Episode 36 Refinance When It Saves You Real Money の全文書き起こし

that they're heading like to fives and stuff, now you can start to look to refinance because it's two percent or so. 00:03:20.000 --> 00:03:26.560 Yeah, all those buyers that we I used to always tell them that, like, yeah, your rate's probably seven and a half, refinance it, right? 00:03:26.800 --> 00:03:27.680 Bring it, bring it down. 00:03:27.840 --> 00:03:29.360 I mean, two points is a big difference. 00:03:29.520 --> 00:03:29.919 It is. 00:03:30.240 --> 00:03:32.800 Usually that's like from what I've heard, right? 00:03:32.960 --> 00:03:45.919 That's like generally the acceptable range to like start refinancing because you do have cost towards refinancing at 2% or higher and difference, that's when it makes absolute sense. 00:03:46.240 --> 00:03:47.199 Yes, yes, yes. 00:03:47.439 --> 00:03:49.599 It's all about the you know, the numbers make sense, right? 00:03:49.680 --> 00:03:54.960 And also most importantly is that when the bank qualifies, because you could you could you definitely qualify to purchase. 00:03:55.039 --> 00:03:55.280 Yeah. 00:03:55.439 --> 00:04:03.439 So just have that in mind that if you pre-approve and you qualify, you know, it means you you can afford it, in other words, as is as long as you feel comfortable with the numbers. 00:04:03.599 --> 00:04:04.319 That's what matters. 00:04:04.479 --> 00:04:05.520 It's always about the numbers. 00:04:05.680 --> 00:04:07.840 Like if the numbers make sense, you go for it. 00:04:08.000 --> 00:04:19.600 If they don't, you don't, because every family, you have to make sure that you can you're comfortable with that monthly payment because you are gonna be paying it for 30 years, right? 00:04:19.759 --> 00:04:20.560 Yeah, yeah. 00:04:20.879 --> 00:04:25.759 So I want to bring a topic up that I think a lot of people don't talk about underground oil tanks. 00:04:25.920 --> 00:04:31.839 We've been listing properties recently that have underground oil tanks, and it brings a lot of concerns for buyers, right? 00:04:32.000 --> 00:04:36.319 It brings concerns for the banks, it brings concerns for also home insurance. 00:04:36.639 --> 00:04:43.279 Oil tanks underground are very, my opinion, little is dangerous because you cannot see what's going on underground, right? 00:04:43.360 --> 00:04:44.399 It's not visible, right? 00:04:44.560 --> 00:04:47.279 If something's not visible, it's kind of scary. 00:04:47.360 --> 00:04:47.680 Yeah. 00:04:47.839 --> 00:04:49.199 You're right, because you don't know what's going on. 00:04:49.439 --> 00:04:51.680 What's your opinion on underground oil tanks, Angelo? 00:04:51.759 --> 00:04:53.600 I think oil tanks in general, right? 00:04:53.759 --> 00:05:09.040 I didn't think too much of it until we started getting offers for certain homes that we had, where it was basically like banks were saying that they weren't going to be able to approve the home because they had an underground oil tank. 00:05:09.199 --> 00:05:10.560 That was the first time I ever heard of

that. 00:05:10.639 --> 00:05:12.560 And I was like, oh wow, I guess, yeah, that's a thing. 00:05:12.720 --> 00:05:13.600 Especially FHA. 00:05:13.839 --> 00:05:16.079 Yeah, but it depends on the lender, right? 00:05:16.160 --> 00:05:18.800 Because some of them will still do it, right? 00:05:19.120 --> 00:05:25.839 So to all those homeowners and buyers out there that are purchasing a property with underground oil tank, you have to verify with the lender. 00:05:26.079 --> 00:05:29.839 You have to verify that it won't be no issue to get the loan approved, right? 00:05:30.079 --> 00:05:35.759 Because when the appraiser comes, right, and they see that it's underground, they have to know that it's an underground oil tank. 00:05:36.000 --> 00:05:38.000 You have to verify with the lender, right? 00:05:38.160 --> 00:05:41.519 That you will be approved with an underground oil tank, right? 00:05:41.759 --> 00:05:46.079 Of course, to all the buyers, make sure you do an inspection to the oil tank, right? 00:05:46.160 --> 00:05:48.240 You want to make sure there's no leaks in it, right? 00:05:48.319 --> 00:05:51.360 Some of most of these oil tanks underground, they have warranty. 