From Land Developer to Private Lender: Brooke Kaine on Inflection Points, Cashflow, and the Power of Relationships

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Speaker 0: Today, we sit down with Brooke Cain of Cain Investments.
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Speaker 0: Brooke is a wealth of knowledge and a good storyteller
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Speaker 0: as well, and it's just a kind, giving person.
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Speaker 0: I had the opportunity to have lunch with Brooke about a month ago,
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Speaker 0: and that was a fantastic, experience.
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Speaker 0: And I I I asked him to come on the show to tell provide
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Speaker 0: some inspiration and some practical value to the listener.
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Speaker 0: He's been in land development,
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Speaker 0: rehabs, all kind of ground up construction,
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Speaker 0: primarily in Maryland, and done many different things in real estate investing
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Speaker 0: over the the several decades.
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Speaker 0: And, but he's discovered private lending or hard money lending
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Speaker 0: about thirteen years ago or so, and he raves about it.
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Speaker 0: So, we don't get too far into the weeds on how to do a
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Speaker 0: hard money loan or how to do private lending, but his story,
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Speaker 0: is just really fascinating.
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Speaker 0: And he's clearly someone who wants to give back and,
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Speaker 0: just he's just a a very generous person, kind soul
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Speaker 0: you can tell.
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Speaker 0: And, you're gonna wanna listen to this if you have any interest in private
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Speaker 0: lending, if you have any interest in, you know, why that may be a
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Speaker 0: better fit than other, asset classes or strategies
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Speaker 0: within real estate investing,
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Speaker 0: and if you just want general wisdom, there's something at the very
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Speaker 0: end that he that there's just a powerful statement that he made, an observation
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Speaker 0: that he's that he's made, from living seventy five years,
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Speaker 0: you know, about the power of of relationships and,
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Speaker 0: you know, the power of making an impact on other people.
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Speaker 0: And, just I I really, really thoroughly enjoyed this conversation,
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Speaker 0: and I think you will too.
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Speaker 1: From adversity to abundance, hosted by entrepreneur and
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Speaker 1: seasoned real estate investor, Jamie Bateman, is the ultimate guide
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Speaker 1: for active and passive investors seeking clarity, mental fitness,
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Speaker 1: and the confidence to make inspired decisions in the world of real estate.
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Speaker 1: With a decade plus of investing experience across various niches and
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Speaker 1: a background as a combat veteran, former army officer, and
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Speaker 1: multimillion dollar mortgage note company owner, Jamie brings a
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Speaker 1: wealth of knowledge and inspiring stories to each episode.
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Speaker 1: Through weekly episodes featuring insightful interviews with industry leaders
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Speaker 1: and solo explorations of mindset and strategy, listeners
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Speaker 1: will uncover actionable advice and tips to overcome challenges
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Speaker 1: and build lasting financial success.
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Speaker 1: Whether you're a seasoned investor or just starting, from adversity
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Speaker 1: to abundance is your road map to turning obstacles into opportunities
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Speaker 1: and achieving financial freedom.
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Speaker 0: Welcome, everybody, to another episode of the From Adversity to Abundance podcast.
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Speaker 0: I am your host, Jamie Bateman.
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Speaker 0: And today, we have with us Brooke Cain.
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Speaker 0: Brooke is a Baltimore, Maryland area private
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Speaker 0: lender, and he's done a lot of different things in in real estate.
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Speaker 0: Brooke is the owner of Cain Investments.
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Speaker 0: Brooke, how are you doing today?
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Speaker 2: Good day, Jamie, and thanks for having me on.
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Speaker 2: I appreciate it.
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Speaker 0: Absolutely.
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Speaker 0: I know you have a a ton of stories and a ton of knowledge
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Speaker 0: and a ton of inspiration to provide to the to the listener.
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Speaker 0: So, I think that the challenge here will be to
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Speaker 0: you know, for me to be able to focus the conversation because there's so
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Speaker 0: much.
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Speaker 0: I feel like we could probably have five or six episodes, based on your
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Speaker 0: wealth of of knowledge.
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Speaker 0: But for the listener who may not be familiar with you, who are you
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Speaker 0: today?
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Speaker 0: What are you up to today, and and what is some of the abundance
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Speaker 0: that you're experiencing today?
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Speaker 2: Today,
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Speaker 2: I'm almost seventy six years old.
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Speaker 2: I'm partially retired.
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Speaker 2: I tried to go fully retired January first of this
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Speaker 2: year and transitioned the business over to, one of our employees,
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Speaker 2: Carrie Martinez, which we have done, and and and I thought I
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Speaker 2: could really just
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Speaker 2: step away, okay, which I can, but I thought I could really get
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Speaker 2: away from the business.
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Speaker 2: And
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Speaker 2: that lasted almost to February of this year.
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Speaker 0: Okay.
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Speaker 0: So almost
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Speaker 2: a month.
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Speaker 2: Yeah.
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Speaker 2: And then I said, I don't like this retirement even a little bit.
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Speaker 2: So I kinda got more back involved a little bit with it, but, basically,
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Speaker 2: we've transitioned from being a hard money lender,
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Speaker 2: loaning to individuals, investors who are doing
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Speaker 2: rehabs, resales, sometimes, rentals, buy and hold.
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Speaker 2: Mhmm.
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Speaker 2: And over the years, I've been blessed with having,
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Speaker 2: helped other people in some small way small ways get
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Speaker 2: into the business, mainly through inspiration and having lunch with them at Deepest Quality.
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Speaker 2: Mhmm.
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Speaker 2: Yeah.
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Speaker 2: Did a a few Like we did.
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Speaker 2: And inspired them to look at the business because I'm such a an
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Speaker 2: evangelist and and and a believer in the business.
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Speaker 2: Mhmm.
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Speaker 2: And so I've started transitioning away from
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Speaker 2: lending to individuals and lending larger amounts to these,
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Speaker 2: hard money lenders like I used to be.
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Speaker 2: So I'm more you might describe me now as more of a capital
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Speaker 2: investor.
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Speaker 2: I think that's a term that's Yes.
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Speaker 2: Kinda used in the industry Yep.
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Speaker 2: Than a direct hard money lender.
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Speaker 2: Okay?
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Speaker 0: Makes sense.
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Speaker 2: I lend to those lenders.
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Speaker 2: Okay?
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Speaker 2: And it makes the business a little simpler.
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Speaker 2: You don't have because it we had, like, forty five, fifty borrowers,
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Speaker 2: you know, checks coming in every month, and it's a lot of management.
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Speaker 2: Okay?
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Speaker 2: Now we have seven or eight, nine checks coming in.
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Speaker 2: So Okay.
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Speaker 2: That's where I'm at today.
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Speaker 0: Okay.
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Speaker 0: Perfect.
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Speaker 0: So and to be clear, you got drawn back into
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Speaker 0: some level of of of active investing, but that was primarily
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Speaker 0: because you didn't like retirement.
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Speaker 0: It wasn't so much that you know, I I don't wanna say the business
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Speaker 0: didn't need you, but it was more that you didn't like retirement.
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Speaker 0: Is that fair to say?
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Speaker 2: Yeah.
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Speaker 2: I needed the business.
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Speaker 2: I needed the action.
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Speaker 2: Alright.
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Speaker 2: I'm a I'm kind of an action guy, and and, I
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Speaker 2: miss the action.
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Speaker 2: Yeah.
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Speaker 2: Okay.
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Speaker 2: I miss the making deals, solving problems, coming up with new ideas,
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Speaker 2: hearing stories from other people.
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Speaker 2: That's the big deal.
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Speaker 2: As you know, I enjoy, you know, meeting people at lunch.
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Speaker 2: And,
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Speaker 2: you know, I was gonna say, well, after a while, they don't wanna hear
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Speaker 2: about my investment in the stock market.
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Speaker 2: And, you know, you know, I I Right.
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Speaker 2: I got no if I don't have stories to tell, then then
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Speaker 2: well, good.
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Speaker 2: Why do you wanna have lunch with me?
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Speaker 0: I don't know.
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Speaker 0: That was a pretty good, Italian cold cut and and Yeah.
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Speaker 0: That's true.
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Speaker 2: That's true.
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Speaker 0: Conversation is what what made it.
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Speaker 0: But,
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Speaker 0: you know, I guess you know, you can be as specific as as you
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Speaker 0: want, obviously, but, how has real estate investing and,
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Speaker 0: private lending
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Speaker 0: made your life more financially abundant?
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Speaker 2: Straight up, with the businesses that I've been in all in real estate, whether
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Speaker 2: it's land development, home building, rehabbing, whatever phase,
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Speaker 2: I
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Speaker 2: have never been around.
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Speaker 2: Now, again, I didn't graduate from Wharton or Harvard Law or any of that
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Speaker 2: kind of crap, but I I'm saying it's a good Yeah.
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Speaker 2: Right.
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Speaker 2: Wish I had.
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Speaker 2: Right.
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Speaker 2: But I don't mean it negatively, but I just didn't have that opportunity.
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Speaker 2: But of the businesses that I've been associated with, nothing nothing,
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Speaker 2: you know, has made
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Speaker 2: two things.
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Speaker 2: One has made the cat has made the income Mhmm.
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Speaker 2: With what I feel is exceptionally run right, run conservative,
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Speaker 2: run tight Mhmm.
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Speaker 2: A very constrained risk profile.
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Speaker 2: Okay.
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Speaker 2: Because that's the first thing people will ask you.
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Speaker 2: Oh, man.
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Speaker 2: Isn't that risky?
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Speaker 2: Well, if you if you don't pay attention
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Speaker 0: and
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Speaker 2: don't do the right kind set up the right kind of bit yeah.
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Speaker 2: It can be.
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Speaker 2: Right.
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Speaker 2: Okay?
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Speaker 2: Sure.
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Speaker 2: But I've not been around a business.
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Speaker 2: And, again, when I first came to Baltimore, I had no idea what hard
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Speaker 2: money was.
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Speaker 2: I didn't know what the term meant.
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Speaker 2: Right.
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Speaker 2: I thought, well, shit.
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Speaker 2: Every bit of hard money every money bit of money I ever made seemed
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Speaker 2: like hard money to me.
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Speaker 2: And when I got to know the business more,
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Speaker 2: it it be it
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Speaker 2: it it it was phenomenal from a cash generation stand income
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Speaker 2: Mhmm.
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Speaker 2: Mhmm.
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Speaker 2: Standpoint Right.
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Speaker 2: Coupled with,
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Speaker 2: you know, having very constrained risk.
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Speaker 0: Yeah.
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Speaker 0: Yeah.
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Speaker 0: Okay.
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Speaker 2: Very constrained risk.
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Speaker 0: Got it.
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Speaker 0: Well, it sounds like you could have retired years ago,
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Speaker 0: but you love it too much, basically, is what I'm what I'm gathering.
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Speaker 2: You know, I I
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Speaker 2: love how it it inspires and perpetuates great
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Speaker 2: relationships.
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Speaker 2: It's a great Because you're you're you're involved with people's business.
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Speaker 2: Let me turn this damn thing on.
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Speaker 2: You're involved with people's business.
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Speaker 2: When you get a certain amount of gray hair and then the calendars have
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Speaker 2: flipped a certain number of times, people listen to your stories like you know
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Speaker 2: something, which makes an old guy feel really good.
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Speaker 2: They they actually listen to what I'm saying.
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Speaker 2: Right?
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Speaker 2: Right.
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Speaker 2: And some of that's based on on advice and hard knocks and and all
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Speaker 2: that.
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Speaker 2: So Yeah.
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Speaker 2: It makes me feel good Sure.
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Speaker 2: For sure.
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Speaker 2: But it it, I've just found it to be Mhmm.
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Speaker 2: Really, for me, with my frame of reference, a a fantastic
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Speaker 2: business.
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Speaker 0: Nice.
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Speaker 0: So it sounds like you've got a lot of time freedom and financial freedom,
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Speaker 0: at at this point.
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Speaker 0: So but I know it wasn't always that way.
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Speaker 0: So let's jump back and and discuss some of the
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Speaker 0: particularly the downs that you've been through, and maybe,
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Speaker 0: you know, I think you have a potentially a story, to tell
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Speaker 0: about someone else's story, actually, to tell.
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Speaker 0: But, talk about some of the hardship that you've been through in your background,
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Speaker 0: you know, maybe whether in real estate directly or otherwise.
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Speaker 2: And I'll I'll use that story we talked about before we jumped on the
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Speaker 2: air or Yeah.
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Speaker 2: Yeah.
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Speaker 2: Started recording.
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Speaker 2: And this was a friend of mine in Florida, and we had a place
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Speaker 2: down there at the time.
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Speaker 2: This was in the early, I don't know, eleven, twelve, something like that, or
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Speaker 2: or, actually, even earlier than that, o eight, o nine,
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Speaker 2: as I look back.
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Speaker 2: And this guy, it was a cousin of my friend, and we had dinner
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Speaker 2: with him.
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Speaker 2: Nice guy.
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Speaker 2: Okay.
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Speaker 2: Very transparent.
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Speaker 2: Mhmm.
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Speaker 2: And he was a player.
00:11:06.030 --> 00:11:09.790
Speaker 2: I mean, he was president of I forget the gentleman's name, but just a
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Speaker 2: great guy.
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Speaker 2: Some big corporation, and that was a big supplier to parts to
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Speaker 2: GM and and and so the guy had done well.
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Speaker 2: Sure.
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Speaker 2: Started in
00:11:22.970 --> 00:11:26.970
Speaker 2: a garage fixing alternators in Alexandria, Virginia.
00:11:27.610 --> 00:11:28.410
Speaker 2: Okay?
00:11:28.410 --> 00:11:32.410
Speaker 2: And I asked him I said, what were those times
00:11:32.570 --> 00:11:36.570
Speaker 2: in life, you know, where you really because he jumped up, and
00:11:36.595 --> 00:11:40.595
Speaker 2: we went by his condo, and his was much more handsome than mine was.
00:11:41.635 --> 00:11:42.515
Speaker 2: So Nice.
00:11:42.515 --> 00:11:44.515
Speaker 2: He had done very, very well.
00:11:44.515 --> 00:11:45.395
Speaker 2: Yeah.
00:11:45.395 --> 00:11:47.875
Speaker 2: And I said, what let's call the guy Dan.
00:11:47.875 --> 00:11:51.875
Speaker 2: I said, Dan, what were those moments in your career looking back
00:11:52.800 --> 00:11:54.480
Speaker 2: when you made those jumps?
00:11:54.480 --> 00:11:57.040
Speaker 2: In other words, when you went from a to z.
00:11:57.040 --> 00:12:01.040
Speaker 2: I mean, you you really made those to get from a busting
00:12:01.200 --> 00:12:02.160
Speaker 2: up alternators.
