{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":0.0,"endTime":2.73,"body":"I'll give you another"},{"speaker":"Unknown","startTime":0.0,"endTime":2.73,"body":"one cash flow gets you out of"},{"speaker":"Unknown","startTime":2.73,"endTime":5.67,"body":"your job. Equity keeps you out"},{"speaker":"Unknown","startTime":2.73,"endTime":5.67,"body":"of your job."},{"speaker":"Unknown","startTime":7.17,"endTime":11.94,"body":"Welcome to the action Academy"},{"speaker":"Unknown","startTime":7.17,"endTime":11.94,"body":"podcast staring back while I"},{"speaker":"Unknown","startTime":11.94,"endTime":15.54,"body":"celebrate freedom, the show"},{"speaker":"Unknown","startTime":11.94,"endTime":15.54,"body":"where we help you achieve"},{"speaker":"Unknown","startTime":15.54,"endTime":19.92,"body":"financial independence with the"},{"speaker":"Unknown","startTime":15.54,"endTime":19.92,"body":"mindsets, methods and actionable"},{"speaker":"Unknown","startTime":19.92,"endTime":24.42,"body":"steps from guests who've already"},{"speaker":"Unknown","startTime":19.92,"endTime":24.42,"body":"earned their freedom flags of"},{"speaker":"Unknown","startTime":24.42,"endTime":30.33,"body":"freedom fly. 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I'm your"},{"speaker":"Unknown","startTime":47.13,"endTime":50.85,"body":"host as always Brian Luebben."},{"speaker":"Unknown","startTime":50.97,"endTime":56.67,"body":"And today I am sitting in the"},{"speaker":"Unknown","startTime":50.97,"endTime":56.67,"body":"airport at Austin, Texas, just"},{"speaker":"Unknown","startTime":56.67,"endTime":60.33,"body":"finishing up a mastermind. 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That is our man today"},{"speaker":"Unknown","startTime":91.95,"endTime":98.43,"body":"from Jake and Gino Gino barbaro."},{"speaker":"Unknown","startTime":99.0,"endTime":103.2,"body":"So if you are in multifamily or"},{"speaker":"Unknown","startTime":99.0,"endTime":103.2,"body":"apartment complex syndication or"},{"speaker":"Unknown","startTime":103.2,"endTime":106.65,"body":"purchasing you know Jake and"},{"speaker":"Unknown","startTime":103.2,"endTime":106.65,"body":"Gino they're the go to real"},{"speaker":"Unknown","startTime":106.65,"endTime":109.77,"body":"estate education company for all"},{"speaker":"Unknown","startTime":106.65,"endTime":109.77,"body":"things multifamily teaching you"},{"speaker":"Unknown","startTime":109.77,"endTime":112.89,"body":"how to underwrite teaching you"},{"speaker":"Unknown","startTime":109.77,"endTime":112.89,"body":"how to manage the properties how"},{"speaker":"Unknown","startTime":112.89,"endTime":115.56,"body":"to buy right they walk you"},{"speaker":"Unknown","startTime":112.89,"endTime":115.56,"body":"through the entire process. I"},{"speaker":"Unknown","startTime":115.56,"endTime":118.08,"body":"talked about having coaches and"},{"speaker":"Unknown","startTime":115.56,"endTime":118.08,"body":"mentors they can actually serve"},{"speaker":"Unknown","startTime":118.08,"endTime":120.6,"body":"as both and this isn't a paid"},{"speaker":"Unknown","startTime":118.08,"endTime":120.6,"body":"advertisement. This is just"},{"speaker":"Unknown","startTime":120.6,"endTime":124.2,"body":"because of my conversation with"},{"speaker":"Unknown","startTime":120.6,"endTime":124.2,"body":"Gino today and me knowing him as"},{"speaker":"Unknown","startTime":124.2,"endTime":128.01,"body":"a person so I'll read you his"},{"speaker":"Unknown","startTime":124.2,"endTime":128.01,"body":"actual bio. Gino barbaro is an"},{"speaker":"Unknown","startTime":128.01,"endTime":131.73,"body":"investor business owner, author,"},{"speaker":"Unknown","startTime":128.01,"endTime":131.73,"body":"entrepreneur, and also former"},{"speaker":"Unknown","startTime":131.73,"endTime":135.27,"body":"chef grown his real estate"},{"speaker":"Unknown","startTime":131.73,"endTime":135.27,"body":"portfolio to over 1500"},{"speaker":"Unknown","startTime":135.27,"endTime":139.29,"body":"multifamily units co founder"},{"speaker":"Unknown","startTime":135.27,"endTime":139.29,"body":"Jake and Gino which we went over"},{"speaker":"Unknown","startTime":139.44,"endTime":144.03,"body":"of course, and also loving"},{"speaker":"Unknown","startTime":139.44,"endTime":144.03,"body":"husband and father which leads"},{"speaker":"Unknown","startTime":144.03,"endTime":148.35,"body":"to the title of today's show. So"},{"speaker":"Unknown","startTime":144.03,"endTime":148.35,"body":"today you are going to learn a"},{"speaker":"Unknown","startTime":148.47,"endTime":151.65,"body":"lot from Gino. So in the"},{"speaker":"Unknown","startTime":148.47,"endTime":151.65,"body":"beginning, we're going to start"},{"speaker":"Unknown","startTime":151.65,"endTime":156.54,"body":"with more conceptual stuff about"},{"speaker":"Unknown","startTime":151.65,"endTime":156.54,"body":"what he sees in business about"},{"speaker":"Unknown","startTime":156.54,"endTime":159.39,"body":"what you're looking for when it"},{"speaker":"Unknown","startTime":156.54,"endTime":159.39,"body":"comes to freedom and owning your"},{"speaker":"Unknown","startTime":159.39,"endTime":162.69,"body":"own business and how to get into"},{"speaker":"Unknown","startTime":159.39,"endTime":162.69,"body":"multifamily in general and the"},{"speaker":"Unknown","startTime":162.69,"endTime":165.42,"body":"back half. We're gonna talk"},{"speaker":"Unknown","startTime":162.69,"endTime":165.42,"body":"about his ideas about cash flow"},{"speaker":"Unknown","startTime":165.42,"endTime":169.65,"body":"versus equity, what he's doing"},{"speaker":"Unknown","startTime":165.42,"endTime":169.65,"body":"to get apartment complexes right"},{"speaker":"Unknown","startTime":169.65,"endTime":173.31,"body":"now how he's adjusting his bio"},{"speaker":"Unknown","startTime":169.65,"endTime":173.31,"body":"right criteria and how you could"},{"speaker":"Unknown","startTime":173.31,"endTime":176.73,"body":"be able to get into the space"},{"speaker":"Unknown","startTime":173.31,"endTime":176.73,"body":"yourself. So I will leave you"},{"speaker":"Unknown","startTime":176.73,"endTime":180.12,"body":"with that. And let's get to the"},{"speaker":"Unknown","startTime":176.73,"endTime":180.12,"body":"show with Gino barbero. Gino"},{"speaker":"Unknown","startTime":181.56,"endTime":184.89,"body":"Geno. barbaro, my man, how are"},{"speaker":"Unknown","startTime":181.56,"endTime":184.89,"body":"you, buddy?"},{"speaker":"Unknown","startTime":185.04,"endTime":188.28,"body":"Brian, you just said let it rip."},{"speaker":"Unknown","startTime":185.04,"endTime":188.28,"body":"Let's let it rip my friend."},{"speaker":"Unknown","startTime":188.28,"endTime":188.4,"body":"Let's"},{"speaker":"Unknown","startTime":188.4,"endTime":190.44,"body":"let it rip. So if you feel like"},{"speaker":"Unknown","startTime":188.4,"endTime":190.44,"body":"letting it rip,"},{"speaker":"Unknown","startTime":190.92,"endTime":193.98,"body":"I let it rip every day. I got"},{"speaker":"Unknown","startTime":190.92,"endTime":193.98,"body":"six kids, I gotta live every"},{"speaker":"Unknown","startTime":193.98,"endTime":194.19,"body":"day."},{"speaker":"Unknown","startTime":196.02,"endTime":199.35,"body":"Man, that's fantastic. Man. I'm"},{"speaker":"Unknown","startTime":196.02,"endTime":199.35,"body":"so very much looking forward to"},{"speaker":"Unknown","startTime":199.35,"endTime":201.9,"body":"getting to know you. Because I"},{"speaker":"Unknown","startTime":199.35,"endTime":201.9,"body":"know you from two different"},{"speaker":"Unknown","startTime":201.9,"endTime":207.0,"body":"angles. So my good buddy, Mike"},{"speaker":"Unknown","startTime":201.9,"endTime":207.0,"body":"taraval. And Julian, who for"},{"speaker":"Unknown","startTime":207.0,"endTime":209.67,"body":"some reason, whenever he posts a"},{"speaker":"Unknown","startTime":207.0,"endTime":209.67,"body":"Facebook status that's just on"},{"speaker":"Unknown","startTime":209.67,"endTime":212.97,"body":"the borderline of man, why did"},{"speaker":"Unknown","startTime":209.67,"endTime":212.97,"body":"you post that? You come in with"},{"speaker":"Unknown","startTime":212.97,"endTime":217.44,"body":"some awesome sage dad advice to"},{"speaker":"Unknown","startTime":212.97,"endTime":217.44,"body":"kind of level it out. So I know"},{"speaker":"Unknown","startTime":217.44,"endTime":219.87,"body":"you from your brand. I know you"},{"speaker":"Unknown","startTime":217.44,"endTime":219.87,"body":"from what you do there. But also"},{"speaker":"Unknown","startTime":219.87,"endTime":223.17,"body":"know you do some of my personal"},{"speaker":"Unknown","startTime":219.87,"endTime":223.17,"body":"buddies, man. I'm very excited"},{"speaker":"Unknown","startTime":223.17,"endTime":224.07,"body":"to get to know you further."},{"speaker":"Unknown","startTime":224.07,"endTime":226.92,"body":"Well, all youngsters need to"},{"speaker":"Unknown","startTime":224.07,"endTime":226.92,"body":"know that if you're going to be"},{"speaker":"Unknown","startTime":226.92,"endTime":230.85,"body":"a dad, you've got to be a strong"},{"speaker":"Unknown","startTime":226.92,"endTime":230.85,"body":"male. You want to know why?"},{"speaker":"Unknown","startTime":231.15,"endTime":234.09,"body":"Because your daughters are"},{"speaker":"Unknown","startTime":231.15,"endTime":234.09,"body":"looking at you. If you're a cool"},{"speaker":"Unknown","startTime":234.09,"endTime":237.27,"body":"dude. And you're a great dad,"},{"speaker":"Unknown","startTime":234.09,"endTime":237.27,"body":"and you're a protector and"},{"speaker":"Unknown","startTime":237.27,"endTime":239.58,"body":"you're a provider, guess what"},{"speaker":"Unknown","startTime":237.27,"endTime":239.58,"body":"they're going to be attracted to"},{"speaker":"Unknown","startTime":239.97,"endTime":243.81,"body":"that you that. That's why I post"},{"speaker":"Unknown","startTime":239.97,"endTime":243.81,"body":"that stuff. Because we all need"},{"speaker":"Unknown","startTime":243.81,"endTime":247.08,"body":"strong fathers in the family."},{"speaker":"Unknown","startTime":243.81,"endTime":247.08,"body":"The dissolution of the family is"},{"speaker":"Unknown","startTime":247.08,"endTime":249.15,"body":"one of the biggest problems we"},{"speaker":"Unknown","startTime":247.08,"endTime":249.15,"body":"have in this country right now."},{"speaker":"Unknown","startTime":249.33,"endTime":252.15,"body":"Lots of problems, but you can"},{"speaker":"Unknown","startTime":249.33,"endTime":252.15,"body":"rip it down to the family. I've"},{"speaker":"Unknown","startTime":252.15,"endTime":255.12,"body":"got six kids, to me, that's the"},{"speaker":"Unknown","startTime":252.15,"endTime":255.12,"body":"most important entity. And"},{"speaker":"Unknown","startTime":255.12,"endTime":258.3,"body":"ironically enough family life"},{"speaker":"Unknown","startTime":255.12,"endTime":258.3,"body":"and business life were"},{"speaker":"Unknown","startTime":258.3,"endTime":260.85,"body":"practically the same thing. You"},{"speaker":"Unknown","startTime":258.3,"endTime":260.85,"body":"need core values and mission"},{"speaker":"Unknown","startTime":260.85,"endTime":263.73,"body":"statements and both. You need"},{"speaker":"Unknown","startTime":260.85,"endTime":263.73,"body":"strong leadership, whether it's"},{"speaker":"Unknown","startTime":263.73,"endTime":266.46,"body":"the mom there or the dad there"},{"speaker":"Unknown","startTime":263.73,"endTime":266.46,"body":"and you need those guiding"},{"speaker":"Unknown","startTime":266.46,"endTime":270.15,"body":"principles and it's long"},{"speaker":"Unknown","startTime":266.46,"endTime":270.15,"body":"termism. You got to grind it out"},{"speaker":"Unknown","startTime":270.15,"endTime":272.76,"body":"every day with your kids you"},{"speaker":"Unknown","startTime":270.15,"endTime":272.76,"body":"feel like drop kicking them"},{"speaker":"Unknown","startTime":272.76,"endTime":275.16,"body":"sometimes you feel like doing"},{"speaker":"Unknown","startTime":272.76,"endTime":275.16,"body":"things to them that you would"},{"speaker":"Unknown","startTime":275.16,"endTime":278.04,"body":"never think of they drive you"},{"speaker":"Unknown","startTime":275.16,"endTime":278.04,"body":"nuts. But at the end of the day,"},{"speaker":"Unknown","startTime":278.04,"endTime":280.35,"body":"it's one of the best jobs in the"},{"speaker":"Unknown","startTime":278.04,"endTime":280.35,"body":"world one of the most fulfilling"},{"speaker":"Unknown","startTime":280.35,"endTime":283.11,"body":"and that's why us as follows We"},{"speaker":"Unknown","startTime":280.35,"endTime":283.11,"body":"do what we do, we do it"},{"speaker":"Unknown","startTime":283.11,"endTime":285.69,"body":"selfishly for ourselves but"},{"speaker":"Unknown","startTime":283.11,"endTime":285.69,"body":"ultimately, we want to create"},{"speaker":"Unknown","startTime":285.69,"endTime":288.18,"body":"legacy skills want to create"},{"speaker":"Unknown","startTime":285.69,"endTime":288.18,"body":"legacy, wealth, generational"},{"speaker":"Unknown","startTime":288.18,"endTime":290.64,"body":"wealth, we want to call it but I"},{"speaker":"Unknown","startTime":288.18,"endTime":290.64,"body":"want to teach my kids the values"},{"speaker":"Unknown","startTime":290.64,"endTime":293.28,"body":"that I've grown up to be and I"},{"speaker":"Unknown","startTime":290.64,"endTime":293.28,"body":"want them to be part of my life"},{"speaker":"Unknown","startTime":293.28,"endTime":295.98,"body":"and I want them to be my legacy."},{"speaker":"Unknown","startTime":293.28,"endTime":295.98,"body":"Julian keep posting that crap"},{"speaker":"Unknown","startTime":295.98,"endTime":298.08,"body":"because I'm gonna keep putting"},{"speaker":"Unknown","startTime":295.98,"endTime":298.08,"body":"sage advice out there."},{"speaker":"Unknown","startTime":300.0,"endTime":302.7,"body":"So let's park it there for a"},{"speaker":"Unknown","startTime":300.0,"endTime":302.7,"body":"second. So I think that's"},{"speaker":"Unknown","startTime":302.7,"endTime":307.29,"body":"interesting. Because I in my"},{"speaker":"Unknown","startTime":302.7,"endTime":307.29,"body":"life is talking to people that"},{"speaker":"Unknown","startTime":307.29,"endTime":311.28,"body":"are successful in business life"},{"speaker":"Unknown","startTime":307.29,"endTime":311.28,"body":"in general. And normally, the"},{"speaker":"Unknown","startTime":311.28,"endTime":314.97,"body":"people that get successful in"},{"speaker":"Unknown","startTime":311.28,"endTime":314.97,"body":"life first, translate the"},{"speaker":"Unknown","startTime":314.97,"endTime":318.99,"body":"business a lot better. So this"},{"speaker":"Unknown","startTime":314.97,"endTime":318.99,"body":"is my day now, and this is what"},{"speaker":"Unknown","startTime":318.99,"endTime":322.59,"body":"I do a lot of people, I say,"},{"speaker":"Unknown","startTime":318.99,"endTime":322.59,"body":"Hey, man, what do you want? What"},{"speaker":"Unknown","startTime":322.59,"endTime":325.08,"body":"do you want? What do you want?"},{"speaker":"Unknown","startTime":322.59,"endTime":325.08,"body":"What do you want? beginners,"},{"speaker":"Unknown","startTime":325.17,"endTime":329.28,"body":"intermediate, advanced $10,000 a"},{"speaker":"Unknown","startTime":325.17,"endTime":329.28,"body":"month in passive income from"},{"speaker":"Unknown","startTime":329.28,"endTime":332.52,"body":"cash flow and real estate, I can"},{"speaker":"Unknown","startTime":329.28,"endTime":332.52,"body":"quit my job. Okay, cool to do"},{"speaker":"Unknown","startTime":332.52,"endTime":335.82,"body":"what? To spend time with my"},{"speaker":"Unknown","startTime":332.52,"endTime":335.82,"body":"family to be more present with"},{"speaker":"Unknown","startTime":335.82,"endTime":339.81,"body":"my family to go travel the"},{"speaker":"Unknown","startTime":335.82,"endTime":339.81,"body":"world. Okay, why don't you do"},{"speaker":"Unknown","startTime":339.81,"endTime":344.52,"body":"that right now? Exactly. So"},{"speaker":"Unknown","startTime":339.81,"endTime":344.52,"body":"exactly your point, because I"},{"speaker":"Unknown","startTime":344.52,"endTime":349.02,"body":"think people get lost in this"},{"speaker":"Unknown","startTime":344.52,"endTime":349.02,"body":"end destination, that they need"},{"speaker":"Unknown","startTime":349.02,"endTime":353.58,"body":"to do XYZ to do this, and that"},{"speaker":"Unknown","startTime":349.02,"endTime":353.58,"body":"there's no gray area in between."},{"speaker":"Unknown","startTime":353.58,"endTime":356.55,"body":"But some advice you can give to"},{"speaker":"Unknown","startTime":353.58,"endTime":356.55,"body":"people that are on that journey,"},{"speaker":"Unknown","startTime":356.97,"endTime":359.79,"body":"because I know we can get into"},{"speaker":"Unknown","startTime":356.97,"endTime":359.79,"body":"your backstory here, because"},{"speaker":"Unknown","startTime":359.79,"endTime":363.12,"body":"this is something that you and I"},{"speaker":"Unknown","startTime":359.79,"endTime":363.12,"body":"were going off on off camera,"},{"speaker":"Unknown","startTime":364.08,"endTime":368.4,"body":"people on the journey between"},{"speaker":"Unknown","startTime":364.08,"endTime":368.4,"body":"leaving their old life and their"},{"speaker":"Unknown","startTime":368.4,"endTime":373.17,"body":"old self and their new life in"},{"speaker":"Unknown","startTime":368.4,"endTime":373.17,"body":"their new self, in the transit,"},{"speaker":"Unknown","startTime":373.26,"endTime":376.05,"body":"in the transitory period, what's"},{"speaker":"Unknown","startTime":373.26,"endTime":376.05,"body":"some advice you can give to them"},{"speaker":"Unknown","startTime":376.05,"endTime":378.81,"body":"for being present in that time"},{"speaker":"Unknown","startTime":376.05,"endTime":378.81,"body":"and enjoying the journey?"},{"speaker":"Unknown","startTime":378.99,"endTime":381.54,"body":"Well, I think if you're not on"},{"speaker":"Unknown","startTime":378.99,"endTime":381.54,"body":"the journey, you're dead."},{"speaker":"Unknown","startTime":381.72,"endTime":383.7,"body":"Because that's the bottom line."},{"speaker":"Unknown","startTime":381.72,"endTime":383.7,"body":"And you're always trying to"},{"speaker":"Unknown","startTime":383.7,"endTime":386.43,"body":"grow. If you're not growing,"},{"speaker":"Unknown","startTime":383.7,"endTime":386.43,"body":"you're dying. People say that. I"},{"speaker":"Unknown","startTime":386.43,"endTime":389.43,"body":"can reference a couple of books"},{"speaker":"Unknown","startTime":386.43,"endTime":389.43,"body":"that gap in the game by Dr."},{"speaker":"Unknown","startTime":389.43,"endTime":392.34,"body":"Hardy. It's a fantastic book"},{"speaker":"Unknown","startTime":389.43,"endTime":392.34,"body":"upcoming talks about who not how"},{"speaker":"Unknown","startTime":392.4,"endTime":395.85,"body":"the gap in the game really talks"},{"speaker":"Unknown","startTime":392.4,"endTime":395.85,"body":"about the journey. As to you"},{"speaker":"Unknown","startTime":395.85,"endTime":398.76,"body":"talk about right now, what is"},{"speaker":"Unknown","startTime":395.85,"endTime":398.76,"body":"your future. So you really need"},{"speaker":"Unknown","startTime":398.76,"endTime":401.01,"body":"to look into your future into"},{"speaker":"Unknown","startTime":398.76,"endTime":401.01,"body":"what you want your life to be"},{"speaker":"Unknown","startTime":401.01,"endTime":403.32,"body":"like, because you need to"},{"speaker":"Unknown","startTime":401.01,"endTime":403.32,"body":"reverse engineer that into what"},{"speaker":"Unknown","startTime":403.32,"endTime":405.84,"body":"you want to start doing. Now."},{"speaker":"Unknown","startTime":403.32,"endTime":405.84,"body":"You value freedom you value"},{"speaker":"Unknown","startTime":405.84,"endTime":409.53,"body":"going away. You may not be able"},{"speaker":"Unknown","startTime":405.84,"endTime":409.53,"body":"to do that today. But what steps"},{"speaker":"Unknown","startTime":409.53,"endTime":412.02,"body":"do you need to take to have that"},{"speaker":"Unknown","startTime":409.53,"endTime":412.02,"body":"life that you want to have in 30"},{"speaker":"Unknown","startTime":412.02,"endTime":414.12,"body":"years, you can start doing it"},{"speaker":"Unknown","startTime":412.02,"endTime":414.12,"body":"right now in smaller increments."},{"speaker":"Unknown","startTime":414.24,"endTime":416.64,"body":"But if you are what you"},{"speaker":"Unknown","startTime":414.24,"endTime":416.64,"body":"ultimately want, what you need"},{"speaker":"Unknown","startTime":416.64,"endTime":419.07,"body":"to focus on, how are you going"},{"speaker":"Unknown","startTime":416.64,"endTime":419.07,"body":"to achieve it, that's why you"},{"speaker":"Unknown","startTime":419.07,"endTime":421.44,"body":"really need to look out into the"},{"speaker":"Unknown","startTime":419.07,"endTime":421.44,"body":"future and see exactly what you"},{"speaker":"Unknown","startTime":421.44,"endTime":424.62,"body":"want. Most of us don't have that"},{"speaker":"Unknown","startTime":421.44,"endTime":424.62,"body":"don't do that. And myself"},{"speaker":"Unknown","startTime":424.62,"endTime":426.72,"body":"included earlier on. And I think"},{"speaker":"Unknown","startTime":424.62,"endTime":426.72,"body":"the other thing we really need"},{"speaker":"Unknown","startTime":426.72,"endTime":429.66,"body":"to flesh out is our values."},{"speaker":"Unknown","startTime":426.72,"endTime":429.66,"body":"Every decision you make is"},{"speaker":"Unknown","startTime":429.66,"endTime":433.23,"body":"values based decision making, if"},{"speaker":"Unknown","startTime":429.66,"endTime":433.23,"body":"it doesn't fit with your values,"},{"speaker":"Unknown","startTime":433.5,"endTime":437.43,"body":"if it doesn't feel right for me,"},{"speaker":"Unknown","startTime":433.5,"endTime":437.43,"body":"for instance, I started Jake and"},{"speaker":"Unknown","startTime":437.43,"endTime":440.34,"body":"Gino I wanted freedom, I wanted"},{"speaker":"Unknown","startTime":437.43,"endTime":440.34,"body":"the ability to impact others"},{"speaker":"Unknown","startTime":440.73,"endTime":443.55,"body":"wanted to become successful. I"},{"speaker":"Unknown","startTime":440.73,"endTime":443.55,"body":"didn't want to go on the road"},{"speaker":"Unknown","startTime":443.58,"endTime":447.09,"body":"every weekend to be one of these"},{"speaker":"Unknown","startTime":443.58,"endTime":447.09,"body":"gurus talking on stage because I"},{"speaker":"Unknown","startTime":447.09,"endTime":450.21,"body":"did value my family time I came"},{"speaker":"Unknown","startTime":447.09,"endTime":450.21,"body":"from the restaurant industry"},{"speaker":"Unknown","startTime":450.33,"endTime":452.73,"body":"that I worked every weekend I"},{"speaker":"Unknown","startTime":450.33,"endTime":452.73,"body":"worked every holiday, I didn't"},{"speaker":"Unknown","startTime":452.73,"endTime":455.07,"body":"want to do that with Jake and"},{"speaker":"Unknown","startTime":452.73,"endTime":455.07,"body":"Gino. Now, if I became famous,"},{"speaker":"Unknown","startTime":455.07,"endTime":457.29,"body":"and I started talking on stage,"},{"speaker":"Unknown","startTime":455.07,"endTime":457.29,"body":"every weekend, I'm hitting my"},{"speaker":"Unknown","startTime":457.29,"endTime":460.26,"body":"value, I'm hitting the goal of"},{"speaker":"Unknown","startTime":457.29,"endTime":460.26,"body":"becoming famous and become an"},{"speaker":"Unknown","startTime":460.29,"endTime":463.02,"body":"international speaker. But at"},{"speaker":"Unknown","startTime":460.29,"endTime":463.02,"body":"the same time, it's not aligned"},{"speaker":"Unknown","startTime":463.02,"endTime":465.81,"body":"with my values. So you need to"},{"speaker":"Unknown","startTime":463.02,"endTime":465.81,"body":"align your values with your"},{"speaker":"Unknown","startTime":465.81,"endTime":468.18,"body":"decisions. And it's really"},{"speaker":"Unknown","startTime":465.81,"endTime":468.18,"body":"important to get crystal clear"},{"speaker":"Unknown","startTime":468.18,"endTime":470.97,"body":"on what your values are. And for"},{"speaker":"Unknown","startTime":468.18,"endTime":470.97,"body":"me its impact. And I think"},{"speaker":"Unknown","startTime":470.97,"endTime":474.15,"body":"another one I my values, it is"},{"speaker":"Unknown","startTime":470.97,"endTime":474.15,"body":"family, but it's really creating"},{"speaker":"Unknown","startTime":474.15,"endTime":476.31,"body":"a family business. That's what"},{"speaker":"Unknown","startTime":474.15,"endTime":476.31,"body":"Jake and Gino really is we're"},{"speaker":"Unknown","startTime":476.31,"endTime":478.74,"body":"not going to become $100 million"},{"speaker":"Unknown","startTime":476.31,"endTime":478.74,"body":"a year education company. That's"},{"speaker":"Unknown","startTime":478.74,"endTime":482.49,"body":"not my goal. I want to recruit"},{"speaker":"Unknown","startTime":478.74,"endTime":482.49,"body":"impact with my employees. I've"},{"speaker":"Unknown","startTime":482.49,"endTime":485.37,"body":"always worked with my family. So"},{"speaker":"Unknown","startTime":482.49,"endTime":485.37,"body":"I want to treat my company as a"},{"speaker":"Unknown","startTime":485.37,"endTime":488.28,"body":"family company. And I also want"},{"speaker":"Unknown","startTime":485.37,"endTime":488.28,"body":"my kids to come to all of our"},{"speaker":"Unknown","startTime":488.28,"endTime":491.04,"body":"events, we do six or seven"},{"speaker":"Unknown","startTime":488.28,"endTime":491.04,"body":"events a year internal. And then"},{"speaker":"Unknown","startTime":491.04,"endTime":494.31,"body":"we have our flagship, the kids"},{"speaker":"Unknown","startTime":491.04,"endTime":494.31,"body":"are always there. I started a"},{"speaker":"Unknown","startTime":494.31,"endTime":497.25,"body":"podcast with my right wife, I've"},{"speaker":"Unknown","startTime":494.31,"endTime":497.25,"body":"written children's books with my"},{"speaker":"Unknown","startTime":497.25,"endTime":499.77,"body":"wife, so she's part of the"},{"speaker":"Unknown","startTime":497.25,"endTime":499.77,"body":"business as well. So"},{"speaker":"Unknown","startTime":499.77,"endTime":502.5,"body":"incorporating all of that in"},{"speaker":"Unknown","startTime":499.77,"endTime":502.5,"body":"every time a decision comes up,"},{"speaker":"Unknown","startTime":502.59,"endTime":504.99,"body":"does it fit my values. So for"},{"speaker":"Unknown","startTime":502.59,"endTime":504.99,"body":"everybody out there, first thing"},{"speaker":"Unknown","startTime":504.99,"endTime":507.21,"body":"you need to do is if you don't"},{"speaker":"Unknown","startTime":504.99,"endTime":507.21,"body":"know what your values are, or"},{"speaker":"Unknown","startTime":507.21,"endTime":509.01,"body":"you haven't written them down,"},{"speaker":"Unknown","startTime":507.21,"endTime":509.01,"body":"really thought about them."},{"speaker":"Unknown","startTime":509.31,"endTime":512.31,"body":"Really ponder them. Brian, you"},{"speaker":"Unknown","startTime":509.31,"endTime":512.31,"body":"said you like to travel, you"},{"speaker":"Unknown","startTime":512.31,"endTime":515.31,"body":"like freedom. If you're saying"},{"speaker":"Unknown","startTime":512.31,"endTime":515.31,"body":"yourself, I'm getting 10,000"},{"speaker":"Unknown","startTime":515.31,"endTime":518.4,"body":"bucks a month in passive income."},{"speaker":"Unknown","startTime":515.31,"endTime":518.4,"body":"But I've got to start a property"},{"speaker":"Unknown","startTime":518.4,"endTime":520.95,"body":"management company, I'm stuck in"},{"speaker":"Unknown","startTime":518.4,"endTime":520.95,"body":"a cubicle, you may hit that 10"},{"speaker":"Unknown","startTime":520.95,"endTime":523.41,"body":"grand a month, but you're not"},{"speaker":"Unknown","startTime":520.95,"endTime":523.41,"body":"going to feel right not going to"},{"speaker":"Unknown","startTime":523.41,"endTime":526.56,"body":"feel aligned. So don't go for"},{"speaker":"Unknown","startTime":523.41,"endTime":526.56,"body":"the money. The money is just the"},{"speaker":"Unknown","startTime":526.56,"endTime":528.57,"body":"end result. That's what you're"},{"speaker":"Unknown","startTime":526.56,"endTime":528.57,"body":"doing. You're chasing"},{"speaker":"Unknown","startTime":528.6,"endTime":532.56,"body":"opportunity. And we all should"},{"speaker":"Unknown","startTime":528.6,"endTime":532.56,"body":"know that intuitively. But we"},{"speaker":"Unknown","startTime":532.56,"endTime":535.29,"body":"don't for some reason. I don't"},{"speaker":"Unknown","startTime":532.56,"endTime":535.29,"body":"know why once you become"},{"speaker":"Unknown","startTime":535.29,"endTime":538.29,"body":"financially free and you have"},{"speaker":"Unknown","startTime":535.29,"endTime":538.29,"body":"that number, then opportunities"},{"speaker":"Unknown","startTime":538.29,"endTime":540.39,"body":"come into accounting to that"},{"speaker":"Unknown","startTime":538.29,"endTime":540.39,"body":"opportunity. I'm not going for"},{"speaker":"Unknown","startTime":540.39,"endTime":543.3,"body":"the cash, I'm going for this"},{"speaker":"Unknown","startTime":540.39,"endTime":543.3,"body":"opportunity this deals coming"},{"speaker":"Unknown","startTime":543.3,"endTime":546.57,"body":"in. It's okay. And it's just one"},{"speaker":"Unknown","startTime":543.3,"endTime":546.57,"body":"of those weird things. It's just"},{"speaker":"Unknown","startTime":546.6,"endTime":550.8,"body":"it's really, lack of money"},{"speaker":"Unknown","startTime":546.6,"endTime":550.8,"body":"creates a lack of scarcity. Once"},{"speaker":"Unknown","startTime":550.8,"endTime":553.65,"body":"somebody has more money in their"},{"speaker":"Unknown","startTime":550.8,"endTime":553.65,"body":"life, and that really looking at"},{"speaker":"Unknown","startTime":553.65,"endTime":556.38,"body":"money as an object money really"},{"speaker":"Unknown","startTime":553.65,"endTime":556.38,"body":"drives one thing for you, it"},{"speaker":"Unknown","startTime":556.38,"endTime":558.96,"body":"gives you comfort and it gives"},{"speaker":"Unknown","startTime":556.38,"endTime":558.96,"body":"you freedom. That's ultimately"},{"speaker":"Unknown","startTime":558.96,"endTime":561.96,"body":"what it gives you and it gives"},{"speaker":"Unknown","startTime":558.96,"endTime":561.96,"body":"you more choices. The quality of"},{"speaker":"Unknown","startTime":561.96,"endTime":564.75,"body":"your life really depends upon"},{"speaker":"Unknown","startTime":561.96,"endTime":564.75,"body":"the quality of your choices. I"},{"speaker":"Unknown","startTime":564.75,"endTime":566.61,"body":"don't really we're going to"},{"speaker":"Unknown","startTime":564.75,"endTime":566.61,"body":"Hawaii this summer, for"},{"speaker":"Unknown","startTime":566.61,"endTime":569.34,"body":"instance, I've never flown first"},{"speaker":"Unknown","startTime":566.61,"endTime":569.34,"body":"caste class with the family is"},{"speaker":"Unknown","startTime":569.34,"endTime":571.95,"body":"going to cost me 25 G's never"},{"speaker":"Unknown","startTime":569.34,"endTime":571.95,"body":"done that before. I never would"},{"speaker":"Unknown","startTime":571.95,"endTime":574.38,"body":"have thought about that five"},{"speaker":"Unknown","startTime":571.95,"endTime":574.38,"body":"years ago now. It's really"},{"speaker":"Unknown","startTime":574.38,"endTime":576.6,"body":"money. I have the opportunity."