1 00:00:00,041 --> 00:00:01,793 Breaking news. 2 00:00:01,876 --> 00:00:02,419 So this 3 00:00:02,419 --> 00:00:03,086 isn't part 4 00:00:03,086 --> 00:00:04,379 of the big bill 5 00:00:04,379 --> 00:00:04,963 that we were just 6 00:00:04,963 --> 00:00:05,839 talking about. 7 00:00:05,922 --> 00:00:07,090 But just a couple hours 8 00:00:07,090 --> 00:00:09,050 ago, FAA, 9 00:00:09,134 --> 00:00:10,468 the federal Housing 10 00:00:10,468 --> 00:00:12,220 Finance Administration, 11 00:00:12,220 --> 00:00:12,762 or whatever 12 00:00:12,762 --> 00:00:14,639 that stands for announced 13 00:00:14,639 --> 00:00:17,559 that as of now that, 14 00:00:18,893 --> 00:00:20,270 rent payments 15 00:00:20,353 --> 00:00:20,770 can now 16 00:00:20,770 --> 00:00:21,521 be used 17 00:00:21,521 --> 00:00:21,938 as part 18 00:00:21,938 --> 00:00:23,148 of your credit score 19 00:00:23,148 --> 00:00:24,149 when qualifying 20 00:00:24,149 --> 00:00:24,941 for mortgages 21 00:00:24,941 --> 00:00:27,569 with Fannie and Freddie. 22 00:00:33,324 --> 00:00:34,451 Welcome to Drunk 23 00:00:34,492 --> 00:00:35,952 Real Estate. 24 00:00:36,036 --> 00:00:36,870 Grab a drink 25 00:00:36,953 --> 00:00:39,164 and enjoy the show. 26 00:00:39,247 --> 00:00:39,748 Hey there. 27 00:00:39,789 --> 00:00:40,999 Welcome to episode 28 00:00:40,999 --> 00:00:43,376 102 of Drunk Real Estate. 29 00:00:43,418 --> 00:00:44,461 I am Kyle Wilson, 30 00:00:44,461 --> 00:00:45,754 Ashley Wilson's husband. 31 00:00:45,837 --> 00:00:46,880 And I got the gang here 32 00:00:46,880 --> 00:00:47,881 all together. 33 00:00:47,964 --> 00:00:49,966 Mauricio looks like he's 34 00:00:50,050 --> 00:00:50,925 on a beach 35 00:00:50,925 --> 00:00:51,843 or on the moon 36 00:00:51,843 --> 00:00:52,469 or something. 37 00:00:52,469 --> 00:00:53,261 Where are you at right 38 00:00:53,261 --> 00:00:53,803 now, buddy? 39 00:00:53,887 --> 00:00:54,179 Dude, 40 00:00:54,179 --> 00:00:55,096 this is my first episode 41 00:00:55,096 --> 00:00:56,181 up at the ranch. 42 00:00:56,264 --> 00:00:57,098 This is your new house, 43 00:00:57,098 --> 00:00:57,390 right? 44 00:00:57,432 --> 00:00:58,558 Yeah, it's a new ranch. 45 00:00:58,558 --> 00:00:59,726 And, I don't know. 46 00:00:59,726 --> 00:01:00,643 We'll see how it goes. 47 00:01:00,727 --> 00:01:01,394 It's the first time 48 00:01:01,394 --> 00:01:02,062 my house is, 49 00:01:02,145 --> 00:01:02,479 under 50 00:01:02,479 --> 00:01:03,313 complete quarantine, 51 00:01:03,313 --> 00:01:03,855 so I can't 52 00:01:03,855 --> 00:01:04,397 get in the house 53 00:01:04,397 --> 00:01:05,231 I'm doing outside. 54 00:01:05,315 --> 00:01:05,565 So. 55 00:01:05,565 --> 00:01:06,232 So what makes it 56 00:01:06,232 --> 00:01:07,567 a ranch, exactly. 57 00:01:07,567 --> 00:01:08,318 As opposed to. 58 00:01:08,318 --> 00:01:09,486 Where's your cowboy hat 59 00:01:09,486 --> 00:01:10,528 and your your boots? 60 00:01:10,528 --> 00:01:10,737 Don't 61 00:01:10,737 --> 00:01:11,196 you have to wear 62 00:01:11,196 --> 00:01:11,613 one of those, 63 00:01:11,613 --> 00:01:12,739 like, leather? 64 00:01:12,822 --> 00:01:13,782 Like, like. 65 00:01:13,782 --> 00:01:14,574 Ties with the 66 00:01:14,574 --> 00:01:15,325 two strings. 67 00:01:15,325 --> 00:01:16,159 The hanging down. 68 00:01:16,159 --> 00:01:17,410 And, what makes it, 69 00:01:17,452 --> 00:01:17,952 I don't know, 70 00:01:17,952 --> 00:01:18,745 there's a bunch of horses 71 00:01:18,745 --> 00:01:19,245 around here 72 00:01:19,245 --> 00:01:20,080 and goats, and, 73 00:01:20,080 --> 00:01:20,705 I mean, 74 00:01:20,789 --> 00:01:21,247 I don't know, 75 00:01:21,247 --> 00:01:22,791 trees, farming. 76 00:01:22,874 --> 00:01:23,166 I mean, 77 00:01:23,166 --> 00:01:23,708 do you actually have 78 00:01:23,708 --> 00:01:24,167 those things 79 00:01:24,167 --> 00:01:24,918 on your property? 80 00:01:24,918 --> 00:01:25,835 Horses and goats. 81 00:01:25,877 --> 00:01:26,878 I just freaking got here. 82 00:01:26,878 --> 00:01:28,129 No, no, but, 83 00:01:28,213 --> 00:01:28,546 we're going 84 00:01:28,546 --> 00:01:29,589 to get a goat, 85 00:01:29,672 --> 00:01:30,381 and then we're getting 86 00:01:30,465 --> 00:01:31,299 some chickens. 87 00:01:31,382 --> 00:01:32,383 I took some notes 88 00:01:32,383 --> 00:01:33,259 from Tessa 89 00:01:33,343 --> 00:01:34,594 when I was at the house 90 00:01:34,594 --> 00:01:35,804 a couple months ago. 91 00:01:35,887 --> 00:01:36,805 And, we'll eventually 92 00:01:36,805 --> 00:01:37,597 get some horses 93 00:01:37,597 --> 00:01:38,056 and we'll. 94 00:01:38,056 --> 00:01:38,640 We'll get some. 95 00:01:38,681 --> 00:01:39,015 We'll get some 96 00:01:39,015 --> 00:01:39,891 animals by. 97 00:01:39,974 --> 00:01:40,934 Heidi wants a. Cow. 98 00:01:41,017 --> 00:01:41,893 At some point soon, 99 00:01:41,893 --> 00:01:42,560 it'll be a ranch. 100 00:01:42,644 --> 00:01:43,269 You got to talk to 101 00:01:43,269 --> 00:01:44,145 Ashley Care. 102 00:01:44,145 --> 00:01:44,479 She's got 103 00:01:44,479 --> 00:01:45,313 a family of goats 104 00:01:45,313 --> 00:01:45,855 living on her. 105 00:01:45,855 --> 00:01:46,356 Property, 106 00:01:46,356 --> 00:01:46,731 and they need to 107 00:01:46,731 --> 00:01:47,565 go around their 108 00:01:47,649 --> 00:01:48,817 little lawn mowers. 109 00:01:48,900 --> 00:01:49,275 There don't 110 00:01:49,359 --> 00:01:50,110 totally lawn mowers. 111 00:01:50,110 --> 00:01:50,318 You know, 112 00:01:50,318 --> 00:01:51,069 they rent them out. 113 00:01:51,069 --> 00:01:51,569 Did you know that 114 00:01:51,569 --> 00:01:52,153 you can rent, 115 00:01:52,153 --> 00:01:53,363 like, ten goats 116 00:01:53,446 --> 00:01:54,197 to just go 117 00:01:54,197 --> 00:01:54,906 on your property 118 00:01:54,906 --> 00:01:55,865 and cause it cost, 119 00:01:55,865 --> 00:01:56,741 like a crapload 120 00:01:56,741 --> 00:01:57,283 to get this thing 121 00:01:57,283 --> 00:01:57,826 landscaped? 122 00:01:57,826 --> 00:01:58,034 I'm like, 123 00:01:58,034 --> 00:01:58,326 why don't 124 00:01:58,326 --> 00:01:59,661 we just get some goats? 125 00:01:59,744 --> 00:02:00,245 They'll eat it, 126 00:02:00,286 --> 00:02:00,954 they'll graze 127 00:02:00,954 --> 00:02:01,538 and just basically 128 00:02:01,538 --> 00:02:01,871 take care 129 00:02:01,871 --> 00:02:02,497 of the landscaping. 130 00:02:02,497 --> 00:02:03,414 There's like a service, 131 00:02:03,414 --> 00:02:04,165 you can hire them 132 00:02:04,165 --> 00:02:04,666 and they bring in 133 00:02:04,666 --> 00:02:05,625 like 100 goats. 134 00:02:05,625 --> 00:02:06,126 And they 135 00:02:06,167 --> 00:02:06,584 they're done 136 00:02:06,584 --> 00:02:07,627 in like four. Hours. 137 00:02:07,627 --> 00:02:08,586 Yep. Exactly. 138 00:02:08,586 --> 00:02:09,045 It's amazing 139 00:02:09,045 --> 00:02:09,420 what they do. 140 00:02:09,420 --> 00:02:10,171 So yeah, I kind of 141 00:02:10,171 --> 00:02:11,047 want to get some goats. 142 00:02:11,131 --> 00:02:11,422 I mean, 143 00:02:11,422 --> 00:02:12,006 what like 144 00:02:12,006 --> 00:02:13,299 how do they have to like, 145 00:02:13,299 --> 00:02:14,467 stand on their back legs 146 00:02:14,467 --> 00:02:14,968 to use the 147 00:02:14,968 --> 00:02:15,885 trimmers on the, 148 00:02:15,885 --> 00:02:16,928 the big bushes, like. 149 00:02:16,928 --> 00:02:17,762 They have harnesses. 150 00:02:17,762 --> 00:02:18,054 They put them 151 00:02:18,054 --> 00:02:18,638 on their backs. 152 00:02:18,638 --> 00:02:19,055 You just put them 153 00:02:19,055 --> 00:02:19,639 on their backs. 154 00:02:19,639 --> 00:02:20,181 And then you can 155 00:02:20,181 --> 00:02:20,682 control them 156 00:02:20,682 --> 00:02:21,516 by remote control 157 00:02:21,516 --> 00:02:22,392 from your house 158 00:02:22,475 --> 00:02:23,143 and just do it that way. 159 00:02:23,143 --> 00:02:23,768 Yeah, it's pretty cool. 160 00:02:23,852 --> 00:02:25,061 Got it. Nice. 161 00:02:25,145 --> 00:02:25,562 What is? 162 00:02:25,562 --> 00:02:26,062 They, 163 00:02:26,146 --> 00:02:26,521 Is there 164 00:02:26,521 --> 00:02:27,897 any alcohol 165 00:02:27,897 --> 00:02:28,690 on the ranch yet? 166 00:02:28,731 --> 00:02:29,149 No, there's 167 00:02:29,149 --> 00:02:30,150 nothing around here. 168 00:02:30,150 --> 00:02:30,900 So in order 169 00:02:30,900 --> 00:02:31,776 to get anything, 170 00:02:31,776 --> 00:02:32,610 I've got to drive, 171 00:02:32,610 --> 00:02:33,194 like, an hour 172 00:02:33,194 --> 00:02:33,695 to get something. 173 00:02:33,695 --> 00:02:34,445 But I did get something. 174 00:02:34,445 --> 00:02:34,737 I went to 175 00:02:34,737 --> 00:02:35,405 the local store, 176 00:02:35,405 --> 00:02:35,822 which is again, 177 00:02:35,822 --> 00:02:36,573 like an hour away, 178 00:02:36,656 --> 00:02:37,365 a little. 179 00:02:37,448 --> 00:02:38,116 What am I drinking? 180 00:02:38,116 --> 00:02:38,658 I'm drinking, 181 00:02:39,742 --> 00:02:42,078 Sonoma cutter 182 00:02:42,162 --> 00:02:42,787 wheel, Sonoma 183 00:02:42,787 --> 00:02:43,872 cutter action today. 184 00:02:43,955 --> 00:02:44,873 Cool. 185 00:02:44,956 --> 00:02:46,374 J how's it going, man? 186 00:02:46,457 --> 00:02:48,501 Good. 187 00:02:48,585 --> 00:02:49,794 Good. 188 00:02:49,878 --> 00:02:51,045 Had a birthday yesterday, 189 00:02:51,045 --> 00:02:52,213 so I'm old now. 190 00:02:52,213 --> 00:02:53,173 Turned 39, 191 00:02:53,173 --> 00:02:56,467 and it's a 58, 39, 39. 192 00:02:56,885 --> 00:02:58,094 I'm getting old. 193 00:02:58,178 --> 00:02:59,095 Yeah, I got me. 194 00:02:59,179 --> 00:02:59,470 Yeah. 195 00:02:59,470 --> 00:03:00,096 Your hair is kind of 196 00:03:00,096 --> 00:03:00,471 thinning out 197 00:03:00,471 --> 00:03:00,930 a little bit. 198 00:03:00,930 --> 00:03:01,472 You look a little bit 199 00:03:01,472 --> 00:03:03,683 older. 200 00:03:03,766 --> 00:03:04,017 Yeah. 201 00:03:04,017 --> 00:03:04,809 My hair has been thinning 202 00:03:04,809 --> 00:03:06,686 for a long time. 203 00:03:06,769 --> 00:03:07,812 Yeah. 204 00:03:07,896 --> 00:03:09,981 Thanks for reminding me. 205 00:03:10,064 --> 00:03:11,816 The all is good. 206 00:03:11,900 --> 00:03:12,692 I'm going to disappoint 207 00:03:12,692 --> 00:03:13,193 you guys a little 208 00:03:13,193 --> 00:03:13,693 bit tonight. 209 00:03:13,693 --> 00:03:14,444 I decided, 210 00:03:14,527 --> 00:03:15,778 now that I just, 211 00:03:15,862 --> 00:03:16,237 reached 212 00:03:16,237 --> 00:03:16,946 another year older, 213 00:03:16,946 --> 00:03:17,614 I need to take 214 00:03:17,614 --> 00:03:18,281 care of myself 215 00:03:18,281 --> 00:03:18,990 a little bit better. 216 00:03:18,990 --> 00:03:20,617 And, needed a little bit 217 00:03:20,617 --> 00:03:21,284 more serious 218 00:03:21,284 --> 00:03:22,368 about the eating healthy. 219 00:03:22,368 --> 00:03:22,452 And. 220 00:03:22,452 --> 00:03:23,203 So I'm not 221 00:03:23,203 --> 00:03:23,953 drinking tonight. 222 00:03:23,953 --> 00:03:24,954 I'm sure I'll return 223 00:03:24,954 --> 00:03:25,496 next week. 224 00:03:25,496 --> 00:03:26,289 I'm sure I'll return 225 00:03:26,289 --> 00:03:27,123 next week. 226 00:03:27,207 --> 00:03:27,874 But for tonight. 227 00:03:27,916 --> 00:03:28,833 For tonight, I'm just. 228 00:03:28,833 --> 00:03:29,292 I'm just going 229 00:03:29,292 --> 00:03:30,210 with the coffee. 230 00:03:30,293 --> 00:03:30,627 Kyle, 231 00:03:30,627 --> 00:03:31,085 you going to put up 232 00:03:31,085 --> 00:03:31,794 with this? 233 00:03:31,878 --> 00:03:32,712 No. He's joking. 234 00:03:32,712 --> 00:03:34,214 He's not like he 235 00:03:34,214 --> 00:03:35,340 all of a sudden decides 236 00:03:35,340 --> 00:03:35,840 the day before 237 00:03:35,840 --> 00:03:36,549 our podcast he's 238 00:03:36,549 --> 00:03:37,467 going to start drinking. 239 00:03:37,467 --> 00:03:38,176 And then what? 240 00:03:38,176 --> 00:03:38,843 Tomorrow he's going 241 00:03:38,843 --> 00:03:39,761 decide he's back on it. 242 00:03:39,761 --> 00:03:40,720 No, he's he's kidding. 243 00:03:40,720 --> 00:03:41,387 He's he's 244 00:03:41,471 --> 00:03:42,430 just brought a coffee 245 00:03:42,430 --> 00:03:42,847 and then he's 246 00:03:42,847 --> 00:03:43,389 got something 247 00:03:43,389 --> 00:03:44,307 off to the side. 248 00:03:44,390 --> 00:03:45,308 Yeah, I'll, I'll surprise 249 00:03:45,308 --> 00:03:46,851 you mid episode. 250 00:03:46,935 --> 00:03:48,645 What are you waiting for? 251 00:03:48,728 --> 00:03:49,604 I'm waiting for 252 00:03:49,604 --> 00:03:51,105 the joke to drop. I. 253 00:03:52,565 --> 00:03:53,441 No joke, I'm 254 00:03:53,441 --> 00:03:54,734 drinking coffee tonight. 255 00:03:54,817 --> 00:03:55,985 Did you see. 256 00:03:56,027 --> 00:03:56,861 Not going to drink. 257 00:03:56,861 --> 00:03:57,195 And you, 258 00:03:57,278 --> 00:03:57,820 you're not going to talk 259 00:03:57,820 --> 00:03:58,529 about real estate. 260 00:03:58,529 --> 00:03:59,530 Like what's the point. 261 00:03:59,614 --> 00:04:00,073 I don't even have 262 00:04:00,073 --> 00:04:00,949 a topic tonight. 263 00:04:01,032 --> 00:04:01,741 I do, 264 00:04:01,741 --> 00:04:02,408 I don't remember 265 00:04:02,408 --> 00:04:02,951 the last time 266 00:04:02,951 --> 00:04:04,244 anyone was drunk 267 00:04:04,244 --> 00:04:05,411 on the podcast like. 268 00:04:05,495 --> 00:04:06,829 I was last week. 269 00:04:06,913 --> 00:04:08,498 I, I started. 270 00:04:08,581 --> 00:04:10,333 I got I got pretty. 271 00:04:10,416 --> 00:04:11,709 Sloppy last week too, 272 00:04:11,709 --> 00:04:12,252 because I was 273 00:04:12,252 --> 00:04:14,379 on vacation, but, I'm. 274 00:04:14,462 --> 00:04:16,339 Better. Yeah. 275 00:04:16,422 --> 00:04:17,006 AJ, what. 276 00:04:17,006 --> 00:04:18,007 Do you, how you how are. 277 00:04:18,007 --> 00:04:18,758 You doing over there? 278 00:04:18,841 --> 00:04:20,385 Doing good, doing good. 279 00:04:20,468 --> 00:04:20,969 You got a nice 280 00:04:20,969 --> 00:04:21,552 little breeze 281 00:04:21,552 --> 00:04:22,095 in that room. 282 00:04:22,095 --> 00:04:23,054 It looks like, you know. 283 00:04:23,054 --> 00:04:23,638 It's hot here. 284 00:04:23,638 --> 00:04:24,013 It's going to be 285 00:04:24,013 --> 00:04:24,514 the hottest day 286 00:04:24,514 --> 00:04:25,056 of the year, 287 00:04:25,056 --> 00:04:26,349 so we're burning up. 288 00:04:26,349 --> 00:04:28,017 It gets hot in Boise. 289 00:04:28,017 --> 00:04:29,852 And does it does. 290 00:04:29,936 --> 00:04:31,479 So it was pouring 291 00:04:31,479 --> 00:04:33,106 rain and 50 degrees 292 00:04:33,106 --> 00:04:34,023 a few days ago. 293 00:04:34,107 --> 00:04:34,649 Well hopefully 294 00:04:34,649 --> 00:04:35,733 they got some nice ice 295 00:04:35,733 --> 00:04:37,318 cold Diet Coke for you. 296 00:04:37,402 --> 00:04:39,028 Oh they do. 297 00:04:39,028 --> 00:04:39,988 And the red solo cup. 298 00:04:39,988 --> 00:04:40,822 Look, you can even see 299 00:04:40,822 --> 00:04:41,572 the condensation 300 00:04:41,572 --> 00:04:42,532 on that crap. 301 00:04:42,615 --> 00:04:43,574 Oh it's. Sweating. 302 00:04:43,658 --> 00:04:44,659 Oh yeah. 303 00:04:44,742 --> 00:04:45,326 It's like food 304 00:04:45,326 --> 00:04:46,077 pouring right there. 305 00:04:46,160 --> 00:04:47,537 You know. It's good. 306 00:04:47,620 --> 00:04:48,329 Oh I love it. 307 00:04:48,371 --> 00:04:49,372 Well I'm going 308 00:04:49,372 --> 00:04:50,957 since I'm back. 309 00:04:51,040 --> 00:04:52,458 I got my, 310 00:04:52,542 --> 00:04:53,042 got my own 311 00:04:53,042 --> 00:04:53,751 collection back. 312 00:04:53,751 --> 00:04:54,252 And I'm going with 313 00:04:54,252 --> 00:04:55,044 the still ask 314 00:04:55,128 --> 00:04:56,004 still Austin 315 00:04:56,963 --> 00:04:58,131 cask strength 316 00:04:58,214 --> 00:04:58,840 for you, I guess. 317 00:04:58,840 --> 00:04:59,924 AJ, you're 318 00:04:59,924 --> 00:05:00,842 still Austin, right? 319 00:05:00,883 --> 00:05:02,218 I'm still Austin. 320 00:05:02,302 --> 00:05:04,304 116. Proof. 321 00:05:04,387 --> 00:05:05,263 So you're 322 00:05:05,263 --> 00:05:05,847 you're complaining 323 00:05:05,847 --> 00:05:06,264 about people 324 00:05:06,264 --> 00:05:07,348 getting drunk. 325 00:05:07,432 --> 00:05:08,141 This will get me there 326 00:05:08,141 --> 00:05:08,850 pretty quickly. 327 00:05:08,850 --> 00:05:09,642 There you go. 328 00:05:09,726 --> 00:05:10,601 As I have been. 329 00:05:10,601 --> 00:05:12,103 Predicting consistently 330 00:05:12,103 --> 00:05:12,895 since last year, 331 00:05:12,895 --> 00:05:13,604 I might add, the. 332 00:05:13,604 --> 00:05:15,523 SEC looks to bring back 333 00:05:15,606 --> 00:05:17,984 the proposed finder rule. 334 00:05:18,067 --> 00:05:19,193 It will allow capital 335 00:05:19,193 --> 00:05:20,403 raisers to get paid. 336 00:05:20,403 --> 00:05:21,154 I'm just kidding. 337 00:05:21,237 --> 00:05:21,696 I was just 338 00:05:21,696 --> 00:05:22,655 reading Maurice 339 00:05:22,655 --> 00:05:23,781 Yeo's email 340 00:05:23,781 --> 00:05:25,450 that he sent out today. 341 00:05:25,450 --> 00:05:27,160 So we have breaking news. 342 00:05:27,243 --> 00:05:29,120 That today is come out. 343 00:05:29,120 --> 00:05:30,496 The SEC is looking to 344 00:05:30,580 --> 00:05:31,789 bring back the proposed 345 00:05:31,789 --> 00:05:33,166 finder rule. 346 00:05:33,249 --> 00:05:34,876 Now it's not. 347 00:05:34,959 --> 00:05:35,835 From what I understand, 348 00:05:35,918 --> 00:05:37,962 nothing has been agreed 349 00:05:37,962 --> 00:05:38,588 upon yet. 350 00:05:38,588 --> 00:05:39,380 Right, Mauricio? 351 00:05:39,380 --> 00:05:39,839 But this is 352 00:05:39,839 --> 00:05:40,757 just good news 353 00:05:40,757 --> 00:05:41,924 that it's coming. 354 00:05:42,008 --> 00:05:42,967 Especially if you know 355 00:05:42,967 --> 00:05:43,301 what the hell 356 00:05:43,301 --> 00:05:44,302 the finder rule is. 357 00:05:44,385 --> 00:05:44,677 Yeah. 358 00:05:44,677 --> 00:05:46,179 So, I mean, 359 00:05:46,262 --> 00:05:46,929 my predictions 360 00:05:46,929 --> 00:05:47,722 are just coming true. 361 00:05:47,722 --> 00:05:47,972 I mean, 362 00:05:48,014 --> 00:05:48,431 we should do a 363 00:05:48,431 --> 00:05:49,474 predictions episode, 364 00:05:49,474 --> 00:05:50,224 and I'm already 365 00:05:50,224 --> 00:05:50,641 working on 366 00:05:50,641 --> 00:05:51,642 doing like, the pre 367 00:05:51,642 --> 00:05:52,435 like the prediction 368 00:05:52,435 --> 00:05:53,519 from like six months ago 369 00:05:53,519 --> 00:05:53,811 and then the 370 00:05:53,811 --> 00:05:54,562 current prediction 371 00:05:54,562 --> 00:05:55,438 or whatever. 372 00:05:55,521 --> 00:05:56,189 But yeah. 373 00:05:56,189 --> 00:05:56,981 Why don't we define 374 00:05:56,981 --> 00:05:58,107 what the finder rule is. 375 00:05:58,107 --> 00:05:58,441 And what the 376 00:05:58,441 --> 00:05:59,275 challenge is. 377 00:05:59,275 --> 00:05:59,776 And then, 378 00:05:59,859 --> 00:06:00,401 I think people 379 00:06:00,401 --> 00:06:01,027 get really, 380 00:06:01,027 --> 00:06:02,153 really excited, 381 00:06:02,236 --> 00:06:02,862 whether you're 382 00:06:02,862 --> 00:06:03,696 a syndicator, 383 00:06:03,696 --> 00:06:04,572 capital raiser, 384 00:06:04,572 --> 00:06:05,448 receiving money, 385 00:06:05,448 --> 00:06:06,407 or you're 386 00:06:06,491 --> 00:06:08,534 wanting to just refer, 387 00:06:08,618 --> 00:06:08,826 you know, 388 00:06:08,826 --> 00:06:09,577 a couple of your buddies 389 00:06:09,577 --> 00:06:10,661 maybe to, hey, 390 00:06:10,661 --> 00:06:11,662 I know this syndicator. 391 00:06:11,662 --> 00:06:12,830 Hey, I know 392 00:06:12,914 --> 00:06:13,414 somebody who's 393 00:06:13,414 --> 00:06:13,831 looking to put 394 00:06:13,831 --> 00:06:14,582 some money. 395 00:06:14,665 --> 00:06:14,916 You know, 396 00:06:14,916 --> 00:06:15,375 maybe I can 397 00:06:15,375 --> 00:06:15,917 make a referral 398 00:06:15,917 --> 00:06:16,209 and actually 399 00:06:16,209 --> 00:06:17,085 get paid for it, 400 00:06:17,085 --> 00:06:17,377 you know, 401 00:06:17,377 --> 00:06:17,919 which is something 402 00:06:17,919 --> 00:06:19,212 they usually can't do. 403 00:06:19,295 --> 00:06:19,837 So, 404 00:06:20,797 --> 00:06:22,548 so this is actually a 405 00:06:22,632 --> 00:06:23,257 let me just tell you 406 00:06:23,257 --> 00:06:24,717 what the finder 407 00:06:24,801 --> 00:06:25,593 the issues are. 408 00:06:25,593 --> 00:06:26,010 And then we'll, 409 00:06:26,052 --> 00:06:26,803 we'll talk about 410 00:06:26,886 --> 00:06:27,553 what the proposed 411 00:06:27,553 --> 00:06:28,554 rule is and, 412 00:06:28,554 --> 00:06:29,514 and where we are today. 413 00:06:29,514 --> 00:06:29,931 Because I don't want 414 00:06:29,931 --> 00:06:30,848 to get super 415 00:06:30,932 --> 00:06:32,016 excited about it 416 00:06:32,100 --> 00:06:33,434 yet, but it's comments. 417 00:06:33,518 --> 00:06:33,976 So it's really fun. 418 00:06:33,976 --> 00:06:34,769 So I don't know, 419 00:06:34,769 --> 00:06:35,812 your email seemed 420 00:06:35,812 --> 00:06:37,146 pretty excited. 421 00:06:37,146 --> 00:06:37,980 So I yeah, 422 00:06:38,022 --> 00:06:38,439 because I knew 423 00:06:38,439 --> 00:06:38,981 it was coming. 424 00:06:38,981 --> 00:06:39,649 I just didn't think 425 00:06:39,649 --> 00:06:40,274 it was going to come 426 00:06:40,274 --> 00:06:40,817 this fast. 427 00:06:40,817 --> 00:06:41,484 I actually thought 428 00:06:41,484 --> 00:06:42,735 the accredited investor 429 00:06:42,735 --> 00:06:43,111 update 430 00:06:43,111 --> 00:06:43,736 was going to happen 431 00:06:43,736 --> 00:06:44,946 first, meaning, you know, 432 00:06:44,946 --> 00:06:45,405 it'll be easier 433 00:06:45,405 --> 00:06:45,696 to become 434 00:06:45,696 --> 00:06:46,447 an accredited investor 435 00:06:46,447 --> 00:06:47,240 taking the exam. 436 00:06:47,323 --> 00:06:47,865 I thought that 437 00:06:47,865 --> 00:06:48,616 was coming, 438 00:06:48,699 --> 00:06:49,659 and maybe now it's 439 00:06:49,659 --> 00:06:50,410 going to really get fast 440 00:06:50,410 --> 00:06:50,701 tracked. 441 00:06:50,701 --> 00:06:51,285 And I thought this 442 00:06:51,285 --> 00:06:51,786 would get done 443 00:06:51,786 --> 00:06:52,578 before 444 00:06:52,662 --> 00:06:53,204 the end of 445 00:06:53,204 --> 00:06:54,122 the administration. 446 00:06:54,122 --> 00:06:55,873 And so to see it today 447 00:06:55,957 --> 00:06:56,624 that they're going to be, 448 00:06:56,624 --> 00:06:57,250 you know, advancing 449 00:06:57,250 --> 00:06:57,959 and talking about it 450 00:06:57,959 --> 00:06:58,626 in a couple weeks. 451 00:06:58,626 --> 00:06:59,252 And then from there, 452 00:06:59,252 --> 00:06:59,710 I think there will be 453 00:06:59,710 --> 00:07:00,294 a proposed rule. 454 00:07:00,294 --> 00:07:01,546 But the issue 455 00:07:01,546 --> 00:07:02,088 we're talking about 456 00:07:02,088 --> 00:07:03,381 is literally getting paid 457 00:07:03,381 --> 00:07:04,215 to raise money 458 00:07:04,215 --> 00:07:05,049 for other people. Right. 459 00:07:05,049 --> 00:07:05,758 That's generally 460 00:07:05,758 --> 00:07:06,634 considered 461 00:07:06,717 --> 00:07:08,010 sort of broker activity. 462 00:07:08,010 --> 00:07:08,177 Right? 463 00:07:08,177 --> 00:07:09,095 So if I, if I, 464 00:07:09,095 --> 00:07:10,596 if I have somebody and 465 00:07:10,596 --> 00:07:11,639 let's say I know J 466 00:07:12,974 --> 00:07:14,142 you guys have 467 00:07:14,225 --> 00:07:14,892 Kyle's like 468 00:07:14,892 --> 00:07:15,601 blanket on your name. 469 00:07:15,601 --> 00:07:15,852 Kyle. 470 00:07:15,852 --> 00:07:16,477 Like, who are you again? 471 00:07:16,477 --> 00:07:17,311 Kyle. 472 00:07:17,395 --> 00:07:18,396 You guys have a fund? 473 00:07:18,396 --> 00:07:18,771 You guys are 474 00:07:18,771 --> 00:07:19,564 raising money, 475 00:07:19,564 --> 00:07:20,523 and I'm Mauricio. 476 00:07:20,523 --> 00:07:20,982 Have a couple 477 00:07:20,982 --> 00:07:22,108 of investors, and, hey, 478 00:07:22,108 --> 00:07:22,900 I just want to refer 479 00:07:22,900 --> 00:07:23,651 them over to you guys. 480 00:07:23,651 --> 00:07:23,818 I know 481 00:07:23,818 --> 00:07:24,152 you guys have 482 00:07:24,152 --> 00:07:24,777 a great fund, 483 00:07:24,777 --> 00:07:25,486 a great product, 484 00:07:25,486 --> 00:07:26,571 a great investment. 485 00:07:26,654 --> 00:07:27,530 I know 486 00:07:27,613 --> 00:07:28,072 a friend, 487 00:07:28,072 --> 00:07:28,698 a doctor, friend 488 00:07:28,698 --> 00:07:28,990 or whatever. 489 00:07:28,990 --> 00:07:29,490 I'd like to make 490 00:07:29,490 --> 00:07:30,158 an introduction. 491 00:07:30,158 --> 00:07:31,033 I'd like to, 492 00:07:31,117 --> 00:07:31,868 you know, introduce 493 00:07:31,868 --> 00:07:32,285 you guys. 494 00:07:32,285 --> 00:07:32,493 And hey, 495 00:07:32,493 --> 00:07:33,286 if the guy invest, 496 00:07:33,286 --> 00:07:33,703 I'd love to 497 00:07:33,703 --> 00:07:34,370 just get a little, 498 00:07:34,370 --> 00:07:34,871 a little piece. 499 00:07:34,871 --> 00:07:35,204 You know 500 00:07:35,288 --> 00:07:35,788 what might be 501 00:07:35,872 --> 00:07:36,122 a little bit? 502 00:07:36,122 --> 00:07:36,497 Give me a little 503 00:07:36,497 --> 00:07:37,665 piece of the action 504 00:07:37,748 --> 00:07:38,583 and the challenges. 505 00:07:38,583 --> 00:07:39,250 I can't do that 506 00:07:39,250 --> 00:07:39,625 right now. 507 00:07:39,625 --> 00:07:40,960 Right, I can now let's. 508 00:07:40,960 --> 00:07:41,627 Let's be clear 509 00:07:41,627 --> 00:07:42,503 real quick, Mauricio, 510 00:07:42,503 --> 00:07:42,962 because I'm sure 511 00:07:42,962 --> 00:07:43,463 there are a lot of 512 00:07:43,463 --> 00:07:44,130 people out there 513 00:07:44,172 --> 00:07:44,380 saying, 514 00:07:44,380 --> 00:07:46,674 I know a dozen people 515 00:07:46,757 --> 00:07:47,758 who do that now 516 00:07:47,758 --> 00:07:49,010 and they get paid for it 517 00:07:49,010 --> 00:07:50,678 and, and whatever. 518 00:07:50,761 --> 00:07:51,262 I think 519 00:07:51,262 --> 00:07:52,221 the important thing here 520 00:07:52,221 --> 00:07:52,597 is, yeah, 521 00:07:52,597 --> 00:07:53,347 there are a lot of people 522 00:07:53,347 --> 00:07:54,557 who are doing that 523 00:07:54,640 --> 00:07:55,266 right now. 524 00:07:55,266 --> 00:07:56,392 They're raising capital 525 00:07:56,392 --> 00:07:57,810 for other people, 526 00:07:57,894 --> 00:07:58,895 and they're getting paid 527 00:07:58,895 --> 00:07:59,604 to raise capital, 528 00:07:59,604 --> 00:08:00,062 or they're getting a 529 00:08:00,062 --> 00:08:01,397 piece of the deal. 530 00:08:01,481 --> 00:08:02,231 But correct me 531 00:08:02,231 --> 00:08:02,982 if I'm wrong. 532 00:08:02,982 --> 00:08:04,066 In most cases, 533 00:08:04,066 --> 00:08:04,775 they are breaking 534 00:08:04,775 --> 00:08:05,485 the law. 535 00:08:05,568 --> 00:08:06,068 Yes, there's 536 00:08:06,068 --> 00:08:06,944 a lot of breaking the law 537 00:08:06,944 --> 00:08:07,445 going on right now. 538 00:08:07,445 --> 00:08:07,653 I mean, 539 00:08:07,653 --> 00:08:08,404 the rule is 540 00:08:08,404 --> 00:08:09,155 if you want to 541 00:08:09,155 --> 00:08:10,031 raise money 542 00:08:10,031 --> 00:08:10,865 for other people 543 00:08:10,865 --> 00:08:11,741 or make referrals 544 00:08:11,741 --> 00:08:12,366 or introductions 545 00:08:12,366 --> 00:08:13,117 to get paid, 546 00:08:13,117 --> 00:08:13,701 you generally 547 00:08:13,701 --> 00:08:14,118 need to have 548 00:08:14,118 --> 00:08:14,952 a broker dealer 549 00:08:14,952 --> 00:08:15,578 license, right? 550 00:08:15,578 --> 00:08:16,370 Just like 551 00:08:16,454 --> 00:08:16,829 in order 552 00:08:16,829 --> 00:08:17,747 to practice medicine, 553 00:08:17,747 --> 00:08:17,914 you need 554 00:08:17,914 --> 00:08:18,706 a medical license 555 00:08:18,706 --> 00:08:19,332 to practice law 556 00:08:19,332 --> 00:08:19,999 in your law license. 557 00:08:19,999 --> 00:08:20,708 If I'm going to refer 558 00:08:20,708 --> 00:08:21,876 somebody and raise money 559 00:08:21,876 --> 00:08:22,543 for other people, 560 00:08:22,543 --> 00:08:23,252 I need a broker's 561 00:08:23,252 --> 00:08:24,045 license. Right. 562 00:08:24,128 --> 00:08:25,087 And that even applies 563 00:08:25,087 --> 00:08:26,255 to this infamous 564 00:08:26,255 --> 00:08:27,340 co GP model. Right? 565 00:08:27,340 --> 00:08:28,216 There's so many 566 00:08:28,299 --> 00:08:29,467 sponsors out there 567 00:08:29,467 --> 00:08:30,134 that are 568 00:08:30,218 --> 00:08:30,968 that are aggregating, 569 00:08:30,968 --> 00:08:31,761 getting, getting together 570 00:08:31,761 --> 00:08:32,470 with multiple 571 00:08:32,470 --> 00:08:34,263 GP's, the GP model. 572 00:08:34,263 --> 00:08:34,972 And inevitably 573 00:08:34,972 --> 00:08:35,765 one of those people 574 00:08:35,765 --> 00:08:36,224 is really there 575 00:08:36,224 --> 00:08:37,058 to bring in the money. 576 00:08:37,058 --> 00:08:38,726 So they bring in a GP, 577 00:08:38,809 --> 00:08:39,977 they pay them 578 00:08:40,061 --> 00:08:41,145 basically depending on 579 00:08:41,145 --> 00:08:41,646 how much money 580 00:08:41,646 --> 00:08:42,146 they can raise 581 00:08:42,146 --> 00:08:43,022 into the syndication, 582 00:08:43,022 --> 00:08:43,648 they'll pay them 583 00:08:43,648 --> 00:08:46,192 5%, 10%, 15% of the GP. 584 00:08:46,275 --> 00:08:47,527 And most of the time 585 00:08:47,527 --> 00:08:48,611 that's, you know, 586 00:08:48,611 --> 00:08:50,112 an illegal compensation 587 00:08:50,112 --> 00:08:50,488 because it's 588 00:08:50,488 --> 00:08:51,113 transaction 589 00:08:51,113 --> 00:08:51,697 based, meaning 590 00:08:51,697 --> 00:08:52,031 they're getting 591 00:08:52,031 --> 00:08:53,324 compensated 592 00:08:53,407 --> 00:08:54,367 based on how much 593 00:08:54,367 --> 00:08:54,992 they bring in 594 00:08:54,992 --> 00:08:55,576 or the fact 595 00:08:55,576 --> 00:08:55,910 that they even 596 00:08:55,910 --> 00:08:56,577 brought money in 597 00:08:56,577 --> 00:08:57,495 in the first place. 598 00:08:57,578 --> 00:08:58,788 So this is going 599 00:08:58,871 --> 00:08:59,330 it's kind of a 600 00:08:59,330 --> 00:09:00,373 rampant violation. 601 00:09:00,373 --> 00:09:00,831 And then other people 602 00:09:00,831 --> 00:09:01,290 just don't know. 603 00:09:01,290 --> 00:09:01,624 They just want 604 00:09:01,624 --> 00:09:02,375 to make a referral. 605 00:09:02,375 --> 00:09:03,042 I'm like, hey, 606 00:09:03,125 --> 00:09:04,043 I got somebody refer you, 607 00:09:04,043 --> 00:09:04,835 hey, give me something. 608 00:09:04,835 --> 00:09:05,419 Give me a little. 609 00:09:05,419 --> 00:09:05,711 You know, 610 00:09:05,711 --> 00:09:06,587 even if it's not cash, 611 00:09:06,587 --> 00:09:07,255 it might be a little 612 00:09:07,255 --> 00:09:07,505 a little, 613 00:09:07,505 --> 00:09:07,964 you know, something 614 00:09:07,964 --> 00:09:08,297 something. 615 00:09:08,381 --> 00:09:09,131 Because it happens 616 00:09:09,131 --> 00:09:09,590 all the time 617 00:09:09,590 --> 00:09:10,383 in other industries, 618 00:09:10,383 --> 00:09:10,508 right. 619 00:09:10,508 --> 00:09:11,676 Even real estate agents, 620 00:09:11,676 --> 00:09:12,760 you can refer people 621 00:09:12,760 --> 00:09:14,011 and get commissions. 622 00:09:14,011 --> 00:09:14,679 And it's it's 623 00:09:14,679 --> 00:09:15,972 not uncommon a. 624 00:09:15,972 --> 00:09:16,472 Lot of other, 625 00:09:16,514 --> 00:09:17,181 but I don't you need a 626 00:09:17,181 --> 00:09:17,682 I think you need 627 00:09:17,682 --> 00:09:18,516 a real estate license 628 00:09:18,516 --> 00:09:19,308 to, to get a commission. 629 00:09:19,308 --> 00:09:19,642 You do. 630 00:09:19,642 --> 00:09:20,142 But but that's 631 00:09:20,142 --> 00:09:20,851 another one that 632 00:09:20,851 --> 00:09:21,727 that a lot of people 633 00:09:21,727 --> 00:09:22,436 break the rules. 634 00:09:22,436 --> 00:09:23,437 Hope not to get caught. 635 00:09:23,437 --> 00:09:24,188 And so it 636 00:09:24,188 --> 00:09:25,731 is pretty common in real 637 00:09:25,815 --> 00:09:27,108 with real estate agents. 