00:12:02.160 --> 00:12:04.240
Speaker 2: That's a part of an engine, I believe.
00:12:04.240 --> 00:12:05.680
Speaker 2: Yeah.
00:12:05.680 --> 00:12:09.680
Speaker 2: In Virginia to to this, you know, to where you are today.
00:12:10.935 --> 00:12:13.895
Speaker 2: And he says that's a great question.
00:12:13.895 --> 00:12:17.895
Speaker 2: And when I look back in that context, what I found what
00:12:17.975 --> 00:12:21.975
Speaker 2: now that I think about it, the times where I made those, I'll
00:12:21.980 --> 00:12:25.260
Speaker 2: call it, meteoric, you know, substantial jumps
00:12:25.260 --> 00:12:25.660
Speaker 0: Right.
00:12:25.660 --> 00:12:28.460
Speaker 0: Like a bay like an inflection point or some kind of, like
00:12:28.460 --> 00:12:31.260
Speaker 2: That's a perfect that's a perfect way to put it.
00:12:31.260 --> 00:12:35.195
Speaker 2: Was at the times things look the worst.
00:12:35.195 --> 00:12:35.515
Speaker 2: Okay.
00:12:35.515 --> 00:12:37.675
Speaker 2: And he went on to tell some stories.
00:12:37.675 --> 00:12:41.675
Speaker 2: You know, he sold his business, you know, at a fairly young age.
00:12:41.835 --> 00:12:45.195
Speaker 2: He built it up, bunch of money on the takeout, took a lot of
00:12:45.195 --> 00:12:46.315
Speaker 2: it back in stock.
00:12:46.315 --> 00:12:48.075
Speaker 2: These guys ran it into the ground.
00:12:48.075 --> 00:12:49.730
Speaker 2: He said, jeez.
00:12:49.730 --> 00:12:52.290
Speaker 2: I have to come back in, and it was the best thing he ever
00:12:52.290 --> 00:12:55.410
Speaker 2: did because he bought the stock back at a at a you know, it
00:12:55.410 --> 00:12:56.530
Speaker 2: wasn't worth much.
00:12:56.530 --> 00:12:56.850
Speaker 2: Mhmm.
00:12:56.850 --> 00:12:59.810
Speaker 2: And he bought it back, got those guy, and then it just took off.
00:12:59.810 --> 00:13:03.810
Speaker 2: And then there was two or three of these inflection points, like you say,
00:13:04.095 --> 00:13:06.975
Speaker 2: Jamie, that made all the difference.
00:13:06.975 --> 00:13:10.975
Speaker 2: And I'll never forget that story because this was before we
00:13:11.055 --> 00:13:13.535
Speaker 2: had decided to come to Baltimore Okay.
00:13:13.535 --> 00:13:16.670
Speaker 2: Which we did in August of eleven.
00:13:16.670 --> 00:13:17.070
Speaker 2: You were you
00:13:17.070 --> 00:13:18.750
Speaker 0: were down in Southern Maryland?
00:13:18.750 --> 00:13:20.110
Speaker 2: I was in Calvert County.
00:13:20.110 --> 00:13:20.670
Speaker 2: K.
00:13:20.670 --> 00:13:21.950
Speaker 2: You know?
00:13:21.950 --> 00:13:25.230
Speaker 2: Compared to Baltimore, a galaxy far, far away.
00:13:25.230 --> 00:13:29.230
Speaker 2: And if you're in the growth business, you know, like build houses or cut
00:13:29.310 --> 00:13:33.310
Speaker 2: up ground, do not, under any circumstances, go to Calvert County.
00:13:34.575 --> 00:13:35.775
Speaker 2: That's funny.
00:13:35.775 --> 00:13:39.775
Speaker 2: It's because so we had been in the building to biz
00:13:39.855 --> 00:13:41.855
Speaker 2: my dad had been in the business.
00:13:41.855 --> 00:13:42.975
Speaker 2: I got into it.
00:13:42.975 --> 00:13:45.775
Speaker 2: You know, basically, it was a simple dynamic.
00:13:45.775 --> 00:13:49.775
Speaker 2: We would buy a farm or woodland, whatever, a piece of ground,
00:13:50.410 --> 00:13:54.170
Speaker 2: hundred, two hundred acres, cut it up into lots, subdivide it.
00:13:54.170 --> 00:13:54.810
Speaker 0: Mhmm.
00:13:54.810 --> 00:13:56.730
Speaker 2: What they call down there developing.
00:13:56.730 --> 00:13:59.515
Speaker 2: You know, up here, we use developing with different terms.
00:13:59.515 --> 00:13:59.835
Speaker 2: Okay.
00:13:59.835 --> 00:14:03.355
Speaker 2: And then we put the streets in and all that stuff and build the
00:14:03.355 --> 00:14:04.235
Speaker 2: houses.
00:14:04.235 --> 00:14:04.635
Speaker 2: Okay?
00:14:04.635 --> 00:14:08.635
Speaker 2: And then go find another farm, cut it up, boom, same process for instant
00:14:08.715 --> 00:14:09.675
Speaker 2: repeat.
00:14:09.675 --> 00:14:09.995
Speaker 0: Right.
00:14:09.995 --> 00:14:10.635
Speaker 2: And we grew it.
00:14:10.635 --> 00:14:13.755
Speaker 2: We were only doing twenty five, thirty houses a year, but down there, that's
00:14:13.755 --> 00:14:14.770
Speaker 2: quite a bit.
00:14:14.770 --> 00:14:16.610
Speaker 2: Mhmm.
00:14:16.610 --> 00:14:18.130
Speaker 2: And,
00:14:18.130 --> 00:14:20.290
Speaker 2: you know, but
00:14:20.290 --> 00:14:23.810
Speaker 2: it got more and more difficult, not because of market.
00:14:23.810 --> 00:14:26.130
Speaker 2: Not I could handle market fluctuation.
00:14:26.130 --> 00:14:28.290
Speaker 2: Didn't like them, but that's part of the deal.
00:14:28.290 --> 00:14:29.155
Speaker 2: Sure.
00:14:29.155 --> 00:14:32.595
Speaker 2: I could not beat government.
00:14:32.595 --> 00:14:36.595
Speaker 2: Government got worse and worse, and the people that moved to Calvert County
00:14:36.595 --> 00:14:37.475
Speaker 2: Mhmm.
00:14:37.475 --> 00:14:39.915
Speaker 2: Okay, are people that don't want change.
00:14:39.915 --> 00:14:42.275
Speaker 2: I mean, inherently, none of us want change.
00:14:42.275 --> 00:14:42.755
Speaker 2: I got that.
00:14:42.755 --> 00:14:43.235
Speaker 2: Change.
00:14:43.235 --> 00:14:43.475
Speaker 2: Right.
00:14:43.475 --> 00:14:43.675
Speaker 2: Right.
00:14:43.635 --> 00:14:43.920
Speaker 2: Right.
00:14:43.920 --> 00:14:44.320
Speaker 2: Sure.
00:14:44.320 --> 00:14:45.680
Speaker 2: None of us we all like the settings.
00:14:45.680 --> 00:14:45.880
Speaker 2: That's
00:14:45.840 --> 00:14:46.560
Speaker 0: a good point.
00:14:46.560 --> 00:14:46.960
Speaker 2: Yeah.
00:14:46.960 --> 00:14:47.600
Speaker 2: Okay.
00:14:47.600 --> 00:14:51.600
Speaker 2: But what I ran up against was that these the,
00:14:51.920 --> 00:14:55.920
Speaker 2: the politicians, the local county commissioners would run on a no growth platform.
00:14:56.765 --> 00:14:57.325
Speaker 2: Okay?
00:14:57.325 --> 00:15:01.325
Speaker 2: We're no more traffic lights, no more people, no more growth, no more, no
00:15:01.405 --> 00:15:02.285
Speaker 2: more, no more.
00:15:02.285 --> 00:15:06.285
Speaker 2: And that was a very compelling argument for votes because the people
00:15:06.365 --> 00:15:09.405
Speaker 2: that came down there wanted to get away from us.
00:15:09.405 --> 00:15:10.790
Speaker 2: So each I see.
00:15:10.790 --> 00:15:14.790
Speaker 2: And every administration would take another bite out of the growth apple and made
00:15:14.790 --> 00:15:18.790
Speaker 2: my life more and more difficult often changing the rules after you bought the
00:15:18.790 --> 00:15:20.950
Speaker 2: ground under one set of rules.
00:15:20.950 --> 00:15:21.350
Speaker 2: Wow.
00:15:21.350 --> 00:15:23.355
Speaker 2: And in the meantime,
00:15:23.355 --> 00:15:27.355
Speaker 2: you know, you got new changes because they all wanna take a chain
00:15:27.355 --> 00:15:28.875
Speaker 2: you know, to say it happened on their what.
00:15:28.875 --> 00:15:29.195
Speaker 2: Right.
00:15:29.195 --> 00:15:29.435
Speaker 2: Right.
00:15:29.435 --> 00:15:30.955
Speaker 2: Government,
00:15:30.955 --> 00:15:34.555
Speaker 2: while it didn't put me out of business, I realized in o seven zero
00:15:34.555 --> 00:15:38.555
Speaker 2: eight, not just because the market was the projects I was working
00:15:38.940 --> 00:15:39.140
Speaker 2: in.
00:15:39.020 --> 00:15:41.260
Speaker 2: I had about four different communities.
00:15:41.260 --> 00:15:41.660
Speaker 2: Mhmm.
00:15:41.660 --> 00:15:45.660
Speaker 2: And not one of them not one of those communities and
00:15:45.660 --> 00:15:46.700
Speaker 2: I developed all of them.
00:15:46.700 --> 00:15:48.300
Speaker 2: You know, I cut the ground up and all.
00:15:48.300 --> 00:15:51.755
Speaker 2: Not one of those communities could I could I cut lots up in under
00:15:51.755 --> 00:15:54.235
Speaker 2: the existing rules that I was facing.
00:15:54.235 --> 00:15:57.115
Speaker 2: So every lot that I sold Mhmm.
00:15:57.115 --> 00:16:00.555
Speaker 2: Was like going into deep as well as and grabbing out the last bottle
00:16:00.555 --> 00:16:02.340
Speaker 2: of olive oil off the shelf.
00:16:02.340 --> 00:16:05.380
Speaker 2: You know, eventually, you're out of the Italian market business.
00:16:05.380 --> 00:16:05.780
Speaker 2: Right?
00:16:05.780 --> 00:16:06.180
Speaker 2: Right.
00:16:06.180 --> 00:16:06.500
Speaker 2: Right.
00:16:06.500 --> 00:16:10.340
Speaker 2: I could see you know, I was, was it fifty eight then?
00:16:10.340 --> 00:16:11.060
Speaker 2: Fifty nine?
00:16:11.060 --> 00:16:11.260
Speaker 2: Yeah.
00:16:11.180 --> 00:16:12.740
Speaker 2: I was born in fifty.
00:16:12.740 --> 00:16:16.260
Speaker 2: I could see, you know, you're thinking about retire not retirement, but just how
00:16:16.260 --> 00:16:19.035
Speaker 2: this gonna wind up when I can't Sure.
00:16:19.035 --> 00:16:19.515
Speaker 2: Yeah.
00:16:19.515 --> 00:16:20.235
Speaker 2: Run anymore.
00:16:20.235 --> 00:16:20.475
Speaker 0: Yeah.
00:16:20.475 --> 00:16:21.355
Speaker 0: You're looking forward.
00:16:21.355 --> 00:16:21.675
Speaker 0: Yeah.
00:16:21.675 --> 00:16:22.155
Speaker 0: Sure.
00:16:22.155 --> 00:16:23.355
Speaker 2: And it didn't look good.
00:16:23.355 --> 00:16:24.395
Speaker 2: Didn't mhmm.
00:16:24.395 --> 00:16:24.875
Speaker 2: Okay?
00:16:24.875 --> 00:16:28.715
Speaker 2: I mean, I wasn't gonna go broke, but I sure as hell wasn't gonna
00:16:28.715 --> 00:16:30.715
Speaker 2: be,
00:16:30.715 --> 00:16:32.155
Speaker 2: it it was gonna be difficult.
00:16:32.155 --> 00:16:32.475
Speaker 2: Mhmm.
00:16:32.475 --> 00:16:32.875
Speaker 2: Okay?
00:16:32.875 --> 00:16:33.690
Speaker 2: Sure.
00:16:33.690 --> 00:16:35.610
Speaker 2: And
00:16:35.610 --> 00:16:39.610
Speaker 2: I said to the same you know, it it got to be, like,
00:16:39.770 --> 00:16:40.250
Speaker 2: February.
00:16:40.250 --> 00:16:40.970
Speaker 2: I'll never forget it.
00:16:40.970 --> 00:16:42.490
Speaker 2: February of eleven.
00:16:42.490 --> 00:16:42.810
Speaker 2: Mhmm.
00:16:42.810 --> 00:16:44.170
Speaker 2: And I was in bad shape.
00:16:44.170 --> 00:16:46.330
Speaker 2: Mentally, the market was bad.
00:16:46.330 --> 00:16:50.330
Speaker 2: You know, the business was going okay, but I I could see down I
00:16:50.385 --> 00:16:52.545
Speaker 2: couldn't not see further down the road.
00:16:52.545 --> 00:16:55.665
Speaker 2: And when I did, it made me you know, I'd walk in the floors.
00:16:55.665 --> 00:16:56.305
Speaker 2: Okay?
00:16:56.305 --> 00:16:59.825
Speaker 2: And I'll tell you, this is honestly got the same guy who introduced me
00:16:59.825 --> 00:17:00.785
Speaker 2: to his cousin
00:17:00.785 --> 00:17:01.105
Speaker 0: Mhmm.
00:17:01.105 --> 00:17:01.585
Speaker 2: Yeah.
00:17:01.585 --> 00:17:05.585
Speaker 2: Ben Walker, was over for dinner one night, cold February night.
00:17:06.280 --> 00:17:06.840
Speaker 2: K.
00:17:06.840 --> 00:17:09.800
Speaker 2: And I had been looking at different places to get out of Calvert County
00:17:09.800 --> 00:17:12.120
Speaker 2: because that's the only place I was in.
00:17:12.120 --> 00:17:16.120
Speaker 2: And I went to Saint Paul School as a boarding student up here in
00:17:16.215 --> 00:17:16.855
Speaker 2: in Baltimore.
00:17:16.855 --> 00:17:18.135
Speaker 2: My wife's from Pikesville.
00:17:18.135 --> 00:17:20.375
Speaker 2: So we had some Baltimore connect.
00:17:20.375 --> 00:17:22.615
Speaker 2: Mhmm.
00:17:22.615 --> 00:17:25.335
Speaker 2: And I I said, Glenn,
00:17:25.335 --> 00:17:27.655
Speaker 2: I said, I gotta get out of here, man.