00:05:51.519 --> 00:05:52.879 Not all of them, all right? 00:05:53.120 --> 00:05:55.120 They have warranty, but most buyers don't like it. 00:05:55.439 --> 00:05:56.480 Why they don't like underground? 00:05:56.720 --> 00:05:59.680 Because you do not know if it's leaks inside the oil tank. 00:05:59.759 --> 00:06:03.040 How leaks happen is usually from the tree, like the roots. 00:06:03.199 --> 00:06:09.519 You don't know if the roots go through an oil tank or could possibly cause those roots, they are so strong, Andrew. 00:06:09.600 --> 00:06:12.560 They could go through a wall, they could go through a house of those trees. 00:06:12.639 --> 00:06:22.160 So that's why a lot of homeowners don't like trees on their property premises, particularly because it destroys sidewalks, it destroys, you know, destroys oil tanks, you know. 00:06:22.240 --> 00:06:27.040 So that's the reason a lot of homeowners do not like oil tanks underground, right? 00:06:27.120 --> 00:06:28.160 It's a big red flag. 00:06:28.240 --> 00:06:29.680 Another red flag, too, Andrew. 00:06:29.920 --> 00:06:37.759 You have to make sure that your home insurance will be able to cover your house, knowing that there's an oil tank underground, right? 00:06:38.000 --> 00:06:46.560 So you have to verify with the homeowner, homeowner insurance, you have to work out also with the lender to make sure that the property will qualify. 00:06:47.040 --> 00:06:50.079 What I've been doing is this I actually sold the house, right? 00:06:50.240 --> 00:06:53.199 Our client loved the house, but they were very concerned about the oil tank. 00:06:53.360 --> 00:07:00.000 So to put an oil tank above ground in average is from like 7500 to 1200, depending who's doing the work. 00:07:00.160 --> 00:07:03.680 I always recommend everyone to get at least

three estimates from professionals. 00:07:03.759 --> 00:07:04.959 Do not go to the first one. 00:07:05.199 --> 00:07:07.600 A lot of people tend to go to the first one like they're desperate. 00:07:07.680 --> 00:07:14.160 No, I will go to at least three, look at their reviews, and everyone has a different opinion, everyone has a different information. 00:07:14.399 --> 00:07:19.519 So I recommend everyone to hire three different professionals on it doing the above oil tank. 00:07:19.600 --> 00:07:27.600 So if you have an underground oil tank, you want to sell your house, I kind of recommend you to put it above ground because it brings a lot of red flags to the buyers, a lot of concerns. 00:07:27.759 --> 00:07:34.319 We have seen buyers submit offers, and after they analyze and go over it with their family, they back out because they're concerned about the oil tank. 00:07:34.399 --> 00:07:39.600 But what we've been doing is we submitted an offer to a property that had an underground oil tank. 00:07:39.759 --> 00:07:47.920 What we do is that we tell the seller, hey, we'll we'll move in with full asking, but you need to put the oil tank above ground. 00:07:48.000 --> 00:07:53.040 Also, have in mind you have to make sure it's with a licensed plumber and also with permits. 00:07:53.279 --> 00:07:53.519 Why? 00:07:53.680 --> 00:07:55.839 Because you want it to be inspected, right? 00:07:56.000 --> 00:08:01.680 And also have that oil tank underground removed completely in the oil as well. 00:08:01.920 --> 00:08:03.040 And you want proof of it. 00:08:03.120 --> 00:08:11.600 You want documents, you want who did the job, you want the license plumber, you want the permits where it indicates that it was removed correctly and professionally. 00:08:11.839 --> 00:08:13.920 Yeah, open and closed permits, basically. 00:08:14.240 --> 00:08:21.759 Yeah, so just make sure that the oil tank it's if you buy the house, because a lot of people do buy a house underground, they have no issue with that. 00:08:21.920 --> 00:08:23.360 Just make sure you inspect it. 00:08:24.079 --> 00:08:24.959 No, absolutely. 00:08:25.040 --> 00:08:40.399 I I feel like everything that you said is basically what the bank is also looking at, saying, like, look, roots can come in, they can kind of make havoc into like the oil tank, and then there's a leak, and then it's gonna be very costly if there's a leak because now that's an environmental hazard. 00:08:40.639 --> 00:08:41.120 Correct. 00:08:41.279 --> 00:08:45.759 And now you have to work with what department is that Department of Health. 00:08:46.000 --> 00:08:47.120 Department of Health, yeah. 00:08:47.360 --> 00:08:53.200 And that costs a lot of money because now you got to remove all the soil treated or or something like that. 00:08:53.679 --> 00:08:55.919 So it becomes bigger than what it is, right? 00:08:56.080 --> 00:08:57.919 But reality is it's called safety, right? 00:08:58.000 --> 00:08:58.720 The hazard, right? 00:08:58.799 -->