638 00:09:27,191 --> 00:09:28,150 And getting a real estate 639 00:09:28,150 --> 00:09:29,026 agent license 640 00:09:29,026 --> 00:09:29,777 is much different 641 00:09:29,777 --> 00:09:30,278 than a broker 642 00:09:30,278 --> 00:09:31,654 dealer license. 643 00:09:31,737 --> 00:09:32,196 I want to say that 644 00:09:32,196 --> 00:09:32,905 I just found out today, 645 00:09:32,905 --> 00:09:33,447 by the way, cost 646 00:09:33,447 --> 00:09:34,865 about a million bucks 647 00:09:34,949 --> 00:09:35,366 to set up 648 00:09:35,366 --> 00:09:36,367 a broker dealers, 649 00:09:36,450 --> 00:09:37,493 brokerage firm. 650 00:09:37,577 --> 00:09:38,786 So, 651 00:09:38,869 --> 00:09:40,204 but the problem is so, 652 00:09:40,246 --> 00:09:41,330 so with the SEC and I 653 00:09:41,414 --> 00:09:41,956 and even me, 654 00:09:41,956 --> 00:09:42,582 it's like I feel bad 655 00:09:42,582 --> 00:09:43,040 because I keep 656 00:09:43,040 --> 00:09:43,416 telling people, 657 00:09:43,416 --> 00:09:43,958 you need a license. 658 00:09:43,958 --> 00:09:44,584 You need a licensing 659 00:09:44,584 --> 00:09:45,334 license. 660 00:09:45,418 --> 00:09:47,378 But but the reality is, 661 00:09:47,461 --> 00:09:48,045 you know, 662 00:09:48,129 --> 00:09:49,255 broker dealers, 663 00:09:49,255 --> 00:09:49,672 they don't 664 00:09:49,672 --> 00:09:50,256 get out of bed 665 00:09:50,256 --> 00:09:51,132 for like, 25, 666 00:09:51,132 --> 00:09:52,550 $50 million deals, right? 667 00:09:52,550 --> 00:09:53,426 Like, if you're not, 668 00:09:53,426 --> 00:09:54,218 it's very difficult 669 00:09:54,218 --> 00:09:55,511 to go find a broker 670 00:09:55,595 --> 00:09:56,345 that's going to raise 671 00:09:56,345 --> 00:09:57,263 500 grand 672 00:09:57,263 --> 00:09:58,389 or $1 million for you. 673 00:09:58,389 --> 00:10:00,099 So there's like this gap 674 00:10:00,099 --> 00:10:01,142 in the marketplace 675 00:10:01,142 --> 00:10:01,475 where you're 676 00:10:01,475 --> 00:10:02,226 too small 677 00:10:02,226 --> 00:10:02,810 to really be able 678 00:10:02,810 --> 00:10:04,145 to pay a broker, 679 00:10:04,228 --> 00:10:05,146 but yet I can't, 680 00:10:05,146 --> 00:10:05,396 you know, 681 00:10:05,396 --> 00:10:05,896 I can't 682 00:10:05,980 --> 00:10:06,606 do all this stuff. 683 00:10:06,606 --> 00:10:07,023 And so there's 684 00:10:07,023 --> 00:10:07,815 this gap that 685 00:10:07,815 --> 00:10:08,482 this is what this, 686 00:10:08,482 --> 00:10:09,775 this proposed rule 687 00:10:09,859 --> 00:10:11,569 was meant to address. 688 00:10:11,652 --> 00:10:12,820 And I was 689 00:10:12,820 --> 00:10:13,571 talking about this 690 00:10:13,571 --> 00:10:14,405 a long time ago. 691 00:10:14,405 --> 00:10:14,864 Literally this 692 00:10:14,864 --> 00:10:16,490 this proposed rule, 693 00:10:16,574 --> 00:10:17,408 which is on the books, 694 00:10:17,408 --> 00:10:17,992 is about a 40 695 00:10:17,992 --> 00:10:18,618 page proposed 696 00:10:18,618 --> 00:10:20,786 rule came out in 2020, 697 00:10:20,786 --> 00:10:22,580 right before the 698 00:10:22,663 --> 00:10:23,581 end of the Trump 699 00:10:23,581 --> 00:10:24,165 administration. 700 00:10:24,165 --> 00:10:25,249 Trump number one. 701 00:10:25,333 --> 00:10:26,500 And so the SEC passed 702 00:10:26,500 --> 00:10:27,209 his proposed rule. 703 00:10:27,209 --> 00:10:27,877 And I'll go through 704 00:10:27,918 --> 00:10:28,628 what what it is 705 00:10:28,628 --> 00:10:29,503 so that you guys can get 706 00:10:29,503 --> 00:10:30,421 an idea of what it is. 707 00:10:31,464 --> 00:10:32,548 And, you 708 00:10:32,548 --> 00:10:33,215 know, then then the 709 00:10:33,215 --> 00:10:33,883 election happened, 710 00:10:33,883 --> 00:10:34,717 Biden got elected, 711 00:10:34,717 --> 00:10:35,593 there was a new SEC 712 00:10:35,593 --> 00:10:36,052 commissioner. 713 00:10:36,052 --> 00:10:37,303 They just got tabled. 714 00:10:37,386 --> 00:10:38,137 And so even though 715 00:10:38,137 --> 00:10:38,888 the proposed rule 716 00:10:38,888 --> 00:10:39,305 was supposed 717 00:10:39,305 --> 00:10:40,473 to go out to comments, 718 00:10:40,556 --> 00:10:41,349 there was like a 30 day 719 00:10:41,349 --> 00:10:42,099 comment period. 720 00:10:42,099 --> 00:10:42,600 Presumably 721 00:10:42,600 --> 00:10:43,851 they got comments back. 722 00:10:43,851 --> 00:10:44,518 And then the next step 723 00:10:44,518 --> 00:10:45,144 would have been 724 00:10:45,227 --> 00:10:46,062 to put forward 725 00:10:46,062 --> 00:10:46,896 a final rule 726 00:10:46,896 --> 00:10:47,730 based on the comments 727 00:10:47,730 --> 00:10:48,397 and the feedback 728 00:10:48,397 --> 00:10:49,398 on the proposed rule. 729 00:10:49,482 --> 00:10:50,274 And I was saying back 730 00:10:50,274 --> 00:10:50,983 then, you know, it 731 00:10:50,983 --> 00:10:51,651 probably takes 6 732 00:10:51,651 --> 00:10:53,277 to 9 months, you know, 733 00:10:53,361 --> 00:10:53,653 and then 734 00:10:53,653 --> 00:10:54,278 another probably, 735 00:10:54,278 --> 00:10:55,237 you know, 60 days for it 736 00:10:55,237 --> 00:10:56,030 to be officially 737 00:10:56,030 --> 00:10:56,864 on the books. 738 00:10:56,947 --> 00:10:57,448 And then just 739 00:10:57,448 --> 00:10:58,032 nothing happened, 740 00:10:58,032 --> 00:10:58,574 nothing happened, 741 00:10:58,574 --> 00:10:59,116 nothing happened. 742 00:10:59,116 --> 00:10:59,784 And I finally just 743 00:10:59,784 --> 00:11:01,035 stopped talking about it. 744 00:11:01,118 --> 00:11:02,078 And then we found out 745 00:11:02,119 --> 00:11:02,411 through some 746 00:11:02,411 --> 00:11:02,953 other colleagues 747 00:11:02,953 --> 00:11:03,829 who called the SEC 748 00:11:03,829 --> 00:11:04,330 and they're like, yeah, 749 00:11:04,330 --> 00:11:04,455 that's 750 00:11:04,455 --> 00:11:05,665 just not a priority. 751 00:11:05,748 --> 00:11:06,082 And so they 752 00:11:06,082 --> 00:11:06,874 basically tabled it 753 00:11:06,874 --> 00:11:07,958 for the last four years. 754 00:11:07,958 --> 00:11:08,709 But I was, 755 00:11:08,751 --> 00:11:09,043 you know, 756 00:11:09,043 --> 00:11:09,919 one of my predictions 757 00:11:09,919 --> 00:11:10,419 of the Trump 758 00:11:10,419 --> 00:11:11,337 administration was that 759 00:11:11,337 --> 00:11:12,546 this would come back, 760 00:11:12,630 --> 00:11:13,839 and my thought was 761 00:11:13,839 --> 00:11:14,382 that they were going 762 00:11:14,382 --> 00:11:15,091 to basically 763 00:11:15,091 --> 00:11:15,800 look at the proposed 764 00:11:15,800 --> 00:11:15,966 rule, 765 00:11:15,966 --> 00:11:16,759 probably tweak it 766 00:11:16,759 --> 00:11:17,385 a little bit, 767 00:11:17,468 --> 00:11:18,052 and then put out 768 00:11:18,052 --> 00:11:19,512 a proposed rule again 769 00:11:19,512 --> 00:11:20,513 for people to look at it, 770 00:11:20,596 --> 00:11:21,472 make comments, 771 00:11:21,472 --> 00:11:21,972 and then come up 772 00:11:21,972 --> 00:11:22,723 with the final rule. 773 00:11:22,807 --> 00:11:23,474 But since they 774 00:11:23,474 --> 00:11:24,433 already did comments. 775 00:11:24,433 --> 00:11:25,101 And all that stuff, 776 00:11:25,101 --> 00:11:25,935 could they just 777 00:11:26,018 --> 00:11:26,852 go based off 778 00:11:26,852 --> 00:11:27,436 the previous. 779 00:11:27,436 --> 00:11:28,354 One? Theoretically. 780 00:11:28,396 --> 00:11:29,146 I mean, they could 781 00:11:29,146 --> 00:11:29,814 they could just say, hey, 782 00:11:29,814 --> 00:11:30,481 we already came up 783 00:11:30,481 --> 00:11:31,273 with a proposed rule, 784 00:11:31,315 --> 00:11:32,066 but remember, 785 00:11:32,066 --> 00:11:32,274 it was a 786 00:11:32,274 --> 00:11:33,442 different commissioner, 787 00:11:33,526 --> 00:11:34,568 different staff, 788 00:11:34,568 --> 00:11:35,528 different team. 789 00:11:35,528 --> 00:11:36,195 And so 790 00:11:36,278 --> 00:11:36,821 they're going to want 791 00:11:36,821 --> 00:11:37,571 to look at it. 792 00:11:37,571 --> 00:11:38,614 And my guess is 793 00:11:38,614 --> 00:11:39,281 they'll probably 794 00:11:39,281 --> 00:11:39,865 my guess 795 00:11:39,865 --> 00:11:40,449 is they'll 796 00:11:40,449 --> 00:11:41,325 probably put it out 797 00:11:41,325 --> 00:11:43,452 to, to to comment again. 798 00:11:43,536 --> 00:11:43,994 And by the way, 799 00:11:43,994 --> 00:11:44,745 we're not even there yet. 800 00:11:44,745 --> 00:11:44,912 Like, 801 00:11:44,912 --> 00:11:45,830 so what they've done 802 00:11:45,830 --> 00:11:46,247 now is 803 00:11:46,247 --> 00:11:46,414 they've 804 00:11:46,414 --> 00:11:46,997 put it back on 805 00:11:46,997 --> 00:11:48,708 the agenda to 806 00:11:48,791 --> 00:11:49,750 review it again 807 00:11:49,750 --> 00:11:50,251 like it's on 808 00:11:50,251 --> 00:11:50,918 their agenda now. 809 00:11:50,918 --> 00:11:51,043 They're 810 00:11:51,085 --> 00:11:51,836 they're getting together. 811 00:11:51,836 --> 00:11:53,045 I think it's about two 812 00:11:53,045 --> 00:11:53,629 and a half weeks, 813 00:11:53,629 --> 00:11:54,588 maybe three weeks 814 00:11:54,672 --> 00:11:55,256 where they're actually 815 00:11:55,256 --> 00:11:55,423 talking 816 00:11:55,423 --> 00:11:56,298 about reggae as well, 817 00:11:56,340 --> 00:11:56,674 but they're 818 00:11:56,674 --> 00:11:57,341 talking about this 819 00:11:57,341 --> 00:11:58,008 final rule 820 00:11:58,092 --> 00:11:58,801 and what it is 821 00:11:58,801 --> 00:11:59,468 essentially. 822 00:11:59,468 --> 00:11:59,802 Is 823 00:11:59,802 --> 00:12:01,887 it is going to allow 824 00:12:01,971 --> 00:12:03,139 people 825 00:12:03,222 --> 00:12:04,974 to make introductions, 826 00:12:05,057 --> 00:12:05,683 almost like it's 827 00:12:05,683 --> 00:12:06,308 called the find a rule. 828 00:12:06,308 --> 00:12:06,642 So it's like 829 00:12:06,642 --> 00:12:07,393 you're introductions, 830 00:12:07,393 --> 00:12:08,144 but you're allowed 831 00:12:08,144 --> 00:12:09,395 to make introductions 832 00:12:09,395 --> 00:12:11,605 of investors to sponsors 833 00:12:11,689 --> 00:12:13,607 and then get paid 834 00:12:13,691 --> 00:12:14,400 transaction 835 00:12:14,400 --> 00:12:15,276 based compensation 836 00:12:15,276 --> 00:12:16,569 like get a commission. 837 00:12:16,652 --> 00:12:17,445 So it exempts 838 00:12:17,445 --> 00:12:18,362 you from being a broker. 839 00:12:18,362 --> 00:12:19,113 If you can fit into 840 00:12:19,113 --> 00:12:20,114 this kind of narrow, 841 00:12:20,114 --> 00:12:21,240 kind of narrow 842 00:12:21,323 --> 00:12:22,116 but not super narrow, 843 00:12:22,116 --> 00:12:22,450 but like 844 00:12:22,491 --> 00:12:23,617 if you can fit into the 845 00:12:23,617 --> 00:12:24,577 into the terms of what 846 00:12:24,577 --> 00:12:25,619 I'm about to talk to you, 847 00:12:25,619 --> 00:12:27,621 then you would literally 848 00:12:27,705 --> 00:12:28,122 be able 849 00:12:28,122 --> 00:12:28,956 to refer somebody. 850 00:12:28,956 --> 00:12:29,540 I could refer 851 00:12:29,540 --> 00:12:31,125 somebody to Jay and say, 852 00:12:31,125 --> 00:12:32,334 Jay, I've got Bobby here. 853 00:12:32,334 --> 00:12:33,335 He's looking to invest. 854 00:12:33,335 --> 00:12:33,711 I'll make 855 00:12:33,711 --> 00:12:34,628 the introduction, 856 00:12:34,628 --> 00:12:35,296 maybe even get 857 00:12:35,296 --> 00:12:36,297 a little bit involved. 858 00:12:36,380 --> 00:12:37,673 And then if if Bobby 859 00:12:37,673 --> 00:12:38,924 invests with Jay 860 00:12:38,924 --> 00:12:39,759 for 100 grand, 861 00:12:39,759 --> 00:12:40,551 we can agree that, hey, 862 00:12:40,551 --> 00:12:41,093 you're going to pay me 863 00:12:41,093 --> 00:12:42,344 a 5% commission, 864 00:12:42,428 --> 00:12:43,554 for example. 865 00:12:43,637 --> 00:12:44,555 That's why it's exciting. 866 00:12:44,555 --> 00:12:45,473 Now, there are 867 00:12:45,473 --> 00:12:46,307 some limitations. 868 00:12:46,307 --> 00:12:47,391 So so let me go through 869 00:12:47,391 --> 00:12:48,100 some of the limitations. 870 00:12:48,100 --> 00:12:48,851 But that's the premise. 871 00:12:48,851 --> 00:12:49,727 The premise is 872 00:12:49,727 --> 00:12:50,227 I can start 873 00:12:50,227 --> 00:12:51,270 sending referrals out, 874 00:12:51,270 --> 00:12:52,813 making introductions, 875 00:12:52,897 --> 00:12:53,606 and not have to have 876 00:12:53,606 --> 00:12:54,190 a broker dealer 877 00:12:54,190 --> 00:12:54,607 license 878 00:12:54,607 --> 00:12:55,065 and still get 879 00:12:55,065 --> 00:12:55,775 paid transaction 880 00:12:55,775 --> 00:12:56,442 based compensation, 881 00:12:56,442 --> 00:12:56,776 which is why 882 00:12:56,776 --> 00:12:57,777 it's so exciting. 883 00:12:57,860 --> 00:12:58,569 But there are 884 00:12:58,569 --> 00:12:59,528 some limitations. 885 00:12:59,528 --> 00:12:59,987 So let's talk 886 00:12:59,987 --> 00:13:01,363 about some limitations. 887 00:13:01,363 --> 00:13:02,364 The first one is. 888 00:13:02,406 --> 00:13:02,656 Well, 889 00:13:02,698 --> 00:13:04,074 and just to clarify. 890 00:13:04,116 --> 00:13:04,492 To Marie, 891 00:13:04,492 --> 00:13:04,992 so these are 892 00:13:04,992 --> 00:13:05,826 the limitations 893 00:13:05,826 --> 00:13:06,869 from the past 894 00:13:06,952 --> 00:13:08,204 proposed rule. Right. 895 00:13:08,204 --> 00:13:08,996 So that's. Correct. Yeah. 896 00:13:09,038 --> 00:13:09,580 So yeah. 897 00:13:09,580 --> 00:13:10,206 So before let's 898 00:13:10,206 --> 00:13:11,040 even I know it's 899 00:13:11,123 --> 00:13:11,916 we're going to really 900 00:13:11,916 --> 00:13:12,666 this is like the mother 901 00:13:12,666 --> 00:13:13,375 of all hooks era. 902 00:13:13,417 --> 00:13:13,834 We're just going 903 00:13:13,834 --> 00:13:14,502 to stretch it out 904 00:13:14,502 --> 00:13:15,169 and not get into it. 905 00:13:15,169 --> 00:13:15,878 But yeah. 906 00:13:15,878 --> 00:13:17,755 So the proposed rule was 907 00:13:17,838 --> 00:13:19,131 sent out again 908 00:13:19,131 --> 00:13:20,966 five years ago in 2020. 909 00:13:21,050 --> 00:13:21,675 And now they're 910 00:13:21,675 --> 00:13:23,219 revisiting that rule. 911 00:13:23,302 --> 00:13:23,552 Right? 912 00:13:23,552 --> 00:13:24,762 So there's about a 37 913 00:13:24,762 --> 00:13:26,180 page proposed rule 914 00:13:26,263 --> 00:13:26,847 which is out there 915 00:13:26,847 --> 00:13:27,556 for everybody to see. 916 00:13:27,556 --> 00:13:28,057 And if you want 917 00:13:28,057 --> 00:13:28,808 to link it to the, 918 00:13:28,808 --> 00:13:30,309 to the, to the show 919 00:13:30,309 --> 00:13:31,393 notes, we can 920 00:13:31,477 --> 00:13:32,520 and then they're going 921 00:13:32,520 --> 00:13:33,395 to be looking at that, 922 00:13:33,395 --> 00:13:34,313 revisiting it 923 00:13:34,313 --> 00:13:35,523 and then figuring out 924 00:13:35,523 --> 00:13:35,856 what they're going 925 00:13:35,856 --> 00:13:36,273 to do with it, 926 00:13:36,273 --> 00:13:36,565 whether they're 927 00:13:36,565 --> 00:13:37,066 just going to say, 928 00:13:37,066 --> 00:13:37,441 hey, let's 929 00:13:37,441 --> 00:13:37,900 just put it out 930 00:13:37,900 --> 00:13:38,943 for comments again, 931 00:13:39,026 --> 00:13:39,944 or maybe just, hey, 932 00:13:39,944 --> 00:13:40,903 we already have comments. 933 00:13:40,903 --> 00:13:41,111 Let's just 934 00:13:41,111 --> 00:13:41,654 take the comments, 935 00:13:41,654 --> 00:13:42,655 put it in a final. 936 00:13:42,738 --> 00:13:43,447 There's a diff 937 00:13:43,447 --> 00:13:43,989 a bazillion 938 00:13:43,989 --> 00:13:44,406 different ways 939 00:13:44,406 --> 00:13:45,074 you can go with it. 940 00:13:45,074 --> 00:13:46,200 My gut tells me, 941 00:13:46,200 --> 00:13:46,659 and I don't have 942 00:13:46,659 --> 00:13:47,409 any insider info, 943 00:13:47,409 --> 00:13:48,661 but my gut tells me 944 00:13:48,744 --> 00:13:49,119 they'll just 945 00:13:49,119 --> 00:13:49,870 probably put it out 946 00:13:49,870 --> 00:13:50,663 to comment again 947 00:13:50,663 --> 00:13:51,872 and there might 948 00:13:51,872 --> 00:13:52,748 be some tweaks to it. 949 00:13:52,748 --> 00:13:54,834 But generally speaking, 950 00:13:54,917 --> 00:13:56,377 the the parameters 951 00:13:56,377 --> 00:13:57,503 that they put last time 952 00:13:57,586 --> 00:14:00,548 was that you could refer 953 00:14:00,631 --> 00:14:01,715 or make introductions 954 00:14:01,715 --> 00:14:02,925 to a accredited 955 00:14:02,925 --> 00:14:03,592 investors only. 956 00:14:03,592 --> 00:14:03,801 So that's 957 00:14:03,801 --> 00:14:05,177 kind of like your first 958 00:14:05,261 --> 00:14:06,095 main thing, right? 959 00:14:06,095 --> 00:14:06,804 Which kind of makes sense 960 00:14:06,804 --> 00:14:07,388 because if I'm making 961 00:14:07,388 --> 00:14:08,681 an introduction, 962 00:14:08,764 --> 00:14:09,765 the idea is like, hey, 963 00:14:09,765 --> 00:14:10,474 they're sophisticated 964 00:14:10,474 --> 00:14:10,724 enough. 965 00:14:10,724 --> 00:14:11,141 They can kind 966 00:14:11,141 --> 00:14:11,600 of understand 967 00:14:11,600 --> 00:14:12,226 what's going on. 968 00:14:12,226 --> 00:14:13,602 They can appreciate the, 969 00:14:13,686 --> 00:14:14,311 you know, the fact that. 970 00:14:14,311 --> 00:14:14,645 There's one 971 00:14:14,645 --> 00:14:15,437 you can advertise 972 00:14:15,437 --> 00:14:16,272 for to accredited 973 00:14:16,272 --> 00:14:17,356 investors anyway. Right. 974 00:14:17,356 --> 00:14:18,065 So like it's. 975 00:14:18,148 --> 00:14:19,108 Well so let's, 976 00:14:19,191 --> 00:14:20,109 so let's, let's define 977 00:14:20,109 --> 00:14:20,401 a couple of 978 00:14:20,401 --> 00:14:20,693 things though. 979 00:14:20,693 --> 00:14:21,527 So we're talking about 980 00:14:21,527 --> 00:14:22,736 the syndicator right. 981 00:14:22,736 --> 00:14:23,112 The cat 982 00:14:23,112 --> 00:14:24,196 the person that's 983 00:14:24,196 --> 00:14:25,155 putting the deal together 984 00:14:25,155 --> 00:14:26,198 that's called the issuer. 985 00:14:26,198 --> 00:14:26,365 Right. 986 00:14:26,365 --> 00:14:26,991 Because it's issuing 987 00:14:26,991 --> 00:14:27,616 the securities. 988 00:14:27,616 --> 00:14:28,033 And then there's 989 00:14:28,033 --> 00:14:29,535 the finder. Right. 990 00:14:29,535 --> 00:14:30,411 Who's actually making 991 00:14:30,411 --> 00:14:31,161 the introductions 992 00:14:31,161 --> 00:14:31,745 to the issuer. 993 00:14:31,745 --> 00:14:34,665 So Jay Kyle AJ as well. 994 00:14:34,748 --> 00:14:35,708 You guys are 995 00:14:35,791 --> 00:14:36,625 you guys I've lost. 996 00:14:36,625 --> 00:14:37,001 When you guys 997 00:14:37,001 --> 00:14:37,585 raise capital. 998 00:14:37,585 --> 00:14:38,043 You guys are kind 999 00:14:38,043 --> 00:14:38,586 of the issuers 1000 00:14:38,586 --> 00:14:39,086 even though 1001 00:14:39,169 --> 00:14:40,379 your LLC is the issuer. 1002 00:14:40,462 --> 00:14:40,963 And so let's 1003 00:14:41,046 --> 00:14:41,922 for this example, call 1004 00:14:41,922 --> 00:14:43,215 Mauricio the finder 1005 00:14:43,299 --> 00:14:44,800 so you and I can 1006 00:14:44,800 --> 00:14:45,217 get into an 1007 00:14:45,217 --> 00:14:45,759 arrangement, say, 1008 00:14:45,759 --> 00:14:46,260 hey guys, 1009 00:14:46,260 --> 00:14:47,386 I know a bunch of people 1010 00:14:47,386 --> 00:14:47,636 or I'm 1011 00:14:47,636 --> 00:14:48,345 going to go out there 1012 00:14:48,345 --> 00:14:49,138 and I've got people 1013 00:14:49,221 --> 00:14:49,805 that I know 1014 00:14:49,805 --> 00:14:50,264 want to invest, 1015 00:14:50,264 --> 00:14:50,931 which is actually 1016 00:14:51,015 --> 00:14:52,641 probably accurate, right. 1017 00:14:52,725 --> 00:14:53,434 Especially on 1018 00:14:53,517 --> 00:14:54,435 especially CPAs 1019 00:14:54,435 --> 00:14:55,144 if you're a CPA. 1020 00:14:55,144 --> 00:14:55,436 Listen, I. 1021 00:14:55,436 --> 00:14:56,604 Was just about to say my 1022 00:14:56,604 --> 00:14:57,313 my CPA is 1023 00:14:57,313 --> 00:14:58,272 going to love this. 1024 00:14:58,355 --> 00:14:58,814 You guys 1025 00:14:58,814 --> 00:14:59,398 should be jumping up 1026 00:14:59,398 --> 00:15:00,065 and down because, 1027 00:15:00,065 --> 00:15:00,733 you know, as 1028 00:15:00,816 --> 00:15:01,817 maybe not just a CPA, 1029 00:15:01,817 --> 00:15:02,443 but if you're 1030 00:15:02,526 --> 00:15:04,403 a tax strategist 1031 00:15:04,486 --> 00:15:05,112 and you're like, 1032 00:15:05,112 --> 00:15:05,487 hey guys, 1033 00:15:05,487 --> 00:15:05,821 you guys 1034 00:15:05,863 --> 00:15:06,822 have got to go invest 1035 00:15:06,822 --> 00:15:07,531 in oil and gas, 1036 00:15:07,531 --> 00:15:08,032 you got to invest 1037 00:15:08,032 --> 00:15:08,616 in real estate. 1038 00:15:08,616 --> 00:15:09,199 You got to do this. 1039 00:15:09,199 --> 00:15:10,075 You got to do that. 1040 00:15:10,159 --> 00:15:10,951 There's always business 1041 00:15:10,951 --> 00:15:11,410 challenge 1042 00:15:11,410 --> 00:15:12,494 where like CPA was like, 1043 00:15:12,494 --> 00:15:12,912 hey, you want 1044 00:15:12,912 --> 00:15:13,454 to invest in oil 1045 00:15:13,454 --> 00:15:13,996 and gas guy? 1046 00:15:13,996 --> 00:15:14,455 Go talk to 1047 00:15:14,455 --> 00:15:15,247 Bobby over here. 1048 00:15:15,247 --> 00:15:15,831 Oh you want to invest 1049 00:15:15,831 --> 00:15:16,206 in real estate? 1050 00:15:16,206 --> 00:15:17,541 Go talk to Jay and AJ 1051 00:15:17,541 --> 00:15:18,417 and those guys have great 1052 00:15:18,459 --> 00:15:19,251 you know whatever. 1053 00:15:19,251 --> 00:15:20,002 And but they can't 1054 00:15:20,002 --> 00:15:20,544 get compensated 1055 00:15:20,544 --> 00:15:21,420 right now. Right. 1056 00:15:21,420 --> 00:15:22,046 And so there's actually 1057 00:15:22,046 --> 00:15:23,047 some CPAs 1058 00:15:23,047 --> 00:15:24,173 that try and figure out 1059 00:15:24,173 --> 00:15:25,132 how to get around that. 1060 00:15:25,132 --> 00:15:26,133 And you know you call it 1061 00:15:26,133 --> 00:15:26,800 a marketing fee, 1062 00:15:26,800 --> 00:15:27,801 you call it whatever. 1063 00:15:27,885 --> 00:15:28,469 But right now 1064 00:15:28,469 --> 00:15:28,844 those guys 1065 00:15:28,844 --> 00:15:29,261 are going to be able 1066 00:15:29,261 --> 00:15:29,887 to say, hey, man, 1067 00:15:29,887 --> 00:15:31,221 I got a client. 1068 00:15:31,305 --> 00:15:32,348 They need to put $1 1069 00:15:32,348 --> 00:15:33,349 million into, 1070 00:15:33,432 --> 00:15:34,058 real estate. 1071 00:15:34,058 --> 00:15:34,308 They need 1072 00:15:34,308 --> 00:15:35,100 the depreciation. 1073 00:15:35,100 --> 00:15:35,559 Now, that bonus 1074 00:15:35,559 --> 00:15:36,602 depreciation is back. 1075 00:15:37,686 --> 00:15:38,145 I'm going to make 1076 00:15:38,145 --> 00:15:39,313 an introduction, 1077 00:15:39,396 --> 00:15:40,272 to both of you guys. 1078 00:15:40,272 --> 00:15:41,023 So, you know, 1079 00:15:41,023 --> 00:15:42,066 maybe one's multifamily, 1080 00:15:42,066 --> 00:15:42,983 one self-storage. 1081 00:15:42,983 --> 00:15:43,484 And, hey, 1082 00:15:43,484 --> 00:15:44,026 if they invest 1083 00:15:44,026 --> 00:15:44,568 in your deal, 1084 00:15:44,568 --> 00:15:45,694 we have an agreement 1085 00:15:45,778 --> 00:15:46,445 that you'll pay me 1086 00:15:46,445 --> 00:15:47,363 5% commission. 1087 00:15:47,363 --> 00:15:47,655 Hey, here's. 1088 00:15:47,655 --> 00:15:48,656 My affiliate link. 1089 00:15:48,739 --> 00:15:48,989 Yeah, 1090 00:15:48,989 --> 00:15:49,657 it's like an affiliate 1091 00:15:49,657 --> 00:15:50,324 link. Exactly. 1092 00:15:50,366 --> 00:15:50,950 So you said 1093 00:15:50,950 --> 00:15:51,575 the first rule 1094 00:15:51,575 --> 00:15:52,952 is the person that they 1095 00:15:52,952 --> 00:15:54,536 they refer that invest 1096 00:15:54,536 --> 00:15:56,288 has to be accredited. 1097 00:15:56,372 --> 00:15:57,164 Does it matter 1098 00:15:57,164 --> 00:15:58,499 if it's a 506 1099 00:15:58,499 --> 00:15:59,750 B or 5 or 6 C 1100 00:15:59,750 --> 00:16:00,626 deal, meaning. 1101 00:16:00,709 --> 00:16:01,335 It has nothing 1102 00:16:01,335 --> 00:16:01,752 to do with that? 1103 00:16:01,752 --> 00:16:02,169 Yeah, that's 1104 00:16:02,169 --> 00:16:03,170 that's on the issuer side 1105 00:16:03,170 --> 00:16:03,921 that we have 1106 00:16:04,004 --> 00:16:04,463 nothing to do 1107 00:16:04,463 --> 00:16:04,880 with the issue. 1108 00:16:04,880 --> 00:16:05,673 I'm just saying 1109 00:16:05,756 --> 00:16:06,507 if I want to make 1110 00:16:06,507 --> 00:16:07,091 an introduction 1111 00:16:07,091 --> 00:16:08,550 to you guys, 1112 00:16:08,634 --> 00:16:09,009 the person 1113 00:16:09,009 --> 00:16:09,760 that I'm introducing 1114 00:16:09,760 --> 00:16:10,803 has to be accredited. 1115 00:16:10,803 --> 00:16:11,303 And I don't have 1116 00:16:11,303 --> 00:16:11,720 to verify. 1117 00:16:11,762 --> 00:16:12,262 I just have to 1118 00:16:12,262 --> 00:16:13,180 have a reasonable belief 1119 00:16:13,180 --> 00:16:13,639 that they're accredited. 1120 00:16:13,639 --> 00:16:13,931 I'm not going 1121 00:16:13,931 --> 00:16:14,515 to start pulling 1122 00:16:14,515 --> 00:16:14,932 and looking at 1123 00:16:14,932 --> 00:16:15,516 their tax returns. 1124 00:16:15,516 --> 00:16:16,642 But if I believe 1125 00:16:16,725 --> 00:16:17,059 and have a 1126 00:16:17,059 --> 00:16:18,143 reasonable belief 1127 00:16:18,227 --> 00:16:19,186 and maybe best practice 1128 00:16:19,228 --> 00:16:19,436 for me 1129 00:16:19,436 --> 00:16:20,187 to get a questionnaire 1130 00:16:20,187 --> 00:16:20,771 from them, who knows? 1131 00:16:20,771 --> 00:16:21,397 But if I have a 1132 00:16:21,397 --> 00:16:22,106 reasonable belief 1133 00:16:22,106 --> 00:16:23,565 that my person 1134 00:16:23,649 --> 00:16:24,400 is accredited, 1135 00:16:24,400 --> 00:16:25,025 then I can make 1136 00:16:25,025 --> 00:16:25,693 that introduction 1137 00:16:25,693 --> 00:16:26,360 to you guys. 1138 00:16:26,443 --> 00:16:26,860 Okay, that's 1139 00:16:26,860 --> 00:16:27,486 step number one. 1140 00:16:27,528 --> 00:16:28,070 Step number two 1141 00:16:28,112 --> 00:16:29,571 is I cannot go 1142 00:16:29,571 --> 00:16:30,823 and start advertising 1143 00:16:30,823 --> 00:16:31,448 to go find 1144 00:16:31,448 --> 00:16:32,199 a bunch of investors 1145 00:16:32,199 --> 00:16:33,325 to refer to you. Right. 1146 00:16:33,325 --> 00:16:34,118 Like they have 1147 00:16:34,118 --> 00:16:34,785 to be already. 1148 00:16:34,868 --> 00:16:35,327 It's almost like 1149 00:16:35,327 --> 00:16:35,786 you have to have a 1150 00:16:35,786 --> 00:16:36,912 I as defined 1151 00:16:36,912 --> 00:16:37,371 or have to have 1152 00:16:37,371 --> 00:16:38,497 a relationship already 1153 00:16:38,580 --> 00:16:39,248 with the people I'm 1154 00:16:39,248 --> 00:16:39,999 going to be referring to. 1155 00:16:39,999 --> 00:16:40,666 Otherwise everybody's 1156 00:16:40,666 --> 00:16:41,291 going to go, 1157 00:16:41,375 --> 00:16:41,875 yeah, everybody's 1158 00:16:41,875 --> 00:16:42,167 going to go on 1159 00:16:42,167 --> 00:16:42,668 social media 1160 00:16:42,668 --> 00:16:43,836 and try and find LPs, 1161 00:16:43,836 --> 00:16:44,128 and then they're 1162 00:16:44,128 --> 00:16:44,712 going to make. 1163 00:16:44,795 --> 00:16:45,462 That's not the point, 1164 00:16:45,462 --> 00:16:45,629 right? 1165 00:16:45,629 --> 00:16:46,046 The point is, 1166 00:16:46,046 --> 00:16:46,505 I already have 1167 00:16:46,505 --> 00:16:47,631 people in my world, 1168 00:16:47,715 --> 00:16:48,632 whether they're clients 1169 00:16:48,632 --> 00:16:49,550 or their family members, 1170 00:16:49,550 --> 00:16:50,509 and I already know them 1171 00:16:50,592 --> 00:16:51,552 and they're accredited. 1172 00:16:51,552 --> 00:16:52,845 And I can be like, hey, 1173 00:16:52,928 --> 00:16:53,470 I know you're looking 1174 00:16:53,470 --> 00:16:54,013 to put some money 1175 00:16:54,013 --> 00:16:54,471 to work. 1176 00:16:54,471 --> 00:16:54,930 Let me make 1177 00:16:54,930 --> 00:16:55,347 an introduction 1178 00:16:55,347 --> 00:16:55,806 to my buddies. 1179 00:16:55,806 --> 00:16:56,932 I know them well, 1180 00:16:57,016 --> 00:16:57,224 and I 1181 00:16:57,224 --> 00:16:57,433 make the 1182 00:16:57,433 --> 00:16:58,183 introduction right. 1183 00:16:58,183 --> 00:16:58,934 So that's the other thing 1184 00:16:58,934 --> 00:16:59,309 that that's 1185 00:16:59,309 --> 00:17:00,102 really important. 1186 00:17:00,185 --> 00:17:00,853 There has to be 1187 00:17:00,853 --> 00:17:01,854 a written agreement 1188 00:17:01,854 --> 00:17:02,938 between me and you guys. 1189 00:17:02,938 --> 00:17:04,023 So between the finder 1190 00:17:04,023 --> 00:17:04,606 and the issuer, 1191 00:17:04,606 --> 00:17:05,065 there has to be 1192 00:17:05,065 --> 00:17:05,899 a written agreement 1193 00:17:05,899 --> 00:17:06,608 that says, here's 1194 00:17:06,608 --> 00:17:06,942 what I'm going 1195 00:17:06,942 --> 00:17:07,818 to be doing, 1196 00:17:07,901 --> 00:17:08,527 and this is how much 1197 00:17:08,527 --> 00:17:09,278 we're going to get paid, 1198 00:17:09,278 --> 00:17:10,320 and kind of what 1199 00:17:10,404 --> 00:17:11,196 kind of the scope 1200 00:17:11,196 --> 00:17:12,197 of what our agreement. 1201 00:17:12,197 --> 00:17:13,240 Because technically, 1202 00:17:13,240 --> 00:17:13,574 this is an 1203 00:17:13,574 --> 00:17:14,116 important point. 1204 00:17:14,116 --> 00:17:14,908 I think 1205 00:17:14,992 --> 00:17:16,326 technically I am, 1206 00:17:16,410 --> 00:17:17,536 I am, 1207 00:17:17,619 --> 00:17:18,328 I'm affiliated 1208 00:17:18,328 --> 00:17:19,121 with you guys. Right? 1209 00:17:19,121 --> 00:17:20,330 I'm kind of working on 1210 00:17:20,330 --> 00:17:21,457 behalf of the syndicator. 1211 00:17:21,457 --> 00:17:22,916 Right. I'm the finder. 1212 00:17:23,000 --> 00:17:23,709 I'm working 1213 00:17:23,709 --> 00:17:24,251 on your behalf, 1214 00:17:24,251 --> 00:17:24,668 and I'm going to. 1215 00:17:24,668 --> 00:17:25,419 I'm going out there 1216 00:17:25,419 --> 00:17:26,003 and I'm, you know, I'm 1217 00:17:26,003 --> 00:17:26,587 finding people 1218 00:17:26,587 --> 00:17:27,212 to bring to you. 1219 00:17:27,212 --> 00:17:28,255 So we have an agreement 1220 00:17:28,255 --> 00:17:28,630 that, hey, 1221 00:17:28,630 --> 00:17:29,882 if if I find somebody, 1222 00:17:29,882 --> 00:17:30,591 if I bring somebody 1223 00:17:30,591 --> 00:17:31,133 to you, 1224 00:17:31,216 --> 00:17:32,051 you're going to pay me 1225 00:17:32,051 --> 00:17:33,135 x percent, right? 1226 00:17:33,135 --> 00:17:33,719 So that's kind of what 1227 00:17:33,802 --> 00:17:34,344 that's, that's 1228 00:17:34,344 --> 00:17:34,845 kind of the 1229 00:17:34,845 --> 00:17:36,013 the big parameters. 1230 00:17:36,096 --> 00:17:36,638 There's obviously 1231 00:17:36,638 --> 00:17:37,723 a disclosure requirement 1232 00:17:37,723 --> 00:17:38,557 which makes sense. Right. 1233 00:17:38,557 --> 00:17:39,808 So if I have again 1234 00:17:39,808 --> 00:17:40,392 I'm going to use this 1235 00:17:40,476 --> 00:17:41,685 fictional or what's. 1236 00:17:41,685 --> 00:17:42,311 So my mom 1237 00:17:42,311 --> 00:17:42,895 I'm going to refer you 1238 00:17:42,936 --> 00:17:43,729 my mom right. 1239 00:17:43,729 --> 00:17:44,396 So my mom 1240 00:17:44,396 --> 00:17:44,938 I'm going to refer you 1241 00:17:44,938 --> 00:17:45,814 to my mom. 1242 00:17:45,898 --> 00:17:47,941 And not necessary because 1243 00:17:48,025 --> 00:17:49,068 your mom and I are close. 1244 00:17:51,070 --> 00:17:52,362 So my mom's accredited. 1245 00:17:52,362 --> 00:17:53,405 Obviously, I know my mom, 1246 00:17:53,405 --> 00:17:54,364 so I didn't advertise it. 1247 00:17:54,364 --> 00:17:55,908 So I have to disclose to 1248 00:17:55,949 --> 00:17:57,284 my mom 1249 00:17:57,367 --> 00:17:57,868 prior 1250 00:17:57,868 --> 00:17:58,619 to making 1251 00:17:58,619 --> 00:17:59,203 the introduction 1252 00:17:59,203 --> 00:17:59,787 that, hey, I'm 1253 00:17:59,787 --> 00:18:00,329 going to introduce you 1254 00:18:00,329 --> 00:18:01,663 to these guys. 1255 00:18:01,747 --> 00:18:02,706 And we have an agreement 1256 00:18:02,706 --> 00:18:03,415 and I'm going to 1257 00:18:03,499 --> 00:18:04,291 if you invest 1258 00:18:04,291 --> 00:18:05,000 with these guys, I'm 1259 00:18:05,000 --> 00:18:05,751 going to get a cut. 1260 00:18:05,793 --> 00:18:06,001 I'm going 1261 00:18:06,001 --> 00:18:06,668 to get a percentage 1262 00:18:06,668 --> 00:18:07,252 of whatever, 1263 00:18:07,252 --> 00:18:08,045 whatever the arrangement 1264 00:18:08,045 --> 00:18:09,046 that you and I have. 1265 00:18:09,129 --> 00:18:10,047 I got to disclose 1266 00:18:10,047 --> 00:18:11,256 that to the person I'm 1267 00:18:11,256 --> 00:18:11,924 going to be referring you 1268 00:18:11,924 --> 00:18:12,549 to ahead of time, 1269 00:18:12,549 --> 00:18:12,966 which kind 1270 00:18:12,966 --> 00:18:14,676 of makes sense. 