},{"speaker":"Unknown","startTime":574.38,"endTime":576.6,"body":"It's an experience. It's"},{"speaker":"Unknown","startTime":576.6,"endTime":578.82,"body":"something that I want to do. I"},{"speaker":"Unknown","startTime":576.6,"endTime":578.82,"body":"don't have to do to make myself"},{"speaker":"Unknown","startTime":578.82,"endTime":581.85,"body":"happy, or but it's an option."},{"speaker":"Unknown","startTime":578.82,"endTime":581.85,"body":"Whereas five years ago, I didn't"},{"speaker":"Unknown","startTime":581.85,"endTime":583.89,"body":"have the option. Five years ago,"},{"speaker":"Unknown","startTime":581.85,"endTime":583.89,"body":"I was worried about paying for"},{"speaker":"Unknown","startTime":583.89,"endTime":586.68,"body":"braces. Now I'm thinking about"},{"speaker":"Unknown","startTime":583.89,"endTime":586.68,"body":"first class, that's the only"},{"speaker":"Unknown","startTime":586.68,"endTime":589.59,"body":"difference that money allows you"},{"speaker":"Unknown","startTime":586.68,"endTime":589.59,"body":"gives you the optionality. It"},{"speaker":"Unknown","startTime":589.59,"endTime":592.02,"body":"gives you the freedom to make"},{"speaker":"Unknown","startTime":589.59,"endTime":592.02,"body":"choices and it gives you the"},{"speaker":"Unknown","startTime":592.02,"endTime":594.27,"body":"opportunity to say I don't want"},{"speaker":"Unknown","startTime":592.02,"endTime":594.27,"body":"to work with this person. I"},{"speaker":"Unknown","startTime":594.27,"endTime":596.61,"body":"don't want to do this deal. I"},{"speaker":"Unknown","startTime":594.27,"endTime":596.61,"body":"can defer that and look for"},{"speaker":"Unknown","startTime":596.61,"endTime":599.73,"body":"something different. Does that"},{"speaker":"Unknown","startTime":596.61,"endTime":599.73,"body":"make sense? Absolutely."},{"speaker":"Unknown","startTime":599.76,"endTime":602.22,"body":"You're preaching to the choir."},{"speaker":"Unknown","startTime":599.76,"endTime":602.22,"body":"So you are talking from the"},{"speaker":"Unknown","startTime":602.22,"endTime":604.47,"body":"perspective and the angle. So"},{"speaker":"Unknown","startTime":602.22,"endTime":604.47,"body":"the goal of all of this for"},{"speaker":"Unknown","startTime":604.47,"endTime":607.86,"body":"everyone listening, we are going"},{"speaker":"Unknown","startTime":604.47,"endTime":607.86,"body":"to give you episode after"},{"speaker":"Unknown","startTime":607.86,"endTime":611.85,"body":"episode of vehicles to take you"},{"speaker":"Unknown","startTime":607.86,"endTime":611.85,"body":"down the road, this wealth"},{"speaker":"Unknown","startTime":611.88,"endTime":614.94,"body":"building journey to get to the"},{"speaker":"Unknown","startTime":611.88,"endTime":614.94,"body":"end. In the meantime, like I"},{"speaker":"Unknown","startTime":614.94,"endTime":618.63,"body":"just told Gino previously, while"},{"speaker":"Unknown","startTime":614.94,"endTime":618.63,"body":"we were off camera, half of"},{"speaker":"Unknown","startTime":618.63,"endTime":622.68,"body":"these conversations are going to"},{"speaker":"Unknown","startTime":618.63,"endTime":622.68,"body":"be advice that you get normally"},{"speaker":"Unknown","startTime":622.71,"endTime":625.05,"body":"at the end of the wealth"},{"speaker":"Unknown","startTime":622.71,"endTime":625.05,"body":"building journey that you can go"},{"speaker":"Unknown","startTime":625.05,"endTime":628.86,"body":"ahead and apply now during the"},{"speaker":"Unknown","startTime":625.05,"endTime":628.86,"body":"wealth building journey. So what"},{"speaker":"Unknown","startTime":628.86,"endTime":632.37,"body":"Gino is speaking as his man that"},{"speaker":"Unknown","startTime":628.86,"endTime":632.37,"body":"is emotionally unattached to"},{"speaker":"Unknown","startTime":632.4,"endTime":635.94,"body":"money anymore. Money is a tool,"},{"speaker":"Unknown","startTime":632.4,"endTime":635.94,"body":"it's a piece of paper, it's"},{"speaker":"Unknown","startTime":635.94,"endTime":638.85,"body":"something that we can use"},{"speaker":"Unknown","startTime":635.94,"endTime":638.85,"body":"interchangeably to it's a lever"},{"speaker":"Unknown","startTime":638.85,"endTime":643.05,"body":"that we can pull to be able to"},{"speaker":"Unknown","startTime":638.85,"endTime":643.05,"body":"accessorize and complement our"},{"speaker":"Unknown","startTime":643.05,"endTime":645.93,"body":"life and maybe serve as a form"},{"speaker":"Unknown","startTime":643.05,"endTime":645.93,"body":"of lubrication. So it makes"},{"speaker":"Unknown","startTime":645.93,"endTime":648.27,"body":"things a little smoother, a"},{"speaker":"Unknown","startTime":645.93,"endTime":648.27,"body":"little easier. And it lets"},{"speaker":"Unknown","startTime":648.27,"endTime":653.13,"body":"people take a breath and go. Who"},{"speaker":"Unknown","startTime":648.27,"endTime":653.13,"body":"am I? Like, what do I actually"},{"speaker":"Unknown","startTime":653.13,"endTime":656.4,"body":"want to do? How do I want to be"},{"speaker":"Unknown","startTime":653.13,"endTime":656.4,"body":"significant? What kind of impact"},{"speaker":"Unknown","startTime":656.4,"endTime":658.71,"body":"do I have on this world? You"},{"speaker":"Unknown","startTime":656.4,"endTime":658.71,"body":"know, I want to take you back"},{"speaker":"Unknown","startTime":658.83,"endTime":665.31,"body":"right now to you before in your"},{"speaker":"Unknown","startTime":658.83,"endTime":665.31,"body":"restaurant. And as you as when"},{"speaker":"Unknown","startTime":665.34,"endTime":668.73,"body":"you were a chef before, correct?"},{"speaker":"Unknown","startTime":665.34,"endTime":668.73,"body":"Yep. Okay, I want to take you"},{"speaker":"Unknown","startTime":668.73,"endTime":672.57,"body":"back to that story that you and"},{"speaker":"Unknown","startTime":668.73,"endTime":672.57,"body":"I were talking about, about the"},{"speaker":"Unknown","startTime":672.57,"endTime":678.81,"body":"$10 an hour story and how that"},{"speaker":"Unknown","startTime":672.57,"endTime":678.81,"body":"was your mental shift to say,"},{"speaker":"Unknown","startTime":678.81,"endTime":682.38,"body":"hey, what am I doing? How am I"},{"speaker":"Unknown","startTime":678.81,"endTime":682.38,"body":"valuing my time here."},{"speaker":"Unknown","startTime":683.339,"endTime":687.869,"body":"So I want everyone to picture"},{"speaker":"Unknown","startTime":683.339,"endTime":687.869,"body":"this. It's around 2014, late 14,"},{"speaker":"Unknown","startTime":687.899,"endTime":691.529,"body":"it's cold, it's the winter time,"},{"speaker":"Unknown","startTime":687.899,"endTime":691.529,"body":"I have a restaurant, I'm in my"},{"speaker":"Unknown","startTime":691.529,"endTime":696.389,"body":"shed at my restaurant, and I'm"},{"speaker":"Unknown","startTime":691.529,"endTime":696.389,"body":"stacking all the groceries away,"},{"speaker":"Unknown","startTime":696.389,"endTime":699.719,"body":"I've got bags of flour, I've got"},{"speaker":"Unknown","startTime":696.389,"endTime":699.719,"body":"cans of tomatoes, I'm putting"},{"speaker":"Unknown","startTime":699.719,"endTime":702.059,"body":"everything away those to go"},{"speaker":"Unknown","startTime":699.719,"endTime":702.059,"body":"container tins, I'm stocking"},{"speaker":"Unknown","startTime":702.059,"endTime":705.059,"body":"everything up there. And"},{"speaker":"Unknown","startTime":702.059,"endTime":705.059,"body":"literally, it's at the time was"},{"speaker":"Unknown","startTime":705.119,"endTime":707.669,"body":"I could pay somebody 10 bucks an"},{"speaker":"Unknown","startTime":705.119,"endTime":707.669,"body":"hour to do that. But I'm the I'm"},{"speaker":"Unknown","startTime":707.669,"endTime":710.009,"body":"the guy, I'm gonna do this, I'm"},{"speaker":"Unknown","startTime":707.669,"endTime":710.009,"body":"gonna do that. And I didn't"},{"speaker":"Unknown","startTime":710.009,"endTime":713.309,"body":"realize it. It made me feel"},{"speaker":"Unknown","startTime":710.009,"endTime":713.309,"body":"comfortable. I was in my comfort"},{"speaker":"Unknown","startTime":713.309,"endTime":715.499,"body":"zone. And I thought I was doing"},{"speaker":"Unknown","startTime":713.309,"endTime":715.499,"body":"things I thought I was being"},{"speaker":"Unknown","startTime":715.499,"endTime":718.829,"body":"productive. You get paid on"},{"speaker":"Unknown","startTime":715.499,"endTime":718.829,"body":"results don't get paid on being"},{"speaker":"Unknown","startTime":718.829,"endTime":721.349,"body":"busy or being productive."},{"speaker":"Unknown","startTime":718.829,"endTime":721.349,"body":"Another ding ding that I"},{"speaker":"Unknown","startTime":721.349,"endTime":724.379,"body":"realized, I'm sitting there and"},{"speaker":"Unknown","startTime":721.349,"endTime":724.379,"body":"I'm in the shed, and I get a"},{"speaker":"Unknown","startTime":724.379,"endTime":727.079,"body":"phone call from Jake, I get the"},{"speaker":"Unknown","startTime":724.379,"endTime":727.079,"body":"cell phone. And for you guys on"},{"speaker":"Unknown","startTime":727.079,"endTime":729.989,"body":"YouTube, I've got the cell phone"},{"speaker":"Unknown","startTime":727.079,"endTime":729.989,"body":"here and I'm putting tins away."},{"speaker":"Unknown","startTime":730.439,"endTime":734.369,"body":"And I'm in the process. We"},{"speaker":"Unknown","startTime":730.439,"endTime":734.369,"body":"already have 350 units, I'm in"},{"speaker":"Unknown","startTime":734.369,"endTime":739.169,"body":"the process of negotiating an"},{"speaker":"Unknown","startTime":734.369,"endTime":739.169,"body":"$11 million 281 unit deal owner"},{"speaker":"Unknown","startTime":739.169,"endTime":741.779,"body":"finance zero. And that's what I"},{"speaker":"Unknown","startTime":739.169,"endTime":741.779,"body":"said to myself, I said, What am"},{"speaker":"Unknown","startTime":741.779,"endTime":745.199,"body":"I doing out here doing this"},{"speaker":"Unknown","startTime":741.779,"endTime":745.199,"body":"work, I'm hiding from everybody,"},{"speaker":"Unknown","startTime":745.259,"endTime":748.049,"body":"when I should be in there down"},{"speaker":"Unknown","startTime":745.259,"endTime":748.049,"body":"there, crunching the numbers"},{"speaker":"Unknown","startTime":748.229,"endTime":751.079,"body":"work in negotiation. And that's"},{"speaker":"Unknown","startTime":748.229,"endTime":751.079,"body":"when I said to myself that I"},{"speaker":"Unknown","startTime":751.079,"endTime":755.279,"body":"made it that point right there."},{"speaker":"Unknown","startTime":751.079,"endTime":755.279,"body":"It was February of 2015. We"},{"speaker":"Unknown","startTime":755.279,"endTime":757.679,"body":"closed that deal. In August,"},{"speaker":"Unknown","startTime":755.279,"endTime":757.679,"body":"when I had that phone call. I"},{"speaker":"Unknown","startTime":757.679,"endTime":760.169,"body":"said within the next year, I"},{"speaker":"Unknown","startTime":757.679,"endTime":760.169,"body":"will have left this restaurant."},{"speaker":"Unknown","startTime":760.289,"endTime":763.529,"body":"Now I should have probably left"},{"speaker":"Unknown","startTime":760.289,"endTime":763.529,"body":"it sooner. But I did have six"},{"speaker":"Unknown","startTime":763.529,"endTime":766.019,"body":"kids, I did have a"},{"speaker":"Unknown","startTime":763.529,"endTime":766.019,"body":"responsibility to my brother, my"},{"speaker":"Unknown","startTime":766.019,"endTime":769.139,"body":"brother's a partner in"},{"speaker":"Unknown","startTime":766.019,"endTime":769.139,"body":"restaurant, all excuses. Some of"},{"speaker":"Unknown","startTime":769.139,"endTime":772.859,"body":"them viable, some not viable."},{"speaker":"Unknown","startTime":769.139,"endTime":772.859,"body":"But for me, that was the turning"},{"speaker":"Unknown","startTime":772.859,"endTime":775.139,"body":"point. And that's when I said to"},{"speaker":"Unknown","startTime":772.859,"endTime":775.139,"body":"myself, I really need to dive"},{"speaker":"Unknown","startTime":775.139,"endTime":777.719,"body":"into personal development, I"},{"speaker":"Unknown","startTime":775.139,"endTime":777.719,"body":"need to dive into psychology."},{"speaker":"Unknown","startTime":778.019,"endTime":780.329,"body":"And that was the point when I"},{"speaker":"Unknown","startTime":778.019,"endTime":780.329,"body":"said put the phone down. I said,"},{"speaker":"Unknown","startTime":780.329,"endTime":782.309,"body":"Jake, we're gonna close this"},{"speaker":"Unknown","startTime":780.329,"endTime":782.309,"body":"deal. We ended up closing the"},{"speaker":"Unknown","startTime":782.309,"endTime":785.459,"body":"deal. But that's when I really"},{"speaker":"Unknown","startTime":782.309,"endTime":785.459,"body":"dove into life coaching. I"},{"speaker":"Unknown","startTime":785.459,"endTime":788.219,"body":"wanted to go to life coaching"},{"speaker":"Unknown","startTime":785.459,"endTime":788.219,"body":"school to figure out what my why"},{"speaker":"Unknown","startTime":788.219,"endTime":791.669,"body":"was to figure out empowering"},{"speaker":"Unknown","startTime":788.219,"endTime":791.669,"body":"questions, how to figure out and"},{"speaker":"Unknown","startTime":791.699,"endTime":794.669,"body":"to set proper goals because we"},{"speaker":"Unknown","startTime":791.699,"endTime":794.669,"body":"can all set goals. But are you"},{"speaker":"Unknown","startTime":794.669,"endTime":797.819,"body":"setting goals based on what your"},{"speaker":"Unknown","startTime":794.669,"endTime":797.819,"body":"identity is or what you want it"},{"speaker":"Unknown","startTime":797.819,"endTime":800.519,"body":"to be? Are you saying goals"},{"speaker":"Unknown","startTime":797.819,"endTime":800.519,"body":"based on your values, or you get"},{"speaker":"Unknown","startTime":800.519,"endTime":803.579,"body":"you're setting goals based on"},{"speaker":"Unknown","startTime":800.519,"endTime":803.579,"body":"what your perception of who you"},{"speaker":"Unknown","startTime":803.579,"endTime":806.429,"body":"are, all these things are"},{"speaker":"Unknown","startTime":803.579,"endTime":806.429,"body":"important based on any kind of"},{"speaker":"Unknown","startTime":806.429,"endTime":808.709,"body":"energy blocks that you have."},{"speaker":"Unknown","startTime":806.429,"endTime":808.709,"body":"These are all things that you"},{"speaker":"Unknown","startTime":808.709,"endTime":811.439,"body":"need to take into consideration."},{"speaker":"Unknown","startTime":808.709,"endTime":811.439,"body":"And I wasn't, I was just saying"},{"speaker":"Unknown","startTime":811.439,"endTime":813.299,"body":"I want to do another deal. I"},{"speaker":"Unknown","startTime":811.439,"endTime":813.299,"body":"want to do another deal, keep"},{"speaker":"Unknown","startTime":813.299,"endTime":816.359,"body":"climbing the mountain, do this"},{"speaker":"Unknown","startTime":813.299,"endTime":816.359,"body":"deal. Go to the next one not"},{"speaker":"Unknown","startTime":816.359,"endTime":819.059,"body":"really enjoying that process."},{"speaker":"Unknown","startTime":816.359,"endTime":819.059,"body":"And I want people to enjoy that"},{"speaker":"Unknown","startTime":819.059,"endTime":820.589,"body":"wealth building process because"},{"speaker":"Unknown","startTime":819.059,"endTime":820.589,"body":"there's gonna be some"},{"speaker":"Unknown","startTime":820.589,"endTime":824.039,"body":"challenges. But like I said, the"},{"speaker":"Unknown","startTime":820.589,"endTime":824.039,"body":"gap in the game, we're too often"},{"speaker":"Unknown","startTime":824.039,"endTime":826.799,"body":"living in that gap. 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And I think if most of"},{"speaker":"Unknown","startTime":834.809,"endTime":837.329,"body":"us realize that we'll be"},{"speaker":"Unknown","startTime":837.329,"endTime":840.089,"body":"energized by that will be more"},{"speaker":"Unknown","startTime":837.329,"endTime":840.089,"body":"focused will be more clear and"},{"speaker":"Unknown","startTime":840.089,"endTime":841.889,"body":"we will be more happy it will be"},{"speaker":"Unknown","startTime":840.089,"endTime":841.889,"body":"more enjoyable."},{"speaker":"Unknown","startTime":842.64,"endTime":845.52,"body":"Absolutely. And Ben Hardy's"},{"speaker":"Unknown","startTime":842.64,"endTime":845.52,"body":"coming on this show. But I want"},{"speaker":"Unknown","startTime":845.52,"endTime":847.35,"body":"you to hear a little bit more"},{"speaker":"Unknown","startTime":845.52,"endTime":847.35,"body":"about the gap in the game and"},{"speaker":"Unknown","startTime":847.35,"endTime":848.16,"body":"the principles when I"},{"speaker":"Unknown","startTime":848.16,"endTime":852.72,"body":"read the book yet when I read"},{"speaker":"Unknown","startTime":848.16,"endTime":852.72,"body":"the book. 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If"},{"speaker":"Unknown","startTime":874.89,"endTime":877.62,"body":"you're in real estate, fall in"},{"speaker":"Unknown","startTime":874.89,"endTime":877.62,"body":"love with the negotiation, fall"},{"speaker":"Unknown","startTime":877.62,"endTime":880.44,"body":"over the property tours, fall in"},{"speaker":"Unknown","startTime":877.62,"endTime":880.44,"body":"love with speaking to investors,"},{"speaker":"Unknown","startTime":880.56,"endTime":882.66,"body":"because if you fall in love with"},{"speaker":"Unknown","startTime":880.56,"endTime":882.66,"body":"those systems, ultimately you're"},{"speaker":"Unknown","startTime":882.66,"endTime":886.02,"body":"going to find the deal. And when"},{"speaker":"Unknown","startTime":882.66,"endTime":886.02,"body":"you're measuring goals, don't"},{"speaker":"Unknown","startTime":886.02,"endTime":888.63,"body":"always just look forward. Look"},{"speaker":"Unknown","startTime":886.02,"endTime":888.63,"body":"back looks like when you're"},{"speaker":"Unknown","startTime":888.63,"endTime":890.88,"body":"going through a tunnel. And all"},{"speaker":"Unknown","startTime":888.63,"endTime":890.88,"body":"of a sudden you're driving"},{"speaker":"Unknown","startTime":890.88,"endTime":893.46,"body":"through that tunnel and you can"},{"speaker":"Unknown","startTime":890.88,"endTime":893.46,"body":"see light it's really far but as"},{"speaker":"Unknown","startTime":893.46,"endTime":896.19,"body":"you keep driving, you're getting"},{"speaker":"Unknown","startTime":893.46,"endTime":896.19,"body":"a little bit closer, turn around"},{"speaker":"Unknown","startTime":896.22,"endTime":899.19,"body":"and see where you've come from,"},{"speaker":"Unknown","startTime":896.22,"endTime":899.19,"body":"and appreciate that and it's"},{"speaker":"Unknown","startTime":899.19,"endTime":903.03,"body":"wow, I didn't I've accomplished"},{"speaker":"Unknown","startTime":899.19,"endTime":903.03,"body":"so much. And you'll appreciate"},{"speaker":"Unknown","startTime":903.03,"endTime":905.34,"body":"that. And there's that gratitude"},{"speaker":"Unknown","startTime":903.03,"endTime":905.34,"body":"component to it when you're"},{"speaker":"Unknown","startTime":905.34,"endTime":908.43,"body":"living gratitude, you can't live"},{"speaker":"Unknown","startTime":905.34,"endTime":908.43,"body":"in fear when you're grateful for"},{"speaker":"Unknown","startTime":908.43,"endTime":911.58,"body":"what you have. And you're always"},{"speaker":"Unknown","startTime":908.43,"endTime":911.58,"body":"thinking about what you don't"},{"speaker":"Unknown","startTime":911.58,"endTime":914.19,"body":"have. That's the problem. Be"},{"speaker":"Unknown","startTime":911.58,"endTime":914.19,"body":"grateful for what you have, and"},{"speaker":"Unknown","startTime":914.19,"endTime":917.01,"body":"just constantly stay on that"},{"speaker":"Unknown","startTime":914.19,"endTime":917.01,"body":"journey. And don't be afraid to"},{"speaker":"Unknown","startTime":917.01,"endTime":919.86,"body":"change the journey. Because as"},{"speaker":"Unknown","startTime":917.01,"endTime":919.86,"body":"you grow, things become less"},{"speaker":"Unknown","startTime":919.86,"endTime":923.01,"body":"important to you, you may get a"},{"speaker":"Unknown","startTime":919.86,"endTime":923.01,"body":"skill set that you like, but"},{"speaker":"Unknown","startTime":923.01,"endTime":925.92,"body":"really, ultimately, it comes"},{"speaker":"Unknown","startTime":923.01,"endTime":925.92,"body":"down to try not to live in that"},{"speaker":"Unknown","startTime":925.92,"endTime":928.8,"body":"gap of negativity all the time."},{"speaker":"Unknown","startTime":925.92,"endTime":928.8,"body":"And listen, we always do. 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We do that every day as"},{"speaker":"Unknown","startTime":940.35,"endTime":943.26,"body":"adults, catch yourself doing"},{"speaker":"Unknown","startTime":940.35,"endTime":943.26,"body":"that and try to say to yourself,"},{"speaker":"Unknown","startTime":943.26,"endTime":946.23,"body":"hey, at least I've got four I"},{"speaker":"Unknown","startTime":943.26,"endTime":946.23,"body":"had zero to begin with. So"},{"speaker":"Unknown","startTime":946.23,"endTime":948.96,"body":"that's that, to me, is the crux"},{"speaker":"Unknown","startTime":946.23,"endTime":948.96,"body":"of the book. I thought that was"},{"speaker":"Unknown","startTime":948.96,"endTime":950.16,"body":"an amazing book, awesome book."},{"speaker":"Unknown","startTime":950.19,"endTime":953.94,"body":"I think that I agree with you."},{"speaker":"Unknown","startTime":950.19,"endTime":953.94,"body":"First off, and thank you for"},{"speaker":"Unknown","startTime":953.94,"endTime":957.39,"body":"sharing that. 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And then you"},{"speaker":"Unknown","startTime":965.82,"endTime":967.95,"body":"start getting into really big"},{"speaker":"Unknown","startTime":965.82,"endTime":967.95,"body":"rooms of people doing really big"},{"speaker":"Unknown","startTime":967.95,"endTime":973.59,"body":"things. byproduct of that bother"},{"speaker":"Unknown","startTime":967.95,"endTime":973.59,"body":"people don't talk about is you"},{"speaker":"Unknown","startTime":973.59,"endTime":977.01,"body":"start living in the gap. Oh,"},{"speaker":"Unknown","startTime":973.59,"endTime":977.01,"body":"yeah, living this gap, sir,"},{"speaker":"Unknown","startTime":977.01,"endTime":980.58,"body":"living in the gap. 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What am I"},{"speaker":"Unknown","startTime":993.45,"endTime":996.48,"body":"doing? What's going on? And so"},{"speaker":"Unknown","startTime":996.48,"endTime":998.4,"body":"whenever you're looking at"},{"speaker":"Unknown","startTime":996.48,"endTime":998.4,"body":"somebody, for people listening,"},{"speaker":"Unknown","startTime":998.4,"endTime":1000.44,"body":"whenever you're looking at"},{"speaker":"Unknown","startTime":998.4,"endTime":1000.44,"body":"somebody, be careful when you're"},{"speaker":"Unknown","startTime":1000.44,"endTime":1006.74,"body":"in these rooms, to not have that"},{"speaker":"Unknown","startTime":1000.44,"endTime":1006.74,"body":"feeling of I'm not enough, or"},{"speaker":"Unknown","startTime":1006.95,"endTime":1009.65,"body":"I'm not far enough on my"},{"speaker":"Unknown","startTime":1006.95,"endTime":1009.65,"body":"journey. Every single person has"},{"speaker":"Unknown","startTime":1009.65,"endTime":1012.98,"body":"value. Every single person needs"},{"speaker":"Unknown","startTime":1009.65,"endTime":1012.98,"body":"to come to steal from Tony"},{"speaker":"Unknown","startTime":1012.98,"endTime":1015.53,"body":"Robbins like I'm sure you're"},{"speaker":"Unknown","startTime":1012.98,"endTime":1015.53,"body":"familiar with him being a peak"},{"speaker":"Unknown","startTime":1015.53,"endTime":1018.5,"body":"state operate from that"},{"speaker":"Unknown","startTime":1015.53,"endTime":1018.5,"body":"perspective. Yeah, because"},{"speaker":"Unknown","startTime":1018.5,"endTime":1021.59,"body":"that's where the rubber meets"},{"speaker":"Unknown","startTime":1018.5,"endTime":1021.59,"body":"the road. So Gino question for"},{"speaker":"Unknown","startTime":1021.59,"endTime":1023.57,"body":"you, because you cover both"},{"speaker":"Unknown","startTime":1021.59,"endTime":1023.57,"body":"sides of this. So your"},{"speaker":"Unknown","startTime":1023.57,"endTime":1027.95,"body":"perspective really interests me"},{"speaker":"Unknown","startTime":1023.57,"endTime":1027.95,"body":"here. I tell people, you need a"},{"speaker":"Unknown","startTime":1027.95,"endTime":1031.01,"body":"coach, and you need a mentor. A"},{"speaker":"Unknown","startTime":1027.95,"endTime":1031.01,"body":"lot of the times people are"},{"speaker":"Unknown","startTime":1031.01,"endTime":1035.0,"body":"looking for that in one person."},{"speaker":"Unknown","startTime":1031.01,"endTime":1035.0,"body":"A lot of the times I say that"},{"speaker":"Unknown","startTime":1035.0,"endTime":1039.11,"body":"isn't just one person multiple."},{"speaker":"Unknown","startTime":1035.0,"endTime":1039.11,"body":"So coach to help you with your"},{"speaker":"Unknown","startTime":1039.14,"endTime":1042.62,"body":"mindset, your clarity, your"},{"speaker":"Unknown","startTime":1039.14,"endTime":1042.62,"body":"personal development, getting"},{"speaker":"Unknown","startTime":1042.62,"endTime":1044.87,"body":"out of your own way, and"},{"speaker":"Unknown","startTime":1042.62,"endTime":1044.87,"body":"realizing what's actually"},{"speaker":"Unknown","startTime":1044.87,"endTime":1048.74,"body":"possible. Beyond your prior"},{"speaker":"Unknown","startTime":1044.87,"endTime":1048.74,"body":"conditioning, and what society"},{"speaker":"Unknown","startTime":1048.74,"endTime":1052.67,"body":"has told you, it's possible that"},{"speaker":"Unknown","startTime":1048.74,"endTime":1052.67,"body":"your coach, your mentor, is"},{"speaker":"Unknown","startTime":1052.67,"endTime":1055.01,"body":"going to be somebody that helps"},{"speaker":"Unknown","startTime":1052.67,"endTime":1055.01,"body":"you with this specific vehicle."},{"speaker":"Unknown","startTime":1055.19,"endTime":1058.4,"body":"So you fall into both of these"},{"speaker":"Unknown","startTime":1055.19,"endTime":1058.4,"body":"camps because you do coaching"},{"speaker":"Unknown","startTime":1058.49,"endTime":1061.7,"body":"and you do mentorship through"},{"speaker":"Unknown","startTime":1058.49,"endTime":1061.7,"body":"Jenkins, you know, what's one of"},{"speaker":"Unknown","startTime":1061.7,"endTime":1064.91,"body":"these ideas? Are which one of"},{"speaker":"Unknown","startTime":1061.7,"endTime":1064.91,"body":"these verticals, or which one of"},{"speaker":"Unknown","startTime":1064.91,"endTime":1067.76,"body":"these people do you think is"},{"speaker":"Unknown","startTime":1064.91,"endTime":1067.76,"body":"more important to get into your"},{"speaker":"Unknown","startTime":1067.76,"endTime":1071.57,"body":"life first, on this wealth"},{"speaker":"Unknown","startTime":1067.76,"endTime":1071.57,"body":"building journey? 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If you don't believe your"},{"speaker":"Unknown","startTime":1082.73,"endTime":1085.79,"body":"coach behaviors, or belief"},{"speaker":"Unknown","startTime":1085.79,"endTime":1087.95,"body":"driven, if you don't believe in"},{"speaker":"Unknown","startTime":1085.79,"endTime":1087.95,"body":"your coach or your mentor,"},{"speaker":"Unknown","startTime":1087.98,"endTime":1090.11,"body":"you're not going to believe that"},{"speaker":"Unknown","startTime":1087.98,"endTime":1090.11,"body":"you're gonna be able to succeed"},{"speaker":"Unknown","startTime":1090.11,"endTime":1093.65,"body":"in that venture, consume as much"},{"speaker":"Unknown","startTime":1090.11,"endTime":1093.65,"body":"free stuff as possible. 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You"},{"speaker":"Unknown","startTime":1104.57,"endTime":1106.76,"body":"don't have anybody any calls,"},{"speaker":"Unknown","startTime":1104.57,"endTime":1106.76,"body":"hey, listen, I was on the beach"},{"speaker":"Unknown","startTime":1106.76,"endTime":1109.58,"body":"at 330. I was telling me 30"},{"speaker":"Unknown","startTime":1106.76,"endTime":1109.58,"body":"minutes ago, I needed to be back"},{"speaker":"Unknown","startTime":1109.58,"endTime":1112.13,"body":"home at four o'clock for this"},{"speaker":"Unknown","startTime":1109.58,"endTime":1112.13,"body":"call. If I didn't have this"},{"speaker":"Unknown","startTime":1112.13,"endTime":1115.28,"body":"call, the rest of this afternoon"},{"speaker":"Unknown","startTime":1112.13,"endTime":1115.28,"body":"would be completely gone. 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Because if we're on an"},{"speaker":"Unknown","startTime":1120.83,"endTime":1122.93,"body":"island all by ourselves, and"},{"speaker":"Unknown","startTime":1120.83,"endTime":1122.93,"body":"nobody's watching us, and"},{"speaker":"Unknown","startTime":1122.93,"endTime":1125.03,"body":"there's no pressure on us."},{"speaker":"Unknown","startTime":1122.93,"endTime":1125.03,"body":"That's why my partnership with"},{"speaker":"Unknown","startTime":1125.03,"endTime":1127.91,"body":"Jake is pretty fantastic."