00:09:02.480 You have to make sure the environment is safe and oil, it's serious. 00:09:03.200 --> 00:09:06.480 You don't want it to be, you know, any lease in the oil tank. 00:09:06.559 --> 00:09:09.120 So it's definitely important to get it inspected. 00:09:09.279 --> 00:09:10.320 It's definitely important. 00:09:10.399 --> 00:09:15.919 I recommend to all buyers to request the seller to put it above ground. 00:09:16.399 --> 00:09:21.279 All right, so it won't be no any it won't be no hiccups or any surprises throughout the transaction. 00:09:21.519 --> 00:09:22.320 Right, exactly. 00:09:22.399 --> 00:09:23.759 And it's better for everyone, right? 00:09:23.919 --> 00:09:33.519 It's easier for the lender to give you the financing, it's easier for you to get insurance and stuff because underground oil tanks are just like a gamble, honestly. 00:09:33.679 --> 00:09:41.759 Because you know, it starts raining, yeah, the water starts going to the the metal of the oil tank, and then it starts getting corroded, right? 00:09:42.000 --> 00:09:43.840 And it's just like a bunch of stuff. 00:09:44.159 --> 00:09:47.919 It's better to have it visible, so have it your basement, I would say. 00:09:48.159 --> 00:09:54.399 Also, one one one thing I would do, like, because some people use the oil tank for heating and also for the hot water. 00:09:54.559 --> 00:09:56.480 Just use the oil tank for heating. 00:09:56.639 --> 00:09:58.080 Don't use it for the hot water. 00:09:58.240 --> 00:09:58.639 Why? 00:09:58.879 --> 00:10:06.000 Because then you don't have to use the oil tank all year round, you will only use it for the winter, which is the three months, right? 00:10:06.159 --> 00:10:16.240 It's you would save more money than it's better to have an electric hot water tank than having it through oil, then you would have to be filling up your oil tank all year round. 00:10:16.399 --> 00:10:19.519 So most people don't want to deal with the truck coming to their property. 00:10:19.679 --> 00:10:22.000 It's best to just have it those three months. 00:10:22.080 --> 00:10:24.960 So convert your hot water to electric hot water. 00:10:25.120 --> 00:10:25.519 Exactly. 00:10:25.679 --> 00:10:32.000 If you convert your electric to hot water, you can also you can remove gas and oil as well. 00:10:32.080 --> 00:10:35.120 You can remove like the boiler and just put many split units everywhere. 00:10:35.360 --> 00:10:36.639 Yeah, it's so many options. 00:10:36.720 --> 00:10:41.519 So, how how can you save money, time, and it's more convenience, I would say. 00:10:41.679 --> 00:10:44.720 Yeah, I like to do things like what's convenient, exactly. 00:10:44.799 --> 00:10:46.320 Like what's the most convenient. 00:10:46.480 --> 00:10:49.759 I think that's why a lot of people are going into mini split units. 00:10:50.000 --> 00:10:52.159 Sometimes people say it looks ugly. 00:10:52.240 --> 00:10:53.039 We have one up here. 00:10:53.120 --> 00:10:53.600 I don't know. 00:10:53.679 --> 00:10:58.000 Well, the camera won't pick it up, but we do have one and it's very good. 00:10:58.320 --> 00:10:59.039 Very convenient. 00:10:59.120 --> 00:11:01.039 Yeah, it's very good, very sufficient. 00:11:01.200 --> 00:11:03.440 But I have another thing I wanted to talk about, Angela. 00:11:03.519 --> 00:11:04.639 Yeah, about kinetic. 00:11:06.240 --> 00:11:09.919 To all my homeowners out there, right, especially when you're selling your house, right? 00:11:10.159 --> 00:11:14.080 Tend to turn off utilities, for instance, the electric and the gas. 00:11:14.879 --> 00:11:16.000 What's your thoughts on that? 00:11:16.799 --> 00:11:21.039 I think that they do that because they want to save money, right? 