1271 00:18:14,760 --> 00:18:15,636 What's interesting 1272 00:18:15,636 --> 00:18:16,428 in this, in this, 1273 00:18:16,428 --> 00:18:17,137 in this thing is 1274 00:18:17,137 --> 00:18:17,387 there are 1275 00:18:17,387 --> 00:18:18,305 actually certain 1276 00:18:18,305 --> 00:18:19,181 things I can do 1277 00:18:19,181 --> 00:18:19,932 is the finder 1278 00:18:19,932 --> 00:18:20,641 that goes 1279 00:18:20,641 --> 00:18:21,558 a little bit beyond 1280 00:18:21,558 --> 00:18:22,059 just making 1281 00:18:22,059 --> 00:18:22,893 the introduction. 1282 00:18:22,976 --> 00:18:23,143 Right. 1283 00:18:23,143 --> 00:18:23,727 Because finders 1284 00:18:23,727 --> 00:18:24,311 usually just make 1285 00:18:24,311 --> 00:18:24,895 an introduction 1286 00:18:24,895 --> 00:18:25,395 and get paid for 1287 00:18:25,395 --> 00:18:26,230 in the introduction. 1288 00:18:26,313 --> 00:18:27,106 But according 1289 00:18:27,106 --> 00:18:27,731 to the proposed 1290 00:18:27,731 --> 00:18:28,607 rule, anyway, 1291 00:18:28,690 --> 00:18:29,358 there's a few things 1292 00:18:29,358 --> 00:18:29,775 I can do. 1293 00:18:29,775 --> 00:18:30,275 And I wrote them down 1294 00:18:30,275 --> 00:18:30,776 because I didn't want to 1295 00:18:30,776 --> 00:18:31,026 miss it. 1296 00:18:31,026 --> 00:18:32,319 Number one is I can, 1297 00:18:32,402 --> 00:18:33,654 obviously I can identify 1298 00:18:33,654 --> 00:18:34,905 and screen the investors, 1299 00:18:34,905 --> 00:18:35,656 so I can 1300 00:18:35,739 --> 00:18:36,698 I can send them question. 1301 00:18:36,698 --> 00:18:37,699 I can go to my list 1302 00:18:37,699 --> 00:18:38,200 and say, hey, 1303 00:18:38,200 --> 00:18:38,826 here's a question here. 1304 00:18:38,826 --> 00:18:39,284 I want to make sure 1305 00:18:39,284 --> 00:18:40,119 you're accredited. 1306 00:18:40,202 --> 00:18:41,245 And then I can find out, 1307 00:18:41,245 --> 00:18:41,495 you know, 1308 00:18:41,495 --> 00:18:42,496 what kind of deals 1309 00:18:42,496 --> 00:18:43,080 you're looking for? 1310 00:18:43,080 --> 00:18:43,622 Are you looking for 1311 00:18:43,622 --> 00:18:44,081 cash flow 1312 00:18:44,081 --> 00:18:44,623 or are you looking for 1313 00:18:44,623 --> 00:18:45,290 appreciation, 1314 00:18:45,290 --> 00:18:45,791 or are you looking for 1315 00:18:45,791 --> 00:18:46,458 tax benefits? 1316 00:18:46,458 --> 00:18:47,167 Like what is it 1317 00:18:47,167 --> 00:18:48,418 that you need so I can go 1318 00:18:48,460 --> 00:18:49,378 maybe connect you 1319 00:18:49,378 --> 00:18:50,420 with some people I know. 1320 00:18:50,504 --> 00:18:50,796 So that's 1321 00:18:50,796 --> 00:18:51,797 something I can do. 1322 00:18:51,880 --> 00:18:53,132 I can actually distribute 1323 00:18:53,132 --> 00:18:53,757 the PM 1324 00:18:53,841 --> 00:18:54,216 and the 1325 00:18:54,216 --> 00:18:55,425 disclosure documents, 1326 00:18:55,425 --> 00:18:56,510 so I can actually have 1327 00:18:56,510 --> 00:18:57,886 a copy of the materials 1328 00:18:57,970 --> 00:18:58,929 and I can email it 1329 00:18:58,929 --> 00:18:59,930 to them, 1330 00:19:00,013 --> 00:19:01,473 and say, hey, by the way, 1331 00:19:01,557 --> 00:19:03,183 J and Kyle and RJ, 1332 00:19:03,183 --> 00:19:03,517 they have this 1333 00:19:03,517 --> 00:19:04,268 great deal. 1334 00:19:04,268 --> 00:19:04,893 I just don't 1335 00:19:04,935 --> 00:19:05,435 have a great deal. 1336 00:19:05,435 --> 00:19:06,019 But they have a deal. 1337 00:19:06,019 --> 00:19:06,395 And here's 1338 00:19:06,395 --> 00:19:07,104 the information 1339 00:19:07,104 --> 00:19:07,437 if you want to 1340 00:19:07,437 --> 00:19:07,980 take a look at it. 1341 00:19:07,980 --> 00:19:08,647 And so I can send 1342 00:19:08,647 --> 00:19:10,190 that information to them. 1343 00:19:10,274 --> 00:19:11,108 I can discuss 1344 00:19:11,108 --> 00:19:12,401 the information 1345 00:19:12,401 --> 00:19:13,026 about you guys. 1346 00:19:13,026 --> 00:19:13,902 So, you know, 1347 00:19:13,986 --> 00:19:14,319 when you're 1348 00:19:14,319 --> 00:19:14,820 raising money, 1349 00:19:14,820 --> 00:19:15,404 you obviously 1350 00:19:15,487 --> 00:19:16,947 give the investors 1351 00:19:17,030 --> 00:19:17,948 kind of your bios 1352 00:19:17,948 --> 00:19:18,699 and your information 1353 00:19:18,699 --> 00:19:19,283 about you guys. 1354 00:19:19,283 --> 00:19:19,950 I can discuss 1355 00:19:19,950 --> 00:19:20,826 that information 1356 00:19:20,826 --> 00:19:21,660 with the person 1357 00:19:21,660 --> 00:19:22,202 I'm referring to. 1358 00:19:22,286 --> 00:19:23,078 Hey, this AJ 1359 00:19:23,078 --> 00:19:23,954 has been doing this thing 1360 00:19:23,954 --> 00:19:24,746 for a lot of years. 1361 00:19:24,746 --> 00:19:25,622 He's experienced. 1362 00:19:25,706 --> 00:19:26,540 Kyle's been doing this, 1363 00:19:26,540 --> 00:19:27,249 AJ is the king 1364 00:19:27,249 --> 00:19:28,000 of self-storage, 1365 00:19:28,000 --> 00:19:28,375 blah blah, blah. 1366 00:19:28,375 --> 00:19:29,459 I can do all that stuff 1367 00:19:29,543 --> 00:19:30,169 and I can even 1368 00:19:30,169 --> 00:19:32,045 arrange meetings 1369 00:19:32,129 --> 00:19:32,963 between the finder 1370 00:19:32,963 --> 00:19:33,380 and you guys 1371 00:19:33,380 --> 00:19:33,672 and I can 1372 00:19:33,672 --> 00:19:34,756 actually participate. 1373 00:19:34,756 --> 00:19:35,132 I can actually 1374 00:19:35,132 --> 00:19:35,716 be on the call 1375 00:19:35,716 --> 00:19:36,425 so I can schedule 1376 00:19:36,425 --> 00:19:37,217 a zoom call, 1377 00:19:37,301 --> 00:19:37,718 and I actually 1378 00:19:37,718 --> 00:19:39,011 can be on the call 1379 00:19:39,094 --> 00:19:39,553 right now. 1380 00:19:39,553 --> 00:19:40,095 I'm not saying 1381 00:19:40,095 --> 00:19:40,971 I'm there to say 1382 00:19:40,971 --> 00:19:41,805 anything substantial, 1383 00:19:41,805 --> 00:19:42,681 but I can be there. 1384 00:19:42,681 --> 00:19:43,056 I can make 1385 00:19:43,056 --> 00:19:43,765 the introduction, 1386 00:19:43,765 --> 00:19:44,266 but I can 1387 00:19:44,349 --> 00:19:44,975 physically be 1388 00:19:44,975 --> 00:19:45,434 on the call, 1389 00:19:45,434 --> 00:19:45,893 which I thought was 1390 00:19:45,934 --> 00:19:47,853 was pretty interesting. 1391 00:19:47,936 --> 00:19:49,479 What I cannot do is stuff 1392 00:19:49,479 --> 00:19:50,147 that's typical 1393 00:19:50,147 --> 00:19:51,064 for broker stuff, right? 1394 00:19:51,064 --> 00:19:52,065 So I cannot 1395 00:19:52,149 --> 00:19:53,192 provide advice 1396 00:19:53,192 --> 00:19:53,775 on whether this is 1397 00:19:53,775 --> 00:19:54,735 a good investment or not. 1398 00:19:54,735 --> 00:19:55,319 You know, whether you 1399 00:19:55,360 --> 00:19:56,153 they should invest 1400 00:19:56,153 --> 00:19:56,987 what the valuation 1401 00:19:56,987 --> 00:19:57,404 of this thing. 1402 00:19:57,404 --> 00:19:58,363 So I got to stay away 1403 00:19:58,363 --> 00:19:59,114 from giving you 1404 00:19:59,114 --> 00:20:00,365 my opinion 1405 00:20:00,365 --> 00:20:00,616 as to 1406 00:20:00,616 --> 00:20:00,949 whether this 1407 00:20:00,949 --> 00:20:01,783 is a good deal or not 1408 00:20:01,783 --> 00:20:02,034 or whether 1409 00:20:02,034 --> 00:20:02,743 you should invest in it, 1410 00:20:02,743 --> 00:20:03,202 because that's 1411 00:20:03,285 --> 00:20:04,077 broker activity. 1412 00:20:04,077 --> 00:20:05,204 So stay away from that. 1413 00:20:05,287 --> 00:20:06,622 Let me ask you a question 1414 00:20:06,705 --> 00:20:07,414 before you go on. 1415 00:20:07,414 --> 00:20:08,081 And I don't 1416 00:20:08,081 --> 00:20:08,498 mean to interrupt, 1417 00:20:08,498 --> 00:20:08,957 but I'm going 1418 00:20:08,957 --> 00:20:09,791 to interrupt. 1419 00:20:09,875 --> 00:20:11,168 Let's say I'm 1420 00:20:11,168 --> 00:20:11,710 I want to make 1421 00:20:11,710 --> 00:20:12,252 an introduction. 1422 00:20:12,252 --> 00:20:14,713 I invest with, with AJ, 1423 00:20:14,796 --> 00:20:16,381 and I obviously love AJ. 1424 00:20:16,381 --> 00:20:17,507 I love his deals. 1425 00:20:17,591 --> 00:20:18,884 And my brother 1426 00:20:18,884 --> 00:20:19,635 comes to visit me 1427 00:20:19,635 --> 00:20:20,344 from out of town. 1428 00:20:20,344 --> 00:20:20,677 He's like, 1429 00:20:20,677 --> 00:20:21,428 I'm looking for something 1430 00:20:21,428 --> 00:20:22,179 to invest in. 1431 00:20:22,179 --> 00:20:23,889 I want to invest with AJ 1432 00:20:23,889 --> 00:20:24,556 or I want I'm sorry, 1433 00:20:24,556 --> 00:20:25,140 I want to invest 1434 00:20:25,140 --> 00:20:25,641 for somebody. 1435 00:20:25,641 --> 00:20:26,308 Do you know anybody? 1436 00:20:26,308 --> 00:20:27,100 And I'm like, okay, 1437 00:20:27,184 --> 00:20:28,185 let me introduce you to 1438 00:20:28,185 --> 00:20:29,770 to my friend AJ. 1439 00:20:29,853 --> 00:20:30,270 I'm getting ready 1440 00:20:30,270 --> 00:20:31,271 to invest in this deal. 1441 00:20:31,271 --> 00:20:31,480 He's like, 1442 00:20:31,521 --> 00:20:32,064 I don't even know 1443 00:20:32,064 --> 00:20:34,316 how to to evaluate deals. 1444 00:20:34,399 --> 00:20:35,067 Can you walk me 1445 00:20:35,067 --> 00:20:35,734 through the deal, 1446 00:20:35,734 --> 00:20:36,151 tell me if 1447 00:20:36,151 --> 00:20:36,902 it's a good deal, 1448 00:20:36,902 --> 00:20:38,237 etc., etc.? 1449 00:20:38,320 --> 00:20:38,570 That's a 1450 00:20:38,612 --> 00:20:39,488 definitely no no. 1451 00:20:39,571 --> 00:20:40,906 Even if it's my brother, 1452 00:20:40,989 --> 00:20:41,615 you're not. 1453 00:20:41,698 --> 00:20:42,324 You can't be. 1454 00:20:42,324 --> 00:20:43,116 You're not an investor 1455 00:20:43,116 --> 00:20:43,909 representative. 1456 00:20:43,909 --> 00:20:44,326 You're not a 1457 00:20:44,326 --> 00:20:44,952 broker dealer. 1458 00:20:44,952 --> 00:20:45,410 You're not there 1459 00:20:45,410 --> 00:20:46,119 to comment 1460 00:20:46,119 --> 00:20:46,870 about the quality 1461 00:20:46,870 --> 00:20:47,287 of the deal. 1462 00:20:47,287 --> 00:20:47,955 You're literally 1463 00:20:48,038 --> 00:20:48,664 thinking of it as you're 1464 00:20:48,664 --> 00:20:49,581 making the introduction. 1465 00:20:49,581 --> 00:20:50,290 Your job is to make 1466 00:20:50,290 --> 00:20:51,041 the introduction 1467 00:20:51,124 --> 00:20:51,667 got it right. 1468 00:20:51,667 --> 00:20:52,125 So you want to 1469 00:20:52,125 --> 00:20:53,502 stay away from 1470 00:20:53,585 --> 00:20:54,336 you know, 1471 00:20:54,419 --> 00:20:55,212 you shouldn't 1472 00:20:55,212 --> 00:20:56,004 even be going through 1473 00:20:56,004 --> 00:20:56,255 the people 1474 00:20:56,296 --> 00:20:56,922 you can send them. 1475 00:20:56,922 --> 00:20:57,631 The PM is like, 1476 00:20:57,631 --> 00:20:58,257 hey, I'm in. 1477 00:20:58,257 --> 00:20:58,548 Like you 1478 00:20:58,548 --> 00:20:58,882 said, I'm 1479 00:20:58,882 --> 00:21:00,217 investing in a deal. 1480 00:21:00,300 --> 00:21:01,218 I've got the BPM here. 1481 00:21:01,218 --> 00:21:01,927 Let me forwarded you 1482 00:21:01,969 --> 00:21:03,178 the business plan, 1483 00:21:03,220 --> 00:21:05,305 the PM take a look at it. 1484 00:21:05,389 --> 00:21:05,847 And then you can 1485 00:21:05,847 --> 00:21:06,431 tell us something 1486 00:21:06,431 --> 00:21:06,974 about AJ. 1487 00:21:06,974 --> 00:21:07,140 Hey, look, 1488 00:21:07,140 --> 00:21:07,766 I've known AJ 1489 00:21:07,766 --> 00:21:08,600 for ten years 1490 00:21:08,600 --> 00:21:09,893 and he's considered 1491 00:21:09,893 --> 00:21:10,519 one of the top 1492 00:21:10,519 --> 00:21:11,561 self-storage guys. 1493 00:21:11,561 --> 00:21:12,521 And he's got a huge team 1494 00:21:12,521 --> 00:21:13,438 and he's done. 1495 00:21:13,480 --> 00:21:13,981 I've been, like, 1496 00:21:13,981 --> 00:21:14,439 all that stuff. 1497 00:21:14,439 --> 00:21:15,607 You can talk about AJ, 1498 00:21:15,691 --> 00:21:16,149 but you don't 1499 00:21:16,149 --> 00:21:16,900 want to be talking about 1500 00:21:16,900 --> 00:21:17,859 anything specific 1501 00:21:17,859 --> 00:21:18,652 about the deal. 1502 00:21:18,735 --> 00:21:19,903 That's super interesting. 1503 00:21:19,903 --> 00:21:20,112 To me 1504 00:21:20,112 --> 00:21:20,570 because it's 1505 00:21:20,570 --> 00:21:21,488 kind of like one 1506 00:21:21,488 --> 00:21:22,155 or the other, right? 1507 00:21:22,155 --> 00:21:22,823 Like you either 1508 00:21:22,823 --> 00:21:23,573 have to be like 1509 00:21:23,573 --> 00:21:24,616 super involved 1510 00:21:24,616 --> 00:21:25,492 in the deal 1511 00:21:25,575 --> 00:21:26,159 and know 1512 00:21:26,159 --> 00:21:27,202 everything about it 1513 00:21:27,286 --> 00:21:28,662 and be part of the group 1514 00:21:28,662 --> 00:21:29,788 in order to raise money, 1515 00:21:29,788 --> 00:21:31,248 or you kind of 1516 00:21:31,248 --> 00:21:32,416 have to be not involved 1517 00:21:32,416 --> 00:21:33,166 at all. 1518 00:21:33,250 --> 00:21:34,459 It's one or the other. 1519 00:21:34,543 --> 00:21:34,876 Yeah. 1520 00:21:34,876 --> 00:21:35,585 And, and I 1521 00:21:35,627 --> 00:21:36,503 and I remember 1522 00:21:36,503 --> 00:21:37,129 writing about this 1523 00:21:37,129 --> 00:21:38,338 when it came out, 1524 00:21:38,422 --> 00:21:39,715 I'm not even sure the 1525 00:21:39,798 --> 00:21:40,841 I mean, I don't know 1526 00:21:40,841 --> 00:21:42,050 if you could be 1527 00:21:42,134 --> 00:21:44,511 a coach, a real cop 1528 00:21:44,594 --> 00:21:45,345 and do that. 1529 00:21:45,345 --> 00:21:46,638 I think if you're it, 1530 00:21:46,722 --> 00:21:47,097 I think 1531 00:21:47,097 --> 00:21:47,764 the way it would work 1532 00:21:47,764 --> 00:21:48,557 for the cop 1533 00:21:48,640 --> 00:21:49,266 is that people 1534 00:21:49,266 --> 00:21:50,017 who are now 1535 00:21:50,017 --> 00:21:52,185 improperly being a cop 1536 00:21:52,269 --> 00:21:53,478 should just not be a cop 1537 00:21:53,478 --> 00:21:54,354 and just be the finder, 1538 00:21:54,396 --> 00:21:54,646 like, 1539 00:21:54,646 --> 00:21:55,522 not be part of the thing, 1540 00:21:55,522 --> 00:21:56,023 because the other thing 1541 00:21:56,023 --> 00:21:56,773 you can't do is 1542 00:21:56,773 --> 00:21:57,524 you can't be involved 1543 00:21:57,524 --> 00:21:58,775 in helping structure 1544 00:21:58,859 --> 00:22:00,152 the deal, right? 1545 00:22:00,152 --> 00:22:01,403 So you can't be like, 1546 00:22:01,486 --> 00:22:02,195 hey, you know, 1547 00:22:02,195 --> 00:22:03,071 AJ's got this. 1548 00:22:03,071 --> 00:22:03,488 Well, actually, 1549 00:22:03,488 --> 00:22:04,156 in Syndications, 1550 00:22:04,156 --> 00:22:04,364 they don't 1551 00:22:04,364 --> 00:22:04,906 really structure 1552 00:22:04,906 --> 00:22:05,365 the deal much. 1553 00:22:05,449 --> 00:22:06,283 There's no negotiation. 1554 00:22:06,283 --> 00:22:06,908 But theoretically 1555 00:22:06,908 --> 00:22:07,200 you couldn't 1556 00:22:07,200 --> 00:22:07,909 be like, hey, 1557 00:22:07,993 --> 00:22:08,910 let's talk to AJ. 1558 00:22:08,994 --> 00:22:09,202 You know, 1559 00:22:09,202 --> 00:22:09,453 I know 1560 00:22:09,453 --> 00:22:09,828 you want to put 1561 00:22:09,828 --> 00:22:10,454 in a lot of money. 1562 00:22:10,454 --> 00:22:11,330 Maybe we can negotiate 1563 00:22:11,330 --> 00:22:11,997 better terms. 1564 00:22:11,997 --> 00:22:12,789 And if you put 1565 00:22:12,789 --> 00:22:13,248 in half a million, 1566 00:22:13,248 --> 00:22:13,957 you can't do any of that 1567 00:22:13,957 --> 00:22:14,291 because again, 1568 00:22:14,291 --> 00:22:14,750 that's broker 1569 00:22:14,750 --> 00:22:15,667 dealer stuff. 1570 00:22:15,751 --> 00:22:16,335 You can't handle 1571 00:22:16,335 --> 00:22:17,002 any funds, 1572 00:22:17,002 --> 00:22:17,502 which I think 1573 00:22:17,502 --> 00:22:18,587 makes sense. 1574 00:22:18,670 --> 00:22:19,504 But you can't beat 1575 00:22:19,504 --> 00:22:20,047 this is the key, 1576 00:22:20,047 --> 00:22:20,547 which I think 1577 00:22:20,547 --> 00:22:21,340 was what I remember 1578 00:22:21,340 --> 00:22:21,840 last time, 1579 00:22:21,840 --> 00:22:22,841 five years ago 1580 00:22:22,924 --> 00:22:24,259 on the Cop model is 1581 00:22:24,259 --> 00:22:25,761 you cannot be involved 1582 00:22:25,761 --> 00:22:26,762 in the preparation 1583 00:22:26,762 --> 00:22:27,763 of the materials, 1584 00:22:27,846 --> 00:22:28,930 right, of the GM 1585 00:22:28,930 --> 00:22:29,181 and the 1586 00:22:29,181 --> 00:22:30,557 marketing materials. 1587 00:22:30,640 --> 00:22:31,266 And so that's where 1588 00:22:31,266 --> 00:22:32,267 the cop is like, 1589 00:22:32,267 --> 00:22:33,185 okay, well, 1590 00:22:33,268 --> 00:22:33,977 if you're part 1591 00:22:33,977 --> 00:22:34,686 of the cop, 1592 00:22:34,686 --> 00:22:35,645 you're you're, 1593 00:22:35,645 --> 00:22:35,937 you know, 1594 00:22:35,937 --> 00:22:36,229 you're part 1595 00:22:36,229 --> 00:22:37,189 of the sponsor, you're 1596 00:22:37,189 --> 00:22:38,523 kind of involved. 1597 00:22:38,607 --> 00:22:38,774 That's 1598 00:22:38,774 --> 00:22:39,149 a little bit of 1599 00:22:39,149 --> 00:22:39,649 a gray zone. 1600 00:22:39,649 --> 00:22:40,734 Like arguably 1601 00:22:40,734 --> 00:22:41,526 you are involved 1602 00:22:41,526 --> 00:22:42,402 in the preparation of the 1603 00:22:42,486 --> 00:22:42,903 even though you're 1604 00:22:42,903 --> 00:22:43,153 not the 1605 00:22:43,153 --> 00:22:43,904 individual, maybe, 1606 00:22:43,904 --> 00:22:44,529 but the company 1607 00:22:44,529 --> 00:22:45,197 as a whole, 1608 00:22:45,280 --> 00:22:46,531 the GPC team 1609 00:22:46,615 --> 00:22:47,282 is the one that's 1610 00:22:47,282 --> 00:22:47,741 putting together 1611 00:22:47,741 --> 00:22:48,033 all the 1612 00:22:48,116 --> 00:22:48,909 marketing materials 1613 00:22:48,909 --> 00:22:49,201 and the 1614 00:22:49,201 --> 00:22:50,077 disclosure documents. 1615 00:22:50,077 --> 00:22:51,453 So you being involved 1616 00:22:51,453 --> 00:22:52,704 in that may or may not. 1617 00:22:52,746 --> 00:22:53,205 That's a little bit 1618 00:22:53,205 --> 00:22:54,498 of a vague thing for me. 1619 00:22:54,581 --> 00:22:56,291 So my my whole point is I 1620 00:22:56,375 --> 00:22:57,167 the reality is 1621 00:22:57,167 --> 00:22:58,001 let's be honest. Right. 1622 00:22:58,001 --> 00:22:59,127 The reality is 1623 00:22:59,211 --> 00:23:00,170 there's a lot of co 1624 00:23:00,170 --> 00:23:01,213 GP's in there 1625 00:23:01,213 --> 00:23:02,381 that are primarily 1626 00:23:02,381 --> 00:23:03,507 there to raise the money 1627 00:23:03,507 --> 00:23:03,924 and they're, 1628 00:23:03,924 --> 00:23:04,883 they're trying to 1629 00:23:04,966 --> 00:23:06,635 manufacture duties 1630 00:23:06,635 --> 00:23:06,968 for them 1631 00:23:06,968 --> 00:23:07,594 so that they can fit 1632 00:23:07,594 --> 00:23:08,637 into this exemption. 1633 00:23:08,720 --> 00:23:10,055 So if this were to pass 1634 00:23:10,055 --> 00:23:10,389 and again 1635 00:23:10,472 --> 00:23:10,972 I probably should have 1636 00:23:10,972 --> 00:23:11,473 started with this. 1637 00:23:11,556 --> 00:23:12,808 This is not law. 1638 00:23:12,891 --> 00:23:14,893 This is not a final rule. 1639 00:23:14,976 --> 00:23:15,519 There's not even 1640 00:23:15,519 --> 00:23:16,186 a proposed rule 1641 00:23:16,186 --> 00:23:16,812 because the proposal 1642 00:23:16,812 --> 00:23:17,479 is sitting there 1643 00:23:17,479 --> 00:23:17,771 and they're 1644 00:23:17,771 --> 00:23:18,438 revisiting it. 1645 00:23:18,438 --> 00:23:19,940 But this is nowhere 1646 00:23:20,023 --> 00:23:20,440 we're not. 1647 00:23:20,440 --> 00:23:21,108 We're at least 1648 00:23:21,191 --> 00:23:22,484 6 to 12 months away 1649 00:23:22,484 --> 00:23:22,776 from this 1650 00:23:22,776 --> 00:23:23,985 actually happening. 1651 00:23:24,069 --> 00:23:25,278 But so it's not don't 1652 00:23:25,278 --> 00:23:25,654 go out there 1653 00:23:25,654 --> 00:23:26,321 and start doing this. 1654 00:23:26,321 --> 00:23:26,488 Right. 1655 00:23:26,488 --> 00:23:27,406 So just let's make sure 1656 00:23:27,406 --> 00:23:27,823 maybe we should 1657 00:23:27,823 --> 00:23:28,573 start with that. 1658 00:23:28,657 --> 00:23:29,741 But let's reedit this. 1659 00:23:29,741 --> 00:23:30,075 So that's at 1660 00:23:30,075 --> 00:23:30,534 the beginning of 1661 00:23:30,534 --> 00:23:31,243 this presentation. 1662 00:23:32,202 --> 00:23:34,079 But but if you're one 1663 00:23:34,079 --> 00:23:35,122 of those co GP's 1664 00:23:35,122 --> 00:23:35,956 that are basically 1665 00:23:35,956 --> 00:23:36,790 forcing yourself 1666 00:23:36,790 --> 00:23:37,541 to be a co GP 1667 00:23:37,541 --> 00:23:38,041 so you can fit 1668 00:23:38,041 --> 00:23:38,875 into this exemption 1669 00:23:38,875 --> 00:23:39,251 even though it's 1670 00:23:39,251 --> 00:23:41,002 not a clean, clean fit. 1671 00:23:41,086 --> 00:23:42,796 What I think I would 1672 00:23:42,879 --> 00:23:43,964 be recommending 1673 00:23:43,964 --> 00:23:45,799 if this ever passes is 1674 00:23:45,799 --> 00:23:46,508 I would say 1675 00:23:46,508 --> 00:23:47,342 forget about the code, 1676 00:23:47,342 --> 00:23:48,218 you be don't be a co 1677 00:23:48,218 --> 00:23:48,802 GP, don't 1678 00:23:48,802 --> 00:23:49,511 come in and raise 1679 00:23:49,511 --> 00:23:50,178 money, primarily 1680 00:23:50,178 --> 00:23:50,637 raise money 1681 00:23:50,637 --> 00:23:52,222 and get 10% of the co GP. 1682 00:23:52,305 --> 00:23:53,807 Just act as a finder 1683 00:23:53,807 --> 00:23:54,433 and make the 1684 00:23:54,433 --> 00:23:55,642 introductions to the team 1685 00:23:55,642 --> 00:23:56,852 and if they invest, you 1686 00:23:56,852 --> 00:23:58,603 just get your percentage 1687 00:23:58,603 --> 00:23:58,979 of whatever 1688 00:23:58,979 --> 00:23:59,604 you've negotiated. 1689 00:23:59,646 --> 00:24:00,814 Maybe it's a GP share, 1690 00:24:00,856 --> 00:24:01,481 maybe it's a class 1691 00:24:01,481 --> 00:24:03,400 B share or whatever, 1692 00:24:03,483 --> 00:24:04,359 but you're not actually 1693 00:24:04,359 --> 00:24:05,694 part of the Cogs 1694 00:24:05,777 --> 00:24:06,611 making decisions 1695 00:24:06,611 --> 00:24:07,028 or actually 1696 00:24:07,028 --> 00:24:07,446 being involved, 1697 00:24:07,446 --> 00:24:07,821 because I think 1698 00:24:07,821 --> 00:24:09,072 that might violate, 1699 00:24:09,156 --> 00:24:09,448 you know, 1700 00:24:09,448 --> 00:24:10,532 one of these provisions 1701 00:24:10,532 --> 00:24:11,658 of not not being, 1702 00:24:11,741 --> 00:24:12,826 participating in the, 1703 00:24:12,826 --> 00:24:13,577 in the marketing. 1704 00:24:13,660 --> 00:24:14,202 So, so what 1705 00:24:14,202 --> 00:24:15,745 I'm hearing is, 1706 00:24:15,829 --> 00:24:17,205 the role of the finder 1707 00:24:17,205 --> 00:24:18,373 has to be arm's 1708 00:24:18,373 --> 00:24:20,083 length on both sides. 1709 00:24:20,167 --> 00:24:20,750 You have to be 1710 00:24:20,750 --> 00:24:21,376 arm's length 1711 00:24:21,376 --> 00:24:22,085 from the person 1712 00:24:22,085 --> 00:24:22,669 you're referring. 1713 00:24:22,669 --> 00:24:23,587 You can't basically 1714 00:24:23,587 --> 00:24:24,754 be an advisor to them. 1715 00:24:24,754 --> 00:24:26,173 You can't, like, sit down 1716 00:24:26,173 --> 00:24:26,631 and walk them 1717 00:24:26,631 --> 00:24:27,632 through the deal and 1718 00:24:27,716 --> 00:24:28,842 and help them with it. 1719 00:24:28,925 --> 00:24:29,843 And on the other side, 1720 00:24:29,843 --> 00:24:30,260 you have to be 1721 00:24:30,260 --> 00:24:30,886 arm's length 1722 00:24:30,886 --> 00:24:31,720 from the GP's 1723 00:24:31,720 --> 00:24:32,429 and the syndicators 1724 00:24:32,429 --> 00:24:33,680 and the issuer. 1725 00:24:33,763 --> 00:24:35,140 By not participating 1726 00:24:35,140 --> 00:24:35,557 in creating 1727 00:24:35,557 --> 00:24:36,349 the documents, 1728 00:24:36,349 --> 00:24:37,309 by not working 1729 00:24:37,309 --> 00:24:39,519 on the deal, etc., etc.. 1730 00:24:39,603 --> 00:24:41,188 Is that kind of fairness? 1731 00:24:41,229 --> 00:24:41,730 I would I would. 1732 00:24:41,730 --> 00:24:42,856 Say so, except again, 1733 00:24:42,856 --> 00:24:43,148 I think 1734 00:24:43,148 --> 00:24:43,690 I mentioned earlier, 1735 00:24:43,690 --> 00:24:44,483 an important point 1736 00:24:44,483 --> 00:24:44,774 though, is 1737 00:24:44,774 --> 00:24:46,109 that you are considered 1738 00:24:46,109 --> 00:24:48,236 an agent for the issuer. 1739 00:24:48,236 --> 00:24:49,362 So you're an agent of the 1740 00:24:49,446 --> 00:24:51,656 GP team or the GP team. 1741 00:24:51,656 --> 00:24:53,033 Again, this is proposed. 1742 00:24:53,033 --> 00:24:53,867 We don't have anything, 1743 00:24:53,867 --> 00:24:54,993 but I would almost 1744 00:24:55,076 --> 00:24:56,244 stay away from like 1745 00:24:56,244 --> 00:24:57,329 because if you look, 1746 00:24:57,412 --> 00:24:58,205 if you're a 1747 00:24:58,288 --> 00:24:58,747 you're either 1748 00:24:58,747 --> 00:24:59,789 a legitimate cog 1749 00:24:59,873 --> 00:25:01,082 or you're not, right. 1750 00:25:01,082 --> 00:25:01,458 So if you're a 1751 00:25:01,458 --> 00:25:02,250 legitimate co 1752 00:25:02,250 --> 00:25:04,211 GP doing real work, 1753 00:25:04,294 --> 00:25:05,253 then we don't need this. 1754 00:25:05,253 --> 00:25:05,921 It's like you're you're 1755 00:25:05,921 --> 00:25:06,588 there, you're doing 1756 00:25:06,588 --> 00:25:07,214 the work and you're 1757 00:25:07,214 --> 00:25:07,631 bringing in 1758 00:25:07,672 --> 00:25:08,673 as part of your thing. 1759 00:25:08,715 --> 00:25:09,382 You know, part of it 1760 00:25:09,382 --> 00:25:10,050 is you bring the cap 1761 00:25:10,050 --> 00:25:10,884 and no problem, 1762 00:25:10,967 --> 00:25:11,593 if you're not a 1763 00:25:11,593 --> 00:25:12,344 legitimate piece, 1764 00:25:12,344 --> 00:25:12,802 then I would say, 1765 00:25:12,802 --> 00:25:14,304 get out of there, right. 1766 00:25:14,304 --> 00:25:15,722 Just become a finder 1767 00:25:15,805 --> 00:25:16,431 and just make sure 1768 00:25:16,431 --> 00:25:16,932 you're abiding 1769 00:25:16,932 --> 00:25:17,974 by all the limitations, 1770 00:25:17,974 --> 00:25:18,934 all the regulations, 1771 00:25:18,934 --> 00:25:20,143 and just get paid 1772 00:25:20,143 --> 00:25:21,728 transaction based comp 1773 00:25:21,811 --> 00:25:22,687 based on the arrangement 1774 00:25:22,687 --> 00:25:23,730 you've had with, 1775 00:25:23,813 --> 00:25:24,731 with the thing. 1776 00:25:24,814 --> 00:25:25,148 I guess 1777 00:25:25,148 --> 00:25:26,024 that's why, like, I'm 1778 00:25:26,024 --> 00:25:26,358 when I'm 1779 00:25:26,358 --> 00:25:27,025 thinking about this, 1780 00:25:27,025 --> 00:25:28,568 I don't know how much. 1781 00:25:28,652 --> 00:25:29,027 This will 1782 00:25:29,027 --> 00:25:30,946 necessarily change 1783 00:25:30,946 --> 00:25:32,864 things just because. 1784 00:25:32,948 --> 00:25:34,074 The reason that people. 1785 00:25:34,074 --> 00:25:35,492 Become GP's 1786 00:25:35,492 --> 00:25:37,035 to raise money 1787 00:25:37,118 --> 00:25:39,412 is because like. 1788 00:25:39,496 --> 00:25:40,121 When at. 1789 00:25:40,121 --> 00:25:40,705 The beginning you 1790 00:25:40,705 --> 00:25:41,081 don't really 1791 00:25:41,081 --> 00:25:41,623 have the money 1792 00:25:41,623 --> 00:25:42,457 to pay them, right? 1793 00:25:42,457 --> 00:25:43,458 Like that 1794 00:25:43,458 --> 00:25:44,334 money has to come 1795 00:25:44,334 --> 00:25:45,126 from somewhere. 1796 00:25:45,126 --> 00:25:45,794 You'd have to take it 1797 00:25:45,794 --> 00:25:46,962 out of the deal 1798 00:25:47,045 --> 00:25:47,921 in order to pay 1799 00:25:47,921 --> 00:25:49,422 somebody to do that, 1800 00:25:49,506 --> 00:25:50,340 because there are 1801 00:25:50,340 --> 00:25:52,926 ways legally right now 1802 00:25:53,051 --> 00:25:54,553 to kind of 1803 00:25:54,636 --> 00:25:55,095 since this 1804 00:25:55,095 --> 00:25:56,263 has been going on since, 1805 00:25:56,263 --> 00:25:58,056 you know, only 2015 1806 00:25:58,056 --> 00:25:58,848 or whenever, 1807 00:25:58,932 --> 00:25:59,808 where people 1808 00:25:59,808 --> 00:26:00,475 have been trying 1809 00:26:00,475 --> 00:26:01,935 to raise money for deals 1810 00:26:01,935 --> 00:26:03,019 without actually 1811 00:26:03,019 --> 00:26:03,937 setting up the deal 1812 00:26:03,937 --> 00:26:04,396 or doing due 1813 00:26:04,396 --> 00:26:05,105 diligence and stuff 1814 00:26:05,105 --> 00:26:05,689 like that, 1815 00:26:05,772 --> 00:26:07,482 there are ways now with, 1816 00:26:07,482 --> 00:26:07,732 you know, 1817 00:26:07,732 --> 00:26:09,401 the fund of funds model 1818 00:26:09,484 --> 00:26:10,235 where basically 1819 00:26:10,235 --> 00:26:11,861 you can raise a fund 1820 00:26:11,945 --> 00:26:13,780 and, and the way 1821 00:26:13,780 --> 00:26:14,406 you could set up 1822 00:26:14,406 --> 00:26:15,323 in the syndication 1823 00:26:15,323 --> 00:26:15,699 that you 1824 00:26:15,699 --> 00:26:17,450 they can get extra shares 1825 00:26:17,450 --> 00:26:17,951 and that can be 1826 00:26:17,951 --> 00:26:18,660 their compensation 1827 00:26:18,660 --> 00:26:19,578 and stuff like that. 1828 00:26:19,661 --> 00:26:20,495 There's legal ways. 1829 00:26:20,495 --> 00:26:22,038 There's that tribe vest. 1830 00:26:22,122 --> 00:26:22,539 I know that 1831 00:26:22,539 --> 00:26:22,998 we talked to you 1832 00:26:22,998 --> 00:26:24,541 before AJ, where you can 1833 00:26:24,541 --> 00:26:25,125 set up like a 1834 00:26:25,125 --> 00:26:25,875 little mini, 1835 00:26:26,918 --> 00:26:27,877 fund to funds 1836 00:26:27,877 --> 00:26:28,503 without having, 1837 00:26:28,587 --> 00:26:29,546 like, all the costs 1838 00:26:29,546 --> 00:26:30,338 because the fund of funds 1839 00:26:30,338 --> 00:26:31,548 can get expensive. 1840 00:26:31,631 --> 00:26:32,382 So there are ways 1841 00:26:32,382 --> 00:26:32,799 for people 1842 00:26:32,799 --> 00:26:33,258 to actually 1843 00:26:33,258 --> 00:26:35,260 just get cash. 1844 00:26:35,343 --> 00:26:36,136 You know, I have I, 1845 00:26:36,136 --> 00:26:36,845 I've been on record 1846 00:26:36,845 --> 00:26:37,554 with a lot of issues 1847 00:26:37,554 --> 00:26:37,971 with the fund 1848 00:26:37,971 --> 00:26:38,555 of funds model, 1849 00:26:38,555 --> 00:26:39,264 but the only 1850 00:26:39,264 --> 00:26:39,889 reason people 1851 00:26:39,889 --> 00:26:40,223 are doing 1852 00:26:40,223 --> 00:26:40,807 the fund to fund 1853 00:26:40,807 --> 00:26:42,142 model is to get around 1854 00:26:42,225 --> 00:26:42,726 the fact 1855 00:26:42,726 --> 00:26:43,602 that they're acting 1856 00:26:43,602 --> 00:26:44,894 as unlicensed brokers. 1857 00:26:44,978 --> 00:26:46,521 But if this rule passes, 1858 00:26:46,605 --> 00:26:47,439 there's no need for you 1859 00:26:47,439 --> 00:26:48,106 to put together 1860 00:26:48,106 --> 00:26:48,398 a fund 1861 00:26:48,440 --> 00:26:49,482 of funds to go raise 1862 00:26:49,482 --> 00:26:50,317 half a million bucks 1863 00:26:50,317 --> 00:26:50,984 or a million bucks. 1864 00:26:50,984 --> 00:26:51,484 You can just 1865 00:26:51,568 --> 00:26:52,360 make the introduction 1866 00:26:52,360 --> 00:26:52,986 and get paid. 1867 00:26:53,069 --> 00:26:54,362 At the same time, though. 1868 00:26:54,362 --> 00:26:54,904 Like I've. 1869 00:26:54,904 --> 00:26:55,989 Found in this. 1870 00:26:55,989 --> 00:26:56,531 Space, 1871 00:26:56,531 --> 00:26:57,282 people can get 1872 00:26:57,282 --> 00:26:59,284 very protective 1873 00:26:59,284 --> 00:27:01,119 of their investors. 