},{"speaker":"Unknown","startTime":1125.03,"endTime":1127.91,"body":"Because you know what, Jake's"},{"speaker":"Unknown","startTime":1127.91,"endTime":1129.8,"body":"not on this call right now. But"},{"speaker":"Unknown","startTime":1127.91,"endTime":1129.8,"body":"you know what, he's doing a"},{"speaker":"Unknown","startTime":1129.8,"endTime":1132.26,"body":"property tour today. So we're"},{"speaker":"Unknown","startTime":1129.8,"endTime":1132.26,"body":"doing different things. 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That those"},{"speaker":"Unknown","startTime":1145.37,"endTime":1147.47,"body":"are two different things. When"},{"speaker":"Unknown","startTime":1147.47,"endTime":1149.42,"body":"you're coaching for developing"},{"speaker":"Unknown","startTime":1147.47,"endTime":1149.42,"body":"and developing yourself"},{"speaker":"Unknown","startTime":1149.51,"endTime":1151.94,"body":"developing your mindset. We all"},{"speaker":"Unknown","startTime":1149.51,"endTime":1151.94,"body":"need that that's really"},{"speaker":"Unknown","startTime":1151.94,"endTime":1155.72,"body":"important. But coaching for"},{"speaker":"Unknown","startTime":1151.94,"endTime":1155.72,"body":"performance. I can teach anybody"},{"speaker":"Unknown","startTime":1155.72,"endTime":1158.87,"body":"about a cap rate about a cash on"},{"speaker":"Unknown","startTime":1155.72,"endTime":1158.87,"body":"cash return about a debt"},{"speaker":"Unknown","startTime":1158.87,"endTime":1161.93,"body":"coverage ratio. And for me,"},{"speaker":"Unknown","startTime":1158.87,"endTime":1161.93,"body":"that's easy. It's the"},{"speaker":"Unknown","startTime":1161.93,"endTime":1164.33,"body":"psychological that's more"},{"speaker":"Unknown","startTime":1161.93,"endTime":1164.33,"body":"challenging, and that's why we"},{"speaker":"Unknown","startTime":1164.33,"endTime":1166.55,"body":"did create Jake and Gino"},{"speaker":"Unknown","startTime":1164.33,"endTime":1166.55,"body":"communities. I wouldn't call it"},{"speaker":"Unknown","startTime":1166.55,"endTime":1169.19,"body":"a mentorship program. But it's"},{"speaker":"Unknown","startTime":1166.55,"endTime":1169.19,"body":"more of a community of like"},{"speaker":"Unknown","startTime":1169.19,"endTime":1171.71,"body":"minded individuals because a lot"},{"speaker":"Unknown","startTime":1169.19,"endTime":1171.71,"body":"of people get into multifamily."},{"speaker":"Unknown","startTime":1171.89,"endTime":1174.68,"body":"Their high income earners, their"},{"speaker":"Unknown","startTime":1171.89,"endTime":1174.68,"body":"people getting in from single"},{"speaker":"Unknown","startTime":1174.68,"endTime":1177.02,"body":"families and they hear every day"},{"speaker":"Unknown","startTime":1174.68,"endTime":1177.02,"body":"from their family and friends"},{"speaker":"Unknown","startTime":1177.02,"endTime":1179.21,"body":"who don't own crap. And they"},{"speaker":"Unknown","startTime":1177.02,"endTime":1179.21,"body":"probably have a negative net"},{"speaker":"Unknown","startTime":1179.21,"endTime":1182.18,"body":"worth that real estate is risky."},{"speaker":"Unknown","startTime":1179.21,"endTime":1182.18,"body":"You can't hear that every day."},{"speaker":"Unknown","startTime":1182.18,"endTime":1184.52,"body":"That's drivel you have to be"},{"speaker":"Unknown","startTime":1182.18,"endTime":1184.52,"body":"around people who are succeeding"},{"speaker":"Unknown","startTime":1184.52,"endTime":1186.56,"body":"or successful if you've got"},{"speaker":"Unknown","startTime":1184.52,"endTime":1186.56,"body":"students who have closed over"},{"speaker":"Unknown","startTime":1186.56,"endTime":1190.28,"body":"35,000 units, over $2 billion in"},{"speaker":"Unknown","startTime":1186.56,"endTime":1190.28,"body":"assets under management. You"},{"speaker":"Unknown","startTime":1190.28,"endTime":1193.25,"body":"have peers within the group. You"},{"speaker":"Unknown","startTime":1190.28,"endTime":1193.25,"body":"have coaches within the group."},{"speaker":"Unknown","startTime":1193.37,"endTime":1196.4,"body":"We have these, you know on site"},{"speaker":"Unknown","startTime":1193.37,"endTime":1196.4,"body":"intensive that we're all there."},{"speaker":"Unknown","startTime":1196.49,"endTime":1200.0,"body":"You need to have that around"},{"speaker":"Unknown","startTime":1196.49,"endTime":1200.0,"body":"you. I didn't have that I had"},{"speaker":"Unknown","startTime":1200.0,"endTime":1202.34,"body":"mentorship programs, but I never"},{"speaker":"Unknown","startTime":1200.0,"endTime":1202.34,"body":"went to any of these live"},{"speaker":"Unknown","startTime":1202.34,"endTime":1205.76,"body":"events. And I really truly one"},{"speaker":"Unknown","startTime":1202.34,"endTime":1205.76,"body":"of my biggest mistakes so that I"},{"speaker":"Unknown","startTime":1205.76,"endTime":1207.95,"body":"mean, that's why I said to"},{"speaker":"Unknown","startTime":1205.76,"endTime":1207.95,"body":"myself, I know when I started"},{"speaker":"Unknown","startTime":1207.95,"endTime":1210.53,"body":"this community, I'm not gonna be"},{"speaker":"Unknown","startTime":1207.95,"endTime":1210.53,"body":"doing these two day seminars"},{"speaker":"Unknown","startTime":1210.53,"endTime":1213.14,"body":"where I'm going there myself and"},{"speaker":"Unknown","startTime":1210.53,"endTime":1213.14,"body":"trying to, I don't have time to"},{"speaker":"Unknown","startTime":1213.14,"endTime":1215.12,"body":"do that I rather have people who"},{"speaker":"Unknown","startTime":1213.14,"endTime":1215.12,"body":"are already part of the"},{"speaker":"Unknown","startTime":1215.12,"endTime":1218.0,"body":"community come to these events,"},{"speaker":"Unknown","startTime":1215.12,"endTime":1218.0,"body":"and sit down and listen to our"},{"speaker":"Unknown","startTime":1218.0,"endTime":1220.49,"body":"coaches speak for two days and"},{"speaker":"Unknown","startTime":1218.0,"endTime":1220.49,"body":"be able to network because"},{"speaker":"Unknown","startTime":1220.49,"endTime":1223.46,"body":"networking is really massive,"},{"speaker":"Unknown","startTime":1220.49,"endTime":1223.46,"body":"because when you're in here,"},{"speaker":"Unknown","startTime":1223.73,"endTime":1225.71,"body":"these mastermind groups, they're"},{"speaker":"Unknown","startTime":1223.73,"endTime":1225.71,"body":"charging 100 grand a year, are"},{"speaker":"Unknown","startTime":1225.71,"endTime":1228.89,"body":"they worth 100 grand a year, not"},{"speaker":"Unknown","startTime":1225.71,"endTime":1228.89,"body":"for the education, but you make"},{"speaker":"Unknown","startTime":1228.89,"endTime":1233.72,"body":"one connection. That's all you"},{"speaker":"Unknown","startTime":1228.89,"endTime":1233.72,"body":"need. And that's the power of"},{"speaker":"Unknown","startTime":1233.72,"endTime":1236.93,"body":"community and mentorship and"},{"speaker":"Unknown","startTime":1233.72,"endTime":1236.93,"body":"education is it's not really"},{"speaker":"Unknown","startTime":1236.93,"endTime":1239.72,"body":"just the education aspect of it."},{"speaker":"Unknown","startTime":1236.93,"endTime":1239.72,"body":"It's really the accountability,"},{"speaker":"Unknown","startTime":1239.96,"endTime":1242.27,"body":"and the connections that you"},{"speaker":"Unknown","startTime":1239.96,"endTime":1242.27,"body":"make within these communities."},{"speaker":"Unknown","startTime":1242.72,"endTime":1245.75,"body":"And it's so hard to explain to"},{"speaker":"Unknown","startTime":1242.72,"endTime":1245.75,"body":"someone, it really does. But"},{"speaker":"Unknown","startTime":1245.75,"endTime":1249.35,"body":"everyone tries to quantify"},{"speaker":"Unknown","startTime":1245.75,"endTime":1249.35,"body":"relationships. Yes, right. Yep."},{"speaker":"Unknown","startTime":1249.68,"endTime":1253.19,"body":"And so it's hard to get across."},{"speaker":"Unknown","startTime":1249.68,"endTime":1253.19,"body":"So here's what I would recommend"},{"speaker":"Unknown","startTime":1253.19,"endTime":1257.09,"body":"that I make similar points every"},{"speaker":"Unknown","startTime":1253.19,"endTime":1257.09,"body":"single episode. 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Because"},{"speaker":"Unknown","startTime":1279.11,"endTime":1282.71,"body":"now, like I'm not buying"},{"speaker":"Unknown","startTime":1279.11,"endTime":1282.71,"body":"apartment complexes yet, but I"},{"speaker":"Unknown","startTime":1282.71,"endTime":1284.93,"body":"know I'm a couple of text"},{"speaker":"Unknown","startTime":1282.71,"endTime":1284.93,"body":"messages away from anybody that"},{"speaker":"Unknown","startTime":1284.93,"endTime":1288.05,"body":"is and I know that I've got the"},{"speaker":"Unknown","startTime":1284.93,"endTime":1288.05,"body":"mindset to where I would be"},{"speaker":"Unknown","startTime":1288.05,"endTime":1291.26,"body":"comfortable taking that down."},{"speaker":"Unknown","startTime":1288.05,"endTime":1291.26,"body":"Conceptually, I haven't learned"},{"speaker":"Unknown","startTime":1291.26,"endTime":1293.63,"body":"how to underwrite I haven't"},{"speaker":"Unknown","startTime":1291.26,"endTime":1293.63,"body":"learned how to do any of that."},{"speaker":"Unknown","startTime":1293.63,"endTime":1296.57,"body":"But like you said, then you just"},{"speaker":"Unknown","startTime":1293.63,"endTime":1296.57,"body":"plug and play another Ben Hardy"},{"speaker":"Unknown","startTime":1296.57,"endTime":1299.48,"body":"Dan Sullivan, bring in the who?"},{"speaker":"Unknown","startTime":1296.57,"endTime":1299.48,"body":"And then all of a sudden you're"},{"speaker":"Unknown","startTime":1299.48,"endTime":1303.2,"body":"off to the freakin races. Yes."},{"speaker":"Unknown","startTime":1299.48,"endTime":1303.2,"body":"Can you walk us can you walk us"},{"speaker":"Unknown","startTime":1303.2,"endTime":1307.13,"body":"through that transitory period?"},{"speaker":"Unknown","startTime":1303.2,"endTime":1307.13,"body":"Because right now you are"},{"speaker":"Unknown","startTime":1307.13,"endTime":1309.98,"body":"actually just take a pause here."},{"speaker":"Unknown","startTime":1307.13,"endTime":1309.98,"body":"Let's let's actually introduce"},{"speaker":"Unknown","startTime":1309.98,"endTime":1314.3,"body":"ourselves here. So Jake and Gino"},{"speaker":"Unknown","startTime":1309.98,"endTime":1314.3,"body":"50% of it. Maybe Introduce"},{"speaker":"Unknown","startTime":1314.3,"endTime":1317.39,"body":"yourself about where you're at"},{"speaker":"Unknown","startTime":1314.3,"endTime":1317.39,"body":"now, where your portfolio is at"},{"speaker":"Unknown","startTime":1317.39,"endTime":1320.54,"body":"right now. Let me know who you"},{"speaker":"Unknown","startTime":1317.39,"endTime":1320.54,"body":"are. Besides the fact that you"},{"speaker":"Unknown","startTime":1320.54,"endTime":1323.81,"body":"can casually fly your entire"},{"speaker":"Unknown","startTime":1320.54,"endTime":1323.81,"body":"family first class to Hawaii for"},{"speaker":"Unknown","startTime":1323.81,"endTime":1327.65,"body":"25 G's and tell us who you are."},{"speaker":"Unknown","startTime":1323.81,"endTime":1327.65,"body":"And then let's take a step back"},{"speaker":"Unknown","startTime":1327.65,"endTime":1330.44,"body":"from there and then walk through"},{"speaker":"Unknown","startTime":1327.65,"endTime":1330.44,"body":"that journey from the restaurant"},{"speaker":"Unknown","startTime":1330.44,"endTime":1331.52,"body":"to where you're at right now."},{"speaker":"Unknown","startTime":1331.55,"endTime":1333.92,"body":"Real quick father of six"},{"speaker":"Unknown","startTime":1331.55,"endTime":1333.92,"body":"homeschool kids. My oldest"},{"speaker":"Unknown","startTime":1333.92,"endTime":1337.67,"body":"daughter's 22 years old. She's a"},{"speaker":"Unknown","startTime":1333.92,"endTime":1337.67,"body":"missionary graduated college. My"},{"speaker":"Unknown","startTime":1337.67,"endTime":1340.94,"body":"youngest daughter is seven. I"},{"speaker":"Unknown","startTime":1337.67,"endTime":1340.94,"body":"have an amazing wife, Julian"},{"speaker":"Unknown","startTime":1340.94,"endTime":1345.35,"body":"Gino show, go check it on"},{"speaker":"Unknown","startTime":1340.94,"endTime":1345.35,"body":"iTunes. We have about 1500 units"},{"speaker":"Unknown","startTime":1345.38,"endTime":1347.75,"body":"one deal of syndicator the rest"},{"speaker":"Unknown","startTime":1345.38,"endTime":1347.75,"body":"of the portfolio is owned by"},{"speaker":"Unknown","startTime":1347.75,"endTime":1350.9,"body":"Jake, myself and a partner and"},{"speaker":"Unknown","startTime":1347.75,"endTime":1350.9,"body":"our employees are starting to"},{"speaker":"Unknown","startTime":1350.9,"endTime":1353.54,"body":"invest in our deals. So we shy"},{"speaker":"Unknown","startTime":1350.9,"endTime":1353.54,"body":"away for syndication. We've got"},{"speaker":"Unknown","startTime":1353.54,"endTime":1355.88,"body":"enough capital, we're buying our"},{"speaker":"Unknown","startTime":1353.54,"endTime":1355.88,"body":"own deals, we've been able to"},{"speaker":"Unknown","startTime":1355.88,"endTime":1359.0,"body":"refinance out over $20 million"},{"speaker":"Unknown","startTime":1355.88,"endTime":1359.0,"body":"out of our portfolio, not buy"},{"speaker":"Unknown","startTime":1359.0,"endTime":1361.94,"body":"the Lambo invest in the next"},{"speaker":"Unknown","startTime":1359.0,"endTime":1361.94,"body":"deal, invest in the next deal."},{"speaker":"Unknown","startTime":1362.18,"endTime":1365.0,"body":"That's how we've been able to do"},{"speaker":"Unknown","startTime":1362.18,"endTime":1365.0,"body":"it. 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Then"},{"speaker":"Unknown","startTime":1403.07,"endTime":1405.02,"body":"we started the syndication"},{"speaker":"Unknown","startTime":1403.07,"endTime":1405.02,"body":"Company, which was another"},{"speaker":"Unknown","startTime":1405.02,"endTime":1407.15,"body":"stream of revenue. Now we've got"},{"speaker":"Unknown","startTime":1405.02,"endTime":1407.15,"body":"ran development, we're gonna"},{"speaker":"Unknown","startTime":1407.15,"endTime":1409.94,"body":"start developing deals. We've"},{"speaker":"Unknown","startTime":1407.15,"endTime":1409.94,"body":"got a flooring company coming"},{"speaker":"Unknown","startTime":1409.94,"endTime":1411.98,"body":"online. So there's so many"},{"speaker":"Unknown","startTime":1409.94,"endTime":1411.98,"body":"different revenue streams that"},{"speaker":"Unknown","startTime":1411.98,"endTime":1415.01,"body":"you can start from real estate,"},{"speaker":"Unknown","startTime":1411.98,"endTime":1415.01,"body":"didn't know that. I started the"},{"speaker":"Unknown","startTime":1415.01,"endTime":1417.77,"body":"restaurant business years and"},{"speaker":"Unknown","startTime":1415.01,"endTime":1417.77,"body":"years ago, with the family. I"},{"speaker":"Unknown","startTime":1417.77,"endTime":1421.64,"body":"had one restaurant for 27 years,"},{"speaker":"Unknown","startTime":1417.77,"endTime":1421.64,"body":"got burned out, didn't know"},{"speaker":"Unknown","startTime":1421.64,"endTime":1424.64,"body":"anything about business tried to"},{"speaker":"Unknown","startTime":1421.64,"endTime":1424.64,"body":"scale it up. I didn't understand"},{"speaker":"Unknown","startTime":1424.79,"endTime":1428.84,"body":"how to scale that business. And"},{"speaker":"Unknown","startTime":1424.79,"endTime":1428.84,"body":"it was hard because weekends,"},{"speaker":"Unknown","startTime":1429.02,"endTime":1432.62,"body":"holidays, it was almost like a W"},{"speaker":"Unknown","startTime":1429.02,"endTime":1432.62,"body":"two kind of job where it's,"},{"speaker":"Unknown","startTime":1432.8,"endTime":1434.93,"body":"you're on the hamster wheel"},{"speaker":"Unknown","startTime":1432.8,"endTime":1434.93,"body":"every week, you're not really"},{"speaker":"Unknown","startTime":1434.93,"endTime":1437.87,"body":"building wealth, you're not"},{"speaker":"Unknown","startTime":1434.93,"endTime":1437.87,"body":"building equity in a business."},{"speaker":"Unknown","startTime":1438.17,"endTime":1440.66,"body":"And for me, I struggled. I"},{"speaker":"Unknown","startTime":1438.17,"endTime":1440.66,"body":"didn't like that I wanted to"},{"speaker":"Unknown","startTime":1440.66,"endTime":1444.47,"body":"leave a legacy. And ultimately,"},{"speaker":"Unknown","startTime":1440.66,"endTime":1444.47,"body":"I ended up finding real estate"},{"speaker":"Unknown","startTime":1444.47,"endTime":1446.99,"body":"and then finding Jake, we bought"},{"speaker":"Unknown","startTime":1444.47,"endTime":1446.99,"body":"our first deal. And our second"},{"speaker":"Unknown","startTime":1446.99,"endTime":1449.78,"body":"deal. And the rest is history."},{"speaker":"Unknown","startTime":1446.99,"endTime":1449.78,"body":"But let me share with you the"},{"speaker":"Unknown","startTime":1449.78,"endTime":1453.44,"body":"power of mentorship on our third"},{"speaker":"Unknown","startTime":1449.78,"endTime":1453.44,"body":"deal. We had about 60 units. And"},{"speaker":"Unknown","startTime":1453.47,"endTime":1456.59,"body":"I was working with another"},{"speaker":"Unknown","startTime":1453.47,"endTime":1456.59,"body":"mentor. This third deal was 136"},{"speaker":"Unknown","startTime":1456.59,"endTime":1460.13,"body":"units. 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How do you know to take"},{"speaker":"Unknown","startTime":1470.75,"endTime":1473.15,"body":"over this? How do you have the"},{"speaker":"Unknown","startTime":1473.15,"endTime":1475.67,"body":"unit turn? How do you have a"},{"speaker":"Unknown","startTime":1473.15,"endTime":1475.67,"body":"credibility book and I didn't"},{"speaker":"Unknown","startTime":1475.67,"endTime":1478.13,"body":"tell him anything until the deal"},{"speaker":"Unknown","startTime":1475.67,"endTime":1478.13,"body":"was closed. I'm like dude, and"},{"speaker":"Unknown","startTime":1478.13,"endTime":1481.82,"body":"every time every time a question"},{"speaker":"Unknown","startTime":1478.13,"endTime":1481.82,"body":"popped up, I was able to go to"},{"speaker":"Unknown","startTime":1481.82,"endTime":1484.13,"body":"my mentor and say what do we do"},{"speaker":"Unknown","startTime":1481.82,"endTime":1484.13,"body":"about this? Even the fact that"},{"speaker":"Unknown","startTime":1484.16,"endTime":1488.24,"body":"the broker were tapped out price"},{"speaker":"Unknown","startTime":1484.16,"endTime":1488.24,"body":"we had no more money, we had no"},{"speaker":"Unknown","startTime":1488.24,"endTime":1491.54,"body":"more money at all. The broker"},{"speaker":"Unknown","startTime":1488.24,"endTime":1491.54,"body":"took a commission he took a"},{"speaker":"Unknown","startTime":1491.54,"endTime":1494.6,"body":"seller finance note on his"},{"speaker":"Unknown","startTime":1491.54,"endTime":1494.6,"body":"commission for 50 grand what's"},{"speaker":"Unknown","startTime":1494.6,"endTime":1497.57,"body":"that worth? Is that worth 20 or"},{"speaker":"Unknown","startTime":1494.6,"endTime":1497.57,"body":"30 or 40,000 investment with"},{"speaker":"Unknown","startTime":1497.6,"endTime":1500.09,"body":"with a mentor? I think so I"},{"speaker":"Unknown","startTime":1497.6,"endTime":1500.09,"body":"wouldn't be here with you. You"},{"speaker":"Unknown","startTime":1500.09,"endTime":1501.95,"body":"right now, I didn't close that"},{"speaker":"Unknown","startTime":1500.09,"endTime":1501.95,"body":"deal. A third deal with"},{"speaker":"Unknown","startTime":1501.95,"endTime":1504.98,"body":"Seminole, like you said those"},{"speaker":"Unknown","startTime":1501.95,"endTime":1504.98,"body":"moments in life. And I learned"},{"speaker":"Unknown","startTime":1504.98,"endTime":1508.22,"body":"so much education from that one"},{"speaker":"Unknown","startTime":1504.98,"endTime":1508.22,"body":"mentor and it's taken me now I'm"},{"speaker":"Unknown","startTime":1508.22,"endTime":1511.07,"body":"sharing the same education that"},{"speaker":"Unknown","startTime":1508.22,"endTime":1511.07,"body":"I learned from him, I'm sharing"},{"speaker":"Unknown","startTime":1511.07,"endTime":1512.24,"body":"with our community as well."},{"speaker":"Unknown","startTime":1513.679,"endTime":1517.489,"body":"Give some advice about how you"},{"speaker":"Unknown","startTime":1513.679,"endTime":1517.489,"body":"attracted that mentor into your"},{"speaker":"Unknown","startTime":1517.489,"endTime":1520.339,"body":"life, and how people that are"},{"speaker":"Unknown","startTime":1517.489,"endTime":1520.339,"body":"listening this couple of"},{"speaker":"Unknown","startTime":1520.339,"endTime":1522.859,"body":"different ways that they could"},{"speaker":"Unknown","startTime":1520.339,"endTime":1522.859,"body":"go about adding massive value to"},{"speaker":"Unknown","startTime":1522.859,"endTime":1525.979,"body":"be able to attract a mentor,"},{"speaker":"Unknown","startTime":1522.859,"endTime":1525.979,"body":"because the advice that I give"},{"speaker":"Unknown","startTime":1525.979,"endTime":1529.729,"body":"to people is be very clear and"},{"speaker":"Unknown","startTime":1525.979,"endTime":1529.729,"body":"concise in your ask, and also be"},{"speaker":"Unknown","startTime":1529.729,"endTime":1533.569,"body":"very to your mentor. And then"},{"speaker":"Unknown","startTime":1529.729,"endTime":1533.569,"body":"also maybe be very clear in your"},{"speaker":"Unknown","startTime":1533.629,"endTime":1537.139,"body":"in concise and who you're"},{"speaker":"Unknown","startTime":1533.629,"endTime":1537.139,"body":"looking for, in a mentor to"},{"speaker":"Unknown","startTime":1537.139,"endTime":1540.019,"body":"where when you do talk to them."},{"speaker":"Unknown","startTime":1537.139,"endTime":1540.019,"body":"It's like a sniper rifle"},{"speaker":"Unknown","startTime":1540.019,"endTime":1542.719,"body":"approach instead of a shotgun."},{"speaker":"Unknown","startTime":1540.019,"endTime":1542.719,"body":"That's the advice I normally"},{"speaker":"Unknown","startTime":1542.719,"endTime":1545.899,"body":"give. I'm very curious to hear"},{"speaker":"Unknown","startTime":1542.719,"endTime":1545.899,"body":"how you got that mentorship, and"},{"speaker":"Unknown","startTime":1545.899,"endTime":1548.329,"body":"then how you materialize all"},{"speaker":"Unknown","startTime":1545.899,"endTime":1548.329,"body":"this and any advice that you can"},{"speaker":"Unknown","startTime":1548.329,"endTime":1548.929,"body":"give on that."},{"speaker":"Unknown","startTime":1549.469,"endTime":1552.229,"body":"Our community director Joshua's"},{"speaker":"Unknown","startTime":1549.469,"endTime":1552.229,"body":"in it, Jake, and Gino says it"},{"speaker":"Unknown","startTime":1552.229,"endTime":1556.669,"body":"best and I'll rip it off from"},{"speaker":"Unknown","startTime":1552.229,"endTime":1556.669,"body":"him. pay to play or seek to"},{"speaker":"Unknown","startTime":1556.669,"endTime":1560.989,"body":"serve. Those are the only two"},{"speaker":"Unknown","startTime":1556.669,"endTime":1560.989,"body":"ways. And it depends on how old"},{"speaker":"Unknown","startTime":1560.989,"endTime":1564.229,"body":"you are. If you're young and you"},{"speaker":"Unknown","startTime":1560.989,"endTime":1564.229,"body":"got no bucks, go out there, do"},{"speaker":"Unknown","startTime":1564.229,"endTime":1568.459,"body":"the property tours, ask the"},{"speaker":"Unknown","startTime":1564.229,"endTime":1568.459,"body":"questions. Don't pack the books,"},{"speaker":"Unknown","startTime":1568.489,"endTime":1571.999,"body":"do whatever it takes. But when"},{"speaker":"Unknown","startTime":1568.489,"endTime":1571.999,"body":"you're older, and you've got the"},{"speaker":"Unknown","startTime":1571.999,"endTime":1575.359,"body":"restaurant, and you've got all"},{"speaker":"Unknown","startTime":1571.999,"endTime":1575.359,"body":"the businesses going on, and you"},{"speaker":"Unknown","startTime":1575.359,"endTime":1577.729,"body":"can't do it, I had to pay the"},{"speaker":"Unknown","startTime":1575.359,"endTime":1577.729,"body":"mentor, I paid for the"},{"speaker":"Unknown","startTime":1577.729,"endTime":1581.239,"body":"education. And I'm not really,"},{"speaker":"Unknown","startTime":1577.729,"endTime":1581.239,"body":"really confusing it, I didn't"},{"speaker":"Unknown","startTime":1581.239,"endTime":1584.239,"body":"really pay for it. I invested in"},{"speaker":"Unknown","startTime":1581.239,"endTime":1584.239,"body":"education. That's the other"},{"speaker":"Unknown","startTime":1584.239,"endTime":1586.669,"body":"thing that happens when you"},{"speaker":"Unknown","startTime":1584.239,"endTime":1586.669,"body":"start becoming an entrepreneur"},{"speaker":"Unknown","startTime":1586.699,"endTime":1588.559,"body":"or thinking about you're"},{"speaker":"Unknown","startTime":1586.699,"endTime":1588.559,"body":"investing in yourself, you are"},{"speaker":"Unknown","startTime":1588.559,"endTime":1591.679,"body":"your best asset. So don't think"},{"speaker":"Unknown","startTime":1588.559,"endTime":1591.679,"body":"of education as an expense."},{"speaker":"Unknown","startTime":1591.679,"endTime":1593.539,"body":"Think of it as an investment."},{"speaker":"Unknown","startTime":1591.679,"endTime":1593.539,"body":"Once you start thinking of it"},{"speaker":"Unknown","startTime":1593.539,"endTime":1596.539,"body":"that way, Wow, you did an"},{"speaker":"Unknown","startTime":1593.539,"endTime":1596.539,"body":"upgrade every year, you should"},{"speaker":"Unknown","startTime":1596.539,"endTime":1598.579,"body":"be doing things differently,"},{"speaker":"Unknown","startTime":1596.539,"endTime":1598.579,"body":"your brain needs to be upgraded"},{"speaker":"Unknown","startTime":1598.579,"endTime":1600.979,"body":"every year, because it's like"},{"speaker":"Unknown","startTime":1598.579,"endTime":1600.979,"body":"your computer or your cell phone"},{"speaker":"Unknown","startTime":1600.979,"endTime":1603.709,"body":"if you don't upgrade to your"},{"speaker":"Unknown","startTime":1600.979,"endTime":1603.709,"body":"work with the same kind of"},{"speaker":"Unknown","startTime":1603.709,"endTime":1606.349,"body":"software and you start burning"},{"speaker":"Unknown","startTime":1603.709,"endTime":1606.349,"body":"out. So if you're looking for a"},{"speaker":"Unknown","startTime":1606.349,"endTime":1609.829,"body":"mentor, if you're going to do an"},{"speaker":"Unknown","startTime":1606.349,"endTime":1609.829,"body":"unpaid one, you better be able"},{"speaker":"Unknown","startTime":1609.829,"endTime":1612.109,"body":"to not waste that person's time"},{"speaker":"Unknown","startTime":1609.829,"endTime":1612.109,"body":"you better be able to add"},{"speaker":"Unknown","startTime":1612.109,"endTime":1615.409,"body":"tremendous value. If there's"},{"speaker":"Unknown","startTime":1612.109,"endTime":1615.409,"body":"somebody out there who's looking"},{"speaker":"Unknown","startTime":1615.409,"endTime":1617.929,"body":"for an acquisitions person and"},{"speaker":"Unknown","startTime":1615.409,"endTime":1617.929,"body":"you're a good underwriter, maybe"},{"speaker":"Unknown","startTime":1617.929,"endTime":1620.269,"body":"do underwriting for free for a"},{"speaker":"Unknown","startTime":1617.929,"endTime":1620.269,"body":"little while to get in the door."},{"speaker":"Unknown","startTime":1620.449,"endTime":1622.459,"body":"Maybe if they've got a property"},{"speaker":"Unknown","startTime":1620.449,"endTime":1622.459,"body":"management company you want to"},{"speaker":"Unknown","startTime":1622.459,"endTime":1624.919,"body":"sit in their office and help"},{"speaker":"Unknown","startTime":1622.459,"endTime":1624.919,"body":"property manage. If you're great"},{"speaker":"Unknown","startTime":1624.919,"endTime":1627.619,"body":"at systems and you love Google"},{"speaker":"Unknown","startTime":1624.919,"endTime":1627.619,"body":"Docs and Google Sheets and you"},{"speaker":"Unknown","startTime":1627.619,"endTime":1630.619,"body":"find Jake and Gino, we suck at"},{"speaker":"Unknown","startTime":1627.619,"endTime":1630.619,"body":"that, Hey, can I help you out"},{"speaker":"Unknown","startTime":1630.619,"endTime":1633.919,"body":"with that, however, you can"},{"speaker":"Unknown","startTime":1630.619,"endTime":1633.919,"body":"provide value just to get a peek"},{"speaker":"Unknown","startTime":1633.919,"endTime":1636.379,"body":"behind the curtain, but you need"},{"speaker":"Unknown","startTime":1633.919,"endTime":1636.379,"body":"to provide tremendous value."},{"speaker":"Unknown","startTime":1636.499,"endTime":1639.079,"body":"Because all these people are so"},{"speaker":"Unknown","startTime":1636.499,"endTime":1639.079,"body":"high level they don't have time"},{"speaker":"Unknown","startTime":1639.079,"endTime":1642.409,"body":"to waste with you. You're asking"},{"speaker":"Unknown","startTime":1639.079,"endTime":1642.409,"body":"for them. So remember that"},{"speaker":"Unknown","startTime":1642.409,"endTime":1646.039,"body":"you're seeking to serve. And if"},{"speaker":"Unknown","startTime":1642.409,"endTime":1646.039,"body":"not, you're gonna pay to play"},{"speaker":"Unknown","startTime":1646.039,"endTime":1649.759,"body":"that's that's the bottom line. I"},{"speaker":"Unknown","startTime":1646.039,"endTime":1649.759,"body":"paid hundreds and hundreds of"},{"speaker":"Unknown","startTime":1649.759,"endTime":1652.969,"body":"1000s of dollars for the"},{"speaker":"Unknown","startTime":1649.759,"endTime":1652.969,"body":"education and it's come back 100"},{"speaker":"Unknown","startTime":1652.969,"endTime":1655.849,"body":"fold for me. Because like I"},{"speaker":"Unknown","startTime":1652.969,"endTime":1655.849,"body":"said, how do you quantify it?"