00:11:21.360 --> 00:11:29.840 Um even though they're not really using it, since they probably turn off all the lights and stuff before they kind of like leave the premises. 00:11:30.080 --> 00:11:34.799 But sometimes I believe Con Edison might take away, might lock the thing. 00:11:35.519 --> 00:11:37.759 So it's a it's a big reflex, right? 00:11:37.919 --> 00:11:41.759 I recommend to all homeowners not to turn off the utilities, right? 00:11:41.840 --> 00:11:43.279 Especially on your contract of sale. 00:11:43.440 --> 00:11:52.799 Most standard contracts of sale, because they're all different depending on the attorney, most standard contracts of sales, that language of utilities being on prior to closing, right? 00:11:53.200 --> 00:11:55.039 Why they do that is because of this. 00:11:55.200 --> 00:12:01.440 Because, for instance, if you have your electric and gas, yeah, you want to save money, but in the long run, it's affecting the buyer. 00:12:01.600 --> 00:12:01.919 How? 00:12:02.080 --> 00:12:02.320 Right? 00:12:02.399 --> 00:12:05.679 Let's say, for instance, the big one is gas, right? 00:12:05.919 --> 00:12:18.320 If you have it shut off, right, for a long time, it could be three, six months, Kineticson will come and put a lock on the gas meter outside of your property, and you won't the buyer won't be able to turn on the gas. 00:12:18.639 --> 00:12:28.639 What happens is that the buyer now will have to hire a licensed plumber to come and turn and basically file permits to turn on back the gas meter on, right? 00:12:28.720 --> 00:12:32.799 That will cost a buyer easy five to ten thousand dollars on this. 00:12:33.120 --> 00:12:39.039 So, what I recommend to all buyers before you purchase your property, yeah, of course you have to do a walkthrough, right? 00:12:39.120 --> 00:12:43.679 You have to go make sure the utilities are on, but if it's not on, always call kineticson. 00:12:43.759 --> 00:12:48.320 You you're you're you could call kinetics and give them the address, and they will give you the information. 00:12:48.399 --> 00:12:52.960 And the only information they will provide is if the electric and gas is on, right? 00:12:53.120 --> 00:12:55.039 It goes right versus also with the electric. 00:12:55.200 --> 00:13:04.240 If you shut off

the electric, right, they come and put a lock on the electric meter outside, and then you have to hire an electrician to go and start the process of turning it back. 00:13:04.399 --> 00:13:06.639 But guess what happened to me one time, which is huge. 00:13:06.720 --> 00:13:08.799 Yeah, even me that is in the business, I'm in the business. 00:13:08.879 --> 00:13:11.440 And this is, you know, you learn throughout the business. 00:13:11.679 --> 00:13:15.759 I bought a property, it was a flip that I bought, it was in the Bronx. 00:13:16.000 --> 00:13:17.759 I had the electric meter, right? 00:13:17.919 --> 00:13:20.960 It was the gas meter was there, but there was no gas in that property. 00:13:21.120 --> 00:13:25.039 So what I decided to do was, you know what, I'm gonna do the entire house electric. 00:13:25.200 --> 00:13:27.039 Hot water, electric, heating, electric. 00:13:27.120 --> 00:13:33.600 So I was all right, we can just do everything electric because the process of turning a gas line, it could be six months to a year. 00:13:33.840 --> 00:13:38.960 It's a long process, which everyone hates the process of turning a gas meter on, right? 00:13:39.120 --> 00:13:44.879 So what I did was that I was like, all right, let me call Connecticut, let me turn on my light on under my name, right? 00:13:45.039 --> 00:13:46.000 Everything should be running. 00:13:46.080 --> 00:13:46.879 So guess what? 00:13:47.039 --> 00:13:53.039 When I'm in the process of doing that, Conetison's like, hey, you don't you do not have a meter in the property. 00:13:53.120 --> 00:13:54.159 And I was like, no, I do. 00:13:54.240 --> 00:13:55.519 I'm looking at the meter right now. 00:13:55.759 --> 00:13:56.799 He's like, no, no, no. 00:13:56.879 --> 00:13:58.320 That's that meter is that's weird. 