00:17:27.655 --> 00:17:31.410
Speaker 2: I said, they're killing you know, I'm I'm I'm gonna die on the vine.
00:17:31.410 --> 00:17:34.370
Speaker 2: And I really think I wanna go to Baltimore.
00:17:34.370 --> 00:17:35.250
Speaker 2: Mhmm.
00:17:35.250 --> 00:17:38.530
Speaker 2: I don't know what it entails, but they gotta have more lots up there,
00:17:38.530 --> 00:17:39.410
Speaker 2: more people up there.
00:17:39.410 --> 00:17:43.410
Speaker 2: I don't know what them will do, but there's gotta be better than here.
00:17:43.570 --> 00:17:43.810
Speaker 0: Right.
00:17:43.810 --> 00:17:47.810
Speaker 2: And I'll never forget he says, what's stopping you from moving now?
00:17:49.655 --> 00:17:53.655
Speaker 2: And I just and I knew what's stopping me, and it was guts.
00:17:55.655 --> 00:17:59.200
Speaker 2: Two weeks later, I bought the house over here on Alice Anna.
00:17:59.200 --> 00:17:59.600
Speaker 2: Okay?
00:17:59.600 --> 00:17:59.920
Speaker 2: Okay.
00:17:59.920 --> 00:18:03.760
Speaker 2: And and and we moved six months later after it was rehabbed and everything.
00:18:03.760 --> 00:18:05.600
Speaker 2: Okay.
00:18:05.600 --> 00:18:07.360
Speaker 2: Scared it.
00:18:07.360 --> 00:18:11.280
Speaker 2: And that was my moment that I related so well to the guy we
00:18:11.280 --> 00:18:13.555
Speaker 2: had dinner with three or four
00:18:13.555 --> 00:18:14.555
Speaker 0: Well, it sounds like
00:18:14.555 --> 00:18:16.035
Speaker 2: I was afraid.
00:18:16.035 --> 00:18:16.755
Speaker 2: I was scared.
00:18:16.755 --> 00:18:18.275
Speaker 2: It was a low point.
00:18:18.275 --> 00:18:19.395
Speaker 0: Sure.
00:18:19.395 --> 00:18:21.955
Speaker 2: But it became
00:18:21.955 --> 00:18:24.035
Speaker 2: it it it just became,
00:18:24.035 --> 00:18:27.315
Speaker 2: all I would not be here where I am today Yeah.
00:18:27.315 --> 00:18:30.200
Speaker 2: Had Glenn not not called me out.
00:18:30.200 --> 00:18:30.520
Speaker 2: Right.
00:18:30.520 --> 00:18:34.520
Speaker 0: Well, I think that's that's there's so many things, you know, takeaways
00:18:34.600 --> 00:18:35.400
Speaker 0: from that story.
00:18:35.400 --> 00:18:37.240
Speaker 0: But,
00:18:37.240 --> 00:18:40.280
Speaker 0: you know, we need people in our lives who will challenge us sometimes, you
00:18:40.280 --> 00:18:44.280
Speaker 0: know, peers and friends and, you know, fellow investors, whoever it
00:18:44.285 --> 00:18:44.525
Speaker 0: is.
00:18:44.525 --> 00:18:48.525
Speaker 0: But, you know, it's, that's that's has a lot of value
00:18:48.845 --> 00:18:52.205
Speaker 0: to it for sure, but you needed to be open to hearing it too.
00:18:52.205 --> 00:18:53.405
Speaker 0: You know?
00:18:53.405 --> 00:18:57.405
Speaker 2: Well and and sometimes you've gotta just hold your nose and drop off,
00:18:57.640 --> 00:18:59.480
Speaker 2: you know, jump off the end of the board.
00:18:59.480 --> 00:18:59.800
Speaker 2: Yeah.
00:18:59.800 --> 00:19:00.360
Speaker 2: Okay.
00:19:00.360 --> 00:19:00.840
Speaker 2: Well, talk
00:19:00.840 --> 00:19:04.840
Speaker 0: about that for a minute because it's not you know, I have my own
00:19:05.880 --> 00:19:09.765
Speaker 0: opinions on I I don't think there's a science to this.
00:19:09.765 --> 00:19:10.005
Speaker 0: Right?
00:19:10.005 --> 00:19:14.005
Speaker 0: You know, when should some someone take that leap and and make
00:19:14.005 --> 00:19:16.005
Speaker 0: a change like that in their in their life?
00:19:16.005 --> 00:19:19.605
Speaker 0: I mean, you on one hand, you can't wait for the stars to to
00:19:19.605 --> 00:19:20.820
Speaker 0: all align.
00:19:20.820 --> 00:19:24.820
Speaker 0: But on the other hand, you you don't wanna be, you know, too too
00:19:24.900 --> 00:19:25.380
Speaker 0: risky.
00:19:25.380 --> 00:19:25.700
Speaker 0: Right?
00:19:25.700 --> 00:19:29.540
Speaker 0: So how do you know when whether it's quitting a w two job to
00:19:29.540 --> 00:19:33.540
Speaker 0: go to go into your own business or whether it's making a move like
00:19:33.540 --> 00:19:37.540
Speaker 0: you did geographically and and then into a different,
00:19:37.755 --> 00:19:41.675
Speaker 0: real estate industry, really, a different, strategy.
00:19:41.675 --> 00:19:44.795
Speaker 0: How do you know when that's the right time, you know, it's the right
00:19:44.795 --> 00:19:48.795
Speaker 0: time to make that move?
00:19:51.310 --> 00:19:55.310
Speaker 2: If you wait until the stars are lined up
00:19:55.710 --> 00:19:57.550
Speaker 2: Mhmm.
00:19:57.550 --> 00:20:01.455
Speaker 2: Just understand that's gonna be too late, whatever the time frame is.
00:20:01.455 --> 00:20:05.455
Speaker 2: It's never people are risk aversive Yeah.
00:20:05.695 --> 00:20:06.335
Speaker 2: By nature.
00:20:06.335 --> 00:20:07.775
Speaker 2: They are risk aversive.
00:20:07.775 --> 00:20:08.975
Speaker 2: People want constant.
00:20:08.975 --> 00:20:10.495
Speaker 2: People want the status quo.
00:20:10.495 --> 00:20:12.015
Speaker 2: It's just human nature.
00:20:12.015 --> 00:20:12.415
Speaker 2: Right.
00:20:12.415 --> 00:20:15.390
Speaker 2: So it's never gonna be easy.
00:20:15.390 --> 00:20:18.830
Speaker 2: And I will maintain the greater the risk, the greater the reward.
00:20:18.830 --> 00:20:19.070
Speaker 2: Okay?
00:20:19.070 --> 00:20:21.150
Speaker 2: Not everybody can buy into that.
00:20:21.150 --> 00:20:22.910
Speaker 2: Okay?
00:20:22.910 --> 00:20:25.790
Speaker 2: And I grew up with or, you know, my dad was in the real
00:20:25.790 --> 00:20:26.030
Speaker 2: estate.
00:20:26.030 --> 00:20:30.030
Speaker 2: I mean, so I I was more comfortable with risk maybe Mhmm.
00:20:30.035 --> 00:20:30.995
Speaker 2: Yeah.
00:20:30.995 --> 00:20:32.675
Speaker 2: Than than a lot of people.
00:20:32.675 --> 00:20:36.195
Speaker 2: But, nevertheless,
00:20:36.195 --> 00:20:40.195
Speaker 2: at the time, it it it I also learned at an earlier
00:20:40.675 --> 00:20:44.675
Speaker 2: age that more is to be lost
00:20:44.760 --> 00:20:48.760
Speaker 2: by indecision than a bad decision, and I'll explain why.
00:20:48.920 --> 00:20:50.280
Speaker 2: Yeah.
00:20:50.280 --> 00:20:54.200
Speaker 2: Indecision is where most people are, and I and I'm not saying anything wrong,
00:20:54.200 --> 00:20:56.360
Speaker 2: but it it's just human nature.
00:20:56.360 --> 00:20:57.000
Speaker 0: Mhmm.
00:20:57.000 --> 00:20:59.445
Speaker 0: Sure.
00:20:59.445 --> 00:21:02.645
Speaker 2: But I found that
00:21:02.645 --> 00:21:06.645
Speaker 2: when you wait and and and some people say, well, I'm not gonna
00:21:06.725 --> 00:21:08.405
Speaker 2: decide to do that today.
00:21:08.405 --> 00:21:08.725
Speaker 2: Mhmm.
00:21:08.725 --> 00:21:10.405
Speaker 2: Well, they think they haven't made a decision.
00:21:10.405 --> 00:21:10.645
Speaker 2: Yeah.
00:21:10.645 --> 00:21:11.605
Speaker 2: You have.
00:21:11.605 --> 00:21:12.645
Speaker 2: You've made a decision.
00:21:12.645 --> 00:21:14.290
Speaker 2: You're not gonna get out of that.
00:21:14.290 --> 00:21:14.610
Speaker 2: Right.
00:21:14.610 --> 00:21:17.570
Speaker 2: You've made a decision not to decide.
00:21:17.570 --> 00:21:19.490
Speaker 2: That's a that's a great point.
00:21:19.490 --> 00:21:21.010
Speaker 2: It's a decision nonetheless.
00:21:21.010 --> 00:21:24.130
Speaker 2: It doesn't feel like it because it doesn't hurt as much as as taking
00:21:24.130 --> 00:21:24.930
Speaker 2: the risk.
00:21:24.930 --> 00:21:25.250
Speaker 0: Yeah.
00:21:25.250 --> 00:21:28.955
Speaker 0: I actually, I've been, just I don't wanna get sidetracked and No.
00:21:28.955 --> 00:21:32.955
Speaker 0: Don't wanna but I've been watching for whatever reason, my YouTube feed's been
00:21:33.435 --> 00:21:37.435
Speaker 0: had a lot of, videos about religious debates, debates
00:21:37.595 --> 00:21:38.235
Speaker 0: about religion.
00:21:38.235 --> 00:21:39.275
Speaker 0: I should you know?
00:21:39.275 --> 00:21:43.275
Speaker 0: And it's just interesting because the truth is if you are an
00:21:43.410 --> 00:21:46.610
Speaker 0: agnostic or an atheist, and we're not we we're not we don't need to
00:21:46.610 --> 00:21:50.610
Speaker 0: get too far into this, but you've made a decision,
00:21:51.090 --> 00:21:52.930
Speaker 0: at least for now,
00:21:52.930 --> 00:21:54.370
Speaker 2: about what you believe.
00:21:54.370 --> 00:21:56.290
Speaker 0: So,
00:21:56.290 --> 00:21:58.985
Speaker 0: that it just that's a that's a great point.
00:21:58.985 --> 00:22:02.985
Speaker 2: And what I found, you say, well, Jesus, if I make,
00:22:04.185 --> 00:22:07.385
Speaker 2: a bad decision, if I make too quick of a because a lot of
00:22:07.385 --> 00:22:09.305
Speaker 2: people say, well, I should have thought it over more.
00:22:09.305 --> 00:22:10.185
Speaker 2: I I Right.
00:22:10.185 --> 00:22:10.505
Speaker 2: Right.
00:22:10.505 --> 00:22:10.985
Speaker 2: Look.
00:22:10.985 --> 00:22:13.860
Speaker 2: Most decisions
00:22:13.860 --> 00:22:15.700
Speaker 2: can be pulled back.
00:22:15.700 --> 00:22:16.740
Speaker 2: You can correct.
00:22:16.740 --> 00:22:18.020
Speaker 2: This isn't like, hey.
00:22:18.020 --> 00:22:21.140
Speaker 2: I'm gonna decide to put the noose around my neck and ask the guy
00:22:21.140 --> 00:22:23.620
Speaker 2: where do I stand so you can drop me clean.
00:22:23.620 --> 00:22:23.940
Speaker 2: No.
00:22:23.940 --> 00:22:26.895
Speaker 2: It most decisions
00:22:26.895 --> 00:22:29.615
Speaker 2: can be modified, shifted, or something.
00:22:29.615 --> 00:22:32.495
Speaker 2: It's not the end of your life or the world.
00:22:32.495 --> 00:22:32.975
Speaker 2: Right.
00:22:32.975 --> 00:22:33.855
Speaker 2: Okay?
00:22:33.855 --> 00:22:37.855
Speaker 2: So much more is to be lost by trying to overthink
00:22:37.935 --> 00:22:40.590
Speaker 2: it, you know, microscope
00:22:40.590 --> 00:22:42.990
Speaker 2: type stuff.
00:22:42.990 --> 00:22:44.750
Speaker 2: Mhmm.
00:22:44.750 --> 00:22:45.550
Speaker 2: Do it.
00:22:45.550 --> 00:22:47.470
Speaker 2: And I know that's easy to say.
00:22:47.470 --> 00:22:47.950
Speaker 2: Right.
00:22:47.950 --> 00:22:48.430
Speaker 2: Right.
00:22:48.430 --> 00:22:51.165
Speaker 2: If you don't do it,
00:22:51.165 --> 00:22:53.885
Speaker 2: don't expect great wins to come your way.
00:22:53.885 --> 00:22:54.845
Speaker 2: It just won't.
00:22:54.845 --> 00:22:56.845
Speaker 0: There's a lot of opportunity cost there.
00:22:56.845 --> 00:22:57.165
Speaker 0: Right?
00:22:57.165 --> 00:23:00.845
Speaker 0: If you if you, you know, make a decision not to make a decision,
00:23:00.845 --> 00:23:04.845
Speaker 0: basically, then then you're not or make a decision not to take action,
00:23:05.730 --> 00:23:08.290
Speaker 0: what did you miss out on that you could have gained?
00:23:08.290 --> 00:23:08.610
Speaker 0: Right?
00:23:08.610 --> 00:23:12.610
Speaker 0: So so when you moved to Baltimore, what changed for you with your perspective,
00:23:13.090 --> 00:23:13.810
Speaker 0: your business?
00:23:13.810 --> 00:23:17.810
Speaker 0: How did things change over the the course of the next ten, fifteen
00:23:17.970 --> 00:23:19.855
Speaker 0: years?
00:23:19.855 --> 00:23:22.735
Speaker 2: I came up thinking that
00:23:22.735 --> 00:23:25.375
Speaker 2: there were more lots,
00:23:25.375 --> 00:23:27.455
Speaker 2: in the county, more opportunities there.
00:23:27.455 --> 00:23:30.815
Speaker 2: So I bought some lots out of foreclosure with, I think, M and T
00:23:30.815 --> 00:23:33.010
Speaker 2: Bank had taken some back from a guy.
00:23:33.010 --> 00:23:33.250
Speaker 2: Okay.