},{"speaker":"Unknown","startTime":1655.849,"endTime":1658.099,"body":"We're stuck at 500 units. We"},{"speaker":"Unknown","startTime":1655.849,"endTime":1658.099,"body":"don't know how to scale a"},{"speaker":"Unknown","startTime":1658.099,"endTime":1661.189,"body":"business. So we hire scaling up"},{"speaker":"Unknown","startTime":1658.099,"endTime":1661.189,"body":"coaches, and they've teach us"},{"speaker":"Unknown","startTime":1661.189,"endTime":1663.949,"body":"about core values and mission"},{"speaker":"Unknown","startTime":1661.189,"endTime":1663.949,"body":"statement and values and"},{"speaker":"Unknown","startTime":1663.949,"endTime":1667.219,"body":"implementing different systems"},{"speaker":"Unknown","startTime":1663.949,"endTime":1667.219,"body":"in our business. If not, we'd"},{"speaker":"Unknown","startTime":1667.219,"endTime":1669.289,"body":"have 1000 units. We won't even"},{"speaker":"Unknown","startTime":1667.219,"endTime":1669.289,"body":"know what how much money we're"},{"speaker":"Unknown","startTime":1669.289,"endTime":1670.999,"body":"making. We wouldn't know what"},{"speaker":"Unknown","startTime":1669.289,"endTime":1670.999,"body":"kind of key performance"},{"speaker":"Unknown","startTime":1670.999,"endTime":1674.539,"body":"indicators it'd be it was Jake"},{"speaker":"Unknown","startTime":1670.999,"endTime":1674.539,"body":"was to be a shit show. That's"},{"speaker":"Unknown","startTime":1674.539,"endTime":1677.479,"body":"what it would be. We didn't get"},{"speaker":"Unknown","startTime":1674.539,"endTime":1677.479,"body":"educated. So what is a paltry?"},{"speaker":"Unknown","startTime":1677.599,"endTime":1679.999,"body":"Yeah, exactly. So that's what"},{"speaker":"Unknown","startTime":1677.599,"endTime":1679.999,"body":"you really need to focus on"},{"speaker":"Unknown","startTime":1680.029,"endTime":1682.399,"body":"where and that's an any even"},{"speaker":"Unknown","startTime":1680.029,"endTime":1682.399,"body":"when you're looking for a"},{"speaker":"Unknown","startTime":1682.399,"endTime":1685.399,"body":"partner, what kind of value you"},{"speaker":"Unknown","startTime":1682.399,"endTime":1685.399,"body":"bring into your partnership. It"},{"speaker":"Unknown","startTime":1685.399,"endTime":1689.029,"body":"could be really hard work,"},{"speaker":"Unknown","startTime":1685.399,"endTime":1689.029,"body":"perseverance, persistence."},{"speaker":"Unknown","startTime":1689.179,"endTime":1691.369,"body":"There's not a lot of people on"},{"speaker":"Unknown","startTime":1689.179,"endTime":1691.369,"body":"the planet right now that want"},{"speaker":"Unknown","startTime":1691.369,"endTime":1694.069,"body":"to work really super, super"},{"speaker":"Unknown","startTime":1691.369,"endTime":1694.069,"body":"hard. If that's you, and you"},{"speaker":"Unknown","startTime":1694.069,"endTime":1696.619,"body":"find a partner, you're going to"},{"speaker":"Unknown","startTime":1694.069,"endTime":1696.619,"body":"give all out. You're not making"},{"speaker":"Unknown","startTime":1696.619,"endTime":1699.769,"body":"any excuses ever. It's amazing"},{"speaker":"Unknown","startTime":1696.619,"endTime":1699.769,"body":"because Jake, I've never heard"},{"speaker":"Unknown","startTime":1699.769,"endTime":1702.409,"body":"Jake say I'm tired. I'm sick."},{"speaker":"Unknown","startTime":1699.769,"endTime":1702.409,"body":"He's been sick multiple times."},{"speaker":"Unknown","startTime":1702.409,"endTime":1704.689,"body":"He had COVID, a couple months"},{"speaker":"Unknown","startTime":1702.409,"endTime":1704.689,"body":"ago, he was doing Property Tours"},{"speaker":"Unknown","startTime":1704.719,"endTime":1708.439,"body":"he was out there. Being busy not"},{"speaker":"Unknown","startTime":1704.719,"endTime":1708.439,"body":"making excuses. So if that's"},{"speaker":"Unknown","startTime":1708.439,"endTime":1711.049,"body":"your superhuman strength, use"},{"speaker":"Unknown","startTime":1708.439,"endTime":1711.049,"body":"it. And that's how we've been"},{"speaker":"Unknown","startTime":1711.049,"endTime":1712.909,"body":"able to create a great"},{"speaker":"Unknown","startTime":1711.049,"endTime":1712.909,"body":"partnership. And that's how I've"},{"speaker":"Unknown","startTime":1712.909,"endTime":1715.369,"body":"looked at certain different, you"},{"speaker":"Unknown","startTime":1712.909,"endTime":1715.369,"body":"know, opportunities, whether"},{"speaker":"Unknown","startTime":1715.369,"endTime":1718.099,"body":"it's the mentor going to"},{"speaker":"Unknown","startTime":1715.369,"endTime":1718.099,"body":"coaching programs, trying to add"},{"speaker":"Unknown","startTime":1718.099,"endTime":1718.879,"body":"value to people."},{"speaker":"Unknown","startTime":1719.869,"endTime":1725.449,"body":"I, I love having a podcast, man."},{"speaker":"Unknown","startTime":1719.869,"endTime":1725.449,"body":"I just love it. I know you do"},{"speaker":"Unknown","startTime":1725.449,"endTime":1728.449,"body":"too, because it's like, you have"},{"speaker":"Unknown","startTime":1725.449,"endTime":1728.449,"body":"all of these ideas, and you have"},{"speaker":"Unknown","startTime":1728.449,"endTime":1732.889,"body":"all these concepts. And I always"},{"speaker":"Unknown","startTime":1728.449,"endTime":1732.889,"body":"say that the ideas in the"},{"speaker":"Unknown","startTime":1732.919,"endTime":1736.399,"body":"information isn't where the"},{"speaker":"Unknown","startTime":1732.919,"endTime":1736.399,"body":"rubber meets the road is the"},{"speaker":"Unknown","startTime":1736.399,"endTime":1741.169,"body":"articulation. The simplistic"},{"speaker":"Unknown","startTime":1736.399,"endTime":1741.169,"body":"articulation of information is"},{"speaker":"Unknown","startTime":1741.259,"endTime":1744.259,"body":"the person that can take really"},{"speaker":"Unknown","startTime":1741.259,"endTime":1744.259,"body":"complex things and break them"},{"speaker":"Unknown","startTime":1744.259,"endTime":1747.319,"body":"down into a statement. That's"},{"speaker":"Unknown","startTime":1744.259,"endTime":1747.319,"body":"the person that's going to get"},{"speaker":"Unknown","startTime":1747.349,"endTime":1751.549,"body":"all the riches in the world. pay"},{"speaker":"Unknown","startTime":1747.349,"endTime":1751.549,"body":"to play or seek to serve. Sorry,"},{"speaker":"Unknown","startTime":1751.549,"endTime":1756.169,"body":"buddy, I got to steal that one."},{"speaker":"Unknown","startTime":1751.549,"endTime":1756.169,"body":"I'll credit you today and"},{"speaker":"Unknown","startTime":1756.169,"endTime":1758.929,"body":"tomorrow for it. For every"},{"speaker":"Unknown","startTime":1756.169,"endTime":1758.929,"body":"single podcast episode. There's"},{"speaker":"Unknown","startTime":1758.929,"endTime":1762.199,"body":"a there's a quote like that."},{"speaker":"Unknown","startTime":1758.929,"endTime":1762.199,"body":"Another good one is my good"},{"speaker":"Unknown","startTime":1762.199,"endTime":1764.629,"body":"friend David Osborne. I think"},{"speaker":"Unknown","startTime":1762.199,"endTime":1764.629,"body":"you're familiar with him. Yep."},{"speaker":"Unknown","startTime":1764.659,"endTime":1769.009,"body":"Plants, plant trees, manage"},{"speaker":"Unknown","startTime":1764.659,"endTime":1769.009,"body":"orchards like that plant trees,"},{"speaker":"Unknown","startTime":1769.009,"endTime":1771.439,"body":"manage orchards. Every"},{"speaker":"Unknown","startTime":1769.009,"endTime":1771.439,"body":"investment, every business is a"},{"speaker":"Unknown","startTime":1771.439,"endTime":1774.799,"body":"tree. You plant each and every"},{"speaker":"Unknown","startTime":1771.439,"endTime":1774.799,"body":"tree and then you hire someone"},{"speaker":"Unknown","startTime":1774.799,"endTime":1776.059,"body":"to come in and manage the"},{"speaker":"Unknown","startTime":1774.799,"endTime":1776.059,"body":"orchard."},{"speaker":"Unknown","startTime":1776.24,"endTime":1779.03,"body":"So I want to give you another"},{"speaker":"Unknown","startTime":1776.24,"endTime":1779.03,"body":"one we had podcasts or let him"},{"speaker":"Unknown","startTime":1779.03,"endTime":1782.06,"body":"rip Bo Burlingham yesterday who"},{"speaker":"Unknown","startTime":1779.03,"endTime":1782.06,"body":"wrote the book Small Giants. We"},{"speaker":"Unknown","startTime":1782.06,"endTime":1785.96,"body":"interviewed him yesterday and he"},{"speaker":"Unknown","startTime":1782.06,"endTime":1785.96,"body":"had a quote on profit Suncoast"},{"speaker":"Unknown","startTime":1785.99,"endTime":1789.47,"body":"the effect of profit is just"},{"speaker":"Unknown","startTime":1785.99,"endTime":1789.47,"body":"your customers applause that's"},{"speaker":"Unknown","startTime":1789.47,"endTime":1792.26,"body":"all it comes down to oh, people"},{"speaker":"Unknown","startTime":1789.47,"endTime":1792.26,"body":"that are applauding you the more"},{"speaker":"Unknown","startTime":1792.26,"endTime":1793.91,"body":"money you're going to make."},{"speaker":"Unknown","startTime":1792.26,"endTime":1793.91,"body":"That's really what it comes down"},{"speaker":"Unknown","startTime":1793.91,"endTime":1796.37,"body":"to. That's what profit is. And"},{"speaker":"Unknown","startTime":1793.91,"endTime":1796.37,"body":"that's think about that. When"},{"speaker":"Unknown","startTime":1796.37,"endTime":1798.71,"body":"you think of it from that"},{"speaker":"Unknown","startTime":1796.37,"endTime":1798.71,"body":"perspective. It doesn't seem as"},{"speaker":"Unknown","startTime":1798.74,"endTime":1801.74,"body":"icky as they try to make profit"},{"speaker":"Unknown","startTime":1798.74,"endTime":1801.74,"body":"Profit is just your customers"},{"speaker":"Unknown","startTime":1801.74,"endTime":1803.75,"body":"applause somebody that really"},{"speaker":"Unknown","startTime":1801.74,"endTime":1803.75,"body":"loves your product and just"},{"speaker":"Unknown","startTime":1803.75,"endTime":1805.22,"body":"really value your product."},{"speaker":"Unknown","startTime":1805.94,"endTime":1809.78,"body":"Oh, man, that one's good. Yeah."},{"speaker":"Unknown","startTime":1805.94,"endTime":1809.78,"body":"Oh, we can just we go we go into"},{"speaker":"Unknown","startTime":1809.78,"endTime":1813.44,"body":"quote, battle back to back about"},{"speaker":"Unknown","startTime":1809.78,"endTime":1813.44,"body":"man. Oh my God is so fantastic"},{"speaker":"Unknown","startTime":1813.47,"endTime":1817.52,"body":"anyways bringing it back. I love"},{"speaker":"Unknown","startTime":1813.47,"endTime":1817.52,"body":"Okay, so I love how you went"},{"speaker":"Unknown","startTime":1817.52,"endTime":1820.61,"body":"about this. I love how you went"},{"speaker":"Unknown","startTime":1817.52,"endTime":1820.61,"body":"about the process of pay to play"},{"speaker":"Unknown","startTime":1820.64,"endTime":1823.46,"body":"seek to serve people listen to"},{"speaker":"Unknown","startTime":1820.64,"endTime":1823.46,"body":"that, write it down again,"},{"speaker":"Unknown","startTime":1823.52,"endTime":1827.66,"body":"underline it, that's what you"},{"speaker":"Unknown","startTime":1823.52,"endTime":1827.66,"body":"got to do. Question for quality"},{"speaker":"Unknown","startTime":1827.66,"endTime":1831.98,"body":"control here, you and I have"},{"speaker":"Unknown","startTime":1827.66,"endTime":1831.98,"body":"enough of an extended network to"},{"speaker":"Unknown","startTime":1831.98,"endTime":1836.33,"body":"be able to spot a sham from"},{"speaker":"Unknown","startTime":1831.98,"endTime":1836.33,"body":"someone that's worth their salt"},{"speaker":"Unknown","startTime":1836.36,"endTime":1839.75,"body":"birth or waiting gold very"},{"speaker":"Unknown","startTime":1836.36,"endTime":1839.75,"body":"easily. We both know, for"},{"speaker":"Unknown","startTime":1839.75,"endTime":1842.54,"body":"someone listening that maybe"},{"speaker":"Unknown","startTime":1839.75,"endTime":1842.54,"body":"doesn't have that bullshit"},{"speaker":"Unknown","startTime":1842.54,"endTime":1847.43,"body":"detector. What are some ways"},{"speaker":"Unknown","startTime":1842.54,"endTime":1847.43,"body":"that they can make sure to vet"},{"speaker":"Unknown","startTime":1847.55,"endTime":1851.6,"body":"somebody as a coach or as a"},{"speaker":"Unknown","startTime":1847.55,"endTime":1851.6,"body":"mentor? Before they're if"},{"speaker":"Unknown","startTime":1851.6,"endTime":1854.24,"body":"they're choosing the pay to play"},{"speaker":"Unknown","startTime":1851.6,"endTime":1854.24,"body":"option? What are some levers"},{"speaker":"Unknown","startTime":1854.24,"endTime":1856.4,"body":"that they can pull to be able to"},{"speaker":"Unknown","startTime":1854.24,"endTime":1856.4,"body":"make sure that the person"},{"speaker":"Unknown","startTime":1856.43,"endTime":1859.28,"body":"they're hitching their wagon to"},{"speaker":"Unknown","startTime":1856.43,"endTime":1859.28,"body":"is worth their weight and not"},{"speaker":"Unknown","startTime":1859.28,"endTime":1861.86,"body":"just somebody that has a Ferrari"},{"speaker":"Unknown","startTime":1859.28,"endTime":1861.86,"body":"run it on Instagram,"},{"speaker":"Unknown","startTime":1861.889,"endTime":1864.829,"body":"you scour the depths of the"},{"speaker":"Unknown","startTime":1861.889,"endTime":1864.829,"body":"internet, I'll challenge anybody"},{"speaker":"Unknown","startTime":1864.829,"endTime":1867.019,"body":"right now. They will not find"},{"speaker":"Unknown","startTime":1864.829,"endTime":1867.019,"body":"one negative view on Jake and"},{"speaker":"Unknown","startTime":1867.019,"endTime":1869.179,"body":"Gino, I'm sure a couple people"},{"speaker":"Unknown","startTime":1867.019,"endTime":1869.179,"body":"will post negative views after"},{"speaker":"Unknown","startTime":1869.179,"endTime":1875.839,"body":"this podcast but go to gotta go"},{"speaker":"Unknown","startTime":1869.179,"endTime":1875.839,"body":"to the Better Business Bureau go"},{"speaker":"Unknown","startTime":1875.839,"endTime":1878.479,"body":"to Google go everywhere, you"},{"speaker":"Unknown","startTime":1875.839,"endTime":1878.479,"body":"won't find one, that's the first"},{"speaker":"Unknown","startTime":1878.479,"endTime":1881.539,"body":"place to just dive deep into it."},{"speaker":"Unknown","startTime":1878.479,"endTime":1881.539,"body":"The second thing you really need"},{"speaker":"Unknown","startTime":1881.539,"endTime":1884.839,"body":"to do is if you're going to be"},{"speaker":"Unknown","startTime":1881.539,"endTime":1884.839,"body":"working with us have you know"},{"speaker":"Unknown","startTime":1884.839,"endTime":1887.089,"body":"asked to be able to speak to"},{"speaker":"Unknown","startTime":1884.839,"endTime":1887.089,"body":"some of the clients. So when the"},{"speaker":"Unknown","startTime":1887.089,"endTime":1889.609,"body":"customers go out there and say I"},{"speaker":"Unknown","startTime":1887.089,"endTime":1889.609,"body":"want to speak this student will"},{"speaker":"Unknown","startTime":1889.609,"endTime":1891.799,"body":"speak to that student want to"},{"speaker":"Unknown","startTime":1889.609,"endTime":1891.799,"body":"speak to that soon. The next"},{"speaker":"Unknown","startTime":1891.799,"endTime":1894.559,"body":"thing is go to their events, see"},{"speaker":"Unknown","startTime":1891.799,"endTime":1894.559,"body":"if there's any events out there"},{"speaker":"Unknown","startTime":1894.619,"endTime":1896.839,"body":"that they're hosting, which you"},{"speaker":"Unknown","startTime":1894.619,"endTime":1896.839,"body":"can actually go and speak. The"},{"speaker":"Unknown","startTime":1896.839,"endTime":1899.899,"body":"next thing is just Google them,"},{"speaker":"Unknown","startTime":1896.839,"endTime":1899.899,"body":"call them up and talk to them"},{"speaker":"Unknown","startTime":1899.899,"endTime":1902.809,"body":"and just listen to what their"},{"speaker":"Unknown","startTime":1899.899,"endTime":1902.809,"body":"message is. And when you hear"},{"speaker":"Unknown","startTime":1902.839,"endTime":1906.949,"body":"our podcast, and we had a show"},{"speaker":"Unknown","startTime":1902.839,"endTime":1906.949,"body":"with Andrew Cordal talking about"},{"speaker":"Unknown","startTime":1906.949,"endTime":1910.399,"body":"brand. When everyone here's the"},{"speaker":"Unknown","startTime":1906.949,"endTime":1910.399,"body":"Jake and Gino brand, he says"},{"speaker":"Unknown","startTime":1910.429,"endTime":1913.849,"body":"what's the one word that really"},{"speaker":"Unknown","startTime":1910.429,"endTime":1913.849,"body":"highlights your brand. And for"},{"speaker":"Unknown","startTime":1913.849,"endTime":1917.419,"body":"me, it's family. So if you"},{"speaker":"Unknown","startTime":1913.849,"endTime":1917.419,"body":"resonate with, that's what that"},{"speaker":"Unknown","startTime":1917.419,"endTime":1920.329,"body":"you need to resonate with the"},{"speaker":"Unknown","startTime":1917.419,"endTime":1920.329,"body":"message that that that mentor"},{"speaker":"Unknown","startTime":1920.329,"endTime":1924.799,"body":"has, and take a peek or behind"},{"speaker":"Unknown","startTime":1920.329,"endTime":1924.799,"body":"the curtain and see, do they"},{"speaker":"Unknown","startTime":1924.799,"endTime":1928.909,"body":"really own 1500 units? Do they"},{"speaker":"Unknown","startTime":1924.799,"endTime":1928.909,"body":"really have those assets, you"},{"speaker":"Unknown","startTime":1928.909,"endTime":1931.309,"body":"can see the assets that we have"},{"speaker":"Unknown","startTime":1928.909,"endTime":1931.309,"body":"online, go drive by go take a"},{"speaker":"Unknown","startTime":1931.309,"endTime":1934.369,"body":"look ran property management, we"},{"speaker":"Unknown","startTime":1931.309,"endTime":1934.369,"body":"have those assets do they have"},{"speaker":"Unknown","startTime":1934.369,"endTime":1937.309,"body":"the results that you're looking"},{"speaker":"Unknown","startTime":1934.369,"endTime":1937.309,"body":"for. And if you keep diving"},{"speaker":"Unknown","startTime":1937.309,"endTime":1940.279,"body":"deeper, and diving deeper in the"},{"speaker":"Unknown","startTime":1937.309,"endTime":1940.279,"body":"sales process that we employ, we"},{"speaker":"Unknown","startTime":1940.279,"endTime":1942.769,"body":"call it same side selling, we're"},{"speaker":"Unknown","startTime":1940.279,"endTime":1942.769,"body":"not going to work with just any"},{"speaker":"Unknown","startTime":1942.769,"endTime":1945.349,"body":"individual, you're going to go"},{"speaker":"Unknown","startTime":1942.769,"endTime":1945.349,"body":"through goal setting exercise,"},{"speaker":"Unknown","startTime":1945.379,"endTime":1948.289,"body":"same side selling, you're"},{"speaker":"Unknown","startTime":1945.379,"endTime":1948.289,"body":"finding impact together that fit"},{"speaker":"Unknown","startTime":1948.289,"endTime":1951.229,"body":"model where I'm just not going"},{"speaker":"Unknown","startTime":1948.289,"endTime":1951.229,"body":"to take somebody on because I"},{"speaker":"Unknown","startTime":1951.229,"endTime":1953.389,"body":"think I'm going to get on calls"},{"speaker":"Unknown","startTime":1951.229,"endTime":1953.389,"body":"with the students as well."},{"speaker":"Unknown","startTime":1954.139,"endTime":1956.899,"body":"They're going to be coming to"},{"speaker":"Unknown","startTime":1954.139,"endTime":1956.899,"body":"the events, they are part of the"},{"speaker":"Unknown","startTime":1956.899,"endTime":1959.659,"body":"brand. So I have to be careful"},{"speaker":"Unknown","startTime":1956.899,"endTime":1959.659,"body":"with who I bring into my"},{"speaker":"Unknown","startTime":1959.659,"endTime":1962.209,"body":"community as well. That's not"},{"speaker":"Unknown","startTime":1959.659,"endTime":1962.209,"body":"posturing anything, that's just"},{"speaker":"Unknown","startTime":1962.209,"endTime":1965.149,"body":"reality, because once you start"},{"speaker":"Unknown","startTime":1962.209,"endTime":1965.149,"body":"getting poisonous apples into"},{"speaker":"Unknown","startTime":1965.149,"endTime":1967.669,"body":"the well, you need one or two"},{"speaker":"Unknown","startTime":1965.149,"endTime":1967.669,"body":"and it ruin the entire"},{"speaker":"Unknown","startTime":1967.819,"endTime":1970.699,"body":"community. So it works both"},{"speaker":"Unknown","startTime":1967.819,"endTime":1970.699,"body":"ways. If you're going to join a"},{"speaker":"Unknown","startTime":1970.699,"endTime":1972.919,"body":"community, what can you bring to"},{"speaker":"Unknown","startTime":1970.699,"endTime":1972.919,"body":"that community as well. There's"},{"speaker":"Unknown","startTime":1972.919,"endTime":1974.569,"body":"gonna be other members in there"},{"speaker":"Unknown","startTime":1972.919,"endTime":1974.569,"body":"that you're going to want to"},{"speaker":"Unknown","startTime":1974.569,"endTime":1977.269,"body":"work with, and talk to the other"},{"speaker":"Unknown","startTime":1974.569,"endTime":1977.269,"body":"members go on their Facebook"},{"speaker":"Unknown","startTime":1977.269,"endTime":1980.239,"body":"page, see what their likes, what"},{"speaker":"Unknown","startTime":1977.269,"endTime":1980.239,"body":"their interests are, as well."},{"speaker":"Unknown","startTime":1980.389,"endTime":1982.939,"body":"You're gonna see a lot of our"},{"speaker":"Unknown","startTime":1980.389,"endTime":1982.939,"body":"members are faith based, they"},{"speaker":"Unknown","startTime":1982.939,"endTime":1985.819,"body":"have families, they're just"},{"speaker":"Unknown","startTime":1982.939,"endTime":1985.819,"body":"hardworking people looking to"},{"speaker":"Unknown","startTime":1985.819,"endTime":1988.729,"body":"find another way to be able to"},{"speaker":"Unknown","startTime":1985.819,"endTime":1988.729,"body":"reclaim some of their freedom."},{"speaker":"Unknown","startTime":1988.729,"endTime":1990.769,"body":"That's what that's what"},{"speaker":"Unknown","startTime":1988.729,"endTime":1990.769,"body":"multifamily is all about. And"},{"speaker":"Unknown","startTime":1990.829,"endTime":1993.409,"body":"ultimately, we like to say we"},{"speaker":"Unknown","startTime":1990.829,"endTime":1993.409,"body":"create multifamily"},{"speaker":"Unknown","startTime":1993.409,"endTime":1996.199,"body":"entrepreneurs. So if you're"},{"speaker":"Unknown","startTime":1993.409,"endTime":1996.199,"body":"looking to doing on that road,"},{"speaker":"Unknown","startTime":1996.769,"endTime":1998.719,"body":"we're all open but if you're"},{"speaker":"Unknown","startTime":1996.769,"endTime":1998.719,"body":"looking to go down the road,"},{"speaker":"Unknown","startTime":1998.719,"endTime":2001.869,"body":"flip some apartments, buy a"},{"speaker":"Unknown","startTime":1998.719,"endTime":2001.869,"body":"couple Lambos are probably not"},{"speaker":"Unknown","startTime":2001.869,"endTime":2002.499,"body":"the right fit."},{"speaker":"Unknown","startTime":2003.22,"endTime":2006.43,"body":"Gina, you just gave me the title"},{"speaker":"Unknown","startTime":2003.22,"endTime":2006.43,"body":"for this podcast, buddy. It's"},{"speaker":"Unknown","startTime":2006.43,"endTime":2010.78,"body":"gonna be it's gonna be putting"},{"speaker":"Unknown","startTime":2006.43,"endTime":2010.78,"body":"the family in multifamily. Yes,"},{"speaker":"Unknown","startTime":2010.78,"endTime":2012.82,"body":"that's right like that. You"},{"speaker":"Unknown","startTime":2010.78,"endTime":2012.82,"body":"gotta watch the, you know, a"},{"speaker":"Unknown","startTime":2012.82,"endTime":2018.28,"body":"pitch that you just as soon as I"},{"speaker":"Unknown","startTime":2012.82,"endTime":2018.28,"body":"said that, Mark Hanselman Mark"},{"speaker":"Unknown","startTime":2018.28,"endTime":2021.28,"body":"Hanselman you had on your show?"},{"speaker":"Unknown","startTime":2018.28,"endTime":2021.28,"body":"Yes. What did you title the"},{"speaker":"Unknown","startTime":2021.28,"endTime":2025.72,"body":"show? The multifamily guy. And I"},{"speaker":"Unknown","startTime":2021.28,"endTime":2025.72,"body":"had mark on my show, and I was"},{"speaker":"Unknown","startTime":2025.72,"endTime":2030.82,"body":"so excited. Named the show, the"},{"speaker":"Unknown","startTime":2025.72,"endTime":2030.82,"body":"multifamily guy and I said Jake"},{"speaker":"Unknown","startTime":2030.82,"endTime":2033.28,"body":"and Gino. You saw?"},{"speaker":"Unknown","startTime":2033.82,"endTime":2036.73,"body":"Interesting, interesting with"},{"speaker":"Unknown","startTime":2033.82,"endTime":2036.73,"body":"Mark. He's part of the Jenkins"},{"speaker":"Unknown","startTime":2036.76,"endTime":2040.57,"body":"community. He's gonna be a"},{"speaker":"Unknown","startTime":2036.76,"endTime":2040.57,"body":"persona. Yes, he's gonna be he's"},{"speaker":"Unknown","startTime":2040.57,"endTime":2042.94,"body":"gonna be at an event in March,"},{"speaker":"Unknown","startTime":2040.57,"endTime":2042.94,"body":"we have a boot camp in March"},{"speaker":"Unknown","startTime":2042.94,"endTime":2045.73,"body":"about 170 students, he's going"},{"speaker":"Unknown","startTime":2042.94,"endTime":2045.73,"body":"to be there because he actually"},{"speaker":"Unknown","startTime":2045.73,"endTime":2048.64,"body":"found this partner and Jake and"},{"speaker":"Unknown","startTime":2045.73,"endTime":2048.64,"body":"Gino, super wealthy guy. He was"},{"speaker":"Unknown","startTime":2048.67,"endTime":2052.06,"body":"really successful before, but he"},{"speaker":"Unknown","startTime":2048.67,"endTime":2052.06,"body":"took his real estate to the next"},{"speaker":"Unknown","startTime":2052.06,"endTime":2054.61,"body":"level. And for those of you out"},{"speaker":"Unknown","startTime":2052.06,"endTime":2054.61,"body":"there, a person who has an eight"},{"speaker":"Unknown","startTime":2054.61,"endTime":2057.58,"body":"figure net worth is joining a"},{"speaker":"Unknown","startTime":2054.61,"endTime":2057.58,"body":"mentorship community. Do you"},{"speaker":"Unknown","startTime":2057.58,"endTime":2060.43,"body":"want to know why he had a"},{"speaker":"Unknown","startTime":2057.58,"endTime":2060.43,"body":"problem he needed to solve that"},{"speaker":"Unknown","startTime":2060.43,"endTime":2063.61,"body":"problem, we solve the problem"},{"speaker":"Unknown","startTime":2060.43,"endTime":2063.61,"body":"for him. We should charge them a"},{"speaker":"Unknown","startTime":2063.61,"endTime":2066.22,"body":"lot more money, but it's okay."},{"speaker":"Unknown","startTime":2063.61,"endTime":2066.22,"body":"He got his value. But the"},{"speaker":"Unknown","startTime":2066.22,"endTime":2068.62,"body":"important thing was he found the"},{"speaker":"Unknown","startTime":2066.22,"endTime":2068.62,"body":"part of the community he was"},{"speaker":"Unknown","startTime":2068.65,"endTime":2071.86,"body":"able to invest outside of"},{"speaker":"Unknown","startTime":2068.65,"endTime":2071.86,"body":"California and expand it and"},{"speaker":"Unknown","startTime":2071.86,"endTime":2074.38,"body":"he's really busy doing what he's"},{"speaker":"Unknown","startTime":2071.86,"endTime":2074.38,"body":"doing. He loves what he's doing."},{"speaker":"Unknown","startTime":2074.53,"endTime":2077.2,"body":"But he knows ultimately he wants"},{"speaker":"Unknown","startTime":2074.53,"endTime":2077.2,"body":"to create this freedom. So when"},{"speaker":"Unknown","startTime":2077.2,"endTime":2080.32,"body":"he's done with this job, he's"},{"speaker":"Unknown","startTime":2077.2,"endTime":2080.32,"body":"got all this residual income"},{"speaker":"Unknown","startTime":2080.32,"endTime":2082.87,"body":"looking for the long term. And"},{"speaker":"Unknown","startTime":2080.32,"endTime":2082.87,"body":"that's what we're the problem"},{"speaker":"Unknown","startTime":2082.87,"endTime":2085.81,"body":"we're able to solve is really"},{"speaker":"Unknown","startTime":2082.87,"endTime":2085.81,"body":"he's a cool dude. Featured Yeah,"},{"speaker":"Unknown","startTime":2085.81,"endTime":2090.19,"body":"so let's use him. Let's Yep, I'm"},{"speaker":"Unknown","startTime":2085.81,"endTime":2090.19,"body":"gonna use him as my mind just"},{"speaker":"Unknown","startTime":2090.19,"endTime":2093.31,"body":"works in ways that I can create"},{"speaker":"Unknown","startTime":2090.19,"endTime":2093.31,"body":"segues into anything. It's just"},{"speaker":"Unknown","startTime":2093.31,"endTime":2096.82,"body":"like a party game for me now,"},{"speaker":"Unknown","startTime":2093.31,"endTime":2096.82,"body":"but now I'm gonna use mark as a"},{"speaker":"Unknown","startTime":2096.82,"endTime":2099.82,"body":"segue here. So Mark, people"},{"speaker":"Unknown","startTime":2096.82,"endTime":2099.82,"body":"listening one of the cofounders"},{"speaker":"Unknown","startTime":2099.82,"endTime":2102.52,"body":"of fame guy, he's one of the"},{"speaker":"Unknown","startTime":2099.82,"endTime":2102.52,"body":"riders if you go down, he's like"},{"speaker":"Unknown","startTime":2102.52,"endTime":2105.67,"body":"the third fourth episode of this"},{"speaker":"Unknown","startTime":2102.52,"endTime":2105.67,"body":"podcast. He came on and told"},{"speaker":"Unknown","startTime":2105.67,"endTime":2108.31,"body":"about his entire story, how to"},{"speaker":"Unknown","startTime":2105.67,"endTime":2108.31,"body":"go abundance event where we're"},{"speaker":"Unknown","startTime":2108.31,"endTime":2112.27,"body":"diving into his portfolio. And"},{"speaker":"Unknown","startTime":2108.31,"endTime":2112.27,"body":"there are groans and aches and"},{"speaker":"Unknown","startTime":2112.27,"endTime":2114.67,"body":"moans from the crowd because"},{"speaker":"Unknown","startTime":2112.27,"endTime":2114.67,"body":"they said, Mark, where's your"},{"speaker":"Unknown","startTime":2114.67,"endTime":2117.85,"body":"cash flow, man? Where's your"},{"speaker":"Unknown","startTime":2114.67,"endTime":2117.85,"body":"cash flow? You've got all this"},{"speaker":"Unknown","startTime":2117.91,"endTime":2120.76,"body":"equity. Like, it's all sitting"},{"speaker":"Unknown","startTime":2117.91,"endTime":2120.76,"body":"there trapped like little"},{"speaker":"Unknown","startTime":2120.76,"endTime":2123.64,"body":"soldiers, like, where's your"},{"speaker":"Unknown","startTime":2120.76,"endTime":2123.64,"body":"cash flow? And he goes, I don't"},{"speaker":"Unknown","startTime":2123.64,"endTime":2127.54,"body":"care about cash flows, I care"},{"speaker":"Unknown","startTime":2123.64,"endTime":2127.54,"body":"about equity. That's what I care"},{"speaker":"Unknown","startTime":2127.54,"endTime":2131.74,"body":"about. I do equity plays I buy"},{"speaker":"Unknown","startTime":2127.54,"endTime":2131.74,"body":"for appreciation. So I want to"},{"speaker":"Unknown","startTime":2131.74,"endTime":2136.15,"body":"use this as a segue into your"},{"speaker":"Unknown","startTime":2131.74,"endTime":2136.15,"body":"take on cash flow versus"},{"speaker":"Unknown","startTime":2136.15,"endTime":2139.69,"body":"appreciation. And you putting"},{"speaker":"Unknown","startTime":2136.15,"endTime":2139.69,"body":"the shoulders back, you're ready"},{"speaker":"Unknown","startTime":2139.69,"endTime":2141.16,"body":"to rip, man? Well, yeah,"},{"speaker":"Unknown","startTime":2141.67,"endTime":2145.18,"body":"appreciate he talked about the"},{"speaker":"Unknown","startTime":2141.67,"endTime":2145.18,"body":"Segway. Years ago, I would I was"},{"speaker":"Unknown","startTime":2145.36,"endTime":2148.36,"body":"a cash flow guy all the way that"},{"speaker":"Unknown","startTime":2145.36,"endTime":2148.36,"body":"don't cash flow, you let the"},{"speaker":"Unknown","startTime":2148.36,"endTime":2154.24,"body":"grass grow. Because he's that"},{"speaker":"Unknown","startTime":2148.36,"endTime":2154.24,"body":"one, my friend, oh, man, I'll"},{"speaker":"Unknown","startTime":2154.24,"endTime":2158.5,"body":"give you another one. Cash flow,"},{"speaker":"Unknown","startTime":2154.24,"endTime":2158.5,"body":"gets you out of your job. Equity"},{"speaker":"Unknown","startTime":2158.53,"endTime":2161.26,"body":"keeps you out of your job."