00:13:58.399 --> 00:14:01.759 You're not supposed to have a meter, and this house haven't had a meter for over a year. 00:14:02.080 --> 00:14:08.000 Apparently, the previous owner, I don't know how he did this, he was stealing light from the city. 00:14:08.320 --> 00:14:16.639 So Kenetizen was coming to me, wanted to find me and all this, and then what saved me was you know, you gotta have your facts. 00:14:16.799 --> 00:14:17.919 I just got the deed. 00:14:18.080 --> 00:14:21.759 The deed was just recorded, and it just showed that I just became the owner. 00:14:22.000 --> 00:14:36.320 So the previous owner was stealing light from the city to the property, and Connecticut came instantly, removed the meter, removed how they were stealing the light, and I had to file permits, file the whole process with an electrician. 00:14:36.480 --> 00:14:47.440 It cost me, I think if I'm not mistaken,$12,000 to get the electric back in there, have the meter installed by a professional, have an electrician come and do all the wiring inside the property. 00:14:47.679 --> 00:14:50.320 It cost me additional additional$12,000. 00:14:51.360 --> 00:14:59.519 So, guys, when you're buying a property, make sure you call kinetics and just to verify that the meet everything's running right, which is the electric and the gas. 00:14:59.679 --> 00:15:01.039 Make sure you call Conetison. 00:15:01.200 --> 00:15:03.600 Of course, do your walkthrough, make sure it turns on and off. 00:15:03.679 --> 00:15:13.039 But if you want to have a safe route, call kineticson just to make sure that everything in that household, utilities, because it don't have to be really kinetic. 00:15:13.200 --> 00:15:13.759 What's the other ones? 00:15:14.080 --> 00:15:14.480 Nationals. 00:15:14.799 --> 00:15:15.440 Oh, national grids. 00:15:15.519 --> 00:15:16.480 I think national grid. 00:15:16.639 --> 00:15:17.679 Oh, national grid, yeah. 00:15:17.840 --> 00:15:20.080 And of course, in Westchester County, they have different ones. 00:15:20.320 --> 00:15:24.399 So just make sure you call utilities prior purchasing your property. 00:15:24.480 --> 00:15:30.879 Yes, do the walkthrough, but just call to confirm that the utilities are good and everything's running right inside the house. 00:15:31.039 --> 00:15:32.159 They were staining light. 00:15:32.320 --> 00:15:33.279 I can't believe that. 00:15:33.519 --> 00:15:35.360 I bought the house, they didn't know, but guess what? 00:15:35.440 --> 00:15:37.519 Once you buy the house, guys, this is the biggest thing. 00:15:37.600 --> 00:15:40.799 It's your responsibility and it's on you. 00:15:40.960 --> 00:15:42.960 It's a new owner, a new deed. 00:15:43.120 --> 00:15:44.559 Everything falls into you. 00:15:44.720 --> 00:15:52.000 Yes, you could come and try to sue and go that route, but by the time you sue, everything you have everything's off. 00:15:52.320 --> 00:15:52.559 Right. 00:15:52.639 --> 00:15:54.799 Wait, wouldn't this have been something? 00:15:54.960 --> 00:15:57.919 Oh no, I was gonna say, wouldn't title be liable for this? 00:15:58.000 --> 00:15:58.720 But no it wouldn't. 00:15:59.039 --> 00:16:00.399 Title have nothing to do with utilities. 00:16:00.639 --> 00:16:00.960 Gotcha. 00:16:01.120 --> 00:16:06.480 The only thing you could be a little bit liable is that the seller signs a contract sale saying that utilities would be on. 00:16:06.720 --> 00:16:08.639 Second thing is the property disclosure form. 00:16:08.960 --> 00:16:18.000 It acts as what utilities that is under, and it acts as like I think that's what it acts, but it the the most you could probably get is the contract of sale. 00:16:18.159 --> 00:16:23.759 But why put yourself through that situation when you could use this as a fact that just call the utility? 00:16:23.919 --> 00:16:24.799 It happens all the time. 00:16:24.960 --> 00:16:25.200 Right. 00:16:25.360 --> 00:16:29.600 I have sellers that that they they turn it off all the time, and I that's the first rule I give them. 00:16:29.759 --> 00:16:32.320 When I see the house is vacant, do not turn it on to it. 00:16:32.320 --> 00:16:36.000 I know you want to save money, do not turn it off because it's gonna