00:23:33.250 --> 00:23:36.930
Speaker 2: So I bought some lots, and then I hooked up, with a young man,
00:23:36.930 --> 00:23:40.930
Speaker 2: Tyler Banks, very good friend to this day, and we formed Charm City Builders,
00:23:41.090 --> 00:23:43.490
Speaker 2: which is basically a rehab company.
00:23:43.490 --> 00:23:44.370
Speaker 0: Okay.
00:23:44.370 --> 00:23:46.295
Speaker 2: And I was funding him.
00:23:46.295 --> 00:23:46.615
Speaker 0: Okay.
00:23:46.615 --> 00:23:48.455
Speaker 2: One of his his primary funders.
00:23:48.455 --> 00:23:51.335
Speaker 2: Okay?
00:23:51.335 --> 00:23:55.335
Speaker 2: I had another person who was a superintendent for me who built the houses.
00:23:55.415 --> 00:23:58.390
Speaker 2: These case were townhouses out in the county.
00:23:58.390 --> 00:24:02.070
Speaker 2: And so I was gonna run a inside and outside, I called it.
00:24:02.070 --> 00:24:06.070
Speaker 2: You know, in the city with rehabs, the typical row house situation.
00:24:06.070 --> 00:24:06.470
Speaker 2: Mhmm.
00:24:06.470 --> 00:24:10.310
Speaker 2: And then new stuff on the outside because I had access to more ground
00:24:10.310 --> 00:24:11.830
Speaker 2: than I did in Coward.
00:24:11.830 --> 00:24:12.310
Speaker 2: Okay.
00:24:12.310 --> 00:24:14.765
Speaker 2: And then,
00:24:14.765 --> 00:24:18.765
Speaker 2: I started to understand that whether you're building up here
00:24:19.005 --> 00:24:23.005
Speaker 2: or in Calvert, it's the same I didn't want that business
00:24:23.005 --> 00:24:23.565
Speaker 2: anymore.
00:24:23.565 --> 00:24:23.885
Speaker 2: Right.
00:24:23.885 --> 00:24:27.885
Speaker 2: The rehab business wasn't too bad, especially where my side of
00:24:27.980 --> 00:24:30.060
Speaker 2: it was basically in the funding.
00:24:30.060 --> 00:24:30.300
Speaker 2: Right.
00:24:30.300 --> 00:24:30.540
Speaker 2: Right.
00:24:30.540 --> 00:24:30.860
Speaker 2: Right.
00:24:30.860 --> 00:24:31.100
Speaker 0: But
00:24:31.100 --> 00:24:32.860
Speaker 2: and then I'd put up the money.
00:24:32.860 --> 00:24:33.820
Speaker 2: He'd find the house.
00:24:33.820 --> 00:24:34.460
Speaker 2: We'd build it.
00:24:34.460 --> 00:24:36.140
Speaker 2: You know, he would oversee the construction.
00:24:36.140 --> 00:24:38.380
Speaker 2: We split the profits when we sold it.
00:24:38.380 --> 00:24:42.380
Speaker 2: I made, like, I was charging six percent on the money because I
00:24:42.475 --> 00:24:44.475
Speaker 2: had to have somebody move it around.
00:24:44.475 --> 00:24:45.675
Speaker 2: I wasn't doing the accounting.
00:24:45.675 --> 00:24:49.675
Speaker 2: Christine, my second, was was doing that, and I need some kinda
00:24:49.675 --> 00:24:51.915
Speaker 2: offset for her cost.
00:24:51.915 --> 00:24:55.035
Speaker 2: But I found after two or three years, some of the deals, I made
00:24:55.035 --> 00:24:58.750
Speaker 2: more on the six percent than I made on the split and the profit
00:24:58.750 --> 00:24:59.550
Speaker 2: that didn't exist.
00:24:59.550 --> 00:24:59.950
Speaker 2: Right?
00:24:59.950 --> 00:25:00.750
Speaker 2: Okay.
00:25:00.750 --> 00:25:01.470
Speaker 2: Yeah.
00:25:01.470 --> 00:25:05.470
Speaker 2: I got used to,
00:25:05.790 --> 00:25:09.790
Speaker 2: you know, understanding that there was another world out there called this private lending.
00:25:10.255 --> 00:25:10.575
Speaker 2: Mhmm.
00:25:10.575 --> 00:25:13.855
Speaker 2: And I started started to see some of the returns that these guys were
00:25:13.855 --> 00:25:14.895
Speaker 2: making.
00:25:14.895 --> 00:25:18.895
Speaker 2: And I look back on my own experience in land development and home building.
00:25:19.535 --> 00:25:23.535
Speaker 2: And even though I lost monies like Buku and certain
00:25:23.610 --> 00:25:26.410
Speaker 2: land deals or houses or whatever Mhmm.
00:25:26.410 --> 00:25:28.490
Speaker 2: You know who never lost?
00:25:28.490 --> 00:25:29.530
Speaker 2: The bank.
00:25:29.530 --> 00:25:29.930
Speaker 2: The bank.
00:25:29.930 --> 00:25:30.130
Speaker 2: Yeah.
00:25:30.090 --> 00:25:30.650
Speaker 2: Lost.
00:25:30.650 --> 00:25:31.050
Speaker 0: Right.
00:25:31.050 --> 00:25:32.010
Speaker 2: Oh, Jesus.
00:25:32.010 --> 00:25:33.370
Speaker 2: That's the business.
00:25:33.370 --> 00:25:37.370
Speaker 2: So that, I made my first non Tyler loan, you know,
00:25:37.375 --> 00:25:41.215
Speaker 2: because I was exclusively lending to him Yeah.
00:25:41.215 --> 00:25:43.775
Speaker 2: In April
00:25:43.775 --> 00:25:45.855
Speaker 2: of fourteenth.
00:25:45.855 --> 00:25:49.460
Speaker 2: And we did twenty that first year or so.
00:25:49.460 --> 00:25:53.460
Speaker 2: And I finished up my last year that I was actively involved in
00:25:53.460 --> 00:25:55.380
Speaker 2: it before I turned it over to Carrie.
00:25:55.380 --> 00:25:56.820
Speaker 2: I think it was twenty four.
00:25:56.820 --> 00:25:58.980
Speaker 2: We did, like, two hundred and forty loans.
00:25:58.980 --> 00:26:00.820
Speaker 2: I mean, the thing blew up.
00:26:00.820 --> 00:26:01.140
Speaker 2: Wow.
00:26:01.140 --> 00:26:02.205
Speaker 2: Okay.
00:26:02.205 --> 00:26:04.605
Speaker 2: And
00:26:04.605 --> 00:26:04.905
Speaker 2: That's awesome.
00:26:04.905 --> 00:26:08.205
Speaker 2: I I will tell you to this day, I it seems that most of
00:26:08.205 --> 00:26:11.645
Speaker 2: that business came off the tables with deepest qualities because that's where I would
00:26:11.645 --> 00:26:12.045
Speaker 2: Okay.
00:26:12.045 --> 00:26:12.685
Speaker 2: Meet people.
00:26:12.685 --> 00:26:16.685
Speaker 2: That's where I would develop relationships that developed into lending
00:26:16.860 --> 00:26:17.340
Speaker 2: relationships.
00:26:17.340 --> 00:26:17.540
Speaker 0: Yeah.
00:26:17.500 --> 00:26:21.420
Speaker 0: Well, a couple of things I wanna ask about.
00:26:21.420 --> 00:26:24.380
Speaker 0: Well, first, you know, so
00:26:24.380 --> 00:26:26.300
Speaker 0: how did your perspective change?
00:26:26.300 --> 00:26:29.705
Speaker 0: I mean, from that February night when you were really down and out, I
00:26:29.705 --> 00:26:32.025
Speaker 0: mean, it's more than one night, but Yeah.
00:26:32.025 --> 00:26:35.305
Speaker 0: You were sounds like not in a good place,
00:26:35.305 --> 00:26:39.305
Speaker 0: you know, financially, but probably more importantly, you know, mental health
00:26:39.545 --> 00:26:42.320
Speaker 0: wise and just perspective on the future.
00:26:42.320 --> 00:26:45.680
Speaker 0: How did was it what really, what turned that around?
00:26:45.680 --> 00:26:48.560
Speaker 0: Was it, you know, was it a how did that all happen?
00:26:48.560 --> 00:26:52.240
Speaker 0: Was it over the course of time, or did you change your mindset and
00:26:52.240 --> 00:26:55.265
Speaker 0: then the, you know, the the money started coming in?
00:26:55.265 --> 00:26:58.865
Speaker 0: Or how how did that process look when you look back?
00:26:58.865 --> 00:27:01.905
Speaker 2: I had a few bucks that we came to the up to to the
00:27:01.905 --> 00:27:02.385
Speaker 2: city with.
00:27:02.385 --> 00:27:03.825
Speaker 2: That's what I was using with Tyler.
00:27:03.825 --> 00:27:04.145
Speaker 2: You know?
00:27:04.145 --> 00:27:06.465
Speaker 2: Tyler and I were were Right.
00:27:06.465 --> 00:27:08.940
Speaker 2: And then I said, hey.
00:27:08.940 --> 00:27:12.540
Speaker 2: I think I wanna do more you know, I'll still continue to fund you
00:27:12.540 --> 00:27:13.020
Speaker 2: Yeah.
00:27:13.020 --> 00:27:14.220
Speaker 2: But not exclusively.
00:27:14.220 --> 00:27:17.580
Speaker 2: And I I ask her out of deepest quality.
00:27:17.580 --> 00:27:18.540
Speaker 2: Okay.
00:27:18.540 --> 00:27:21.340
Speaker 2: Anybody else need money, and a lot of hands went up.
00:27:21.340 --> 00:27:25.265
Speaker 0: So I imagine as traction was you got traction, then you got momentum on
00:27:25.265 --> 00:27:28.625
Speaker 0: the private lending side, and then then it's easier to see the future.
00:27:28.625 --> 00:27:28.865
Speaker 0: Right?
00:27:28.865 --> 00:27:32.385
Speaker 0: And you're seeing more abundance in your own your own life, and you see
00:27:32.385 --> 00:27:35.505
Speaker 0: this business model working proof of concept.
00:27:35.505 --> 00:27:37.100
Speaker 0: So,
00:27:37.100 --> 00:27:38.700
Speaker 0: that's that's that's really cool.
00:27:38.700 --> 00:27:40.300
Speaker 0: So,
00:27:40.300 --> 00:27:44.300
Speaker 0: alright, so how many years did you have you done private lending for approximately?
00:27:45.900 --> 00:27:49.900
Speaker 2: Call it fifteen, two thousand fourteen and a half, two thousand let's
00:27:50.060 --> 00:27:50.985
Speaker 2: say fifteen.
00:27:50.985 --> 00:27:52.265
Speaker 2: And okay.
00:27:52.265 --> 00:27:55.545
Speaker 2: It'd be, like, from fourteen to where we are now.
00:27:55.545 --> 00:27:56.665
Speaker 2: Sixteen twenty six.
00:27:56.665 --> 00:27:58.105
Speaker 2: So what's that, twelve years?
00:27:58.105 --> 00:27:58.585
Speaker 0: Twelve years.
00:27:58.585 --> 00:27:58.825
Speaker 0: Yeah.
00:27:58.825 --> 00:27:59.705
Speaker 0: Twelve, thirteen years.
00:27:59.705 --> 00:28:00.025
Speaker 0: Yep.
00:28:00.025 --> 00:28:00.665
Speaker 0: Something like that.
00:28:00.665 --> 00:28:01.065
Speaker 0: Okay.
00:28:01.065 --> 00:28:01.625
Speaker 2: Yeah.
00:28:01.625 --> 00:28:03.850
Speaker 2: Got it.
00:28:03.850 --> 00:28:04.170
Speaker 0: Alright.
00:28:04.170 --> 00:28:08.170
Speaker 0: And now and and, you know, you know, we do mostly
00:28:08.570 --> 00:28:09.930
Speaker 0: first lien mortgage notes.
00:28:09.930 --> 00:28:12.410
Speaker 0: We buy defaulted paper.
00:28:12.410 --> 00:28:14.090
Speaker 0: We also buy reperforming loans.
00:28:14.090 --> 00:28:15.130
Speaker 0: We buy some seconds.
00:28:15.130 --> 00:28:16.185
Speaker 0: We bought bought some land notes.
00:28:16.185 --> 00:28:20.185
Speaker 0: But I'm a note buyer, and I'm looking at getting into private
00:28:20.505 --> 00:28:20.825
Speaker 0: lending.
00:28:20.825 --> 00:28:23.385
Speaker 0: This isn't just hypothetical.
00:28:23.385 --> 00:28:26.425
Speaker 0: Wanna start building that side of things as well.
00:28:26.425 --> 00:28:30.425
Speaker 0: The the new thing for me and for probably a good number
00:28:30.510 --> 00:28:34.510
Speaker 0: of my listeners is so I run a a note fund, and the
00:28:34.510 --> 00:28:37.870
Speaker 0: three elements really to running a note fund, the three legs of the stool
00:28:37.870 --> 00:28:40.350
Speaker 0: are,
00:28:40.350 --> 00:28:44.035
Speaker 0: finding capital, you know, raising capital,
00:28:44.035 --> 00:28:46.435
Speaker 0: finding deals to buy, finding notes.
00:28:46.435 --> 00:28:50.275
Speaker 0: So, you know, and then we we there's a whole process there.
00:28:50.275 --> 00:28:53.635
Speaker 0: And then the third leg is is managing those two things, so managing the
00:28:53.635 --> 00:28:55.955
Speaker 0: capital and managing the assets.
00:28:55.955 --> 00:28:57.380
Speaker 0: It's really no different.
00:28:57.380 --> 00:29:00.660
Speaker 0: You know, if you zoom out, it's really no different on the private lending
00:29:00.660 --> 00:29:04.660
Speaker 0: side, except when you zoom in a little bit, the you gotta find
00:29:04.900 --> 00:29:06.580
Speaker 0: borrowers.
00:29:06.580 --> 00:29:10.580
Speaker 0: You're not finding notes to buy, so you've gotta find borrowers to lend to.
00:29:11.300 --> 00:29:13.145
Speaker 0: So
00:29:13.145 --> 00:29:16.345
Speaker 0: I think I know the answer to this, but what what was your main
00:29:16.345 --> 00:29:20.025
Speaker 0: strategy to finding borrowers to lend to?
00:29:20.025 --> 00:29:22.425
Speaker 2: The overarching
00:29:22.425 --> 00:29:24.825
Speaker 2: reality, at least from
00:29:24.825 --> 00:29:26.320
Speaker 0: Mhmm.
00:29:26.320 --> 00:29:29.520
Speaker 2: Was that
00:29:29.520 --> 00:29:32.720
Speaker 2: deals find deals find money.
00:29:32.720 --> 00:29:33.600
Speaker 0: Okay.