1874 00:27:01,202 --> 00:27:02,370 And it's it's 1875 00:27:02,370 --> 00:27:03,204 one of those things 1876 00:27:03,204 --> 00:27:04,122 where like, 1877 00:27:04,205 --> 00:27:04,998 hey, like 1878 00:27:05,040 --> 00:27:05,707 you're going 1879 00:27:05,707 --> 00:27:06,166 to have to have 1880 00:27:06,166 --> 00:27:07,125 some sort of agreement 1881 00:27:07,125 --> 00:27:07,417 that like, 1882 00:27:07,417 --> 00:27:08,126 hey, if I pass 1883 00:27:08,126 --> 00:27:09,669 this investor to you, 1884 00:27:09,753 --> 00:27:11,421 I get 5% of what 1885 00:27:11,421 --> 00:27:12,339 they invest this time 1886 00:27:12,339 --> 00:27:12,881 and every 1887 00:27:12,881 --> 00:27:13,840 subsequent deal. 1888 00:27:13,840 --> 00:27:14,341 And then you kind of 1889 00:27:14,382 --> 00:27:14,799 have to just 1890 00:27:14,799 --> 00:27:16,176 trust that person 1891 00:27:16,259 --> 00:27:16,885 that they're, 1892 00:27:16,926 --> 00:27:17,677 you know, keeping it 1893 00:27:17,677 --> 00:27:18,303 tight knit 1894 00:27:18,303 --> 00:27:18,720 and keep 1895 00:27:18,720 --> 00:27:19,262 and treating 1896 00:27:19,262 --> 00:27:19,763 your investor 1897 00:27:19,763 --> 00:27:20,639 well and doing stuff 1898 00:27:20,639 --> 00:27:21,139 like that. 1899 00:27:21,222 --> 00:27:21,556 Versus 1900 00:27:21,556 --> 00:27:23,266 I find that people, 1901 00:27:23,350 --> 00:27:23,808 you know, 1902 00:27:23,892 --> 00:27:24,559 if you partner 1903 00:27:24,559 --> 00:27:25,185 with people 1904 00:27:25,185 --> 00:27:26,061 and stuff like that, like 1905 00:27:26,144 --> 00:27:27,520 they are very protective 1906 00:27:27,520 --> 00:27:28,146 in their investors. 1907 00:27:28,146 --> 00:27:28,647 They don't want 1908 00:27:28,647 --> 00:27:29,147 anyone else 1909 00:27:29,147 --> 00:27:29,564 talking to 1910 00:27:29,564 --> 00:27:30,273 their investors. 1911 00:27:30,273 --> 00:27:31,066 They don't like 1912 00:27:31,066 --> 00:27:31,691 they want to kind of 1913 00:27:31,691 --> 00:27:32,984 keep it close knit. 1914 00:27:33,068 --> 00:27:34,194 And so like in 1915 00:27:34,235 --> 00:27:35,236 the instances with these 1916 00:27:35,236 --> 00:27:35,820 like fund of 1917 00:27:35,820 --> 00:27:36,905 funds things, 1918 00:27:36,988 --> 00:27:37,822 someone with a fund 1919 00:27:37,822 --> 00:27:38,239 of funds, 1920 00:27:38,239 --> 00:27:38,865 like I know 1921 00:27:38,865 --> 00:27:40,325 the one guy who like 1922 00:27:40,408 --> 00:27:41,951 you can't even send, 1923 00:27:43,036 --> 00:27:43,953 updates to 1924 00:27:43,953 --> 00:27:44,621 their investors. 1925 00:27:44,621 --> 00:27:45,080 The has to 1926 00:27:45,163 --> 00:27:46,247 update has to go to them. 1927 00:27:46,247 --> 00:27:47,248 And then they tell 1928 00:27:47,248 --> 00:27:48,291 their investors 1929 00:27:48,375 --> 00:27:50,085 and they do everything. 1930 00:27:50,085 --> 00:27:50,293 On the 1931 00:27:50,377 --> 00:27:51,419 on the fund's model. 1932 00:27:51,503 --> 00:27:52,629 Right? Yeah. 1933 00:27:52,629 --> 00:27:53,421 That makes sense. Yeah. 1934 00:27:53,421 --> 00:27:54,339 Because the investor is 1935 00:27:54,339 --> 00:27:54,881 the court. 1936 00:27:54,964 --> 00:27:56,383 The investor is the fund 1937 00:27:56,383 --> 00:27:57,133 that you manage. 1938 00:27:57,133 --> 00:27:57,634 So yeah that 1939 00:27:57,634 --> 00:27:58,176 would make sense 1940 00:27:58,176 --> 00:27:59,260 if the the update goes 1941 00:27:59,260 --> 00:28:00,136 to the investor, 1942 00:28:00,136 --> 00:28:00,929 which is the fund 1943 00:28:00,929 --> 00:28:01,721 which you manage. 1944 00:28:01,721 --> 00:28:02,222 And then you would 1945 00:28:02,222 --> 00:28:02,889 then pass 1946 00:28:02,889 --> 00:28:03,348 that along to 1947 00:28:03,348 --> 00:28:03,932 your investors. 1948 00:28:03,932 --> 00:28:04,974 So I get that. But like. 1949 00:28:04,974 --> 00:28:05,475 They don't even. 1950 00:28:05,475 --> 00:28:06,184 Want you talking 1951 00:28:06,184 --> 00:28:06,434 to their 1952 00:28:06,476 --> 00:28:07,852 individual investors. 1953 00:28:07,852 --> 00:28:09,562 So like I don't know. 1954 00:28:09,562 --> 00:28:10,355 I it's. 1955 00:28:10,438 --> 00:28:11,106 I thought, 1956 00:28:11,189 --> 00:28:12,065 I thought it was more. 1957 00:28:12,065 --> 00:28:12,524 Interesting 1958 00:28:12,524 --> 00:28:13,483 when I thought 1959 00:28:13,483 --> 00:28:13,900 you could kind of 1960 00:28:13,900 --> 00:28:15,819 just give up now 1961 00:28:15,819 --> 00:28:17,445 because that's the. Yeah. 1962 00:28:17,529 --> 00:28:18,113 And I think 1963 00:28:18,113 --> 00:28:18,738 you still can. 1964 00:28:18,738 --> 00:28:19,572 It's just again, 1965 00:28:19,656 --> 00:28:19,948 you know, 1966 00:28:19,948 --> 00:28:20,532 we've talked about this 1967 00:28:20,532 --> 00:28:21,282 before. 1968 00:28:21,366 --> 00:28:21,700 There's the 1969 00:28:21,700 --> 00:28:22,742 vernacular of GP. 1970 00:28:22,742 --> 00:28:23,827 But remember on the GP 1971 00:28:23,827 --> 00:28:24,703 there's the management 1972 00:28:24,703 --> 00:28:26,246 side, the manager 1973 00:28:26,329 --> 00:28:26,830 and then there's 1974 00:28:26,830 --> 00:28:27,247 the carried 1975 00:28:27,247 --> 00:28:27,789 interest part, 1976 00:28:27,789 --> 00:28:28,415 the class B 1977 00:28:28,415 --> 00:28:28,915 for most of you. 1978 00:28:28,915 --> 00:28:30,166 So I just like 1979 00:28:30,250 --> 00:28:30,500 there's 1980 00:28:30,500 --> 00:28:31,751 a lot of CPAs out there 1981 00:28:31,751 --> 00:28:32,335 that are just 1982 00:28:32,377 --> 00:28:33,044 on the carried 1983 00:28:33,044 --> 00:28:33,545 interest part. 1984 00:28:33,545 --> 00:28:33,920 Like they don't 1985 00:28:33,920 --> 00:28:34,462 want to be 1986 00:28:34,546 --> 00:28:34,796 they're not 1987 00:28:34,796 --> 00:28:35,213 on the market. 1988 00:28:35,296 --> 00:28:36,005 A lot of KPI's aren't 1989 00:28:36,005 --> 00:28:36,840 even on the frickin thing 1990 00:28:36,840 --> 00:28:37,215 anywhere. 1991 00:28:37,298 --> 00:28:37,757 They're just 1992 00:28:37,757 --> 00:28:38,383 they just own 1993 00:28:38,383 --> 00:28:39,134 a piece of the 1994 00:28:39,134 --> 00:28:39,759 carried interest, 1995 00:28:39,759 --> 00:28:41,219 the 20% of the 30%. 1996 00:28:41,302 --> 00:28:41,886 So I could see 1997 00:28:41,886 --> 00:28:42,762 a situation like that 1998 00:28:42,762 --> 00:28:43,471 where like I say, 1999 00:28:43,471 --> 00:28:44,264 hey guys, 2000 00:28:44,347 --> 00:28:44,806 I'm going to 2001 00:28:44,806 --> 00:28:45,390 I'm going 2002 00:28:45,390 --> 00:28:46,516 to refer 2003 00:28:46,516 --> 00:28:47,392 a bunch of people to you. 2004 00:28:47,392 --> 00:28:48,560 I don't want to get cash. 2005 00:28:48,643 --> 00:28:49,644 So in exchange for me 2006 00:28:49,644 --> 00:28:50,186 referring these 2007 00:28:50,186 --> 00:28:51,312 5 or 6 people, 2008 00:28:51,312 --> 00:28:52,188 I just want, 2009 00:28:52,272 --> 00:28:52,605 you know, 2010 00:28:52,605 --> 00:28:53,565 2% of 2011 00:28:53,565 --> 00:28:54,399 the carried interest, 2012 00:28:54,399 --> 00:28:55,066 like of the class 2013 00:28:55,066 --> 00:28:55,650 B, I don't want anything 2014 00:28:55,650 --> 00:28:55,775 to do 2015 00:28:55,775 --> 00:28:56,401 with the management. 2016 00:28:56,401 --> 00:28:56,985 I'm not part 2017 00:28:56,985 --> 00:28:57,610 of the meetings. 2018 00:28:57,652 --> 00:28:59,446 I'm not involved at all. 2019 00:28:59,529 --> 00:29:00,488 My compensation 2020 00:29:00,488 --> 00:29:01,156 is going to be 2021 00:29:01,239 --> 00:29:03,700 2% of the class B, 2022 00:29:03,783 --> 00:29:05,243 you know, 2% of the 20% 2023 00:29:05,243 --> 00:29:06,411 or 2% or 30%. Right? 2024 00:29:06,494 --> 00:29:06,995 I can see 2025 00:29:06,995 --> 00:29:07,829 that arrangement 2026 00:29:07,829 --> 00:29:08,538 being made. 2027 00:29:08,621 --> 00:29:09,289 Yeah. 2028 00:29:09,372 --> 00:29:10,039 For me, 2029 00:29:10,123 --> 00:29:11,374 this is a game changer 2030 00:29:11,374 --> 00:29:12,375 in somebody 2031 00:29:12,375 --> 00:29:13,376 that raises the capital 2032 00:29:13,376 --> 00:29:14,711 for us. 2033 00:29:14,794 --> 00:29:16,129 I have a lot of investors 2034 00:29:16,129 --> 00:29:17,547 that I'm positive 2035 00:29:17,630 --> 00:29:18,548 know other people 2036 00:29:18,548 --> 00:29:19,507 who might be willing 2037 00:29:19,507 --> 00:29:20,925 to invest. 2038 00:29:21,009 --> 00:29:22,552 It's just getting them 2039 00:29:22,552 --> 00:29:23,261 to feel like it's 2040 00:29:23,261 --> 00:29:24,053 worth their effort 2041 00:29:24,053 --> 00:29:24,846 to go out and talk 2042 00:29:24,846 --> 00:29:25,555 to those people. 2043 00:29:25,555 --> 00:29:26,806 And and so, like, 2044 00:29:26,806 --> 00:29:27,557 I had somebody 2045 00:29:27,640 --> 00:29:28,516 come to me today 2046 00:29:28,516 --> 00:29:29,309 and say, hey, 2047 00:29:29,309 --> 00:29:31,102 I have a, he's a doctor. 2048 00:29:31,102 --> 00:29:32,353 I have a doctor friend 2049 00:29:32,437 --> 00:29:33,521 who's looking to invest. 2050 00:29:33,563 --> 00:29:34,606 And I've been trying 2051 00:29:34,606 --> 00:29:35,523 to get them to, to 2052 00:29:35,523 --> 00:29:36,399 to reach out to you. 2053 00:29:36,399 --> 00:29:37,609 I know he's been busy, 2054 00:29:37,692 --> 00:29:39,611 and, I would have loved 2055 00:29:39,611 --> 00:29:40,111 to have been able 2056 00:29:40,111 --> 00:29:40,779 to say, that's great. 2057 00:29:40,779 --> 00:29:41,196 And if. 2058 00:29:41,196 --> 00:29:41,362 Yeah, 2059 00:29:41,404 --> 00:29:41,863 if he does 2060 00:29:41,863 --> 00:29:42,947 happen to invest, 2061 00:29:43,031 --> 00:29:44,908 I will give you 5% 2062 00:29:44,991 --> 00:29:45,825 of whatever. 2063 00:29:45,867 --> 00:29:47,035 Invest just as a as a 2064 00:29:47,035 --> 00:29:48,119 thank you referral 2065 00:29:48,119 --> 00:29:48,912 fee, commission 2066 00:29:48,912 --> 00:29:49,621 finder's fee, whatever. 2067 00:29:49,662 --> 00:29:50,622 Or maybe a discount, 2068 00:29:50,663 --> 00:29:51,706 maybe a discount 2069 00:29:51,706 --> 00:29:52,540 to their investment. 2070 00:29:52,540 --> 00:29:53,792 Like and instead of 50 2071 00:29:53,792 --> 00:29:55,043 K it's 40 K or whatever. 2072 00:29:55,043 --> 00:29:56,211 I don't know. Right. 2073 00:29:56,294 --> 00:29:56,878 Could let me 2074 00:29:56,878 --> 00:29:57,462 ask you a question. 2075 00:29:57,462 --> 00:29:58,213 Could I say 2076 00:29:58,213 --> 00:29:59,047 to that investor 2077 00:29:59,047 --> 00:29:59,589 I'll put you in 2078 00:29:59,589 --> 00:30:00,173 a different class 2079 00:30:00,173 --> 00:30:00,799 A shares 2080 00:30:00,882 --> 00:30:02,842 like something that gives 2081 00:30:02,926 --> 00:30:03,551 more profit 2082 00:30:03,551 --> 00:30:04,511 or a better split, 2083 00:30:04,511 --> 00:30:05,470 or is that not fair 2084 00:30:05,470 --> 00:30:06,554 to other investors. 2085 00:30:06,638 --> 00:30:08,264 Or not in writing? 2086 00:30:08,348 --> 00:30:09,349 Well, I'm not writing. 2087 00:30:09,349 --> 00:30:10,475 But again, compensation. 2088 00:30:10,475 --> 00:30:11,142 Compensation, right. 2089 00:30:11,142 --> 00:30:11,601 Everybody gets 2090 00:30:11,601 --> 00:30:12,477 caught up in this idea. 2091 00:30:12,519 --> 00:30:13,895 The compensation is cash. 2092 00:30:13,978 --> 00:30:14,854 But compensation 2093 00:30:14,854 --> 00:30:15,522 can be shares. 2094 00:30:15,522 --> 00:30:16,105 And whether they're co 2095 00:30:16,147 --> 00:30:16,815 GP shares, 2096 00:30:16,815 --> 00:30:17,482 whether they're preferred 2097 00:30:17,482 --> 00:30:18,608 shares, whatever 2098 00:30:18,608 --> 00:30:19,776 it is, again, 2099 00:30:19,776 --> 00:30:20,777 as long as it's disclosed 2100 00:30:20,777 --> 00:30:20,944 to all 2101 00:30:20,944 --> 00:30:21,611 the other investors 2102 00:30:21,611 --> 00:30:22,821 and saying hey 2103 00:30:22,904 --> 00:30:23,696 part of our 2104 00:30:23,738 --> 00:30:24,322 you know, 2105 00:30:24,405 --> 00:30:24,823 when we do 2106 00:30:24,823 --> 00:30:26,533 Syndications now 2107 00:30:26,616 --> 00:30:27,742 some some clients do 2108 00:30:27,742 --> 00:30:28,827 use broker dealers 2109 00:30:28,827 --> 00:30:29,619 and they pay commissions 2110 00:30:29,619 --> 00:30:30,495 and that's just as close. 2111 00:30:30,495 --> 00:30:31,287 Hey, some 2112 00:30:31,287 --> 00:30:32,580 percentage of our raise 2113 00:30:32,664 --> 00:30:33,581 is going to go towards 2114 00:30:33,581 --> 00:30:34,457 paying these commissions 2115 00:30:34,457 --> 00:30:35,708 to these broker dealers. 2116 00:30:35,792 --> 00:30:36,584 It'll be the same thing 2117 00:30:36,584 --> 00:30:36,793 as like 2118 00:30:36,793 --> 00:30:37,210 part of our 2119 00:30:37,210 --> 00:30:38,127 raise is going to go 2120 00:30:38,127 --> 00:30:39,128 to giving shares 2121 00:30:39,128 --> 00:30:39,879 in this preferred thing 2122 00:30:39,879 --> 00:30:40,505 which will, 2123 00:30:40,588 --> 00:30:41,172 you know, dilute 2124 00:30:41,172 --> 00:30:41,798 everybody else. 2125 00:30:41,798 --> 00:30:42,340 And but you know, 2126 00:30:42,340 --> 00:30:42,799 in the long run 2127 00:30:42,799 --> 00:30:43,216 it's still 2128 00:30:43,216 --> 00:30:44,175 it's still better. 2129 00:30:44,259 --> 00:30:44,717 But as long as 2130 00:30:44,717 --> 00:30:45,343 it's disclosed, 2131 00:30:45,343 --> 00:30:46,594 you should be 2132 00:30:46,678 --> 00:30:47,178 I don't think 2133 00:30:47,178 --> 00:30:47,554 that's going to 2134 00:30:47,554 --> 00:30:48,179 be an issue. 2135 00:30:48,263 --> 00:30:48,471 I mean, 2136 00:30:48,471 --> 00:30:48,888 I could 2137 00:30:48,888 --> 00:30:49,931 literally see people 2138 00:30:49,931 --> 00:30:52,225 making a career 2139 00:30:52,308 --> 00:30:54,185 out of being a finder. 2140 00:30:54,269 --> 00:30:54,978 No, I mean, 2141 00:30:56,020 --> 00:30:56,688 trust me, I 2142 00:30:56,729 --> 00:30:57,230 thought of that. 2143 00:30:57,230 --> 00:30:57,939 I know again, 2144 00:30:57,939 --> 00:30:58,898 CPAs probably, 2145 00:30:58,898 --> 00:30:59,774 but even me, it's like, 2146 00:30:59,774 --> 00:31:00,191 you know, people 2147 00:31:00,191 --> 00:31:01,025 ask me all the time, hey, 2148 00:31:01,025 --> 00:31:02,277 do you know anyone? 2149 00:31:02,360 --> 00:31:03,278 And I tend to stay away. 2150 00:31:03,278 --> 00:31:04,112 You can't advertise 2151 00:31:04,112 --> 00:31:04,612 though, right? 2152 00:31:04,696 --> 00:31:05,280 So, like, 2153 00:31:05,280 --> 00:31:06,072 you'd have to 2154 00:31:06,072 --> 00:31:07,031 basically set up 2155 00:31:07,031 --> 00:31:07,991 a side business 2156 00:31:07,991 --> 00:31:08,575 that is 2157 00:31:08,575 --> 00:31:08,950 maybe an 2158 00:31:08,950 --> 00:31:10,368 educational business. 2159 00:31:10,451 --> 00:31:11,286 Well that's interesting. 2160 00:31:11,286 --> 00:31:11,744 So, 2161 00:31:11,828 --> 00:31:12,662 so when we talk 2162 00:31:12,662 --> 00:31:14,622 about advertising, 2163 00:31:14,706 --> 00:31:15,081 let's say 2164 00:31:15,081 --> 00:31:16,082 I wanted to be a finder 2165 00:31:16,082 --> 00:31:17,542 for AJ. 2166 00:31:17,625 --> 00:31:18,793 I have a big 2167 00:31:18,793 --> 00:31:19,836 mailing list. 2168 00:31:19,919 --> 00:31:21,045 I have a big investor 2169 00:31:21,045 --> 00:31:21,921 list. 2170 00:31:22,005 --> 00:31:22,672 Could I reach 2171 00:31:22,672 --> 00:31:24,591 out to that list 2172 00:31:24,674 --> 00:31:26,593 and say, hey, 2173 00:31:26,676 --> 00:31:27,927 I know of this 2174 00:31:27,927 --> 00:31:29,387 this self-storage deal. 2175 00:31:29,470 --> 00:31:30,305 If anybody is looking 2176 00:31:30,305 --> 00:31:30,763 to invest 2177 00:31:30,763 --> 00:31:31,723 in self-storage, 2178 00:31:31,723 --> 00:31:32,557 if somebody is looking 2179 00:31:32,557 --> 00:31:33,766 for like a five year old 2180 00:31:33,766 --> 00:31:34,142 ground up 2181 00:31:34,142 --> 00:31:35,226 self-storage deal, 2182 00:31:35,310 --> 00:31:36,603 come talk to me. 2183 00:31:36,686 --> 00:31:37,312 I'll be 2184 00:31:37,353 --> 00:31:37,854 happy to make 2185 00:31:37,854 --> 00:31:38,646 an introduction. 2186 00:31:38,730 --> 00:31:39,522 Could I just send 2187 00:31:39,522 --> 00:31:40,565 something out to a list, 2188 00:31:40,565 --> 00:31:41,608 or is that marketing 2189 00:31:41,608 --> 00:31:42,191 public like. 2190 00:31:42,233 --> 00:31:42,525 Yeah. 2191 00:31:42,525 --> 00:31:43,109 So so 2192 00:31:43,192 --> 00:31:43,902 so the first thing 2193 00:31:43,902 --> 00:31:44,319 I would say is 2194 00:31:44,319 --> 00:31:44,986 you want to cut that. 2195 00:31:44,986 --> 00:31:45,945 Listen to 2196 00:31:46,029 --> 00:31:47,572 who on the list. 2197 00:31:47,655 --> 00:31:48,239 I would use 2198 00:31:48,239 --> 00:31:48,823 the preexisting 2199 00:31:48,823 --> 00:31:49,490 relationship 2200 00:31:49,574 --> 00:31:50,116 kind of thing. 2201 00:31:50,116 --> 00:31:51,492 Like how many 2202 00:31:51,576 --> 00:31:52,327 on that list 2203 00:31:52,327 --> 00:31:53,202 who do you really know? 2204 00:31:53,202 --> 00:31:53,411 Right. 2205 00:31:53,411 --> 00:31:54,037 Who do you really have 2206 00:31:54,037 --> 00:31:54,579 a relationship with? 2207 00:31:54,579 --> 00:31:55,496 So let's cut it down to 2208 00:31:55,580 --> 00:31:56,331 your 10,000. 2209 00:31:56,331 --> 00:31:58,291 Down to two. Right. 2210 00:31:58,374 --> 00:31:59,000 So cut 2211 00:31:59,000 --> 00:31:59,834 everybody that you know. 2212 00:31:59,834 --> 00:32:00,543 And then from there 2213 00:32:00,543 --> 00:32:01,461 you still don't want to 2214 00:32:01,544 --> 00:32:02,003 you can't 2215 00:32:02,003 --> 00:32:02,837 generally solicit. 2216 00:32:02,837 --> 00:32:03,880 So there's an argument 2217 00:32:03,880 --> 00:32:04,255 to be made 2218 00:32:04,255 --> 00:32:06,341 that if you email blast 2219 00:32:06,424 --> 00:32:07,467 10,000 people, 2220 00:32:07,467 --> 00:32:08,384 even if you say you 2221 00:32:08,426 --> 00:32:09,469 that could be considered 2222 00:32:09,469 --> 00:32:10,303 general solicitation. 2223 00:32:10,303 --> 00:32:11,095 So I think 2224 00:32:11,095 --> 00:32:11,763 this has meant that 2225 00:32:11,846 --> 00:32:12,096 I think 2226 00:32:12,096 --> 00:32:13,139 the gist of it or the, 2227 00:32:13,139 --> 00:32:13,681 the intent 2228 00:32:13,681 --> 00:32:14,265 is really for this 2229 00:32:14,265 --> 00:32:16,017 to be more one on one, 2230 00:32:16,100 --> 00:32:17,185 one on one warfare. 2231 00:32:17,185 --> 00:32:18,227 So, okay, coaching. 2232 00:32:18,227 --> 00:32:18,645 Program, 2233 00:32:18,645 --> 00:32:18,937 I think this 2234 00:32:18,937 --> 00:32:19,312 would be great 2235 00:32:19,312 --> 00:32:20,271 for someone 2236 00:32:20,355 --> 00:32:20,772 who's got a 2237 00:32:20,772 --> 00:32:21,648 coaching program 2238 00:32:21,648 --> 00:32:22,732 like even you, Mauricio, 2239 00:32:22,732 --> 00:32:23,024 like you have 2240 00:32:23,024 --> 00:32:23,900 a coaching program 2241 00:32:23,900 --> 00:32:25,568 for syndicators 2242 00:32:25,568 --> 00:32:26,986 and stuff like that. 2243 00:32:27,070 --> 00:32:28,655 Like you could just float 2244 00:32:28,655 --> 00:32:29,739 deals to people 2245 00:32:29,739 --> 00:32:30,406 who are in your coaching. 2246 00:32:30,406 --> 00:32:30,990 Program, right? 2247 00:32:31,032 --> 00:32:31,240 Yeah. 2248 00:32:31,240 --> 00:32:31,658 Like if 2249 00:32:31,658 --> 00:32:32,617 I was on a coaching call 2250 00:32:32,617 --> 00:32:33,368 and somebody said to me, 2251 00:32:33,368 --> 00:32:35,370 hey, I've got a fund 2252 00:32:35,370 --> 00:32:35,578 and I'm 2253 00:32:35,578 --> 00:32:36,120 kind of looking 2254 00:32:36,120 --> 00:32:36,621 for stuff. 2255 00:32:36,621 --> 00:32:37,288 If anybody knows 2256 00:32:37,288 --> 00:32:38,331 anything about blah. 2257 00:32:38,331 --> 00:32:38,831 And then I could 2258 00:32:38,831 --> 00:32:39,374 reach out to them 2259 00:32:39,374 --> 00:32:39,916 individually 2260 00:32:39,916 --> 00:32:40,249 and say, hey, 2261 00:32:40,249 --> 00:32:40,792 you know what? 2262 00:32:40,875 --> 00:32:42,168 Just in calling 2263 00:32:42,251 --> 00:32:43,461 AJ, these guys have 2264 00:32:43,544 --> 00:32:44,879 a deal. 2265 00:32:44,963 --> 00:32:45,338 You know, 2266 00:32:45,380 --> 00:32:46,130 this is my understanding 2267 00:32:46,130 --> 00:32:46,464 of the deal. 2268 00:32:46,464 --> 00:32:46,965 Here's the deal. 2269 00:32:47,048 --> 00:32:47,590 Would you like 2270 00:32:47,590 --> 00:32:48,132 I'd be happy 2271 00:32:48,132 --> 00:32:49,050 to make an introduction 2272 00:32:49,050 --> 00:32:49,842 and I can do 2273 00:32:49,926 --> 00:32:50,843 all the steps, 2274 00:32:50,927 --> 00:32:51,719 and then I can make a 2275 00:32:51,719 --> 00:32:52,845 one on one introduction, 2276 00:32:52,845 --> 00:32:53,179 I think. 2277 00:32:53,179 --> 00:32:53,513 I think 2278 00:32:53,513 --> 00:32:54,430 blasting it out to 2279 00:32:54,430 --> 00:32:55,223 your list 2280 00:32:55,306 --> 00:32:57,016 is probably problematic. 2281 00:32:57,100 --> 00:32:57,976 But your example 2282 00:32:57,976 --> 00:32:58,476 you gave Jay, 2283 00:32:58,476 --> 00:32:59,227 I think is perfect. 2284 00:32:59,227 --> 00:32:59,602 Like you have 2285 00:32:59,602 --> 00:33:00,812 an investor, 2286 00:33:00,895 --> 00:33:01,187 you know, 2287 00:33:01,187 --> 00:33:01,562 they have 2288 00:33:01,562 --> 00:33:02,146 a bunch of people 2289 00:33:02,146 --> 00:33:02,772 or you just met 2290 00:33:02,772 --> 00:33:03,481 one person 2291 00:33:03,481 --> 00:33:03,690 and they're 2292 00:33:03,690 --> 00:33:04,399 looking to invest 2293 00:33:04,399 --> 00:33:05,316 and you want 2294 00:33:05,316 --> 00:33:06,401 to give them to AJ, 2295 00:33:06,484 --> 00:33:07,110 but you've got to have 2296 00:33:07,110 --> 00:33:08,027 that agreement 2297 00:33:08,027 --> 00:33:08,486 in place 2298 00:33:08,486 --> 00:33:09,112 ahead of time, right? 2299 00:33:09,112 --> 00:33:09,570 You've got to have 2300 00:33:09,570 --> 00:33:10,196 that arrangement, 2301 00:33:10,238 --> 00:33:11,656 that contract with AJ, 2302 00:33:11,739 --> 00:33:12,699 that written agreement 2303 00:33:12,699 --> 00:33:14,075 that says AJ, anything 2304 00:33:14,075 --> 00:33:15,159 I bring to you AJ 2305 00:33:15,159 --> 00:33:16,285 if they invest, 2306 00:33:16,369 --> 00:33:17,161 you're going to give me 2307 00:33:17,161 --> 00:33:18,913 X percent of the deal. 2308 00:33:18,997 --> 00:33:20,289 And as long as it's 2309 00:33:20,289 --> 00:33:21,457 disclosed to the investor 2310 00:33:21,457 --> 00:33:22,375 they acknowledge 2311 00:33:22,375 --> 00:33:23,084 that you gave him 2312 00:33:23,084 --> 00:33:24,836 all those disclosures. 2313 00:33:24,919 --> 00:33:25,211 Again 2314 00:33:25,211 --> 00:33:26,045 it's all proposed, right? 2315 00:33:26,045 --> 00:33:26,963 We're all kind of like 2316 00:33:27,046 --> 00:33:27,463 we don't know what 2317 00:33:27,463 --> 00:33:28,381 the final rule is. 2318 00:33:28,464 --> 00:33:29,382 I'm I'm sure you're going 2319 00:33:29,382 --> 00:33:29,757 to keep us 2320 00:33:29,757 --> 00:33:30,550 abridged of it. 2321 00:33:30,550 --> 00:33:31,634 You kind of 2322 00:33:31,634 --> 00:33:32,051 have your finger 2323 00:33:32,051 --> 00:33:32,677 on the pulse. 2324 00:33:32,677 --> 00:33:34,012 And but for the record, 2325 00:33:34,012 --> 00:33:35,555 there are, as I said, 2326 00:33:35,596 --> 00:33:38,182 there are ways that we 2327 00:33:38,349 --> 00:33:40,184 could go out and, 2328 00:33:40,268 --> 00:33:40,476 you know, 2329 00:33:40,476 --> 00:33:41,227 with fund of funds, 2330 00:33:41,227 --> 00:33:43,312 models, this tribe vest, 2331 00:33:43,396 --> 00:33:44,188 that I brought up, 2332 00:33:44,188 --> 00:33:45,523 there's other options 2333 00:33:45,523 --> 00:33:48,151 for legally people 2334 00:33:48,234 --> 00:33:48,860 going out 2335 00:33:48,860 --> 00:33:49,652 and getting 2336 00:33:49,652 --> 00:33:50,403 people together 2337 00:33:50,403 --> 00:33:51,404 to all invest 2338 00:33:51,404 --> 00:33:51,988 in one deal. 2339 00:33:51,988 --> 00:33:53,114 So AJ, 2340 00:33:53,114 --> 00:33:54,407 any final thoughts? 2341 00:33:54,490 --> 00:33:55,700 I agree with everything 2342 00:33:55,700 --> 00:33:56,617 Mauricio says. 2343 00:33:58,327 --> 00:33:58,953 AJ has 2344 00:33:58,953 --> 00:33:59,328 been just 2345 00:33:59,328 --> 00:33:59,746 sitting there 2346 00:33:59,746 --> 00:34:00,621 making a spent 2347 00:34:00,621 --> 00:34:01,372 the last half hour 2348 00:34:01,372 --> 00:34:01,956 making a list 2349 00:34:01,956 --> 00:34:02,623 of all the people 2350 00:34:02,623 --> 00:34:03,041 he knows 2351 00:34:03,041 --> 00:34:03,916 who can can 2352 00:34:03,916 --> 00:34:05,043 bring him investors. 2353 00:34:05,126 --> 00:34:06,669 I've just like messaged 2354 00:34:06,669 --> 00:34:07,795 a million people 2355 00:34:07,879 --> 00:34:09,881 my team is on. 2356 00:34:09,964 --> 00:34:10,506 And he's get 2357 00:34:10,506 --> 00:34:11,132 he's scheduled. 2358 00:34:11,132 --> 00:34:12,258 The, is scheduled 2359 00:34:12,300 --> 00:34:13,843 for the messages 2360 00:34:13,843 --> 00:34:14,677 to go out one year 2361 00:34:14,677 --> 00:34:16,387 from now in 12 months. 2362 00:34:16,387 --> 00:34:18,473 Then this message. 2363 00:34:18,556 --> 00:34:18,973 Got to be on 2364 00:34:18,973 --> 00:34:19,724 top of these things. 2365 00:34:19,724 --> 00:34:21,350 Guys. Yeah. Exactly. 2366 00:34:21,434 --> 00:34:21,684 Yeah. 2367 00:34:21,684 --> 00:34:22,226 I think, you know, 2368 00:34:22,310 --> 00:34:23,394 I still think CPAs 2369 00:34:23,394 --> 00:34:23,770 are probably 2370 00:34:23,770 --> 00:34:24,187 one of the best. 2371 00:34:24,187 --> 00:34:24,562 And I'm sure 2372 00:34:24,562 --> 00:34:24,729 there are 2373 00:34:24,729 --> 00:34:25,438 other industries 2374 00:34:25,438 --> 00:34:25,605 that are 2375 00:34:25,605 --> 00:34:26,606 really beneficial. 2376 00:34:26,606 --> 00:34:27,523 I think even for 2377 00:34:27,607 --> 00:34:28,274 folks like me, 2378 00:34:28,274 --> 00:34:29,108 I mean, I'll get 2379 00:34:29,192 --> 00:34:29,901 I'll get questions 2380 00:34:29,901 --> 00:34:30,902 all the time about, hey, 2381 00:34:30,902 --> 00:34:32,403 do you have anybody? 2382 00:34:32,487 --> 00:34:32,945 But then there's 2383 00:34:32,945 --> 00:34:33,446 a potential 2384 00:34:33,446 --> 00:34:34,113 conflict, right? 2385 00:34:34,113 --> 00:34:34,781 So there's all 2386 00:34:34,781 --> 00:34:35,114 these things 2387 00:34:35,114 --> 00:34:35,990 have to be disclosed 2388 00:34:35,990 --> 00:34:36,824 in the agreements 2389 00:34:36,824 --> 00:34:37,575 and in the, 2390 00:34:37,658 --> 00:34:37,909 you know, 2391 00:34:37,909 --> 00:34:38,451 all the conflicts, 2392 00:34:38,451 --> 00:34:39,285 potential conflicts 2393 00:34:39,285 --> 00:34:39,702 of interest. 2394 00:34:39,702 --> 00:34:40,036 You want to be 2395 00:34:40,036 --> 00:34:40,661 disclosing those. 2396 00:34:40,661 --> 00:34:42,538 But do I think CPAs man, 2397 00:34:42,622 --> 00:34:42,955 the well, 2398 00:34:42,955 --> 00:34:43,539 strategists, 2399 00:34:43,539 --> 00:34:44,290 all all of our 2400 00:34:44,290 --> 00:34:45,124 CPA friends 2401 00:34:45,124 --> 00:34:46,292 that are already making 2402 00:34:46,292 --> 00:34:47,376 those strategic 2403 00:34:47,376 --> 00:34:47,919 recommendations 2404 00:34:47,919 --> 00:34:48,336 to invest 2405 00:34:48,336 --> 00:34:49,420 in specific deals 2406 00:34:49,504 --> 00:34:50,171 now they can have 2407 00:34:50,171 --> 00:34:50,713 like a laundry 2408 00:34:50,713 --> 00:34:51,631 list of options 2409 00:34:51,631 --> 00:34:52,423 for them to go, 2410 00:34:52,507 --> 00:34:53,341 hey, you need 2411 00:34:53,341 --> 00:34:54,217 to go invest in oil 2412 00:34:54,217 --> 00:34:54,884 and gas. 2413 00:34:54,967 --> 00:34:55,551 Here are five 2414 00:34:55,551 --> 00:34:56,302 people that I 2415 00:34:56,385 --> 00:34:56,886 that I know 2416 00:34:56,886 --> 00:34:58,513 well I respect. 2417 00:34:58,596 --> 00:34:59,305 Here's the background 2418 00:34:59,305 --> 00:35:00,098 information for them. 2419 00:35:00,098 --> 00:35:00,515 Let me make 2420 00:35:00,515 --> 00:35:01,015 the introduction 2421 00:35:01,015 --> 00:35:01,974 or let's let's schedule 2422 00:35:01,974 --> 00:35:02,642 a zoom call. 2423 00:35:02,725 --> 00:35:03,142 Let me make 2424 00:35:03,142 --> 00:35:03,684 an introduction. 2425 00:35:03,684 --> 00:35:03,935 Let's get 2426 00:35:04,018 --> 00:35:05,186 let's all get together 2427 00:35:05,269 --> 00:35:06,270 and do a call. 2428 00:35:06,354 --> 00:35:06,729 I can 2429 00:35:06,729 --> 00:35:06,979 then make 2430 00:35:06,979 --> 00:35:07,563 the introduction 2431 00:35:07,563 --> 00:35:09,065 the call, step away 2432 00:35:09,065 --> 00:35:09,482 and then let 2433 00:35:09,482 --> 00:35:10,608 you guys connect 2434 00:35:10,691 --> 00:35:12,276 and you know easy. 2435 00:35:12,276 --> 00:35:13,027 To keep track of it 2436 00:35:13,027 --> 00:35:14,112 if you're the CPA too. 2437 00:35:14,112 --> 00:35:14,320 Right. 2438 00:35:14,320 --> 00:35:15,071 You see all the money 2439 00:35:15,071 --> 00:35:15,905 coming in and out. 2440 00:35:15,905 --> 00:35:17,448 Yeah that's a good point. 2441 00:35:17,448 --> 00:35:18,449 Yeah. Awesome. 2442 00:35:18,449 --> 00:35:18,783 I think, 2443 00:35:18,866 --> 00:35:19,784 coaching programs do. 2444 00:35:19,784 --> 00:35:20,076 I think that 2445 00:35:20,076 --> 00:35:20,910 might be a thing? 2446 00:35:20,993 --> 00:35:21,285 Anyway, 2447 00:35:21,285 --> 00:35:22,370 we got to move on. 2448 00:35:22,453 --> 00:35:23,704 We got to talk about the, 2449 00:35:25,039 --> 00:35:26,624 our Bebe. 2450 00:35:26,707 --> 00:35:28,501 Bebe. Bebe. Bebe. 2451 00:35:28,584 --> 00:35:28,835 No. 2452 00:35:28,835 --> 00:35:30,795 The big, beautiful bill. 2453 00:35:30,878 --> 00:35:31,796 I do want to preface. 2454 00:35:31,796 --> 00:35:32,130 This, though. 2455 00:35:32,130 --> 00:35:32,964 I'll give everyone 2456 00:35:32,964 --> 00:35:34,090 if they want. 2457 00:35:34,173 --> 00:35:35,633 In the. Beginning. 2458 00:35:35,716 --> 00:35:36,717 If you want to talk about 2459 00:35:36,717 --> 00:35:37,718 the bill in general, 2460 00:35:37,718 --> 00:35:38,052 if you want 2461 00:35:38,052 --> 00:35:38,803 to talk about, 2462 00:35:38,845 --> 00:35:39,846 like, any issues 2463 00:35:39,846 --> 00:35:41,222 you have with the bill, 2464 00:35:41,305 --> 00:35:42,265 get it out of your system 2465 00:35:42,265 --> 00:35:42,849 in the beginning. 2466 00:35:42,849 --> 00:35:43,266 Because then 2467 00:35:43,266 --> 00:35:44,016 I want to just shift 2468 00:35:44,016 --> 00:35:45,017 on only talking 2469 00:35:45,017 --> 00:35:46,060 about real estate stuff. 2470 00:35:46,060 --> 00:35:47,436 So obviously there's 2471 00:35:47,436 --> 00:35:48,146 a lot of critics 2472 00:35:48,146 --> 00:35:48,729 of the bill, 2473 00:35:48,729 --> 00:35:50,690 mainly about the fact 2474 00:35:50,690 --> 00:35:50,982 that they're 2475 00:35:50,982 --> 00:35:52,358 not even hiding 2476 00:35:52,441 --> 00:35:54,235 that this bill is adding 2477 00:35:54,277 --> 00:35:54,944 to the deficit, 2478 00:35:54,944 --> 00:35:55,820 at least back in the day. 2479 00:35:55,820 --> 00:35:56,445 They used to hide 2480 00:35:56,445 --> 00:35:56,821 it, right? 2481 00:35:56,821 --> 00:35:57,738 They used to say, oh, 2482 00:35:57,780 --> 00:35:59,323 this is, 2483 00:35:59,407 --> 00:36:00,074 we're going to pay 2484 00:36:00,074 --> 00:36:00,741 for these, 2485 00:36:00,825 --> 00:36:01,868 these tax cuts 2486 00:36:01,868 --> 00:36:03,327 by it's going to increase 2487 00:36:03,327 --> 00:36:04,662 business activity here. 2488 00:36:04,662 --> 00:36:05,204 And the 2489 00:36:05,288 --> 00:36:06,706 increase in tax revenues 2490 00:36:06,706 --> 00:36:07,248 there is going 2491 00:36:07,248 --> 00:36:07,874 to pay for it 2492 00:36:07,874 --> 00:36:09,208 over the next ten years 2493 00:36:09,292 --> 00:36:10,126 that like, 2494 00:36:10,209 --> 00:36:11,586 you know, kept them 2495 00:36:11,669 --> 00:36:12,253 being able 2496 00:36:12,253 --> 00:36:13,796 to keep on a brave face 2497 00:36:13,796 --> 00:36:14,172 and saying 2498 00:36:14,172 --> 00:36:14,672 this isn't going 2499 00:36:14,672 --> 00:36:15,631 to increase the deficit. 2500 00:36:15,673 --> 00:36:15,965 Now, they're 2501 00:36:15,965 --> 00:36:16,549 not even trying. 