cost you. 00:16:36.080 --> 00:16:44.559 Because if a buyer finds out now, you have to come and hire a plum and electrician to what to have it on, and they could cost you five to fifteen thousand. 00:16:44.720 --> 00:16:45.519 Yeah, right. 00:16:45.600 --> 00:16:50.080 So yeah, it's gonna cost you a lot more in the end than you're what you're trying to save. 00:16:50.320 --> 00:16:51.279 Yeah, yeah. 00:16:51.519 --> 00:16:54.480 And I think the biggest point of today, Angelo, what is it? 00:16:54.639 --> 00:16:56.799 Copa, Copa real estate. 00:16:56.960 --> 00:16:59.919 Yeah, community opportunity to purchase act. 00:17:00.320 --> 00:17:01.279 This is huge, guys. 00:17:01.759 --> 00:17:03.200 For all those investors out there. 00:17:03.600 --> 00:17:04.160 This is huge. 00:17:04.480 --> 00:17:06.720 The community opportunity to purchase act. 00:17:07.599 --> 00:17:08.400 What is it, Angelo? 00:17:08.640 --> 00:17:13.359 It gives nonprofits for a first chance to buy certain multifamily buildings. 00:17:13.759 --> 00:17:22.559 The goal is to preserve affordable housing, applies mostly to four plus unit buildings, so meaning you know, four four apartments or more. 00:17:23.039 --> 00:17:25.680 And the nonprofits must pay market value. 00:17:26.240 --> 00:17:32.400 Supporters say it protects tenants, credit could say it's it slows transactions, uh huh. 00:17:32.559 --> 00:17:36.400 And COPA is changing the process, not ownership rights. 00:17:36.720 --> 00:17:38.000 So interesting. 00:17:38.160 --> 00:17:38.400 Interesting. 00:17:38.880 --> 00:17:41.759 This is gonna be an interesting topic on COPA. 00:17:42.000 --> 00:17:45.440 I mean, you know, for tenants it's gonna be good, right? 00:17:45.519 --> 00:17:53.839 Because now the city is gonna try to have the first hand to purchase the property, and also the city and the nonprofits, they're gonna have first hand, right? 00:17:54.000 --> 00:17:56.799 Basically first dip, right to purchase, right? 00:17:57.039 --> 00:17:59.119 If they do not want it, then it goes to the public. 00:17:59.200 --> 00:18:03.759 Well, what happens is that it's gonna delay closings, it's gonna delay um sales for commercials. 00:18:04.000 --> 00:18:10.400 Yeah, it's gonna delay it because you can't even put it on the market until like 180 or 120 days. 00:18:10.720 --> 00:18:13.519 You gotta announce it to the HPD? 00:18:13.680 --> 00:18:20.799 Yeah, to HPD that you're gonna do that so all all nonprofits can basically come in and put their bids on it if they want to. 00:18:21.039 --> 00:18:26.240 And then once that 120 or 180 day grace period is over, then you can publicly post it. 00:18:26.480 --> 00:18:29.920 And if they do not go that route, I was told that they get fines of$30,000. 00:18:30.319 --> 00:18:31.039 $30,000. 00:18:31.519 --> 00:18:47.680 So I think how generally this is gonna work out is that if you have a lot of equity in the home and stuff like that, then you're probably just gonna get you're just probably and

it's a high sell price, you're probably just gonna take the hit and say, Yeah, just give me the$30,000 fine. 00:18:48.000 --> 00:18:50.160 Yeah, some or they're gonna make the buyers pay. 00:18:50.559 --> 00:18:55.519 I'm pretty sure, you know, people are gonna have to adjust and adapt to it and figure it out, but it's a lot. 00:18:55.680 --> 00:18:58.720 I mean, to me personally, it's like the city taking full control now. 00:18:58.880 --> 00:19:04.640 They're getting, you know, they they want to get full control of these buildings, they want to protect the tenants. 00:19:04.799 --> 00:19:06.319 It's just gonna be too much. 00:19:06.559 --> 00:19:11.039 I just think it it to me personally, if I was buying, I wouldn't be buying. 00:19:11.279 --> 00:19:23.680 Yeah, I think we were having this discussion earlier where we were like, you know, this came up, so that's probably gonna be another uh$30,000 per per building that's gonna be put into the city's budget and stuff like that. 00:19:23.839 --> 00:19:27.200 And then we were talking about congestion tax as well, like that was another thing. 00:19:27.599 --> 00:19:30.480 I think the city they want to be involved in everything now. 00:19:30.559 --> 00:19:38.160 I think they just want to get full control, and I just think they want to be involved in everything possibly, which is of course real estate is the biggest thing, right? 