00:29:33.600 --> 00:29:34.400
Speaker 2: Okay.
00:29:34.400 --> 00:29:36.320
Speaker 2: If you have money
00:29:36.320 --> 00:29:36.720
Speaker 0: Mhmm.
00:29:36.720 --> 00:29:40.720
Speaker 2: Whether it's borrowed from capital investors, people like me at
00:29:40.895 --> 00:29:43.055
Speaker 2: this point in my career Right.
00:29:43.055 --> 00:29:46.255
Speaker 2: Or your own cash Yeah.
00:29:46.255 --> 00:29:50.255
Speaker 2: HELOC on your house, a reasonable HELOC, reasonable HELOC on
00:29:50.335 --> 00:29:51.135
Speaker 2: your house
00:29:51.135 --> 00:29:51.535
Speaker 0: Mhmm.
00:29:51.535 --> 00:29:52.930
Speaker 2: IRA money.
00:29:52.930 --> 00:29:53.330
Speaker 2: Okay.
00:29:53.330 --> 00:29:56.290
Speaker 2: Whatever source, you've got money to lend.
00:29:56.290 --> 00:29:57.330
Speaker 2: Right.
00:29:57.330 --> 00:30:00.130
Speaker 2: If you put yourself out there Mhmm.
00:30:00.130 --> 00:30:01.890
Speaker 2: Okay,
00:30:01.890 --> 00:30:05.730
Speaker 2: letting people know that you've got money to lend Mhmm.
00:30:05.730 --> 00:30:07.175
Speaker 2: Believe me.
00:30:07.175 --> 00:30:11.175
Speaker 2: It's like mosquitoes, you know, on a on
00:30:11.335 --> 00:30:14.375
Speaker 2: a warm Sunday night or a warm summer night.
00:30:14.375 --> 00:30:14.615
Speaker 2: Right.
00:30:14.615 --> 00:30:14.855
Speaker 2: Right.
00:30:14.855 --> 00:30:15.655
Speaker 2: They'll find you.
00:30:15.655 --> 00:30:17.015
Speaker 2: They'll find you.
00:30:17.015 --> 00:30:19.255
Speaker 2: It doesn't mean you have to you still have got a vet.
00:30:19.255 --> 00:30:23.010
Speaker 2: You still have gotta nurture the relationships in the way what you wanna do
00:30:23.010 --> 00:30:27.010
Speaker 2: is work with the same people over and over and
00:30:27.090 --> 00:30:29.650
Speaker 2: over again that you like trust and respect.
00:30:29.650 --> 00:30:29.970
Speaker 2: Yeah.
00:30:29.970 --> 00:30:33.755
Speaker 2: And that's how you, you know, you build the business up, and they like,
00:30:33.755 --> 00:30:35.355
Speaker 2: trust, and respect you.
00:30:35.355 --> 00:30:35.675
Speaker 2: Yeah.
00:30:35.675 --> 00:30:37.995
Speaker 2: And you've got a strong relationship.
00:30:37.995 --> 00:30:39.435
Speaker 2: Well, yeah.
00:30:39.435 --> 00:30:43.355
Speaker 2: You are It's less it it's more of a challenge of finding the capital
00:30:43.355 --> 00:30:45.035
Speaker 2: to lend Okay.
00:30:45.035 --> 00:30:48.700
Speaker 2: Than it is finding the borrowers to borrow.
00:30:48.700 --> 00:30:49.180
Speaker 2: Okay.
00:30:49.180 --> 00:30:49.420
Speaker 0: Yeah.
00:30:49.420 --> 00:30:49.900
Speaker 0: Because At
00:30:49.900 --> 00:30:51.500
Speaker 2: least that's the way it's been for us.
00:30:51.500 --> 00:30:52.540
Speaker 0: Got it.
00:30:52.540 --> 00:30:52.740
Speaker 0: Yeah.
00:30:52.700 --> 00:30:56.540
Speaker 0: That's a probably that debate will never never die as far as
00:30:56.540 --> 00:30:56.860
Speaker 2: in the
00:30:56.860 --> 00:31:00.315
Speaker 0: real estate world, you know, which, deals fine.
00:31:00.315 --> 00:31:03.595
Speaker 0: Deals attract capital or capital attracts deals.
00:31:03.595 --> 00:31:07.595
Speaker 0: But what I heard from you too is is it's a relationship business.
00:31:07.675 --> 00:31:09.195
Speaker 0: And,
00:31:09.195 --> 00:31:13.035
Speaker 0: I mean, that's it it sounds like just through your lunches that you schedule,
00:31:13.035 --> 00:31:17.035
Speaker 0: but also just word-of-mouth and just everyday conversations, you're just,
00:31:17.490 --> 00:31:19.250
Speaker 0: like you said, putting yourself out there.
00:31:19.250 --> 00:31:21.170
Speaker 0: It's not a ton of marketing.
00:31:21.170 --> 00:31:21.570
Speaker 0: Right?
00:31:21.570 --> 00:31:23.970
Speaker 0: Like, actual,
00:31:23.970 --> 00:31:25.570
Speaker 0: paid marketing or unpaid marketing.
00:31:25.570 --> 00:31:28.275
Speaker 0: It's more just kind of, you know, word-of-mouth.
00:31:28.275 --> 00:31:32.275
Speaker 0: Is that fair to say, at least from your experience?
00:31:32.595 --> 00:31:35.155
Speaker 2: You know,
00:31:35.155 --> 00:31:35.795
Speaker 2: yes.
00:31:35.795 --> 00:31:39.795
Speaker 2: And that sounds overly that sounds like an overly simplified answer
00:31:40.050 --> 00:31:40.690
Speaker 2: to that.
00:31:40.690 --> 00:31:41.010
Speaker 2: Mhmm.
00:31:41.010 --> 00:31:42.610
Speaker 2: But I look back.
00:31:42.610 --> 00:31:46.210
Speaker 2: I I the only thing I can tell you is how we grew our
00:31:46.210 --> 00:31:46.770
Speaker 2: business.
00:31:46.770 --> 00:31:47.010
Speaker 2: Right.
00:31:47.010 --> 00:31:47.650
Speaker 2: Right.
00:31:47.650 --> 00:31:49.810
Speaker 2: Or how our business grew
00:31:49.810 --> 00:31:50.010
Speaker 0: Right.
00:31:49.943 --> 00:31:50.210
Speaker 0: Right.
00:31:50.210 --> 00:31:50.930
Speaker 2: On game.
00:31:50.930 --> 00:31:51.170
Speaker 2: Right.
00:31:51.170 --> 00:31:55.170
Speaker 2: Because it sounds like when you say how we grew it, sounds like their
00:31:55.425 --> 00:31:57.425
Speaker 2: Facebook or or Mhmm.
00:31:57.425 --> 00:31:59.345
Speaker 2: Truly, now we have a Facebook thing.
00:31:59.345 --> 00:32:00.385
Speaker 2: We got a website.
00:32:00.385 --> 00:32:03.185
Speaker 2: Somebody said, like, couple years ago, it was down for six months.
00:32:03.185 --> 00:32:04.865
Speaker 2: We didn't know.
00:32:04.865 --> 00:32:05.665
Speaker 2: That's funny.
00:32:05.665 --> 00:32:09.010
Speaker 2: That that has not been.
00:32:09.010 --> 00:32:11.010
Speaker 2: Outreach
00:32:11.010 --> 00:32:13.250
Speaker 2: has not been
00:32:13.250 --> 00:32:14.690
Speaker 2: the source of our growth.
00:32:14.690 --> 00:32:15.010
Speaker 0: Okay.
00:32:15.010 --> 00:32:16.690
Speaker 2: You say, well, what has?
00:32:16.690 --> 00:32:17.090
Speaker 2: Right.
00:32:17.090 --> 00:32:21.090
Speaker 2: The only other thing that we do is nurture those relationships,
00:32:21.395 --> 00:32:24.675
Speaker 2: And and I and I swear, I look back on it and yeah.
00:32:24.675 --> 00:32:25.315
Speaker 2: Oh.
00:32:25.315 --> 00:32:25.555
Speaker 2: Yeah.
00:32:25.555 --> 00:32:29.075
Speaker 2: It's deep it's I mean, that's the only thing that we've done consistently.
00:32:29.075 --> 00:32:29.875
Speaker 2: Yeah.
00:32:29.875 --> 00:32:31.475
Speaker 2: And we don't do it because, hey.
00:32:31.475 --> 00:32:33.395
Speaker 2: I'm gonna have lunch so I can get a deal.
00:32:33.395 --> 00:32:33.635
Speaker 2: Mhmm.
00:32:33.635 --> 00:32:33.835
Speaker 2: No.
00:32:33.795 --> 00:32:36.035
Speaker 2: I wanna meet people and hear their stories.
00:32:36.035 --> 00:32:36.710
Speaker 2: Right.
00:32:36.710 --> 00:32:39.270
Speaker 2: And and out of that,
00:32:39.270 --> 00:32:39.470
Speaker 2: If
00:32:39.350 --> 00:32:41.430
Speaker 0: you can help each other out, then things like
00:32:41.430 --> 00:32:41.910
Speaker 2: that.
00:32:41.910 --> 00:32:42.110
Speaker 2: Yeah.
00:32:41.990 --> 00:32:42.230
Speaker 2: Yeah.
00:32:42.230 --> 00:32:46.230
Speaker 2: That so if you say marketing, which is very labor intensive
00:32:46.390 --> 00:32:48.885
Speaker 2: and time intensive Sure.
00:32:48.885 --> 00:32:50.725
Speaker 2: All
00:32:50.725 --> 00:32:52.565
Speaker 2: that.
00:32:52.565 --> 00:32:54.325
Speaker 2: But I don't know what else did it.
00:32:54.325 --> 00:32:57.045
Speaker 2: I don't think it just grew Right.
00:32:57.045 --> 00:32:58.805
Speaker 2: Because we had access to money.
00:32:58.805 --> 00:32:59.125
Speaker 2: Right.
00:32:59.125 --> 00:33:00.950
Speaker 2: I think that didn't hurt.
00:33:00.950 --> 00:33:01.270
Speaker 2: Right.
00:33:01.270 --> 00:33:04.030
Speaker 2: But, I mean, we went from twenty to two hundred and almost two hundred
00:33:04.030 --> 00:33:05.110
Speaker 2: and fifty loans.
00:33:05.110 --> 00:33:05.910
Speaker 2: Yeah.
00:33:05.910 --> 00:33:08.070
Speaker 2: That that something went on.
00:33:08.070 --> 00:33:08.390
Speaker 2: Right.
00:33:08.390 --> 00:33:12.070
Speaker 2: And it wasn't Facebook or media or social media or any of that.
00:33:12.070 --> 00:33:14.470
Speaker 2: I can tell you it wasn't that because we didn't spend any money on
00:33:14.470 --> 00:33:14.710
Speaker 2: that.
00:33:14.710 --> 00:33:14.910
Speaker 0: Yeah.
00:33:14.870 --> 00:33:18.485
Speaker 0: I've I've had the same experience in my own business with you know, I
00:33:18.485 --> 00:33:22.485
Speaker 0: do mentorship for newer node investors, and a lot of them struggle to
00:33:22.565 --> 00:33:26.165
Speaker 0: find deals initially even though I'm trying to help them find deals.
00:33:26.165 --> 00:33:30.165
Speaker 0: But, it's because they had they don't have the the relationships yet because,
00:33:30.405 --> 00:33:34.405
Speaker 0: you know, that's my primary source of of notes is
00:33:34.970 --> 00:33:38.970
Speaker 0: fellow investors and people I bought from before, and it's just my network.
00:33:39.530 --> 00:33:43.530
Speaker 0: And then same thing on the capital side with our fund investors.
00:33:43.845 --> 00:33:47.845
Speaker 0: Our our, you know, strongest or most fruitful source of capital
00:33:48.645 --> 00:33:52.645
Speaker 0: is actually our current investors, and maybe somebody somebody they recommended
00:33:53.125 --> 00:33:53.685
Speaker 0: you know?
00:33:53.685 --> 00:33:54.565
Speaker 0: Right.
00:33:54.565 --> 00:33:57.285
Speaker 0: Recommended us too.
00:33:57.285 --> 00:33:57.605
Speaker 0: You know?
00:33:57.605 --> 00:34:01.605
Speaker 0: And we do marketing, but I be because people will Google
00:34:01.820 --> 00:34:03.900
Speaker 0: you, and they'll they'll they wanna see that you're out there.
00:34:03.900 --> 00:34:04.780
Speaker 0: And, you know, it's one of the
00:34:04.780 --> 00:34:06.220
Speaker 2: things that you some kind of presence.
00:34:06.220 --> 00:34:06.700
Speaker 2: Exactly.
00:34:06.700 --> 00:34:07.580
Speaker 2: I understand.
00:34:07.580 --> 00:34:07.900
Speaker 2: Right.
00:34:07.900 --> 00:34:11.900
Speaker 0: But that's not people don't just see a a an Instagram
00:34:12.220 --> 00:34:13.820
Speaker 0: reel and then send you money.
00:34:13.820 --> 00:34:15.635
Speaker 0: At least that No.
00:34:15.635 --> 00:34:16.995
Speaker 0: Hasn't been my experience.
00:34:16.995 --> 00:34:17.555
Speaker 2: So No.
00:34:17.555 --> 00:34:21.315
Speaker 2: I think you've gotta be face to face, and I like when there's a
00:34:21.315 --> 00:34:24.355
Speaker 2: a real Italian sitting in the middle on the table.
00:34:24.355 --> 00:34:24.835
Speaker 2: You know?
00:34:24.835 --> 00:34:26.915
Speaker 2: That that that's a great sandwich.
00:34:26.915 --> 00:34:28.035
Speaker 0: It sure is.
00:34:28.035 --> 00:34:29.880
Speaker 0: Absolutely.
00:34:29.880 --> 00:34:30.200
Speaker 0: Okay.
00:34:30.200 --> 00:34:33.720
Speaker 0: So I do have some, some questions for you.
00:34:33.720 --> 00:34:37.000
Speaker 0: Some additional questions that I we we ask, you know, other guests.
00:34:37.000 --> 00:34:40.600
Speaker 0: But before we get there, where where's you already talked about your business now.
00:34:40.600 --> 00:34:44.600
Speaker 0: Where do you see your business headed in the future?
00:34:45.185 --> 00:34:48.145
Speaker 2: I'll continue I'm happy again.
00:34:48.145 --> 00:34:52.145
Speaker 2: I wasn't happy in January
00:34:53.425 --> 00:34:57.425
Speaker 2: as long as I can still bring value.
00:34:58.080 --> 00:35:00.960
Speaker 2: And I don't mean value in terms of dollars Mhmm.