},{"speaker":"Unknown","startTime":2158.53,"endTime":2161.26,"body":"That's the bottom line. Now,"},{"speaker":"Unknown","startTime":2161.26,"endTime":2164.26,"body":"Mark hintermann has a different"},{"speaker":"Unknown","startTime":2161.26,"endTime":2164.26,"body":"thing going on than the average"},{"speaker":"Unknown","startTime":2164.26,"endTime":2168.31,"body":"person, oh, 2 million a year. He"},{"speaker":"Unknown","startTime":2164.26,"endTime":2168.31,"body":"doesn't need cash flow. But he"},{"speaker":"Unknown","startTime":2168.31,"endTime":2172.75,"body":"understands we've coined the"},{"speaker":"Unknown","startTime":2168.31,"endTime":2172.75,"body":"term or coach, Bill him. Think"},{"speaker":"Unknown","startTime":2172.78,"endTime":2175.84,"body":"of a conveyor belt, you're"},{"speaker":"Unknown","startTime":2172.78,"endTime":2175.84,"body":"putting deals onto this conveyor"},{"speaker":"Unknown","startTime":2175.84,"endTime":2178.51,"body":"belt, you want to put these"},{"speaker":"Unknown","startTime":2175.84,"endTime":2178.51,"body":"deals on, they need the cash"},{"speaker":"Unknown","startTime":2178.51,"endTime":2180.49,"body":"flow, because you need pill"},{"speaker":"Unknown","startTime":2178.51,"endTime":2180.49,"body":"bills, you need to have a little"},{"speaker":"Unknown","startTime":2180.49,"endTime":2183.55,"body":"bit of money leftover. But where"},{"speaker":"Unknown","startTime":2180.49,"endTime":2183.55,"body":"do you make your money? In real"},{"speaker":"Unknown","startTime":2183.55,"endTime":2185.29,"body":"estate? Honestly, what do you"},{"speaker":"Unknown","startTime":2183.55,"endTime":2185.29,"body":"make the chunk of your money"},{"speaker":"Unknown","startTime":2185.29,"endTime":2188.29,"body":"you're buying $100,000? Home,"},{"speaker":"Unknown","startTime":2185.29,"endTime":2188.29,"body":"for example? What do you make a"},{"speaker":"Unknown","startTime":2188.29,"endTime":2190.99,"body":"cash flow per month, three to"},{"speaker":"Unknown","startTime":2188.29,"endTime":2190.99,"body":"$400 a month, 400 bucks, at the"},{"speaker":"Unknown","startTime":2190.99,"endTime":2193.51,"body":"end of two years, you made eight"},{"speaker":"Unknown","startTime":2190.99,"endTime":2193.51,"body":"grand, what's that house worth"},{"speaker":"Unknown","startTime":2193.51,"endTime":2197.59,"body":"at the end of two years, 150"},{"speaker":"Unknown","startTime":2193.51,"endTime":2197.59,"body":"grand. So you just made $45,000"},{"speaker":"Unknown","startTime":2197.59,"endTime":2201.94,"body":"in equity in two years versus"},{"speaker":"Unknown","startTime":2197.59,"endTime":2201.94,"body":"8000 in cash flow. Now, I'm not"},{"speaker":"Unknown","startTime":2201.94,"endTime":2204.31,"body":"saying that's not important,"},{"speaker":"Unknown","startTime":2201.94,"endTime":2204.31,"body":"what I would do is I'd refi that"},{"speaker":"Unknown","startTime":2204.31,"endTime":2207.13,"body":"money out. You're creating"},{"speaker":"Unknown","startTime":2204.31,"endTime":2207.13,"body":"equity and that equity, you"},{"speaker":"Unknown","startTime":2207.13,"endTime":2210.28,"body":"complete it, you turn it back"},{"speaker":"Unknown","startTime":2207.13,"endTime":2210.28,"body":"into more deals. So that equity"},{"speaker":"Unknown","startTime":2210.58,"endTime":2214.03,"body":"is powerful by creating because"},{"speaker":"Unknown","startTime":2210.58,"endTime":2214.03,"body":"you're just refund that money"},{"speaker":"Unknown","startTime":2214.15,"endTime":2216.85,"body":"and putting into more deals. And"},{"speaker":"Unknown","startTime":2214.15,"endTime":2216.85,"body":"by creating that equity, you're"},{"speaker":"Unknown","startTime":2216.85,"endTime":2219.4,"body":"able to create cash flow through"},{"speaker":"Unknown","startTime":2216.85,"endTime":2219.4,"body":"that that equity. So it's really"},{"speaker":"Unknown","startTime":2219.4,"endTime":2222.28,"body":"important, you need both, you"},{"speaker":"Unknown","startTime":2219.4,"endTime":2222.28,"body":"need the cash flow. Right now we"},{"speaker":"Unknown","startTime":2222.28,"endTime":2224.26,"body":"have a significant amount of"},{"speaker":"Unknown","startTime":2222.28,"endTime":2224.26,"body":"cash flow to the owner when"},{"speaker":"Unknown","startTime":2224.26,"endTime":2227.71,"body":"deals and the cash flow snowball"},{"speaker":"Unknown","startTime":2224.26,"endTime":2227.71,"body":"keeps growing and growing. What"},{"speaker":"Unknown","startTime":2227.71,"endTime":2230.59,"body":"I would love everybody on this"},{"speaker":"Unknown","startTime":2227.71,"endTime":2230.59,"body":"podcast to do would be to own"},{"speaker":"Unknown","startTime":2230.59,"endTime":2234.58,"body":"maybe 5060 100 units just by"},{"speaker":"Unknown","startTime":2230.59,"endTime":2234.58,"body":"yourself with partner be able to"},{"speaker":"Unknown","startTime":2234.7,"endTime":2239.02,"body":"cash flow 10 or 15 or $20,000 a"},{"speaker":"Unknown","startTime":2234.7,"endTime":2239.02,"body":"month, and be able to say that's"},{"speaker":"Unknown","startTime":2239.41,"endTime":2241.93,"body":"paying me every month, I don't"},{"speaker":"Unknown","startTime":2239.41,"endTime":2241.93,"body":"have to worry about my bills,"},{"speaker":"Unknown","startTime":2242.2,"endTime":2244.57,"body":"then let's focus on some other"},{"speaker":"Unknown","startTime":2242.2,"endTime":2244.57,"body":"things where you can have those"},{"speaker":"Unknown","startTime":2244.57,"endTime":2246.7,"body":"equity plays where you're going"},{"speaker":"Unknown","startTime":2244.57,"endTime":2246.7,"body":"to get those big paychecks in"},{"speaker":"Unknown","startTime":2246.7,"endTime":2249.43,"body":"two to three years. But you need"},{"speaker":"Unknown","startTime":2246.7,"endTime":2249.43,"body":"to put them on that metaphorical"},{"speaker":"Unknown","startTime":2249.43,"endTime":2252.16,"body":"conveyor belt so they can start"},{"speaker":"Unknown","startTime":2249.43,"endTime":2252.16,"body":"matriculating. So do your two"},{"speaker":"Unknown","startTime":2252.16,"endTime":2254.23,"body":"year three years to keep"},{"speaker":"Unknown","startTime":2252.16,"endTime":2254.23,"body":"stacking these deals. And by"},{"speaker":"Unknown","startTime":2254.23,"endTime":2256.66,"body":"year five, they're coming off"},{"speaker":"Unknown","startTime":2254.23,"endTime":2256.66,"body":"the conveyor belt, whether it's"},{"speaker":"Unknown","startTime":2256.66,"endTime":2260.59,"body":"a sale of equity, whether it's a"},{"speaker":"Unknown","startTime":2256.66,"endTime":2260.59,"body":"refinance, and the next deal"},{"speaker":"Unknown","startTime":2260.59,"endTime":2263.23,"body":"comes back on so if you can"},{"speaker":"Unknown","startTime":2260.59,"endTime":2263.23,"body":"think of it that way. You're"},{"speaker":"Unknown","startTime":2263.23,"endTime":2266.17,"body":"like okay, it makes sense"},{"speaker":"Unknown","startTime":2263.23,"endTime":2266.17,"body":"because he's right at equity"},{"speaker":"Unknown","startTime":2266.17,"endTime":2269.23,"body":"play. That's his market. That's"},{"speaker":"Unknown","startTime":2266.17,"endTime":2269.23,"body":"where he can invest if that's"},{"speaker":"Unknown","startTime":2269.23,"endTime":2271.93,"body":"the market you're investing in."},{"speaker":"Unknown","startTime":2269.23,"endTime":2271.93,"body":"You have to think of yourself I"},{"speaker":"Unknown","startTime":2271.93,"endTime":2274.06,"body":"think Brian Burke said in one of"},{"speaker":"Unknown","startTime":2271.93,"endTime":2274.06,"body":"our podcasts what kind of"},{"speaker":"Unknown","startTime":2274.06,"endTime":2276.67,"body":"investor you are if you're older"},{"speaker":"Unknown","startTime":2274.06,"endTime":2276.67,"body":"and you're looking to retire"},{"speaker":"Unknown","startTime":2276.67,"endTime":2279.28,"body":"that cash flow play maybe few"},{"speaker":"Unknown","startTime":2276.67,"endTime":2279.28,"body":"you may be looking for yield but"},{"speaker":"Unknown","startTime":2279.28,"endTime":2282.1,"body":"if you're younger and you're"},{"speaker":"Unknown","startTime":2279.28,"endTime":2282.1,"body":"looking to grow your net worth"},{"speaker":"Unknown","startTime":2282.1,"endTime":2284.71,"body":"because people you need net"},{"speaker":"Unknown","startTime":2282.1,"endTime":2284.71,"body":"worth you need that equity to be"},{"speaker":"Unknown","startTime":2284.71,"endTime":2286.9,"body":"able to invest that ownership"},{"speaker":"Unknown","startTime":2284.71,"endTime":2286.9,"body":"you'll invest so if you're"},{"speaker":"Unknown","startTime":2286.9,"endTime":2289.78,"body":"younger, that equity may be"},{"speaker":"Unknown","startTime":2286.9,"endTime":2289.78,"body":"great look for a bounce or both"},{"speaker":"Unknown","startTime":2289.81,"endTime":2291.37,"body":"depending on what market you're"},{"speaker":"Unknown","startTime":2289.81,"endTime":2291.37,"body":"investing in."},{"speaker":"Unknown","startTime":2291.94,"endTime":2294.46,"body":"Yeah, and it's worth it's the"},{"speaker":"Unknown","startTime":2291.94,"endTime":2294.46,"body":"difference between the different"},{"speaker":"Unknown","startTime":2294.46,"endTime":2297.43,"body":"seasons of life right Wealth"},{"speaker":"Unknown","startTime":2294.46,"endTime":2297.43,"body":"Creation versus wealth"},{"speaker":"Unknown","startTime":2297.43,"endTime":2300.94,"body":"preservation. So at most 90% of"},{"speaker":"Unknown","startTime":2297.43,"endTime":2300.94,"body":"the people listening to this"},{"speaker":"Unknown","startTime":2300.94,"endTime":2303.1,"body":"show or any podcast like this"},{"speaker":"Unknown","startTime":2300.94,"endTime":2303.1,"body":"are going to be in the wealth"},{"speaker":"Unknown","startTime":2303.1,"endTime":2306.82,"body":"creation stage. Quick question"},{"speaker":"Unknown","startTime":2303.1,"endTime":2306.82,"body":"hard stop at five or you good"},{"speaker":"Unknown","startTime":2306.82,"endTime":2310.72,"body":"for a little bit more from the"},{"speaker":"Unknown","startTime":2306.82,"endTime":2310.72,"body":"more Yes, music to my ears, man."},{"speaker":"Unknown","startTime":2311.02,"endTime":2312.97,"body":"Okay, cool, because I got a"},{"speaker":"Unknown","startTime":2311.02,"endTime":2312.97,"body":"couple other rabbit holes, I"},{"speaker":"Unknown","startTime":2312.97,"endTime":2314.89,"body":"gotta take you down because"},{"speaker":"Unknown","startTime":2312.97,"endTime":2314.89,"body":"otherwise I'd be doing a"},{"speaker":"Unknown","startTime":2314.89,"endTime":2318.1,"body":"committing a business podcast"},{"speaker":"Unknown","startTime":2314.89,"endTime":2318.1,"body":"sin because we've talked a lot"},{"speaker":"Unknown","startTime":2318.1,"endTime":2320.68,"body":"about the internet and transit"},{"speaker":"Unknown","startTime":2318.1,"endTime":2320.68,"body":"stuff and the internal stuff."},{"speaker":"Unknown","startTime":2320.68,"endTime":2323.74,"body":"Now I want to get down into the"},{"speaker":"Unknown","startTime":2320.68,"endTime":2323.74,"body":"actual multifamily sure getting"},{"speaker":"Unknown","startTime":2323.74,"endTime":2326.86,"body":"a sin if I don't ask Jake and"},{"speaker":"Unknown","startTime":2323.74,"endTime":2326.86,"body":"Gino about what their view of"},{"speaker":"Unknown","startTime":2326.86,"endTime":2329.32,"body":"the market is. But first, I'm"},{"speaker":"Unknown","startTime":2326.86,"endTime":2329.32,"body":"gonna park you of what you just"},{"speaker":"Unknown","startTime":2329.32,"endTime":2333.85,"body":"said. You said about owning 50"},{"speaker":"Unknown","startTime":2329.32,"endTime":2333.85,"body":"to 100 units yourself and with"},{"speaker":"Unknown","startTime":2333.85,"endTime":2340.06,"body":"the partner. So you would"},{"speaker":"Unknown","startTime":2333.85,"endTime":2340.06,"body":"recommend that approach as"},{"speaker":"Unknown","startTime":2340.06,"endTime":2345.82,"body":"opposed to having somebody so"},{"speaker":"Unknown","startTime":2340.06,"endTime":2345.82,"body":"maybe have 50 grand you and a"},{"speaker":"Unknown","startTime":2345.82,"endTime":2349.48,"body":"partner throw 100 grand into a"},{"speaker":"Unknown","startTime":2345.82,"endTime":2349.48,"body":"deal, take down 50 100 units do"},{"speaker":"Unknown","startTime":2349.48,"endTime":2352.09,"body":"something like that, instead of"},{"speaker":"Unknown","startTime":2349.48,"endTime":2352.09,"body":"going as an LP and a"},{"speaker":"Unknown","startTime":2352.09,"endTime":2352.93,"body":"syndication. You know,"},{"speaker":"Unknown","startTime":2352.96,"endTime":2355.72,"body":"there's so many different ways"},{"speaker":"Unknown","startTime":2352.96,"endTime":2355.72,"body":"to do it. But ultimately, my"},{"speaker":"Unknown","startTime":2355.72,"endTime":2358.06,"body":"ultimate goal for everybody"},{"speaker":"Unknown","startTime":2355.72,"endTime":2358.06,"body":"would be ownership for"},{"speaker":"Unknown","startTime":2358.06,"endTime":2360.34,"body":"themselves. If you need to start"},{"speaker":"Unknown","startTime":2358.06,"endTime":2360.34,"body":"out with syndication and you"},{"speaker":"Unknown","startTime":2360.34,"endTime":2362.71,"body":"don't have money, then you start"},{"speaker":"Unknown","startTime":2360.34,"endTime":2362.71,"body":"the syndication route. But"},{"speaker":"Unknown","startTime":2362.74,"endTime":2365.74,"body":"ultimately, I want everyone to"},{"speaker":"Unknown","startTime":2362.74,"endTime":2365.74,"body":"have their own autonomy. I don't"},{"speaker":"Unknown","startTime":2365.74,"endTime":2368.59,"body":"want them to have bosses, when"},{"speaker":"Unknown","startTime":2365.74,"endTime":2368.59,"body":"you're in syndication, your"},{"speaker":"Unknown","startTime":2368.62,"endTime":2370.9,"body":"bosses, they're your investors."},{"speaker":"Unknown","startTime":2368.62,"endTime":2370.9,"body":"That's the bottom line. There's"},{"speaker":"Unknown","startTime":2370.9,"endTime":2373.9,"body":"nothing wrong with that, because"},{"speaker":"Unknown","startTime":2370.9,"endTime":2373.9,"body":"we've syndicated deals, but my"},{"speaker":"Unknown","startTime":2374.11,"endTime":2377.77,"body":"from what I'm seeing man being"},{"speaker":"Unknown","startTime":2374.11,"endTime":2377.77,"body":"happy and having a portfolio"},{"speaker":"Unknown","startTime":2377.77,"endTime":2380.08,"body":"that's yours. It's you don't"},{"speaker":"Unknown","startTime":2377.77,"endTime":2380.08,"body":"have to worry about selling. You"},{"speaker":"Unknown","startTime":2380.08,"endTime":2383.02,"body":"know, if we're doing anything,"},{"speaker":"Unknown","startTime":2380.08,"endTime":2383.02,"body":"it's your own decision. You have"},{"speaker":"Unknown","startTime":2383.02,"endTime":2385.87,"body":"your own autonomy, that's going"},{"speaker":"Unknown","startTime":2383.02,"endTime":2385.87,"body":"to bring you a lot of happiness"},{"speaker":"Unknown","startTime":2385.87,"endTime":2388.87,"body":"and a lot of control. But during"},{"speaker":"Unknown","startTime":2385.87,"endTime":2388.87,"body":"the stage there's going to be"},{"speaker":"Unknown","startTime":2388.87,"endTime":2390.79,"body":"growing pains. That's why the"},{"speaker":"Unknown","startTime":2388.87,"endTime":2390.79,"body":"conveyor belt is important"},{"speaker":"Unknown","startTime":2390.79,"endTime":2393.25,"body":"getting these deals on the"},{"speaker":"Unknown","startTime":2390.79,"endTime":2393.25,"body":"conveyor belt, partnering up"},{"speaker":"Unknown","startTime":2393.25,"endTime":2397.36,"body":"with other people doing creative"},{"speaker":"Unknown","startTime":2393.25,"endTime":2397.36,"body":"financing, syndication jayvees"},{"speaker":"Unknown","startTime":2397.36,"endTime":2402.16,"body":"These are all tools in the"},{"speaker":"Unknown","startTime":2397.36,"endTime":2402.16,"body":"toolbox. Out of multifamily, and"},{"speaker":"Unknown","startTime":2402.16,"endTime":2404.86,"body":"knowing when to use them in"},{"speaker":"Unknown","startTime":2402.16,"endTime":2404.86,"body":"whatever part of the market"},{"speaker":"Unknown","startTime":2404.86,"endTime":2408.04,"body":"cycle you're in is going to be"},{"speaker":"Unknown","startTime":2404.86,"endTime":2408.04,"body":"important. Right now syndication"},{"speaker":"Unknown","startTime":2408.04,"endTime":2409.96,"body":"may become a little more"},{"speaker":"Unknown","startTime":2408.04,"endTime":2409.96,"body":"challenging in the coming months"},{"speaker":"Unknown","startTime":2409.96,"endTime":2412.24,"body":"because deals aren't making"},{"speaker":"Unknown","startTime":2409.96,"endTime":2412.24,"body":"sense. There's very little"},{"speaker":"Unknown","startTime":2412.24,"endTime":2415.15,"body":"referred returns right now in"},{"speaker":"Unknown","startTime":2412.24,"endTime":2415.15,"body":"these deals. And it may be a"},{"speaker":"Unknown","startTime":2415.15,"endTime":2417.49,"body":"little more challenging to"},{"speaker":"Unknown","startTime":2415.15,"endTime":2417.49,"body":"syndicate deals. When I first"},{"speaker":"Unknown","startTime":2417.49,"endTime":2420.22,"body":"started, syndication was hard."},{"speaker":"Unknown","startTime":2417.49,"endTime":2420.22,"body":"There's no money out there. Back"},{"speaker":"Unknown","startTime":2420.22,"endTime":2422.92,"body":"in 2010 2011, there was no,"},{"speaker":"Unknown","startTime":2420.22,"endTime":2422.92,"body":"there was a lot of creative"},{"speaker":"Unknown","startTime":2422.92,"endTime":2425.8,"body":"financing. banks weren't really"},{"speaker":"Unknown","startTime":2422.92,"endTime":2425.8,"body":"lending, there's a lot of deals"},{"speaker":"Unknown","startTime":2425.8,"endTime":2428.2,"body":"and there wasn't a lot of"},{"speaker":"Unknown","startTime":2425.8,"endTime":2428.2,"body":"capital. So syndication really"},{"speaker":"Unknown","startTime":2428.2,"endTime":2430.81,"body":"wasn't the play back then it was"},{"speaker":"Unknown","startTime":2428.2,"endTime":2430.81,"body":"more of ownership, cap rates"},{"speaker":"Unknown","startTime":2430.81,"endTime":2433.12,"body":"were a lot higher. So you just"},{"speaker":"Unknown","startTime":2430.81,"endTime":2433.12,"body":"have to figure out what part of"},{"speaker":"Unknown","startTime":2433.12,"endTime":2436.0,"body":"the market cycle is and then"},{"speaker":"Unknown","startTime":2433.12,"endTime":2436.0,"body":"choose the vehicle or the"},{"speaker":"Unknown","startTime":2436.0,"endTime":2438.34,"body":"strategy that really works well"},{"speaker":"Unknown","startTime":2436.0,"endTime":2438.34,"body":"in that part of the cycle."},{"speaker":"Unknown","startTime":2439.06,"endTime":2442.57,"body":"Okay, I love that. You say that,"},{"speaker":"Unknown","startTime":2439.06,"endTime":2442.57,"body":"because I talked to a lot of"},{"speaker":"Unknown","startTime":2442.57,"endTime":2445.42,"body":"syndicators. I just had Jay"},{"speaker":"Unknown","startTime":2442.57,"endTime":2445.42,"body":"Scott. Ironically, I just had"},{"speaker":"Unknown","startTime":2445.42,"endTime":2448.78,"body":"Jay and Ashley Wilson Barnett"},{"speaker":"Unknown","startTime":2445.42,"endTime":2448.78,"body":"investments. So got both of"},{"speaker":"Unknown","startTime":2448.78,"endTime":2451.33,"body":"them. Ashley, if you are"},{"speaker":"Unknown","startTime":2448.78,"endTime":2451.33,"body":"listening to this, like this"},{"speaker":"Unknown","startTime":2451.33,"endTime":2454.48,"body":"Ashley's episode released today,"},{"speaker":"Unknown","startTime":2451.33,"endTime":2454.48,"body":"it's Thursday, I forget which"},{"speaker":"Unknown","startTime":2454.48,"endTime":2459.43,"body":"day it is, I think the 23rd of"},{"speaker":"Unknown","startTime":2454.48,"endTime":2459.43,"body":"February. But they when they're"},{"speaker":"Unknown","startTime":2459.43,"endTime":2461.74,"body":"running their syndication,"},{"speaker":"Unknown","startTime":2459.43,"endTime":2461.74,"body":"they're underwriting a 10 year"},{"speaker":"Unknown","startTime":2461.74,"endTime":2465.52,"body":"deal. But they're also"},{"speaker":"Unknown","startTime":2461.74,"endTime":2465.52,"body":"everyone's nervous about being"},{"speaker":"Unknown","startTime":2465.52,"endTime":2468.4,"body":"caught with their pants down"},{"speaker":"Unknown","startTime":2465.52,"endTime":2468.4,"body":"with a two to three to a five"},{"speaker":"Unknown","startTime":2468.4,"endTime":2472.36,"body":"year hold here. Every like once"},{"speaker":"Unknown","startTime":2468.4,"endTime":2472.36,"body":"you go out, zoom out to 10 years"},{"speaker":"Unknown","startTime":2472.39,"endTime":2476.74,"body":"and your horizon is out that"},{"speaker":"Unknown","startTime":2472.39,"endTime":2476.74,"body":"far. It's okay. So I guess"},{"speaker":"Unknown","startTime":2476.8,"endTime":2480.88,"body":"owning these assets yourself to"},{"speaker":"Unknown","startTime":2476.8,"endTime":2480.88,"body":"where you're not going to be"},{"speaker":"Unknown","startTime":2481.03,"endTime":2486.1,"body":"beholden to your investors? Mm"},{"speaker":"Unknown","startTime":2481.03,"endTime":2486.1,"body":"hmm. That is almost another form"},{"speaker":"Unknown","startTime":2486.13,"endTime":2488.38,"body":"of a safety net almost. Right?"},{"speaker":"Unknown","startTime":2488.41,"endTime":2491.38,"body":"Yes. And the thing is, it's very"},{"speaker":"Unknown","startTime":2488.41,"endTime":2491.38,"body":"difficult to find investors that"},{"speaker":"Unknown","startTime":2491.38,"endTime":2493.39,"body":"want to have a 10 year time"},{"speaker":"Unknown","startTime":2491.38,"endTime":2493.39,"body":"horizon, go raise capital and"},{"speaker":"Unknown","startTime":2493.39,"endTime":2495.64,"body":"tell people, I'm going to hold"},{"speaker":"Unknown","startTime":2493.39,"endTime":2495.64,"body":"your money for the next 10"},{"speaker":"Unknown","startTime":2495.64,"endTime":2499.51,"body":"years, it's really hard thing to"},{"speaker":"Unknown","startTime":2495.64,"endTime":2499.51,"body":"do. How do I know, we tried to"},{"speaker":"Unknown","startTime":2499.51,"endTime":2502.39,"body":"reset a second syndication, we"},{"speaker":"Unknown","startTime":2499.51,"endTime":2502.39,"body":"had to drop it down to five to"},{"speaker":"Unknown","startTime":2502.39,"endTime":2505.33,"body":"seven years. And we exited that"},{"speaker":"Unknown","startTime":2502.39,"endTime":2505.33,"body":"deal after two and a half. So it"},{"speaker":"Unknown","startTime":2505.33,"endTime":2507.73,"body":"was great. Everything worked out"},{"speaker":"Unknown","startTime":2505.33,"endTime":2507.73,"body":"when you underwrite for a long"},{"speaker":"Unknown","startTime":2507.73,"endTime":2511.42,"body":"time frame tenure is very people"},{"speaker":"Unknown","startTime":2507.73,"endTime":2511.42,"body":"don't. And it's an unfortunate,"},{"speaker":"Unknown","startTime":2511.57,"endTime":2514.6,"body":"because wealth creation is"},{"speaker":"Unknown","startTime":2511.57,"endTime":2514.6,"body":"really started by owning these"},{"speaker":"Unknown","startTime":2514.6,"endTime":2518.98,"body":"assets. Our first deal in 2013"},{"speaker":"Unknown","startTime":2514.6,"endTime":2518.98,"body":"was a little crappy 25 unit"},{"speaker":"Unknown","startTime":2518.98,"endTime":2522.85,"body":"crack, then literally crappy"},{"speaker":"Unknown","startTime":2518.98,"endTime":2522.85,"body":"deal. Single famous little"},{"speaker":"Unknown","startTime":2522.85,"endTime":2528.16,"body":"cottages, the rents were 350"},{"speaker":"Unknown","startTime":2522.85,"endTime":2528.16,"body":"bucks, the rents now are 995"},{"speaker":"Unknown","startTime":2528.22,"endTime":2533.83,"body":"Plus rubs, that deal every month"},{"speaker":"Unknown","startTime":2528.22,"endTime":2533.83,"body":"is printing as $9,000 a month on"},{"speaker":"Unknown","startTime":2533.83,"endTime":2537.52,"body":"one deal. If we had sold it and"},{"speaker":"Unknown","startTime":2533.83,"endTime":2537.52,"body":"doubled our money, we've gotten"},{"speaker":"Unknown","startTime":2537.52,"endTime":2539.83,"body":"the equity out. But that's what"},{"speaker":"Unknown","startTime":2537.52,"endTime":2539.83,"body":"I'm talking about. I didn't have"},{"speaker":"Unknown","startTime":2539.83,"endTime":2542.89,"body":"to sell because we didn't have"},{"speaker":"Unknown","startTime":2539.83,"endTime":2542.89,"body":"investors. It's an easy asset,"},{"speaker":"Unknown","startTime":2542.95,"endTime":2546.07,"body":"the appreciation is probably"},{"speaker":"Unknown","startTime":2542.95,"endTime":2546.07,"body":"tripled in price. We have cost"},{"speaker":"Unknown","startTime":2546.07,"endTime":2548.71,"body":"segregation on it. And it's"},{"speaker":"Unknown","startTime":2546.07,"endTime":2548.71,"body":"paying us every month. So we"},{"speaker":"Unknown","startTime":2548.71,"endTime":2552.7,"body":"have more options. When we own"},{"speaker":"Unknown","startTime":2548.71,"endTime":2552.7,"body":"the deal ourselves, we can sell"},{"speaker":"Unknown","startTime":2552.7,"endTime":2555.88,"body":"it. And we're not beholding to"},{"speaker":"Unknown","startTime":2552.7,"endTime":2555.88,"body":"investors or an IRR. I'm not"},{"speaker":"Unknown","startTime":2555.88,"endTime":2558.7,"body":"worried about that with these"},{"speaker":"Unknown","startTime":2555.88,"endTime":2558.7,"body":"kinds of deals. So that's why we"},{"speaker":"Unknown","startTime":2558.7,"endTime":2561.13,"body":"like to buy deals ourselves. We"},{"speaker":"Unknown","startTime":2558.7,"endTime":2561.13,"body":"don't want to syndicate anymore."},{"speaker":"Unknown","startTime":2561.19,"endTime":2563.86,"body":"Now if a big opportunity comes"},{"speaker":"Unknown","startTime":2561.19,"endTime":2563.86,"body":"along, obviously we're going to"},{"speaker":"Unknown","startTime":2563.86,"endTime":2567.76,"body":"syndicate but for us, it's it is"},{"speaker":"Unknown","startTime":2563.86,"endTime":2567.76,"body":"really an amazing tool to get"},{"speaker":"Unknown","startTime":2567.76,"endTime":2569.86,"body":"into multifamily syndication,"},{"speaker":"Unknown","startTime":2567.76,"endTime":2569.86,"body":"because if you don't have the"},{"speaker":"Unknown","startTime":2569.86,"endTime":2572.23,"body":"money and you need to start,"},{"speaker":"Unknown","startTime":2569.86,"endTime":2572.23,"body":"it's great because you can"},{"speaker":"Unknown","startTime":2572.23,"endTime":2575.26,"body":"generate tons of fees, there's"},{"speaker":"Unknown","startTime":2572.23,"endTime":2575.26,"body":"acquisition fees, disposition,"},{"speaker":"Unknown","startTime":2575.26,"endTime":2579.19,"body":"fees, refi, fees, construction"},{"speaker":"Unknown","startTime":2575.26,"endTime":2579.19,"body":"management fees, asset"},{"speaker":"Unknown","startTime":2579.19,"endTime":2582.04,"body":"management fees, it's a great"},{"speaker":"Unknown","startTime":2579.19,"endTime":2582.04,"body":"way you're getting cash flow on"},{"speaker":"Unknown","startTime":2582.04,"endTime":2584.86,"body":"day one from a lot of these"},{"speaker":"Unknown","startTime":2582.04,"endTime":2584.86,"body":"fees. And then on the back end"},{"speaker":"Unknown","startTime":2584.95,"endTime":2587.26,"body":"is where you really you"},{"speaker":"Unknown","startTime":2584.95,"endTime":2587.26,"body":"crystallize it, but what you can"},{"speaker":"Unknown","startTime":2587.26,"endTime":2590.59,"body":"do is if you're someone like Jay"},{"speaker":"Unknown","startTime":2587.26,"endTime":2590.59,"body":"Scott was flush, Lavie J, you"},{"speaker":"Unknown","startTime":2590.59,"endTime":2592.93,"body":"could put money on the LP side,"},{"speaker":"Unknown","startTime":2590.59,"endTime":2592.93,"body":"so you're not only getting GP"},{"speaker":"Unknown","startTime":2592.93,"endTime":2594.55,"body":"ownership, but you're putting"},{"speaker":"Unknown","startTime":2592.93,"endTime":2594.55,"body":"money on the limited partner"},{"speaker":"Unknown","startTime":2594.55,"endTime":2597.04,"body":"side, and you're getting that"},{"speaker":"Unknown","startTime":2594.55,"endTime":2597.04,"body":"passive income from there. So"},{"speaker":"Unknown","startTime":2597.04,"endTime":2600.61,"body":"you can work it both ways. So"},{"speaker":"Unknown","startTime":2597.04,"endTime":2600.61,"body":"the right hand corner is exactly"},{"speaker":"Unknown","startTime":2600.61,"endTime":2603.31,"body":"to skin a cat, exactly. You're"},{"speaker":"Unknown","startTime":2600.61,"endTime":2603.31,"body":"investing in your own deals, but"},{"speaker":"Unknown","startTime":2603.43,"endTime":2606.61,"body":"also getting it exactly so"},{"speaker":"Unknown","startTime":2603.43,"endTime":2606.61,"body":"there's so many ways to look at"},{"speaker":"Unknown","startTime":2606.61,"endTime":2608.74,"body":"a deal. And I would just say"},{"speaker":"Unknown","startTime":2606.61,"endTime":2608.74,"body":"we'll try to learn all the"},{"speaker":"Unknown","startTime":2608.74,"endTime":2611.11,"body":"strategies because the more like"},{"speaker":"Unknown","startTime":2608.74,"endTime":2611.11,"body":"I said, options you have on"},{"speaker":"Unknown","startTime":2611.26,"endTime":2613.39,"body":"looking at a deal, the more"},{"speaker":"Unknown","startTime":2611.26,"endTime":2613.39,"body":"options you're gonna be able to"},{"speaker":"Unknown","startTime":2613.39,"endTime":2614.38,"body":"take that deal down."