it."},{"startTime":2435.8,"endTime":2438.48,"body":"It doesn't matter if you can do it,"},{"startTime":2435.8,"endTime":2438.48,"body":"can you figure it out?"},{"startTime":2438.6,"endTime":2440.24,"body":"Oh, yeah, you can figure it out."},{"startTime":2440.24,"endTime":2444.08,"body":"And and so you just do it"},{"startTime":2440.24,"endTime":2444.08,"body":"by figuring it out, right?"},{"startTime":2444.12,"endTime":2446.32,"body":"So you don't have to know anything."},{"startTime":2446.32,"endTime":2450.96,"body":"You just have to be willing to have"},{"startTime":2446.32,"endTime":2450.96,"body":"I call it infant brain, where, you know,"},{"startTime":2450.96,"endTime":2454.16,"body":"you're you're in that mode of"},{"startTime":2450.96,"endTime":2454.16,"body":"I don't know what I don't know."},{"startTime":2454.16,"endTime":2457.76,"body":"And so I just have to take one step"},{"startTime":2454.16,"endTime":2457.76,"body":"at a time and fall down a bunch of times."},{"startTime":2457.76,"endTime":2460.68,"body":"And eventually I'll be able to"},{"startTime":2457.76,"endTime":2460.68,"body":"walk and then run and jump."},{"startTime":2461.72,"endTime":2465.4,"body":"Low and, oh my God, be a problem solver."},{"startTime":2465.4,"endTime":2468.68,"body":"Don't be a problem yourself"},{"startTime":2465.4,"endTime":2468.68,"body":"or do not get in tangled."},{"startTime":2468.68,"endTime":2470.84,"body":"Love it again."},{"startTime":2471.32,"endTime":2473.64,"body":"What is one best quote that you have read?"},{"startTime":2473.64,"endTime":2476.28,"body":"I recommend to my audience."},{"startTime":2476.8,"endTime":2479.48,"body":"So I love."},{"startTime":2479.48,"endTime":2482.12,"body":"No, I'm looking at my book The Go Giver."},{"startTime":2482.56,"endTime":2484.56,"body":"The go giver is a really good."},{"startTime":2484.56,"endTime":2486.6,"body":"Yeah, that's a really good one because."},{"startTime":2486.64,"endTime":2489.96,"body":"The whatever you want"},{"startTime":2486.64,"endTime":2489.96,"body":"give out more than that."},{"startTime":2490.48,"endTime":2492.8,"body":"And trust me, you'll get tenfold back."},{"startTime":2493.32,"endTime":2495.28,"body":"Love that in one word."},{"startTime":2495.28,"endTime":2497.84,"body":"What does life mean to you?"},{"startTime":2500.76,"endTime":2502.56,"body":"Abundance."},{"startTime":2502.76,"endTime":2503.44,"body":"Yeah."},{"startTime":2503.96,"endTime":2507.16,"body":"Yes. High five on that."},{"startTime":2507.16,"endTime":2509.92,"body":"What is your biggest passion?"},{"startTime":2509.92,"endTime":2511.84,"body":"My biggest passion?"},{"startTime":2511.84,"endTime":2514.84,"body":"Well, of course, I'm passionate"},{"startTime":2511.84,"endTime":2514.84,"body":"about being a you know,"},{"startTime":2514.92,"endTime":2519.56,"body":"but I'm passionate about blazing a trail"},{"startTime":2514.92,"endTime":2519.56,"body":"for my daughters to be it"},{"startTime":2519.56,"endTime":2523.32,"body":"to, you know, do"},{"startTime":2519.56,"endTime":2523.32,"body":"all the things that that they want do."},{"startTime":2523.72,"endTime":2528.96,"body":"But I also have a little mini passion for"},{"startTime":2523.72,"endTime":2528.96,"body":"what I have a passion for many animals."},{"startTime":2529.24,"endTime":2531.96,"body":"And so we have like a little farm"},{"startTime":2529.24,"endTime":2531.96,"body":"that we have"},{"startTime":2532.12,"endTime":2535.04,"body":"with our"},{"startTime":2532.12,"endTime":2535.04,"body":"with a bunch of mini animals on them."},{"startTime":2535.12,"endTime":2539.2,"body":"We have mini potbellied pigs and mini"},{"startTime":2535.12,"endTime":2539.2,"body":"goats and mini chickens."},{"startTime":2539.2,"endTime":2541.2,"body":"And it's just really fun."},{"startTime":2541.2,"endTime":2544.08,"body":"My is that so much energy around you?"},{"startTime":2546.04,"endTime":2547.6,"body":"So if you"},{"startTime":2547.6,"endTime":2550.16,"body":"could come back in time"},{"startTime":2547.6,"endTime":2550.16,"body":"and talk to your younger self,"},{"startTime":2550.72,"endTime":2554.04,"body":"what would that be and why?"