00:35:00.960 --> 00:35:04.960
Speaker 2: But in terms of advice or insight or
00:35:05.520 --> 00:35:06.960
Speaker 2: ideation.
00:35:06.960 --> 00:35:08.080
Speaker 2: Mhmm.
00:35:08.080 --> 00:35:12.080
Speaker 2: You know, at some point, you know, mentally you
00:35:12.105 --> 00:35:14.425
Speaker 2: know, age is is what it is.
00:35:14.425 --> 00:35:18.425
Speaker 2: And where
00:35:18.905 --> 00:35:22.905
Speaker 2: when I reach that point, whatever it is, health wise or mental
00:35:23.225 --> 00:35:25.650
Speaker 2: or physical or mental,
00:35:25.650 --> 00:35:29.570
Speaker 2: then you you you give it to the wealth adviser.
00:35:29.570 --> 00:35:30.210
Speaker 2: Okay?
00:35:30.210 --> 00:35:30.770
Speaker 2: Stock guy.
00:35:30.770 --> 00:35:31.330
Speaker 2: Right?
00:35:31.330 --> 00:35:32.210
Speaker 0: Mhmm.
00:35:32.210 --> 00:35:34.530
Speaker 2: And and you you hang up your spurs.
00:35:34.530 --> 00:35:38.395
Speaker 2: I mean, because you can no longer deliver,
00:35:38.395 --> 00:35:40.955
Speaker 2: value other than just money.
00:35:40.955 --> 00:35:41.915
Speaker 2: Right.
00:35:41.915 --> 00:35:45.915
Speaker 2: Then I would probably step away, you know, from what I'm doing
00:35:46.155 --> 00:35:48.475
Speaker 2: now and be even more passive.
00:35:48.475 --> 00:35:50.240
Speaker 2: Got it.
00:35:50.240 --> 00:35:52.240
Speaker 2: Well And I probably wouldn't know I'm doing it.
00:35:52.240 --> 00:35:54.960
Speaker 2: So that at that point, I'm fine.
00:35:54.960 --> 00:35:58.960
Speaker 2: But right now, I'm gonna run it as long as I can Mhmm.
00:35:59.600 --> 00:36:03.600
Speaker 2: That I that I can provide help for people,
00:36:04.295 --> 00:36:05.975
Speaker 2: and make a buck along the way.
00:36:05.975 --> 00:36:06.455
Speaker 0: Okay.
00:36:06.455 --> 00:36:10.135
Speaker 0: How about for private lenders in general, you know, who maybe they're in a
00:36:10.135 --> 00:36:14.135
Speaker 0: different market, but, what's changed over the
00:36:14.375 --> 00:36:17.975
Speaker 0: twelve, thirteen years you've been doing private lending, and where do you see things
00:36:17.975 --> 00:36:21.850
Speaker 0: going in the industry?
00:36:21.850 --> 00:36:24.650
Speaker 2: I see,
00:36:24.650 --> 00:36:28.650
Speaker 2: even though the business is very fragmented now, there's a you know, the vast
00:36:28.650 --> 00:36:31.370
Speaker 2: majority of private lenders,
00:36:31.370 --> 00:36:35.370
Speaker 2: hard money lenders, whatever you wanna call them, them, are smaller
00:36:35.475 --> 00:36:38.595
Speaker 2: operations, but there's more and more,
00:36:38.595 --> 00:36:42.515
Speaker 2: lenders that, you know, have a national presence, and they're getting bigger.
00:36:42.515 --> 00:36:43.715
Speaker 2: Mhmm.
00:36:43.715 --> 00:36:47.715
Speaker 2: I still think there will always be a market out
00:36:47.730 --> 00:36:49.730
Speaker 2: there for private lending Mhmm.
00:36:49.730 --> 00:36:51.890
Speaker 2: Of whatever size you wanna make it.
00:36:51.890 --> 00:36:55.890
Speaker 2: Whether you got a hundred thousand, half a million, or or ten million, they'll
00:36:56.050 --> 00:36:58.610
Speaker 2: they'll be someone that wants money Okay.
00:36:58.610 --> 00:37:02.610
Speaker 2: That wants the convenience of dealing with a human rather than a bank.
00:37:02.985 --> 00:37:04.105
Speaker 2: Right.
00:37:04.105 --> 00:37:08.105
Speaker 2: Can can deliver speed because that's basically what we sell.
00:37:08.185 --> 00:37:08.505
Speaker 0: Right.
00:37:08.505 --> 00:37:10.345
Speaker 0: Right.
00:37:10.345 --> 00:37:14.345
Speaker 2: You know, turning of the money, providing the funds in a timely fashion,
00:37:14.505 --> 00:37:16.010
Speaker 2: that type of thing.
00:37:16.010 --> 00:37:18.010
Speaker 2: I still think there will be that.
00:37:18.010 --> 00:37:21.210
Speaker 2: I eventually see,
00:37:21.210 --> 00:37:22.570
Speaker 2: and it's not yet.
00:37:22.570 --> 00:37:26.330
Speaker 2: There's some talk, in New York where you have to get licensed if you
00:37:26.330 --> 00:37:28.410
Speaker 2: do loans of less than half a million.
00:37:28.410 --> 00:37:28.650
Speaker 2: Mhmm.
00:37:28.650 --> 00:37:32.385
Speaker 2: And the licensing thing is where the regulation starts.
00:37:32.385 --> 00:37:34.385
Speaker 2: It starts as a licensing.
00:37:34.385 --> 00:37:34.625
Speaker 2: Mhmm.
00:37:34.625 --> 00:37:36.225
Speaker 2: You need to get a license.
00:37:36.225 --> 00:37:37.985
Speaker 2: Now we can track you.
00:37:37.985 --> 00:37:41.985
Speaker 2: Now we can write regs against that and tax against that and fees
00:37:42.225 --> 00:37:43.025
Speaker 2: against that.
00:37:43.025 --> 00:37:43.505
Speaker 2: Mhmm.
00:37:43.505 --> 00:37:47.220
Speaker 2: And we need to have your loan looked at by a government official.
00:37:47.220 --> 00:37:51.220
Speaker 2: And now right now, the most beautiful thing because my
00:37:51.220 --> 00:37:54.420
Speaker 2: frame of reference is government tried to put me out of business.
00:37:54.420 --> 00:37:54.660
Speaker 2: Mhmm.
00:37:54.660 --> 00:37:56.340
Speaker 2: And there are no builders in Calvert now.
00:37:56.340 --> 00:38:00.340
Speaker 2: One guy's got a few lots left, but that's it.
00:38:02.365 --> 00:38:06.365
Speaker 2: I think you're going to see more regulation in the private lending
00:38:06.365 --> 00:38:06.845
Speaker 2: space.
00:38:06.845 --> 00:38:07.405
Speaker 2: Mhmm.
00:38:07.405 --> 00:38:07.965
Speaker 2: Okay?
00:38:07.965 --> 00:38:09.005
Speaker 2: When is that coming?
00:38:09.005 --> 00:38:09.725
Speaker 2: I don't know.
00:38:09.725 --> 00:38:11.325
Speaker 2: Is it coming?
00:38:11.325 --> 00:38:13.780
Speaker 2: It's too much money in flow now.
00:38:13.780 --> 00:38:16.820
Speaker 2: There's too much money out there for it not to be looked at by
00:38:16.820 --> 00:38:17.300
Speaker 2: government.
00:38:17.300 --> 00:38:17.940
Speaker 0: Mhmm.
00:38:17.940 --> 00:38:19.460
Speaker 0: Gotcha.
00:38:19.460 --> 00:38:21.140
Speaker 2: So that I see.
00:38:21.140 --> 00:38:21.460
Speaker 2: Mhmm.
00:38:21.460 --> 00:38:25.460
Speaker 2: But it's gonna be a while before that becomes punitive like it became
00:38:25.540 --> 00:38:27.535
Speaker 2: on the the growth side.
00:38:27.535 --> 00:38:28.335
Speaker 2: Right.
00:38:28.335 --> 00:38:31.855
Speaker 2: The growth in in in in, like, land developing, things like that.
00:38:31.855 --> 00:38:33.855
Speaker 2: Mhmm.
00:38:33.855 --> 00:38:36.335
Speaker 2: But it it's there's still a lot of opportunity.
00:38:36.335 --> 00:38:40.335
Speaker 2: There's more people in it, and I haven't helped that situation by encouraging
00:38:40.415 --> 00:38:41.690
Speaker 2: people to get it.
00:38:41.690 --> 00:38:44.330
Speaker 2: You know, people have asked me, said, why are you getting all these guys
00:38:44.330 --> 00:38:45.930
Speaker 2: in the business?
00:38:45.930 --> 00:38:49.930
Speaker 2: And, you know, aren't you creating more competition?
00:38:50.810 --> 00:38:52.570
Speaker 2: That's one way to look at it.
00:38:52.570 --> 00:38:52.970
Speaker 2: Mhmm.
00:38:52.970 --> 00:38:55.325
Speaker 2: Okay.
00:38:55.325 --> 00:38:59.325
Speaker 2: The other way is that you're helping other people, and if you work together,
00:38:59.325 --> 00:39:01.805
Speaker 2: you know, you give, but you get.
00:39:01.805 --> 00:39:03.245
Speaker 2: I mean, it it Right.
00:39:03.245 --> 00:39:05.565
Speaker 2: I don't see that as competition.
00:39:05.565 --> 00:39:08.525
Speaker 2: I see that as push paying it forward.
00:39:08.525 --> 00:39:10.980
Speaker 2: I found a great business.
00:39:10.980 --> 00:39:13.140
Speaker 2: You should look at it.
00:39:13.140 --> 00:39:16.420
Speaker 2: You know, and, again, I I talk to mainly people that have some real
00:39:16.420 --> 00:39:17.220
Speaker 2: estate experience.
00:39:17.220 --> 00:39:18.900
Speaker 2: So it's not like Right.
00:39:18.900 --> 00:39:19.100
Speaker 0: Yeah.
00:39:19.060 --> 00:39:22.820
Speaker 0: And the reality is, honestly, at least from my experience, most people are not
00:39:22.820 --> 00:39:24.100
Speaker 0: going to take action.
00:39:24.100 --> 00:39:26.045
Speaker 0: So,
00:39:26.045 --> 00:39:28.125
Speaker 0: you know, so,
00:39:28.125 --> 00:39:30.605
Speaker 0: you know, same thing with with my mentorship.
00:39:30.605 --> 00:39:33.885
Speaker 0: It's like I mean, it's not not I mean, it's not a bad thing
00:39:33.885 --> 00:39:34.445
Speaker 0: necessarily.
00:39:34.445 --> 00:39:35.325
Speaker 2: Not a bad thing.
00:39:35.325 --> 00:39:36.925
Speaker 0: It's it may not be right for them.
00:39:36.925 --> 00:39:37.245
Speaker 0: Right?
00:39:37.245 --> 00:39:41.245
Speaker 0: But, I'll have people do a few sessions with me, and then it's like,
00:39:41.250 --> 00:39:44.050
Speaker 0: this is more more work than I realized, you know, and this I don't
00:39:44.050 --> 00:39:44.850
Speaker 0: have time for this.
00:39:44.850 --> 00:39:46.370
Speaker 0: That's well, they learn.
00:39:46.370 --> 00:39:47.650
Speaker 2: That's too late.
00:39:47.650 --> 00:39:48.530
Speaker 2: Great.
00:39:48.530 --> 00:39:49.010
Speaker 2: Great.
00:39:49.010 --> 00:39:50.850
Speaker 2: Absolutely great.
00:39:50.850 --> 00:39:51.890
Speaker 0: So okay.
00:39:51.890 --> 00:39:52.450
Speaker 0: Awesome.
00:39:52.450 --> 00:39:54.690
Speaker 0: Well, I mean, this this is, it's been really good.
00:39:54.690 --> 00:39:56.585
Speaker 0: I got got some rapid fire questions.
00:39:56.585 --> 00:39:58.345
Speaker 0: Some of them do trip people up, though.
00:39:58.345 --> 00:39:59.625
Speaker 0: So are you ready for them?
00:39:59.625 --> 00:40:00.025
Speaker 2: Okay.
00:40:00.025 --> 00:40:00.825
Speaker 2: Rock and roll.
00:40:00.825 --> 00:40:01.225
Speaker 0: Alright.
00:40:01.225 --> 00:40:05.225
Speaker 0: What is one thing that people misunderstand about you, Brook?
00:40:10.040 --> 00:40:14.040
Speaker 2: My,
00:40:15.240 --> 00:40:18.360
Speaker 2: my obsession with paying it forward.
00:40:18.360 --> 00:40:21.745
Speaker 2: And it came from a book called The Go Giver, okay, which I you
00:40:21.745 --> 00:40:21.985
Speaker 2: know?
00:40:21.985 --> 00:40:22.385
Speaker 0: You did.
00:40:22.385 --> 00:40:23.905
Speaker 0: You gave me a copy, and I read it.
00:40:23.905 --> 00:40:27.905
Speaker 0: I'd I'd it's been recommended on my show before because that that's one of
00:40:27.905 --> 00:40:30.225
Speaker 0: my questions is what is the book that you can recommend?
00:40:30.225 --> 00:40:30.625
Speaker 0: So
00:40:30.625 --> 00:40:31.105
Speaker 2: Yeah.
00:40:31.105 --> 00:40:35.105
Speaker 2: That that
00:40:35.380 --> 00:40:38.980
Speaker 2: early on the the books that I recommend are are two of them that
00:40:38.980 --> 00:40:42.980
Speaker 2: I discovered in my early twenties or my my twenties.
00:40:44.180 --> 00:40:46.020
Speaker 2: And because I fell in love with Dale Carnegie.
00:40:46.020 --> 00:40:47.940
Speaker 2: I I thought some of the courses.
00:40:47.940 --> 00:40:51.755
Speaker 2: I I the management course, the sales.
00:40:51.755 --> 00:40:54.635
Speaker 2: And the the two books, you know, one both of which were written in
00:40:54.635 --> 00:40:56.555
Speaker 2: the thirties,
00:40:56.555 --> 00:40:59.515
Speaker 2: How to Win Friends and Influence People, and That's
00:40:59.515 --> 00:40:59.915
Speaker 0: a great
00:40:59.915 --> 00:41:03.915
Speaker 2: a companion, book called How to Stop Worrying and Start Living.
00:41:04.440 --> 00:41:07.240
Speaker 2: And I found both of those.
00:41:07.240 --> 00:41:10.760
Speaker 2: And then the next book was in two thousand six when a consultant I
00:41:10.760 --> 00:41:14.760
Speaker 2: was working with, in Calvert, and he recommended,
00:41:16.040 --> 00:41:17.795
Speaker 2: The Go Giver.
