High Producing Real Estate Agent Discusses Current Market Status

Special Guest:
Anthony LaGalbo

If you are an ANTI-'WOKE' curious person who loves freedom, entrepreneurship, success, and the opportunities available from free-market capitalism, then you'll love our show. We approach these topics with passion and a strong conservative point of view with the infusion of history. Nick is a TWICE self-made millionaire entrepreneur, author, and speaker (started at age 19) who built a real estate investing business primarily focused on flipping homes and buying commercial properties. He is extremely passionate about all of the topics on the show and he will convey ideas and current trending topics through his unique 'free market entrepreneur' perspective….The show is a similar format to Patrick Bet David, Joe Rogan, Robert Kiyosaki, Tim Ferris, Gary Vee, etc.

Transcript

[nick]: 0:00

Welcome back, Everyone to another episode of Alpha Uncut. This is the podcast for the Anti Woke. We all know what Woke means We are anti, we are anti, we love our country. we love entrepreneurship, business and free markets, we love capitalism. Okay, we love the opportunities that capitalism provides not just in America but other places around the world, So every every week I ens the show a little differently, but I think that pretty much sums it up. Anti woke capitalist entrepreneurs who love A, and you know with the output of the show what people get from it is hammering home those ideas. and um, you know, taking away some some learning, so we kind of have a revamp. This is probably the fifth or sixth episode into a revamp. By the way, our friend Joe Rans, He's not here today. He is on the way to Florida on a beautiful family vacation, and I think he's going to miss next week too, although next week he says he should call in which we he might do Okay. But this episode's going to be a little more business related, a little more real estate related. A couple of other shows. We kind of go off on different tangents about what's going on. We have a common sense viewpoint. Okay, our goal is to look at the world through common sense, whether it's business economics, Um, the free markets, the government, what's happening in our world? and Um, we're just having fun. And and you get a lot out of this one again. If you really love business, entrepreneurship, success and real estate. This, this uh episode is going to dive more into that, so we got our boy deno. Okay, king out, King Alpha over here. we love him and we have a new special guest, our friend Tony Lacgalbo from the Galbo Real estate. Now he owns a local real estate company. Um, and he's a killer and he's been doing this a long time, and we are going to get a quick back story in a minute. On how you got started. We anyone knew where it was? like Hey, where'd you come from? But good to see it, Tony. We got a donny for Joe to Han for joy than care. I' monored to be on the show. Yeah, No, it's a pleasure. so um, we're going to talk real estate. Okay, um, ▁l Pe. A lot of people know my bra background with flipping homes. Okay, I flipped. I don't know hundreds of homes bought and sold. I do commercial property, Et cetera You're on a diff. You do some investment, but you specialize in a lot of. Um. You know real estate in the South Eastast and Wisconsin area, Would you say South Eastn, Wisconsins, Where'? you? mainly south East Wisconsin, Cryo. So's Agbo real estate, and by the way, will probably link to your company in Uh, in the The notes in the Youtube videos. Just so people. if they want to pursue it further, Um with any questions or whatever? Perfect. How did you start in real estate? Let's go. Let's go with the quick back story. Um, I started in real estate back in nineteen ninety four. Uh, this is pre, Internet. Yeah, um, what really got me into it is, Um, prior to G getting into real estate, I was managing a health club and I really like the fact of Uh running a business And but, although I wanted to uh, figure out something that I could run my own business, other than working for somebody else, And so back in Uh, nineteen ninety four, I, uh, went and got my real estate license studied for that, got it, and Um joined a company and went forward from that point on and I really liked it because of the fact. That again, when you're working, whether in real estate, you're working. Uh, y, you basically develop your own client base, and you're not giving any clients you're out there making and happen every day. you what you kill, you eat what you kill, which is exciting. It's very exciting. eyes that are weired like us, right, thrive off of that environment right right right, I uh it, you either sink or swim, And and uh, that's the beauty of it waking up every day knowing you know what Noman's pushing me to do this, I'm not punching the clock. Yeah, and I do like that. I like not punching the clock. I like. uh, setting my own schedule, And so I really wanted to make it work for myself. Yeah, and setting your own schedule. This guy's at the gym twenty hours a day. every time I blank. he's in the gym. I don't know how he does it. I have a trainer. Okay, I have a personal trainer. I swear to God if I'm if I'm walking in the gym, I have different hours with my trainer. He's friaking there. I talk about every time I see you. I. I comment to Mike. trainer about you, I'm a. What is this guy? How does he do it? Some of you listening. You go to the gym on your own and you train if I'm not paying a guy to say. Where's Nick? I don't walk in right, and I know that about myself. Although I've been doing it for a year now, and I think I'm going to spread my wings and I've been talking about migrating out of that, but I appli. I, obviously, I applaud you for what you're doing in your business, but on a side note, I swear to God, you don't even realize how much like whenever I see, I'm like this fricking guy. Look how does he? How does he do it? And my trainer obviously comes in on it like you guys are second nature to you guys. But for a guy like me, I literally don't know how you walk into the gym on your own and work out. it's crazy You take it. so for granted me, on the other hand, I'm like it blows my mind well. Well, seriously, what's interesting is that Um for me working out helps clear my head. Yeah, yeah, and so it's really it's It's also from a business perspective to say, I got to have my time to go in and clear my head. work out in a lot of times. I work through deals in my head while I'm working out. Yeah, I don't bring my phone in, so I'm not logging and and texting and and so forth, That's my time. smart, and um, and I'm refreshed after I do it, and now I, you know I'm ready to kick it when I'm done. Yeah, and so I feel like that's how I start my day and I, that's I do work out in the morning. so that's daily. My. Yes, that's my routine. How many years have you been doing this day of work? Coing? I, honestly, since uh, senior year in high school, Well there go Nick. I mean, don't feel better to get in the ball rolling right. Get the w. I am and I'll stay that well when a hundred and forty is when it all started for me where I was like, Wait a minute. I gotta figure this out. Hm. I've been a doll boy for twenty years. Oh, oh boy, that is that money or Fleb. Actually, both. I put it that way. I guess I head both'. No, seriously, though like I never was like obese, right, but like on paper I probably was. I was frigging two, Oh five and I'm five. I wait two, five, a five, ten, and I was just like I'm forty now last year now I'm forty one. I and I went to this doctor. I went to the soilistic, doctor. Chile was laughing at me that one time he did some kind of test. This isn't your average doctor. This is the dud that you spit in the cup. You do all the the tests stool sample. ▁'reine spit. He can measure your quarder all levels in the morning. your uh, your saraton in levels, Your doping all the stuff Okay, And he did this one test that said I have an eighty eight percent. It's it's funny to say he said I have an eighty eight percent chance of living another decade. Well, no bullshit. No, uh, it from my heart right and I don't even know why I'm laughing. It just sounds funny. but basically I had a twelve percent chance of dying in the next ten yearss. right? How accurate is that? I don't know, but that was like. Whoa. I got kids. Yep, you know what I mean, I, I hear you, but its it woke me up and again. I. That's when I was like. I'm going to pay a trainer. The end it's happening. Mhm, there's no shi. I mean there's no shame in why I know that's how I'm I'm disciplined. I tell people I'm disciplined in a lot of areas. a lot of shit. I do. People like how do you do all that right? But when it comes to this workout thing, I just knew I had to pay someone to do it to help me. Well, what's going to happen is what you're doing is your' setting pace for being able to do it on your own. Yeah, so this is. this is setting you up, cheering you up for that. And um, it's It's great that you made the move to do it. Yeah, it's never too late. Yeah, right, you're at a perfect spot. Yeah, and you've already got the drive Now you just plug in. I know, and in like you know. one thing my trainer said on a side note, cause I'm like an all or nothing guy, so I feel like if I'm not doing the Beast of the Beast workout, I cheated that day and he's like. No, you know, some days you feel like shit and some days you didn't like like I'd come in. He always asked the first thing you asked me how you feeling and I'm always like good. He's like. No. No, please stop that. you have to tell me legit how you feel right. if you only got four hours of sleep. You know if you were up too late or Y the wrong thing the day before, tell me, because I will modify the workout accordingly right, and we will do weaker stuff And that made me feel better because I feel like if I'm walking to the gym, it's got to be smote or I cheatated, And he's like Dude, the best of the best and he, even, It's like he's like Even Tony over there, he's like he go. He has days where he. you, just you're going to do less stuff. I think I think there's a man component to that. In general, we have a hard time. Well, I'm a speaking our feelings. What's going on? We'll tell you, I'm a super competitive and you go. I have to win. Being right, It has to be the best and he's like, No, Sometimes walk in the door and do a couple of things right and be like that. I guess that's what I did today, but it's the habit that matters. There's the habit of creating the habit, I always say, and I think I told this to you when I first saw you at a. Lea has said. all you need to do is get in this door. Once you're in the door you're in. You accomplish that goal. That's what Luke says. The rest just followed through. Yeah. Yeah, so in the get in the door once you're in the door, you're not for life. Yeah, No, and I and again, I just wanted to applaud you for that. I know we want an attention with the working out, but like that's a big, like a guy like me When someone walks in a gym every day, I'm like this like Wow, it's unbelievable to me and I'm getting more like you said. The wings are spreading. I wanted. I want to get on my own more. It's it's been a year. I'm like all right. I got to do this. You know what I mean, but uh yeah, so anyways you, so ninety four you're managing a gym. You do the real estate. You get into real estate as an agent, and the reality is real estate agents are are their own entity, independent contractor slash business owner, the ideas the same crimal. You own your own company. So youys really do own a business right, But even before at the end of the day, it's like you eat what you kill. exactly. I mean that's all there is to it. and again there's certain people that thrive off of that. I think certain people are wired a genetic way. I, I mean with entrepreneurship like Um, but it's a you get a high when you get those those those things and then you keep chasing that high, which means you're You're always going to do well 'cause you love it right right. Well, the the interesting thing is that it's cyclical, So you, you got to ride with the ups, and you get a ride with the downs. and Um, that's the hard part about real estate because you can you can ride the highs, but the lows you got to. really. Yeah, you got to really kind of talk yourself through because there's there's a time when you know. Talk about two thousand and eight when the market crashed. Yeah, is that's survival. It, it definitely is, And then you have to kind of rethink your vibe, and and um, Okay, think about okay. I, a lot of a lot of people dropped out of real estate back in two thousand in A when the market crashed just because Yeah, how do you survive? Yeah, selling real estate is what you do. but nobody's buying. Nobody's selling. There was a correction period there, so I had to just kind of reinvent myself and what I ended up doing is saying Okay if I can't sell them, nobody's buying ill rent them. And so we figured out a way to rent out the inventory Versusllli inventory. Yeah, and then it worked out great. and then when the market started to come back, those uh landlords became sellers, Then it. then it worked, but um, very cool. but it was. It was a a huge adjustment period when you re W in real estate when you're worried about where your next check is coming from. That's the scary thing. Yeah, full two thousand eight eventually forced me into bankruptcy. You know, like I had a lot of bill. I had like sixty five buildings. Okay, in my twenties, I bought a lot of real estate and uh, they were over leveraged like inner city stuff. People know my story. I wrote a book about it, Success from scratch. I don't know. Did you know that I did not? I wrote two books. Okay, Excellent and the, the second one went into a lot of the mindset of how I beat? But it's you know I. I focus. One of the my chapters is talks about entrepreneurial