},{"startTime":2554.08,"endTime":2558.0,"body":"You know, I would"},{"startTime":2554.08,"endTime":2558.0,"body":"I would to tell my younger self that"},{"startTime":2559.04,"endTime":2563.08,"body":"don't listen to all of the noise"},{"startTime":2563.08,"endTime":2565.6,"body":"around you about, you know, a woman's."},{"startTime":2566.28,"endTime":2570.76,"body":"I think I, I,"},{"startTime":2566.28,"endTime":2570.76,"body":"I was stuck in a woman does this and a man"},{"startTime":2570.76,"endTime":2575.2,"body":"does that and for a really long time and"},{"startTime":2570.76,"endTime":2575.2,"body":"it took me a long time to get out of that"},{"startTime":2575.48,"endTime":2578.96,"body":"and to feel like now, you know, I can"},{"startTime":2575.48,"endTime":2578.96,"body":"I can embrace my intelligence,"},{"startTime":2578.96,"endTime":2581.32,"body":"I can embrace my superpowers"},{"startTime":2578.96,"endTime":2581.32,"body":"and I can embrace"},{"startTime":2581.32,"endTime":2584.88,"body":"being a woman in business and in finance"},{"startTime":2581.32,"endTime":2584.88,"body":"and investing and all of those things."},{"startTime":2585.8,"endTime":2589.96,"body":"I would do that much earlier than than"},{"startTime":2585.8,"endTime":2589.96,"body":"I did before that. No."},{"startTime":2590.76,"endTime":2593.44,"body":"No. I love and I say that, too,"},{"startTime":2590.76,"endTime":2593.44,"body":"all the time, believe me."},{"startTime":2593.44,"endTime":2595.92,"body":"And I don't listen to the noise."},{"startTime":2595.92,"endTime":2596.92,"body":"Don't pay attention"},{"startTime":2596.92,"endTime":2600.16,"body":"to the noise around you, because"},{"startTime":2596.92,"endTime":2600.16,"body":"the people who are making the noise,"},{"startTime":2600.64,"endTime":2602.28,"body":"they to become your followers."},{"startTime":2602.28,"endTime":2604.0,"body":"If you keep on"},{"startTime":2602.28,"endTime":2604.0,"body":"doing whatever you're doing."},{"startTime":2604.96,"endTime":2607.36,"body":"And that's how the way society works."},{"startTime":2607.72,"endTime":2609.96,"body":"But thank you so much for being with me"},{"startTime":2607.72,"endTime":2609.96,"body":"today."},{"startTime":2609.96,"endTime":2612.36,"body":"Camila, I really enjoyed talking to you."},{"startTime":2613.08,"endTime":2615.04,"body":"Thank you for being here. For"},{"startTime":2613.08,"endTime":2615.04,"body":"Oh, I'm sorry."},{"startTime":2615.04,"endTime":2616.04,"body":"I forgot one thing."},{"startTime":2616.04,"endTime":2618.56,"body":"How can people reach out to you?"},{"startTime":2618.56,"endTime":2621.68,"body":"Oh, yeah, please find me on"},{"startTime":2618.56,"endTime":2621.68,"body":"LinkedIn is a really great place"},{"startTime":2621.68,"endTime":2622.92,"body":"to find me on LinkedIn."},{"startTime":2622.92,"endTime":2626.04,"body":"You can also go to mean my website"},{"startTime":2622.92,"endTime":2626.04,"body":"Steady stream investments dot com."},{"startTime":2626.24,"endTime":2628.0,"body":"I have a ton of education there."},{"startTime":2628.0,"endTime":2631.0,"body":"Or please listen to my podcast. Quiet."},{"startTime":2631.0,"endTime":2631.72,"body":"Welp,"},{"startTime":2631.72,"endTime":2633.8,"body":"there's"},{"startTime":2631.72,"endTime":2633.8,"body":"a lot of really great episodes on there,"},{"startTime":2633.8,"endTime":2637.36,"body":"including a whole series about investing"},{"startTime":2633.8,"endTime":2637.36,"body":"by age, investing in your twenties,"},{"startTime":2637.36,"endTime":2641.48,"body":"thirties, 4760s,"},{"startTime":2637.36,"endTime":2641.48,"body":"and what considerations you should have."},{"startTime":2642.04,"endTime":2644.76,"body":"But there's, there's that."},{"startTime":2644.76,"endTime":2645.76,"body":"Thanks Camila."},{"startTime":2645.76,"endTime":2648.28,"body":"I really enjoyed our conversation today."},{"startTime":2648.28,"endTime":2649.2,"body":"Thank you so much."}]}