2502 00:36:16,549 --> 00:36:17,383 This is just a 2503 00:36:17,383 --> 00:36:18,134 deficit bill, 2504 00:36:18,176 --> 00:36:19,177 but we need to 2505 00:36:19,177 --> 00:36:19,927 get something done. 2506 00:36:19,927 --> 00:36:21,095 And it is 2507 00:36:21,179 --> 00:36:22,180 beneficial for real 2508 00:36:22,180 --> 00:36:23,806 estate investors. So, 2509 00:36:25,016 --> 00:36:25,808 Jay, I'll let 2510 00:36:25,808 --> 00:36:26,642 you you know, 2511 00:36:26,684 --> 00:36:27,435 I'm sure 2512 00:36:27,435 --> 00:36:28,186 you got some issues 2513 00:36:28,186 --> 00:36:29,103 with it to start, 2514 00:36:29,103 --> 00:36:29,979 but everyone 2515 00:36:29,979 --> 00:36:30,563 kind of gets there. 2516 00:36:30,563 --> 00:36:31,355 One thing to say. 2517 00:36:31,355 --> 00:36:31,814 And then we're going 2518 00:36:31,814 --> 00:36:32,273 to just talk 2519 00:36:32,273 --> 00:36:32,982 about real estate. 2520 00:36:33,065 --> 00:36:34,108 I don't have my issues. 2521 00:36:34,108 --> 00:36:35,902 I mean, the bill is, 2522 00:36:35,985 --> 00:36:37,570 I it's no better or worse 2523 00:36:37,570 --> 00:36:38,446 than any of the, 2524 00:36:38,446 --> 00:36:39,488 the crap the, 2525 00:36:39,488 --> 00:36:40,740 the Democrats passed 2526 00:36:40,740 --> 00:36:41,866 the last four years 2527 00:36:41,866 --> 00:36:43,117 and overspent and, 2528 00:36:43,117 --> 00:36:44,493 and put in their pork 2529 00:36:44,493 --> 00:36:47,038 and their pet projects. 2530 00:36:47,121 --> 00:36:47,622 I mean, 2531 00:36:47,705 --> 00:36:48,623 my biggest problem 2532 00:36:48,623 --> 00:36:50,416 is, is just like on 2533 00:36:50,416 --> 00:36:51,000 the other side 2534 00:36:51,000 --> 00:36:52,043 is, is the, 2535 00:36:52,126 --> 00:36:54,754 excuse me, the hypocrisy. 2536 00:36:54,879 --> 00:36:55,588 We talk about 2537 00:36:55,588 --> 00:36:56,172 we've got to 2538 00:36:56,172 --> 00:36:57,423 cut the deficit, 2539 00:36:57,506 --> 00:36:58,507 and we listened 2540 00:36:58,507 --> 00:36:59,217 for six months 2541 00:36:59,217 --> 00:37:00,009 about how Doge 2542 00:37:00,009 --> 00:37:00,301 was going 2543 00:37:00,301 --> 00:37:01,093 to save the country, 2544 00:37:01,093 --> 00:37:02,178 because if we didn't 2545 00:37:02,178 --> 00:37:03,221 get the debt down, 2546 00:37:03,221 --> 00:37:04,013 we're going to implode. 2547 00:37:04,013 --> 00:37:05,014 And, now 2548 00:37:05,014 --> 00:37:06,224 we're adding 3 trillion. 2549 00:37:06,224 --> 00:37:07,934 And we talked about, 2550 00:37:08,017 --> 00:37:08,976 how we need to get rid 2551 00:37:08,976 --> 00:37:10,228 of all of these big bills 2552 00:37:10,228 --> 00:37:10,728 and we need to have 2553 00:37:10,728 --> 00:37:11,729 single issue bills 2554 00:37:11,729 --> 00:37:12,396 because it's too easy 2555 00:37:12,396 --> 00:37:13,356 to hide stuff in there. 2556 00:37:13,356 --> 00:37:13,898 And now we have 2557 00:37:13,898 --> 00:37:14,982 the one big, 2558 00:37:15,066 --> 00:37:16,484 beautiful bill. 2559 00:37:16,567 --> 00:37:17,276 There are big bills 2560 00:37:17,276 --> 00:37:17,485 in there, 2561 00:37:17,485 --> 00:37:18,444 beautiful bills there. 2562 00:37:18,486 --> 00:37:19,153 There are no big, 2563 00:37:19,153 --> 00:37:19,862 beautiful bills. 2564 00:37:21,280 --> 00:37:22,073 And then. 2565 00:37:22,156 --> 00:37:22,323 It's. 2566 00:37:22,323 --> 00:37:23,866 Impossible for like, 2567 00:37:23,950 --> 00:37:25,326 these senators and. 2568 00:37:25,326 --> 00:37:25,701 Congressmen. 2569 00:37:25,701 --> 00:37:26,452 And I get it. 2570 00:37:26,452 --> 00:37:26,786 It was the 2571 00:37:26,786 --> 00:37:27,370 it was literally 2572 00:37:27,370 --> 00:37:27,912 the only way 2573 00:37:27,912 --> 00:37:29,121 to pass the bill, 2574 00:37:29,205 --> 00:37:29,747 because of the 2575 00:37:29,747 --> 00:37:31,207 reconciliation process 2576 00:37:31,207 --> 00:37:31,832 and getting the debt 2577 00:37:31,832 --> 00:37:33,167 limit increased. 2578 00:37:33,251 --> 00:37:34,752 It had to be this way 2579 00:37:34,752 --> 00:37:37,338 or it had to be, 2580 00:37:37,463 --> 00:37:38,839 180 degrees different. 2581 00:37:38,839 --> 00:37:40,007 And then the. 2582 00:37:40,091 --> 00:37:40,675 Taylor Green 2583 00:37:40,675 --> 00:37:41,509 that like six days 2584 00:37:41,509 --> 00:37:42,260 after she voted 2585 00:37:42,260 --> 00:37:42,885 yes for it, 2586 00:37:42,885 --> 00:37:43,719 she came back and be. 2587 00:37:43,719 --> 00:37:43,844 Like, 2588 00:37:43,844 --> 00:37:45,054 I didn't realize that 2589 00:37:45,137 --> 00:37:46,097 this was in the bill 2590 00:37:46,097 --> 00:37:46,764 that I voted. For. 2591 00:37:46,764 --> 00:37:47,014 I mean, 2592 00:37:47,014 --> 00:37:48,099 it was the Nancy Pelosi. 2593 00:37:48,099 --> 00:37:48,849 You got to pass it 2594 00:37:48,849 --> 00:37:49,558 before it, 2595 00:37:49,642 --> 00:37:50,685 before you, 2596 00:37:50,768 --> 00:37:52,144 before you can find. 2597 00:37:52,144 --> 00:37:52,311 Out, 2598 00:37:52,395 --> 00:37:52,853 you can actually 2599 00:37:52,853 --> 00:37:53,354 upload it, 2600 00:37:53,354 --> 00:37:53,980 you can upload it 2601 00:37:53,980 --> 00:37:54,730 to ChatGPT 2602 00:37:54,814 --> 00:37:55,481 and then ask it 2603 00:37:55,481 --> 00:37:56,232 real fast, like, 2604 00:37:56,232 --> 00:37:56,565 hey, what's 2605 00:37:56,565 --> 00:37:57,692 in this thing? Yep. 2606 00:37:57,733 --> 00:37:58,693 And then the last 2607 00:37:58,776 --> 00:37:59,652 piece is just, 2608 00:37:59,694 --> 00:38:01,821 I hate the Medicaid cuts. 2609 00:38:01,904 --> 00:38:02,655 They're they're 2610 00:38:02,738 --> 00:38:03,281 I mean, 2611 00:38:03,281 --> 00:38:04,240 we talk in this country 2612 00:38:04,240 --> 00:38:05,616 about how it 2613 00:38:05,616 --> 00:38:06,409 how important it is 2614 00:38:06,409 --> 00:38:07,785 to protect kids 2615 00:38:07,785 --> 00:38:08,786 and protect people 2616 00:38:08,786 --> 00:38:09,161 that can't 2617 00:38:09,161 --> 00:38:09,954 protect themselves. 2618 00:38:09,954 --> 00:38:10,496 And I 2619 00:38:10,579 --> 00:38:10,746 there are 2620 00:38:10,746 --> 00:38:11,414 plenty of people 2621 00:38:11,414 --> 00:38:12,164 that that 2622 00:38:12,164 --> 00:38:14,375 that suck off the tide of 2623 00:38:14,375 --> 00:38:15,042 the government 2624 00:38:15,042 --> 00:38:16,627 and are collecting, 2625 00:38:16,711 --> 00:38:17,420 entitlements 2626 00:38:17,420 --> 00:38:18,504 that they don't deserve. 2627 00:38:18,504 --> 00:38:19,130 And people 2628 00:38:19,130 --> 00:38:19,964 that could be working, 2629 00:38:19,964 --> 00:38:20,548 that aren't working. 2630 00:38:20,548 --> 00:38:21,132 But there are also 2631 00:38:21,132 --> 00:38:21,549 plenty of 2632 00:38:21,549 --> 00:38:22,425 people out there 2633 00:38:22,508 --> 00:38:23,634 that that really 2634 00:38:23,634 --> 00:38:24,677 can't protect themselves. 2635 00:38:24,677 --> 00:38:26,262 Kids, old people, 2636 00:38:26,345 --> 00:38:27,805 disabled people and 2637 00:38:27,847 --> 00:38:28,806 cutting Medicaid 2638 00:38:28,806 --> 00:38:30,182 and even Medicare. 2639 00:38:30,266 --> 00:38:30,683 A lot of people 2640 00:38:30,683 --> 00:38:31,517 don't realize this bill 2641 00:38:31,517 --> 00:38:32,226 cut Medicare, 2642 00:38:32,226 --> 00:38:34,312 not within the bill. 2643 00:38:34,395 --> 00:38:35,146 But based on 2644 00:38:35,146 --> 00:38:35,980 the reconciliation 2645 00:38:35,980 --> 00:38:36,647 process, it's 2646 00:38:36,647 --> 00:38:37,398 going to be required 2647 00:38:37,398 --> 00:38:37,690 to cut 2648 00:38:37,690 --> 00:38:38,899 about 400 billion 2649 00:38:38,899 --> 00:38:40,234 in Medicare, 2650 00:38:40,318 --> 00:38:40,735 just to get 2651 00:38:40,735 --> 00:38:41,569 the numbers to work. 2652 00:38:41,569 --> 00:38:43,237 And so I don't like that. 2653 00:38:43,237 --> 00:38:44,196 But again, 2654 00:38:44,196 --> 00:38:45,448 I don't blame 2655 00:38:45,531 --> 00:38:46,365 Republicans 2656 00:38:46,365 --> 00:38:47,325 any more than 2657 00:38:47,325 --> 00:38:48,200 than Democrats, 2658 00:38:48,200 --> 00:38:48,576 who did the 2659 00:38:48,576 --> 00:38:49,493 exact same thing 2660 00:38:49,493 --> 00:38:50,870 for four years before. 2661 00:38:50,953 --> 00:38:51,704 Pisses me off 2662 00:38:51,704 --> 00:38:52,997 on both sides equally. 2663 00:38:53,080 --> 00:38:53,331 Yeah. 2664 00:38:53,331 --> 00:38:54,790 I guess when you talk. 2665 00:38:54,790 --> 00:38:55,583 About hypocrisy, 2666 00:38:55,583 --> 00:38:56,834 I like my problem 2667 00:38:56,834 --> 00:38:57,585 with the Medicaid 2668 00:38:57,585 --> 00:38:58,502 and the Snap 2669 00:38:58,502 --> 00:38:59,337 and all that stuff is 2670 00:38:59,337 --> 00:38:59,795 what they did is 2671 00:38:59,795 --> 00:39:00,504 they added a shit 2672 00:39:00,504 --> 00:39:01,505 ton of red tape, right? 2673 00:39:01,505 --> 00:39:02,214 Like they 2674 00:39:02,298 --> 00:39:03,132 yeah, there's actually 2675 00:39:03,132 --> 00:39:04,175 no cuts to Medicaid 2676 00:39:04,175 --> 00:39:05,343 or Medicare. None. 2677 00:39:05,426 --> 00:39:06,677 Well, so. 2678 00:39:06,761 --> 00:39:08,179 But de facto they 2679 00:39:08,262 --> 00:39:09,889 they're not. Dumb. Right. 2680 00:39:09,972 --> 00:39:11,015 If you add red 2681 00:39:11,015 --> 00:39:12,433 tape and more steps 2682 00:39:12,433 --> 00:39:13,392 and you know 2683 00:39:13,476 --> 00:39:14,143 go to monthly 2684 00:39:14,143 --> 00:39:15,269 reporting go to 2685 00:39:15,353 --> 00:39:16,687 to instead of quarterly, 2686 00:39:16,687 --> 00:39:16,937 you go 2687 00:39:16,937 --> 00:39:17,813 you make 2688 00:39:17,813 --> 00:39:18,814 all these changes. 2689 00:39:18,898 --> 00:39:20,566 They know the data 2690 00:39:20,649 --> 00:39:23,110 by by default. 2691 00:39:23,110 --> 00:39:23,778 When you make 2692 00:39:23,778 --> 00:39:24,653 those changes, 2693 00:39:24,653 --> 00:39:25,696 less people 2694 00:39:25,696 --> 00:39:27,365 are going to use it 2695 00:39:27,365 --> 00:39:27,990 because it is 2696 00:39:27,990 --> 00:39:29,450 harder to use. 2697 00:39:29,533 --> 00:39:32,119 And I know Republicans 2698 00:39:32,620 --> 00:39:33,621 know that 2699 00:39:33,704 --> 00:39:34,872 because when it comes 2700 00:39:34,872 --> 00:39:36,082 to cutting red tape 2701 00:39:36,082 --> 00:39:37,500 for small businesses, 2702 00:39:37,583 --> 00:39:38,125 the exact. 2703 00:39:38,125 --> 00:39:39,168 Same senators and. 2704 00:39:39,251 --> 00:39:40,252 Exact same Congress 2705 00:39:40,252 --> 00:39:41,003 people. 2706 00:39:41,087 --> 00:39:42,338 Will scream 2707 00:39:42,338 --> 00:39:42,755 at the top 2708 00:39:42,755 --> 00:39:43,672 of their lungs about. 2709 00:39:43,672 --> 00:39:44,924 How we have to cut down 2710 00:39:44,924 --> 00:39:45,508 the red tape. 2711 00:39:45,508 --> 00:39:46,467 We have to cut down 2712 00:39:46,467 --> 00:39:47,259 all the procedures 2713 00:39:47,259 --> 00:39:47,885 that have to be done 2714 00:39:47,885 --> 00:39:48,135 for these 2715 00:39:48,135 --> 00:39:49,053 small businesses, 2716 00:39:49,136 --> 00:39:49,512 because these 2717 00:39:49,512 --> 00:39:50,137 small businesses 2718 00:39:50,137 --> 00:39:50,805 are hurting. 2719 00:39:50,888 --> 00:39:52,264 But when it comes to 2720 00:39:52,348 --> 00:39:53,557 people on Medicaid, 2721 00:39:53,557 --> 00:39:54,350 when it comes to people 2722 00:39:54,350 --> 00:39:55,017 who need the Snap 2723 00:39:55,017 --> 00:39:55,976 programs, 2724 00:39:56,060 --> 00:39:56,644 they're doing the 2725 00:39:56,644 --> 00:39:57,478 exact opposite 2726 00:39:57,478 --> 00:39:58,396 where they're adding more 2727 00:39:58,396 --> 00:39:59,230 red tape. 2728 00:39:59,313 --> 00:40:00,981 And I would argue 2729 00:40:01,065 --> 00:40:01,607 the people 2730 00:40:01,607 --> 00:40:02,733 who are 2731 00:40:02,817 --> 00:40:03,692 the least likely 2732 00:40:03,692 --> 00:40:04,568 to be able to, 2733 00:40:04,610 --> 00:40:05,653 like, upload 2734 00:40:05,653 --> 00:40:06,320 a PDF, 2735 00:40:06,320 --> 00:40:07,571 that sounds very easy 2736 00:40:07,571 --> 00:40:08,280 for us to do. 2737 00:40:08,280 --> 00:40:09,073 Oh, all you have to do 2738 00:40:09,073 --> 00:40:10,199 is upload a PDF, 2739 00:40:10,199 --> 00:40:10,449 and all 2740 00:40:10,449 --> 00:40:11,367 you have to do is, 2741 00:40:11,450 --> 00:40:11,700 you know, 2742 00:40:11,700 --> 00:40:12,618 there's just a few steps 2743 00:40:12,618 --> 00:40:13,953 you have to do online. 2744 00:40:14,036 --> 00:40:15,996 But for low income people 2745 00:40:15,996 --> 00:40:16,414 who maybe 2746 00:40:16,414 --> 00:40:17,289 don't have internet 2747 00:40:17,373 --> 00:40:17,873 access, 2748 00:40:17,873 --> 00:40:18,374 they go to a 2749 00:40:18,457 --> 00:40:19,333 local library 2750 00:40:19,333 --> 00:40:19,834 to do this 2751 00:40:19,834 --> 00:40:20,876 and stuff like it's 2752 00:40:20,876 --> 00:40:22,420 it's it's a huge hurdle 2753 00:40:22,420 --> 00:40:23,087 for them to cross. 2754 00:40:23,087 --> 00:40:24,338 So the what 2755 00:40:24,380 --> 00:40:25,881 new steps were added? 2756 00:40:25,965 --> 00:40:27,299 Well more. Reporting. 2757 00:40:27,299 --> 00:40:27,925 First of all, 2758 00:40:27,925 --> 00:40:28,717 you have to check in 2759 00:40:28,717 --> 00:40:29,427 every month 2760 00:40:29,510 --> 00:40:30,970 instead of, quarterly. 2761 00:40:32,430 --> 00:40:33,848 As far as. 2762 00:40:33,931 --> 00:40:34,390 What do you have 2763 00:40:34,390 --> 00:40:35,599 to check in for? 2764 00:40:35,683 --> 00:40:36,517 So I know there's more 2765 00:40:36,517 --> 00:40:37,476 verification of 2766 00:40:37,476 --> 00:40:38,519 the current rules. 2767 00:40:38,519 --> 00:40:40,312 So you have to abide by 2768 00:40:40,396 --> 00:40:41,147 current rules, 2769 00:40:41,147 --> 00:40:41,772 which there were 2770 00:40:41,772 --> 00:40:43,816 no recourse for prior. 2771 00:40:43,816 --> 00:40:45,192 But but the was. 2772 00:40:45,276 --> 00:40:46,026 Just, as you said, 2773 00:40:46,026 --> 00:40:46,902 the verification. 2774 00:40:46,902 --> 00:40:47,111 There's 2775 00:40:47,111 --> 00:40:48,070 so many more steps 2776 00:40:48,070 --> 00:40:49,113 to get things verified 2777 00:40:49,113 --> 00:40:49,572 and there's so 2778 00:40:49,572 --> 00:40:50,448 many stories. 2779 00:40:50,531 --> 00:40:51,282 Verification 2780 00:40:51,282 --> 00:40:52,533 is every single other 2781 00:40:52,533 --> 00:40:53,576 government entity 2782 00:40:53,576 --> 00:40:54,285 now where it 2783 00:40:54,285 --> 00:40:55,286 didn't before. 2784 00:40:55,369 --> 00:40:56,662 So I actually built 2785 00:40:56,662 --> 00:40:57,413 a whole thing out of this 2786 00:40:57,413 --> 00:40:58,289 because I was shocked 2787 00:40:58,289 --> 00:40:59,331 when I heard 2788 00:40:59,331 --> 00:41:00,291 about all the Medicaid 2789 00:41:00,374 --> 00:41:01,333 and Medicare cuts. 2790 00:41:01,333 --> 00:41:02,751 I'm like, what the heck? 2791 00:41:02,835 --> 00:41:03,669 But there's actually 2792 00:41:03,669 --> 00:41:06,255 no other government, 2793 00:41:06,464 --> 00:41:07,173 at all. 2794 00:41:07,173 --> 00:41:09,341 Not one that we have 2795 00:41:09,425 --> 00:41:10,718 that allows 2796 00:41:10,718 --> 00:41:12,386 for the government 2797 00:41:12,470 --> 00:41:13,304 to not 2798 00:41:13,387 --> 00:41:14,847 to disperse benefits 2799 00:41:14,847 --> 00:41:15,848 without having 2800 00:41:15,848 --> 00:41:16,724 those things. 2801 00:41:16,807 --> 00:41:17,558 So if you look 2802 00:41:17,558 --> 00:41:18,851 at everything from child 2803 00:41:18,851 --> 00:41:20,019 tax credit, 2804 00:41:20,102 --> 00:41:20,853 earned income 2805 00:41:20,853 --> 00:41:21,395 tax credit, 2806 00:41:21,395 --> 00:41:22,646 stimulus checks, mortgage 2807 00:41:22,646 --> 00:41:24,273 deductions, student 2808 00:41:24,356 --> 00:41:25,357 loan forgiveness, 2809 00:41:25,357 --> 00:41:26,567 Medicare enrollment, 2810 00:41:26,650 --> 00:41:28,027 VA health care, ACA 2811 00:41:28,027 --> 00:41:28,986 subsidies, Cobra 2812 00:41:28,986 --> 00:41:29,904 coverage, retirement 2813 00:41:29,904 --> 00:41:32,490 benefits, SSDI, SSI 2814 00:41:32,573 --> 00:41:34,408 for a s, a section 2815 00:41:34,408 --> 00:41:35,618 eight housing snap. 2816 00:41:35,701 --> 00:41:37,328 The new Medicare rules 2817 00:41:37,328 --> 00:41:39,872 abides those 2818 00:41:39,955 --> 00:41:40,664 all of those 2819 00:41:40,664 --> 00:41:41,790 you cannot get 2820 00:41:41,790 --> 00:41:43,167 if you do not do it. 2821 00:41:43,250 --> 00:41:44,627 But Medicaid did. 2822 00:41:44,710 --> 00:41:45,920 So now you have to follow 2823 00:41:45,920 --> 00:41:47,046 the same rules 2824 00:41:47,046 --> 00:41:47,755 that we had to 2825 00:41:47,755 --> 00:41:49,423 for everything else. 2826 00:41:49,507 --> 00:41:51,467 And I mean. But like in. 2827 00:41:51,467 --> 00:41:52,092 General, though, 2828 00:41:52,092 --> 00:41:52,760 there's expanded 2829 00:41:52,760 --> 00:41:53,385 work report 2830 00:41:53,469 --> 00:41:54,845 reporting requirements. 2831 00:41:54,929 --> 00:41:55,888 People have to work 2832 00:41:55,971 --> 00:41:57,890 more like they have. 2833 00:41:57,973 --> 00:41:59,141 They have to work longer 2834 00:41:59,141 --> 00:42:00,601 so they don't have to. 2835 00:42:00,601 --> 00:42:03,187 Verify the work hours. 2836 00:42:03,687 --> 00:42:05,189 But the requirements for 2837 00:42:05,272 --> 00:42:05,648 they now, 2838 00:42:05,648 --> 00:42:06,315 I think, what is it, 2839 00:42:06,315 --> 00:42:06,982 eight, 80, 2840 00:42:07,066 --> 00:42:08,734 80 hours a month now 2841 00:42:08,776 --> 00:42:10,361 they upped the age. 2842 00:42:10,361 --> 00:42:11,987 So now it goes up to 65. 2843 00:42:12,029 --> 00:42:14,156 It was 60. It was 55. 2844 00:42:14,240 --> 00:42:16,158 They have to 2845 00:42:16,242 --> 00:42:17,535 what else was there? 2846 00:42:17,618 --> 00:42:18,035 I don't know, 2847 00:42:18,035 --> 00:42:19,453 I think I'm not going to 2848 00:42:19,537 --> 00:42:20,621 I wasn't prepared to 2849 00:42:20,621 --> 00:42:21,330 to have to list 2850 00:42:21,330 --> 00:42:22,456 all of these. 2851 00:42:22,540 --> 00:42:23,415 But I do remember 2852 00:42:23,415 --> 00:42:24,333 looking through it all 2853 00:42:24,333 --> 00:42:24,875 and just saying, 2854 00:42:24,875 --> 00:42:25,626 this is a lot more 2855 00:42:25,626 --> 00:42:26,293 red tape. 2856 00:42:26,377 --> 00:42:26,919 This is a lot 2857 00:42:26,919 --> 00:42:28,003 more frequent. 2858 00:42:28,087 --> 00:42:28,921 And for people 2859 00:42:28,921 --> 00:42:29,838 who are on the low 2860 00:42:29,838 --> 00:42:30,839 end of the 2861 00:42:30,923 --> 00:42:32,550 on the poverty scale, 2862 00:42:32,633 --> 00:42:33,467 a lot of these people 2863 00:42:33,467 --> 00:42:33,968 aren't very good 2864 00:42:33,968 --> 00:42:34,426 at this stuff 2865 00:42:34,426 --> 00:42:35,386 anyway, and 2866 00:42:35,386 --> 00:42:36,845 it's just going to 2867 00:42:36,929 --> 00:42:39,682 they know that creating. 2868 00:42:39,848 --> 00:42:40,599 More. 2869 00:42:40,683 --> 00:42:42,226 Reporting requirements, 2870 00:42:42,309 --> 00:42:42,851 more red 2871 00:42:42,851 --> 00:42:44,186 tape is going to lead 2872 00:42:44,186 --> 00:42:45,396 to a lot of people 2873 00:42:45,396 --> 00:42:46,689 not being able to do it, 2874 00:42:46,772 --> 00:42:47,523 because, as I said, 2875 00:42:47,523 --> 00:42:48,732 they argue that exact 2876 00:42:48,732 --> 00:42:49,275 same thing 2877 00:42:49,275 --> 00:42:50,484 when it comes to 2878 00:42:50,568 --> 00:42:51,193 when it comes 2879 00:42:51,193 --> 00:42:52,444 to small businesses, 2880 00:42:52,528 --> 00:42:53,362 small businesses, 2881 00:42:53,362 --> 00:42:53,862 when they come 2882 00:42:53,862 --> 00:42:54,572 up for cuts 2883 00:42:54,572 --> 00:42:57,116 and then and, and for, 2884 00:42:57,199 --> 00:42:57,908 more reporting 2885 00:42:57,908 --> 00:42:58,784 requirements for 2886 00:42:58,826 --> 00:42:59,535 things like that. 2887 00:42:59,535 --> 00:43:00,202 They all scream 2888 00:43:00,202 --> 00:43:01,161 at the top of their lungs 2889 00:43:01,161 --> 00:43:01,662 that they 2890 00:43:01,704 --> 00:43:03,205 we need to cut the, 2891 00:43:03,289 --> 00:43:04,039 regulations. 2892 00:43:04,039 --> 00:43:05,165 We got to cut red tape. 2893 00:43:05,165 --> 00:43:05,916 We got to cut 2894 00:43:06,000 --> 00:43:07,126 reporting requirements, 2895 00:43:07,126 --> 00:43:07,543 we got to cut 2896 00:43:07,543 --> 00:43:08,168 all these things. 2897 00:43:08,168 --> 00:43:09,503 It's it's too cumbersome 2898 00:43:09,503 --> 00:43:09,795 for these 2899 00:43:09,795 --> 00:43:11,005 small businesses. 2900 00:43:11,088 --> 00:43:11,589 They're getting 2901 00:43:11,589 --> 00:43:12,673 overburdened. 2902 00:43:12,756 --> 00:43:13,716 But at the same point, 2903 00:43:13,716 --> 00:43:14,174 they're saying 2904 00:43:14,174 --> 00:43:15,009 this is a good idea. 2905 00:43:15,009 --> 00:43:15,843 So I guess 2906 00:43:15,843 --> 00:43:16,385 that's my problem. 2907 00:43:16,385 --> 00:43:16,802 And I want 2908 00:43:16,885 --> 00:43:17,636 I want to get 2909 00:43:17,678 --> 00:43:18,345 to the real issue stuff. 2910 00:43:18,387 --> 00:43:19,597 But I do want to say one 2911 00:43:19,597 --> 00:43:20,806 because I want my one. 2912 00:43:20,806 --> 00:43:21,181 Cut it. 2913 00:43:21,223 --> 00:43:21,765 The non 2914 00:43:21,765 --> 00:43:22,558 real estate stuff. 2915 00:43:22,558 --> 00:43:23,475 But like this 2916 00:43:23,475 --> 00:43:24,310 I think highlights 2917 00:43:24,310 --> 00:43:25,561 like all these let's 2918 00:43:25,561 --> 00:43:26,729 just take Medicaid 2919 00:43:26,729 --> 00:43:27,104 like everybody 2920 00:43:27,104 --> 00:43:27,646 is talking about. 2921 00:43:27,646 --> 00:43:28,606 Let's just even assume 2922 00:43:28,606 --> 00:43:28,772 there's 2923 00:43:28,772 --> 00:43:30,149 some sort of cuts. 2924 00:43:30,232 --> 00:43:31,483 What pisses me off 2925 00:43:31,483 --> 00:43:32,067 and this is just 2926 00:43:32,067 --> 00:43:32,526 this is not 2927 00:43:32,526 --> 00:43:33,777 just this bill, 2928 00:43:33,777 --> 00:43:34,236 but it's just 2929 00:43:34,236 --> 00:43:35,487 throughout history. 2930 00:43:35,487 --> 00:43:36,071 Right. 2931 00:43:36,155 --> 00:43:36,614 And so you start 2932 00:43:36,614 --> 00:43:37,406 looking at the pork 2933 00:43:37,406 --> 00:43:38,073 barrel, right? 2934 00:43:38,073 --> 00:43:39,158 That's crap 2935 00:43:39,158 --> 00:43:39,491 that the 2936 00:43:39,491 --> 00:43:40,409 federal government 2937 00:43:40,409 --> 00:43:41,910 that our taxpayer dollars 2938 00:43:41,910 --> 00:43:42,911 are going towards, 2939 00:43:42,995 --> 00:43:43,954 every dollar 2940 00:43:43,954 --> 00:43:44,830 that's going towards 2941 00:43:44,830 --> 00:43:45,706 one of these pork 2942 00:43:45,706 --> 00:43:46,457 barrels is a dollar 2943 00:43:46,457 --> 00:43:46,790 that could have 2944 00:43:46,790 --> 00:43:47,499 gone to Medicaid, 2945 00:43:47,499 --> 00:43:48,417 it could have gone to 2946 00:43:48,459 --> 00:43:49,043 the homeless. 2947 00:43:49,043 --> 00:43:49,460 It could have gone 2948 00:43:49,460 --> 00:43:50,586 to whatever your causes. 2949 00:43:50,586 --> 00:43:50,961 It could have gone 2950 00:43:50,961 --> 00:43:51,670 to that, 2951 00:43:51,754 --> 00:43:52,421 the one that 2952 00:43:52,421 --> 00:43:53,255 stands out the most. 2953 00:43:53,255 --> 00:43:54,006 And there's probably 2954 00:43:54,006 --> 00:43:54,590 and I'm not prepared 2955 00:43:54,590 --> 00:43:55,049 to talk about it. 2956 00:43:55,049 --> 00:43:55,299 There's like 2957 00:43:55,299 --> 00:43:56,592 100 of them is 2958 00:43:56,592 --> 00:43:57,885 like we're spending 2959 00:43:57,968 --> 00:43:58,927 think about this. 2960 00:43:59,011 --> 00:43:59,887 And I know it sounds like 2961 00:43:59,887 --> 00:44:00,638 not a lot of money, 2962 00:44:00,638 --> 00:44:03,432 but $85 million 2963 00:44:03,724 --> 00:44:04,725 to transport 2964 00:44:04,725 --> 00:44:05,934 the space shuttle 2965 00:44:06,018 --> 00:44:07,227 from the Smithsonian 2966 00:44:07,227 --> 00:44:08,562 to some other museum 2967 00:44:08,562 --> 00:44:09,647 in Texas, like 2968 00:44:09,647 --> 00:44:10,397 in Houston, Texas. 2969 00:44:11,482 --> 00:44:12,816 The the government 2970 00:44:12,816 --> 00:44:13,692 is spending money, 2971 00:44:13,692 --> 00:44:14,401 not private, 2972 00:44:14,401 --> 00:44:14,860 not charity 2973 00:44:14,860 --> 00:44:15,444 like the government 2974 00:44:15,444 --> 00:44:17,112 spending PBS and the, 2975 00:44:17,112 --> 00:44:17,321 you know, 2976 00:44:17,321 --> 00:44:17,946 the public 2977 00:44:17,946 --> 00:44:18,739 broadcast system. 2978 00:44:18,739 --> 00:44:19,156 Like I don't know 2979 00:44:19,156 --> 00:44:19,657 even know why 2980 00:44:19,657 --> 00:44:20,741 we have a public 2981 00:44:20,783 --> 00:44:21,659 I understand 2982 00:44:21,659 --> 00:44:22,618 why we needed it, 2983 00:44:22,660 --> 00:44:23,535 you know, 50 years ago, 2984 00:44:23,535 --> 00:44:23,911 a hundred years ago. 2985 00:44:23,911 --> 00:44:24,745 But in today's 2986 00:44:24,828 --> 00:44:25,579 day and age, 2987 00:44:25,663 --> 00:44:26,622 why are we spending 2988 00:44:26,622 --> 00:44:28,457 $500 million 2989 00:44:28,540 --> 00:44:29,625 to go towards 2990 00:44:29,708 --> 00:44:30,125 public 2991 00:44:30,125 --> 00:44:31,210 broadcasting systems? 2992 00:44:31,210 --> 00:44:32,086 And the thing 2993 00:44:32,086 --> 00:44:32,586 we're not going to 2994 00:44:32,586 --> 00:44:33,253 go to Medicaid. 2995 00:44:33,337 --> 00:44:34,129 So every dollar 2996 00:44:34,129 --> 00:44:34,630 that's going to 2997 00:44:34,630 --> 00:44:35,714 these pork barrels 2998 00:44:35,714 --> 00:44:36,340 that are going to 2999 00:44:36,340 --> 00:44:37,466 the Alaska fishermen 3000 00:44:37,466 --> 00:44:38,300 so they can have me like, 3001 00:44:38,384 --> 00:44:39,760 it's so specific 3002 00:44:39,760 --> 00:44:40,844 that if you just add 3003 00:44:40,844 --> 00:44:41,804 every dollar that goes 3004 00:44:41,804 --> 00:44:42,638 that is taken away 3005 00:44:42,638 --> 00:44:43,180 from Medicaid 3006 00:44:43,180 --> 00:44:43,806 and everything else 3007 00:44:43,806 --> 00:44:44,264 that you feel 3008 00:44:44,264 --> 00:44:45,307 is important. 3009 00:44:45,391 --> 00:44:45,849 That's what 3010 00:44:45,849 --> 00:44:46,725 drives me crazy 3011 00:44:46,725 --> 00:44:47,434 about all this stuff. 3012 00:44:47,434 --> 00:44:47,976 It's like it's 3013 00:44:47,976 --> 00:44:49,061 not necessarily 3014 00:44:49,061 --> 00:44:49,687 everything else, 3015 00:44:49,687 --> 00:44:50,646 but it's like, 3016 00:44:50,646 --> 00:44:51,188 I feel like 3017 00:44:51,188 --> 00:44:51,730 we should be 3018 00:44:51,730 --> 00:44:52,690 starting the budget 3019 00:44:52,690 --> 00:44:54,191 with $0 3020 00:44:54,274 --> 00:44:55,234 and start building 3021 00:44:55,234 --> 00:44:56,735 from zero versus starting 3022 00:44:56,735 --> 00:44:57,069 from where 3023 00:44:57,069 --> 00:44:57,820 it was last year 3024 00:44:57,820 --> 00:44:58,404 and figuring out, 3025 00:44:58,404 --> 00:44:59,446 we got to cut this. 3026 00:44:59,530 --> 00:45:00,531 We got to add this like, 3027 00:45:00,531 --> 00:45:01,573 no, no, we 3028 00:45:01,573 --> 00:45:02,908 we start from zero 3029 00:45:02,991 --> 00:45:03,659 and we've got 3030 00:45:03,659 --> 00:45:05,160 $3 million of 3031 00:45:05,160 --> 00:45:06,787 or $3 trillion of revenue 3032 00:45:06,787 --> 00:45:07,955 coming in from taxes. 3033 00:45:08,038 --> 00:45:08,956 We got to figure out 3034 00:45:08,956 --> 00:45:09,498 where we are, 3035 00:45:09,498 --> 00:45:09,957 where are we going 3036 00:45:09,957 --> 00:45:11,291 to spend that 6 trillion? 3037 00:45:11,291 --> 00:45:11,625 Let's start 3038 00:45:11,625 --> 00:45:12,501 with the basics. 3039 00:45:12,584 --> 00:45:13,544 Social Security, 3040 00:45:13,544 --> 00:45:14,586 Medicaid, 3041 00:45:14,670 --> 00:45:15,587 national defense, 3042 00:45:15,587 --> 00:45:16,422 whatever interest 3043 00:45:16,422 --> 00:45:16,839 on the debt, 3044 00:45:16,839 --> 00:45:17,214 that's there's 3045 00:45:17,214 --> 00:45:17,589 certain things 3046 00:45:17,631 --> 00:45:18,841 we just can't mess around 3047 00:45:18,924 --> 00:45:19,758 and start that way. 3048 00:45:19,758 --> 00:45:20,008 Because 3049 00:45:21,051 --> 00:45:22,636 why am I paying any 3050 00:45:22,720 --> 00:45:23,178 why am I 3051 00:45:23,178 --> 00:45:23,679 paying any 3052 00:45:23,679 --> 00:45:24,304 amount of money 3053 00:45:24,304 --> 00:45:25,013 to transfer 3054 00:45:25,013 --> 00:45:26,515 the shuttle from 3055 00:45:26,598 --> 00:45:27,433 one museum 3056 00:45:27,433 --> 00:45:28,851 to another is beyond me. 3057 00:45:28,934 --> 00:45:29,309 Fair enough 3058 00:45:29,309 --> 00:45:30,352 to want to get into the. 3059 00:45:30,436 --> 00:45:31,353 The real estate, though, 3060 00:45:31,353 --> 00:45:32,187 because. 3061 00:45:32,271 --> 00:45:32,771 I mean. 3062 00:45:32,771 --> 00:45:33,021 Yeah, 3063 00:45:33,021 --> 00:45:33,605 I'd like to give 3064 00:45:33,605 --> 00:45:34,815 my criticism first, 3065 00:45:34,815 --> 00:45:35,691 and I might talk. 3066 00:45:35,774 --> 00:45:36,483 All right, go ahead, sir. 3067 00:45:36,525 --> 00:45:37,276 So, 3068 00:45:37,359 --> 00:45:37,776 first of all, 3069 00:45:37,776 --> 00:45:38,360 the criticism 3070 00:45:38,360 --> 00:45:39,611 is it's a monstrosity 3071 00:45:39,611 --> 00:45:40,154 of a bill 3072 00:45:40,237 --> 00:45:43,115 that kills the economy. 3073 00:45:44,116 --> 00:45:45,701 It destroys our ability 3074 00:45:45,701 --> 00:45:47,536 to lower interest rates. 3075 00:45:47,619 --> 00:45:48,495 Not only did they 3076 00:45:48,495 --> 00:45:49,455 not go far enough 3077 00:45:49,455 --> 00:45:50,456 on the cuts, 3078 00:45:50,539 --> 00:45:51,373 they didn't do anything. 3079 00:45:51,373 --> 00:45:52,207 They added to it. 3080 00:45:52,207 --> 00:45:53,292 It's, 3081 00:45:53,375 --> 00:45:55,461 not only hypocrisy, 3082 00:45:55,544 --> 00:45:56,503 it's disgusting. 3083 00:45:56,503 --> 00:45:58,088 And I get the argument 3084 00:45:58,088 --> 00:45:59,757 where they're like, we. 3085 00:45:59,840 --> 00:46:00,758 It wouldn't have changed 3086 00:46:00,758 --> 00:46:01,967 no matter what. 3087 00:46:02,050 --> 00:46:02,593 So we got to 3088 00:46:02,593 --> 00:46:03,218 get our stuff 3089 00:46:03,218 --> 00:46:03,886 that we wanted 3090 00:46:03,886 --> 00:46:04,303 because of how 3091 00:46:04,303 --> 00:46:05,053 it's set up. 3092 00:46:05,053 --> 00:46:05,679 But it's like, 3093 00:46:05,679 --> 00:46:06,513 you didn't even try. 3094 00:46:06,513 --> 00:46:07,055 You didn't try. 3095 00:46:07,055 --> 00:46:09,224 They they just wanted it. 3096 00:46:09,308 --> 00:46:10,392 It's disgusting. 3097 00:46:10,476 --> 00:46:11,977 And it kills the economy. 3098 00:46:11,977 --> 00:46:13,312 It's like literally 3099 00:46:13,395 --> 00:46:14,772 putting a weight, 3100 00:46:14,855 --> 00:46:15,939 like 1,000 pound 3101 00:46:15,939 --> 00:46:16,940 weight on the economy 3102 00:46:16,940 --> 00:46:18,776 and telling it to swim. 3103 00:46:18,859 --> 00:46:20,319 It destroys our ability 3104 00:46:20,319 --> 00:46:21,361 to do financing. 3105 00:46:21,361 --> 00:46:24,656 It kills any long term 3106 00:46:24,907 --> 00:46:25,949 economic gains. 3107 00:46:25,949 --> 00:46:26,325 There's a 3108 00:46:26,325 --> 00:46:27,576 direct correlation 3109 00:46:27,659 --> 00:46:29,703 with output and debt 3110 00:46:29,703 --> 00:46:31,038 over the economy. 3111 00:46:31,121 --> 00:46:33,707 You slow the economy down 3112 00:46:33,791 --> 00:46:35,876 and you kill its ability 3113 00:46:35,876 --> 00:46:36,585 to recover. 3114 00:46:36,668 --> 00:46:38,170 It's horrible. 3115 00:46:38,170 --> 00:46:39,213 It's the single thing 3116 00:46:39,213 --> 00:46:40,088 that the worst thing 3117 00:46:40,088 --> 00:46:41,089 the government could do. 3118 00:46:41,173 --> 00:46:41,965 I hate 3119 00:46:41,965 --> 00:46:42,674 almost everything 3120 00:46:42,674 --> 00:46:43,675 about it. 3121 00:46:43,759 --> 00:46:45,886 But I do actually 3122 00:46:45,886 --> 00:46:46,845 to Medicaid America. 