evolution. Okay, what you just described is literally what evolution is Okay and we're you know, we're not. S. like Darwinian evolution. I believe we are in our darwinian capitalistic environment. Okay, and the non evolvers get eliminated and the evolvers win, and always will the fact that you started in ninety four. and here you are. You clearly evolved. because like you said, all the faces you see today ▁jim, weren't the faces of ninety four. No, you're one of the only ninety four faces standing. and that goes nationwide. not just around here, the whole country. The ninety four faces are not still selling real estate. No, not mar, many. Uh, because you know it's like, Um, it's like the Warrens Buffet expression, Right when the tide comes in, you see who's swimming naked. Hey and it's so true because Two thousand Eight shook everything up. The tide came in a lot of naked people. Lots, Um, I was over leveraged on a lot of inner cityity properties values. collaped Banks were calling my loans. Doe couldn't refine, So I have bankers that are saying You don't calling alone Right, they're calling my loans. Do these local bankers? what am I going to do? Go refinance right right to these guys that are calling their loans tonight. What do I do sell when I? when values a lot of markets had a twenty thirty forty percent correction. I had a lot of inner city properties right. Those properties lose sixty seventy eighty percent of value cann't sell them, can't refine. They all came after me, Um, belly up. That was my only option. Unfortunately, but I, but I say the bankruptcy was the biggest lesson in my career. Absolutely, you know, but you evolve. I can appreciate that it's um. It builds character. Yeah, and I say that, Um, just from my perspective, working through two thousand and eight. My my family felt it. They know what I was feeling. Yeah, and um, I always say that I use that as a measuring stick saying If I can get through that, I get through anything in the business. I love that because that's how I felt too. Mhm. Basically it takes your threshold of pain and tolerance to such an extreme where you're like. Wait, everything else feels easy. Now like it. It stretches you to that level of adversity, correct it. It gets you prepared. Um. for the for the worst. Yeah, um. having gone through it. Yeah, to me, that was the worst I've ever experienced in my career To was was working through that scenario of two thousand and eight, the market crashing, No sales. Wondering where your next deals coming from? You got bills coming in and it's very stressful and you've got kids, and um. Yeah, and you know Yeah, you got to pay your bills. You raiseing your family. We. we had conversations where I remember my kids were little and uh, sat him down at the dinner table and we were talking and I said guys. Where're in what you call modern day depression? Yeah, and it truly was absolutely. the one thing I really learned about it is you do a lot of inward thinking during that time and you think about. Wow, what am I doing wrong? Why is this happening and I'd spent sleepless nights trying to figure that out, and then finally it hit me. It's not what I'm doing. It's what I'm experiencing in the market place and I just had to work with that and so I had to rethink. Okay, how do I make it work Because I'm not getting out a real estate. I'm not going to go punch a clock. I'm not going to you know, work at uh, best, buy or wherever it is that you know, may have had some job openings at the time. I didn't want to switch my careers. I wanted to stick into this 'cause this is what I want to do. And so you just got to reinvent yourself and make it happen. Yeah, no, that's so. many of the things you just said are parallel to what I was what I was going through. You know you, Y, when you get beat down like that, you have a lot of time to revisit things like about things, but I was thinking about how I treated people and like just, I guess I had this total like life like revolution or personally professionally 'cause here's the thing and I don't know if you experience this, but I know I did. I was Nick the y, remember I w. I was a millionaire in my twenties, you know, buying four. I was buying four or five rental properties per month every month. Things, my point, though, is I was Nick the entrepreneur and the young hothoot entrepreneur. And what happened was that was tied to my identity. At least I believe that right. so filing bankruptcy compromised my actual re personal identity. And I'm not saying that was healthy. I actually believe it was so intertwined that it was unhealthy. but but that's how I felt, so I was twenty nine, thirty years old. Going wait, number one. I just did this for the last decade, built this beautiful thing next to young. I was like you know I'd meet the older successful guys like. Look this look. look at this kid. Look what he's doing. It's unbelievable, but my point is it compromised my like whole person and I don't like that. My identity was that intertwined with it. But it was so. that's why I went into like I was, had, like a lot of like weird depressive thoughts. I did too, a hundred percent and I agree with you, Relate with what I'm saying. No, a hundred percent. I feel. Um. it was a. uh, personally, me, I got. I took it all personally. Yes, that it took was a huge adjustment for me to try to work that through and had thoughts in my head that were just insane Because of. I took it. It's it was a personal attack on me. Yeah, failing right. Really, I felt failure fit right and it was the first major. and again, you probably were going to say the same thing the first time in my life where I was like. Wait. this is like true failure. Right like this is all blowing up like right, I had banks suing me. I. I did some deed and loose. You know what those are? Um, where they? basically, you know they. they're for closing. And then a lot of banks were like, We' do a deed in Luuforeclosure. So I was Tr. I was trying to negotiate, Right, I was duwed. I sat down with all the presidents of all my local banks and had all these meetings. and Um, some of them are like well, do a deed in Leu forclosure. For those you listening. What that means is? Um. Instead of them for closing, I signed a simple document that just signs the property back to them. Believe it or not, It's a win win. Ba, It cost banks a fortune to for clothes. It's a lot of hassle to actually for clothes on a guy, So I signed I. Some banks were like, Well, do it deed in Lu, Like I had one bank. I had six mortgages with them One signature. They got the properties back. They, it saved them a hundred and fifty two hundred K. and for closure costs, right and I got off Scott free. right. So it was a total winw. Good. talking about taking it personally, I had one bank that I owed a ton of money to millions. Mhm, They took it personally, Know, and they were like, We don't care what any other bank is doing right. We are coming after you and what they did was, it's called the deficiency judgement, So basically, even when they forcloses and take the collateral back, they still go after you for the judgment, on top of confiscating the collateral, and that's called the Uh deficiency of judgment. The only way out of it is to pay it back for the rest of your life, and we're talking millions, or file bankruptcy, So that's why that's what forced me to. Chapter seven. So on top of the foureclosures, so again it, uh, man, it was a tough time and it and it made it makes you reflect, you know they say when you're succeeding you party party. Figuratively, not drinking scru but just you. You feel good. Na. no. when you take these beatings it makes you ponder and really revisit. So I actually almost embrace minor adversity. Now I'm like Okay, this is friction, but it means we have to think of some stuff. Agree, because when things are going well, you don't think of stuff right like everything's working right. So I'm just going to keep going right. this. this, you know, for people don't see it's friction or I need friction. You docause. Now you're like Okay, for example, and I'm going to give you an example. Here, I love apartment buildings, love buying apartment buildings. Now, So by the way, on a side note, read my books, Success from scratch and my book Flip, For people listening, It tells my whole story. Um, you know, started with no money. Did the thing bought a bunch of stuff Bankruptcy back? Um, I like apartment buildings, And and this is an example of evolution can't find them. The cap rates are compressed. Everybody wants them. So two or three years ago, I'm like I need to deploy capital. I like I and I started looking at industrial properties. I would have turned those down five years ago, right, but that friction opens your eyes where you like. Oh, that's some shit I never would have thought of right. but now that it's so bad and the doors are closed, I got it over here. Yeah, now I'm like. Oh my God, it's awesome. I can't believe I like, didn't look this way, but the friction right, right? Y, you learn from back when you filed for bankruptcy that this is what you learn and this is your new vibe. And and um, the opportunities are are always going to be there Because going to look for the opportunities and friction. Yeah, right and alls has the opportunity and it forces you right. Sometimes you're like Ah, things are going well, but I, I don't know. I just uh you. you gotta always evolve in one thing. like, like we talked about, it's evolution. Okay, Um, and and and again we're talk. We're evolution. Um, When you look at it from like the Darwinian view, K, um. Not to get into some creation evolution debate, that's not what I'm into. But if you look at Darwin's theory, whether you believe in it or not, the the brown Po, The brown bears went to the ice. The one. The ones that Uh, eventually had the genetic mutation where the bears turned white survived okay with camouflageed, et Cetera and the ones that and then and then again, according to Darwin's theory of evolution, Um, Nature confirmed that genetic sequence, meaning that that modification was confirmed by nature in now, boom that you know, survival is the fittest Okay, right, So so what I do believe is fact is Darwinian capital capitalism. Okay, well, that's where we're in and that's what we experienced it. Oh, wait, right, you said, let's rent these places and eventually they become cellars again, weathering the storm, right, or you know some guys were like. Oh, real estate's broken. It doesn't work anymore, honey. I'm going to go get a job right, You know where you said? Hey, we got to turn white. I think it's going snowy for a while. right seriously? I have a have a question, Uh, kind for both of you. So from what you Gus arere talking about what you went through, would you say that at this point you're able to actually embrace that friction, Not not just look at it like. Oh, no, another problem. I can get through it because I got through it. I'm go to embrace it, because, because it's part of me now to know how to handle this hundred percent, It's Um, having that experience back in two thousand and eight made me who I am today. I mean it's there's go to be friction and when friction happens, it's M. I can digest it a lot easier now and it. The stress levels are not there like they used to be, because I can either see it coming, and a mentally prepare for it or react when it hits that. I'm able to react to it quickly in two thousand and eight, although we heard about it and we knew that in two thousand and seven the talk was there, but you certainly didn't believe it because things were rolling like. how could this ever stop? There's no way. Yeah, right right, the market's going to Cd. up. the bubble's going to buzz. Yeah, okay, there's just no way you're right is right. And if it does, there's no way when it did bust. there was no way to have prepared for the bust that took place because it was literally the fast was shut off. Right. are we? O. are we? are we in that same place? No, no, no, I don't think we are. Um, this was two thousand and eight and Nicky can tell me if I'm wrong, but two thousand eight was more of a financial bank crisis. Yeah, Marshaian crisis, which led into the real estate, which was probably the hardest. I guess I asked real quickly before you go for newcomers. Listening to the show you're not trying to. I just want to make sure you guys and and myself know we we see and deal with this a lot all the time. You wouldn't tell anybody he walk. move away from this. now, move away from real estate. Yes, No, so here, I know you never would ever. right. Okay, here's the deal. Obviously, when you ex experiencei, here's the thing. The experiencing Two thousand Eight puts this wisdom in your bone, right. We could you know guys who were younger now getting into real estate. They don't understand what happened then. and and reading about it is cool. Great, You get the knowledge right. There's a difference between knowledge and wisdom. I've always said that wisdom is in your bones. It's where you get the intuitive feeling. Uh, Among many other things, I genuinely believe that that's why the older people are wiser. They've just done the stuff right that you are now getting into this. Uh, the experience studying goes only so far. Okay, you got to get your hands in stuff. I was just talking to a guy earlier 'cause I used to coach people in real estate. Flipping house is Bababa. I said a lot. most people have the What do I do next syndrome. I didn't know what else to call. Its. I called it that right, so I'd say go out and uh, you know, talk to these sellers. Okay, good, I got them on the phone. How do I do Right and then you do? Bubb. up. No, no stumblings, part of the game. Amen Making mistakes is part of the game. I, I teach my kids. Iwed every episode. I talk about what I teach my kids because I feel like what I teach my kids is what I want to speak into