00:41:17.795 --> 00:41:19.795
Speaker 2: And that just
00:41:19.795 --> 00:41:23.795
Speaker 2: and people, I think, sometimes don't understand, you know, why are
00:41:23.875 --> 00:41:25.155
Speaker 2: you doing these things?
00:41:25.155 --> 00:41:25.475
Speaker 2: Right.
00:41:25.475 --> 00:41:28.355
Speaker 2: Why are you giving me your forms, your advice Right.
00:41:28.355 --> 00:41:30.595
Speaker 2: And setting me up in business?
00:41:30.595 --> 00:41:31.235
Speaker 2: Right.
00:41:31.235 --> 00:41:31.635
Speaker 2: Yeah.
00:41:31.635 --> 00:41:33.260
Speaker 2: Because
00:41:33.260 --> 00:41:36.940
Speaker 2: it feels so damn good to help people.
00:41:36.940 --> 00:41:39.100
Speaker 2: That's It just does.
00:41:39.100 --> 00:41:39.420
Speaker 2: Yeah.
00:41:39.420 --> 00:41:39.820
Speaker 2: It does.
00:41:39.820 --> 00:41:43.580
Speaker 2: I mean, and if you don't appreciate that or you see it as competition
00:41:43.580 --> 00:41:46.940
Speaker 2: or why should I help the other person, they haven't done anything for me,
00:41:46.940 --> 00:41:48.885
Speaker 2: I
00:41:48.885 --> 00:41:50.645
Speaker 2: that book will get you past that.
00:41:50.645 --> 00:41:50.965
Speaker 2: Mhmm.
00:41:50.965 --> 00:41:54.965
Speaker 2: And and paying it forward is nothing back when
00:41:55.125 --> 00:41:57.445
Speaker 2: they used to do,
00:41:57.445 --> 00:42:00.325
Speaker 2: you had toll booths instead of the readers and stuff when you got the
00:42:00.325 --> 00:42:00.880
Speaker 2: Yeah.
00:42:00.880 --> 00:42:04.560
Speaker 2: I I started doing these things called racks, random act of kindness.
00:42:04.560 --> 00:42:06.960
Speaker 2: You pay for the toll of the guy behind you.
00:42:06.960 --> 00:42:07.680
Speaker 2: Right?
00:42:07.680 --> 00:42:08.000
Speaker 2: Yeah.
00:42:08.000 --> 00:42:10.800
Speaker 2: And sometimes you have to look in the rearview mirror to see the shock
00:42:10.800 --> 00:42:11.760
Speaker 2: and understand.
00:42:11.760 --> 00:42:12.720
Speaker 2: Right.
00:42:12.720 --> 00:42:15.685
Speaker 2: But I look at,
00:42:15.685 --> 00:42:17.285
Speaker 2: you know, helping people Yeah.
00:42:17.285 --> 00:42:20.245
Speaker 2: Not just in the money business, but anything that you've got that can help
00:42:20.245 --> 00:42:22.645
Speaker 2: the next person do better.
00:42:22.645 --> 00:42:23.445
Speaker 2: Right.
00:42:23.445 --> 00:42:27.365
Speaker 2: I think it's your obligation to to to to to just keep pushing it
00:42:27.365 --> 00:42:27.765
Speaker 2: out there.
00:42:27.765 --> 00:42:28.005
Speaker 0: No.
00:42:28.005 --> 00:42:32.005
Speaker 0: I mean, I don't I I I take issue with the whole
00:42:32.430 --> 00:42:34.990
Speaker 0: self made millionaire thing, to be honest with you.
00:42:34.990 --> 00:42:37.070
Speaker 0: It was like nobody is self made No.
00:42:37.070 --> 00:42:38.430
Speaker 0: To to to just keep pushing it out there.
00:42:38.430 --> 00:42:39.150
Speaker 0: No.
00:42:39.150 --> 00:42:43.150
Speaker 0: I mean, we do need to take ownership of our own situation.
00:42:43.395 --> 00:42:44.355
Speaker 0: Right?
00:42:44.355 --> 00:42:48.035
Speaker 0: And and your own thoughts and actions play a big role in things for
00:42:48.035 --> 00:42:48.275
Speaker 0: sure.
00:42:48.275 --> 00:42:49.875
Speaker 0: But
00:42:49.875 --> 00:42:53.875
Speaker 0: if anybody who's successful in any way had some help along the way.
00:42:54.515 --> 00:42:55.235
Speaker 2: Absolutely.
00:42:55.235 --> 00:42:58.120
Speaker 2: And so people will misunderstand
00:42:58.120 --> 00:42:59.640
Speaker 2: my motivation for helping.
00:42:59.640 --> 00:42:59.840
Speaker 0: Yeah.
00:42:59.800 --> 00:43:00.200
Speaker 0: Yeah.
00:43:00.200 --> 00:43:01.080
Speaker 0: Makes sense.
00:43:01.080 --> 00:43:03.800
Speaker 0: If you could go back and give your eighteen year old self some advice,
00:43:03.800 --> 00:43:07.800
Speaker 0: what would that be?
00:43:10.755 --> 00:43:14.755
Speaker 2: Learn how learn what a balance sheet and an income statement is.
00:43:15.875 --> 00:43:18.835
Speaker 2: I didn't know what they were till much, much later in life.
00:43:18.835 --> 00:43:19.635
Speaker 2: Yeah.
00:43:19.635 --> 00:43:23.635
Speaker 2: And I did not know this is from a business standpoint.
00:43:23.875 --> 00:43:25.310
Speaker 0: Mhmm.
00:43:25.310 --> 00:43:29.310
Speaker 2: I did not know until I was in the hard money business
00:43:31.070 --> 00:43:34.670
Speaker 2: the power of cash flow.
00:43:34.670 --> 00:43:35.150
Speaker 0: Okay.
00:43:35.150 --> 00:43:35.790
Speaker 2: Okay.
00:43:35.790 --> 00:43:39.790
Speaker 2: Not profit, not depreciation, not any I'm talking
00:43:40.355 --> 00:43:41.235
Speaker 2: cash flow.
00:43:41.235 --> 00:43:41.715
Speaker 2: Okay.
00:43:41.715 --> 00:43:45.715
Speaker 2: And I struggled so heartily with that Mhmm.
00:43:46.275 --> 00:43:48.275
Speaker 2: Mightily
00:43:48.275 --> 00:43:50.755
Speaker 2: in the building business because you'd have big lumps.
00:43:50.755 --> 00:43:53.210
Speaker 2: And you do twenty five, thirty deals a year.
00:43:53.210 --> 00:43:56.410
Speaker 2: You know, you'd have good cash flow, and then you'd starve to death till
00:43:56.410 --> 00:43:57.610
Speaker 2: the next settlement type.
00:43:57.610 --> 00:43:58.090
Speaker 2: Right.
00:43:58.090 --> 00:44:02.010
Speaker 2: But that the power of consistent
00:44:02.010 --> 00:44:03.930
Speaker 0: Consistent cash flow.
00:44:03.930 --> 00:44:04.810
Speaker 0: Cash flow.
00:44:04.810 --> 00:44:05.210
Speaker 2: Yeah.
00:44:05.210 --> 00:44:08.435
Speaker 2: I think out now I'm not an accountant.
00:44:08.435 --> 00:44:11.475
Speaker 2: I like I said, I didn't learn to read things till much later.
00:44:11.475 --> 00:44:11.675
Speaker 0: Mhmm.
00:44:11.635 --> 00:44:14.035
Speaker 2: But now that I've lived it Mhmm.
00:44:14.035 --> 00:44:16.915
Speaker 2: I would almost rather have flow than profit.
00:44:16.915 --> 00:44:17.715
Speaker 0: Okay.
00:44:17.715 --> 00:44:18.660
Speaker 2: Okay?
00:44:18.660 --> 00:44:22.660
Speaker 2: I mean, obviously, at some point, you have to have profit to generate flow.
00:44:22.900 --> 00:44:23.620
Speaker 2: But Right.
00:44:23.620 --> 00:44:24.180
Speaker 2: Right.
00:44:24.180 --> 00:44:26.820
Speaker 2: You can have profit
00:44:26.820 --> 00:44:29.060
Speaker 2: and not flow, and you're gonna be broke.
00:44:29.060 --> 00:44:29.380
Speaker 2: Okay?
00:44:29.380 --> 00:44:32.335
Speaker 2: Because I always say, look.
00:44:32.335 --> 00:44:33.855
Speaker 2: Because people will come to me and say, look, man.
00:44:33.855 --> 00:44:37.615
Speaker 2: I need some short money because, you know, I I got settlements coming next
00:44:37.615 --> 00:44:38.015
Speaker 2: week.
00:44:38.015 --> 00:44:38.255
Speaker 0: Mhmm.
00:44:38.255 --> 00:44:39.615
Speaker 2: But they haven't come in yet.
00:44:39.615 --> 00:44:40.255
Speaker 2: I said, look.
00:44:40.255 --> 00:44:40.815
Speaker 2: Right.
00:44:40.815 --> 00:44:43.800
Speaker 2: The minute you can't pay
00:44:43.800 --> 00:44:47.800
Speaker 2: your bills, your people, whatever it is on Friday Right.
00:44:47.960 --> 00:44:49.320
Speaker 2: You're out of business.
00:44:49.320 --> 00:44:52.200
Speaker 2: I don't give a damn what you got coming in next week because that's
00:44:52.200 --> 00:44:53.080
Speaker 2: not certain.
00:44:53.080 --> 00:44:57.080
Speaker 2: What is certain is that you can't make payroll on Friday.
00:44:58.055 --> 00:44:59.735
Speaker 2: You can't pay that bill on Friday.
00:44:59.735 --> 00:45:00.455
Speaker 2: You're out.
00:45:00.455 --> 00:45:03.495
Speaker 0: My my father was a real estate agent for many decades.
00:45:03.495 --> 00:45:06.455
Speaker 0: He still is, but,
00:45:06.455 --> 00:45:10.455
Speaker 0: you know, and he did he did well, but there were many times
00:45:11.050 --> 00:45:14.570
Speaker 0: because it's all commission based, you know, and and it's it's a lot of
00:45:14.570 --> 00:45:15.130
Speaker 0: ups and downs.
00:45:15.130 --> 00:45:17.450
Speaker 0: There are many times it was very tight.
00:45:17.450 --> 00:45:18.970
Speaker 0: So,
00:45:18.970 --> 00:45:22.010
Speaker 0: you know, stressful and then great and then stressful.
00:45:22.010 --> 00:45:22.890
Speaker 0: And
00:45:22.890 --> 00:45:24.090
Speaker 2: Oh, I've lived it.
00:45:24.090 --> 00:45:24.410
Speaker 2: You know?
00:45:24.410 --> 00:45:25.600
Speaker 2: And I saw my dad live it.
00:45:25.600 --> 00:45:26.885
Speaker 2: And Yeah.
00:45:26.885 --> 00:45:29.085
Speaker 2: The money
00:45:29.085 --> 00:45:31.365
Speaker 2: business,
00:45:31.365 --> 00:45:34.725
Speaker 2: as you get it rolling, you know, the one or two loans ain't gonna
00:45:34.725 --> 00:45:36.085
Speaker 2: get you to the happy place.
00:45:36.085 --> 00:45:37.605
Speaker 2: But Yeah.
00:45:37.605 --> 00:45:40.740
Speaker 2: As you grow it and get the thing going, it doesn't take, like, two
00:45:40.740 --> 00:45:41.940
Speaker 2: hundred and fifty loans either.
00:45:41.940 --> 00:45:42.580
Speaker 2: Does not.
00:45:42.580 --> 00:45:44.020
Speaker 2: Does not.
00:45:44.020 --> 00:45:47.620
Speaker 2: But it has better regularity of flow.
00:45:47.620 --> 00:45:48.420
Speaker 2: Mhmm.
00:45:48.420 --> 00:45:50.820
Speaker 2: And that flow
00:45:50.820 --> 00:45:54.820
Speaker 2: is I can tell you from living the majority of my having
00:45:54.855 --> 00:45:58.855
Speaker 2: the majority of my career where I didn't have that consistency of flow
00:45:58.935 --> 00:46:00.855
Speaker 2: and now do Mhmm.
00:46:00.855 --> 00:46:03.335
Speaker 2: I understand
00:46:03.335 --> 00:46:05.895
Speaker 2: you can literally take that to the bank.
00:46:05.895 --> 00:46:06.535
Speaker 2: Mhmm.
00:46:06.535 --> 00:46:06.935
Speaker 2: Yeah.
00:46:06.935 --> 00:46:07.655
Speaker 2: Okay?
00:46:07.655 --> 00:46:11.655
Speaker 2: And and I think there's nothing more important for
00:46:11.970 --> 00:46:13.970
Speaker 2: for a good night's sleep Mhmm.
00:46:13.970 --> 00:46:16.530
Speaker 2: Than consistent positive cash flow.
00:46:16.530 --> 00:46:16.770
Speaker 0: Yeah.
00:46:16.770 --> 00:46:19.730
Speaker 0: And and you must that that's really where you are now because you're lending
00:46:19.730 --> 00:46:21.885
Speaker 0: to the to the lenders.
00:46:21.885 --> 00:46:25.885
Speaker 0: So you you're not even you're not doing, like, the points and,
00:46:25.965 --> 00:46:27.965
Speaker 0: you know, extension fees and stuff like that.
00:46:27.965 --> 00:46:31.965
Speaker 0: You're basically just this is this is I get x percent interest
00:46:32.365 --> 00:46:34.550
Speaker 0: on this money each month.
00:46:34.550 --> 00:46:34.870
Speaker 0: Right?
00:46:34.870 --> 00:46:35.990
Speaker 0: That's that's Yes.
00:46:35.990 --> 00:46:36.390
Speaker 0: Okay.
00:46:36.390 --> 00:46:38.150
Speaker 0: That's that's great.
00:46:38.150 --> 00:46:39.990
Speaker 0: Yes.
00:46:39.990 --> 00:46:40.630
Speaker 0: Awesome.
00:46:40.630 --> 00:46:44.630
Speaker 0: Well, what how about something controversial that you
00:46:44.630 --> 00:46:45.670
Speaker 0: see in the industry?
00:46:45.670 --> 00:46:49.670
Speaker 0: Does anything stand out when I say that?
00:46:51.455 --> 00:46:55.375
Speaker 2: There, recently in Baltimore, there was a lot of fraud.
00:46:55.375 --> 00:46:55.775
Speaker 2: Right.
00:46:55.775 --> 00:46:56.015
Speaker 2: Yeah.
00:46:56.015 --> 00:46:56.735
Speaker 0: Heard about that.
00:46:56.735 --> 00:46:57.055
Speaker 0: Yeah.
00:46:57.055 --> 00:46:57.255
Speaker 2: Yeah.
00:46:57.215 --> 00:46:58.815
Speaker 2: The appraisal thing.