3123 00:46:46,929 --> 00:46:48,680 That thing shocked me 3124 00:46:48,764 --> 00:46:49,973 because I thought 3125 00:46:49,973 --> 00:46:50,557 that Medicaid 3126 00:46:50,557 --> 00:46:50,933 and Medicare 3127 00:46:50,933 --> 00:46:51,433 was getting cut 3128 00:46:51,433 --> 00:46:52,059 because everybody said 3129 00:46:52,059 --> 00:46:52,851 it was. 3130 00:46:52,935 --> 00:46:54,520 There is no changes 3131 00:46:54,520 --> 00:46:55,312 in qualification 3132 00:46:55,312 --> 00:46:57,022 whatsoever for Medicare. 3133 00:46:57,105 --> 00:46:58,106 None. 3134 00:46:58,190 --> 00:46:58,899 The qualifications 3135 00:46:58,899 --> 00:46:59,608 didn't change. 3136 00:46:59,691 --> 00:47:04,321 And also for the, for it, 3137 00:47:04,613 --> 00:47:06,031 the only thing 3138 00:47:06,031 --> 00:47:07,032 that abides 3139 00:47:07,115 --> 00:47:08,617 is the already 3140 00:47:08,617 --> 00:47:10,786 previous qualifications 3141 00:47:10,869 --> 00:47:12,579 have to be done 3142 00:47:12,663 --> 00:47:13,664 and they have to be done 3143 00:47:13,664 --> 00:47:16,166 in the, certain way. 3144 00:47:16,250 --> 00:47:17,584 And so I've been having 3145 00:47:17,584 --> 00:47:18,585 this thought exercise 3146 00:47:18,585 --> 00:47:19,419 where it goes, 3147 00:47:19,503 --> 00:47:21,380 they state, well, 3148 00:47:21,463 --> 00:47:22,297 this means 3149 00:47:22,297 --> 00:47:23,298 that less people 3150 00:47:23,298 --> 00:47:25,384 will be taking out okay, 3151 00:47:25,384 --> 00:47:26,301 but if qualified 3152 00:47:26,301 --> 00:47:27,761 people can get it, 3153 00:47:27,845 --> 00:47:28,929 but they have to go 3154 00:47:28,929 --> 00:47:29,972 through the same routine. 3155 00:47:29,972 --> 00:47:30,389 And this is where 3156 00:47:30,389 --> 00:47:30,764 I started 3157 00:47:30,764 --> 00:47:31,056 to look at 3158 00:47:31,056 --> 00:47:32,015 government agencies. 3159 00:47:32,015 --> 00:47:32,724 And we're all 3160 00:47:32,766 --> 00:47:33,725 we all have to do it 3161 00:47:33,725 --> 00:47:34,476 from everything 3162 00:47:34,476 --> 00:47:36,061 from taxes to. 3163 00:47:36,144 --> 00:47:36,937 So if you don't go 3164 00:47:36,937 --> 00:47:37,145 through the 3165 00:47:37,145 --> 00:47:37,938 qualifications, 3166 00:47:37,938 --> 00:47:39,106 you don't get government 3167 00:47:39,106 --> 00:47:39,857 disbursements. 3168 00:47:39,857 --> 00:47:40,691 If you don't get 3169 00:47:40,691 --> 00:47:41,066 if you want 3170 00:47:41,066 --> 00:47:42,359 a refund on your taxes, 3171 00:47:42,442 --> 00:47:42,943 but you don't 3172 00:47:42,943 --> 00:47:43,569 do it in the right 3173 00:47:43,569 --> 00:47:44,820 time, in the right way, 3174 00:47:44,820 --> 00:47:45,779 get it certified on 3175 00:47:45,779 --> 00:47:46,738 and on. You don't get it. 3176 00:47:46,738 --> 00:47:48,198 So I, I think that's 3177 00:47:48,198 --> 00:47:49,074 the most ridiculous thing 3178 00:47:49,074 --> 00:47:49,449 in the world 3179 00:47:49,449 --> 00:47:49,908 that we hold it 3180 00:47:49,908 --> 00:47:50,284 it to, 3181 00:47:50,284 --> 00:47:51,034 but especially 3182 00:47:51,076 --> 00:47:51,910 that's presented 3183 00:47:51,910 --> 00:47:52,786 as we're cutting it. 3184 00:47:52,870 --> 00:47:54,371 Eligibility was not cut. 3185 00:47:54,371 --> 00:47:55,205 They've estimated 3186 00:47:55,205 --> 00:47:56,999 $84 billion 3187 00:47:56,999 --> 00:47:58,542 a year in fraud 3188 00:47:58,542 --> 00:47:59,668 in these programs. 3189 00:47:59,751 --> 00:48:01,879 84 billion simply. 3190 00:48:01,920 --> 00:48:02,588 Yeah, that's 3191 00:48:02,588 --> 00:48:03,755 that's 84 billion. 3192 00:48:03,755 --> 00:48:04,965 Is it like 84 3193 00:48:04,965 --> 00:48:05,924 billion is a far 3194 00:48:05,966 --> 00:48:08,510 shy of the 1.0 trillion 3195 00:48:08,594 --> 00:48:09,261 in Medicare 3196 00:48:09,261 --> 00:48:09,845 spending that 3197 00:48:09,845 --> 00:48:10,596 they're projecting 3198 00:48:10,637 --> 00:48:11,346 to go down. 3199 00:48:11,346 --> 00:48:11,972 So like 3200 00:48:12,055 --> 00:48:12,931 obviously what 3201 00:48:12,931 --> 00:48:13,974 they're cutting 3202 00:48:14,057 --> 00:48:15,225 isn't just fraud. 3203 00:48:15,309 --> 00:48:15,642 They're not 3204 00:48:15,642 --> 00:48:16,226 cutting anything. 3205 00:48:16,310 --> 00:48:16,935 So that and 3206 00:48:17,019 --> 00:48:17,352 I think 3207 00:48:17,352 --> 00:48:17,811 that's my 3208 00:48:17,811 --> 00:48:18,562 big thing with this. 3209 00:48:18,645 --> 00:48:19,897 There are no benefits I. 3210 00:48:19,897 --> 00:48:20,647 Don't know how to like. 3211 00:48:20,647 --> 00:48:22,482 I guess I can only refer 3212 00:48:22,482 --> 00:48:22,900 to all the 3213 00:48:22,900 --> 00:48:23,817 independent studies 3214 00:48:23,817 --> 00:48:24,359 that have done 3215 00:48:24,359 --> 00:48:24,818 that saying, 3216 00:48:24,818 --> 00:48:26,028 like how much like in 3217 00:48:26,028 --> 00:48:27,613 they literally say that. 3218 00:48:27,696 --> 00:48:28,363 I know that's 3219 00:48:28,363 --> 00:48:28,989 that's the crazy 3220 00:48:28,989 --> 00:48:29,406 thing about it. 3221 00:48:29,406 --> 00:48:30,157 So they say it. 3222 00:48:30,157 --> 00:48:30,949 But when you look at 3223 00:48:31,033 --> 00:48:32,492 there's no cuts 3224 00:48:32,576 --> 00:48:34,620 none the qualifications. 3225 00:48:34,703 --> 00:48:34,953 If you 3226 00:48:34,995 --> 00:48:35,287 just got to 3227 00:48:35,287 --> 00:48:35,954 upload the bill 3228 00:48:35,954 --> 00:48:37,205 to ChatGPT and ask it, 3229 00:48:37,205 --> 00:48:37,998 where does it say, 3230 00:48:37,998 --> 00:48:38,624 I mean. 3231 00:48:38,707 --> 00:48:39,458 I can't 3232 00:48:39,458 --> 00:48:41,293 I don't like everything 3233 00:48:41,293 --> 00:48:41,877 I read. 3234 00:48:41,960 --> 00:48:44,254 The word cut might be. 3235 00:48:44,254 --> 00:48:44,922 Might be the 3236 00:48:44,922 --> 00:48:46,298 this distinction. Here. 3237 00:48:47,507 --> 00:48:49,051 But they 3238 00:48:49,051 --> 00:48:50,802 but they are going to 3239 00:48:50,886 --> 00:48:52,137 their changes 3240 00:48:52,220 --> 00:48:54,222 are projecting $1 3241 00:48:54,222 --> 00:48:54,973 trillion less 3242 00:48:54,973 --> 00:48:55,515 in spending 3243 00:48:55,557 --> 00:48:57,017 towards Medicaid. 3244 00:48:57,100 --> 00:48:59,478 So you can call it 3245 00:48:59,478 --> 00:49:00,187 something different 3246 00:49:00,187 --> 00:49:01,188 than a cut, 3247 00:49:01,271 --> 00:49:01,980 but they're going to be 3248 00:49:01,980 --> 00:49:03,106 spending $1 trillion 3249 00:49:03,106 --> 00:49:03,941 less on Medicaid. 3250 00:49:03,941 --> 00:49:06,193 Not so unqualified person 3251 00:49:06,276 --> 00:49:07,903 is not eligible 3252 00:49:07,903 --> 00:49:09,029 for for it. 3253 00:49:09,112 --> 00:49:11,698 It's not the eligibility. 3254 00:49:11,865 --> 00:49:12,532 And I, 3255 00:49:12,574 --> 00:49:13,450 I'm, I'm trying 3256 00:49:13,450 --> 00:49:14,409 not to I'm trying not to 3257 00:49:14,409 --> 00:49:14,952 I know 3258 00:49:14,952 --> 00:49:15,869 I already spoke 3259 00:49:15,869 --> 00:49:17,579 my piece, but, 3260 00:49:17,663 --> 00:49:18,038 the issue, 3261 00:49:18,121 --> 00:49:18,997 the issue is that 3262 00:49:18,997 --> 00:49:20,248 the way Medicaid works 3263 00:49:20,248 --> 00:49:21,875 is that some of it's paid 3264 00:49:21,875 --> 00:49:22,626 by the government, 3265 00:49:22,626 --> 00:49:23,585 the federal government, 3266 00:49:23,585 --> 00:49:24,336 and some of it's 3267 00:49:24,336 --> 00:49:25,545 paid by the states. 3268 00:49:25,629 --> 00:49:26,588 And what the federal 3269 00:49:26,588 --> 00:49:27,255 government did in 3270 00:49:27,255 --> 00:49:28,173 this bill is it 3271 00:49:28,173 --> 00:49:29,257 said, is we're going to 3272 00:49:29,341 --> 00:49:30,425 we're going to reduce 3273 00:49:30,425 --> 00:49:31,218 the amount 3274 00:49:31,301 --> 00:49:32,386 of federal subsidy 3275 00:49:32,386 --> 00:49:33,762 to all of the states, 3276 00:49:33,845 --> 00:49:34,972 or I don't know 3277 00:49:34,972 --> 00:49:35,681 if it's all the states, 3278 00:49:35,681 --> 00:49:36,556 but at least, 3279 00:49:36,640 --> 00:49:38,433 many of the states, 3280 00:49:38,517 --> 00:49:39,726 not Alaska. 3281 00:49:39,810 --> 00:49:40,102 We're going 3282 00:49:40,102 --> 00:49:40,769 to reduce the amount 3283 00:49:40,769 --> 00:49:41,478 of subsidy 3284 00:49:41,478 --> 00:49:42,521 to many states, 3285 00:49:42,521 --> 00:49:42,938 and we're going to 3286 00:49:42,938 --> 00:49:43,689 allow the states 3287 00:49:43,689 --> 00:49:43,981 or we're going 3288 00:49:43,981 --> 00:49:45,315 to encourage the states 3289 00:49:45,399 --> 00:49:46,274 to increase 3290 00:49:46,274 --> 00:49:46,900 their spending 3291 00:49:46,942 --> 00:49:48,235 to ensure that there's 3292 00:49:48,235 --> 00:49:48,902 the same amount 3293 00:49:48,902 --> 00:49:49,820 of spending before, 3294 00:49:49,903 --> 00:49:50,278 but it's 3295 00:49:50,278 --> 00:49:50,821 not going to come 3296 00:49:50,821 --> 00:49:51,071 from the 3297 00:49:51,071 --> 00:49:52,280 federal government. 3298 00:49:52,364 --> 00:49:52,864 And then on the 3299 00:49:52,864 --> 00:49:53,865 Medicare side, 3300 00:49:53,865 --> 00:49:54,741 the bill says 3301 00:49:54,741 --> 00:49:55,867 absolutely nothing 3302 00:49:55,867 --> 00:49:56,994 about Medicare, 3303 00:49:57,077 --> 00:49:57,536 but there's a 3304 00:49:57,536 --> 00:49:58,036 whole separate 3305 00:49:58,036 --> 00:49:59,454 set of laws called PayGo 3306 00:49:59,454 --> 00:50:00,831 or pay as you go, 3307 00:50:00,914 --> 00:50:02,958 which basically requires, 3308 00:50:03,041 --> 00:50:04,209 that over the life 3309 00:50:04,209 --> 00:50:05,502 of a spending bill, 3310 00:50:05,585 --> 00:50:07,170 that it is budget neutral 3311 00:50:07,170 --> 00:50:08,630 and in this case, the 3312 00:50:08,714 --> 00:50:09,423 spending bill 3313 00:50:09,423 --> 00:50:10,340 over ten years. 3314 00:50:11,466 --> 00:50:12,592 By whatever 3315 00:50:12,676 --> 00:50:14,594 heuristic they use, 3316 00:50:14,678 --> 00:50:15,262 is over 3317 00:50:15,262 --> 00:50:16,596 by about 500 billion. 3318 00:50:16,596 --> 00:50:17,681 And so that's required 3319 00:50:17,681 --> 00:50:18,306 to, to be 3320 00:50:18,306 --> 00:50:18,974 cut from the bill. 3321 00:50:18,974 --> 00:50:19,558 That'll get cut 3322 00:50:19,558 --> 00:50:20,392 from Medicare. 3323 00:50:20,475 --> 00:50:21,184 So the bill, 3324 00:50:21,184 --> 00:50:22,394 the legislation itself 3325 00:50:22,394 --> 00:50:23,687 doesn't touch Medicare. 3326 00:50:23,770 --> 00:50:24,855 But in order to, 3327 00:50:24,896 --> 00:50:26,481 to, basically 3328 00:50:26,481 --> 00:50:28,608 put the bill into law, 3329 00:50:28,692 --> 00:50:29,526 Medicare is going to get 3330 00:50:29,526 --> 00:50:31,028 cut 500 million because, 3331 00:50:31,111 --> 00:50:31,987 500 billion 3332 00:50:31,987 --> 00:50:32,863 over ten years, 3333 00:50:32,863 --> 00:50:33,905 because of the pay 3334 00:50:33,905 --> 00:50:34,781 as you go laws. 3335 00:50:34,865 --> 00:50:36,283 But there's also rules 3336 00:50:36,283 --> 00:50:37,159 that anyone 3337 00:50:37,159 --> 00:50:38,243 that is qualified, 3338 00:50:38,326 --> 00:50:40,245 it cannot be cut. 3339 00:50:40,328 --> 00:50:41,830 So no qualified person 3340 00:50:41,830 --> 00:50:43,790 can have the benefits cut 3341 00:50:43,874 --> 00:50:44,583 at all. 3342 00:50:44,666 --> 00:50:45,751 So there's no 3343 00:50:45,834 --> 00:50:46,293 they don't 3344 00:50:46,293 --> 00:50:46,960 get a reduction 3345 00:50:46,960 --> 00:50:47,502 in benefits 3346 00:50:47,502 --> 00:50:48,462 and the qualifications 3347 00:50:48,462 --> 00:50:49,379 of the people 3348 00:50:49,379 --> 00:50:50,839 that get them. 3349 00:50:50,922 --> 00:50:51,339 Do 3350 00:50:51,423 --> 00:50:52,758 they increased 3351 00:50:52,758 --> 00:50:54,718 the verification laws 3352 00:50:54,801 --> 00:50:55,385 which they've 3353 00:50:55,385 --> 00:50:57,304 estimated by 3354 00:50:57,387 --> 00:50:57,929 people doing. 3355 00:50:57,971 --> 00:50:58,930 We have groups of people 3356 00:50:58,930 --> 00:50:59,806 that they believe are 3357 00:50:59,806 --> 00:51:01,016 aren't going to do it. 3358 00:51:01,099 --> 00:51:01,516 Now. 3359 00:51:01,516 --> 00:51:02,267 The thing 3360 00:51:02,267 --> 00:51:03,351 is, though, to 3361 00:51:03,435 --> 00:51:04,019 first of all, 3362 00:51:04,019 --> 00:51:04,811 like Kyle said, 3363 00:51:04,811 --> 00:51:05,520 everything you read 3364 00:51:05,520 --> 00:51:06,146 says cuts. 3365 00:51:06,146 --> 00:51:07,939 There are no cuts. 3366 00:51:08,023 --> 00:51:09,107 It doesn't exist. 3367 00:51:09,191 --> 00:51:10,108 I thought there was. 3368 00:51:10,108 --> 00:51:10,901 So I only 3369 00:51:10,901 --> 00:51:11,526 learned about this 3370 00:51:11,526 --> 00:51:12,903 like two days ago. 3371 00:51:12,986 --> 00:51:13,737 And I started 3372 00:51:13,737 --> 00:51:14,863 just diving into this 3373 00:51:14,863 --> 00:51:15,864 in the last 48 hours. 3374 00:51:15,864 --> 00:51:16,656 And I'm like, 3375 00:51:16,740 --> 00:51:17,616 I because I thought 3376 00:51:17,616 --> 00:51:18,909 they literally cut 3377 00:51:18,992 --> 00:51:20,952 not one qualification 3378 00:51:20,952 --> 00:51:21,661 though 3379 00:51:21,745 --> 00:51:22,329 from a person, but. 3380 00:51:22,329 --> 00:51:22,871 It will lead. 3381 00:51:22,871 --> 00:51:23,705 To cuts 3382 00:51:23,705 --> 00:51:24,998 and it will lead to less 3383 00:51:24,998 --> 00:51:25,540 funding. 3384 00:51:25,540 --> 00:51:25,874 And also 3385 00:51:25,916 --> 00:51:26,917 it doesn't lead to cuts. 3386 00:51:26,917 --> 00:51:27,959 It can't legally 3387 00:51:27,959 --> 00:51:28,335 it can't. 3388 00:51:28,335 --> 00:51:29,711 So you cannot cut 3389 00:51:29,711 --> 00:51:30,754 a qualified person. 3390 00:51:30,837 --> 00:51:31,296 J just 3391 00:51:31,338 --> 00:51:31,922 explain how 3392 00:51:31,922 --> 00:51:32,756 it will lead to cuts. 3393 00:51:32,756 --> 00:51:33,840 They're not doing it. 3394 00:51:33,840 --> 00:51:34,299 They're not 3395 00:51:34,299 --> 00:51:35,217 the ones doing it. 3396 00:51:35,217 --> 00:51:36,301 But other people 3397 00:51:36,301 --> 00:51:37,177 will have to do it 3398 00:51:37,177 --> 00:51:38,220 because of this bill. 3399 00:51:38,261 --> 00:51:39,846 It'll be it'll result in 3400 00:51:39,930 --> 00:51:40,305 I think what 3401 00:51:40,305 --> 00:51:41,056 you're saying is was 3402 00:51:41,098 --> 00:51:41,348 which 3403 00:51:41,348 --> 00:51:41,556 it was a 3404 00:51:41,556 --> 00:51:42,099 good distinction. 3405 00:51:42,099 --> 00:51:43,391 It will result in less 3406 00:51:43,391 --> 00:51:44,059 funding. 3407 00:51:44,142 --> 00:51:45,435 It will result. 3408 00:51:45,435 --> 00:51:47,062 And they believe so 3409 00:51:47,062 --> 00:51:48,396 how it's stated here. 3410 00:51:48,396 --> 00:51:49,272 And it is 3411 00:51:49,356 --> 00:51:49,981 they're saying 3412 00:51:49,981 --> 00:51:51,066 that approximately 3413 00:51:51,066 --> 00:51:52,484 seven people 3414 00:51:52,567 --> 00:51:54,277 will or 7 million people 3415 00:51:54,277 --> 00:51:56,238 in next ten years, 3416 00:51:56,321 --> 00:51:56,863 or roughly 3417 00:51:56,863 --> 00:51:59,783 655 billion in cuts 3418 00:52:00,075 --> 00:52:00,909 of provider 3419 00:52:00,909 --> 00:52:02,869 reimbursements 3420 00:52:02,953 --> 00:52:04,913 will take place. 3421 00:52:04,996 --> 00:52:06,164 Now, the reason 3422 00:52:06,164 --> 00:52:07,666 for that, though, 3423 00:52:07,749 --> 00:52:10,252 is that the, 3424 00:52:10,335 --> 00:52:12,796 verification of the laws, 3425 00:52:12,879 --> 00:52:14,005 which are already 3426 00:52:14,005 --> 00:52:14,714 qualifications 3427 00:52:14,714 --> 00:52:15,715 put into place. 3428 00:52:15,799 --> 00:52:16,216 But I think 3429 00:52:16,216 --> 00:52:16,842 a lot of people are like, 3430 00:52:16,842 --> 00:52:17,592 oh, you're just cutting 3431 00:52:17,592 --> 00:52:18,260 our benefits. 3432 00:52:18,260 --> 00:52:19,010 And qualified 3433 00:52:19,010 --> 00:52:19,845 people are like, 3434 00:52:19,928 --> 00:52:20,220 I'm going 3435 00:52:20,220 --> 00:52:21,721 to lose my benefits. 3436 00:52:21,805 --> 00:52:22,514 You're not. 3437 00:52:22,597 --> 00:52:23,515 That's not at all 3438 00:52:23,515 --> 00:52:24,141 happening, 3439 00:52:24,224 --> 00:52:25,725 that it's not even law. 3440 00:52:25,767 --> 00:52:26,518 You can't do that. 3441 00:52:26,518 --> 00:52:27,227 And they don't do it. 3442 00:52:27,227 --> 00:52:27,936 And it doesn't state 3443 00:52:27,936 --> 00:52:28,728 that in the bill. 3444 00:52:28,812 --> 00:52:29,896 So my only thing 3445 00:52:29,896 --> 00:52:30,522 that I had a problem 3446 00:52:30,522 --> 00:52:31,148 with, I think what this 3447 00:52:31,148 --> 00:52:32,065 bill, bill, 3448 00:52:32,065 --> 00:52:33,108 which I had 3449 00:52:33,191 --> 00:52:33,942 beyond issues 3450 00:52:33,942 --> 00:52:34,401 that it's 3451 00:52:34,401 --> 00:52:35,735 a grotesque thing, 3452 00:52:35,819 --> 00:52:37,487 but it's like 3453 00:52:37,571 --> 00:52:38,446 they're making it seem 3454 00:52:38,446 --> 00:52:39,406 like they're actually 3455 00:52:39,406 --> 00:52:40,907 cutting Medicare, 3456 00:52:40,907 --> 00:52:41,992 Medicaid. 3457 00:52:42,075 --> 00:52:43,118 And if you are 3458 00:52:43,118 --> 00:52:44,286 a qualified person 3459 00:52:44,369 --> 00:52:45,036 and you go 3460 00:52:45,036 --> 00:52:45,912 through the AP. 3461 00:52:45,996 --> 00:52:46,371 And you 3462 00:52:46,371 --> 00:52:47,539 and you have stable 3463 00:52:47,539 --> 00:52:47,914 internet. 3464 00:52:47,914 --> 00:52:48,748 Access, 3465 00:52:48,832 --> 00:52:50,000 you know how to upload 3466 00:52:50,000 --> 00:52:51,710 a PDF, you. 3467 00:52:51,793 --> 00:52:52,961 You also have other means 3468 00:52:52,961 --> 00:52:53,503 where you don't 3469 00:52:53,503 --> 00:52:54,045 have to do that. 3470 00:52:54,045 --> 00:52:54,713 You can also do it 3471 00:52:54,796 --> 00:52:55,797 through social workers. 3472 00:52:55,797 --> 00:52:56,423 You can go to 3473 00:52:56,423 --> 00:52:57,799 the local office. 3474 00:52:57,883 --> 00:52:58,925 So every month 3475 00:52:59,009 --> 00:53:00,010 if you miss one month, 3476 00:53:00,010 --> 00:53:00,802 all of a sudden you're 3477 00:53:00,802 --> 00:53:01,178 you're not going 3478 00:53:01,178 --> 00:53:01,678 to be able to. 3479 00:53:01,761 --> 00:53:03,638 So before you didn't 3480 00:53:03,638 --> 00:53:04,514 have to report 3481 00:53:04,514 --> 00:53:05,682 your qualified hours, 3482 00:53:05,765 --> 00:53:07,309 they estimated over 3483 00:53:07,309 --> 00:53:08,768 3 million people 3484 00:53:08,852 --> 00:53:09,853 didn't qualify 3485 00:53:09,853 --> 00:53:10,979 and were using it 3486 00:53:11,062 --> 00:53:13,356 on simply alone, 3487 00:53:13,440 --> 00:53:15,066 not reporting. 3488 00:53:15,150 --> 00:53:16,193 Anyway. 3489 00:53:16,276 --> 00:53:17,694 I did want to start 3490 00:53:17,694 --> 00:53:19,321 this by saying. 3491 00:53:19,404 --> 00:53:19,905 Some of the 3492 00:53:19,946 --> 00:53:20,739 shitty stuff 3493 00:53:20,739 --> 00:53:21,406 about the bill. 3494 00:53:21,406 --> 00:53:22,073 I wanted to talk 3495 00:53:22,073 --> 00:53:22,782 shit on this bill 3496 00:53:22,824 --> 00:53:23,617 because I didn't 3497 00:53:23,617 --> 00:53:26,244 want to seem inhumane. 3498 00:53:26,536 --> 00:53:27,412 When we talk about 3499 00:53:27,412 --> 00:53:28,914 how great this can be 3500 00:53:28,914 --> 00:53:30,165 for real estate 3501 00:53:30,165 --> 00:53:31,416 investors because, 3502 00:53:32,375 --> 00:53:33,251 it is going to 3503 00:53:33,293 --> 00:53:33,835 hurt a lot of 3504 00:53:33,835 --> 00:53:34,211 people, 3505 00:53:34,211 --> 00:53:35,503 but real estate investors 3506 00:53:35,503 --> 00:53:37,380 shouldn't be one of them. 3507 00:53:37,464 --> 00:53:38,256 So if you look 3508 00:53:38,256 --> 00:53:39,674 at the bill summary, 3509 00:53:39,674 --> 00:53:40,217 especially for 3510 00:53:40,217 --> 00:53:41,092 commercial real estate, 3511 00:53:41,092 --> 00:53:41,635 there's there's. 3512 00:53:41,718 --> 00:53:42,469 Some benefits 3513 00:53:42,469 --> 00:53:43,094 as well for. 3514 00:53:43,094 --> 00:53:43,762 Just for 3515 00:53:43,762 --> 00:53:44,846 residential real estate 3516 00:53:44,846 --> 00:53:46,306 and different things. 3517 00:53:46,389 --> 00:53:48,099 But if we're focusing. 3518 00:53:48,099 --> 00:53:48,767 Mainly on. 3519 00:53:48,767 --> 00:53:49,517 We we 3520 00:53:49,517 --> 00:53:50,101 are commercial 3521 00:53:50,101 --> 00:53:50,936 real estate investors. 3522 00:53:50,936 --> 00:53:51,353 We got 3523 00:53:51,353 --> 00:53:52,729 bonus depreciation. 3524 00:53:52,729 --> 00:53:53,730 We got qualified 3525 00:53:53,730 --> 00:53:54,606 business income. 3526 00:53:54,606 --> 00:53:55,982 We have, 3527 00:53:56,066 --> 00:53:58,235 opportunity zones. 3528 00:53:58,318 --> 00:53:59,694 We have a lot of things 3529 00:53:59,694 --> 00:54:01,154 that are now 3530 00:54:01,238 --> 00:54:02,489 like the one thing 3531 00:54:02,489 --> 00:54:03,240 that surprised me, 3532 00:54:03,240 --> 00:54:03,823 I thought this was 3533 00:54:03,823 --> 00:54:04,241 just going to be 3534 00:54:04,241 --> 00:54:05,575 like a 2029 thing. 3535 00:54:05,659 --> 00:54:06,409 These are now 3536 00:54:06,409 --> 00:54:08,119 things that are like 3537 00:54:08,203 --> 00:54:09,287 in law, right? 3538 00:54:09,287 --> 00:54:11,373 Like they're. They're. 3539 00:54:11,456 --> 00:54:12,666 Going, going forward. 3540 00:54:12,666 --> 00:54:14,626 So, 3541 00:54:14,709 --> 00:54:16,211 so AJ, why don't you, 3542 00:54:16,294 --> 00:54:16,836 why don't you 3543 00:54:16,836 --> 00:54:18,421 take us away explaining 3544 00:54:18,505 --> 00:54:19,214 how this bill is 3545 00:54:19,214 --> 00:54:20,548 going to help us with, 3546 00:54:20,632 --> 00:54:21,967 with as real estate 3547 00:54:21,967 --> 00:54:22,759 investors. 3548 00:54:22,842 --> 00:54:24,094 There's a few benefits 3549 00:54:24,094 --> 00:54:24,761 that we can take 3550 00:54:24,761 --> 00:54:25,637 advantage of. 3551 00:54:25,720 --> 00:54:26,930 Lots of them were 3552 00:54:27,013 --> 00:54:28,306 they're just 3553 00:54:28,390 --> 00:54:29,766 either being set in stone 3554 00:54:29,766 --> 00:54:31,309 or they're rolling back. 3555 00:54:31,393 --> 00:54:32,686 So we get them again. 3556 00:54:33,770 --> 00:54:36,064 And there's a few that 3557 00:54:36,147 --> 00:54:36,982 like, 3558 00:54:37,065 --> 00:54:38,024 I guess with every bill, 3559 00:54:38,024 --> 00:54:38,441 there's stuff 3560 00:54:38,441 --> 00:54:39,025 that are good 3561 00:54:39,025 --> 00:54:40,402 and no brainers there. 3562 00:54:40,485 --> 00:54:41,236 Of course, our house 3563 00:54:41,319 --> 00:54:42,237 there, it's 3564 00:54:42,237 --> 00:54:44,614 not all a steaming pile. 3565 00:54:44,698 --> 00:54:46,574 Just 99 999. 3566 00:54:46,658 --> 00:54:47,534 But this 3567 00:54:47,534 --> 00:54:48,493 when we look at this, 3568 00:54:48,493 --> 00:54:49,369 there's a few things 3569 00:54:49,369 --> 00:54:50,203 that got rid 3570 00:54:50,203 --> 00:54:51,788 of stupid stuff 3571 00:54:51,788 --> 00:54:52,539 that they would argue 3572 00:54:52,539 --> 00:54:53,415 about every year 3573 00:54:53,415 --> 00:54:54,457 and would put investment 3574 00:54:54,457 --> 00:54:55,458 into question, 3575 00:54:55,542 --> 00:54:56,584 which then they just it's 3576 00:54:56,584 --> 00:54:57,794 same with like, the debt. 3577 00:54:57,877 --> 00:54:58,712 They just argue 3578 00:54:58,712 --> 00:54:59,587 it and end up doing it 3579 00:54:59,587 --> 00:55:00,130 anyways. 3580 00:55:00,130 --> 00:55:00,547 So it's like, 3581 00:55:00,547 --> 00:55:01,047 why are we 3582 00:55:01,047 --> 00:55:01,756 playing this game? 3583 00:55:01,756 --> 00:55:02,090 Because it 3584 00:55:02,090 --> 00:55:04,676 creates uncertainty. 3585 00:55:04,759 --> 00:55:05,969 There's 3586 00:55:06,052 --> 00:55:07,929 a few of the biggest 3587 00:55:08,013 --> 00:55:08,596 values 3588 00:55:08,596 --> 00:55:09,848 I'd say to investors 3589 00:55:09,848 --> 00:55:10,598 they should know about 3590 00:55:10,598 --> 00:55:12,017 is taxes, 3591 00:55:12,100 --> 00:55:12,976 the permanent 3592 00:55:12,976 --> 00:55:14,144 extension of the Trump 3593 00:55:14,144 --> 00:55:15,603 era tax cuts, the hundred 3594 00:55:15,603 --> 00:55:16,604 percent depreciation 3595 00:55:16,604 --> 00:55:17,981 being restored 3596 00:55:18,064 --> 00:55:19,816 on qualified assets. 3597 00:55:19,899 --> 00:55:21,484 Now this is in place 3598 00:55:21,484 --> 00:55:22,986 for this year, 3599 00:55:23,028 --> 00:55:24,279 which of course, 3600 00:55:24,362 --> 00:55:25,822 guess when they did it. 3601 00:55:25,905 --> 00:55:26,781 This kind of crap 3602 00:55:26,781 --> 00:55:27,282 just drives 3603 00:55:27,282 --> 00:55:28,199 me nuts 3604 00:55:28,199 --> 00:55:29,576 about politicians. 3605 00:55:29,659 --> 00:55:30,160 Guess what? 3606 00:55:30,160 --> 00:55:31,119 January 20th. 3607 00:55:31,202 --> 00:55:33,663 January fricking 20th. 3608 00:55:33,747 --> 00:55:34,080 Why? 3609 00:55:34,122 --> 00:55:34,497 Because he didn't 3610 00:55:34,497 --> 00:55:35,623 want to give one day 3611 00:55:35,623 --> 00:55:36,583 credit to buy them. 3612 00:55:36,666 --> 00:55:37,125 Oh, I thought you 3613 00:55:37,125 --> 00:55:37,542 were going to say 3614 00:55:37,542 --> 00:55:38,209 that you had a deal. 3615 00:55:38,209 --> 00:55:39,336 January 18th or. 3616 00:55:39,336 --> 00:55:39,794 Something. 3617 00:55:39,878 --> 00:55:41,338 It didn't apply. 3618 00:55:41,421 --> 00:55:42,213 No, 3619 00:55:42,297 --> 00:55:42,922 he didn't want to give 3620 00:55:43,006 --> 00:55:45,383 one day credit to Biden, 3621 00:55:45,467 --> 00:55:46,593 so he put it in there. 3622 00:55:46,676 --> 00:55:48,053 That's so stupid. 3623 00:55:48,053 --> 00:55:49,429 But it's politics. 3624 00:55:49,512 --> 00:55:50,430 But I'll take it. 3625 00:55:50,430 --> 00:55:51,097 You know, it was. 3626 00:55:51,097 --> 00:55:51,765 What, 40? 3627 00:55:51,765 --> 00:55:52,223 And it was going 3628 00:55:52,223 --> 00:55:53,141 down to 20. You? 3629 00:55:53,224 --> 00:55:54,559 No, 100. Back. 3630 00:55:54,642 --> 00:55:55,477 Yeah. Of course. 3631 00:55:55,560 --> 00:55:56,102 Absolutely. 3632 00:55:56,102 --> 00:55:56,603 I just thought 3633 00:55:56,603 --> 00:55:57,270 that was stupid. 3634 00:55:57,270 --> 00:55:57,896 But you're 3635 00:55:57,896 --> 00:55:58,605 absolutely right. 3636 00:55:58,605 --> 00:55:59,230 This is great. 3637 00:55:59,230 --> 00:56:00,482 It needed to happen. 3638 00:56:00,565 --> 00:56:01,191 This, 3639 00:56:01,274 --> 00:56:03,068 I am a huge believer 3640 00:56:03,068 --> 00:56:04,819 in the depreciation laws. 3641 00:56:04,903 --> 00:56:05,737 And the reason I'm 3642 00:56:05,737 --> 00:56:06,154 a huge 3643 00:56:06,154 --> 00:56:07,322 depreciate, believer 3644 00:56:07,322 --> 00:56:08,239 in the depreciation laws 3645 00:56:08,239 --> 00:56:09,866 is because I've been to 3646 00:56:09,949 --> 00:56:10,450 and lived 3647 00:56:10,450 --> 00:56:11,576 in other countries, 3648 00:56:11,659 --> 00:56:13,119 and you see what happens 3649 00:56:13,203 --> 00:56:14,704 to real estate 3650 00:56:14,788 --> 00:56:15,914 and real estate investors 3651 00:56:15,914 --> 00:56:16,623 when they don't 3652 00:56:16,623 --> 00:56:17,749 have tax incentives. 3653 00:56:17,832 --> 00:56:19,376 Things fall apart. 3654 00:56:19,459 --> 00:56:20,627 It absolutely 3655 00:56:20,627 --> 00:56:22,128 needs to happen. Plus. 3656 00:56:22,212 --> 00:56:22,337 Well, 3657 00:56:22,379 --> 00:56:23,463 wait wait wait wait wait 3658 00:56:23,546 --> 00:56:24,089 wait wait 3659 00:56:24,089 --> 00:56:24,631 wait wait wait 3660 00:56:24,631 --> 00:56:25,924 wait wait wait. 3661 00:56:26,007 --> 00:56:26,591 There's a difference. 3662 00:56:26,591 --> 00:56:28,009 Read the depreciation. 3663 00:56:28,009 --> 00:56:29,511 Which makes sense 3664 00:56:29,594 --> 00:56:30,136 from a tax 3665 00:56:30,220 --> 00:56:31,846 and a bonus depreciation 3666 00:56:31,846 --> 00:56:33,556 where you artificially 3667 00:56:33,640 --> 00:56:35,183 put it all in year one. 3668 00:56:35,266 --> 00:56:35,475 Right. 3669 00:56:35,475 --> 00:56:35,892 That's 3670 00:56:35,975 --> 00:56:37,727 the huge difference. Yes. 3671 00:56:37,727 --> 00:56:39,020 And we get it. Yeah. 3672 00:56:39,062 --> 00:56:40,188 So they're 3673 00:56:40,271 --> 00:56:41,022 essentially like 3674 00:56:41,022 --> 00:56:42,107 why is it from 3675 00:56:42,107 --> 00:56:42,857 other countries. 3676 00:56:42,857 --> 00:56:43,358 Yeah. Yeah. 3677 00:56:43,358 --> 00:56:44,025 Like I 3678 00:56:44,109 --> 00:56:45,193 it's a critical 3679 00:56:45,193 --> 00:56:45,985 I, I agree with you 3680 00:56:45,985 --> 00:56:46,736 like to be able 3681 00:56:46,736 --> 00:56:47,445 to take bonus 3682 00:56:47,487 --> 00:56:47,862 I'm sorry 3683 00:56:47,862 --> 00:56:48,571 to be able to take 3684 00:56:48,571 --> 00:56:49,864 depreciation is huge 3685 00:56:49,864 --> 00:56:51,282 I mean and necessary 3686 00:56:51,366 --> 00:56:53,034 to incentivize people 3687 00:56:53,034 --> 00:56:54,119 to buy real estate 3688 00:56:54,119 --> 00:56:55,203 and to keep real estate, 3689 00:56:55,286 --> 00:56:56,037 you know, 3690 00:56:56,121 --> 00:56:57,288 in a good condition. 3691 00:56:57,372 --> 00:56:57,914 But 3692 00:56:57,997 --> 00:56:59,541 but bonus depreciation 3693 00:56:59,624 --> 00:57:00,583 to me. Sounds. 3694 00:57:00,583 --> 00:57:01,960 And look I love it, 3695 00:57:02,001 --> 00:57:03,086 don't get me wrong. 3696 00:57:03,169 --> 00:57:04,129 But it sounds 3697 00:57:04,129 --> 00:57:04,963 pretty artificial. 3698 00:57:04,963 --> 00:57:05,588 Like to be able 3699 00:57:05,588 --> 00:57:06,923 to front load, 3700 00:57:07,006 --> 00:57:07,257 you know, 3701 00:57:07,257 --> 00:57:08,716 instead of 27.5 years 3702 00:57:08,716 --> 00:57:09,384 or 35 years, 3703 00:57:09,384 --> 00:57:09,884 it just gets 3704 00:57:09,884 --> 00:57:10,927 all done in year one, 3705 00:57:10,927 --> 00:57:11,302 which is 3706 00:57:11,302 --> 00:57:12,137 the huge benefit. 3707 00:57:12,220 --> 00:57:12,303 Well, 3708 00:57:12,303 --> 00:57:12,846 the whole idea 3709 00:57:12,846 --> 00:57:13,721 is it's fake. 3710 00:57:13,805 --> 00:57:14,055 Yeah. 3711 00:57:14,055 --> 00:57:14,597 The whole idea is 3712 00:57:14,597 --> 00:57:15,223 it's a it's 3713 00:57:15,223 --> 00:57:16,266 a manufactured 3714 00:57:16,266 --> 00:57:17,892 depreciation. Right? 3715 00:57:17,976 --> 00:57:18,435 Yeah. 3716 00:57:18,435 --> 00:57:20,728 It's supposed to be meant 3717 00:57:20,728 --> 00:57:21,813 as a way 3718 00:57:21,813 --> 00:57:23,022 to consolidate 3719 00:57:23,106 --> 00:57:23,815 depreciation. 3720 00:57:23,815 --> 00:57:25,358 You're not going to get. 3721 00:57:25,442 --> 00:57:26,568 So 3722 00:57:26,651 --> 00:57:27,193 essentially 3723 00:57:27,193 --> 00:57:27,569 you're not going 3724 00:57:27,569 --> 00:57:29,654 to hold it for that long. 3725 00:57:29,654 --> 00:57:30,405 So you should get it. 3726 00:57:30,405 --> 00:57:31,906 Which also doesn't make 3727 00:57:31,990 --> 00:57:32,490 much sense. 3728 00:57:32,490 --> 00:57:33,074 It's manufactured 3729 00:57:33,074 --> 00:57:33,324 because you're 3730 00:57:33,324 --> 00:57:33,950 going to sell it. 3731 00:57:34,033 --> 00:57:35,618 But that is a boon 3732 00:57:35,618 --> 00:57:36,536 to real estate. 3733 00:57:36,536 --> 00:57:38,204 And theoretically I could 3734 00:57:38,204 --> 00:57:38,830 I could go out 3735 00:57:38,830 --> 00:57:40,123 and buy a property. 