this microphone because it's my thesis. I tell my kids the world Okay, couple of things, and for those you listening, I pretty much bring this up every episode because it's one of my life thesis that I'd like to convey to my kids thees, not fees. the a lurel of thesis. Okay, right, um, which is out in that world out out there out and here we love you. Where encourage you, Okay, you're doing great, Honey out there they clap when you lose right, period and a couple people that don't clap when you lose. those are your real friends Right. Hold on tight. They clap when you lose. It's the world we live in right, I'm an optimist. I'm happy. Go lucky. The last thing I want to do is put negative thoughts to my kids head and fact, all I want to do is infuse positivity. They clap when you lose right. Okay, um, what does you ask? Where am I going with this? Because I wanted to. Well, I think there's people looking at the market right now saying. Oh, this, this market this past year was off the charge, Nob, Butd I brought that up for Ari, because you always forget, Because I asked you. I said, would you steer anybody away from real estate? No, Oh no, yeah, so okay, couple of things, the two thousand eight crisis was bank. like you said Bank initiated. The problem is bankers got greedy and lent everyone money. everybody and everyone got a mortgage. If you feel home on a Sha. That right, right, right, okay, they're not going to make everyone got a mortgage and we talked about those exotic more. I remember pay option arms. You remember those things. Yes, so every month you could decide interest only right. You could decide to skimp the payment and I would do a reverse a month by month, right, reverse amortization, right. Um, Then they had you could pay on your five year arm, or you could pay on the thirty, or fixed out, and you chose every month right. And basically, for those who don't know a reverse Am means it means basically your mortgage balance climbs every month, as opposed to reduces, and it gets really screwed right. And then they did eighty twenty. That was a big loan, too. Eighty twenty equals one hundred percent mortgage, Meaning you're buying a house for Hunt. K. The the mortgage brokers had a way of saying, This guy'll give the eighty grand this banker gives the twenty. here you go. hozer. is it hundred percent finance? So, And and and what would you like as far as a home equity line of credit on top? Oh, they were doing a hundred and twenty five percent. I remember those days you'd leave the closing with a check in your hand, and and your, you leveraged your home for more than it was worth. W. and um. And then I remember stated income, no dock. No else like the drug dealer who gives you the extra to look sort of got. And then there was no dock loans. No, I was called stated. So you wanted into the mo. You walked to the thing. They did it a lot with like barbers and hairdresser, They' like you're a barber. Well, you put all the money in your pocket, Cool. We'll still talk to you so de know you're a barber. How much do you make And then you would say seventy five thousand dollars a year, and you know what they would do. They'd say Okay, let me write that down, Bupah, blaa, buckh, And then seventy five k was your. Was was the income that they' freaking, and went from your mouth to a piece of paper. As far as how much you may tell you when you're going for any, based on you saying you make seventy five C. it's like you want a credit card a Bu buy or something they'll do. So it's like that. It's like they didn't take it seriously because they wanted to give you that money a threat who they wanted to lend. So so that's that's how that crisis started on Top of I will say this, too. I know a lot of appraisers who went to jail. It was the Wild West. Okay. Well, praisers were praising, so the lenders said, Or you know, the guy would sell on a C to a cash out refine. It's only worth one fifty, But if you give me a two hundred care appraisal, I'll give you five grand on the side, and then they could cash out more money. He would take pictures of another property that was mint. Even though this place was do, I mean, it was Wild West. They were copying pasting on the tax returns and changing people's incomes. It was wild West lending. That's where it was. There been federal laws instituted. Yeah, in fact, one of the big ones was the middleman for appraisals. Now a lender cannot talk to D. the appraiser. There's a third party management that says we want an appraisal Back then, the banker said, I didn't know that wasn't there Back then a banker says, Hey, Johnny, a appraiser. I need two hundred k value Right. Don't call me until it's two hundred K, and they would make two hundred Ca a value. It's worth one sixty. Now the banker calls a B C management appraisal and then they like bid it out to these third parties and there's never a conversation between the lender and a Pri. That's a big fix in itself. That's a huge fix. Um. it used to be like you said. Where, let me this. we would call the appraiser, the agent. Yeah, the agent could call. Yeah, and because you had a connection of a pool of the praisers and say Hey, can you appra? Can you do this deal? Yeah, what do we need? What's the number? And then they would have praised to the number. right. Oh and again, that's not. That's just how the market roll. That's what it was. There were no rules in place per se. Yes, A, this is how it's going to be appraised. We're going to go to this company of this pool of of appraisers and appraisal management company now has in place, so in looking at two thousand and eight, why two thousand and eight happened? there's so many checks and balances in place. Yeah, I don't think we could have another two thousand and eight. No, So these are reunion. They immune crisis. No, No, but I, I think we're kind of immune to that scenario because the bottom falls out of that. It was truly the wild west of lending. If you read, it was set up to fall apart though, because again, Yeah, the market was going crazy like it is right now, But there are so many checks and balances in place. The stated income is not a thing anymore. Yeah, yeah, that does you don't call your own appraiser. That's all that's all managed. These are laws instituted at a in federal level. Yes, yeah, yeah, the lending is changed on a federal level, and uh, from a lender's perspective, Um, a buyer going into it gets a documentation of every single charge. Yeah, closing costs it disclosure how things were older ranged and so forth. Yes, so it's a closing disclosure Before you actually close that you need to sign off on and say Hey, this is what we went in with. This is all your information. this is your income. All the costs are allocated. That was never in place, all for And it's common sense. Here's what we told you and by the way, it's all in black and white. What a po. What a concept Right before it was like anything. it was justing Go. They would tell you we'll give you this, and then all of a sudden you're signing and the interest rat'es different. I mean it was crazy. It would be to the point like you said you'd be. you, go to closing and say, Well, how come this is two points higher than what you told me. Ah, well, we're here now. it's just the market like you want to leave. I've seen deals like I had totally right, or they're like. What are you doing walking away? Now we're at a closing table. That is why it it. it is. I've only known it since you and I've been working together. so to hear that it was this way was actually pretty wild for my wild west. What that's what caused? That was a big part of us Why we felt the two thousand and eight in what we did That the bottom had to fall out. Yeah, right, right, right, we. it just had to, And it did Yp, and it hit hard. Yeah, I mean here's here's my philosophy, Going back to what you learn if there's a situation where banks start doing that again, which I highly doubt and I liquidated everything. There you go. every asset I have. I sell period because I know people are able to get free money and then I'll just capitalize in it that way, although I don't see it happening. so people say. Well, what's going to happen with this? Um, and it's going to be different, I think. Obviously we're in a very overheated market place. It does need to cool off like a just period there. I don't think anyone debates that it's goingnna, It needs to cool off and or it how long it's going to cool off. But this isn't like eighty percent value collapsed because there's we talked, we talked to. in the gym. It the supplying demand. There's still more buyers than there. His inventory should be sold, and that is the foundational dynamic of value. You can't take that away. There could be up to forty buyers per one house. Yeah, you there. There's no like in various areas, so you're going to see the change coming well before it comes. Because of that fact alone. Oh, you can measure inventory number. Why is your inventory? I think that's the key thing is, there's no inventory right now, So that's really what's driving the market is right. There's no invent or what. Let me just ask from your guy's perspective. What is the reason that Theyre the inventories? What do you think, Tony. The reason it's bottle neck because okay, I'm a seller and I want to sell my house and take advantage of this awes some seller's market. But where am I going Right because there's no inventory I could. I can't. I can. I can sell. but where am I going? So that's what bottle is doule edged short. It's a toyt dollar dollar a big deal. So now where I go? I'm in that position right now. I mean, my wife wants to move Brainle, But where are you going and then you're going to pay. You're going to pay a dear sum to purchase, and then the equity that you gained from your sale is going to basically equalize. So the south, so the No inventory self fulfiils per perpetuity right now, correct, I want to sell, but I can't. I think there's less inventory then, but that made as long a fuel. even more of this. but as long as you, so you own a house already. Isn't that counterbalancecing itself more or less wouldn't or is there a reason why it doesn't? What do you mean you're saying it washes upwards? It washes upwards. Because I'm getting what I'm I'm going to get this much more for my house so I can put it over on this. he said again, First wine is upwards. Why is that a problem? And but for first time home ownners, it's it's a major issue even bigger. so first timers who want to go from renting to buying, that's problematic. it. It's not it's it's not that it's impossible to buy it'. it's very possible, but you're in competition with. you know, like I said, twenty thirty other buyers on the same house. That's That's where we're at in this market place right now. there's just no inventory. Uh, Whereas back three years ago you know you could look at twenty thirty houses and decide which one you want Houses were on the market for sixty to ninety days. That was the norm. Uh, before getting an offer. Now it's a matter of of four days. Oh, our, our houses are ours. I mean hour right. Yeah, when we list the house well because we where their magazine quality staged hours. but now the buyers are waving home inspection. I mean, come on that to. That's a big indicator in itself of what's going on right now. They're waving home inspections. They're waving. Uh, just about every contingency that's out there. They're all Yeah, padding appraisal contingcies and they're giving buffers to sellers, so they' say that if I paid two sixty for your house and it praises at uh, two fifty, I'm willing to give the ten thousand thousand dollars to make my s hold on this property to the seller, Uh, to make this deal happen, I readd some wild stories about some of these almost sellers.▁quote unquote demands. If you ran into that and I, I've seen some wild wild things like my dog is coming with the house. I. I read the say Real in an article. A More or I need to visit my Barry dog in the backyard every week. For the rest of my life. They must allow me to go to that like, Curious to see what Wa. I go. And well, we're in a seller's market right now. And so what? really? what really has to happen is it needs to be uh, an equalized market and order forer it to be a win. Win for everybody. The only thing that's going to bring on an equalized market is more inventory. right. How right so now? So now? how do we get there? That's the big question. Well, how does that happen? Well, maybe the fact that the interest rates when they start creeping up now as they are, but they've creeped up. they've crept up sharply and they. ha, we haven't seen it much of it. What a hundred and fifty basis points? Maybe more Right and nothing's happened right. That's that's the interesting thing. So, but if they get to the point where if if some of the buyers are are backing off now Because of that now we've got we're we're dealing with less competition So that could bring on the fact that you know it starts to equalize. Yeah, but again it's going to take inventory for that to happen. And like you said Nick, it's uh, the interest rate so far has not affected it. it and it's jump sharply. This isn't like a quarter point, fifty fifty, uh, basic points scenario, close to two points. I may get what we're coming from right And and that's the thing before people start crying about this five percent stuff. Remember historically Ra, or' Golden if I' for're golden at six percent. I know when I started we were in the high nines. I feel like we, but right, I mean, but I know rates were in the teens end to every we headad Like I remember, eighteen percent, but hold on, you know bubb. About what I'm telling you is okay, So so you were saying? Um, how do we get more inventory? But the other side of the equation is the buyer, so meaning it may not be this equalization where a flood of inventory comes on? Maybe it's just the