00:19:38.319 --> 00:19:43.200 But being involved now into basic controlling about the purchase, I think it's a little bit too much. 00:19:43.279 --> 00:19:47.680 It's like as a homeowner, all right, what rights are you giving the the landlords? 00:19:47.759 --> 00:19:48.000 Mm-hmm. 00:19:48.160 --> 00:19:49.440 It just become too much. 00:19:49.599 --> 00:19:50.720 I think it's yeah. 00:19:50.960 --> 00:19:55.599 It hasn't fully been it hasn't b gone in effect completely now. 00:19:55.759 --> 00:19:59.119 It's just I guess they're just waiting for the new uh mayor to sign off on it. 00:19:59.200 --> 00:19:59.440 Mm-hmm. 00:19:59.519 --> 00:20:02.480 But I think this is gonna bring a lot of issues. 00:20:02.640 --> 00:20:04.880 And you know, it's it's it's gonna be interesting. 00:20:05.039 --> 00:20:06.000 It's gonna be very interesting. 00:20:06.240 --> 00:20:07.200 It's gonna be very interesting. 00:20:07.359 --> 00:20:11.279 I think the main problem is that there isn't enough housing in New York, right? 00:20:11.359 --> 00:20:14.880 And the the new housing that's being developed, it's so high. 00:20:14.960 --> 00:20:17.440 The rents are so darn high, right? 00:20:17.680 --> 00:20:25.359 You might as well just start buying a home instead of like renting because like all the new buildings, you've seen it, they're like luxury buildings. 00:20:25.440 --> 00:20:27.519 Like it's it's crazy now. 00:20:27.680 --> 00:20:36.000 Yeah, and the rents for like a one-bedroom now and the bronze that are like luxury and stuff or like three thousand five hundred and stuff like it's like Manhattan prices. 00:20:36.720 --> 00:20:37.599 It's skyrocket, right? 00:20:37.759 --> 00:20:43.119 I mean, I was telling my wife that's like if someone's not making a hundred to one hundred fifty thousand a year, it's tough to re live in New York. 00:20:43.359 --> 00:20:44.720 Yeah, to be honest with you. 00:20:44.799 --> 00:20:47.680 New York is it's it's becoming every day more expensive, right? 00:20:47.759 --> 00:20:49.039 So now they're doing it. 00:20:49.119 --> 00:20:51.119 I think that copa is gonna be very interesting. 00:20:51.279 --> 00:20:52.400 I think it's gonna be a lot. 00:20:52.480 --> 00:20:59.759 Yeah, I mean, they want to take full control of these buildings now, and yeah, the commercial real estate, like it could easily drop. 00:21:00.000 --> 00:21:01.279 Yeah, no, absolutely. 00:21:01.440 --> 00:21:05.440 I mean I think buyers are gonna investors are gonna rethink buying these buildings now. 00:21:05.680 --> 00:21:09.359 Without a doubt, I think investors are gonna be very bummed out about this, right? 00:21:09.519 --> 00:21:14.000 I think the general public is kind of saying that there's a victory for the main people. 00:21:14.559 --> 00:21:21.680 I think honestly, just housing in general is a very hard subject in New York because everyone wants to live here. 00:21:21.839 --> 00:21:27.519 Everyone that can possibly like afford it, even month month by month, they want to live here. 00:21:27.759 --> 00:21:29.599 New York City's where it's I mean, everyone complain. 00:21:29.680 --> 00:21:30.559 I'm gonna tell you something. 00:21:30.720 --> 00:21:33.599 This is the state that everyone complains about, but nobody moves. 00:21:33.759 --> 00:21:34.240 Oh, yeah. 00:21:34.400 --> 00:21:38.000 You very see most people, of course, when they retire, they're like, all right, I had it with New York. 00:21:38.160 --> 00:21:39.039 But you retired, right? 00:21:39.200 --> 00:21:42.240 But you made where you made the best living is in New York, best money. 00:21:42.400 --> 00:21:42.559 Right. 00:21:42.720 --> 00:21:45.519 But you this is the state that you see everyone complain but doesn't leave. 00:21:45.759 --> 00:21:46.000 Right. 00:21:46.079 --> 00:21:50.559 They they said all the billionaires and everyone was gonna leave and when Donnie got elected. 00:21:50.880 --> 00:21:51.680 Who left? 00:21:52.079 --> 00:21:52.799 Didn't even see it. 00:21:52.960 --> 00:21:55.440 Yeah, I I don't think I really saw it, right? 00:21:55.680 --> 00:21:59.519 I think New Yorkers, you know, they they just have emotion states and they go up and down. 00:21:59.599 --> 00:22:05.200 But the reality is that we just go through emotion states, but at the end of the day, everyone ends up staying in New York. 00:22:05.440 --> 00:22:06.559 Yeah, like congestion tax. 00:22:06.799 --> 00:22:08.559 Everyone's like, oh my god, this is the end of the world. 00:22:08.640 --> 00:22:11.119 And now it's like it was affecting the first like month. 00:22:11.200 -->