},{"speaker":"Unknown","startTime":2615.13,"endTime":2618.16,"body":"Awesome, Mike, I know you're"},{"speaker":"Unknown","startTime":2615.13,"endTime":2618.16,"body":"listening to this, I'll call you"},{"speaker":"Unknown","startTime":2618.16,"endTime":2621.04,"body":"buddy. We're gonna take down a"},{"speaker":"Unknown","startTime":2618.16,"endTime":2621.04,"body":"couple 100 units together,"},{"speaker":"Unknown","startTime":2621.04,"endTime":2626.11,"body":"buddy. So as so talking about"},{"speaker":"Unknown","startTime":2621.04,"endTime":2626.11,"body":"market cycles, so without your"},{"speaker":"Unknown","startTime":2626.11,"endTime":2628.9,"body":"Weegee board your crystal ball"},{"speaker":"Unknown","startTime":2626.11,"endTime":2628.9,"body":"so you can be able to see into"},{"speaker":"Unknown","startTime":2628.9,"endTime":2631.51,"body":"the future here, just like"},{"speaker":"Unknown","startTime":2628.9,"endTime":2631.51,"body":"everyone else about that talks"},{"speaker":"Unknown","startTime":2631.51,"endTime":2636.91,"body":"about multifamily here. So"},{"speaker":"Unknown","startTime":2631.51,"endTime":2636.91,"body":"obviously, we can't predict 100%"},{"speaker":"Unknown","startTime":2636.91,"endTime":2642.13,"body":"But now we are in a very odd"},{"speaker":"Unknown","startTime":2636.91,"endTime":2642.13,"body":"time as we are recording this a"},{"speaker":"Unknown","startTime":2642.13,"endTime":2645.34,"body":"Russia and Ukraine are dropping"},{"speaker":"Unknown","startTime":2642.13,"endTime":2645.34,"body":"bombs now things are happening"},{"speaker":"Unknown","startTime":2645.34,"endTime":2648.85,"body":"there. And interest rates are"},{"speaker":"Unknown","startTime":2645.34,"endTime":2648.85,"body":"starting to rise again things"},{"speaker":"Unknown","startTime":2648.85,"endTime":2651.85,"body":"are starting to get a little"},{"speaker":"Unknown","startTime":2648.85,"endTime":2651.85,"body":"wonky. I mean, go buttons. I"},{"speaker":"Unknown","startTime":2651.85,"endTime":2655.06,"body":"know you're familiar every"},{"speaker":"Unknown","startTime":2651.85,"endTime":2655.06,"body":"everyone is talking Okay. Okay,"},{"speaker":"Unknown","startTime":2655.06,"endTime":2659.17,"body":"what do we still want to be foot"},{"speaker":"Unknown","startTime":2655.06,"endTime":2659.17,"body":"on the gas here? Or do we want"},{"speaker":"Unknown","startTime":2659.17,"endTime":2662.98,"body":"to start thinking preservation?"},{"speaker":"Unknown","startTime":2659.17,"endTime":2662.98,"body":"What diversification do we want"},{"speaker":"Unknown","startTime":2662.98,"endTime":2664.3,"body":"to do here? By fun?"},{"speaker":"Unknown","startTime":2664.3,"endTime":2667.36,"body":"What we Yeah, but by show of"},{"speaker":"Unknown","startTime":2664.3,"endTime":2667.36,"body":"hands, I wish I had a crowd out"},{"speaker":"Unknown","startTime":2667.36,"endTime":2669.76,"body":"there. How many people thought"},{"speaker":"Unknown","startTime":2667.36,"endTime":2669.76,"body":"that real estate was at a high"},{"speaker":"Unknown","startTime":2669.76,"endTime":2673.84,"body":"in 2018? Oh, how many people"},{"speaker":"Unknown","startTime":2669.76,"endTime":2673.84,"body":"thought we were 19? How many of"},{"speaker":"Unknown","startTime":2673.84,"endTime":2678.01,"body":"you were to 20. How many people"},{"speaker":"Unknown","startTime":2673.84,"endTime":2678.01,"body":"thought 21? We'll think 22. The"},{"speaker":"Unknown","startTime":2678.01,"endTime":2680.98,"body":"only time you can tell when"},{"speaker":"Unknown","startTime":2678.01,"endTime":2680.98,"body":"there's a high is our infamous"},{"speaker":"Unknown","startTime":2680.98,"endTime":2683.95,"body":"Bill cook bill and likes to say"},{"speaker":"Unknown","startTime":2680.98,"endTime":2683.95,"body":"our coach is you look back and"},{"speaker":"Unknown","startTime":2683.95,"endTime":2686.62,"body":"you go oh, there was the high."},{"speaker":"Unknown","startTime":2683.95,"endTime":2686.62,"body":"You're never going to know where"},{"speaker":"Unknown","startTime":2686.62,"endTime":2689.59,"body":"the highest that's just the"},{"speaker":"Unknown","startTime":2686.62,"endTime":2689.59,"body":"reality. And this COVID"},{"speaker":"Unknown","startTime":2689.59,"endTime":2691.99,"body":"accelerated a lot of things."},{"speaker":"Unknown","startTime":2689.59,"endTime":2691.99,"body":"They dumped a ton of money that"},{"speaker":"Unknown","startTime":2691.99,"endTime":2693.64,"body":"nobody could have predicted. You"},{"speaker":"Unknown","startTime":2691.99,"endTime":2693.64,"body":"don't know what's going to"},{"speaker":"Unknown","startTime":2693.64,"endTime":2696.25,"body":"happen in the next six months. I"},{"speaker":"Unknown","startTime":2693.64,"endTime":2696.25,"body":"think this whole Russia thing is"},{"speaker":"Unknown","startTime":2696.25,"endTime":2698.23,"body":"they're probably going to use it"},{"speaker":"Unknown","startTime":2696.25,"endTime":2698.23,"body":"as an excuse to be able to not"},{"speaker":"Unknown","startTime":2698.23,"endTime":2700.84,"body":"raise interest rates. So I think"},{"speaker":"Unknown","startTime":2698.23,"endTime":2700.84,"body":"They're gonna hold interest"},{"speaker":"Unknown","startTime":2700.84,"endTime":2704.02,"body":"rates. I think that's going to"},{"speaker":"Unknown","startTime":2700.84,"endTime":2704.02,"body":"help. I just think this I think"},{"speaker":"Unknown","startTime":2704.02,"endTime":2705.76,"body":"there's just so much money in"},{"speaker":"Unknown","startTime":2704.02,"endTime":2705.76,"body":"the market right now people"},{"speaker":"Unknown","startTime":2705.76,"endTime":2708.61,"body":"looking for yield. And Brian,"},{"speaker":"Unknown","startTime":2705.76,"endTime":2708.61,"body":"you've got an asset right now"},{"speaker":"Unknown","startTime":2708.61,"endTime":2711.01,"body":"you're going to sell to Gino."},{"speaker":"Unknown","startTime":2708.61,"endTime":2711.01,"body":"Brian, where do you put the"},{"speaker":"Unknown","startTime":2711.01,"endTime":2713.71,"body":"money where you put the money?"},{"speaker":"Unknown","startTime":2711.01,"endTime":2713.71,"body":"You have nowhere to put it so"},{"speaker":"Unknown","startTime":2713.71,"endTime":2716.26,"body":"you're not going to sell it."},{"speaker":"Unknown","startTime":2713.71,"endTime":2716.26,"body":"That's the problem irony."},{"speaker":"Unknown","startTime":2716.47,"endTime":2719.05,"body":"The entire housing market."},{"speaker":"Unknown","startTime":2716.47,"endTime":2719.05,"body":"That's the housing market."},{"speaker":"Unknown","startTime":2719.05,"endTime":2721.12,"body":"People can't sell the houses"},{"speaker":"Unknown","startTime":2719.05,"endTime":2721.12,"body":"because where the hell are they"},{"speaker":"Unknown","startTime":2721.12,"endTime":2721.63,"body":"gonna buy?"},{"speaker":"Unknown","startTime":2721.75,"endTime":2724.42,"body":"Exactly. And the other problem"},{"speaker":"Unknown","startTime":2721.75,"endTime":2724.42,"body":"is that there's not enough"},{"speaker":"Unknown","startTime":2724.45,"endTime":2727.93,"body":"supply of houses. So our renters"},{"speaker":"Unknown","startTime":2724.45,"endTime":2727.93,"body":"are trying to rent buy a home,"},{"speaker":"Unknown","startTime":2728.11,"endTime":2730.84,"body":"they're priced out, instead they"},{"speaker":"Unknown","startTime":2728.11,"endTime":2730.84,"body":"get stuck renting a home and"},{"speaker":"Unknown","startTime":2730.84,"endTime":2733.27,"body":"they're getting they're still"},{"speaker":"Unknown","startTime":2730.84,"endTime":2733.27,"body":"renting from us. rents have gone"},{"speaker":"Unknown","startTime":2733.27,"endTime":2736.06,"body":"up 20% year over year. So"},{"speaker":"Unknown","startTime":2733.27,"endTime":2736.06,"body":"there's gonna be a really big"},{"speaker":"Unknown","startTime":2736.06,"endTime":2738.94,"body":"pinch. I think what happened"},{"speaker":"Unknown","startTime":2736.06,"endTime":2738.94,"body":"back in January, is demand for"},{"speaker":"Unknown","startTime":2738.94,"endTime":2742.15,"body":"products really crashed, but"},{"speaker":"Unknown","startTime":2738.94,"endTime":2742.15,"body":"prices didn't come down. That's"},{"speaker":"Unknown","startTime":2742.15,"endTime":2744.88,"body":"the irony. I mean, that's what's"},{"speaker":"Unknown","startTime":2742.15,"endTime":2744.88,"body":"going on right now. I think that"},{"speaker":"Unknown","startTime":2744.88,"endTime":2748.15,"body":"the market really takes a dive"},{"speaker":"Unknown","startTime":2744.88,"endTime":2748.15,"body":"as far as consumer confidence as"},{"speaker":"Unknown","startTime":2748.15,"endTime":2750.85,"body":"far as spending it all. Does the"},{"speaker":"Unknown","startTime":2748.15,"endTime":2750.85,"body":"government come back in and"},{"speaker":"Unknown","startTime":2750.85,"endTime":2754.0,"body":"inject more money? That's that"},{"speaker":"Unknown","startTime":2750.85,"endTime":2754.0,"body":"that question is on answer. But"},{"speaker":"Unknown","startTime":2754.0,"endTime":2756.55,"body":"the way I see things going,"},{"speaker":"Unknown","startTime":2754.0,"endTime":2756.55,"body":"asset prices are not going to"},{"speaker":"Unknown","startTime":2756.55,"endTime":2759.46,"body":"drop unfortunately, people."},{"speaker":"Unknown","startTime":2756.55,"endTime":2759.46,"body":"That's the reality. Dr. Peter"},{"speaker":"Unknown","startTime":2759.46,"endTime":2762.79,"body":"lumen talked about it when you"},{"speaker":"Unknown","startTime":2759.46,"endTime":2762.79,"body":"give banks trillions of dollars,"},{"speaker":"Unknown","startTime":2762.82,"endTime":2767.71,"body":"what do banks do, they lend"},{"speaker":"Unknown","startTime":2762.82,"endTime":2767.71,"body":"money to asset buyers. And"},{"speaker":"Unknown","startTime":2767.71,"endTime":2768.01,"body":"that's what's"},{"speaker":"Unknown","startTime":2768.34,"endTime":2770.26,"body":"gonna be black, that's black,"},{"speaker":"Unknown","startTime":2768.34,"endTime":2770.26,"body":"some black,"},{"speaker":"Unknown","startTime":2770.5,"endTime":2773.68,"body":"don't exactly and don't think"},{"speaker":"Unknown","startTime":2770.5,"endTime":2773.68,"body":"this is going to be a 2008."},{"speaker":"Unknown","startTime":2773.71,"endTime":2776.56,"body":"Because the banks are flush with"},{"speaker":"Unknown","startTime":2773.71,"endTime":2776.56,"body":"cash, they've got tons of"},{"speaker":"Unknown","startTime":2776.56,"endTime":2780.25,"body":"reserves. So that's not"},{"speaker":"Unknown","startTime":2776.56,"endTime":2780.25,"body":"happening. They're dropping LTV."},{"speaker":"Unknown","startTime":2780.25,"endTime":2782.8,"body":"So all these private equity"},{"speaker":"Unknown","startTime":2780.25,"endTime":2782.8,"body":"firms, all these family offices"},{"speaker":"Unknown","startTime":2782.8,"endTime":2785.17,"body":"are coming in with tons of"},{"speaker":"Unknown","startTime":2782.8,"endTime":2785.17,"body":"money, and they're taking the"},{"speaker":"Unknown","startTime":2785.17,"endTime":2787.57,"body":"long term view, they're not"},{"speaker":"Unknown","startTime":2785.17,"endTime":2787.57,"body":"going to cash flow into today or"},{"speaker":"Unknown","startTime":2787.57,"endTime":2790.72,"body":"tomorrow or buying two caps. But"},{"speaker":"Unknown","startTime":2787.57,"endTime":2790.72,"body":"in five years, when rents are up"},{"speaker":"Unknown","startTime":2790.72,"endTime":2793.51,"body":"50% their assets have been up,"},{"speaker":"Unknown","startTime":2790.72,"endTime":2793.51,"body":"they're gonna be looking back"},{"speaker":"Unknown","startTime":2793.51,"endTime":2795.79,"body":"and going, thank God, I did that"},{"speaker":"Unknown","startTime":2793.51,"endTime":2795.79,"body":"because my money right now is in"},{"speaker":"Unknown","startTime":2795.79,"endTime":2799.15,"body":"banking, and it's making point"},{"speaker":"Unknown","startTime":2795.79,"endTime":2799.15,"body":"2% take taxes out of it, I'm"},{"speaker":"Unknown","startTime":2799.18,"endTime":2802.18,"body":"going real negative with"},{"speaker":"Unknown","startTime":2799.18,"endTime":2802.18,"body":"inflation. So for us, it's the"},{"speaker":"Unknown","startTime":2802.18,"endTime":2805.48,"body":"three pillars of real estate,"},{"speaker":"Unknown","startTime":2802.18,"endTime":2805.48,"body":"it's market cycle, its debt, and"},{"speaker":"Unknown","startTime":2805.48,"endTime":2808.15,"body":"its exit strategy. Everyone that"},{"speaker":"Unknown","startTime":2805.48,"endTime":2808.15,"body":"is looking at a deal right now,"},{"speaker":"Unknown","startTime":2808.15,"endTime":2811.27,"body":"whether you're in single family,"},{"speaker":"Unknown","startTime":2808.15,"endTime":2811.27,"body":"multifamily self storage, what"},{"speaker":"Unknown","startTime":2811.27,"endTime":2813.55,"body":"is your exit strategy? That's"},{"speaker":"Unknown","startTime":2811.27,"endTime":2813.55,"body":"the first thing you need to get"},{"speaker":"Unknown","startTime":2813.55,"endTime":2816.37,"body":"clear on? Because you need to"},{"speaker":"Unknown","startTime":2813.55,"endTime":2816.37,"body":"know what kind of debt you're"},{"speaker":"Unknown","startTime":2816.37,"endTime":2819.73,"body":"putting on that deal. Is it"},{"speaker":"Unknown","startTime":2816.37,"endTime":2819.73,"body":"short term debt? Is a Fannie?"},{"speaker":"Unknown","startTime":2819.79,"endTime":2822.46,"body":"Are you going to have prepayment"},{"speaker":"Unknown","startTime":2819.79,"endTime":2822.46,"body":"penalties that she got to figure"},{"speaker":"Unknown","startTime":2822.46,"endTime":2824.98,"body":"out? I can't answer that"},{"speaker":"Unknown","startTime":2822.46,"endTime":2824.98,"body":"question for you. In this part"},{"speaker":"Unknown","startTime":2824.98,"endTime":2827.86,"body":"of the market cycle. asset"},{"speaker":"Unknown","startTime":2824.98,"endTime":2827.86,"body":"prices are elevated, you're"},{"speaker":"Unknown","startTime":2827.86,"endTime":2832.27,"body":"buying B and C properties at"},{"speaker":"Unknown","startTime":2827.86,"endTime":2832.27,"body":"around the same cap rate, fours"},{"speaker":"Unknown","startTime":2832.27,"endTime":2835.84,"body":"for B's, four and a half for"},{"speaker":"Unknown","startTime":2832.27,"endTime":2835.84,"body":"C's, whatever. Why would I pay"},{"speaker":"Unknown","startTime":2835.84,"endTime":2839.17,"body":"that much for a C property when"},{"speaker":"Unknown","startTime":2835.84,"endTime":2839.17,"body":"I can pay more for a B property."},{"speaker":"Unknown","startTime":2839.44,"endTime":2841.63,"body":"The problem with the secret I'm"},{"speaker":"Unknown","startTime":2839.44,"endTime":2841.63,"body":"wishing we're buying seeds, but"},{"speaker":"Unknown","startTime":2841.63,"endTime":2843.49,"body":"we're buying them at the right"},{"speaker":"Unknown","startTime":2841.63,"endTime":2843.49,"body":"price. The problem with C"},{"speaker":"Unknown","startTime":2843.49,"endTime":2846.04,"body":"properties you're paying so"},{"speaker":"Unknown","startTime":2843.49,"endTime":2846.04,"body":"much, you're gonna hold these"},{"speaker":"Unknown","startTime":2846.04,"endTime":2849.16,"body":"things for the next 567 years."},{"speaker":"Unknown","startTime":2846.04,"endTime":2849.16,"body":"There's extensive capital"},{"speaker":"Unknown","startTime":2849.16,"endTime":2852.58,"body":"expense items, especially things"},{"speaker":"Unknown","startTime":2849.16,"endTime":2852.58,"body":"built in the 60s and 70s. You"},{"speaker":"Unknown","startTime":2852.58,"endTime":2856.27,"body":"know, investors out there, cast"},{"speaker":"Unknown","startTime":2852.58,"endTime":2856.27,"body":"iron, plumbing, asbestos, all"},{"speaker":"Unknown","startTime":2856.27,"endTime":2859.39,"body":"the roofs all you have to have"},{"speaker":"Unknown","startTime":2856.27,"endTime":2859.39,"body":"that in the budget in place,"},{"speaker":"Unknown","startTime":2859.6,"endTime":2862.6,"body":"you're buying these assets in"},{"speaker":"Unknown","startTime":2859.6,"endTime":2862.6,"body":"the elevator price. If you can't"},{"speaker":"Unknown","startTime":2862.6,"endTime":2865.57,"body":"get that rent up, or all of a"},{"speaker":"Unknown","startTime":2862.6,"endTime":2865.57,"body":"sudden, bam, something happens."},{"speaker":"Unknown","startTime":2865.78,"endTime":2868.06,"body":"You're in big trouble. So for"},{"speaker":"Unknown","startTime":2865.78,"endTime":2868.06,"body":"us, we're looking for newer"},{"speaker":"Unknown","startTime":2868.06,"endTime":2871.51,"body":"assets 80s 90s Build, get"},{"speaker":"Unknown","startTime":2868.06,"endTime":2871.51,"body":"granular on this, everybody,"},{"speaker":"Unknown","startTime":2871.51,"endTime":2874.33,"body":"this is what your buyer criteria"},{"speaker":"Unknown","startTime":2871.51,"endTime":2874.33,"body":"is all about number of units,"},{"speaker":"Unknown","startTime":2874.33,"endTime":2878.65,"body":"you're looking for the market,"},{"speaker":"Unknown","startTime":2874.33,"endTime":2878.65,"body":"the sub market, specifically,"},{"speaker":"Unknown","startTime":2878.86,"endTime":2882.04,"body":"the median income, we're looking"},{"speaker":"Unknown","startTime":2878.86,"endTime":2882.04,"body":"for around $50,000 Plus median"},{"speaker":"Unknown","startTime":2882.04,"endTime":2886.12,"body":"income in a specific area. We"},{"speaker":"Unknown","startTime":2882.04,"endTime":2886.12,"body":"like townhomes. We love two"},{"speaker":"Unknown","startTime":2886.12,"endTime":2888.58,"body":"beds, if we can find three beds"},{"speaker":"Unknown","startTime":2886.12,"endTime":2888.58,"body":"in Knoxville, we're partying, we"},{"speaker":"Unknown","startTime":2888.58,"endTime":2892.69,"body":"just signed that a 12 unit deal,"},{"speaker":"Unknown","startTime":2888.58,"endTime":2892.69,"body":"Knoxville, three beds, Nick"},{"speaker":"Unknown","startTime":2892.69,"endTime":2895.18,"body":"can't believe the price I paid,"},{"speaker":"Unknown","startTime":2892.69,"endTime":2895.18,"body":"but rents are gonna be 1800"},{"speaker":"Unknown","startTime":2895.18,"endTime":2897.91,"body":"bucks. So it justifies it. So"},{"speaker":"Unknown","startTime":2895.18,"endTime":2897.91,"body":"get crystal clear on what you're"},{"speaker":"Unknown","startTime":2897.91,"endTime":2900.52,"body":"trying to buy. That's really"},{"speaker":"Unknown","startTime":2897.91,"endTime":2900.52,"body":"important. In this part of the"},{"speaker":"Unknown","startTime":2900.52,"endTime":2903.16,"body":"market cycle. Like I said,"},{"speaker":"Unknown","startTime":2900.52,"endTime":2903.16,"body":"assets are a little bit newer,"},{"speaker":"Unknown","startTime":2903.16,"endTime":2905.68,"body":"because we don't want to deal"},{"speaker":"Unknown","startTime":2903.16,"endTime":2905.68,"body":"with the capex. And we're we"},{"speaker":"Unknown","startTime":2905.68,"endTime":2908.89,"body":"have that long term mindset. As"},{"speaker":"Unknown","startTime":2905.68,"endTime":2908.89,"body":"Dr. Lindemann said, You're"},{"speaker":"Unknown","startTime":2908.89,"endTime":2912.61,"body":"investing for decades, two"},{"speaker":"Unknown","startTime":2908.89,"endTime":2912.61,"body":"years, a great two years a bad"},{"speaker":"Unknown","startTime":2912.79,"endTime":2915.46,"body":"six years or Okay, I'm gonna"},{"speaker":"Unknown","startTime":2912.79,"endTime":2915.46,"body":"hold this asset for the next 10"},{"speaker":"Unknown","startTime":2915.46,"endTime":2919.21,"body":"years, it's gonna get older, but"},{"speaker":"Unknown","startTime":2915.46,"endTime":2919.21,"body":"it's still going to be okay. So"},{"speaker":"Unknown","startTime":2919.21,"endTime":2921.07,"body":"there's so many things you need"},{"speaker":"Unknown","startTime":2919.21,"endTime":2921.07,"body":"to think about. But think about"},{"speaker":"Unknown","startTime":2921.07,"endTime":2923.86,"body":"the exit strategy. And what your"},{"speaker":"Unknown","startTime":2921.07,"endTime":2923.86,"body":"criteria is for buying these"},{"speaker":"Unknown","startTime":2923.86,"endTime":2926.65,"body":"assets is important. And I think"},{"speaker":"Unknown","startTime":2923.86,"endTime":2926.65,"body":"long term, where are you going"},{"speaker":"Unknown","startTime":2926.65,"endTime":2928.39,"body":"to put money, where's the money"},{"speaker":"Unknown","startTime":2926.65,"endTime":2928.39,"body":"going to go? That's the thing"},{"speaker":"Unknown","startTime":2928.39,"endTime":2930.82,"body":"going to put in Kryptos? Great,"},{"speaker":"Unknown","startTime":2928.39,"endTime":2930.82,"body":"Kryptos fun, but it's not wealth"},{"speaker":"Unknown","startTime":2930.82,"endTime":2934.09,"body":"creator, you hit the button,"},{"speaker":"Unknown","startTime":2930.82,"endTime":2934.09,"body":"you're up 50%. That's it, you're"},{"speaker":"Unknown","startTime":2934.09,"endTime":2938.02,"body":"out. There's such a low barrier"},{"speaker":"Unknown","startTime":2934.09,"endTime":2938.02,"body":"to entry. And right now, it's"},{"speaker":"Unknown","startTime":2938.02,"endTime":2940.33,"body":"hard to value those assets."},{"speaker":"Unknown","startTime":2938.02,"endTime":2940.33,"body":"People are flocking, you're"},{"speaker":"Unknown","startTime":2940.33,"endTime":2943.78,"body":"there. They're actually going to"},{"speaker":"Unknown","startTime":2940.33,"endTime":2943.78,"body":"real estate and they know that"},{"speaker":"Unknown","startTime":2943.78,"endTime":2947.35,"body":"it is a hard asset. It's a basic"},{"speaker":"Unknown","startTime":2943.78,"endTime":2947.35,"body":"human need. And there is a big"},{"speaker":"Unknown","startTime":2947.35,"endTime":2949.54,"body":"demand for renters. There's"},{"speaker":"Unknown","startTime":2947.35,"endTime":2949.54,"body":"you're looking at people who are"},{"speaker":"Unknown","startTime":2949.54,"endTime":2952.0,"body":"younger, who can't afford"},{"speaker":"Unknown","startTime":2949.54,"endTime":2952.0,"body":"housing, people who are older"},{"speaker":"Unknown","startTime":2952.0,"endTime":2954.97,"body":"who are downsizing. And that's"},{"speaker":"Unknown","startTime":2952.0,"endTime":2954.97,"body":"where these rentals are, so"},{"speaker":"Unknown","startTime":2955.0,"endTime":2957.28,"body":"they're so on fire. And for me,"},{"speaker":"Unknown","startTime":2955.0,"endTime":2957.28,"body":"I think for the foreseeable"},{"speaker":"Unknown","startTime":2957.28,"endTime":2959.26,"body":"future, I don't see him pulling"},{"speaker":"Unknown","startTime":2957.28,"endTime":2959.26,"body":"back."},{"speaker":"Unknown","startTime":2960.04,"endTime":2963.07,"body":"Three, three questions that are"},{"speaker":"Unknown","startTime":2960.04,"endTime":2963.07,"body":"coming to my mind. So one of"},{"speaker":"Unknown","startTime":2963.07,"endTime":2967.84,"body":"them is what type of debt are"},{"speaker":"Unknown","startTime":2963.07,"endTime":2967.84,"body":"you? I'm only I know, it's still"},{"speaker":"Unknown","startTime":2967.84,"endTime":2971.47,"body":"dependent, obviously. But what"},{"speaker":"Unknown","startTime":2967.84,"endTime":2971.47,"body":"is your what's your average kind"},{"speaker":"Unknown","startTime":2971.47,"endTime":2973.72,"body":"of debt that you're looking for?"},{"speaker":"Unknown","startTime":2971.47,"endTime":2973.72,"body":"Are you looking for long term"},{"speaker":"Unknown","startTime":2973.72,"endTime":2975.43,"body":"because you're talking about"},{"speaker":"Unknown","startTime":2973.72,"endTime":2975.43,"body":"these apartments that you had"},{"speaker":"Unknown","startTime":2975.43,"endTime":2976.24,"body":"back in 2008?"},{"speaker":"Unknown","startTime":2976.27,"endTime":2979.51,"body":"Question? Yeah, great question."},{"speaker":"Unknown","startTime":2976.27,"endTime":2979.51,"body":"First of all, the thing that"},{"speaker":"Unknown","startTime":2979.51,"endTime":2982.06,"body":"does scare me about the market"},{"speaker":"Unknown","startTime":2979.51,"endTime":2982.06,"body":"is 80% of all loans that are"},{"speaker":"Unknown","startTime":2982.09,"endTime":2984.16,"body":"happening right now are bridge"},{"speaker":"Unknown","startTime":2982.09,"endTime":2984.16,"body":"dead."},{"speaker":"Unknown","startTime":2984.46,"endTime":2986.83,"body":"Oh, yeah. Like three to five"},{"speaker":"Unknown","startTime":2984.46,"endTime":2986.83,"body":"year bridge loans. Yeah, but"},{"speaker":"Unknown","startTime":2986.83,"endTime":2987.37,"body":"you're buying"},{"speaker":"Unknown","startTime":2987.37,"endTime":2990.43,"body":"a stable asset bridge dead,"},{"speaker":"Unknown","startTime":2987.37,"endTime":2990.43,"body":"because you think you can get"},{"speaker":"Unknown","startTime":2990.43,"endTime":2993.76,"body":"the rents up and get all the"},{"speaker":"Unknown","startTime":2990.43,"endTime":2993.76,"body":"syndicators we're doing that"},{"speaker":"Unknown","startTime":2993.76,"endTime":2996.7,"body":"too. But we're using loan to"},{"speaker":"Unknown","startTime":2993.76,"endTime":2996.7,"body":"cost our community bank, but"},{"speaker":"Unknown","startTime":2996.7,"endTime":2999.31,"body":"we're buying these assets at"},{"speaker":"Unknown","startTime":2996.7,"endTime":2999.31,"body":"such great prices that we know"},{"speaker":"Unknown","startTime":2999.37,"endTime":3001.32,"body":"that we've already proved The"},{"speaker":"Unknown","startTime":2999.37,"endTime":3001.32,"body":"concept so many times because"},{"speaker":"Unknown","startTime":3001.32,"endTime":3004.08,"body":"you know our markets so well we"},{"speaker":"Unknown","startTime":3001.32,"endTime":3004.08,"body":"know where rents are already"},{"speaker":"Unknown","startTime":3004.11,"endTime":3006.75,"body":"operating these things. But when"},{"speaker":"Unknown","startTime":3004.11,"endTime":3006.75,"body":"you're buying in syndication, if"},{"speaker":"Unknown","startTime":3006.75,"endTime":3009.48,"body":"something happens, like an"},{"speaker":"Unknown","startTime":3006.75,"endTime":3009.48,"body":"invasion on Russia, or something"},{"speaker":"Unknown","startTime":3009.48,"endTime":3011.94,"body":"really throws the world out of"},{"speaker":"Unknown","startTime":3009.48,"endTime":3011.94,"body":"whack, and you're expecting"},{"speaker":"Unknown","startTime":3011.94,"endTime":3015.06,"body":"rents to go up 20%, and then all"},{"speaker":"Unknown","startTime":3011.94,"endTime":3015.06,"body":"of a sudden you're underwriting"},{"speaker":"Unknown","startTime":3015.18,"endTime":3018.03,"body":"and your debt right now is 4%."},{"speaker":"Unknown","startTime":3015.18,"endTime":3018.03,"body":"But then rates go to five and a"},{"speaker":"Unknown","startTime":3018.03,"endTime":3020.76,"body":"half, that blows the deal up"},{"speaker":"Unknown","startTime":3018.03,"endTime":3020.76,"body":"there, there's a risk and so"},{"speaker":"Unknown","startTime":3020.76,"endTime":3023.76,"body":"we're doing loan to cost with"},{"speaker":"Unknown","startTime":3020.76,"endTime":3023.76,"body":"our community banks. And on a"},{"speaker":"Unknown","startTime":3023.76,"endTime":3025.62,"body":"couple of deals that are"},{"speaker":"Unknown","startTime":3023.76,"endTime":3025.62,"body":"stabilized, we'll go to Fannie"},{"speaker":"Unknown","startTime":3025.62,"endTime":3028.92,"body":"or Freddie and we will go We"},{"speaker":"Unknown","startTime":3025.62,"endTime":3028.92,"body":"bless the deal we bought last"},{"speaker":"Unknown","startTime":3028.92,"endTime":3031.5,"body":"year but 85 unit deal, can we"},{"speaker":"Unknown","startTime":3028.92,"endTime":3031.5,"body":"have a yield maintenance on it?"},{"speaker":"Unknown","startTime":3031.5,"endTime":3035.07,"body":"So it's Fannie deal 10 years,"},{"speaker":"Unknown","startTime":3031.5,"endTime":3035.07,"body":"probably that is we bought an"},{"speaker":"Unknown","startTime":3035.1,"endTime":3040.74,"body":"85 985 or 90 adore is probably"},{"speaker":"Unknown","startTime":3035.1,"endTime":3040.74,"body":"worth one $30. So that equity is"},{"speaker":"Unknown","startTime":3040.74,"endTime":3043.08,"body":"trapped in a deal we can't pull"},{"speaker":"Unknown","startTime":3040.74,"endTime":3043.08,"body":"it off in seven or eight years,"},{"speaker":"Unknown","startTime":3043.26,"endTime":3046.08,"body":"but that's okay. Because that"},{"speaker":"Unknown","startTime":3043.26,"endTime":3046.08,"body":"thing is cash flowing like a"},{"speaker":"Unknown","startTime":3046.08,"endTime":3049.71,"body":"beast so looking at it and just"},{"speaker":"Unknown","startTime":3046.08,"endTime":3049.71,"body":"be very particular way your eggs"},{"speaker":"Unknown","startTime":3049.71,"endTime":3051.96,"body":"and have some type of"},{"speaker":"Unknown","startTime":3049.71,"endTime":3051.96,"body":"flexibility with that exit"},{"speaker":"Unknown","startTime":3051.96,"endTime":3055.02,"body":"strategy. i We love LTC loan to"},{"speaker":"Unknown","startTime":3051.96,"endTime":3055.02,"body":"cost and community banks because"},{"speaker":"Unknown","startTime":3055.02,"endTime":3057.63,"body":"we're using that as quote"},{"speaker":"Unknown","startTime":3055.02,"endTime":3057.63,"body":"unquote, like the bridge, we get"},{"speaker":"Unknown","startTime":3057.63,"endTime":3060.09,"body":"two years of interest only after"},{"speaker":"Unknown","startTime":3057.63,"endTime":3060.09,"body":"those two years, we're probably"},{"speaker":"Unknown","startTime":3060.09,"endTime":3063.0,"body":"refund back to community. And"},{"speaker":"Unknown","startTime":3060.09,"endTime":3063.0,"body":"then a year after that we'll"},{"speaker":"Unknown","startTime":3063.0,"endTime":3063.99,"body":"refund agency."},{"speaker":"Unknown","startTime":3065.1,"endTime":3068.19,"body":"Okay, that makes a lot of sense."