rates go up high enough to we so many buyers back golf to where now the less buyers equals that inventory. So you know what I mean, there's two two sides to it and I feel like that that eventually is going to be more of it than it's all. these new houses are coming on and the inventories there will inventory climb. Yes, but I think the leveling is going to be more of the less buyer scenario because they're like. Wait now. we're at six and a half seven Right. Let's rent for a while. See where this? you know, levers off. I don't see like we, we builders are behind. Like the inventory problem is actually a building problem, right. There aren't enough homes in this country. They're not factly like nationwide, right, Um, and we, we just saw Spike and lumber and all these other things, which also throttled that scenario. So I believe there's so many dynamics that play right that it's not like this is how it is in all these like uh, gurus, Thatern you know, whoever economists are saying, this is what's going to happen. There's so many like gurus that have talked about this crash, And this is we don't know. No one does know. I mean we're talking about In two thousand eight Lehman Brothers, a hundred and seventy year old bank folded. These people knew what they were doing with money right. Hence they had a bank for a hundred and seventy years. Nobody saw it. Even the geniuses ▁quote. unquote on Wall street. So the fact that people have this crystal ball in any of these economic situations, I always question, and I'm like, Yeah, I get it. You're a smart guy. You got a lot of economic accolades, but you know there's no God spoke, God spoken worth they had. I don't know. they had have known they were giving out too much money. Yours was all so nice. Well, here's who did know. What's his name from the big short. Uh, Christian Bale played him. But what's the guy's real name again? You saw the big joy I forgt. Christian Bale played the guy. What the hells his name? But he saw the writing on the wall. He's like right, All this is right. They're lending all this money and then those um, exotic credit default swaps were in playing. He's like, no, no, no, this is all going down right. But again, but there is who knew at that time he was the guy who saw the right. Yeah, Kunasno knows who's the guy. Now that sees the Wdting. We don't know that it darely, maybe him. He can some tweets where he was. I don't even know dude he was. He has it. they show his picks on like infl, he, he's He's an interesting guy. He's someone to may pay attention. Do you know what he're saying or you'? really? not? Well? he, he, He, something he. he tweet. This was like six months ago. Did you hear about this that guy Michael Barry? Is that his name? Huh? That sounds familiar. Go ahead. you know. say it. Say it all right on the mike. They' already at the night. I'm just telling you. keep your. keep your mouth and th to them, Mike. I know I move around a lot, but turn okay. keep it turned a little down beneath. They knows my money. Oh, his C Rs. are See, because you're hearing something weird. I know we're cars are kind of horizontal. Turner's a little horizontal areas. Yeah, but then look at the camera. they can't see this face. Oh yeah, everybody wants to see this any. we don't want. Um, but no, so that he he. He, put out a couple of tweets right then he like deleted his Twitter account about something weird and cryptic. Um, oh, well, by the way, On a side note, speaking of the man of our time and the smart people, Elon Musk, buying nine point two percent, Twitter. We talked about it last time. did you hear about this? Yeah, he loves free speechm. I can't stand Twitter. Okay, I think they'. Um, I think censoring speech is like really devastating to this world. I think it's disgusting and despicable And you know he was goingnna, So he was invited to the board seat. Did you hear about this? No, he was invited to a board seat. Okay, but what happens is the Twitters that they try to get slick with him. A board seat limits you to fourteen percent ownership of the company. but dud there's people thinking he's going to do some kind of hostile takeover and just tie up a lot more of his money and take over Twitter. And then he literally can do anything he wants, Um, and restored Donal ▁j Trump to the platform, and among many other things, I mean, come on, read the President, getting banned from Twitter and social media Right And regardless of if you like him or not, just cutting cutting people off and it's not right. What? What are your Pri? like? Everything that makes us great. You're right. I disagree with you, who I disagree with on a lot of stuff, Bill Mar, but I like listening to the guy right because he's not he. He's a liberal. Okay, I don't believe. I don't believe in a lot of things he does, but he's He actually is still a thinker. and like I'm I like listening other stuff right. I've sat on the podcast before I study Mark. Okay, I know the left ideology, but that does you know? You got to people, smart people, listen to all sides. You got to know the other side. still critically, think and God, your own decisions. As a matter of fact, you got to study the other side. You got to know what they're thinking absolutely at, Told De know. That's why I'm conservative because I understand the left wing better than they do and that's not to brag. I know Mark Oliinsky. I've studied everything about the left wing up down, left, right in sideways, where when a liberal comes to me, it's like Okay, let's have a talk, but just understand, I'm ready to go, but I know everything you believe in from A to ▁z. and actually, unfortunately, you don't even know why you believe in Re shit. You just say it 'cause so and so and so set it. That's right. M, s, n B, C and Baba Bob. But I actually know that the ideas that you're trying to stand on right and they don't work. And you're not here asking anybody to silence Mark Orliinsky, You're just say, don't silence me. Don't s any. That's right. That's why nobody should be silenced unless you're literally like threatening to like blow up buildings, and all you know like there's real problems that you should. not. We should not have to listen to, but the reality is there are terrorists on Twitter. Lively, liveweeing. Right and then I got Donal ▁j Trump over here, among many other people. Uh Charlie Kirk, you know Charlie Kirks, from Uh, Turny point, U. S. A no, he, um, conservative guy, But he said something. he was making fun of Disney. you know, the woke Disney stuff. Whatever is going on he got. He was just making fun of a thing that they're actually doing again, So it's now he made it up you. He's like this is stupid and it's proven that what they're doing, ▁x Y and ▁z, And they, they. they shut him off. Twitter. Well, but what is the letter? Buck times? Oh, what is it all say? On the bottom Communism starts with. I can't remember. They have a ▁quote. of. What is the ▁quote Buetars In small steps? That's F hamsterers Oh, look, it's like the frog and boiling water. Okay, right, they don't come on the microphone and say, By the way we're doing communism now. Right because everyone would oppose that right. They do it in these microscepes. Yup, that, make sure we think it's for our own good. Believe it or not, like putting a mask on little kids. That's child abuse. right I, we home school guy right today, I let a teacher put, make my kid wear a mask at five years old. No, I'll rather have my kid learn nothing than walk into a classroom and do that right period. They make I get my blood boils with this shit man because we've been all fooled right, we've been all fooled And that's that's a little tangent. Side note. So we we talk about. Um. here's an article from news max u. S. inflation source to eight point five percent And this is from. I think yesterday today actually biggest spike since eighty one. Okay, here's the thing about inflation. Um, it's the tax and I've said this before. It's the tax on the poor in middle class. Do you agree? I agree. It's the hidden tax that rich people do findine in inflation. In fact, if you hold assets, you hold real estate right, it goes up in value. I get to. S. I get to charge people more rent. rents go up, values go up right. it's the poorer middle class that get Cbbered by real estate because, just because it's not taken out of their check in a tax, it's taken out of their pocket, right. You know what I mean. So, so um, this printing of money to help the poor is actually the opposite of helping the poor middle class. When you print more money to send stimulus checks, you're causing this inflation which robs people. Blind people don't get this Ra. Well, I was watching. I was listening to. uh, Ma. Her was on Um. who Bill Marher, You said Maher mar, Bill marar, did I? you said mah, Did. It's another person on my branin like Do you picture words in in letters? No, No, I knows someone else with that has emlaci in there right right? Oh, okay. he pronounceed it. Mar. I think some people pronounce it. He's not a dumb guy. No knowy posed hisliefs. He's not a dumb guy. He was on. He was on Rogan and he was talking about. I saw some of that I watched. Part of that you did watch. part of that. Yeah, he was talking about where this money goes. News start about the unemployment and how many of these people you know got all this unemployment money illegally? Yeah, and then he was talking about. That doesn't even include all these P. p. E loans that went out. And I know people who had pully of money that shouldn't have got a portion around. Who is he saying? Somebody? P pay reppetuion rote, Jay Rallling,▁j K, rollings, suan. She got some checks out of this. I mean she's Malta mult. I heard there was a lot of fraud in that. Oh mean you know the point being point being is, he's a liberal and he went on the the rant of the Billbck Better program and he's like, Where is this money going? You know. Here is all this money going. I know, and here's the thing about Mar. I love self, precra, claim liberals that defend conservative policy. Yeah, well, he said this isn't a Republican idea, But you know that's how like goofy that That's where Like Bill Marar will lose me like I, I, I hear him because it is. I mean some of these guys are so like their feet are so stuck in the ground. They're just never going to convert where it's like you just defended every conservative ideology, but I'm still a liberal, right I. I that I don't get. and by the way the liberals ushered in all the stuff we're bitching about, So it's just that that's what I think is my think it is hard friend in Florida like they love all the stuff, But Trump sucks or forget Trump Just, but they'll both. They'll still vote withe for the guy with the D next to there. I think there's some topics outside of finance. Why they still define themselves as liberals? What like abortion? Pro choice? Right? many things, many things like. what though helping the poor social programs, Et Ctera social programs, you know, gay marriage Abortion? Yeah, but I mean everybody's okay with that though, right, right, okay with that. And what do you mean Get the gaze? who's opposing gaze? No, which party is opposing gay gays in Anyway, Marish at, et cetera that that's like. That's like a done issue, right. Know you know what I mean. I guess. I mean, I guess you at one point seems progressive slash liberal. The bottom line is B Ga, K, Hm. but well, I guess they're concerneding that movement, though with this ▁l g B T like I know, it's straight up lesbian. K. She cleans my house. I don't know. anyways. she's like I love how you talk about. She's this person far off. No, actually, it's just get E lilicited this. I've an order for hear in Erors, right, I mean, hello, Nesa. Yeah, I mean, oh no, and I love Vaness, and the Vanessa is going to be listened to this. So I, but there you go. I set it a straight up lesbian. The bottom line is and she's the point is that they're compromising that movement with these extra letters Is what she sank. Oh, my W. Yeah, I'm not gay, but the point is she's gay and she's like Leave us alone, literally like we don't want to be activists. We don't want the extra letters like we're just gay people right. stop it. Well, my wife, my wife's sister is gay. She was married to a uh, what's it called? change over transsexual Mhm, and I mean they're getting divorced now. But the point was this this other person? you know, they say they're they. Whatever they took it to such extremes that my my wife's sister as a lesbian is just like taken aback by. That was what compromise the marriage? Would you say Now? We'll cover my. It could be because of how her mentality' so extreme of like when as the activists what was her like? Well, just as a person she was just con. very confused you the out. but yeah, I' totally beside the point, but I'm saying you know, I think there's many ▁quote unquote gays and lesbians who are like. You know. Just this is a little dramatic, you know, but without a doubt, and the whole, the whole teth like the you know this sentist and that they called Don't say gay, Which isn't even it's. It's not a name in area right, Thinkk na. fake me. That's what bothers me. The fake neratives You right. exactly without a doubt, Right, Yeah, well, that's what I was just going to say when they interview liberals and like, What do you like? Do you realize that Don't say gay, is this and that like it's nowhere in there. It's nowhere in the biilm. It says that and then they go around preaching. It's it's what. It's Mas psychosis. We masks don't work. What are we doing here? Among many other things, we have been so psychologically compromised, especially in the last couple of years. The good to me the upside and I know we're going off on tangent story. It's not all real estate, but we like to. you know. Yeah, yeah, Bob. And we've the reality is, Um, it's been exposed. Meaning how long has all of this propaganda