00:22:15.599 I would say it was slowed down, but now you go to New York City, oh my god, you can't even drive. 00:22:15.759 --> 00:22:17.440 Yeah, it's still the same, pretty much. 00:22:17.759 --> 00:22:18.559 Pretty much the same. 00:22:18.720 --> 00:22:21.920 But it hurts in certain ways that New York, right? 00:22:22.079 --> 00:22:29.680 Everyone wants to live there, everyone wants to be part of New York, but I just feel like New York City is finding always ways to be part of making their profit. 00:22:29.839 --> 00:22:38.960 Yeah, and I think sometimes they gotta slow it down a little bit, they gotta also let business owners also not only business, but everyone in general, like let them win their their their pie as well. 00:22:39.119 --> 00:22:43.359 Not they they they they want to be part of everything, and that's the only thing that bothers me. 00:22:43.599 --> 00:23:03.119 Yeah, I think the the main issue uh aside from housing is that they don't know how to manage their budget, and I think that's why they're trying to get more and more money everywhere, you know, and trying to get their hands in everything to add to the budget that they they aren't really basically having enough money for. 00:23:03.440 --> 00:23:05.279 Yeah, I agree with you. 00:23:05.519 --> 00:23:08.720 Well, guys, I want to tell everyone happy holiday. 00:23:08.880 --> 00:23:11.039 I want to tell everyone thank you for supporting us. 00:23:11.200 --> 00:23:16.480 Thank you for honestly to all those friends, family members that have us in mind, that refer us so much people. 00:23:16.720 --> 00:23:18.480 We really deeply appreciate you guys. 00:23:18.559 --> 00:23:20.799 We want to wish you guys the best holiday. 00:23:20.960 --> 00:23:24.319 Want to wish you a new happy new year, and we just want to wish you the best. 00:23:24.400 --> 00:23:30.240 I know times are sometimes hard, and we want 2026 to be all about love and peace for everyone. 00:23:30.400 --> 00:23:37.359 And honestly, I hope everyone achieves their goals and dreams in 2026 and be closer to your family. 00:23:37.599 --> 00:23:38.240 Absolutely. 00:23:38.400 --> 00:23:44.720 You can do whatever you want, you just gotta put your mind into it, and hopefully 2026 is the day your dreams come true. 00:23:44.799 --> 00:23:48.160 You know, I think 2026, I'm looking forward to it. 00:23:48.400 --> 00:23:49.119 I'm excited. 00:23:49.359 --> 00:23:52.480 Yeah, I'm excited to enjoy with my kids and my family and my my team. 00:23:52.720 --> 00:23:57.680 I feel like 2026 is gonna be a great year for all of us, for everyone, and just keep it positive. 00:23:57.839 --> 00:24:01.680 I think we need to find ways how to better ourselves, how to be a better person. 00:24:01.839 --> 00:24:05.839 I was just telling you earlier about what I want to do as a person as a personal goal. 00:24:06.079 --> 00:24:09.119 But I think we should always look to find peace. 00:24:09.359 --> 00:24:11.920 We should always look to just, you know, get along. 00:24:12.079 --> 00:24:12.640 Yeah, exactly. 00:24:12.720 --> 00:24:16.880 Life's too short to be like all like bitter about other people and stuff like that. 00:24:17.119 --> 00:24:18.559 Yeah, it's not it's not worth it. 00:24:18.720 --> 00:24:23.200 It's just find ways to be happy, whatever makes you happy, and just be happy. 00:24:23.279 --> 00:24:25.279 But I think more than anything, we need to be grateful. 00:24:25.359 --> 00:24:25.599 Yeah. 00:24:25.839 --> 00:24:30.160 I think you know, we all need to work on how to be more grateful in life. 00:24:30.480 --> 00:24:34.960 So, guys, I just want to wish everyone a happy new year and many blessings to everyone. 00:24:35.119 --> 00:24:35.519 Yeah, guys. 00:24:35.680 --> 00:24:37.519 If you have any questions, leave them down below. 00:24:37.759 --> 00:24:38.400 Thank you, guys. 00:24:38.480 --> 00:24:38.960 Take care. 00:24:39.200 --> 00:24:39.920 Bye guys. 00:24:40.799 --> 00:24:41.599 Bye guys.