00:46:58.815 --> 00:47:02.815
Speaker 2: There there's some opportunity for unscrupulous players.
00:47:02.860 --> 00:47:03.820
Speaker 2: Mhmm.
00:47:03.820 --> 00:47:07.820
Speaker 2: There there people say, well, hard money is risky.
00:47:07.820 --> 00:47:09.420
Speaker 2: I'm not gonna say it isn't.
00:47:09.420 --> 00:47:11.580
Speaker 2: I mean, there's a risk there.
00:47:11.580 --> 00:47:13.980
Speaker 2: Mhmm.
00:47:13.980 --> 00:47:17.980
Speaker 2: But managed correctly, it's far less than what I've experienced in
00:47:17.980 --> 00:47:18.333
Speaker 2: other businesses.
00:47:18.333 --> 00:47:21.805
Speaker 2: Mhmm.
00:47:21.805 --> 00:47:25.805
Speaker 2: You have to you have to be careful, and and it invites people
00:47:25.885 --> 00:47:27.965
Speaker 2: in to take advantage of other people.
00:47:27.965 --> 00:47:29.085
Speaker 2: But Mhmm.
00:47:29.085 --> 00:47:29.405
Speaker 2: Yeah.
00:47:29.405 --> 00:47:33.405
Speaker 2: I found in my life, and I know this sounds noble, but
00:47:34.670 --> 00:47:36.510
Speaker 2: most people you can trust.
00:47:36.510 --> 00:47:36.830
Speaker 2: Mhmm.
00:47:36.830 --> 00:47:38.590
Speaker 2: Most people are trustworthy.
00:47:38.590 --> 00:47:38.990
Speaker 2: Right.
00:47:38.990 --> 00:47:39.790
Speaker 2: They just are.
00:47:39.790 --> 00:47:41.710
Speaker 2: There's some bad actors.
00:47:41.710 --> 00:47:45.710
Speaker 2: Are you gonna get stung every now and then?
00:47:46.025 --> 00:47:49.945
Speaker 2: For the returns that you're getting in this business, yeah, you're gonna have a
00:47:49.945 --> 00:47:51.065
Speaker 2: a few bumps.
00:47:51.065 --> 00:47:51.385
Speaker 2: Right.
00:47:51.385 --> 00:47:53.865
Speaker 2: But,
00:47:53.865 --> 00:47:54.905
Speaker 2: run properly.
00:47:54.905 --> 00:47:57.385
Speaker 2: You're not gonna get stung too many times.
00:47:57.385 --> 00:47:59.240
Speaker 2: Yeah.
00:47:59.240 --> 00:48:01.960
Speaker 2: But there it it does invite.
00:48:01.960 --> 00:48:03.800
Speaker 2: But banks get stung too.
00:48:03.800 --> 00:48:06.200
Speaker 2: I mean, so we we can't avoid it.
00:48:06.200 --> 00:48:06.680
Speaker 2: Yeah.
00:48:06.680 --> 00:48:08.200
Speaker 2: So
00:48:08.200 --> 00:48:08.760
Speaker 2: go ahead.
00:48:08.760 --> 00:48:09.000
Speaker 0: Yeah.
00:48:09.000 --> 00:48:09.320
Speaker 0: No.
00:48:09.320 --> 00:48:11.175
Speaker 0: If you
00:48:11.175 --> 00:48:12.375
Speaker 0: we're almost out of time here.
00:48:12.375 --> 00:48:16.135
Speaker 0: If you were given ten mill ten million dollars tomorrow, personally, what would you
00:48:16.135 --> 00:48:17.175
Speaker 0: do with it?
00:48:17.175 --> 00:48:20.775
Speaker 2: I'd get on I'd pick this up
00:48:20.775 --> 00:48:21.655
Speaker 2: right here.
00:48:21.655 --> 00:48:22.055
Speaker 2: Mhmm.
00:48:22.055 --> 00:48:24.670
Speaker 2: And by the time,
00:48:24.670 --> 00:48:28.670
Speaker 2: one o'clock came along, I got that on the street.
00:48:28.910 --> 00:48:30.030
Speaker 2: I can make call.
00:48:30.030 --> 00:48:31.070
Speaker 2: You know, I can find
00:48:31.070 --> 00:48:32.270
Speaker 0: a home for people.
00:48:32.270 --> 00:48:32.590
Speaker 0: Yeah.
00:48:32.590 --> 00:48:34.110
Speaker 2: Call my call my guys.
00:48:34.110 --> 00:48:35.230
Speaker 2: Who needs?
00:48:35.230 --> 00:48:36.695
Speaker 2: I know they need money now.
00:48:36.695 --> 00:48:37.015
Speaker 2: Okay.
00:48:37.015 --> 00:48:37.495
Speaker 2: I know that.
00:48:37.495 --> 00:48:39.015
Speaker 2: I know which call it.
00:48:39.015 --> 00:48:40.695
Speaker 0: Do more of what you're already doing.
00:48:40.695 --> 00:48:42.055
Speaker 2: Hell, yeah.
00:48:42.055 --> 00:48:42.775
Speaker 2: Nice.
00:48:42.775 --> 00:48:44.535
Speaker 2: Why wouldn't I?
00:48:44.535 --> 00:48:44.855
Speaker 2: Awesome.
00:48:44.855 --> 00:48:45.175
Speaker 0: Well, we
00:48:45.175 --> 00:48:47.095
Speaker 2: are people say, well, you should diversify.
00:48:47.095 --> 00:48:49.015
Speaker 2: You should you know?
00:48:49.015 --> 00:48:49.255
Speaker 2: Okay.
00:48:49.255 --> 00:48:52.690
Speaker 2: I'll worry about that next time around.
00:48:52.690 --> 00:48:52.930
Speaker 0: Yeah.
00:48:52.930 --> 00:48:56.930
Speaker 0: We've already hit several of the other questions that I have just just,
00:48:57.090 --> 00:48:59.490
Speaker 0: organically, naturally with through the conversation.
00:48:59.490 --> 00:49:03.490
Speaker 0: So this has been been really, really good, Brooke.
00:49:04.155 --> 00:49:08.075
Speaker 0: What's one question that you wish I'd asked that I haven't?
00:49:08.075 --> 00:49:10.155
Speaker 0: Anything we haven't covered?
00:49:10.155 --> 00:49:11.275
Speaker 2: I don't think so.
00:49:11.275 --> 00:49:11.755
Speaker 2: I don't know.
00:49:11.755 --> 00:49:13.195
Speaker 2: That's what I can think of right now.
00:49:13.195 --> 00:49:15.275
Speaker 2: I mean, there'd really be a million other ones.
00:49:15.275 --> 00:49:15.675
Speaker 2: Yeah.
00:49:15.675 --> 00:49:17.275
Speaker 2: But, I've enjoyed this.
00:49:17.275 --> 00:49:20.070
Speaker 2: Thank you very much for for
00:49:20.070 --> 00:49:24.070
Speaker 2: asking the old guy, you know, to tell some stories because this is the,
00:49:24.950 --> 00:49:28.950
Speaker 2: at this point in my life in particular, the it's the money
00:49:29.110 --> 00:49:29.670
Speaker 2: is great.
00:49:29.670 --> 00:49:30.790
Speaker 2: I understand that.
00:49:30.790 --> 00:49:32.710
Speaker 2: But the relationships Mhmm.
00:49:32.710 --> 00:49:36.710
Speaker 2: The money pales in comparison to the opportunities
00:49:36.975 --> 00:49:40.815
Speaker 2: we've had in Baltimore to create really,
00:49:40.815 --> 00:49:42.735
Speaker 2: meaningful relationships.
00:49:42.735 --> 00:49:43.055
Speaker 0: Mhmm.
00:49:43.055 --> 00:49:47.055
Speaker 2: And I'll leave you with this this comment because when I
00:49:48.050 --> 00:49:50.690
Speaker 2: retired, you know, I called all these guys and said, look.
00:49:50.690 --> 00:49:52.290
Speaker 2: In a year, I need my money back.
00:49:52.290 --> 00:49:52.530
Speaker 2: You know?
00:49:52.530 --> 00:49:53.250
Speaker 2: I'm going out of bed.
00:49:53.250 --> 00:49:55.490
Speaker 2: I just you know?
00:49:55.490 --> 00:49:58.850
Speaker 2: Because a lot of people were saying, it's at this point in your life,
00:49:58.850 --> 00:50:02.850
Speaker 2: Brooke, it's you should think more about preservation than accumulation.
00:50:03.145 --> 00:50:03.385
Speaker 2: Mhmm.
00:50:03.385 --> 00:50:06.905
Speaker 2: But I can tell you having lived it for thirty days, there is absolutely
00:50:06.905 --> 00:50:09.065
Speaker 2: no fun in preservation.
00:50:09.065 --> 00:50:11.385
Speaker 2: Accumulation is where you wanna be.
00:50:11.385 --> 00:50:11.705
Speaker 0: Okay.
00:50:11.705 --> 00:50:12.185
Speaker 0: Nice.
00:50:12.185 --> 00:50:16.185
Speaker 2: But
00:50:17.320 --> 00:50:21.320
Speaker 2: I think the the the power of the relationships
00:50:23.080 --> 00:50:27.080
Speaker 2: give your life a richness that supersedes
00:50:27.080 --> 00:50:29.855
Speaker 2: anything else that I've ever experienced.
00:50:29.855 --> 00:50:30.255
Speaker 2: Wow.
00:50:30.255 --> 00:50:30.815
Speaker 2: Okay?
00:50:30.815 --> 00:50:31.215
Speaker 2: Yeah.
00:50:31.215 --> 00:50:35.215
Speaker 2: And when I made those calls, I had three or four
00:50:35.295 --> 00:50:39.055
Speaker 2: of these folks that we've helped and and lend to and and and and
00:50:39.055 --> 00:50:41.615
Speaker 2: nurtured and and
00:50:41.615 --> 00:50:44.980
Speaker 2: and one gentleman called me
00:50:44.980 --> 00:50:48.100
Speaker 2: and said, I just you know, when I said I was retiring, he said,
00:50:48.100 --> 00:50:52.100
Speaker 2: I want you to know that you have changed my children's life,
00:50:52.660 --> 00:50:56.660
Speaker 2: my wife's life, my life, my family's life forever, and
00:50:56.660 --> 00:50:58.775
Speaker 2: I will be forever grateful.
00:50:58.775 --> 00:50:59.815
Speaker 0: That's amazing to hear.
00:50:59.815 --> 00:51:03.815
Speaker 2: And I had three people call me like that that I've
00:51:04.135 --> 00:51:07.735
Speaker 2: I mean, I don't know how much better you want it to be.
00:51:07.735 --> 00:51:10.135
Speaker 2: I mean, after the call, I I broke down.
00:51:10.135 --> 00:51:10.615
Speaker 2: You know?
00:51:10.615 --> 00:51:14.615
Speaker 2: I mean, I I it I
00:51:14.970 --> 00:51:18.810
Speaker 2: mean, it just gave I mean, I don't know if there's a a richer
00:51:18.810 --> 00:51:20.250
Speaker 2: reward in life Right.
00:51:20.250 --> 00:51:24.250
Speaker 2: Than to have someone make that statement that you have changed the trajectory.
00:51:26.825 --> 00:51:27.425
Speaker 0: That's incredible.
00:51:27.425 --> 00:51:28.505
Speaker 2: I don't know.
00:51:28.505 --> 00:51:32.505
Speaker 2: It it it it it was no I've never made money or
00:51:32.745 --> 00:51:36.745
Speaker 2: had a greater satisfaction than having the I mean, it it was
00:51:36.985 --> 00:51:37.865
Speaker 2: Yeah.
00:51:37.865 --> 00:51:41.865
Speaker 0: That's that's that's a fantastic, final thought.
00:51:41.940 --> 00:51:43.060
Speaker 0: That's really, really good.
00:51:43.060 --> 00:51:44.020
Speaker 0: So Yeah.
00:51:44.020 --> 00:51:47.220
Speaker 0: If if somebody does wanna reach out to you, Brooke, what's the best way
00:51:47.220 --> 00:51:49.540
Speaker 0: to do that?
00:51:49.540 --> 00:51:53.540
Speaker 2: My email just my phone number is is is great because I you
00:51:53.620 --> 00:51:57.265
Speaker 2: text or whatever, and that's three zero one Mhmm.
00:51:57.265 --> 00:51:59.185
Speaker 2: Nine four three Mhmm.
00:51:59.185 --> 00:52:01.985
Speaker 2: One four zero seven.
00:52:01.985 --> 00:52:02.545
Speaker 0: Perfect.
00:52:02.545 --> 00:52:03.265
Speaker 2: Okay?
00:52:03.265 --> 00:52:06.465
Speaker 2: And just text me, or, I'll get back to you.
00:52:06.465 --> 00:52:08.590
Speaker 2: You know, hopefully, I can help.
00:52:08.590 --> 00:52:12.590
Speaker 2: But, I I I enjoy these these conversations immensely.
00:52:13.390 --> 00:52:13.950
Speaker 0: Sounds great.
00:52:13.950 --> 00:52:17.950
Speaker 0: I know you've you've already been very giving to me over the
00:52:18.670 --> 00:52:22.030
Speaker 0: couple months we've we've known each other, so I appreciate that.
00:52:22.030 --> 00:52:26.030
Speaker 0: So and and, we appreciate you spending your time,
00:52:26.445 --> 00:52:30.445
Speaker 0: over the last, forty five to sixty minutes, whatever it's
00:52:30.525 --> 00:52:30.765
Speaker 0: been.
00:52:30.765 --> 00:52:32.045
Speaker 0: So appreciate it.
00:52:32.045 --> 00:52:33.565
Speaker 0: Thank you so much, Brook.
00:52:33.565 --> 00:52:35.405
Speaker 2: Well, I appreciate you having me on, Jamie.
00:52:35.405 --> 00:52:38.540
Speaker 2: It's great meeting you, and I look forward to helping in any way I
00:52:38.540 --> 00:52:39.180
Speaker 2: can.
00:52:39.180 --> 00:52:39.660
Speaker 0: Sounds great.
00:52:39.660 --> 00:52:43.580
Speaker 0: And to the listener, thank you for spending your most valuable resource with us,
00:52:43.580 --> 00:52:45.020
Speaker 0: and that is your time.
00:52:45.020 --> 00:52:46.220
Speaker 0: Thanks, everyone.
00:52:46.220 --> 00:52:46.780
Speaker 0: Take care.
00:52:46.780 --> 00:52:50.780
Speaker 2: Have have a good day.
00:52:53.965 --> 00:52:57.165
Speaker 1: Thank you for joining us on From Adversity to Abundance.
00:52:57.165 --> 00:53:01.165
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00:53:01.405 --> 00:53:03.900
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00:53:03.900 --> 00:53:07.900
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