been going on? How long have we been lied to? And the answer is a very long time. I believe we are at the crescendo of the lies where we're like Okay. Like basically nothing is true. Searching for the truth is like a full time job. Nowadays I found the ▁quote ne. the ▁otcause. The spread of communism starts when people are silenced. Free speech is the first freedom citizens lose. Bingo. What's the first? What's the first article on the Biller rights? The first Um amendment, The Billa rights. It's freedom of speech of speech? Can you remember that all? remember that old rap song Freedom of speech? Just well, what you say? I don't remember who who was. I don't remember who it was. Was it like N w, a or some some way back there? I don't know. the point is, so the founders weren't stupid. I, our founders are so genius. It' beyond words and I don't. I don't want to go off on the tangent, but there's a reason that was the first Um article in the Bill of Rights, The First Amendment, The Freed of speech. I guess what the second Amendment is right to bear arms. W. Now think about this. Why did they write that second K? they wrote? We need to be able to speak because tyrannical regimes. The first thing they do is silence you. K. Most regimes have been tyrannical since the beginning of human history. By the way, That's why America was an experiment. This was never done before. It was all monarchies and imperialism and E. communism, authoritarianism dictatorships, as in a K, A, someone was sitting on a throne calling shots. the end. Um, so um, So you're right Though, Okay, it starts with freed. So they were thinking, Hm, we need to be able to speak. Check. how do we make sure we're able to speak? We need to be able to hold the arms. The Second Amendment was written, People say people go. well, Yeah, someone. What's the second Amendment? For? What would you say To hold arms? Well, people say. Oh, it's to go hunting to defend my family, et cetera not, it's to defend our freedom In the case of necessary, you solding arms. The primary reason that that is written in the that. the reason is resistance against the tyrannical government. Sure, that's how the founder set this up and thought about it. Yeah, protecting your family and hunting is step too cool. You want to defend your home, defending against tyrannical your government Because they saw it. They're like Wait. governments. They lived it tyrannizeed their people. We need weapons to oppose them. Um, so the point is they' like speak first. How do we make sure we? we always are able to speak. Wait. give the citizens the weapons. That's how we do it checks and balances, And I just think it's I just appreciate our founders on such a unbelievable level. I just I'm like. How did like? How did they foresee all of this? But they did see. They all fled from the the different regimes and all the checks and balances. I mean again, I promote this book. It's called The Five thousand in your leap, where they talk about. Um, you should we have three presidents? Should we have run? Should we have two senators per state? Why some are more highly populated? How do we do that House a representatives population, Buhb, There's just so much. Okay, but the point is you need to speak that you said it, You said at the epic time epoch times. Okay, that's how you start a tyrannical regime, right by making sure people can't speak against you, right, God, we've been lied to on so many levels. Well, I'm telling you, a history books a decade or two from now are goingnna the people who really rip apart this covet narrative and all these other things. We're in for some real scary surprises. Because we're not. We don't know. we still don't know Ukraine. Russia. the narrative is simple, Russia, bad, Ukraine, Good, I'm I don't. I don't have the answer, but what I know is it's not as simple as that they've lied about everything they've lied about coved, Jesse Smollett, Uh, Kyle, written House came around, killing black like they've lied about everything but the Russia thing. Oh, I believe you. I don't know. I don't know what's going on over there, but what I do know is it ain't as simple as what they're saying. Well, it's kind of like it doesn't matter what the truth isn'. And what happen if we can spin the narrative to our benefit, we're going to do it. Yeah, it's not like this situation was created by us necessarily, But we can spin this to make it look really bad. and of course it are narrative. Well, number one, they get more viewers at the end of the day. It's I mean, who sponsors a lot of this media? Phzer. By, uh, you know well the pharmaceutical companies. I mean, there's a boss of the world, which is a damn shame. so inflation. we went off an a tangion about inflation. Um, let's see what other? What other articles we got her that we can t uh touch on here, Um. mortgage rates just hit five percent. This was our April eighth couple days ago. How much more expensive does that make home ownership? And like we talked about, even though it went from three, I got lucky at two point nine on my personal residence, which is like near the bot. It. actually there were there was lower right way. Have you heard any two seven five co for a thirty year right? That's kind of the bond Gu two was Are nine for If you got two, one, seven, five. Yeah, Did you really? Yeah, that that's at the like Super bottom. Wasz was already lowyer. That there a tad maybe, but that you callt that one good? That was. Yeah, Yeah, timed did perfectly. Yeah. yeah, um, just pulled the trigger when I thought Okay. this. Yeah, who? and like we said we, it's up two. It's up two over two points. and people are still buying like crazy as the inventory. probably' Rezatory problem. there may' be a threshold. it's yeah. it's not enough to. Um. it really isn't enough to make you pull back at this point right again. I, I think. What do you think? I'm curious? Even your tech even six percent is not enough to pull back. I don't think I would agree with you because you work at a time when it was six percent that you couldn't believe it and you were there to you know. Oh, I, at that to refin. I remember when we were cheering. We're like sitight Six, If you guys believe this six person that's free money. Yeah, I know, what do you think, and again we're not predictors. Yeah, I'm just curious. What do you think? What do you think it's going to be? And again, as the audience knows, there's no genius that knows the answer right. Don't Tony doesn't Nodno doesn't know. and the guy on C n B, C doesnt No, he doesn't know. I don't think anybody really knows. I think you can. you. can, You can pull from two thousand and eight and say hey, we're We're ready for another crash. It's not. It's nothing like that. it's you know, dynamically different. totally, it is driven by the lack of inventory. Yeah, and what? what's driving the inventory is that the lack thereof is that sellers are. They can't sell because they can't buy, And so they're holding off until maybe the market levels out a little bit to. Okay. Great, I can sell, and now I can buy because it was inventory. Yeah, so that's what's bottle necking the market? What do I see happening in the future? Definitely, we already know interest rates are going to go up. Yeah, I can. only. I can only say that if if they go up to the point where it's measurable enough to a buy, or and maybe even a first time buyer that that's a. That's a. This. A substantial uptick where I'm out. We're They're better off still renting where they're better off still renting. Okay, now we, we've we've taken that buyer out of the pool. So now we've now we're lessening the buyer pool, which means less competition per home. That's on the market, Um it, Which has a tendency then to more equalize the market and supply will match demand more. It and it's kind of like we're We're here. not going to happen overnight. No, and not all of a sudden going to have fifty listings on the market, and all of a sudden. Oh my God, we've changed the market. It's uh, like you said, The frog in the boiling water is not going to happen over time. Yeah, I don't think it's going to be this light switch where all of a sudden now we're in a different market. Well, the w. Well, the Feds cannot raise the rates to a substantial amount overnight. it's going to be a quarter point than fifty basis points, et cetera and over time like you're second to happen over, But they're not going to say our guys were jumping the rates from five to seven. Re. that can't happen. No, no, and that's why we havent some time yet, but just be the the key. I'm telling people is be aware. like thenings are changing. Be aware. it's okay, right panic. There's always a solution and there's always an upside to every equation With this and and again I already know and I actually told Dio. I said my. I already know part of my evolutionary strategy and it's too like I love. I love buying apartments a commercial, but when the rates do seriously climb, I'm going to buy a lot more singles and duplexes back off in my portfolio, right because higher rates on those lower balanced deals don't affect the payment Muchage and I can hold them and they're less flippable because there's less buyers with rates being in this, maybe six, seven, eight, nine percent. I don't know where they're going. I don't know what I know is when they go there. Here's what I'm doing and I think that's the best you can do right, exact project in same with you, right project. and and any any seller client, for example, is you know we sit down with them right now and and they'll okay. Well, W. should I list right now, Because I heard next month. Their, The. The rates are going to go up. It's like. Well, it's not going to happen overnight, right? it's not a light switch and our rates do go up. It may have a tendency to equalize the market a little bit more. but where's the inventory? Yeah, so it's all based on inventory right now Without without driving the market that's nationwide. it got nationwide. Yeah, and like you say, this, much of this is because of building. But what? What's the other reason? I mean inventoryies is just low. How does the in? not as we inventory itself, physically go back up? Well, well it it's it's a matter of. um. It's relative to the amount of buyers, so the in. So you're saying inventory could have been the same, say three or four years ago, the amount of actual homes, but you're saying the inventories is low relatively to buyers correct. That's the beginning basis point now. On a side note, we are short on physical propert in this country right, but that's not a new issue that that's That's not something that just happened now, too. we've als. We've been short populations growing. but like what Tony's saying is supply or the amount? the inventory based on how many buyers there are is way off kilter Right when there's less buyers right, we won't be talking. There's no inventory because it'll match up better correct. That's what it is. Oh, the really interesting thing is about now. Imagine your're, you brand? You're getting into real estate as of last year. Yeah, right. that's the market you know coming into. you, don't know anything past that, right or back in two thousand. You don't. You have no idea what that's like, so all you know is what this market is right now. You're right. Nobody. nobody has experienced this market before. Although we've experienced two thousand and eight, we've never experienced this market right. It's all based on no inventory. Yeah, so Mar, a house goes on the market. It goes off within a matter of a day. Yeah, we've never experienced that before. Time on market is three days under average, Right, That's so. So when have we ever experienced that sixty ninety days was the norm? right? so now we're we've got a new norm and it's no inventory? Yeah, what's going to change that? Yes, inventory is going to have to come up. Buyers are going to have to back out. Those that are just can't handle the increase of of uh, of the Uh, the interest rate, and for those listening that aren't as familiar through estate, higher interest rate equals higher payment. Like to understand how this works, and again, I, we all know this stuff, but for people listening who don't who are brand new. Um values fluctu on real estate, Meaning if you're buying a four hundred thousand dollar home in the rates four percent, Uh, your payment's exx. But if the rates are six percent, you can't afford that four hundred thousand, and that's how higher rates deflate value. I mean again, this is like breathing for me for knowledge, but are people listening, Um, that's how that works. Higher rates equal higher payment, which means pay less for the actual property. So now you might only be able to afford. You go to your lender, and he saids, you looks at your income and your debt incommeration is like, Yeah, Well, at four percent you could afford a four hundred thousand dollar home, But guess what, Now that rates are six As ▁quote unquote Example. Now you can only spend three fifty, Right, And that's a real thing. And if that can, and that's how higher rates you know, level off. Um, you know the inflation of value right Americas? So' dont know you payment period. That's That's how much monthly payment you can afford is the basis of real estate value right right at the end. Here's another thing. is that, right now with the interest rates being as low as they are, there are buyers that most buyers can afford to pay over Ask. right right now. How much over Ask? does it take to get the deal done? You know, See an average of maybe thirty thousand dollars over. Ask to get the deal done. It's that's what's bringing the prices up. because buyers have the money right right now to be able to do that. Yes, well, that's going to start to wane And now we're going to see they're They're going to start selling a lot closer to list price. Sure, so that'll create that slide. Yeah, and now