3736 00:57:40,206 --> 00:57:41,833 I could do a cost seg, 3737 00:57:41,916 --> 00:57:43,001 I could depreciate 3738 00:57:43,001 --> 00:57:44,502 everything year one 3739 00:57:44,586 --> 00:57:46,171 and then two years later 3740 00:57:46,171 --> 00:57:47,088 I could turn around 3741 00:57:47,088 --> 00:57:47,714 and sell it. 3742 00:57:47,714 --> 00:57:48,298 Having made 3743 00:57:48,298 --> 00:57:49,215 no improvements, 3744 00:57:50,175 --> 00:57:51,384 like just just 3745 00:57:51,468 --> 00:57:52,093 done nothing 3746 00:57:52,093 --> 00:57:52,719 to the property. 3747 00:57:52,719 --> 00:57:53,678 So nothing like. 3748 00:57:53,678 --> 00:57:54,429 Nothing broke, 3749 00:57:54,429 --> 00:57:55,305 nothing was fixed, 3750 00:57:55,305 --> 00:57:56,181 nothing whatever. 3751 00:57:56,264 --> 00:57:57,182 And then the next person. 3752 00:57:57,182 --> 00:57:57,515 Can come in 3753 00:57:57,515 --> 00:57:58,391 and do the exact same 3754 00:57:58,391 --> 00:57:58,725 thing. 3755 00:57:58,808 --> 00:58:00,143 You'd have to repay it. 3756 00:58:00,226 --> 00:58:00,852 Yeah, for sure 3757 00:58:00,852 --> 00:58:01,811 you'd have to recapture. 3758 00:58:01,811 --> 00:58:02,770 But I guess my point is, 3759 00:58:02,770 --> 00:58:03,771 is that if you. 3760 00:58:03,771 --> 00:58:05,982 Want to point out how. 3761 00:58:06,065 --> 00:58:08,693 How it's a fake expense. 3762 00:58:08,985 --> 00:58:10,111 If I don't do anything, 3763 00:58:10,111 --> 00:58:10,778 nothing actually 3764 00:58:10,778 --> 00:58:11,571 got depreciated, 3765 00:58:11,571 --> 00:58:12,405 I'll go and sell it 3766 00:58:12,405 --> 00:58:14,115 for more in two years. 3767 00:58:14,199 --> 00:58:14,616 But then 3768 00:58:14,616 --> 00:58:15,492 you have to pay it back. 3769 00:58:15,492 --> 00:58:16,242 So you didn't actually 3770 00:58:16,242 --> 00:58:17,994 save it? Sort of. 3771 00:58:18,077 --> 00:58:18,661 There's there's 3772 00:58:18,661 --> 00:58:19,120 two things 3773 00:58:19,120 --> 00:58:20,079 to keep in mind here. 3774 00:58:20,079 --> 00:58:21,372 One. Yeah. 3775 00:58:21,456 --> 00:58:22,373 There is a recapture 3776 00:58:22,373 --> 00:58:22,749 which means 3777 00:58:22,749 --> 00:58:23,500 you have to pay it back. 3778 00:58:23,500 --> 00:58:24,125 But think about it. 3779 00:58:24,125 --> 00:58:24,918 Let's say 3780 00:58:25,001 --> 00:58:26,211 I can get 3781 00:58:26,294 --> 00:58:27,212 $2 million 3782 00:58:27,212 --> 00:58:28,129 in depreciation 3783 00:58:28,129 --> 00:58:28,713 that I can use 3784 00:58:28,713 --> 00:58:29,923 to offset income. 3785 00:58:30,006 --> 00:58:30,965 My tax bracket. 3786 00:58:30,965 --> 00:58:32,675 I'm in the 3,030% 3787 00:58:32,675 --> 00:58:33,343 tax bracket. 3788 00:58:33,343 --> 00:58:34,093 Let's say 3789 00:58:34,177 --> 00:58:35,929 that's $600,000. 3790 00:58:36,012 --> 00:58:36,554 And let's say 3791 00:58:36,554 --> 00:58:37,222 I hold the property 3792 00:58:37,222 --> 00:58:37,972 for three years. 3793 00:58:37,972 --> 00:58:39,140 That's $600,000 3794 00:58:39,140 --> 00:58:39,766 that I get to keep 3795 00:58:39,766 --> 00:58:40,600 for three years. 3796 00:58:40,600 --> 00:58:41,309 I can invest 3797 00:58:41,309 --> 00:58:42,352 for three years. 3798 00:58:42,435 --> 00:58:42,727 Let's say 3799 00:58:42,727 --> 00:58:43,895 I make 10% a year. 3800 00:58:43,895 --> 00:58:44,812 I've just made 3801 00:58:44,896 --> 00:58:46,814 nearly $200,000 3802 00:58:46,898 --> 00:58:48,191 by not paying taxes 3803 00:58:48,191 --> 00:58:48,900 for three years, 3804 00:58:48,900 --> 00:58:50,235 so I've made money there. 3805 00:58:50,318 --> 00:58:50,902 The other thing 3806 00:58:50,902 --> 00:58:52,111 is, let's say I'm 3807 00:58:52,111 --> 00:58:52,695 my effective 3808 00:58:52,695 --> 00:58:54,322 tax rate's 30% 3809 00:58:54,405 --> 00:58:55,990 on that $2 million in, 3810 00:58:55,990 --> 00:58:57,492 in, in bonus 3811 00:58:57,492 --> 00:58:58,868 depreciation. 3812 00:58:58,952 --> 00:59:00,954 I'm only recapturing it 3813 00:59:00,954 --> 00:59:02,705 at a maximum of 25%. 3814 00:59:02,705 --> 00:59:03,790 So bonus up, 3815 00:59:03,873 --> 00:59:04,666 bonus depreciation. 3816 00:59:04,749 --> 00:59:04,958 Actually. 3817 00:59:05,041 --> 00:59:05,917 Could be negative 3818 00:59:05,959 --> 00:59:06,626 because he could be 3819 00:59:06,626 --> 00:59:08,211 switching from. 2020. 3820 00:59:08,294 --> 00:59:09,170 I know it's 3821 00:59:09,170 --> 00:59:11,381 maximum of right. 3822 00:59:11,381 --> 00:59:12,465 But I guess my point was 3823 00:59:12,465 --> 00:59:13,466 if it was if you 3824 00:59:13,466 --> 00:59:13,925 if you're in a 3825 00:59:13,925 --> 00:59:14,676 certain bracket 3826 00:59:14,676 --> 00:59:15,218 and whatever, 3827 00:59:15,218 --> 00:59:15,927 you could have 3828 00:59:16,010 --> 00:59:17,762 only had to pay 20 on it. 3829 00:59:17,845 --> 00:59:19,264 But but I guess 3830 00:59:19,264 --> 00:59:19,931 I thought the point 3831 00:59:19,931 --> 00:59:20,557 that you were going to 3832 00:59:20,557 --> 00:59:21,808 make is okay. 3833 00:59:21,808 --> 00:59:22,809 You all of a sudden 3834 00:59:22,809 --> 00:59:24,435 you had that 600 3835 00:59:24,435 --> 00:59:24,769 and you got to 3836 00:59:24,769 --> 00:59:25,478 pay recapture. 3837 00:59:25,478 --> 00:59:26,312 What do you do? 3838 00:59:26,396 --> 00:59:26,729 You're 3839 00:59:26,771 --> 00:59:27,689 assuming that someone's 3840 00:59:27,689 --> 00:59:28,606 buying one property 3841 00:59:28,606 --> 00:59:29,440 and just stopping you. 3842 00:59:29,440 --> 00:59:30,316 Just do it again. 3843 00:59:30,316 --> 00:59:30,775 You just buy 3844 00:59:30,775 --> 00:59:31,693 another one again. 3845 00:59:31,776 --> 00:59:33,444 Take 100% depreciation. 3846 00:59:33,444 --> 00:59:34,529 Write it off. 3847 00:59:34,612 --> 00:59:35,029 Like if 3848 00:59:35,029 --> 00:59:35,822 they didn't do this, 3849 00:59:35,822 --> 00:59:36,489 nobody would 3850 00:59:36,489 --> 00:59:37,323 invest in real estate. 3851 00:59:38,449 --> 00:59:38,783 I mean, the 3852 00:59:38,783 --> 00:59:39,867 amount of taxes 3853 00:59:39,867 --> 00:59:40,702 real estate taxes 3854 00:59:40,702 --> 00:59:41,411 we pay 3855 00:59:41,494 --> 00:59:43,454 is so astronomical. 3856 00:59:43,538 --> 00:59:45,039 If I had to pay normal 3857 00:59:45,039 --> 00:59:45,999 income on that, 3858 00:59:45,999 --> 00:59:46,791 I would never 3859 00:59:46,791 --> 00:59:47,458 touch real estate 3860 00:59:47,458 --> 00:59:48,042 because the math 3861 00:59:48,042 --> 00:59:49,335 would never work. 3862 00:59:49,419 --> 00:59:50,295 It just wouldn't 3863 00:59:50,295 --> 00:59:51,129 make sense at all 3864 00:59:51,212 --> 00:59:51,921 because you're paying 3865 00:59:51,921 --> 00:59:53,172 taxes upon taxes. 3866 00:59:53,172 --> 00:59:54,215 Upon taxes. 3867 00:59:54,299 --> 00:59:54,674 I mean, 3868 00:59:54,674 --> 00:59:55,717 the amount of income 3869 00:59:55,717 --> 00:59:56,426 you would make 3870 00:59:56,426 --> 00:59:57,552 is just 3871 00:59:57,635 --> 00:59:58,720 nothing as far 3872 00:59:58,720 --> 00:59:59,804 as real income goes. 3873 00:59:59,887 --> 01:00:00,305 Right? 3874 01:00:00,305 --> 01:00:00,805 And that's 3875 01:00:00,805 --> 01:00:02,098 the whole point, though. 3876 01:00:02,181 --> 01:00:02,765 We don't have 3877 01:00:02,765 --> 01:00:03,850 like a flat tax 3878 01:00:03,850 --> 01:00:05,018 where the purpose 3879 01:00:05,018 --> 01:00:05,727 of the tax code 3880 01:00:05,727 --> 01:00:06,811 is not to generate 3881 01:00:06,811 --> 01:00:07,437 revenue, it's 3882 01:00:07,437 --> 01:00:08,771 incentivize people to do 3883 01:00:08,771 --> 01:00:09,522 what the government 3884 01:00:09,522 --> 01:00:10,356 wants you to do. 3885 01:00:10,440 --> 01:00:11,190 And one of the things 3886 01:00:11,190 --> 01:00:11,649 they want you to 3887 01:00:11,691 --> 01:00:12,817 there's two major things 3888 01:00:12,817 --> 01:00:13,276 that government 3889 01:00:13,276 --> 01:00:14,027 wants you to do. 3890 01:00:14,110 --> 01:00:15,612 One is to provide housing 3891 01:00:15,695 --> 01:00:16,279 because they're 3892 01:00:16,279 --> 01:00:16,821 not good at that. 3893 01:00:16,821 --> 01:00:17,322 So they want you 3894 01:00:17,322 --> 01:00:18,239 to provide housing 3895 01:00:18,239 --> 01:00:19,032 or self-storage 3896 01:00:19,032 --> 01:00:19,657 or whatever. 3897 01:00:19,741 --> 01:00:20,116 And number two, 3898 01:00:20,116 --> 01:00:21,159 they want you create jobs 3899 01:00:21,200 --> 01:00:21,576 because they don't 3900 01:00:21,576 --> 01:00:22,160 create jobs. 3901 01:00:22,160 --> 01:00:22,744 That private 3902 01:00:22,827 --> 01:00:23,995 enterprise creates jobs. 3903 01:00:24,078 --> 01:00:24,746 So how do you 3904 01:00:24,746 --> 01:00:25,955 incentivize people to go 3905 01:00:25,955 --> 01:00:26,539 build 3906 01:00:26,623 --> 01:00:27,790 and create new housing 3907 01:00:27,790 --> 01:00:28,249 for the ever 3908 01:00:28,249 --> 01:00:29,375 increasing population? 3909 01:00:29,459 --> 01:00:30,084 You give people 3910 01:00:30,084 --> 01:00:30,710 tax breaks 3911 01:00:30,710 --> 01:00:30,918 so that 3912 01:00:30,918 --> 01:00:32,462 encourages them to 3913 01:00:32,545 --> 01:00:33,921 to allocate capital 3914 01:00:33,921 --> 01:00:34,339 instead of 3915 01:00:34,422 --> 01:00:36,215 allocated capital to, 3916 01:00:36,299 --> 01:00:36,799 I don't know, 3917 01:00:36,841 --> 01:00:37,717 buying a freaking 3918 01:00:37,717 --> 01:00:38,968 worthless ranch. 3919 01:00:39,052 --> 01:00:39,886 You know, Ferrari, 3920 01:00:39,886 --> 01:00:40,553 you go buy 3921 01:00:40,595 --> 01:00:41,679 investment property 3922 01:00:41,679 --> 01:00:42,889 so that you can build 3923 01:00:42,972 --> 01:00:43,723 housing for 3924 01:00:43,723 --> 01:00:44,557 people to live in 3925 01:00:44,557 --> 01:00:44,932 because 3926 01:00:44,932 --> 01:00:46,017 the government wants 3927 01:00:46,017 --> 01:00:46,684 they need that 3928 01:00:46,684 --> 01:00:47,810 for their population 3929 01:00:47,894 --> 01:00:48,353 and they're not 3930 01:00:48,353 --> 01:00:48,853 going to do it. 3931 01:00:48,853 --> 01:00:49,145 So they need 3932 01:00:49,145 --> 01:00:49,687 to incentivize 3933 01:00:49,687 --> 01:00:50,271 people to do it. 3934 01:00:50,271 --> 01:00:51,230 So it is. 3935 01:00:51,314 --> 01:00:52,815 Essentially two and I 3936 01:00:52,815 --> 01:00:53,941 and this is a 3937 01:00:53,983 --> 01:00:55,151 like so we're selling 3938 01:00:55,151 --> 01:00:55,818 a 100 million 3939 01:00:55,818 --> 01:00:56,527 worth of real estate 3940 01:00:56,527 --> 01:00:57,236 right now. 3941 01:00:57,320 --> 01:00:57,987 And to tell you 3942 01:00:57,987 --> 01:00:59,072 that it's a trap, 3943 01:00:59,155 --> 01:01:00,156 it is really 3944 01:01:00,156 --> 01:01:01,032 kind of a trap. 3945 01:01:01,115 --> 01:01:02,241 It is not really 3946 01:01:02,241 --> 01:01:02,784 that good 3947 01:01:02,784 --> 01:01:03,576 when you think about it, 3948 01:01:03,576 --> 01:01:04,327 that because 3949 01:01:04,327 --> 01:01:05,119 that capture, 3950 01:01:05,203 --> 01:01:06,162 if we don't want to pay, 3951 01:01:06,162 --> 01:01:07,705 we can 1031 exchange it. 3952 01:01:07,705 --> 01:01:08,206 Right. 3953 01:01:08,289 --> 01:01:09,582 But you have to 1031 3954 01:01:09,582 --> 01:01:10,708 exchange the total amount 3955 01:01:10,708 --> 01:01:12,627 with debt to not pay it. 3956 01:01:12,710 --> 01:01:14,045 So your ability 3957 01:01:14,045 --> 01:01:14,587 then to take 3958 01:01:14,587 --> 01:01:15,129 the money out 3959 01:01:15,129 --> 01:01:16,172 is like gone. 3960 01:01:16,255 --> 01:01:18,049 And your 1031 exchanging. 3961 01:01:18,049 --> 01:01:18,966 You got to keep keep 3962 01:01:18,966 --> 01:01:19,467 upgrading 3963 01:01:19,467 --> 01:01:20,510 basically getting. 3964 01:01:20,593 --> 01:01:21,135 Bigger and bigger 3965 01:01:21,135 --> 01:01:21,761 and you're upgrading 3966 01:01:21,761 --> 01:01:22,178 at a higher 3967 01:01:22,178 --> 01:01:22,970 interest rate. 3968 01:01:23,054 --> 01:01:23,846 So your returns 3969 01:01:23,846 --> 01:01:24,847 actually go down. 3970 01:01:24,931 --> 01:01:25,598 So now let's say 3971 01:01:25,598 --> 01:01:26,349 we wanted to keep 3972 01:01:26,349 --> 01:01:27,517 some of that money 3973 01:01:27,558 --> 01:01:28,476 that we now 3974 01:01:28,476 --> 01:01:29,727 have to reinvest. 3975 01:01:29,811 --> 01:01:30,853 We want to keep it. 3976 01:01:30,853 --> 01:01:31,896 So we're going to 1031 3977 01:01:31,896 --> 01:01:33,523 exchange part of it. 3978 01:01:33,606 --> 01:01:35,608 So we got 50 million net. 3979 01:01:35,692 --> 01:01:36,401 We're going 3980 01:01:36,401 --> 01:01:38,361 to 1031 exchange 3981 01:01:38,361 --> 01:01:38,736 out of that 3982 01:01:38,736 --> 01:01:40,154 50 million, that 3983 01:01:40,238 --> 01:01:41,489 30 million of it 3984 01:01:41,572 --> 01:01:42,323 with debt 3985 01:01:42,323 --> 01:01:43,157 to try to put it. 3986 01:01:43,241 --> 01:01:44,117 That leaves us 3987 01:01:44,117 --> 01:01:45,618 with 20 million. 3988 01:01:45,702 --> 01:01:47,662 We have a $12 million 3989 01:01:47,662 --> 01:01:49,163 tax bill 3990 01:01:49,247 --> 01:01:50,164 because what 3991 01:01:50,164 --> 01:01:51,416 you're getting 3992 01:01:51,499 --> 01:01:53,501 is on the increase. 3993 01:01:53,584 --> 01:01:54,627 It has nothing 3994 01:01:54,627 --> 01:01:55,211 to do with debt. 3995 01:01:55,211 --> 01:01:56,379 You pay taxes 3996 01:01:56,379 --> 01:01:58,339 on the 400 million. 3997 01:01:58,423 --> 01:01:59,215 They don't care 3998 01:01:59,215 --> 01:02:00,591 what your debt is. 3999 01:02:00,675 --> 01:02:02,301 So all of a sudden 4000 01:02:02,385 --> 01:02:02,802 it's as 4001 01:02:02,802 --> 01:02:03,845 if you made 4002 01:02:03,845 --> 01:02:05,513 the entire gain 4003 01:02:05,596 --> 01:02:06,556 and you didn't have debt, 4004 01:02:06,556 --> 01:02:07,265 and you have to pay 4005 01:02:07,306 --> 01:02:08,224 taxes. 4006 01:02:08,307 --> 01:02:09,350 While the debt control 4007 01:02:09,434 --> 01:02:10,435 phase two though, right? 4008 01:02:10,435 --> 01:02:11,269 So like if you do the. 4009 01:02:11,269 --> 01:02:12,186 Math on it, that's 4010 01:02:12,186 --> 01:02:13,896 why bonus depreciation 4011 01:02:13,896 --> 01:02:15,022 so awesome 4012 01:02:15,106 --> 01:02:15,481 for real 4013 01:02:15,481 --> 01:02:16,149 estate investors. 4014 01:02:16,149 --> 01:02:17,442 So let's just for easy 4015 01:02:17,442 --> 01:02:18,192 math, let's say 4016 01:02:18,192 --> 01:02:19,402 you're buying a $12 4017 01:02:19,402 --> 01:02:20,903 million property right. 4018 01:02:20,987 --> 01:02:21,696 And you put 4019 01:02:21,696 --> 01:02:23,781 70% debt on it. 4020 01:02:23,865 --> 01:02:25,867 So you're. Only. 4021 01:02:25,867 --> 01:02:26,826 So what's that. 4022 01:02:26,909 --> 01:02:27,827 Let's do 75. 4023 01:02:27,827 --> 01:02:29,620 Even put 75% debt in it. 4024 01:02:29,620 --> 01:02:30,288 So you got 4025 01:02:30,288 --> 01:02:31,205 3 million right. 4026 01:02:31,205 --> 01:02:31,706 You have to bring 4027 01:02:31,706 --> 01:02:32,749 to the table. 4028 01:02:32,832 --> 01:02:36,502 Well in general 30%. 4029 01:02:36,586 --> 01:02:38,129 Of most buildings 4030 01:02:38,129 --> 01:02:39,130 like if you do a cost 4031 01:02:39,130 --> 01:02:40,506 seg like think on average 4032 01:02:40,506 --> 01:02:42,800 it's like 30% of it 4033 01:02:42,884 --> 01:02:45,595 is can be depreciated. 4034 01:02:45,887 --> 01:02:46,053 Yeah. 4035 01:02:46,137 --> 01:02:46,929 But you have to pay 4036 01:02:46,929 --> 01:02:47,388 for that 4037 01:02:47,388 --> 01:02:48,431 in debt payments. 4038 01:02:48,431 --> 01:02:49,140 That's not a free 4039 01:02:49,140 --> 01:02:49,766 give me. 4040 01:02:49,849 --> 01:02:50,683 You have to pay for that 4041 01:02:50,683 --> 01:02:52,101 in debt payments. 4042 01:02:52,185 --> 01:02:53,561 And and you have to also 4043 01:02:53,561 --> 01:02:54,812 pay taxes 4044 01:02:54,854 --> 01:02:55,938 on the full amount. 4045 01:02:56,022 --> 01:02:57,482 So it's awesome 4046 01:02:57,482 --> 01:02:57,940 when we get to 4047 01:02:57,940 --> 01:02:58,524 invest in it 4048 01:02:58,524 --> 01:02:59,692 take advantage of it. 4049 01:02:59,692 --> 01:03:00,234 But what I'm 4050 01:03:00,234 --> 01:03:01,027 saying is it's 4051 01:03:01,027 --> 01:03:01,778 not just this 4052 01:03:01,778 --> 01:03:03,529 like free thing 4053 01:03:03,613 --> 01:03:04,822 that we get. 4054 01:03:04,906 --> 01:03:05,198 There's 4055 01:03:05,198 --> 01:03:06,741 a huge tax burden. 4056 01:03:06,741 --> 01:03:07,950 To the point that I was. 4057 01:03:07,950 --> 01:03:08,826 Getting to though, is 4058 01:03:08,826 --> 01:03:09,577 you can 4059 01:03:09,660 --> 01:03:09,994 that's 4060 01:03:09,994 --> 01:03:10,953 how you get to like 4061 01:03:10,953 --> 01:03:12,663 100% depreciation. 4062 01:03:12,747 --> 01:03:13,623 You get to 4063 01:03:13,664 --> 01:03:14,165 get the 4064 01:03:14,165 --> 01:03:15,666 entire depreciation 4065 01:03:15,666 --> 01:03:17,710 benefit of the property. 4066 01:03:17,794 --> 01:03:18,836 Even though you only. 4067 01:03:18,836 --> 01:03:20,755 Paid the down payment, 4068 01:03:20,755 --> 01:03:21,839 you only paid 4069 01:03:21,839 --> 01:03:22,632 for through 4070 01:03:22,632 --> 01:03:23,633 the equity portion. 4071 01:03:23,716 --> 01:03:25,259 So that's how you can get 4072 01:03:25,343 --> 01:03:26,844 like basically 4073 01:03:26,928 --> 01:03:28,846 your tax write off 4074 01:03:28,846 --> 01:03:30,348 will be very close 4075 01:03:30,348 --> 01:03:30,890 to the same 4076 01:03:30,890 --> 01:03:31,891 amount of the. 4077 01:03:31,891 --> 01:03:34,060 Money that you put in. So 4078 01:03:35,061 --> 01:03:36,103 that's why you get these. 4079 01:03:36,103 --> 01:03:37,063 Situations where 4080 01:03:37,146 --> 01:03:37,939 there's a lot of people 4081 01:03:37,939 --> 01:03:39,232 at the end of the year 4082 01:03:39,315 --> 01:03:39,899 who are coming 4083 01:03:39,941 --> 01:03:40,650 and be like. 4084 01:03:40,733 --> 01:03:41,859 It's very easy 4085 01:03:41,859 --> 01:03:43,778 when there's a 100%. 4086 01:03:43,861 --> 01:03:45,279 Bonus depreciation 4087 01:03:45,363 --> 01:03:46,155 to raise money 4088 01:03:46,155 --> 01:03:47,114 if you have a deal 4089 01:03:47,114 --> 01:03:48,199 that's closing 4090 01:03:48,282 --> 01:03:49,909 in November. 4091 01:03:49,992 --> 01:03:50,451 Yeah, 4092 01:03:50,535 --> 01:03:51,285 because everybody 4093 01:03:51,285 --> 01:03:52,703 wants to get offset. 4094 01:03:52,787 --> 01:03:53,246 Right. 4095 01:03:53,329 --> 01:03:54,914 Because someone will. 4096 01:03:54,914 --> 01:03:55,373 Have done 4097 01:03:55,373 --> 01:03:56,082 just exactly 4098 01:03:56,082 --> 01:03:57,291 what you said. 4099 01:03:57,375 --> 01:03:59,168 And they will. 4100 01:03:59,252 --> 01:03:59,752 Say, shit, 4101 01:03:59,794 --> 01:04:02,839 I have a $900,000 tax 4102 01:04:02,922 --> 01:04:03,714 that I have to do. 4103 01:04:03,756 --> 01:04:04,423 So what they do 4104 01:04:04,423 --> 01:04:06,008 is they take $1 million 4105 01:04:06,008 --> 01:04:07,009 and they invest it in 4106 01:04:07,093 --> 01:04:07,927 someone's deal, 4107 01:04:07,927 --> 01:04:08,803 and then all of a sudden 4108 01:04:08,803 --> 01:04:09,554 they write it off 4109 01:04:09,554 --> 01:04:09,929 and they just 4110 01:04:09,929 --> 01:04:10,930 do it again. 4111 01:04:11,013 --> 01:04:12,098 So it's. 4112 01:04:12,098 --> 01:04:13,724 Only a problem. 4113 01:04:13,808 --> 01:04:15,643 If you, 4114 01:04:15,726 --> 01:04:16,519 if you, 4115 01:04:16,602 --> 01:04:18,020 if you stop doing it. 4116 01:04:18,104 --> 01:04:20,481 Or there are so something 4117 01:04:20,481 --> 01:04:20,940 like that, you. 4118 01:04:20,940 --> 01:04:22,066 Know, it's a good segue 4119 01:04:22,066 --> 01:04:22,608 into something 4120 01:04:22,608 --> 01:04:23,025 else in there. 4121 01:04:23,025 --> 01:04:24,026 So there are things like 4122 01:04:24,068 --> 01:04:25,403 opportunity zones. 4123 01:04:25,486 --> 01:04:25,862 Where 4124 01:04:25,862 --> 01:04:26,821 all of a sudden, if. 4125 01:04:26,821 --> 01:04:28,114 You if you're trying 4126 01:04:28,114 --> 01:04:29,490 to get off this rabbit 4127 01:04:29,574 --> 01:04:30,908 wheel, rabbit 4128 01:04:30,908 --> 01:04:32,118 wheel, hamster wheel. 4129 01:04:32,201 --> 01:04:32,535 If you're trying 4130 01:04:32,535 --> 01:04:32,827 to get off 4131 01:04:32,827 --> 01:04:34,036 this hamster wheel, 4132 01:04:34,120 --> 01:04:35,496 then there are. 4133 01:04:35,538 --> 01:04:36,372 Offshoots 4134 01:04:36,372 --> 01:04:37,206 where it's like, 4135 01:04:37,206 --> 01:04:37,456 you know, 4136 01:04:37,456 --> 01:04:37,874 you put it 4137 01:04:37,874 --> 01:04:38,499 in a qualified 4138 01:04:38,499 --> 01:04:39,250 opportunity zone. 4139 01:04:39,250 --> 01:04:40,042 And that really, 4140 01:04:40,084 --> 01:04:41,085 you know, reduces 4141 01:04:41,085 --> 01:04:41,836 the amount of tax 4142 01:04:41,836 --> 01:04:43,087 that you can put in. 4143 01:04:43,170 --> 01:04:44,088 Or there's 4144 01:04:44,088 --> 01:04:44,547 always these 4145 01:04:44,547 --> 01:04:45,882 disaster relief 4146 01:04:45,965 --> 01:04:47,383 special opportunities 4147 01:04:47,383 --> 01:04:48,217 that you can invest 4148 01:04:48,217 --> 01:04:49,010 in that, 4149 01:04:49,093 --> 01:04:49,760 that, you know, 4150 01:04:49,760 --> 01:04:51,095 reduce your tax benefits. 4151 01:04:51,095 --> 01:04:51,971 So and 4152 01:04:51,971 --> 01:04:52,930 this comes back down 4153 01:04:52,930 --> 01:04:53,556 to what Mauricio 4154 01:04:53,556 --> 01:04:54,098 is talking about. 4155 01:04:54,098 --> 01:04:55,683 All it is, is making 4156 01:04:55,683 --> 01:04:56,934 you keep your money in. 4157 01:04:57,018 --> 01:04:57,393 That's why 4158 01:04:57,393 --> 01:04:58,686 I said it's like a trap. 4159 01:04:58,769 --> 01:04:59,103 So that 4160 01:04:59,145 --> 01:04:59,896 government puts 4161 01:04:59,896 --> 01:05:01,230 huge incentives 4162 01:05:01,272 --> 01:05:02,440 to get the money in 4163 01:05:03,524 --> 01:05:04,942 and then huge 4164 01:05:04,942 --> 01:05:06,235 penalties to get it out, 4165 01:05:06,319 --> 01:05:06,944 which is great. 4166 01:05:06,944 --> 01:05:08,112 That's why it works. 4167 01:05:08,112 --> 01:05:09,113 That's why 4168 01:05:09,196 --> 01:05:10,406 buildings are updated. 4169 01:05:10,406 --> 01:05:10,823 That's why 4170 01:05:10,823 --> 01:05:12,408 we have new buildings. 4171 01:05:12,491 --> 01:05:12,825 Right? 4172 01:05:12,825 --> 01:05:13,242 Because people 4173 01:05:13,242 --> 01:05:13,576 are putting 4174 01:05:13,576 --> 01:05:13,993 their money in 4175 01:05:13,993 --> 01:05:15,161 to get the tax benefit 4176 01:05:15,161 --> 01:05:15,995 to offset their 4177 01:05:15,995 --> 01:05:17,371 income tax. 4178 01:05:17,455 --> 01:05:18,289 Then they get it in 4179 01:05:18,289 --> 01:05:18,789 and then they got 4180 01:05:18,789 --> 01:05:19,874 to keep doing it. 4181 01:05:19,874 --> 01:05:20,791 They got to roll it over. 4182 01:05:20,875 --> 01:05:21,542 And then the government 4183 01:05:21,542 --> 01:05:21,918 says, hey, 4184 01:05:21,918 --> 01:05:22,501 you want some more 4185 01:05:22,501 --> 01:05:23,294 benefits? 4186 01:05:23,377 --> 01:05:24,128 You need to go 4187 01:05:24,128 --> 01:05:25,546 in this area. 4188 01:05:25,630 --> 01:05:26,047 That's this 4189 01:05:26,047 --> 01:05:27,840 downtrodden area, 4190 01:05:27,924 --> 01:05:28,799 and you have to put 4191 01:05:28,799 --> 01:05:30,259 all these improvements 4192 01:05:30,343 --> 01:05:32,595 to lift up that area, 4193 01:05:32,678 --> 01:05:33,304 and then we'll give 4194 01:05:33,304 --> 01:05:34,555 you tax benefits. 4195 01:05:34,639 --> 01:05:35,765 So that's essentially 4196 01:05:35,765 --> 01:05:36,974 what the tax code is. 4197 01:05:36,974 --> 01:05:37,725 It's a 4198 01:05:37,808 --> 01:05:39,894 incentive based system. 4199 01:05:39,977 --> 01:05:41,354 And they and once 4200 01:05:41,354 --> 01:05:42,271 you get it in zone 4201 01:05:42,355 --> 01:05:44,106 the side effect is also 4202 01:05:44,106 --> 01:05:44,732 has is it 4203 01:05:44,732 --> 01:05:46,567 makes the rich get richer 4204 01:05:46,651 --> 01:05:47,944 because all you do 4205 01:05:47,944 --> 01:05:48,235 is keep 4206 01:05:48,277 --> 01:05:49,737 turning the capital over. 4207 01:05:49,820 --> 01:05:50,571 So the rich aren't 4208 01:05:50,571 --> 01:05:51,072 pulling their 4209 01:05:51,072 --> 01:05:51,989 capital out. 4210 01:05:52,073 --> 01:05:52,448 They're just 4211 01:05:52,448 --> 01:05:53,324 reinvesting it 4212 01:05:53,324 --> 01:05:53,950 over and over 4213 01:05:53,950 --> 01:05:55,076 and over again. Right. 4214 01:05:55,159 --> 01:05:56,035 And because you 4215 01:05:56,118 --> 01:05:56,661 you can't 4216 01:05:56,661 --> 01:05:57,495 you literally 4217 01:05:57,495 --> 01:05:59,497 the tax burden is so high 4218 01:05:59,580 --> 01:06:00,665 it's insane 4219 01:06:00,665 --> 01:06:02,249 to try to pull it out. 4220 01:06:02,333 --> 01:06:02,541 Like, 4221 01:06:02,541 --> 01:06:03,626 I have two firms 4222 01:06:03,626 --> 01:06:04,210 trying to help us 4223 01:06:04,210 --> 01:06:04,543 figure out 4224 01:06:04,543 --> 01:06:05,628 how we can even get 4225 01:06:05,711 --> 01:06:07,338 some money out of this, 4226 01:06:07,421 --> 01:06:08,339 because it's so big, 4227 01:06:08,339 --> 01:06:09,048 but it's what 4228 01:06:09,048 --> 01:06:09,715 made us wealthy. 4229 01:06:09,757 --> 01:06:10,841 But to your point, 4230 01:06:10,925 --> 01:06:12,176 it it also helps folks 4231 01:06:12,176 --> 01:06:13,386 that have you're right, 4232 01:06:13,386 --> 01:06:13,970 it helps certain 4233 01:06:13,970 --> 01:06:14,428 amount of people. 4234 01:06:14,428 --> 01:06:15,221 Like if you 4235 01:06:15,221 --> 01:06:16,389 have an extra 100 grand 4236 01:06:16,389 --> 01:06:16,973 sitting around, 4237 01:06:16,973 --> 01:06:17,974 for example, 4238 01:06:18,057 --> 01:06:20,017 you can put that $100,000 4239 01:06:20,101 --> 01:06:21,310 even into a syndication 4240 01:06:21,310 --> 01:06:21,769 like that 4241 01:06:21,769 --> 01:06:22,812 or a property 4242 01:06:22,812 --> 01:06:23,145 or whatever. 4243 01:06:23,145 --> 01:06:23,980 But you put that in 4244 01:06:23,980 --> 01:06:24,939 and you 4245 01:06:25,022 --> 01:06:25,731 man with bonus 4246 01:06:25,731 --> 01:06:26,649 appreciation. 4247 01:06:26,732 --> 01:06:27,692 There are situations 4248 01:06:27,692 --> 01:06:28,359 where you would put in 4249 01:06:28,359 --> 01:06:29,360 100 grand 4250 01:06:29,443 --> 01:06:30,152 and instead of giving it 4251 01:06:30,152 --> 01:06:30,820 to Uncle Sam, 4252 01:06:30,820 --> 01:06:31,529 you get to deduct 4253 01:06:31,529 --> 01:06:33,114 that entire year 4254 01:06:33,197 --> 01:06:34,490 100% of that from you. 4255 01:06:34,532 --> 01:06:35,616 Now, most of the time 4256 01:06:35,616 --> 01:06:36,450 it's 7,080%. 4257 01:06:36,450 --> 01:06:36,742 But in 4258 01:06:36,826 --> 01:06:37,201 especially 4259 01:06:37,201 --> 01:06:38,077 in multifamily, 4260 01:06:38,160 --> 01:06:38,911 you can literally 4261 01:06:38,911 --> 01:06:39,578 at the end of the year, 4262 01:06:39,578 --> 01:06:40,162 instead of giving 4263 01:06:40,162 --> 01:06:40,621 a running 4264 01:06:40,663 --> 01:06:41,539 a hundred thousand check, 4265 01:06:41,622 --> 01:06:42,748 $100,000 check 4266 01:06:42,832 --> 01:06:44,125 to the government, 4267 01:06:44,208 --> 01:06:44,709 you can write 4268 01:06:44,709 --> 01:06:45,668 a hundred thousand check 4269 01:06:45,751 --> 01:06:47,211 to Jay Scott 4270 01:06:47,294 --> 01:06:47,795 and deduct 4271 01:06:47,795 --> 01:06:48,754 that 100% 4272 01:06:48,754 --> 01:06:49,547 from your taxes. 4273 01:06:49,547 --> 01:06:50,047 I mean, that's. 4274 01:06:50,047 --> 01:06:51,549 And that's a real return. 4275 01:06:51,549 --> 01:06:52,383 You get like 4276 01:06:52,383 --> 01:06:53,467 you get that money. 4277 01:06:53,551 --> 01:06:54,051 So like you 4278 01:06:54,051 --> 01:06:55,636 don't even need to make 4279 01:06:55,720 --> 01:06:56,721 a return. 4280 01:06:56,804 --> 01:06:57,555 Like you 4281 01:06:57,555 --> 01:06:58,848 literally got your money. 4282 01:06:58,931 --> 01:06:59,932 So even if 4283 01:07:00,016 --> 01:07:01,809 like it went bad, 4284 01:07:01,892 --> 01:07:02,560 well then you would write 4285 01:07:02,560 --> 01:07:03,185 the light off, 4286 01:07:03,185 --> 01:07:04,270 the loss off to 4287 01:07:04,270 --> 01:07:04,687 and you'd make 4288 01:07:04,687 --> 01:07:05,896 another 100 grand. 4289 01:07:05,896 --> 01:07:07,690 Lost 100% of your money. 4290 01:07:07,690 --> 01:07:08,441 If you were giving it 4291 01:07:08,441 --> 01:07:09,108 to the government, 4292 01:07:09,108 --> 01:07:09,900 it would have been gone. 4293 01:07:09,900 --> 01:07:10,443 I mean, it would have 4294 01:07:10,443 --> 01:07:11,360 been like you. 4295 01:07:11,444 --> 01:07:12,194 I mean, it's a loss 4296 01:07:12,194 --> 01:07:12,737 no matter what. 4297 01:07:12,778 --> 01:07:13,654 Well, no, 4298 01:07:13,654 --> 01:07:14,321 it would have paid 4299 01:07:14,321 --> 01:07:14,780 for the 4300 01:07:14,780 --> 01:07:16,198 the bombs in Iran. 4301 01:07:16,240 --> 01:07:17,491 And it was. 4302 01:07:17,575 --> 01:07:18,200 That's true. 4303 01:07:18,242 --> 01:07:18,909 But but but 4304 01:07:18,909 --> 01:07:19,744 from your perspective, 4305 01:07:19,744 --> 01:07:20,661 it would have been gone 4306 01:07:20,661 --> 01:07:22,455 into the abyss versus 4307 01:07:22,538 --> 01:07:24,248 if I gave it to Jay. 4308 01:07:24,331 --> 01:07:25,249 And even if he lost it 4309 01:07:25,249 --> 01:07:26,625 all, it's still going. 4310 01:07:26,625 --> 01:07:27,334 It's gone. 4311 01:07:27,334 --> 01:07:27,835 Like, either 4312 01:07:27,835 --> 01:07:28,419 way, it's gone. 4313 01:07:28,419 --> 01:07:29,837 Yeah, exactly. 4314 01:07:29,920 --> 01:07:30,796 And so that's the great 4315 01:07:30,796 --> 01:07:32,089 thing about having. 4316 01:07:32,089 --> 01:07:32,590 And that's why 4317 01:07:32,590 --> 01:07:33,007 I too, though, 4318 01:07:33,007 --> 01:07:34,258 it's so important 4319 01:07:34,341 --> 01:07:35,926 like it. 4320 01:07:36,010 --> 01:07:36,844 It's really, 4321 01:07:36,844 --> 01:07:37,636 really important 4322 01:07:37,636 --> 01:07:38,888 for the economy 4323 01:07:38,971 --> 01:07:40,056 and for how our 4324 01:07:40,056 --> 01:07:41,015 system works for it. 4325 01:07:41,015 --> 01:07:42,266 I think it's great. 4326 01:07:42,349 --> 01:07:43,267 I think they did 4327 01:07:43,267 --> 01:07:44,268 a great job with it. 4328 01:07:44,351 --> 01:07:45,269 Small business 4329 01:07:45,269 --> 01:07:46,353 and other deductions. 4330 01:07:46,353 --> 01:07:47,354 They bumped up from 4331 01:07:47,354 --> 01:07:49,315 1.25 to 2.5, 4332 01:07:50,566 --> 01:07:51,859 million, 4333 01:07:51,942 --> 01:07:53,986 for the, 4334 01:07:54,070 --> 01:07:55,404 empowering small business 4335 01:07:55,404 --> 01:07:55,988 and startups 4336 01:07:55,988 --> 01:07:56,864 to invest more 4337 01:07:56,864 --> 01:07:58,157 in equipment up front. 4338 01:07:58,240 --> 01:07:59,867 It expanded 4339 01:07:59,950 --> 01:08:00,576 how much of 4340 01:08:00,576 --> 01:08:01,243 the deductions 4341 01:08:01,243 --> 01:08:01,786 they can take 4342 01:08:01,786 --> 01:08:02,745 for buying 4343 01:08:02,745 --> 01:08:03,704 and investing 4344 01:08:03,704 --> 01:08:05,122 in equipment. 4345 01:08:05,206 --> 01:08:07,249 Upfront out of the gate. 4346 01:08:07,333 --> 01:08:08,626 I think, once again, 4347 01:08:08,626 --> 01:08:09,335 I think 4348 01:08:09,335 --> 01:08:11,670 that's a great thing. 4349 01:08:11,754 --> 01:08:13,214 There's the 4350 01:08:13,297 --> 01:08:14,715 worker incentives 4351 01:08:14,799 --> 01:08:17,635 for income and overtime 4352 01:08:17,927 --> 01:08:20,262 for deductions and, 4353 01:08:20,346 --> 01:08:21,889 disposable all tax. 4354 01:08:21,972 --> 01:08:24,308 There's the they have 4355 01:08:24,308 --> 01:08:25,392 some specific 4356 01:08:25,392 --> 01:08:26,143 infrastructure 4357 01:08:26,143 --> 01:08:27,228 investments. 4358 01:08:27,311 --> 01:08:29,230 A lot of these are like 4359 01:08:29,313 --> 01:08:29,980 you can look at like 4360 01:08:29,980 --> 01:08:31,816 oil and gas, right. 