},{"speaker":"Unknown","startTime":3065.1,"endTime":3068.19,"body":"Okay, so you're staying away"},{"speaker":"Unknown","startTime":3068.19,"endTime":3070.38,"body":"from bridge as much as you can,"},{"speaker":"Unknown","startTime":3068.19,"endTime":3070.38,"body":"yes, you're doing it, you're"},{"speaker":"Unknown","startTime":3070.38,"endTime":3071.76,"body":"doing it where it makes sense."},{"speaker":"Unknown","startTime":3071.79,"endTime":3073.71,"body":"And that's why we're not closing"},{"speaker":"Unknown","startTime":3071.79,"endTime":3073.71,"body":"a lot of deals, because a lot of"},{"speaker":"Unknown","startTime":3073.71,"endTime":3077.34,"body":"deals don't make sense that debt"},{"speaker":"Unknown","startTime":3073.71,"endTime":3077.34,"body":"coverage ratio, day one is just"},{"speaker":"Unknown","startTime":3077.34,"endTime":3081.3,"body":"horrible. But that's the risk."},{"speaker":"Unknown","startTime":3077.34,"endTime":3081.3,"body":"Fortune favors the bold. That's"},{"speaker":"Unknown","startTime":3081.3,"endTime":3084.15,"body":"the thing, people who are taking"},{"speaker":"Unknown","startTime":3081.3,"endTime":3084.15,"body":"risks two years ago, when me and"},{"speaker":"Unknown","startTime":3084.15,"endTime":3087.45,"body":"you thought that the market was"},{"speaker":"Unknown","startTime":3084.15,"endTime":3087.45,"body":"at a peak and people were buying"},{"speaker":"Unknown","startTime":3087.45,"endTime":3090.09,"body":"that deal at what price? Now"},{"speaker":"Unknown","startTime":3087.45,"endTime":3090.09,"body":"look back to two years ago and"},{"speaker":"Unknown","startTime":3090.09,"endTime":3092.58,"body":"go, Oh, wow, I wish I'd bought"},{"speaker":"Unknown","startTime":3090.09,"endTime":3092.58,"body":"that. No, you wish you'd bought"},{"speaker":"Unknown","startTime":3092.58,"endTime":3094.98,"body":"that. But that person took the"},{"speaker":"Unknown","startTime":3092.58,"endTime":3094.98,"body":"risk. And that's what capitalism"},{"speaker":"Unknown","startTime":3094.98,"endTime":3098.46,"body":"is all about. He was fortunate"},{"speaker":"Unknown","startTime":3094.98,"endTime":3098.46,"body":"it took you brave. And he made"},{"speaker":"Unknown","startTime":3098.46,"endTime":3099.0,"body":"money out of it."},{"speaker":"Unknown","startTime":3099.029,"endTime":3101.339,"body":"Yeah, that's my second question"},{"speaker":"Unknown","startTime":3099.029,"endTime":3101.339,"body":"is what kind of levers are you"},{"speaker":"Unknown","startTime":3101.339,"endTime":3105.779,"body":"tweaking? What kind of different"},{"speaker":"Unknown","startTime":3101.339,"endTime":3105.779,"body":"changes are you making to your"},{"speaker":"Unknown","startTime":3105.779,"endTime":3109.439,"body":"buy box to your buying criteria,"},{"speaker":"Unknown","startTime":3105.779,"endTime":3109.439,"body":"because now we're looking for a"},{"speaker":"Unknown","startTime":3109.439,"endTime":3112.379,"body":"six cap. They're not like now"},{"speaker":"Unknown","startTime":3109.439,"endTime":3112.379,"body":"they're okay with a two cap. But"},{"speaker":"Unknown","startTime":3112.379,"endTime":3115.049,"body":"it's also on the flip side of"},{"speaker":"Unknown","startTime":3112.379,"endTime":3115.049,"body":"the coin. People are being I"},{"speaker":"Unknown","startTime":3115.049,"endTime":3117.899,"body":"feel overly aggressive with some"},{"speaker":"Unknown","startTime":3115.049,"endTime":3117.899,"body":"of these deals, and they're"},{"speaker":"Unknown","startTime":3117.899,"endTime":3120.839,"body":"trying to put lipstick on a pig"},{"speaker":"Unknown","startTime":3117.899,"endTime":3120.839,"body":"and make it look like something"},{"speaker":"Unknown","startTime":3120.839,"endTime":3124.949,"body":"that is not, I know that you and"},{"speaker":"Unknown","startTime":3120.839,"endTime":3124.949,"body":"your team and your students and"},{"speaker":"Unknown","startTime":3124.949,"endTime":3127.049,"body":"everyone with you are doing"},{"speaker":"Unknown","startTime":3124.949,"endTime":3127.049,"body":"things the right way. So I'm"},{"speaker":"Unknown","startTime":3127.049,"endTime":3128.969,"body":"curious to see how you're doing"},{"speaker":"Unknown","startTime":3127.049,"endTime":3128.969,"body":"it."},{"speaker":"Unknown","startTime":3129.15,"endTime":3131.73,"body":"It really you have to revise"},{"speaker":"Unknown","startTime":3129.15,"endTime":3131.73,"body":"this every few months because"},{"speaker":"Unknown","startTime":3131.73,"endTime":3134.46,"body":"the market does change. Six"},{"speaker":"Unknown","startTime":3131.73,"endTime":3134.46,"body":"months ago, we weren't doing"},{"speaker":"Unknown","startTime":3134.46,"endTime":3137.64,"body":"this now we're basically buying"},{"speaker":"Unknown","startTime":3134.46,"endTime":3137.64,"body":"these assets that are basic"},{"speaker":"Unknown","startTime":3137.64,"endTime":3140.85,"body":"boxes. Because this three"},{"speaker":"Unknown","startTime":3137.64,"endTime":3140.85,"body":"bedroom townhomes that we're"},{"speaker":"Unknown","startTime":3140.85,"endTime":3145.98,"body":"buying, I think rents going in"},{"speaker":"Unknown","startTime":3140.85,"endTime":3145.98,"body":"are like 1000 bucks, they've got"},{"speaker":"Unknown","startTime":3145.98,"endTime":3150.9,"body":"to go to $1,800. So we're gonna"},{"speaker":"Unknown","startTime":3145.98,"endTime":3150.9,"body":"get a non renewal to every every"},{"speaker":"Unknown","startTime":3151.02,"endTime":3154.23,"body":"resident because you can't go"},{"speaker":"Unknown","startTime":3151.02,"endTime":3154.23,"body":"from 1000 1800. But that's where"},{"speaker":"Unknown","startTime":3154.23,"endTime":3157.62,"body":"the market is, you're basically"},{"speaker":"Unknown","startTime":3154.23,"endTime":3157.62,"body":"buying shells, but shells boxes"},{"speaker":"Unknown","startTime":3157.62,"endTime":3159.72,"body":"that are really good shape, we"},{"speaker":"Unknown","startTime":3157.62,"endTime":3159.72,"body":"don't have to spend a ton of"},{"speaker":"Unknown","startTime":3159.72,"endTime":3163.47,"body":"money on capex on them. And then"},{"speaker":"Unknown","startTime":3159.72,"endTime":3163.47,"body":"we can actually perform three or"},{"speaker":"Unknown","startTime":3163.47,"endTime":3166.71,"body":"four or $5,000 per unit turn and"},{"speaker":"Unknown","startTime":3163.47,"endTime":3166.71,"body":"just get the new resident in"},{"speaker":"Unknown","startTime":3166.71,"endTime":3169.17,"body":"there. And there's going to be a"},{"speaker":"Unknown","startTime":3166.71,"endTime":3169.17,"body":"weightless, that is not many"},{"speaker":"Unknown","startTime":3169.17,"endTime":3172.56,"body":"three bedroom townhomes. In"},{"speaker":"Unknown","startTime":3169.17,"endTime":3172.56,"body":"Knoxville. For our buyer"},{"speaker":"Unknown","startTime":3172.56,"endTime":3176.1,"body":"criteria, we're really trying to"},{"speaker":"Unknown","startTime":3172.56,"endTime":3176.1,"body":"look at newer assets. And Brian"},{"speaker":"Unknown","startTime":3176.1,"endTime":3178.89,"body":"one of the things with this part"},{"speaker":"Unknown","startTime":3176.1,"endTime":3178.89,"body":"of the cycle we always hear in"},{"speaker":"Unknown","startTime":3178.89,"endTime":3181.17,"body":"football, you got to give what"},{"speaker":"Unknown","startTime":3178.89,"endTime":3181.17,"body":"the defense gives you you got to"},{"speaker":"Unknown","startTime":3181.17,"endTime":3183.96,"body":"take what the defense gives you"},{"speaker":"Unknown","startTime":3181.17,"endTime":3183.96,"body":"right now we're looking at"},{"speaker":"Unknown","startTime":3183.96,"endTime":3188.73,"body":"smaller assets 25 unit close to"},{"speaker":"Unknown","startTime":3183.96,"endTime":3188.73,"body":"December 21 unit, we're closing"},{"speaker":"Unknown","startTime":3188.73,"endTime":3193.59,"body":"this week, we've got a 40, an 18"},{"speaker":"Unknown","startTime":3188.73,"endTime":3193.59,"body":"and a 12. On the contract. We're"},{"speaker":"Unknown","startTime":3193.59,"endTime":3195.78,"body":"looking at that because those"},{"speaker":"Unknown","startTime":3193.59,"endTime":3195.78,"body":"smaller assets, the private"},{"speaker":"Unknown","startTime":3195.78,"endTime":3198.45,"body":"equity people, the institutions,"},{"speaker":"Unknown","startTime":3195.78,"endTime":3198.45,"body":"they don't want the small deals,"},{"speaker":"Unknown","startTime":3198.69,"endTime":3201.57,"body":"the 100 units, plus they're"},{"speaker":"Unknown","startTime":3198.69,"endTime":3201.57,"body":"bidding them up so much that it"},{"speaker":"Unknown","startTime":3201.57,"endTime":3204.51,"body":"doesn't make sense for us."},{"speaker":"Unknown","startTime":3201.57,"endTime":3204.51,"body":"There's a lot of risk in those"},{"speaker":"Unknown","startTime":3204.51,"endTime":3206.97,"body":"assets. We'd rather stay with"},{"speaker":"Unknown","startTime":3204.51,"endTime":3206.97,"body":"the smaller stuff. We already"},{"speaker":"Unknown","startTime":3206.97,"endTime":3209.55,"body":"have efficiencies and"},{"speaker":"Unknown","startTime":3206.97,"endTime":3209.55,"body":"scalability because we've"},{"speaker":"Unknown","startTime":3209.55,"endTime":3211.98,"body":"already got assets around we can"},{"speaker":"Unknown","startTime":3209.55,"endTime":3211.98,"body":"just bundle these smaller assets"},{"speaker":"Unknown","startTime":3211.98,"endTime":3214.53,"body":"into our bigger portfolio and"},{"speaker":"Unknown","startTime":3211.98,"endTime":3214.53,"body":"manage them that way. That's"},{"speaker":"Unknown","startTime":3214.53,"endTime":3216.48,"body":"what we're seeing right now in"},{"speaker":"Unknown","startTime":3214.53,"endTime":3216.48,"body":"this part of the cycle. That"},{"speaker":"Unknown","startTime":3216.48,"endTime":3217.08,"body":"makes sense for"},{"speaker":"Unknown","startTime":3217.08,"endTime":3220.41,"body":"us. Yeah, so you just go on"},{"speaker":"Unknown","startTime":3217.08,"endTime":3220.41,"body":"underneath underneath the bar"},{"speaker":"Unknown","startTime":3220.41,"endTime":3221.88,"body":"criteria for the P groups."},{"speaker":"Unknown","startTime":3222.27,"endTime":3223.23,"body":"Yep, exactly."},{"speaker":"Unknown","startTime":3223.259,"endTime":3227.489,"body":"Got it. Got that. There we go."},{"speaker":"Unknown","startTime":3223.259,"endTime":3227.489,"body":"There's my voice. Nice. You have"},{"speaker":"Unknown","startTime":3227.489,"endTime":3228.809,"body":"me Yeah, me speechless, buddy."},{"speaker":"Unknown","startTime":3228.839,"endTime":3230.549,"body":"I do that often, my friend."},{"speaker":"Unknown","startTime":3228.839,"endTime":3230.549,"body":"Yeah."},{"speaker":"Unknown","startTime":3230.58,"endTime":3235.11,"body":"Here's a question about just"},{"speaker":"Unknown","startTime":3230.58,"endTime":3235.11,"body":"just generalities here. Okay, so"},{"speaker":"Unknown","startTime":3235.29,"endTime":3239.31,"body":"multifamily, the term like the"},{"speaker":"Unknown","startTime":3235.29,"endTime":3239.31,"body":"asset class, we're becoming more"},{"speaker":"Unknown","startTime":3239.31,"endTime":3243.45,"body":"and more of a nation of renter's"},{"speaker":"Unknown","startTime":3239.31,"endTime":3243.45,"body":"non negotiable this is"},{"speaker":"Unknown","startTime":3243.45,"endTime":3247.47,"body":"happening. Because not only not"},{"speaker":"Unknown","startTime":3243.45,"endTime":3247.47,"body":"only is this the trend, but now"},{"speaker":"Unknown","startTime":3247.5,"endTime":3252.48,"body":"the hedge funds, the PE groups"},{"speaker":"Unknown","startTime":3247.5,"endTime":3252.48,"body":"are making it a necessity. At"},{"speaker":"Unknown","startTime":3252.48,"endTime":3259.41,"body":"what point do we reach a level"},{"speaker":"Unknown","startTime":3252.48,"endTime":3259.41,"body":"to where we're like, holy shit,"},{"speaker":"Unknown","startTime":3259.41,"endTime":3262.44,"body":"man, we cannot raise these rents"},{"speaker":"Unknown","startTime":3259.41,"endTime":3262.44,"body":"any more than they are"},{"speaker":"Unknown","startTime":3262.44,"endTime":3267.09,"body":"recursion, because these incomes"},{"speaker":"Unknown","startTime":3262.44,"endTime":3267.09,"body":"are not rising with them. And"},{"speaker":"Unknown","startTime":3267.09,"endTime":3272.61,"body":"I'm a landlord myself. And I see"},{"speaker":"Unknown","startTime":3267.09,"endTime":3272.61,"body":"like I get it. And my runs. I'm"},{"speaker":"Unknown","startTime":3272.61,"endTime":3275.85,"body":"gonna raise mine as well for my"},{"speaker":"Unknown","startTime":3272.61,"endTime":3275.85,"body":"six units, but it's just at what"},{"speaker":"Unknown","startTime":3275.85,"endTime":3280.41,"body":"point like their incomes are not"},{"speaker":"Unknown","startTime":3275.85,"endTime":3280.41,"body":"increasing at the rate that they"},{"speaker":"Unknown","startTime":3280.41,"endTime":3285.12,"body":"need to be at least so yes, you"},{"speaker":"Unknown","startTime":3280.41,"endTime":3285.12,"body":"have your California people"},{"speaker":"Unknown","startTime":3285.12,"endTime":3287.49,"body":"coming in. You've got your tech"},{"speaker":"Unknown","startTime":3285.12,"endTime":3287.49,"body":"people coming in. You've got"},{"speaker":"Unknown","startTime":3287.49,"endTime":3291.78,"body":"your high earners are like yeah,"},{"speaker":"Unknown","startTime":3287.49,"endTime":3291.78,"body":"they're putting the money like"},{"speaker":"Unknown","startTime":3291.78,"endTime":3296.16,"body":"40,000 over ask. It's just"},{"speaker":"Unknown","startTime":3291.78,"endTime":3296.16,"body":"bananas. So where does the"},{"speaker":"Unknown","startTime":3296.16,"endTime":3301.71,"body":"cookie crumble we're here with"},{"speaker":"Unknown","startTime":3296.16,"endTime":3301.71,"body":"At what point do we say hey, We"},{"speaker":"Unknown","startTime":3301.71,"endTime":3306.54,"body":"can't really bank on the rent"},{"speaker":"Unknown","startTime":3301.71,"endTime":3306.54,"body":"increasing to get the ROI here"},{"speaker":"Unknown","startTime":3306.69,"endTime":3309.99,"body":"that that is the I don't want to"},{"speaker":"Unknown","startTime":3306.69,"endTime":3309.99,"body":"say the million dollar question."},{"speaker":"Unknown","startTime":3310.2,"endTime":3314.01,"body":"But think of a question in"},{"speaker":"Unknown","startTime":3310.2,"endTime":3314.01,"body":"Tennessee Chick fil A $19 An"},{"speaker":"Unknown","startTime":3314.01,"endTime":3319.56,"body":"hour $19 An hour. At Chick fil"},{"speaker":"Unknown","startTime":3314.01,"endTime":3319.56,"body":"A, when two years ago it was"},{"speaker":"Unknown","startTime":3319.56,"endTime":3322.26,"body":"nine or 10 bucks an hour. So"},{"speaker":"Unknown","startTime":3319.56,"endTime":3322.26,"body":"there's definitely wage"},{"speaker":"Unknown","startTime":3322.26,"endTime":3325.2,"body":"increases. Now you're going to"},{"speaker":"Unknown","startTime":3322.26,"endTime":3325.2,"body":"have to look in each individual"},{"speaker":"Unknown","startTime":3325.2,"endTime":3327.72,"body":"market at what rents are versus"},{"speaker":"Unknown","startTime":3325.2,"endTime":3327.72,"body":"what mortgages are, you gonna"},{"speaker":"Unknown","startTime":3327.72,"endTime":3330.06,"body":"have to look at the"},{"speaker":"Unknown","startTime":3327.72,"endTime":3330.06,"body":"affordability of every market as"},{"speaker":"Unknown","startTime":3330.06,"endTime":3332.25,"body":"that affordability starts"},{"speaker":"Unknown","startTime":3330.06,"endTime":3332.25,"body":"getting out of whack, and you're"},{"speaker":"Unknown","startTime":3332.25,"endTime":3335.28,"body":"looking at deliveries versus"},{"speaker":"Unknown","startTime":3332.25,"endTime":3335.28,"body":"absorptions. So how many assets"},{"speaker":"Unknown","startTime":3335.28,"endTime":3337.68,"body":"are being delivered in a market"},{"speaker":"Unknown","startTime":3335.28,"endTime":3337.68,"body":"and how many being absorbed the"},{"speaker":"Unknown","startTime":3337.68,"endTime":3340.14,"body":"supply and demand? We're"},{"speaker":"Unknown","startTime":3337.68,"endTime":3340.14,"body":"fortunate because in the"},{"speaker":"Unknown","startTime":3340.14,"endTime":3343.05,"body":"southeast, we have a lot of"},{"speaker":"Unknown","startTime":3340.14,"endTime":3343.05,"body":"demand, we have a lot of people"},{"speaker":"Unknown","startTime":3343.05,"endTime":3346.5,"body":"moving Atlanta. So that's why"},{"speaker":"Unknown","startTime":3343.05,"endTime":3346.5,"body":"I'm saying so in Atlanta is"},{"speaker":"Unknown","startTime":3346.5,"endTime":3348.93,"body":"usually a boom or bust market"},{"speaker":"Unknown","startTime":3346.5,"endTime":3348.93,"body":"when you have one or 2%"},{"speaker":"Unknown","startTime":3348.93,"endTime":3351.9,"body":"population, well, that's another"},{"speaker":"Unknown","startTime":3348.93,"endTime":3351.9,"body":"50 or 60,000 people coming in a"},{"speaker":"Unknown","startTime":3351.9,"endTime":3353.82,"body":"year that need housing, are they"},{"speaker":"Unknown","startTime":3351.9,"endTime":3353.82,"body":"building, they're not all"},{"speaker":"Unknown","startTime":3353.82,"endTime":3356.88,"body":"looking for a assets. They're"},{"speaker":"Unknown","startTime":3353.82,"endTime":3356.88,"body":"not building any older assets"},{"speaker":"Unknown","startTime":3356.88,"endTime":3359.55,"body":"are getting older, but there's"},{"speaker":"Unknown","startTime":3356.88,"endTime":3359.55,"body":"not a lot of big supply in that."},{"speaker":"Unknown","startTime":3359.55,"endTime":3362.37,"body":"So it's really important to take"},{"speaker":"Unknown","startTime":3359.55,"endTime":3362.37,"body":"a look at the affordability of"},{"speaker":"Unknown","startTime":3362.37,"endTime":3364.11,"body":"the market. And there's going to"},{"speaker":"Unknown","startTime":3362.37,"endTime":3364.11,"body":"hit they're going to hit a"},{"speaker":"Unknown","startTime":3364.11,"endTime":3366.24,"body":"point. And that's what we're"},{"speaker":"Unknown","startTime":3364.11,"endTime":3366.24,"body":"talking those we're really"},{"speaker":"Unknown","startTime":3366.24,"endTime":3368.76,"body":"talking about recession because"},{"speaker":"Unknown","startTime":3366.24,"endTime":3368.76,"body":"nobody knows what this economy"},{"speaker":"Unknown","startTime":3368.97,"endTime":3372.66,"body":"is anymore. Because when I was"},{"speaker":"Unknown","startTime":3368.97,"endTime":3372.66,"body":"growing up, you're going through"},{"speaker":"Unknown","startTime":3372.66,"endTime":3375.12,"body":"a recession, you can lower"},{"speaker":"Unknown","startTime":3372.66,"endTime":3375.12,"body":"interest rates to spur the"},{"speaker":"Unknown","startTime":3375.12,"endTime":3378.03,"body":"economy. You can't do that. Now,"},{"speaker":"Unknown","startTime":3375.12,"endTime":3378.03,"body":"it doesn't make any sense right"},{"speaker":"Unknown","startTime":3378.03,"endTime":3381.15,"body":"now, usually you have demand,"},{"speaker":"Unknown","startTime":3378.03,"endTime":3381.15,"body":"there's usually supply in the"},{"speaker":"Unknown","startTime":3381.15,"endTime":3384.57,"body":"market. Yeah, a ton of demand"},{"speaker":"Unknown","startTime":3381.15,"endTime":3384.57,"body":"for cars, there's no supply,"},{"speaker":"Unknown","startTime":3384.78,"endTime":3387.84,"body":"when the hell did that ever"},{"speaker":"Unknown","startTime":3384.78,"endTime":3387.84,"body":"happen. So now there's no man,"},{"speaker":"Unknown","startTime":3387.87,"endTime":3390.03,"body":"and there's no supply. So it's"},{"speaker":"Unknown","startTime":3387.87,"endTime":3390.03,"body":"really strange. Now you have"},{"speaker":"Unknown","startTime":3390.03,"endTime":3392.49,"body":"materials that are costing so"},{"speaker":"Unknown","startTime":3390.03,"endTime":3392.49,"body":"much money, and you're trying to"},{"speaker":"Unknown","startTime":3392.49,"endTime":3395.73,"body":"build, and now people are trying"},{"speaker":"Unknown","startTime":3392.49,"endTime":3395.73,"body":"to build and there's no supply"},{"speaker":"Unknown","startTime":3395.73,"endTime":3399.27,"body":"of labor as well. So it's really"},{"speaker":"Unknown","startTime":3395.73,"endTime":3399.27,"body":"everything is so disjointed. So"},{"speaker":"Unknown","startTime":3399.27,"endTime":3402.69,"body":"it's so hard to make these,"},{"speaker":"Unknown","startTime":3399.27,"endTime":3402.69,"body":"these predictions. But inflation"},{"speaker":"Unknown","startTime":3402.69,"endTime":3404.91,"body":"is real. And it's fine. I've"},{"speaker":"Unknown","startTime":3402.69,"endTime":3404.91,"body":"been talking about inflation for"},{"speaker":"Unknown","startTime":3404.91,"endTime":3407.22,"body":"the last 10 years. And I know"},{"speaker":"Unknown","startTime":3404.91,"endTime":3407.22,"body":"there's been a ton no one wants"},{"speaker":"Unknown","startTime":3407.22,"endTime":3409.47,"body":"to report food and energy,"},{"speaker":"Unknown","startTime":3407.22,"endTime":3409.47,"body":"because that's been they don't"},{"speaker":"Unknown","startTime":3409.47,"endTime":3414.03,"body":"report in CPI. But if you really"},{"speaker":"Unknown","startTime":3409.47,"endTime":3414.03,"body":"think about it 20% rent"},{"speaker":"Unknown","startTime":3414.03,"endTime":3420.21,"body":"increases in the last year, his"},{"speaker":"Unknown","startTime":3414.03,"endTime":3420.21,"body":"rents from 350, in 2013, to 995"},{"speaker":"Unknown","startTime":3420.21,"endTime":3424.44,"body":"plus rubs, that's triple in 10"},{"speaker":"Unknown","startTime":3420.21,"endTime":3424.44,"body":"years, that is a huge, and I"},{"speaker":"Unknown","startTime":3424.44,"endTime":3427.35,"body":"know like you said incomes, it"},{"speaker":"Unknown","startTime":3424.44,"endTime":3427.35,"body":"just comes to the point where"},{"speaker":"Unknown","startTime":3427.41,"endTime":3429.39,"body":"the market will take care of"},{"speaker":"Unknown","startTime":3427.41,"endTime":3429.39,"body":"itself, there's gonna come a"},{"speaker":"Unknown","startTime":3429.39,"endTime":3432.09,"body":"point where people can't afford"},{"speaker":"Unknown","startTime":3429.39,"endTime":3432.09,"body":"to pay it anymore, you can't"},{"speaker":"Unknown","startTime":3432.09,"endTime":3434.73,"body":"impoverish the resin base, you"},{"speaker":"Unknown","startTime":3432.09,"endTime":3434.73,"body":"just can't do that. That's what"},{"speaker":"Unknown","startTime":3434.73,"endTime":3438.24,"body":"people want to do, you'll get"},{"speaker":"Unknown","startTime":3434.73,"endTime":3438.24,"body":"pushback, you'll get rent"},{"speaker":"Unknown","startTime":3438.24,"endTime":3440.13,"body":"control, like you have in New"},{"speaker":"Unknown","startTime":3438.24,"endTime":3440.13,"body":"York and California, which will"},{"speaker":"Unknown","startTime":3440.13,"endTime":3443.37,"body":"create an even worse problem."},{"speaker":"Unknown","startTime":3440.13,"endTime":3443.37,"body":"Because you because now all the"},{"speaker":"Unknown","startTime":3443.37,"endTime":3446.55,"body":"deferred maintenance, and all of"},{"speaker":"Unknown","startTime":3443.37,"endTime":3446.55,"body":"that that comes along with that"},{"speaker":"Unknown","startTime":3446.55,"endTime":3448.68,"body":"and the customer service,"},{"speaker":"Unknown","startTime":3446.55,"endTime":3448.68,"body":"because you just can't keep up"},{"speaker":"Unknown","startTime":3448.68,"endTime":3452.55,"body":"the properties. So just we need"},{"speaker":"Unknown","startTime":3448.68,"endTime":3452.55,"body":"to be careful not to not to"},{"speaker":"Unknown","startTime":3452.55,"endTime":3456.51,"body":"impoverish our residents. And"},{"speaker":"Unknown","startTime":3452.55,"endTime":3456.51,"body":"it's just the thing that really"},{"speaker":"Unknown","startTime":3456.54,"endTime":3459.0,"body":"irks me about this whole last"},{"speaker":"Unknown","startTime":3456.54,"endTime":3459.0,"body":"three or four years, people have"},{"speaker":"Unknown","startTime":3459.0,"endTime":3461.34,"body":"made money in real estate, and"},{"speaker":"Unknown","startTime":3459.0,"endTime":3461.34,"body":"they're not operators, they're"},{"speaker":"Unknown","startTime":3461.34,"endTime":3465.93,"body":"just flippers, and especially in"},{"speaker":"Unknown","startTime":3461.34,"endTime":3465.93,"body":"the multifamily space. And when"},{"speaker":"Unknown","startTime":3465.93,"endTime":3469.47,"body":"they need to win, you'll see"},{"speaker":"Unknown","startTime":3465.93,"endTime":3469.47,"body":"when things start cracking, when"},{"speaker":"Unknown","startTime":3469.47,"endTime":3471.6,"body":"these people were flipping these"},{"speaker":"Unknown","startTime":3469.47,"endTime":3471.6,"body":"deals, all of a sudden need to"},{"speaker":"Unknown","startTime":3471.6,"endTime":3474.18,"body":"operate them, that's when the"},{"speaker":"Unknown","startTime":3471.6,"endTime":3474.18,"body":"opportunity is gonna come,"},{"speaker":"Unknown","startTime":3474.24,"endTime":3476.79,"body":"they're gonna have a hot potato,"},{"speaker":"Unknown","startTime":3474.24,"endTime":3476.79,"body":"they're not going to operate"},{"speaker":"Unknown","startTime":3476.79,"endTime":3479.19,"body":"this deal, they're going to crap"},{"speaker":"Unknown","startTime":3476.79,"endTime":3479.19,"body":"it out. And there's going to be"},{"speaker":"Unknown","startTime":3479.19,"endTime":3481.86,"body":"people like Jake and Gino and"},{"speaker":"Unknown","startTime":3479.19,"endTime":3481.86,"body":"other operators out there that"},{"speaker":"Unknown","startTime":3481.86,"endTime":3484.02,"body":"are going to be able to take"},{"speaker":"Unknown","startTime":3481.86,"endTime":3484.02,"body":"this asset over and be able to"},{"speaker":"Unknown","startTime":3484.02,"endTime":3485.91,"body":"run it, I don't know, when"},{"speaker":"Unknown","startTime":3484.02,"endTime":3485.91,"body":"that's gonna happen, it's gonna"},{"speaker":"Unknown","startTime":3485.91,"endTime":3488.91,"body":"happen. It's a market cycle. If"},{"speaker":"Unknown","startTime":3485.91,"endTime":3488.91,"body":"people have short term memories,"},{"speaker":"Unknown","startTime":3488.91,"endTime":3491.82,"body":"there are cycles in the market"},{"speaker":"Unknown","startTime":3488.91,"endTime":3491.82,"body":"and it will happen. You just"},{"speaker":"Unknown","startTime":3491.82,"endTime":3494.19,"body":"need to be prepared. And that's"},{"speaker":"Unknown","startTime":3491.82,"endTime":3494.19,"body":"why the bridge dead is very"},{"speaker":"Unknown","startTime":3494.19,"endTime":3496.44,"body":"challenging for me, because"},{"speaker":"Unknown","startTime":3494.19,"endTime":3496.44,"body":"that's really that's taking on a"},{"speaker":"Unknown","startTime":3496.44,"endTime":3499.02,"body":"lot of risk. You're trying to"},{"speaker":"Unknown","startTime":3496.44,"endTime":3499.02,"body":"time something, when you're"},{"speaker":"Unknown","startTime":3499.02,"endTime":3501.48,"body":"trying to time the market. The"},{"speaker":"Unknown","startTime":3499.02,"endTime":3501.48,"body":"only two times when you worried"},{"speaker":"Unknown","startTime":3501.48,"endTime":3504.6,"body":"about the valuation of your"},{"speaker":"Unknown","startTime":3501.48,"endTime":3504.6,"body":"property is when you buy i When"},{"speaker":"Unknown","startTime":3504.6,"endTime":3507.57,"body":"you sell and when you sell, you"},{"speaker":"Unknown","startTime":3504.6,"endTime":3507.57,"body":"don't care any of the time. And"},{"speaker":"Unknown","startTime":3507.57,"endTime":3509.94,"body":"that's the thing. If you're"},{"speaker":"Unknown","startTime":3507.57,"endTime":3509.94,"body":"trying to time something,"},{"speaker":"Unknown","startTime":3510.09,"endTime":3512.73,"body":"there's more risk, there's"},{"speaker":"Unknown","startTime":3510.09,"endTime":3512.73,"body":"reward, but there's risk so"},{"speaker":"Unknown","startTime":3512.85,"endTime":3515.04,"body":"that's what we're trying to"},{"speaker":"Unknown","startTime":3512.85,"endTime":3515.04,"body":"really shy away from that."},{"speaker":"Unknown","startTime":3515.58,"endTime":3518.46,"body":"What are you doing with your"},{"speaker":"Unknown","startTime":3515.58,"endTime":3518.46,"body":"cash besides first class ticket"},{"speaker":"Unknown","startTime":3518.46,"endTime":3518.64,"body":"stuff"},{"speaker":"Unknown","startTime":3518.64,"endTime":3520.86,"body":"why I'm putting in whole life"},{"speaker":"Unknown","startTime":3518.64,"endTime":3520.86,"body":"lever not I've got a couple"},{"speaker":"Unknown","startTime":3520.86,"endTime":3523.59,"body":"Whole Life policies, I've got"},{"speaker":"Unknown","startTime":3520.86,"endTime":3523.59,"body":"policies for my children. I've"},{"speaker":"Unknown","startTime":3523.59,"endTime":3526.17,"body":"got a policy myself, I've got a"},{"speaker":"Unknown","startTime":3523.59,"endTime":3526.17,"body":"policy for my wife borrow"},{"speaker":"Unknown","startTime":3526.17,"endTime":3528.99,"body":"against it, you can borrow week"},{"speaker":"Unknown","startTime":3526.17,"endTime":3528.99,"body":"all to do last strategy. So we"},{"speaker":"Unknown","startTime":3528.99,"endTime":3531.12,"body":"have a company called 100 year"},{"speaker":"Unknown","startTime":3528.99,"endTime":3531.12,"body":"real estate investor we're do"},{"speaker":"Unknown","startTime":3531.12,"endTime":3534.33,"body":"we're selling whole life to the"},{"speaker":"Unknown","startTime":3531.12,"endTime":3534.33,"body":"real estate investor, because"},{"speaker":"Unknown","startTime":3534.63,"endTime":3536.85,"body":"what's going on in Canada, and I"},{"speaker":"Unknown","startTime":3534.63,"endTime":3536.85,"body":"touched on life insurance"},{"speaker":"Unknown","startTime":3536.85,"endTime":3540.57,"body":"policies that freeze and banks."