if you get Li price, it's like you're deressed. Well thats some of. isn't that crazy. How on on markets you're like, Oh, my God, let's throw a party for this price. Absolutely. I got a list. Yeah, I only got list. or how about this? Seriously? I get sellers. You know you're We're used to twenty thirty offers on A on a home and we're used to fifty showings. Okay, Well, now we, we had ten showing. city. Oh, that's it. I'm surprised nobody's written yet and it's like. Well, the the level of expectation calibrated is boy. ones. boining. the clock is ticked so fast, right, I know that the level of expectation is offered today. And how much over we go? Then you got to hope. and and you said this should be a gradual process. But you got to hope it doesn't flip somehow or another quickly quickly. Well again we talked about it. I don't know if this is a light swit scenario. The fact they' knocked on it. I don't think it can we hope it right. You're saying it, can we only because we. we. I think this one we will definitely feel coming. I mean we're in it. We're the startars of real estate. We know it's not sustainable, Correc. let's start there. Let's start with actual fact, right, this is not sustainable. That's no. there's no question above. That's that's there. There's no one who can debate that fat right how it's going to reverse how it's going to change. Is it in a plateau we don't know? But what I also know is banking has some solid fundamentals that it didn't in two thousand, Because everyone says. Is this going to be like two thousand? eight bankers actually ask for real income Now? right? You really have to put money down. So there there aren't fake appraisers infr artificially inflate value? So those wild wild West dynamics aren't here, Which is the bottom fallout kind of crash That that, Could you know what I mean? So you know what I'm mean. None of those, none of those uh dynamics are are taking place today That are all been checks and bell lenders are leg a hundred percent checks. There's no crooked lender You can't you? You can't do it. Yeah, there, and I knew some crooked one thatway Oh my god like, it's just crazy That was Erctor. That was world. That was the norm. Though you new women were embraced, I knew them and hey, I mean, hey, some of them gave me money right. Right point is it was just it was bananas it, Ananas. It's it's It was just part of how it worked, but it wasn't even like. Yes, you ain't looking in meaning we're not like you, criminal and you said Hey a prais. are I right, two hundred K. Oh, that was how it work. That's that's all we knew, right and right all we knew. that's right. And and here we come to find out looking back that. Wow, that's was crazy. I know that you got alone. Nobody asked you, No documents. Well, was anywhere think. Oh, you said you were started in two thousand, I saw and nineteen ninety four were. Yeah. So you saw. I mean you saw some swings before long. I, no doubt about it, but nothing like Two thousand and the dot com bubble a little bit and nothing and nothing like this. So so when I know nothing like no one, ▁ze and has seen this, there's not anybody in Rel history. I don't know if you're ninety. No, you havent seen that. I've not seen this. Yeah, I have not seen. Nobody has seen this. nobody, Ah it. It took a while to get adjusted to this, and when, like I said back two years ago, it really would you say two years ago is when we really start over toally. I think the ▁. to be honest, my opinion, and I think this is so true. The covet started the lack of inventory. who. I don't want anyone grown in my house or open housesah. blah blah. Okay, so right, we're flippers. We loved this because we're like. Hey, we got the vacant joint with the lockby. Come look at our eyes, so we were like, very like arriving, magazine quality. Everything stayed like empty house. Nobody was scared but the average person is as the fear. Obviously, we all know the fear was high in March of twenty twenty Right, and the fear dwindled for some people who actually started waking up to what's going on. but the reality is everyone was scaring the beginning right, all of us and I don't carely as right wing as they come. at the bottom line is in March of twenty twenty Bo, One hundred percent of people were hired right, Okay and I did see a massive shutdown on showings, So so court we were. we were. actually we were headed straight up. Yeah, starting January one. Yeah, I mean, it didn't stop from the year before it just catapulted Yes, covet came. it dropped down to ▁zero. and I even told my kids said guys be prepared cause you ever headed toward another two thousand and eight. Yeah, based on the fact that there was nothing happening, my heart sunk for for about a for about three months. Yeah, I'm I'm You're quick. It quickly turned around and said, Wow, this is actually De. And then when the doors opened again, Yeah, it was I, you floodgate. Yeah, floodgate you saw Pent do is the fear. It was the fear of. you know, fear took over two people. come around go. I'm going to miss on. I' goingnna get this not right. Right And so as soon as the gates opened again and it was okay to get out. Yeah, uh, it was it was. It was chaos. Unbelievable because people being locked in their houses thought Okay, I need to. I need something new. I need to get out there. Yeah, and so that's our shopping. It start shop, but the senior citizens still didn't have their homes on the market right. Let's wait till things calm down more right, which I believe was kind of the beginning. We've always had an inventory issue, but that was like, Really, like I could model necked artificially. but I ended it. It definitely did it. De. and that created there was more buyers and sellers. Yeah, and that created where we are today. Yeah, now it's we've experienced this over a two year period. Yeah, this is the new norm. Yeah, No inventory. Yeah, and when I say no inventory, that means if you're looking in one municipality, say mec one, and you're looking in a price range of uh, three to four hundred thousand. there's nothing there. No. And if it was there, it was there for two days and it's gone. If it comes now. be prepared to fight. We right, fight over it on many other people. So now you go to list a house and you're in that price range. And typically, when you list a house, you say Okay. what We're going to price this to be the next house to sell. Well, you have no competition. so let's price it here. And you know what's going to happen? The market's going to drive it up. Yeah, and and typically we're seeing again thirty thousand, forty thousand dollars Over asking. Yeah, you still get those sellers that are like, But wait if I ask this. Aren't they still going to like? I mean, most people are woken up to a novel like some people like. If I ask four hundred, aren't they going to still try to get it for three ninety? You're like. Well, hold on a second. Those days aren't here. No, no, it's not going to happen. like you. They will cur you upward, Correct. If you're over price, they'll correct you downwards. That's a hundred percent current market. We will correct y up or down, so a jerk off and really price it high. You're already goingnna have a problem'. Let see this market. That's a. It's' worth four. and you, P asked five. You say you're going to have a problem. Even in this market. you see it. So you? if you ever priceed your house And now here's the really interesting thing. You overped your house. If it's on the market longer than a week. What's wrong with it? The only thing wrong with it is overpric and I thought that about many houses, I, right, I've ra the first. hasn't it sold? What is it? It's like what is the problem and simple overpric price. It's overpriced because you. You had almost rather gear to underp it and let the market put it way to its pinnacle. How many times it him and I have had this battle when he first started with me. He's like Dude, we can get. I'm like. Here's how it. I still said it. We should put it here again. I'm like no, no, No, and I and I did this. I sold my personal resident out in two thousand sixteen and I even did this, my my agent at the time. Um was like, Yeah, we should go here. I'm like. no. No. Im want to go under. Here's why I like underpriicing, Because then I have. I'm in the driver's seat right. Hey, if I under price and I have five offers, six offers. I'm the boss right. Hey, kick out your inspection. Here's what we're going to do here, right Boba up? when it comes time for home inspection. The depend, Here's what I say. The pending process is so much smoother right when I under price and have multiple over. right. Sure, hey, dude. There's three other people behind you. Are you sure you want to ask me to fix my driveway right? Think again, and then they're like. No. No. No's fine. Forget it, but when you're over and then you have that one offer. After ninety days they are your master. right. We need you to do this right up up Upp. Do this. I fixed that. we need you to pay for the appliances or whatever it may, but it puts you in the driver's seat. When R price as a seller, I, it's like, of course we're going on. Of course they're going to go over. Let's be the ball. Yes, so here's here's. here's the formula is that when you go to list the house, it's not really where it's sold. Let's look at where it listed. Yeah, because the market drove it up to this. We don't want to li here at the high end where it's sold. Yeah, comparatively speaking, we want a listed. Let's look at what they listed at and get it driven up to that, and that scenario plays out perfectly every single time in these market right right. So overpricing it causes time on market, and that brings the price and a painful pending process and it's a very painful pending process. Yeah, so what you want are multiple offers? The buyers drive it up, and then you can sureerly pick your offer. Yeah, yeah, I mean, it's common sense when it come like it. I want to be in the upper hand in every transaction, and the way you do that is as a seller. Mhm is underpriicing. It's not even underpricing. It's pricing to sell that well right, that're right. it. It's pricing to sell. be, Can call it, I say, underwriting, because it's listed here in. It sells for up herex, But but right, but the market ends up determining the end. All price right. So what you need to do is I in this market and I sayve this market, the market we're in right now, Right is what? Two years from now, if you're listening may not be, May not be. we't read. But you' got to look at the market today, righti K. and you got to look at supply and demand and and play to the supply and demand. Right, you overpric it, Y. It's a huge mistake. Probably say, I think you're saying price to sell per market expect correct. Yeah, and let the market determine the overall and all. And and there's an old expression in any asset, Uh, class stocks reser. the market's always right right. it's never wrong. People say that stock should have went up or no. the market's right. You're just a dump smuck playing the game. The mass market is always correct Right right now. they're up here because so here's a question for you. Um, why are all these homes are praising out? Why are they praising? You're going thirty thousand dollars over List. Well, some of them aren't and people are compensating for it with their own pocket cash. Like you talked about right, Meaning it appraise us for three hundred, but it's not an No. It's three twenty. it's It's not peeling off twenty K, But they are praising out though, but they are. we. Ha, we haven't. really. I mean it's a select few that aren't, but I mean, generally speaking, we are. are I, maybe the appraisers are factoring in the macro environment. They are. They're like that. this is Holly Martin trend. They're mostly. They're almost appraising it where the puck is going. ▁quotea road in hockey. Right, the pock is, you know what I mean? Right? Like our users don't look back, They, they don't look forward. they look backwards. So now we've got all the comps in the world that are, Are S speaking what the market has done right there, and there's a new value And you're saying that's where the puck is going, and they're factoring that into their appraisal, Right. they are being trusted wrong. Because that's what of Praisal mean exactly? They're solidifying the A praiser's job really is to solidify the offer. Are we on mark? Are we not onm Correct? And so what we're seeing is that The, the, the buyers are determining market value right right and we're in competition? They always do so typically, so typically a uh appraiser will say, Do you have multiple offers on this property? Because I see it sold right away. That's the. That's one of the first question. Okayy, boom, Check it as all right, re li demand right, Riyal is slow in. You're right. That's that's the first question they asked right. So so that's why we're not seeing a problem with the praisals, Because it's not like it was in two thousand and eight where you could call up the appraiser and tell them this is the number we need. It's market. It's pure market driven. That's right. and the appraisers are taking that under account. So if if in fact, a, a, a buyer really overpays overpaid market value for it. Yeah, we could have an issue, but I have not seen that that, I would say, On our side, too, we're constantly selling stuff it. They just pis. Well, I think there was only one where we had someone who wear with modern pocket cusion. Well and there was one. I think, either reduce the price a couple thousand be cause they, they went r like sixty grand over it. Yeah, right, but you're right, though I. I, you're right. the appraisers first question is were their multiple offers? How many days on the market right? Oh, one day in the market five offers. Okay, it must be worth it, right it? it must be it must. it might be. we wanna pay up. So it, the discussion was prior to this market, You know five years ago, is that if you got an appraisal under under Vaal, you, it was like Well, wait a minute. Didn't the buyer determine the value of this property? Why are you determined? The the buyer sawll the value, you'er than you. some of these appraisers, So nows me off it, but now eel killers. you can't. Yeah, but you can't. I don't know how you could possibly do that today, Because it is truly the. The information's there. Yeah, so you can't change it. You have to praise to the market. Well, I have to pa. praised to them. What you're saying is we are in a unique market condition in a appraiser's half. To have to take that into account be cause. Obviously the traditional appraisal is what do the comps say Right? Okay, Well, the comps say three hundred, and this guy wrote three fifty. The problem is four other people are willing to pay three fifty. Right, like you said, values in anything. The buyers make values in the city only so relative seller's opinions are worthless. And anything I sell you a car, I sell you a diamond. I sell you a Picasso. I can say I want two million fresh pacaso. But if five people say I'll pay you five fi, five hundred fifty grand. that's your market. Buyers make the rules in cars and house this bubb about. So when five buyers say I'm paying three fifty, but all the, but the appraiser says all the compps were three hundred, Will think again, buddy, because the macro market is the boss, the buyers of the boss and it, and you set it best. That's it, And that's of those ones you were talking about were probably won't rule. Like again, Uh, praisers are trained. Were compps objectively rule value right. We are in an environment where at yes, comps, but also mar how many offers and how long was it on the market Right and that period right. That's undeniable and so because we're two years into this market two and a half. Maybe, um that that there's enough data to solidfy the values right now. it's all rightc. say mont pa, well'ing, good. Yeah, so if I'm saying, if the norm is, let say the average is thirty thousand over. Well, that's happening in the marketplace. So you list here and you got thirty thirty plus on your on your offers. That's the market, Mhm. So you can't really fight it. You got a roll with the market Be that's the. That's what's happening with the buyers. You. I don't really remember, but I was going to say the one that didn't appraise, or the one redraw price. I think it was earlier. It was early on. It was like two years ago, maybe two and a half years ago, and some appraisers pissed me off though, 'cause they, a lot of them are known for killing deals right where It's like really, dude. Let here's I have mo, some of them with the multiple offer thing of killed deals, and those guys agre far and few between most of them are wised up to. Hey, this is the way it is was early on early on and we're like now right because years ago now you kick them to the curb, Bo, another dude. I'm like I got four offers at a hundred and I, I think it was a duplex. We' like we're asking one fifty and they wrote like one ninety five and I'm like four people wanted to pay this right. But you're telling me it's only worth one fifty, Right, take a walk and I when we ended up doing some weird negotiation where it worked out, but it's kind of like Europ appraisal is wrong right right. Well, there wasn't there, Also too. uh, they're worried about Li here. There wasn't enough data though, like there is now in their war, and these guys protect their licenses at all like Yeah, don't want to look crooked. W. Unquote. I mean, that is like the flip side which I always hate any time I'm in disagreement with someone. M usually my first step is I'm want to go in their shoes. Why would you do this right? Well? They want to protect their precious license, and if they look like they're stretching something, because we know it. Some of them in two thousand eight listen, a lot of appraisers went to prison. I absolute. I knew a guy who went in a federal prison as a praiser. right. Okay, So a lot of them are like, I don't want to risk my life Now. here's the cops, I see, and I can support it on paper. I appreciate that, but we are in an environment now where it's like Dude, No, this these days aren't that Y. You give us This is the value. Five people want to pay it right, or we're going to have to find a new appraiser, right? okay, right, Um, for those people listening. Just in case you don't totally know how the real estate transaction works, Where does an appraiser come in? I'm selling a house, Johnny, home owner comes to write me off and buy it, and a appraisers hired by the bank. Okay, because the bank is the one usually putting up the majority of the funds. Just everyone knows like that's why appraisers are triggered in every real estate transaction. The bank sends out an appraiser from the buyer 'cause the bank has the actual Fin major financial risk. You know, they're writing up the majority of the money. Bu puts five, ten twenty percent down. The banks really put up all the money. So so that's why appraisers Um, kicking into play. We're going to wrap up here in a few minutes. but um, you know I, looking at articles here, Fox Business, Red Hot housing market can't possibly sustain itself, Real estate agent warns. And here's again, this guy is not wrong. War's what. Um, he warns Redh Mo, real estate agent, War't he warrant? As this real estate he he warns, Red ho mar, uh, housing market can't possibly sustain itself, And I would say that's the one fact that no, none of us disagree on. absolutely, we don't. we don't know why'. In winning, we don't know what magic in interest rate is going to cool off buyers right. Well, we do know this party is going to end right. Okay, I do think with the fact of of interest rates again getting up to the point where I think what we're going to see. The first adjustment we're going to see is how much over are you? It? Can you go? Yeah, maybe maybe those buyers lose out, because hey, I, I can't pull out thirty thousand anymore Because of the interest rates now have have leveled out. All doesn't make sense, and so those buyers may be leaving the market place. Yeah, and then I think what happens is that prices start to tampper a little bit, because I mean at the end of the day it's what. How much over you had to pay to get the to get the property? Yeah, so I think that number will start to shrink first, and then maybe after that we'll start to see more levelly off and more inventory. Yup, I agree. that's that's a correction. Is's how much we're asking You're paying H, or the ability to be able to do that. And and by the way, one side note, and then again, we are going to wrap up but one side note on higher rates that people are, you know, obviously were talking about the home market, but what people have to understand too is as rates go up, they're going Bu. They're going to take out less home equity and they're going to take all less cash out refinance. Now this is where we could have a uh, actual contraction throughout the entire market place. Because you know now you can't milk your home for fifty grand and go buy a boat or go to Home Depot or improve your kitchen. So I, the. the The contraction, Um is going to trickle into other Um areas of our economy. So right, this is this going to be a thing like rising rates are goingnna contract. things sway less money. But but it is the it. I. It's one of the main combatants of inflation. Okay, there's too much money and not enough stuff like that's like inflation. when a one right, whether it's houses or you know frigging light bulbs are has' hardware cars. There's more money than there is stuff to buy with it. So raising rates stops the borrow ability where people would usually be buying stuff which you know limits money and circulation. and then you know inflation. C. I mean people are predicting again. We don't know, but inflation could go T in the teens, right. We don't know, but raising rates is a is a good weapon against it, but that has its own repercussion, so hopefully the main may not be as fun as they are. now. Well that I do know, but again evolvers win. I, I really want to stress. I'm actually talking on stage at this big business event, Um, coming up, and it's it's It's a real estate event, but I'm going into. I. My. My talk is going to be more about the the evolutionary psychology of entrepreneurship. Listen, this is a marathon. Okay, You want to succeed as an entrepreneur, business, real estate, whatever, right. You know, We talked about the ups and downs. You want to win. In the end, it's all evolution, but it's all evolution. Evolution is the answer. and again I am. we are in Darwinian capitalism, right, Wheth? you want to believe it or not, That's what this is. This is survival of the fittest capitalism you, and that's what incentiveizes growth. Though I mean the fact that you can innovate and get rewarded for it. Um, like this anti billionair rhetoric Elizabeth Warre, Ela must should pay ninety percent. The guy's putting people on Mars. He's putting holes under traffic. He's fricking as the best Internet there is. he's doing. he's you know, changing free speech. Let a billionaire be a billionaire. Right period, So that's what Cap you know in in our underlying thesis of this is free. we love free market capitalism Government. We had Bob Donov in the Miwaukee mayeror candidate. He was on our pocasta back and he said it best government gums up the system. That's what they do. Leave us alone. There was a California thing. Remember that thing a couple weeks ago. California wants to tax house flippers twenty five percent additional income tax. So what does that do? So they think that honest stage is for the little guy. We want to tax these big rich flippers and we're going to protect the little guy and we're going to charge them an extra twenty five percent income tax. You're going to say something, and then I'll I say. Go ahead. No, No, what I was going to say was, though that sounds good on a podium. We, for the little guy, not the rich house investor flipper, What a twenty five percent additional tax is going to do on these flippers, We're going to have shittier properties. They're not going to be incentivevised house flippers that do like legit ones. They're re. They're going into the eyesorre of the neighborhood, improving it and making a great home for a home owner. Okay, the back end of that policy is, it's going to disinsentiise the guide. fixing up neighborhoods. Neighborhoods are going to look shittier The eye soores aren't going to get fixed because we're dissinsentvizing productivity. I spit on that law among many of these other kind of laws where they think they're like, Let's get these rich guys. No, no, no, y. you're disinsentvizing improvement of real estate and property, which is where all Americans live. So did you hear about that like a couple of months ago California is proposing. I don't know if it's fully implemented, but twenty five percent additional income tax If you like flip a home. Well here they're panalizing house flipping. Okay, but remember it takes incentive in financial, uh, financial incentive to make all these moves, You a musk. That wouldn't be you on musk, if he was in a socialist environment, Right, we need to be incentvised. So, um, let the free market rain, forget that I. I. I just don't know if you heard about that law, but it was uh. it. It's um. I don't know if it's into law yet or the bill being proposed, but stay out of the way. Okay, let the free market rain. even this stuff here yet. I mean, there's a whole thing we could get into about how the Fed has destroyed this economy. More than anything we ever could. Capitalism is not broken. Okay, like these, like young college kids, capitalism is broken. We got to look more at the social. No, like the Federal Reserve and some of these higher up government entities have been screwing the economy right. we haven't we're? We're making the market fluid, right I, I can't sell something unless you want to buy it right, and if you don't want to buy it, I got to lower my price. Make ettera et cetera right. That's a winning scenario, winning scenario. Without a doubt it it's It's no different in house, is et cetera, right, Tony Lagalabo, Lagalbo, real Te. We're going to link it in the in the Youtubescription This has been a really fun conversation really has, and it's a little deviation from what a lot of stuff we do. but we're going to do more of this. I, I really think we covered a lot of good ground right or is there anything you want to add? it? What I really like about it is's today's stuff right. we're not, um. Yeah, we're just we're talking about real stuff And then I really appreciate that. Yeah, yeah, and we were talking about podcasting in general and this is this. This is a lot of fun. It's the kind of platform where can you go and have an hour, hour and a half conversation and just get to in depth. Everything sound bites. Nowadays, you know what I mean by every marriting piece, Even like you know, we want everyone to know everybody, and it takes a minute to do that right. And I really like what you said earlier. It's not like. Um, you're opposed to another opinion. I want to hear your other opin without a doubt and love other opinions right and we got to know what the other side's all about to make ourselves better, and you know what it's called. And this is one of the main things I want my kids to understand And if this is all they understand, I feel like they learned something and it's called critical thinking right. Critical thinking has been almost extinguished on certain fronts, and I have this article here. I. I. I don't even know if I'm going to get into it, but the bottom line is critical thinking is is at risk right now and we're under this thing they call mass formation psychosis, Where my neighbors are saying