},{"speaker":"Unknown","startTime":3536.85,"endTime":3540.57,"body":"But everyone needs to remember"},{"speaker":"Unknown","startTime":3540.57,"endTime":3542.76,"body":"that not touch the life"},{"speaker":"Unknown","startTime":3540.57,"endTime":3542.76,"body":"insurance policy, everyone needs"},{"speaker":"Unknown","startTime":3542.76,"endTime":3547.08,"body":"to remember one thing, the laws"},{"speaker":"Unknown","startTime":3542.76,"endTime":3547.08,"body":"are written by the rich for the"},{"speaker":"Unknown","startTime":3547.08,"endTime":3553.92,"body":"rich, also. So for most states,"},{"speaker":"Unknown","startTime":3547.08,"endTime":3553.92,"body":"creditor protection, bankruptcy,"},{"speaker":"Unknown","startTime":3554.04,"endTime":3557.07,"body":"it's all protected against whole"},{"speaker":"Unknown","startTime":3554.04,"endTime":3557.07,"body":"life. I'm not a huge fan of the"},{"speaker":"Unknown","startTime":3557.07,"endTime":3559.71,"body":"President, but I take a look at"},{"speaker":"Unknown","startTime":3557.07,"endTime":3559.71,"body":"how much real life he's gotten"},{"speaker":"Unknown","startTime":3559.71,"endTime":3561.81,"body":"his balance sheet probably got"},{"speaker":"Unknown","startTime":3559.71,"endTime":3561.81,"body":"seven or $8 million. I think of"},{"speaker":"Unknown","startTime":3561.81,"endTime":3564.93,"body":"whole life in its balance sheet,"},{"speaker":"Unknown","startTime":3561.81,"endTime":3564.93,"body":"cash value. Look at the Bank of"},{"speaker":"Unknown","startTime":3564.93,"endTime":3569.16,"body":"America $20 billion plus whole"},{"speaker":"Unknown","startTime":3564.93,"endTime":3569.16,"body":"life versus seven rate for"},{"speaker":"Unknown","startTime":3569.16,"endTime":3572.73,"body":"stocks. I'm just seeing all of"},{"speaker":"Unknown","startTime":3569.16,"endTime":3572.73,"body":"these wealthy institutions want"},{"speaker":"Unknown","startTime":3572.73,"endTime":3575.31,"body":"that tier one capital, it's"},{"speaker":"Unknown","startTime":3572.73,"endTime":3575.31,"body":"really cash management tool."},{"speaker":"Unknown","startTime":3575.34,"endTime":3577.83,"body":"That's what they're utilizing"},{"speaker":"Unknown","startTime":3575.34,"endTime":3577.83,"body":"before it's there. It's safe"},{"speaker":"Unknown","startTime":3577.83,"endTime":3580.65,"body":"capital. Not every dollar needs"},{"speaker":"Unknown","startTime":3577.83,"endTime":3580.65,"body":"to be at risk. So I have that"},{"speaker":"Unknown","startTime":3580.65,"endTime":3582.84,"body":"money in the policy. If I needed"},{"speaker":"Unknown","startTime":3580.65,"endTime":3582.84,"body":"it out. I'll pull it out."},{"speaker":"Unknown","startTime":3583.47,"endTime":3585.93,"body":"Obviously going to pay interest"},{"speaker":"Unknown","startTime":3583.47,"endTime":3585.93,"body":"on it, but I'm still collecting"},{"speaker":"Unknown","startTime":3585.93,"endTime":3588.78,"body":"that interest that's already"},{"speaker":"Unknown","startTime":3585.93,"endTime":3588.78,"body":"getting paid. So it's a wash,"},{"speaker":"Unknown","startTime":3588.99,"endTime":3591.36,"body":"pull the money out, put the"},{"speaker":"Unknown","startTime":3588.99,"endTime":3591.36,"body":"money into a deal, when that"},{"speaker":"Unknown","startTime":3591.36,"endTime":3594.75,"body":"money deal starts making money,"},{"speaker":"Unknown","startTime":3591.36,"endTime":3594.75,"body":"pay back the life insurance."},{"speaker":"Unknown","startTime":3594.96,"endTime":3597.57,"body":"I've got that asset of life"},{"speaker":"Unknown","startTime":3594.96,"endTime":3597.57,"body":"insurance and I've got the real"},{"speaker":"Unknown","startTime":3597.57,"endTime":3599.61,"body":"estate, the doula strategy, Talk"},{"speaker":"Unknown","startTime":3599.67,"endTime":3605.61,"body":"Talk On this you can give us"},{"speaker":"Unknown","startTime":3599.67,"endTime":3605.61,"body":"like a five minute overview"},{"speaker":"Unknown","startTime":3605.61,"endTime":3608.37,"body":"because I want to, but let's go"},{"speaker":"Unknown","startTime":3605.61,"endTime":3608.37,"body":"back to the beach here."},{"speaker":"Unknown","startTime":3608.58,"endTime":3611.1,"body":"know, when I talk about this for"},{"speaker":"Unknown","startTime":3608.58,"endTime":3611.1,"body":"me, it's really the wealthy"},{"speaker":"Unknown","startTime":3611.1,"endTime":3613.44,"body":"mindset, people are gonna say,"},{"speaker":"Unknown","startTime":3611.1,"endTime":3613.44,"body":"hey, buy term invest the"},{"speaker":"Unknown","startTime":3613.44,"endTime":3616.17,"body":"difference, I get that if you're"},{"speaker":"Unknown","startTime":3613.44,"endTime":3616.17,"body":"really young, you need some type"},{"speaker":"Unknown","startTime":3616.17,"endTime":3619.38,"body":"of protection. But buying term"},{"speaker":"Unknown","startTime":3616.17,"endTime":3619.38,"body":"is renting life insurance."},{"speaker":"Unknown","startTime":3619.62,"endTime":3622.56,"body":"Buying whole life is buying life"},{"speaker":"Unknown","startTime":3619.62,"endTime":3622.56,"body":"insurance, it's"},{"speaker":"Unknown","startTime":3622.59,"endTime":3625.5,"body":"um twice, and I have no idea"},{"speaker":"Unknown","startTime":3622.59,"endTime":3625.5,"body":"about any of this that you're"},{"speaker":"Unknown","startTime":3625.5,"endTime":3626.58,"body":"talking about right now. So its"},{"speaker":"Unknown","startTime":3626.58,"endTime":3629.37,"body":"whole life for life, just go to"},{"speaker":"Unknown","startTime":3626.58,"endTime":3629.37,"body":"the dual asset, strategy, calm,"},{"speaker":"Unknown","startTime":3629.37,"endTime":3631.74,"body":"there's more information there."},{"speaker":"Unknown","startTime":3629.37,"endTime":3631.74,"body":"But really, even at your young"},{"speaker":"Unknown","startTime":3631.74,"endTime":3634.14,"body":"age, people gonna say, oh, stay"},{"speaker":"Unknown","startTime":3631.74,"endTime":3634.14,"body":"away from that I got my first"},{"speaker":"Unknown","startTime":3634.14,"endTime":3637.5,"body":"policy 30 years old, I'm 50, I"},{"speaker":"Unknown","startTime":3634.14,"endTime":3637.5,"body":"still got to now the death"},{"speaker":"Unknown","startTime":3637.5,"endTime":3639.81,"body":"benefit is still increasing."},{"speaker":"Unknown","startTime":3637.5,"endTime":3639.81,"body":"That's my protection, that's"},{"speaker":"Unknown","startTime":3639.81,"endTime":3642.06,"body":"going to help me pay for my"},{"speaker":"Unknown","startTime":3639.81,"endTime":3642.06,"body":"state taxes, right, money's"},{"speaker":"Unknown","startTime":3642.06,"endTime":3644.67,"body":"gonna go off. But in the"},{"speaker":"Unknown","startTime":3642.06,"endTime":3644.67,"body":"meanwhile, there's a nice cash"},{"speaker":"Unknown","startTime":3644.67,"endTime":3647.04,"body":"value that's growing there that"},{"speaker":"Unknown","startTime":3644.67,"endTime":3647.04,"body":"I can pull out and I can borrow"},{"speaker":"Unknown","startTime":3647.04,"endTime":3651.27,"body":"and I can utilize it whenever I"},{"speaker":"Unknown","startTime":3647.04,"endTime":3651.27,"body":"want. So for me, it's really"},{"speaker":"Unknown","startTime":3651.33,"endTime":3654.84,"body":"utilizing my living benefits and"},{"speaker":"Unknown","startTime":3651.33,"endTime":3654.84,"body":"my death benefits. And the"},{"speaker":"Unknown","startTime":3654.84,"endTime":3657.3,"body":"younger you are obviously the"},{"speaker":"Unknown","startTime":3654.84,"endTime":3657.3,"body":"way life insurance works."},{"speaker":"Unknown","startTime":3657.63,"endTime":3659.94,"body":"Premiums are going to be a lot"},{"speaker":"Unknown","startTime":3657.63,"endTime":3659.94,"body":"cheaper because you're healthy,"},{"speaker":"Unknown","startTime":3660.03,"endTime":3661.8,"body":"and your mortality rates, you're"},{"speaker":"Unknown","startTime":3660.03,"endTime":3661.8,"body":"probably going to your"},{"speaker":"Unknown","startTime":3661.8,"endTime":3664.59,"body":"generations probably live to be"},{"speaker":"Unknown","startTime":3661.8,"endTime":3664.59,"body":"90 years old average rate. So"},{"speaker":"Unknown","startTime":3664.71,"endTime":3665.94,"body":"you can imagine mortality."},{"speaker":"Unknown","startTime":3666.12,"endTime":3670.08,"body":"I'm gonna live to 150. Man, I'm"},{"speaker":"Unknown","startTime":3666.12,"endTime":3670.08,"body":"on my wagon to David Sinclair"},{"speaker":"Unknown","startTime":3670.08,"endTime":3670.56,"body":"already."},{"speaker":"Unknown","startTime":3672.24,"endTime":3675.48,"body":"That's the power and the power"},{"speaker":"Unknown","startTime":3672.24,"endTime":3675.48,"body":"is the opportunity costs. Stay"},{"speaker":"Unknown","startTime":3675.48,"endTime":3677.04,"body":"away from 401 K's everybody,"},{"speaker":"Unknown","startTime":3675.48,"endTime":3677.04,"body":"that's,"},{"speaker":"Unknown","startTime":3678.0,"endTime":3680.43,"body":"that's gonna come on about that."},{"speaker":"Unknown","startTime":3680.49,"endTime":3682.95,"body":"Yeah, that's a contract with the"},{"speaker":"Unknown","startTime":3680.49,"endTime":3682.95,"body":"government. Yeah, it's a"},{"speaker":"Unknown","startTime":3682.95,"endTime":3684.69,"body":"contract with the government,"},{"speaker":"Unknown","startTime":3682.95,"endTime":3684.69,"body":"they can change the rules"},{"speaker":"Unknown","startTime":3684.69,"endTime":3687.3,"body":"whenever they want, when it's"},{"speaker":"Unknown","startTime":3684.69,"endTime":3687.3,"body":"tax deferred. So when you"},{"speaker":"Unknown","startTime":3687.3,"endTime":3690.48,"body":"retire, you've got $3 million in"},{"speaker":"Unknown","startTime":3687.3,"endTime":3690.48,"body":"there, 30% of that's gone to"},{"speaker":"Unknown","startTime":3690.48,"endTime":3693.06,"body":"taxes when you start pulling"},{"speaker":"Unknown","startTime":3690.48,"endTime":3693.06,"body":"money out. And it's something"},{"speaker":"Unknown","startTime":3693.06,"endTime":3695.04,"body":"where there's a vehicle where"},{"speaker":"Unknown","startTime":3693.06,"endTime":3695.04,"body":"you're probably earning three to"},{"speaker":"Unknown","startTime":3695.04,"endTime":3697.5,"body":"4% a year, if you're going to be"},{"speaker":"Unknown","startTime":3695.04,"endTime":3697.5,"body":"honest with yourself, once you"},{"speaker":"Unknown","startTime":3697.5,"endTime":3700.71,"body":"take away once you take away all"},{"speaker":"Unknown","startTime":3697.5,"endTime":3700.71,"body":"the fees and all the other crap."},{"speaker":"Unknown","startTime":3700.92,"endTime":3703.02,"body":"And it's something where you're"},{"speaker":"Unknown","startTime":3700.92,"endTime":3703.02,"body":"sitting there and there's no"},{"speaker":"Unknown","startTime":3703.02,"endTime":3705.39,"body":"opportunity costs, if you've got"},{"speaker":"Unknown","startTime":3703.02,"endTime":3705.39,"body":"a deal that comes around, you"},{"speaker":"Unknown","startTime":3705.39,"endTime":3707.79,"body":"can't touch that money in there,"},{"speaker":"Unknown","startTime":3705.39,"endTime":3707.79,"body":"you've got to pull it out. I"},{"speaker":"Unknown","startTime":3707.79,"endTime":3712.65,"body":"blew my 401k if I paid the 10%"},{"speaker":"Unknown","startTime":3707.79,"endTime":3712.65,"body":"penalty, yeah, caustic wiped out"},{"speaker":"Unknown","startTime":3712.65,"endTime":3715.86,"body":"my taxes, I needed to do that. I"},{"speaker":"Unknown","startTime":3712.65,"endTime":3715.86,"body":"wouldn't recommend everybody to"},{"speaker":"Unknown","startTime":3715.86,"endTime":3718.56,"body":"do that talk with a financial"},{"speaker":"Unknown","startTime":3715.86,"endTime":3718.56,"body":"advisor. I didn't ask one"},{"speaker":"Unknown","startTime":3718.56,"endTime":3720.66,"body":"because I knew that's what I"},{"speaker":"Unknown","startTime":3718.56,"endTime":3720.66,"body":"needed to do that deals paid me"},{"speaker":"Unknown","startTime":3720.66,"endTime":3725.19,"body":"50 times over. And from what I"},{"speaker":"Unknown","startTime":3720.66,"endTime":3725.19,"body":"pulled out, but I hate 401k. So"},{"speaker":"Unknown","startTime":3725.22,"endTime":3727.26,"body":"it's not really investing,"},{"speaker":"Unknown","startTime":3725.22,"endTime":3727.26,"body":"you're giving your money over to"},{"speaker":"Unknown","startTime":3727.26,"endTime":3729.42,"body":"a mutual fund company, they"},{"speaker":"Unknown","startTime":3727.26,"endTime":3729.42,"body":"diversify your money into"},{"speaker":"Unknown","startTime":3729.42,"endTime":3731.58,"body":"different mutual funds that own"},{"speaker":"Unknown","startTime":3729.42,"endTime":3731.58,"body":"the same stock. So what kind of"},{"speaker":"Unknown","startTime":3731.58,"endTime":3734.34,"body":"diversification is that? I want"},{"speaker":"Unknown","startTime":3731.58,"endTime":3734.34,"body":"control my money. I want to be"},{"speaker":"Unknown","startTime":3734.34,"endTime":3736.05,"body":"able to control and have the"},{"speaker":"Unknown","startTime":3734.34,"endTime":3736.05,"body":"opportunity cost."},{"speaker":"Unknown","startTime":3736.169,"endTime":3739.439,"body":"Yeah, once you don't realize how"},{"speaker":"Unknown","startTime":3736.169,"endTime":3739.439,"body":"dumb 401k czar until you try to"},{"speaker":"Unknown","startTime":3739.439,"endTime":3742.109,"body":"pull money out of one you"},{"speaker":"Unknown","startTime":3739.439,"endTime":3742.109,"body":"realize how freaking impossible"},{"speaker":"Unknown","startTime":3742.109,"endTime":3745.259,"body":"it is. Yeah, so I'm gonna have a"},{"speaker":"Unknown","startTime":3742.109,"endTime":3745.259,"body":"human moment here. And I'm gonna"},{"speaker":"Unknown","startTime":3745.259,"endTime":3749.969,"body":"say, Yeah, I pulled 3035 37,000"},{"speaker":"Unknown","startTime":3745.259,"endTime":3749.969,"body":"Out of my like, it was like 60"},{"speaker":"Unknown","startTime":3749.969,"endTime":3752.339,"body":"So you obviously have the taxes"},{"speaker":"Unknown","startTime":3749.969,"endTime":3752.339,"body":"and everything that get withheld"},{"speaker":"Unknown","startTime":3752.339,"endTime":3755.399,"body":"from in the 10% penalty. I was"},{"speaker":"Unknown","startTime":3752.339,"endTime":3755.399,"body":"like, Okay, I'm gonna eat it"},{"speaker":"Unknown","startTime":3755.399,"endTime":3757.529,"body":"because I was gonna buy a"},{"speaker":"Unknown","startTime":3755.399,"endTime":3757.529,"body":"laundromat. And then I'm like,"},{"speaker":"Unknown","startTime":3757.649,"endTime":3760.049,"body":"Wow, I'm by waiting to buy a"},{"speaker":"Unknown","startTime":3757.649,"endTime":3760.049,"body":"laundromat. I'm gonna throw this"},{"speaker":"Unknown","startTime":3760.049,"endTime":3764.129,"body":"into a couple stocks and crypto"},{"speaker":"Unknown","startTime":3760.049,"endTime":3764.129,"body":"lost it all. Whatever. I'm"},{"speaker":"Unknown","startTime":3764.129,"endTime":3768.119,"body":"human. We're all human. I'm"},{"speaker":"Unknown","startTime":3764.129,"endTime":3768.119,"body":"still kicking my neck this year."},{"speaker":"Unknown","startTime":3768.419,"endTime":3771.989,"body":"But hey, you know what, I've got"},{"speaker":"Unknown","startTime":3768.419,"endTime":3771.989,"body":"$3,000 to write off on my taxes"},{"speaker":"Unknown","startTime":3771.989,"endTime":3777.479,"body":"and losses for the next 10"},{"speaker":"Unknown","startTime":3771.989,"endTime":3777.479,"body":"years. And so whatever, half"},{"speaker":"Unknown","startTime":3777.479,"endTime":3781.139,"body":"full, that's it. But that's but"},{"speaker":"Unknown","startTime":3777.479,"endTime":3781.139,"body":"that goes back to how we began"},{"speaker":"Unknown","startTime":3781.139,"endTime":3785.369,"body":"this conversation. I'm not"},{"speaker":"Unknown","startTime":3781.139,"endTime":3785.369,"body":"emotionally attached to money. I"},{"speaker":"Unknown","startTime":3785.369,"endTime":3787.679,"body":"don't lose sleep over that,"},{"speaker":"Unknown","startTime":3785.369,"endTime":3787.679,"body":"because I've got money coming"},{"speaker":"Unknown","startTime":3787.679,"endTime":3790.739,"body":"in. And then it's just about"},{"speaker":"Unknown","startTime":3787.679,"endTime":3790.739,"body":"developing income sources,"},{"speaker":"Unknown","startTime":3790.739,"endTime":3793.919,"body":"planting trees, managing"},{"speaker":"Unknown","startTime":3790.739,"endTime":3793.919,"body":"orchards and then having your"},{"speaker":"Unknown","startTime":3793.979,"endTime":3796.739,"body":"what was it? Oh, man, now it's"},{"speaker":"Unknown","startTime":3793.979,"endTime":3796.739,"body":"escaping me. It's for the"},{"speaker":"Unknown","startTime":3796.739,"endTime":3801.509,"body":"mentorship, pay to play. Seek"},{"speaker":"Unknown","startTime":3796.739,"endTime":3801.509,"body":"this sequencer. Yes, sir. It"},{"speaker":"Unknown","startTime":3801.509,"endTime":3805.049,"body":"plays seek to serve. Yeah."},{"speaker":"Unknown","startTime":3801.509,"endTime":3805.049,"body":"That's all fantastic. Yeah. So"},{"speaker":"Unknown","startTime":3805.289,"endTime":3807.629,"body":"at this point, yeah, to let you"},{"speaker":"Unknown","startTime":3805.289,"endTime":3807.629,"body":"go back to your family got rid"},{"speaker":"Unknown","startTime":3807.629,"endTime":3810.329,"body":"of the beach or with your"},{"speaker":"Unknown","startTime":3807.629,"endTime":3810.329,"body":"family. This has been absolutely"},{"speaker":"Unknown","startTime":3810.329,"endTime":3813.749,"body":"fantastic. And now drop the"},{"speaker":"Unknown","startTime":3810.329,"endTime":3813.749,"body":"website again, for the life"},{"speaker":"Unknown","startTime":3813.749,"endTime":3814.619,"body":"insurance information."},{"speaker":"Unknown","startTime":3814.74,"endTime":3818.91,"body":"Oh, just go to dual asset"},{"speaker":"Unknown","startTime":3814.74,"endTime":3818.91,"body":"strategy.com Or it's the 100"},{"speaker":"Unknown","startTime":3818.91,"endTime":3822.12,"body":"year rei.com really is a long"},{"speaker":"Unknown","startTime":3818.91,"endTime":3822.12,"body":"term mindset. This is not for"},{"speaker":"Unknown","startTime":3822.12,"endTime":3824.46,"body":"somebody who wants to get rich"},{"speaker":"Unknown","startTime":3822.12,"endTime":3824.46,"body":"overnight and get make a few"},{"speaker":"Unknown","startTime":3824.46,"endTime":3827.31,"body":"bucks. This really is long"},{"speaker":"Unknown","startTime":3824.46,"endTime":3827.31,"body":"termism. It's all about planning"},{"speaker":"Unknown","startTime":3827.31,"endTime":3829.71,"body":"for the long term. That's what"},{"speaker":"Unknown","startTime":3827.31,"endTime":3829.71,"body":"multifamily is all about. It's"},{"speaker":"Unknown","startTime":3829.71,"endTime":3832.2,"body":"about becoming an entrepreneur"},{"speaker":"Unknown","startTime":3829.71,"endTime":3832.2,"body":"and about creating those other"},{"speaker":"Unknown","startTime":3832.2,"endTime":3835.98,"body":"systems. You're that whole life"},{"speaker":"Unknown","startTime":3832.2,"endTime":3835.98,"body":"insurance, you are planting"},{"speaker":"Unknown","startTime":3836.22,"endTime":3839.34,"body":"trees and you're managing or I"},{"speaker":"Unknown","startTime":3836.22,"endTime":3839.34,"body":"love that do you which each"},{"speaker":"Unknown","startTime":3839.34,"endTime":3842.43,"body":"policy you have, you're planting"},{"speaker":"Unknown","startTime":3839.34,"endTime":3842.43,"body":"that one tree and over time they"},{"speaker":"Unknown","startTime":3842.43,"endTime":3844.95,"body":"continue to grow and continue to"},{"speaker":"Unknown","startTime":3842.43,"endTime":3844.95,"body":"grow. So it's an awesome"},{"speaker":"Unknown","startTime":3844.95,"endTime":3846.96,"body":"strategy for the long term."},{"speaker":"Unknown","startTime":3846.99,"endTime":3851.67,"body":"I just hate having I hate having"},{"speaker":"Unknown","startTime":3846.99,"endTime":3851.67,"body":"cash. Yes. So I've got a lot."},{"speaker":"Unknown","startTime":3851.73,"endTime":3854.91,"body":"I'm sitting on some cash right"},{"speaker":"Unknown","startTime":3851.73,"endTime":3854.91,"body":"now. So I wouldn't refer while"},{"speaker":"Unknown","startTime":3854.91,"endTime":3857.79,"body":"I'm sitting on that to have that"},{"speaker":"Unknown","startTime":3854.91,"endTime":3857.79,"body":"somewhere to where it's gaining"},{"speaker":"Unknown","startTime":3857.79,"endTime":3861.87,"body":"interest is growing, but I can"},{"speaker":"Unknown","startTime":3857.79,"endTime":3861.87,"body":"also it's it's liquid. I want"},{"speaker":"Unknown","startTime":3861.87,"endTime":3866.94,"body":"this to be liquid 401k is not"},{"speaker":"Unknown","startTime":3861.87,"endTime":3866.94,"body":"liquid at all. No. Yep. So as we"},{"speaker":"Unknown","startTime":3866.94,"endTime":3869.85,"body":"finished up, where can people"},{"speaker":"Unknown","startTime":3866.94,"endTime":3869.85,"body":"find you?"},{"speaker":"Unknown","startTime":3869.97,"endTime":3872.55,"body":"Oh, just go to Google. Yeah,"},{"speaker":"Unknown","startTime":3869.97,"endTime":3872.55,"body":"just know just go to Jake and"},{"speaker":"Unknown","startTime":3872.55,"endTime":3875.76,"body":"Gino calm. We've got the shows."},{"speaker":"Unknown","startTime":3872.55,"endTime":3875.76,"body":"If you're out there, you're"},{"speaker":"Unknown","startTime":3875.76,"endTime":3878.76,"body":"married. You're looking for"},{"speaker":"Unknown","startTime":3875.76,"endTime":3878.76,"body":"showing communication, spousal"},{"speaker":"Unknown","startTime":3878.76,"endTime":3882.24,"body":"support, how to work with your"},{"speaker":"Unknown","startTime":3878.76,"endTime":3882.24,"body":"spouse. We've interviewed Dr."},{"speaker":"Unknown","startTime":3882.27,"endTime":3885.63,"body":"Gary Chapman, The Five Love"},{"speaker":"Unknown","startTime":3882.27,"endTime":3885.63,"body":"Languages. I love podcasting"},{"speaker":"Unknown","startTime":3885.63,"endTime":3888.81,"body":"like you. It's a medium just to"},{"speaker":"Unknown","startTime":3885.63,"endTime":3888.81,"body":"describe express yourself. Have"},{"speaker":"Unknown","startTime":3888.81,"endTime":3892.23,"body":"some fun, enjoy entertaining,"},{"speaker":"Unknown","startTime":3888.81,"endTime":3892.23,"body":"meet great people. Be"},{"speaker":"Unknown","startTime":3892.23,"endTime":3895.05,"body":"vulnerable, be transparent and"},{"speaker":"Unknown","startTime":3892.23,"endTime":3895.05,"body":"learn a lot from the process."},{"speaker":"Unknown","startTime":3895.14,"endTime":3897.36,"body":"Just go to Jake and Gino comm."},{"speaker":"Unknown","startTime":3895.14,"endTime":3897.36,"body":"You can check out all our"},{"speaker":"Unknown","startTime":3897.36,"endTime":3898.32,"body":"podcasts there as well."},{"speaker":"Unknown","startTime":3898.98,"endTime":3902.01,"body":"Perfect last question. What is"},{"speaker":"Unknown","startTime":3898.98,"endTime":3902.01,"body":"one thing that you're really"},{"speaker":"Unknown","startTime":3902.01,"endTime":3904.32,"body":"proud of in your life or"},{"speaker":"Unknown","startTime":3902.01,"endTime":3904.32,"body":"business that a lot of people"},{"speaker":"Unknown","startTime":3904.32,"endTime":3905.07,"body":"don't know about you"},{"speaker":"Unknown","startTime":3909.3,"endTime":3912.18,"body":"not really a proud person to be"},{"speaker":"Unknown","startTime":3909.3,"endTime":3912.18,"body":"honest with you. I'm proud that"},{"speaker":"Unknown","startTime":3912.27,"endTime":3916.74,"body":"I was actually able to start"},{"speaker":"Unknown","startTime":3912.27,"endTime":3916.74,"body":"Jake and Gino and not be afraid"},{"speaker":"Unknown","startTime":3917.07,"endTime":3920.73,"body":"of other people taking deals"},{"speaker":"Unknown","startTime":3917.07,"endTime":3920.73,"body":"from us that scarcity mindset,"},{"speaker":"Unknown","startTime":3920.76,"endTime":3924.15,"body":"it took a long time to overcome."},{"speaker":"Unknown","startTime":3920.76,"endTime":3924.15,"body":"Well, if I start this education,"},{"speaker":"Unknown","startTime":3924.15,"endTime":3925.83,"body":"everyone's gonna go out there"},{"speaker":"Unknown","startTime":3924.15,"endTime":3925.83,"body":"and we're going to deals and I'm"},{"speaker":"Unknown","startTime":3925.83,"endTime":3927.75,"body":"not going to find any deals"},{"speaker":"Unknown","startTime":3925.83,"endTime":3927.75,"body":"myself. I'm teaching everyone"},{"speaker":"Unknown","startTime":3927.75,"endTime":3931.02,"body":"the secrets. And that's what a"},{"speaker":"Unknown","startTime":3927.75,"endTime":3931.02,"body":"scarcity mindset allows you to"},{"speaker":"Unknown","startTime":3931.02,"endTime":3935.25,"body":"do. Whereas the abundance"},{"speaker":"Unknown","startTime":3931.02,"endTime":3935.25,"body":"mindset is on the pockets right"},{"speaker":"Unknown","startTime":3935.25,"endTime":3938.1,"body":"now, Brian because of Jake and"},{"speaker":"Unknown","startTime":3935.25,"endTime":3938.1,"body":"Gino, I just spoke to all these"},{"speaker":"Unknown","startTime":3938.1,"endTime":3941.49,"body":"amazing people because of this"},{"speaker":"Unknown","startTime":3938.1,"endTime":3941.49,"body":"and partnered up with students"},{"speaker":"Unknown","startTime":3941.52,"endTime":3943.92,"body":"on one or two deals because of"},{"speaker":"Unknown","startTime":3941.52,"endTime":3943.92,"body":"Jake and Gino. I'm learning"},{"speaker":"Unknown","startTime":3943.92,"endTime":3946.41,"body":"everyday because of Jake and"},{"speaker":"Unknown","startTime":3943.92,"endTime":3946.41,"body":"Gino. So just catch yourself"},{"speaker":"Unknown","startTime":3946.41,"endTime":3949.32,"body":"when you're going into that gap"},{"speaker":"Unknown","startTime":3946.41,"endTime":3949.32,"body":"or that scarcity mindset and ask"},{"speaker":"Unknown","startTime":3949.32,"endTime":3951.63,"body":"yourself where's the abundance"},{"speaker":"Unknown","startTime":3949.32,"endTime":3951.63,"body":"or the gain mindset?"},{"speaker":"Unknown","startTime":3952.44,"endTime":3956.55,"body":"Yep, yep. And then every single"},{"speaker":"Unknown","startTime":3952.44,"endTime":3956.55,"body":"time that I think about the"},{"speaker":"Unknown","startTime":3956.64,"endTime":3959.7,"body":"analogy of filling up your cup"},{"speaker":"Unknown","startTime":3956.64,"endTime":3959.7,"body":"to pour into others, one of my"},{"speaker":"Unknown","startTime":3959.7,"endTime":3963.06,"body":"buddies DJ savoy's said you cut"},{"speaker":"Unknown","startTime":3959.7,"endTime":3963.06,"body":"the bottom off the cup, so"},{"speaker":"Unknown","startTime":3963.06,"endTime":3966.03,"body":"anything that gets poured into"},{"speaker":"Unknown","startTime":3963.06,"endTime":3966.03,"body":"you flows through you and out to"},{"speaker":"Unknown","startTime":3966.03,"endTime":3969.63,"body":"others. Yeah, so then never"},{"speaker":"Unknown","startTime":3966.03,"endTime":3969.63,"body":"stops. So the picture of life"},{"speaker":"Unknown","startTime":3969.63,"endTime":3973.11,"body":"God, the universe pours into"},{"speaker":"Unknown","startTime":3969.63,"endTime":3973.11,"body":"you. Yeah, and it's gonna pour"},{"speaker":"Unknown","startTime":3973.11,"endTime":3975.9,"body":"into you 10 times out of 10 more"},{"speaker":"Unknown","startTime":3973.11,"endTime":3975.9,"body":"than it's gonna pour into the"},{"speaker":"Unknown","startTime":3975.9,"endTime":3978.48,"body":"person next to you. That's gonna"},{"speaker":"Unknown","startTime":3975.9,"endTime":3978.48,"body":"hold it all to the chest. Yeah,"},{"speaker":"Unknown","startTime":3978.54,"endTime":3982.74,"body":"that's all I love it with that,"},{"speaker":"Unknown","startTime":3978.54,"endTime":3982.74,"body":"my friend. I will let you get"},{"speaker":"Unknown","startTime":3982.92,"endTime":3988.08,"body":"out to tan on the beach with"},{"speaker":"Unknown","startTime":3982.92,"endTime":3988.08,"body":"your kids and your family. And I"},{"speaker":"Unknown","startTime":3988.08,"endTime":3992.58,"body":"am going to go head over to the"},{"speaker":"Unknown","startTime":3988.08,"endTime":3992.58,"body":"gym so I can live to be 150. So"},{"speaker":"Unknown","startTime":3992.97,"endTime":3997.38,"body":"thank you my friend. This is"},{"speaker":"Unknown","startTime":3992.97,"endTime":3997.38,"body":"Brian and Jake and Gino have"},{"speaker":"Unknown","startTime":3997.38,"endTime":3999.9,"body":"Jake and Gino. Sorry, Jake."},{"speaker":"Unknown","startTime":3997.38,"endTime":3999.9,"body":"You'll come on the podcast you"},{"speaker":"Unknown","startTime":3999.9,"endTime":4004.52,"body":"buddy. It's not your time. not"},{"speaker":"Unknown","startTime":3999.9,"endTime":4004.52,"body":"your time yet. Gino? Signing"},{"speaker":"Unknown","startTime":4004.52,"endTime":4006.02,"body":"off. Take care."},{"speaker":"Unknown","startTime":4007.04,"endTime":4011.18,"body":"You've been listening to the"},{"speaker":"Unknown","startTime":4007.04,"endTime":4011.18,"body":"action Academy podcast helping"},{"speaker":"Unknown","startTime":4011.18,"endTime":4015.95,"body":"you to choose what you want with"},{"speaker":"Unknown","startTime":4011.18,"endTime":4015.95,"body":"who you want. When you want."},{"speaker":"Unknown","startTime":4016.01,"endTime":4018.26,"body":"You've been given the gift of"},{"speaker":"Unknown","startTime":4016.01,"endTime":4018.26,"body":"freedom. Don't turn your back on"},{"speaker":"Unknown","startTime":4018.26,"endTime":4022.22,"body":"that. We hope you've enjoyed the"},{"speaker":"Unknown","startTime":4018.26,"endTime":4022.22,"body":"show. And we hope you've gotten"},{"speaker":"Unknown","startTime":4022.22,"endTime":4025.76,"body":"some practical and useful"},{"speaker":"Unknown","startTime":4022.22,"endTime":4025.76,"body":"information make sure to like"},{"speaker":"Unknown","startTime":4025.79,"endTime":4028.88,"body":"rate and review the show. We'll"},{"speaker":"Unknown","startTime":4025.79,"endTime":4028.88,"body":"be back soon. But in the"},{"speaker":"Unknown","startTime":4028.88,"endTime":4032.87,"body":"meantime, hook up with us on"},{"speaker":"Unknown","startTime":4028.88,"endTime":4032.87,"body":"social media. Remember financial"},{"speaker":"Unknown","startTime":4032.87,"endTime":4037.46,"body":"independence is freedom. Red"},{"speaker":"Unknown","startTime":4032.87,"endTime":4037.46,"body":"flag the freedom fly"}]}