it. The news is saying it, my college professors saying it. It must be money'. Truiz. that and then I uh, propagated and it's this thing where it's like we're not even on. There's no like re reality foundation. Under what people are talking about, I think the tide is turning the lot. due to covert, even even people who didn't want to look at Covin in a different light. I think the tide is turning. Things have been expelled. People are being willing to look at things differently. Yeah, and realize we may have to challenge the you call a propaganda. The new establishment isterblished, whatever you want to call it. I think the tide is turning. I feel the Ted turning. Well, a lot of people believe mainstream media is Um, is dying. I mean it is dying. It's just how long is it going to last for? Um, And it goes back to that thing we talked about the other day. Wasjimy comedians. You go to go. Uh, late night right now is where comedians go to die. ▁jimmy Kimmel. take a walk. I know you know what, and he's funny. The guy's funny. He, when he's destroying his career, Ra, just really seriously. Hey, stop that. agree. I agree. You know what's funny who is saying this? Um, Rogan and Bill Mar were saying In the days of Johnny Carson and these guys you didn't know who they voted for without leaving Right now there, like Mar was like now, shows won't survive unless you infuse your who you voted for and what I think about the political, or at least they think so. Yeah, but I mean it's like that's the foundation of a lot of these late night shows like they're all very left wing. I mean anyone who denies that is freaking delusional. in my opinion. Um, and just like some people like wait, Hey, the media's biased. I'm like whoa, dude. like, uh, what planet are you on? The people that don't believe the media's biased. What do you think of those people? Do you know? I think they don't want Saturday Night Live. S N. ▁l is a liter. You know what's sad? S and I can't watch it anymore. S n. ▁, used to be a show I watched every single Saturday Di. Come on, how to you too? right? Absolutely like it's of course you now. I can't. ha. I mean can on. I can't stomach it. It' just be funny. Yeah, just be funny. Be funny. Funny that I think random. I wantnna laugh. he. I' want to laugh. I think Ran said it last week as a comedian who joy rns. Oh Joe, we were think he were saying I don't wa. I shouldn't know your political take from me going up there and making me laugh Right. It might be hints of it, but I don't want. I don't wanna know. Don want that to F to define. You didn't know who Johnny Co Carson voteed for. I don't think you know who ▁ Jay Leno the next generation voted for. But you damn sure you know who ▁jimmy Kimmel and all these guys. It sucks with Kimmo because I do think he's funny. I, really, we waited like he's He's sharp. But he just he does this woke stuff so often now where it's like and again he made fun of the Nelk boyys who had Trump on their podcast and like it's like Dude, these you tubers are crushing your viewership. No, you're not big anymore, Dude like you like these U. tubers are beating you times ten. Absolutely, And I used tola and hate Rogan because he. he's dominating all airwves on all fronts, I know, and I used it last week, but I think Afican is a great example. Gafrkan's are liberal, but I haveve laughed at him for a long time before I even knew he was a liberal. He he like aficanj. Oh yeah, absolutesolly and funny guy's hillarious only clean. Yeah, and he's clean and but but he doesn't you know? Same with sign. He voices things outside of there, but that's not what he brings to the stage. Yeah, yeah, Seinfeld, Sof, his standu is so damn funny and the I said, Do you like the Bastmansk? I love them, so I'm live at the at the Riverside Du a couple of years ago. No, in February. Oh, did you? we were ever ever Italian and Sicilia love li, let skill, and was, Oh God, I laughed from start to finish. Sh. it was uh, very, uh. entertaining. That dude is straight up funny. he's a hard worker. Yeah, yeah, his goal is H. he's funny, he's a little cony. he's funny he, he's not dirty. he's not dirt, he doesn't need of humor. I was going to say it's need of humor. he doesn't need to be. Yeah, he's talking about real lifezed, stuff that everybody thinks about. I know it doesn't hi. True comedy. His point of view kills me. Oh, its just kill Ru. Comedy just plays on the patterns of people and knows how to put it in a light. That's funny right. Yeah, the stuff was like an aerial. It's like. Oh my God, that is hilar. I did that I know right right well, I look at it is they. They see the world through a comedic lens. Yeah, so I always like. Use the example of like I go to Sendix, the grocery store ten minutes. picking up to this to that the little list these dudes go in in that same ten minutes. If they were in my shoes and would see funny. Yeah, they know how to like material. They, they see material, but my eyes aren't seeing that right. they see funny everywhere. They just have this lends of like, rightot, funny, and actually, in one of my books, Uh, successful scratch. I talk about looking at things through the opportunistic lens meeting a lot of people walk around and they're stumbling around life. F can't make any money. I'm a schmuck. No one gave me anything. You're lucky. Lucky. don't even say the word. Don't even say that. Then do you remember I helped you write that book. You hear that Da, That's a wild, though We were doing that in your basement backage, Your old. Yes, Yes, so I wrote. so my my first book I typed Ky. I sawld thirty thousand copies. Believe it or not, I, I self published K. typing it. We're document typing. That's how you think to write a book. right, I wrote a book. You would type it out right, right, my se. I'm a talker. Okay, I said I'm going to. I, Then this publisher you, this real publisher was like, Hey you, we want you to write a second book, So I thought about it. It's called success from scratch, and the reason I wrote the second book By the way, On a side note for people listening is uh, um, I did it twice. Okay. I went from ▁zero to millions, bankrupt, back to millions. My point is I didn't get lucky. K. you don't do that twice Right. Maybe maybe what when some successful people had certain star alignment wind at their back that they didn't know they had, and God bless them for it. There's the old expression. I'd rather take luck than good any day or whatever, Like I'd rather be lucky than good Like I'd rather have something fall. Yeah, that's fun when shit falls on your lab right, it's cool. Like went. thank you. Um, I did it twice and I was like. How did I do that? I. I took it for granted, but I'm like people want to know how I did it and actually there is certain mentals. It's mental. wealth is wealth is right here, wealth, money. The whole game is right here, and that's it. Okay? Um, that's why? the old expression? If you took all the money from the wealthy and gave it to the poor within a generation, the wealthy would have it all again because they think differently right. So my point is the chapter was. I compared it to comedians. Comedians. See funny, I see opportunity everywhere people cry about that problem. I'm over here like Wait, if someone did ▁x y, ▁z, they could fix that. That's a fortune right there, right, that's million. That's a million dollars laying in that little corner, so you got to look at th things through an opportunistic right, entrepreneurial lens. Right and I think that's uh, people who are continually successful. That's what they do right. They don't bitch about problems. How do I fix it? How do I move on solution based problems et cetera, But um, but yeah, Sobashmaskalcco, He' one of our favorite comics that. That's what. That's what makes him successful Right the opportunity? Well, he's a worker like you said, I work afterwards a beast. I mean, he's looking to where you can see in his shows that it's all new material. Yes, so it. it wasn't a repeat of what we saw on H. B. O. I know over this last Gu. It was funny Is all new stuff and it was absolutely hilarious. It was current. Yeah, and uh, really entertaining. He and this other fellow got a little Youtube thing. I don't know if you ever. Yeah, I mean I love them. Yeah, Lo. who? What's the guy's name cast? Uh, pete, Uh, David, No, pi. I don't you, have he, David'. get out of here, heat and sebash. It's being in Sbashion. I don't know the other guys, but he talks like him too, though they like ta alo. Absolutely abs. Yeah, I see, I saw that once and I'm like Wait. it's a it's It's a phenomenal show. He's not one's not Italian though, Oh hes. No. is he from New York or or Geors, or or some? they're both Sicilians. Oh, he is Sicilly, I didn't think you. Oh, okay, Yeah, but it's aboutgsian's a hundred percent and pizza a mix. I'm of fifty fifty, I got in Sicilian. Yeah, fifty. what are you? I'm Sicilian German. Oh, really, Nx, and how dixonor honor F B. I. Oh, yeah, um or no, I b m Italian by marriage. That's what they said. There's some theres, no youur you're you're You're Italian by nature. F. I I b a f b I W that people ask me all the time if I am. Yeah, um, but no, uh, I was. I was there watching the dam. Godfath was takinging it to. I love gangster movies. In fact, I'm going to bring some real. I'm going to bring Sammy the Bull on this pocast. Oh good. I go. No. we'. see he might have. He might have to get movev in other Ris. No, but I'm thinking of that that gady movie Where the the Fedz Ja, the the h B o Gotdy movie. By the way, I, I'm a mob movie. Na. Yeah. Okay, the H b o Gotdy movie from ninety six. He' to be my favorite guy. Is that right? And it's not even on any platform. I think it's on Youtube. Yeah, it's my. It's with Um. Armman de Sante, Okay, Have you seen it? I, he plays. He is John Gady, just like Candolpheni was Tony Soprano, Watch Armmanda Sante play John Gody, It's truly probably one of my favorite mob movies and I'm a mob movie maniac and he, uh, he's John God, he's in the bathroom, Peing, and these feds come in the bathroom and they're like, and they were talking Buston, his shops, and he's like, You know, F. B, I stands for a variety. He's like I don't know. forever. bother the At. S. I don't know like, but I mean it's like right, um, but anyways, that's a funny dude for people listening. Watch the best ofmascowccause. The guys are riot. C. cian. um, we're going to wra up Tony la Gabo, Lagabo real estate. We had a good a conversation very on. Appreciate being on the show guys. Thank you. It was a lot of fuk you from coming and again. It this and and this sound bite world. I think people appreciate a real conversation. You know what. I mean. That was the first thing he said or any didn talk Paba. Bob. You know what I mean. I want. let's say no, no, no, we ▁ought to know each other as he walked in before you got here and he's like Oh, listen to your guys show. and it goes the fact that it's just a conversation. I'd loved it. Yeah, well, it's like you know the person. Even like people listening to a podcast know the person and I, I feel like that's important again for even for your business or whatever, like you know the person before you know them. Because you're listening to them in your ear when you're working out in the car. This and that, so I feel like it's actually a great tool for businesses. I' promote themselves, But the problem is businesses look at immediate, r, y, right. I'm going to pay two grand for the ad. Right, how many calls am I going to get? This doesn't work like that. Um, and we don't have any type of monetization or business thing we're personally doing with the show? but I, I do believe I think a lot of local businesses like we talked about earlier are dismissing it because there's no immediate r. o. y. Oh, I talk an hour a week, and like Pe, I don't get any calls right away. How does that work? No, No, these people listen every week and they know you and they want to know you, you rochest. So here's what we do with the list right, right, a stuffy fricken suitan tie version, right, People want to know the person right and these things do that, these podcaos and it's pretty cool actually, Because then they're like when they're when they want to sell their home. it is'. Let's say you're doing this every week for you, right in the Lagba Real estate. You already know the guy. I know this guy. So when I see a million flyers of in in my inbox, What am I doing over here? I know this guy right. That's that's my belief with podcasting that I think is under underrated in the business world in general, and it's fun. frigging fun. It is fun. Yeah, and that's why I really like it. It's fun. It's like I said. It's a conversation. Yeah, uh and it's real. Yeah, beautiful. All right, we're going to wrap up Alphon. Cut. Here's what I want you to do. you like this convers Ation comment on Youtube. Okay, you could answer. You can leave comments, comment on Youtube. Let us know what you like. Let us know what you didn't like. Maybe you hated Tony. Tell me, say I hayt Tony. I want to hear that, Comrad. Yeah, you got a problem with me, but no, seriously, tell us what you like. Tell us what you don't like. If a Ap where we need a rating and reviews in the Itunes, uh, uh, Appp. I know you're listening on many platforms. We'd love a five star rating review and the Itunes up. We greatly appreciate it. Share with the friend. If you love it and again we love the feedback. This show is constantly evolving like we talked about evolution. We go in this direction. we go in that direction. We got a lot of fun stuff planned live. Collins will be part of the show. I would say what you know. The next month or two as the Youtub audience grows, We're going to do a live calling thing, which will be super funny. By the way, I think about that life, Callllins on an areament like this, very exciting Alphon cut'. Signing off. we will see you next week.