4361 01:08:31,899 --> 01:08:32,650 And you get 4362 01:08:32,650 --> 01:08:34,610 huge deductions 4363 01:08:34,693 --> 01:08:35,486 and you can 4364 01:08:35,486 --> 01:08:36,195 write that off, 4365 01:08:36,195 --> 01:08:37,071 which 4366 01:08:37,154 --> 01:08:37,905 I've done that 4367 01:08:37,905 --> 01:08:38,447 quite a bit 4368 01:08:38,447 --> 01:08:39,115 because at the end 4369 01:08:39,115 --> 01:08:39,824 of the day 4370 01:08:39,907 --> 01:08:41,325 it may be speculative. 4371 01:08:41,325 --> 01:08:42,493 So if you are 4372 01:08:42,576 --> 01:08:44,120 investing in discovery 4373 01:08:44,203 --> 01:08:44,912 you get to write off 4374 01:08:44,912 --> 01:08:46,705 like 100% of it. 4375 01:08:46,789 --> 01:08:47,540 Well, I'm like, well, 4376 01:08:47,540 --> 01:08:48,457 why pay the government? 4377 01:08:48,457 --> 01:08:48,791 I'll give it 4378 01:08:48,791 --> 01:08:49,917 to a boil, man. 4379 01:08:49,917 --> 01:08:51,127 And if he strikes 4380 01:08:51,127 --> 01:08:51,877 oil, great. 4381 01:08:51,877 --> 01:08:52,837 If not, 4382 01:08:52,920 --> 01:08:53,546 I was going to lose it 4383 01:08:53,546 --> 01:08:53,963 anyways. 4384 01:08:54,004 --> 01:08:54,755 I wasn't going to get it. 4385 01:08:54,839 --> 01:08:55,756 So, 4386 01:08:55,840 --> 01:08:57,258 they're incentivizing you 4387 01:08:57,258 --> 01:08:58,968 to obviously 4388 01:08:59,051 --> 01:09:00,636 go for oil, get energy. 4389 01:09:01,929 --> 01:09:02,680 That's all. 4390 01:09:02,763 --> 01:09:03,681 It's like. 4391 01:09:03,681 --> 01:09:03,931 It's a 4392 01:09:03,931 --> 01:09:04,181 good way 4393 01:09:04,181 --> 01:09:04,849 to think of it, right? 4394 01:09:04,849 --> 01:09:06,350 Like, either they can go. 4395 01:09:06,433 --> 01:09:07,601 And raise taxes 4396 01:09:07,601 --> 01:09:09,186 on common people, 4397 01:09:09,270 --> 01:09:10,980 or they can basically 4398 01:09:10,980 --> 01:09:11,647 tell you, hey, 4399 01:09:11,647 --> 01:09:12,648 put your tax 4400 01:09:12,731 --> 01:09:13,774 dollars to work, 4401 01:09:13,774 --> 01:09:14,650 put the rich people's 4402 01:09:14,650 --> 01:09:15,776 tax dollars to work. 4403 01:09:15,776 --> 01:09:17,778 Other places. Exactly. 4404 01:09:17,862 --> 01:09:18,654 And that's the thing 4405 01:09:18,654 --> 01:09:19,113 that I think 4406 01:09:19,113 --> 01:09:19,446 most people 4407 01:09:19,446 --> 01:09:20,114 don't understand. 4408 01:09:20,197 --> 01:09:21,365 If you tax them 4409 01:09:21,365 --> 01:09:22,825 and take it out, 4410 01:09:22,908 --> 01:09:24,160 you're not taking it 4411 01:09:24,160 --> 01:09:25,953 out of their pocket. 4412 01:09:26,036 --> 01:09:26,787 You're taking it 4413 01:09:26,787 --> 01:09:28,622 out of the system. 4414 01:09:28,706 --> 01:09:30,833 That money's gone right. 4415 01:09:30,916 --> 01:09:31,750 And that has 4416 01:09:31,750 --> 01:09:34,128 huge conflict. 4417 01:09:34,211 --> 01:09:34,837 And that's why 4418 01:09:34,837 --> 01:09:36,422 when you look at where 4419 01:09:36,422 --> 01:09:37,506 allocation of capital 4420 01:09:37,506 --> 01:09:37,840 goes in 4421 01:09:37,840 --> 01:09:39,383 the United States, 4422 01:09:39,466 --> 01:09:40,467 it is very different 4423 01:09:40,467 --> 01:09:40,843 than lots of 4424 01:09:40,843 --> 01:09:41,468 other countries. 4425 01:09:41,468 --> 01:09:41,886 And it is 4426 01:09:41,886 --> 01:09:43,012 obviously predicated 4427 01:09:43,012 --> 01:09:43,554 on the things 4428 01:09:43,554 --> 01:09:45,139 that we want and need 4429 01:09:45,222 --> 01:09:45,973 that the government 4430 01:09:45,973 --> 01:09:47,266 wants us to do. 4431 01:09:47,349 --> 01:09:48,684 So it's like 4432 01:09:48,767 --> 01:09:49,977 either you do it, 4433 01:09:49,977 --> 01:09:51,020 if we have to do it, 4434 01:09:51,020 --> 01:09:51,812 I have to tax 4435 01:09:51,812 --> 01:09:52,855 you and take it from 4436 01:09:52,855 --> 01:09:54,023 you to do it. 4437 01:09:54,106 --> 01:09:54,690 And it's better 4438 01:09:54,690 --> 01:09:55,524 that the private sector 4439 01:09:55,524 --> 01:09:55,816 does it 4440 01:09:55,816 --> 01:09:56,233 because they do 4441 01:09:56,233 --> 01:09:57,318 a great job. 4442 01:09:57,401 --> 01:09:57,860 I mean, 4443 01:09:57,943 --> 01:09:58,402 they've done 4444 01:09:58,402 --> 01:09:59,403 a awesome job 4445 01:09:59,403 --> 01:10:00,112 in Brazil 4446 01:10:00,112 --> 01:10:01,155 with their real estate 4447 01:10:01,155 --> 01:10:01,780 and their government 4448 01:10:01,780 --> 01:10:03,324 handling housing. 4449 01:10:03,407 --> 01:10:04,575 Favelas are just 4450 01:10:04,658 --> 01:10:05,826 oh, chef's kiss. 4451 01:10:05,910 --> 01:10:06,911 But God, 4452 01:10:06,952 --> 01:10:07,453 you know, 4453 01:10:07,536 --> 01:10:08,287 you're just biased 4454 01:10:08,287 --> 01:10:08,579 because you 4455 01:10:08,579 --> 01:10:09,455 lived in Brazil 4456 01:10:09,455 --> 01:10:10,581 for five years. 4457 01:10:10,581 --> 01:10:11,081 I am, 4458 01:10:11,081 --> 01:10:11,832 and I just love 4459 01:10:11,832 --> 01:10:12,791 those favelas 4460 01:10:12,791 --> 01:10:14,001 and those 4461 01:10:14,084 --> 01:10:15,169 stacked on houses. 4462 01:10:15,169 --> 01:10:15,961 They're falling over. 4463 01:10:15,961 --> 01:10:17,296 It's amazing. 4464 01:10:17,379 --> 01:10:18,631 So, you know, there's, 4465 01:10:19,715 --> 01:10:20,841 the, these, these 4466 01:10:20,841 --> 01:10:21,759 incentive laws 4467 01:10:21,759 --> 01:10:22,301 in the bill, 4468 01:10:22,301 --> 01:10:23,010 once again, 4469 01:10:23,010 --> 01:10:25,596 most of them are, 4470 01:10:26,013 --> 01:10:27,181 depreciation. 4471 01:10:27,181 --> 01:10:28,390 They're expanding 4472 01:10:28,390 --> 01:10:28,807 how much you 4473 01:10:28,807 --> 01:10:30,768 can write off, 4474 01:10:30,851 --> 01:10:32,394 what are the other ones 4475 01:10:32,478 --> 01:10:33,270 passed through. 4476 01:10:33,312 --> 01:10:34,480 It was retained, 4477 01:10:34,480 --> 01:10:35,564 which is obviously great 4478 01:10:35,564 --> 01:10:36,732 for small business. 4479 01:10:36,815 --> 01:10:38,776 Yep, yep. Pass through. 4480 01:10:38,859 --> 01:10:39,276 Unless you're 4481 01:10:39,276 --> 01:10:40,027 a professional 4482 01:10:40,027 --> 01:10:40,819 corporation. 4483 01:10:40,903 --> 01:10:41,987 What was the, 4484 01:10:42,071 --> 01:10:44,031 the cap rate one. 4485 01:10:44,114 --> 01:10:46,700 So if you like, if you, 4486 01:10:47,076 --> 01:10:49,662 the dollar saved expense. 4487 01:10:49,662 --> 01:10:52,289 So saving dollars. 4488 01:10:52,539 --> 01:10:54,124 I don't quite understand 4489 01:10:54,124 --> 01:10:54,667 this one. 4490 01:10:54,750 --> 01:10:55,668 Well, well, 4491 01:10:55,709 --> 01:10:56,460 you figure that one out, 4492 01:10:56,460 --> 01:10:57,586 but the one that 4493 01:10:57,586 --> 01:10:58,170 let's talk about, 4494 01:10:58,170 --> 01:10:59,004 the one that didn't 4495 01:10:59,004 --> 01:10:59,546 make the bill, 4496 01:10:59,546 --> 01:11:00,965 which is huge. 4497 01:11:01,048 --> 01:11:01,966 The one that didn't make 4498 01:11:01,966 --> 01:11:02,299 the bill 4499 01:11:02,299 --> 01:11:02,883 was the carried 4500 01:11:02,883 --> 01:11:04,009 interest loophole. Right. 4501 01:11:04,009 --> 01:11:04,635 There were talking. 4502 01:11:04,718 --> 01:11:05,219 1030. 4503 01:11:05,219 --> 01:11:06,136 One Trump 4504 01:11:06,136 --> 01:11:06,679 they were talking. 4505 01:11:06,679 --> 01:11:07,513 About those two. 4506 01:11:07,596 --> 01:11:09,306 Yeah. Trump wanted to. 4507 01:11:09,390 --> 01:11:10,391 So the carried interest 4508 01:11:10,391 --> 01:11:11,016 loophole. 4509 01:11:11,058 --> 01:11:12,393 It means if you're 4510 01:11:12,393 --> 01:11:13,227 getting a syndicate 4511 01:11:13,269 --> 01:11:13,769 syndicators are great. 4512 01:11:13,769 --> 01:11:14,687 But it's meant for hedge 4513 01:11:14,687 --> 01:11:15,729 fund and venture capital. 4514 01:11:15,813 --> 01:11:17,064 But if you have like the 4515 01:11:17,064 --> 01:11:17,773 you know, you own 4516 01:11:17,773 --> 01:11:19,066 20% of a syndication, 4517 01:11:19,149 --> 01:11:19,650 right. 4518 01:11:19,733 --> 01:11:20,776 That gets taxed 4519 01:11:20,776 --> 01:11:21,777 at capital gains rate, 4520 01:11:21,777 --> 01:11:22,569 they usually 4521 01:11:22,611 --> 01:11:23,320 should be taxed 4522 01:11:23,320 --> 01:11:24,488 as ordinary income. 4523 01:11:24,571 --> 01:11:25,406 And so that was 4524 01:11:25,406 --> 01:11:26,115 a loophole 4525 01:11:26,156 --> 01:11:26,532 because a 4526 01:11:26,532 --> 01:11:27,366 lot of the hedge fund, 4527 01:11:27,366 --> 01:11:28,492 the Jamie Diamonds, 4528 01:11:28,575 --> 01:11:29,118 whatever 4529 01:11:29,201 --> 01:11:29,952 they're getting off 4530 01:11:30,035 --> 01:11:31,245 Trump wanted it gone. 4531 01:11:31,245 --> 01:11:32,413 There were some debate. 4532 01:11:32,413 --> 01:11:33,914 There were some a lot 4533 01:11:33,914 --> 01:11:34,623 a lot of rumors 4534 01:11:34,623 --> 01:11:35,582 that it would get gone. 4535 01:11:35,582 --> 01:11:36,292 A lot of debate, 4536 01:11:36,292 --> 01:11:36,917 not a lot of debate, 4537 01:11:36,917 --> 01:11:37,710 but there was some debate 4538 01:11:37,710 --> 01:11:38,544 on the floor 4539 01:11:38,627 --> 01:11:39,211 getting rid of it. 4540 01:11:39,211 --> 01:11:40,546 And it ended up not, 4541 01:11:40,629 --> 01:11:41,130 trust me, 4542 01:11:41,130 --> 01:11:41,880 the private equity 4543 01:11:41,880 --> 01:11:42,631 firms, the venture 4544 01:11:42,631 --> 01:11:43,173 capital firms, 4545 01:11:43,173 --> 01:11:44,383 they weekend 4546 01:11:44,466 --> 01:11:45,884 went to town 4547 01:11:45,884 --> 01:11:46,760 and the lobbying. 4548 01:11:46,844 --> 01:11:47,594 So they kept 4549 01:11:47,594 --> 01:11:48,095 that in there. 4550 01:11:48,095 --> 01:11:50,472 So if you're a syndicator 4551 01:11:50,556 --> 01:11:50,889 and you're 4552 01:11:50,889 --> 01:11:52,182 getting that 20%, 4553 01:11:52,266 --> 01:11:53,350 that 20% 4554 01:11:53,350 --> 01:11:54,560 carried interest, 4555 01:11:54,643 --> 01:11:55,144 I think you do 4556 01:11:55,144 --> 01:11:55,477 have to hold it 4557 01:11:55,477 --> 01:11:56,103 for three years. 4558 01:11:56,103 --> 01:11:56,854 But you get that 4559 01:11:56,854 --> 01:11:58,188 as a capital gains 4560 01:11:58,272 --> 01:11:58,605 versus 4561 01:11:58,605 --> 01:11:59,356 the income as 4562 01:11:59,440 --> 01:12:00,524 as ordinary income, 4563 01:12:00,524 --> 01:12:02,067 which is a huge, 4564 01:12:02,151 --> 01:12:03,277 huge you know, 4565 01:12:03,277 --> 01:12:04,445 you were talking 32. 4566 01:12:04,528 --> 01:12:06,280 If that if that loophole 4567 01:12:06,280 --> 01:12:07,156 had been closed, 4568 01:12:07,156 --> 01:12:08,574 it would have 4569 01:12:08,657 --> 01:12:09,783 it would have that 4570 01:12:09,783 --> 01:12:10,326 negative 4571 01:12:10,326 --> 01:12:11,076 would have outweighed 4572 01:12:11,076 --> 01:12:11,910 all the benefits 4573 01:12:11,910 --> 01:12:12,995 to real estate investors. 4574 01:12:12,995 --> 01:12:14,079 Well, so question 4575 01:12:14,079 --> 01:12:15,914 if it still happens 4576 01:12:15,914 --> 01:12:16,707 under three years 4577 01:12:16,707 --> 01:12:17,291 to your point. 4578 01:12:17,291 --> 01:12:18,083 But the question 4579 01:12:18,083 --> 01:12:19,043 does that because we. 4580 01:12:19,126 --> 01:12:19,835 We haven't sold 4581 01:12:19,835 --> 01:12:20,461 properties in 4582 01:12:20,461 --> 01:12:21,045 under three years. 4583 01:12:21,045 --> 01:12:21,587 But I know a lot 4584 01:12:21,587 --> 01:12:22,379 of people who did. 4585 01:12:23,380 --> 01:12:25,466 So can you not offset 4586 01:12:25,549 --> 01:12:26,216 that is 4587 01:12:26,300 --> 01:12:28,052 you with other passive, 4588 01:12:28,135 --> 01:12:29,011 losses 4589 01:12:29,094 --> 01:12:29,762 if it's, 4590 01:12:29,845 --> 01:12:30,637 if it's taxed 4591 01:12:30,637 --> 01:12:31,638 at the, the. 4592 01:12:31,638 --> 01:12:32,639 Normal income rate. 4593 01:12:32,723 --> 01:12:33,390 That's a CPA. 4594 01:12:33,390 --> 01:12:34,308 I don't know 4595 01:12:34,391 --> 01:12:35,642 if this is the time 4596 01:12:35,642 --> 01:12:35,976 I'm putting 4597 01:12:35,976 --> 01:12:36,852 a disclaimer in here. 4598 01:12:36,852 --> 01:12:37,353 Everyone. 4599 01:12:37,353 --> 01:12:37,936 We, 4600 01:12:38,020 --> 01:12:38,729 we don't know, Jack, 4601 01:12:38,729 --> 01:12:39,730 about your taxes. 4602 01:12:39,730 --> 01:12:40,272 We don't know what 4603 01:12:40,272 --> 01:12:41,357 we're talking about. 4604 01:12:41,440 --> 01:12:42,608 So everything 4605 01:12:42,608 --> 01:12:43,442 that we're saying 4606 01:12:43,442 --> 01:12:44,735 here is about the bill, 4607 01:12:44,735 --> 01:12:46,487 how it applies to you 4608 01:12:46,570 --> 01:12:47,529 and what you're doing 4609 01:12:47,529 --> 01:12:48,697 has nothing to do 4610 01:12:48,697 --> 01:12:49,490 with what we're saying. 4611 01:12:49,573 --> 01:12:50,949 We are not CPAs. 4612 01:12:50,949 --> 01:12:52,368 We are not accountants. 4613 01:12:52,451 --> 01:12:54,203 Do not invest 4614 01:12:54,286 --> 01:12:54,787 because you heard 4615 01:12:54,787 --> 01:12:56,538 on drunk real estate. 4616 01:12:56,622 --> 01:12:58,415 I mean, come on, 4617 01:12:58,499 --> 01:13:00,876 what we said about taxes. 4618 01:13:00,959 --> 01:13:02,086 Talk to your CPA. 4619 01:13:02,169 --> 01:13:03,337 What I can tell you 4620 01:13:03,337 --> 01:13:04,963 is I'm pretty confident 4621 01:13:04,963 --> 01:13:07,257 that if you sell within 4622 01:13:07,341 --> 01:13:08,384 three years, that 4623 01:13:08,384 --> 01:13:09,176 that income 4624 01:13:09,176 --> 01:13:09,927 would be considered 4625 01:13:09,968 --> 01:13:10,886 ordinary income 4626 01:13:10,886 --> 01:13:11,970 versus capital gains. 4627 01:13:11,970 --> 01:13:12,262 If you have 4628 01:13:12,262 --> 01:13:12,679 that over there. 4629 01:13:12,763 --> 01:13:13,180 Now, whether 4630 01:13:13,180 --> 01:13:14,223 that gets offset 4631 01:13:14,223 --> 01:13:14,973 by other, 4632 01:13:14,973 --> 01:13:15,307 that's a 4633 01:13:15,307 --> 01:13:15,891 different question 4634 01:13:15,891 --> 01:13:16,266 like the 4635 01:13:16,266 --> 01:13:16,934 the offset 4636 01:13:16,934 --> 01:13:18,018 and the depreciation. 4637 01:13:18,102 --> 01:13:18,936 That's a discussion 4638 01:13:18,936 --> 01:13:19,311 need to have 4639 01:13:19,311 --> 01:13:19,812 with your tax. 4640 01:13:19,812 --> 01:13:20,729 I think it still does. 4641 01:13:20,729 --> 01:13:21,105 As a real 4642 01:13:21,105 --> 01:13:21,647 estate professor. 4643 01:13:21,647 --> 01:13:21,939 If you're 4644 01:13:21,939 --> 01:13:22,981 real fashionable 4645 01:13:23,023 --> 01:13:23,857 then then it should 4646 01:13:23,857 --> 01:13:25,067 still get offset. 4647 01:13:25,150 --> 01:13:26,652 The the carried interest 4648 01:13:26,652 --> 01:13:27,027 though 4649 01:13:27,111 --> 01:13:27,486 I think 4650 01:13:27,486 --> 01:13:28,362 one of the biggest things 4651 01:13:28,362 --> 01:13:29,071 with that 4652 01:13:29,154 --> 01:13:29,530 is it 4653 01:13:29,530 --> 01:13:31,448 incentivizes, frankly 4654 01:13:31,448 --> 01:13:32,783 rich people 4655 01:13:32,866 --> 01:13:33,409 to invest 4656 01:13:33,409 --> 01:13:34,535 other people's money 4657 01:13:34,618 --> 01:13:35,786 if if they didn't 4658 01:13:35,786 --> 01:13:36,161 have it, 4659 01:13:36,161 --> 01:13:37,037 they wouldn't do it. 4660 01:13:37,121 --> 01:13:37,788 I wouldn't 4661 01:13:37,871 --> 01:13:38,497 if like, 4662 01:13:38,497 --> 01:13:39,164 I would never 4663 01:13:39,164 --> 01:13:39,456 take other 4664 01:13:39,456 --> 01:13:39,915 people's money. 4665 01:13:39,915 --> 01:13:41,208 I just use my own AJ. 4666 01:13:41,208 --> 01:13:41,417 But that's 4667 01:13:41,417 --> 01:13:41,917 the whole point. 4668 01:13:41,917 --> 01:13:42,292 The 4669 01:13:42,376 --> 01:13:43,043 the fact that 4670 01:13:43,043 --> 01:13:44,086 you are out there 4671 01:13:44,086 --> 01:13:44,670 and all of the 4672 01:13:44,753 --> 01:13:45,212 both of you, 4673 01:13:45,212 --> 01:13:46,296 all three of you, 4674 01:13:46,380 --> 01:13:47,172 I don't do it. 4675 01:13:47,256 --> 01:13:48,006 The fact that you guys 4676 01:13:48,006 --> 01:13:48,465 are out there 4677 01:13:48,465 --> 01:13:49,508 raising capital 4678 01:13:49,508 --> 01:13:50,217 and buying 4679 01:13:50,300 --> 01:13:51,427 way more real estate 4680 01:13:51,427 --> 01:13:51,885 that you could do 4681 01:13:51,885 --> 01:13:52,761 on your own, 4682 01:13:52,845 --> 01:13:54,096 furthers the benefit 4683 01:13:54,096 --> 01:13:55,013 and the objectives 4684 01:13:55,013 --> 01:13:55,514 of the government. 4685 01:13:55,514 --> 01:13:56,473 The government wants you 4686 01:13:56,473 --> 01:13:57,433 to go buy 4687 01:13:57,516 --> 01:13:58,851 100 apartment units. 4688 01:13:58,851 --> 01:13:59,268 If you didn't 4689 01:13:59,268 --> 01:13:59,977 have that incentive, 4690 01:13:59,977 --> 01:14:01,103 you would buy two. 4691 01:14:01,186 --> 01:14:02,062 So the fact that you have 4692 01:14:02,062 --> 01:14:02,688 an incentive 4693 01:14:02,688 --> 01:14:04,022 is what perpetuates 4694 01:14:04,022 --> 01:14:04,815 your buying more 4695 01:14:04,815 --> 01:14:05,607 and raising capital. 4696 01:14:05,607 --> 01:14:06,483 And that's what 4697 01:14:06,483 --> 01:14:07,025 the whole tax 4698 01:14:07,109 --> 01:14:08,444 system is meant to be. 4699 01:14:08,527 --> 01:14:09,528 And you want 4700 01:14:09,611 --> 01:14:10,529 you want 4701 01:14:10,612 --> 01:14:12,281 people to have access 4702 01:14:12,281 --> 01:14:13,907 to investments. 4703 01:14:13,991 --> 01:14:15,284 Like the last thing 4704 01:14:15,284 --> 01:14:16,910 we want to do 4705 01:14:16,994 --> 01:14:19,746 is cut off investments 4706 01:14:20,080 --> 01:14:20,706 for people 4707 01:14:20,706 --> 01:14:21,832 that don't have tens 4708 01:14:21,832 --> 01:14:23,542 of millions of dollars. 4709 01:14:23,625 --> 01:14:25,085 And that's a whole thing 4710 01:14:25,085 --> 01:14:25,627 that I have 4711 01:14:25,627 --> 01:14:26,211 with their credit 4712 01:14:26,211 --> 01:14:26,712 nation laws. 4713 01:14:26,712 --> 01:14:27,588 We won't get into that. 4714 01:14:27,671 --> 01:14:30,007 But we do not want to 4715 01:14:30,007 --> 01:14:32,593 have a system that bars 4716 01:14:32,843 --> 01:14:34,136 regular people 4717 01:14:34,136 --> 01:14:35,262 and rich people, 4718 01:14:35,262 --> 01:14:37,055 even from investing 4719 01:14:37,055 --> 01:14:38,265 in all these assets. 4720 01:14:38,265 --> 01:14:39,099 And you only 4721 01:14:39,099 --> 01:14:40,058 have one class 4722 01:14:40,058 --> 01:14:40,809 that can do it, 4723 01:14:40,893 --> 01:14:41,894 that's not a good thing. 4724 01:14:41,977 --> 01:14:42,644 So it it 4725 01:14:42,644 --> 01:14:44,229 literally opens up 4726 01:14:44,229 --> 01:14:45,731 investment opportunities. 4727 01:14:45,731 --> 01:14:46,315 And I think that's 4728 01:14:46,315 --> 01:14:47,524 a really good thing. 4729 01:14:47,608 --> 01:14:48,525 And if you want to get a. 4730 01:14:48,525 --> 01:14:48,817 Little bit 4731 01:14:48,817 --> 01:14:49,651 more specialized, 4732 01:14:49,651 --> 01:14:50,110 I know there are 4733 01:14:50,110 --> 01:14:50,986 some people who do 4734 01:14:50,986 --> 01:14:51,904 like tech stuff. 4735 01:14:52,988 --> 01:14:54,448 The, the credits for that 4736 01:14:54,448 --> 01:14:54,907 actually got 4737 01:14:54,907 --> 01:14:55,782 a little bit of a bump. 4738 01:14:55,782 --> 01:14:56,783 So they are trying 4739 01:14:56,783 --> 01:14:57,576 to put in there 4740 01:14:57,576 --> 01:14:58,660 some more affordable 4741 01:14:58,660 --> 01:15:00,621 housing things. 4742 01:15:00,704 --> 01:15:02,372 But at the same time, 4743 01:15:02,456 --> 01:15:04,625 I have heard and I, 4744 01:15:04,708 --> 01:15:05,626 I'm having trouble 4745 01:15:05,626 --> 01:15:06,668 because this is still 4746 01:15:06,668 --> 01:15:07,836 relatively new 4747 01:15:07,920 --> 01:15:10,506 and it is 900 pages. 4748 01:15:11,256 --> 01:15:12,257 I'm having trouble 4749 01:15:12,257 --> 01:15:12,966 trying to figure 4750 01:15:12,966 --> 01:15:14,176 out on the low end. 4751 01:15:14,176 --> 01:15:15,052 So there are people 4752 01:15:15,052 --> 01:15:16,470 who do investments 4753 01:15:16,470 --> 01:15:17,888 with like section eight 4754 01:15:17,971 --> 01:15:19,389 and things like that. 4755 01:15:19,473 --> 01:15:20,599 And there seems like 4756 01:15:20,599 --> 01:15:22,017 a bit of a debate 4757 01:15:22,100 --> 01:15:24,436 on people who 4758 01:15:24,520 --> 01:15:26,647 who supply housing 4759 01:15:26,730 --> 01:15:28,273 to the real low 4760 01:15:28,273 --> 01:15:30,067 end users, 4761 01:15:30,150 --> 01:15:31,151 whether it's going 4762 01:15:31,151 --> 01:15:31,485 there's going 4763 01:15:31,485 --> 01:15:32,444 to be an issue or for 4764 01:15:32,444 --> 01:15:32,903 actually it's 4765 01:15:32,903 --> 01:15:33,946 going to be a good thing 4766 01:15:33,946 --> 01:15:35,030 for them there. 4767 01:15:35,113 --> 01:15:35,531 So I don't know 4768 01:15:35,531 --> 01:15:36,198 if you guys have 4769 01:15:36,198 --> 01:15:37,366 looked into the section 4770 01:15:37,366 --> 01:15:38,992 eight, the whole HUD, 4771 01:15:39,076 --> 01:15:41,703 the la, HTC stuff. 4772 01:15:41,870 --> 01:15:42,663 But maybe that's 4773 01:15:42,663 --> 01:15:43,580 for another episode. 4774 01:15:43,580 --> 01:15:45,874 But, I think it's, it's 4775 01:15:45,874 --> 01:15:46,333 kind of one 4776 01:15:46,333 --> 01:15:46,959 of those like, 4777 01:15:48,043 --> 01:15:48,835 I don't think there's any 4778 01:15:48,835 --> 01:15:50,212 debate for people 4779 01:15:50,295 --> 01:15:51,588 who are doing workforce 4780 01:15:51,588 --> 01:15:52,548 and higher end 4781 01:15:52,548 --> 01:15:53,632 and new construction 4782 01:15:53,632 --> 01:15:54,675 and stuff like that, 4783 01:15:54,675 --> 01:15:55,634 that this is 4784 01:15:55,717 --> 01:15:56,176 a lot of 4785 01:15:56,176 --> 01:15:57,177 really good things. 4786 01:15:57,177 --> 01:15:58,345 That TJ's point 4787 01:15:58,345 --> 01:15:59,137 they were in 4788 01:15:59,137 --> 01:16:00,222 before the previous 4789 01:16:00,222 --> 01:16:00,806 tax bill. 4790 01:16:00,806 --> 01:16:02,015 But they, you know, 4791 01:16:02,015 --> 01:16:03,225 they've been sunsetting 4792 01:16:03,225 --> 01:16:03,934 or are they, 4793 01:16:04,017 --> 01:16:04,268 you know, 4794 01:16:04,268 --> 01:16:04,768 just a little 4795 01:16:04,768 --> 01:16:05,602 less beneficial. 4796 01:16:05,602 --> 01:16:07,437 And now they're back. 4797 01:16:07,521 --> 01:16:08,272 But these are all 4798 01:16:08,272 --> 01:16:09,106 really beneficial 4799 01:16:09,106 --> 01:16:09,731 for those users. 4800 01:16:09,731 --> 01:16:10,357 But it might be a 4801 01:16:10,357 --> 01:16:11,441 bit of a question mark 4802 01:16:11,441 --> 01:16:11,984 for people 4803 01:16:11,984 --> 01:16:12,818 who are dealing in 4804 01:16:12,818 --> 01:16:13,569 the section 4805 01:16:13,569 --> 01:16:15,404 eight and providing. 4806 01:16:15,404 --> 01:16:15,737 Housing 4807 01:16:15,737 --> 01:16:16,238 where it comes 4808 01:16:16,238 --> 01:16:16,738 with section 4809 01:16:16,738 --> 01:16:17,364 eight and lower house 4810 01:16:17,364 --> 01:16:19,157 clauses as improvements. 4811 01:16:19,241 --> 01:16:20,826 Now the problem, though, 4812 01:16:20,826 --> 01:16:21,493 with section 4813 01:16:21,493 --> 01:16:22,494 eight like it, 4814 01:16:22,578 --> 01:16:24,955 it has and always has it. 4815 01:16:24,955 --> 01:16:25,872 If you're not, 4816 01:16:25,872 --> 01:16:26,623 you can't get 4817 01:16:26,623 --> 01:16:28,125 higher rents, 4818 01:16:28,208 --> 01:16:29,293 so you're capped. 4819 01:16:29,293 --> 01:16:30,961 So even if you had like 4820 01:16:31,044 --> 01:16:31,878 if I was going to be 4821 01:16:31,962 --> 01:16:33,547 able to accelerate 4822 01:16:33,630 --> 01:16:34,047 and get 4823 01:16:34,047 --> 01:16:35,340 better depreciation 4824 01:16:35,340 --> 01:16:36,008 on a section 4825 01:16:36,008 --> 01:16:36,967 eight housing 4826 01:16:37,050 --> 01:16:37,926 and I'm going to invest 4827 01:16:37,926 --> 01:16:39,553 $2 million into it, 4828 01:16:39,636 --> 01:16:40,178 that's great 4829 01:16:40,178 --> 01:16:42,014 to get some depreciation. 4830 01:16:42,097 --> 01:16:42,723 But why would 4831 01:16:42,723 --> 01:16:43,807 I ever do that. 4832 01:16:43,807 --> 01:16:44,891 It makes no sense. 4833 01:16:44,891 --> 01:16:46,393 So you get 4834 01:16:46,476 --> 01:16:48,228 the same depreciation 4835 01:16:48,228 --> 01:16:49,605 and you can do it just 4836 01:16:50,564 --> 01:16:51,648 why would you ever do it. 4837 01:16:51,648 --> 01:16:52,232 Because you don't 4838 01:16:52,232 --> 01:16:53,358 get a return of it. 4839 01:16:53,442 --> 01:16:56,111 So having capped rents 4840 01:16:56,903 --> 01:16:57,863 stops 4841 01:16:57,863 --> 01:16:59,197 you from getting anything 4842 01:16:59,197 --> 01:17:00,198 except that 4843 01:17:00,282 --> 01:17:02,200 one time benefit. 4844 01:17:02,284 --> 01:17:03,160 Whereas I can go 4845 01:17:03,160 --> 01:17:04,453 do that in anything else 4846 01:17:04,453 --> 01:17:04,995 and I can get 4847 01:17:04,995 --> 01:17:06,204 the one time benefit 4848 01:17:06,288 --> 01:17:08,540 plus all future benefits. 4849 01:17:08,624 --> 01:17:09,249 And that's why, 4850 01:17:09,249 --> 01:17:10,542 generally speaking, 4851 01:17:10,626 --> 01:17:11,668 even though 4852 01:17:11,668 --> 01:17:13,045 they still get the same 4853 01:17:13,045 --> 01:17:14,379 allotted advantages 4854 01:17:14,379 --> 01:17:15,088 that all the other 4855 01:17:15,088 --> 01:17:16,256 real estate does, 4856 01:17:16,340 --> 01:17:17,466 people don't do it. 4857 01:17:17,549 --> 01:17:17,883 Yeah, 4858 01:17:17,966 --> 01:17:18,717 I think that's 4859 01:17:18,717 --> 01:17:19,092 one of the. 4860 01:17:19,092 --> 01:17:19,676 Main arguments, 4861 01:17:19,676 --> 01:17:20,677 is basically like 4862 01:17:20,677 --> 01:17:22,012 if you do the math, like 4863 01:17:22,095 --> 01:17:22,846 even the Senate. 4864 01:17:22,846 --> 01:17:24,389 So the House version 4865 01:17:24,473 --> 01:17:26,266 they with these increases 4866 01:17:26,266 --> 01:17:26,808 to light tech 4867 01:17:26,808 --> 01:17:27,851 and stuff like that, 4868 01:17:27,934 --> 01:17:28,852 they estimated 4869 01:17:28,852 --> 01:17:29,686 they were going to create 4870 01:17:29,686 --> 01:17:31,146 500,000 new affordable 4871 01:17:31,146 --> 01:17:31,730 housing units. 4872 01:17:31,730 --> 01:17:32,022 Well, now 4873 01:17:32,022 --> 01:17:32,856 the Senate's versions 4874 01:17:32,856 --> 01:17:33,857 actually went 4875 01:17:33,857 --> 01:17:34,733 even further in. 4876 01:17:34,733 --> 01:17:35,567 They're estimating it's 4877 01:17:35,567 --> 01:17:36,526 going to be a million 4878 01:17:36,526 --> 01:17:37,069 just by 4879 01:17:37,152 --> 01:17:37,986 they've increased 4880 01:17:37,986 --> 01:17:39,112 basically 4881 01:17:39,196 --> 01:17:40,656 some of the tax credits 4882 01:17:40,656 --> 01:17:41,948 that are available, 4883 01:17:42,032 --> 01:17:42,991 they've actually made it 4884 01:17:42,991 --> 01:17:43,867 kind of easier 4885 01:17:43,867 --> 01:17:45,661 for them to get, 4886 01:17:45,744 --> 01:17:46,453 things like that. 4887 01:17:46,453 --> 01:17:46,995 I don't want to get 4888 01:17:46,995 --> 01:17:47,746 into the details. 4889 01:17:47,829 --> 01:17:48,330 But then at 4890 01:17:48,330 --> 01:17:49,081 the same point, 4891 01:17:49,081 --> 01:17:50,248 people are saying 4892 01:17:50,332 --> 01:17:50,999 it might be 4893 01:17:51,041 --> 01:17:51,875 a lot tougher 4894 01:17:51,875 --> 01:17:52,501 for that 4895 01:17:52,501 --> 01:17:53,335 demographic 4896 01:17:53,335 --> 01:17:54,544 that you're targeting 4897 01:17:54,628 --> 01:17:56,046 for people to 4898 01:17:56,129 --> 01:17:57,798 to use these tax credits 4899 01:17:57,798 --> 01:17:58,340 and for the 4900 01:17:58,382 --> 01:17:59,257 people to like 4901 01:17:59,257 --> 01:17:59,966 or to like, 4902 01:17:59,966 --> 01:18:01,259 get the vouchers 4903 01:18:01,343 --> 01:18:02,135 and to be able 4904 01:18:02,135 --> 01:18:03,887 to afford these units 4905 01:18:03,970 --> 01:18:05,097 that a lot of the, 4906 01:18:06,223 --> 01:18:08,850 these, these changes 4907 01:18:09,226 --> 01:18:10,060 that they won't 4908 01:18:10,060 --> 01:18:11,061 necessarily be able 4909 01:18:11,061 --> 01:18:12,062 to take advantage 4910 01:18:12,062 --> 01:18:13,355 of these units. 4911 01:18:13,438 --> 01:18:14,981 So maybe that's, 4912 01:18:15,065 --> 01:18:15,774 you know, somebody 4913 01:18:15,774 --> 01:18:16,692 who's more in it. 4914 01:18:16,692 --> 01:18:17,025 I don't 4915 01:18:17,025 --> 01:18:18,026 we have very 4916 01:18:18,026 --> 01:18:18,819 little section 4917 01:18:18,819 --> 01:18:19,361 eight stuff. 4918 01:18:19,361 --> 01:18:20,612 So it's like, 4919 01:18:20,696 --> 01:18:21,405 it's not something 4920 01:18:21,488 --> 01:18:21,947 really. 4921 01:18:22,030 --> 01:18:22,989 That's not my area 4922 01:18:22,989 --> 01:18:23,990 specialty at all. 4923 01:18:24,074 --> 01:18:24,574 Obviously, 4924 01:18:24,616 --> 01:18:25,659 that is that beneath 4925 01:18:25,659 --> 01:18:26,243 you call? 4926 01:18:26,326 --> 01:18:27,369 No, it's 4927 01:18:27,452 --> 01:18:28,328 actually section eight 4928 01:18:28,328 --> 01:18:29,371 could be very lucrative. 4929 01:18:29,371 --> 01:18:29,913 And people 4930 01:18:29,913 --> 01:18:30,455 who are very 4931 01:18:30,455 --> 01:18:30,872 good at it, 4932 01:18:30,872 --> 01:18:32,624 like if you focus on it, 4933 01:18:32,708 --> 01:18:33,458 the problem is, 4934 01:18:33,458 --> 01:18:34,459 is its reporting. 4935 01:18:34,459 --> 01:18:35,252 Requirements 4936 01:18:35,252 --> 01:18:36,753 and like at 4937 01:18:36,753 --> 01:18:37,421 once we get 4938 01:18:37,421 --> 01:18:38,171 getting back into it. 4939 01:18:38,171 --> 01:18:39,297 Red tape stuff. Right. 4940 01:18:39,297 --> 01:18:39,965 Like when are you dealing 4941 01:18:39,965 --> 01:18:41,216 with the government. 4942 01:18:41,299 --> 01:18:41,967 You got a lot of 4943 01:18:42,050 --> 01:18:42,884 a lot of stuff 4944 01:18:42,884 --> 01:18:43,218 that you got 4945 01:18:43,218 --> 01:18:44,052 to deal with. 4946 01:18:44,136 --> 01:18:45,762 And so it's it's 4947 01:18:45,762 --> 01:18:46,596 not worth it 4948 01:18:46,596 --> 01:18:47,097 unless you're 4949 01:18:47,097 --> 01:18:48,348 kind of going all in. 4950 01:18:48,432 --> 01:18:49,641 But if you're 4951 01:18:49,641 --> 01:18:50,225 going all in 4952 01:18:50,225 --> 01:18:50,350 and 4953 01:18:50,350 --> 01:18:51,435 you got a good system. 4954 01:18:51,518 --> 01:18:52,144 So if you don't 4955 01:18:52,144 --> 01:18:53,353 do the inspections 4956 01:18:53,353 --> 01:18:54,646 and if you're required. 4957 01:18:54,730 --> 01:18:55,772 So why, 4958 01:18:55,856 --> 01:18:56,815 why in Medicaid 4959 01:18:56,815 --> 01:18:58,859 did they allow it? Not. 4960 01:18:58,942 --> 01:18:59,985 That's weird. 4961 01:19:00,068 --> 01:19:01,069 I see what you did there. 4962 01:19:01,069 --> 01:19:03,822 AJ but but as far as, 4963 01:19:04,865 --> 01:19:05,532 as far as 4964 01:19:05,532 --> 01:19:06,491 if you are tuned 4965 01:19:06,491 --> 01:19:08,118 into it, like basically. 4966 01:19:08,201 --> 01:19:09,536 90% of that, 4967 01:19:09,536 --> 01:19:10,537 every rent payment 4968 01:19:10,537 --> 01:19:10,996 every month 4969 01:19:10,996 --> 01:19:12,164 is guaranteed, right? 4970 01:19:12,164 --> 01:19:12,706 Like it's 4971 01:19:12,706 --> 01:19:13,540 coming from 4972 01:19:13,540 --> 01:19:14,332 the government 4973 01:19:14,416 --> 01:19:14,833 and they're 4974 01:19:14,833 --> 01:19:15,917 going to pay it. 4975 01:19:16,001 --> 01:19:16,668 So like when 4976 01:19:16,668 --> 01:19:17,586 we talk about like, oh, 4977 01:19:17,586 --> 01:19:18,044 we were at 4978 01:19:18,044 --> 01:19:19,671 96% collections 4979 01:19:19,671 --> 01:19:20,839 this month. Yay. 4980 01:19:20,922 --> 01:19:21,590 Well, 4981 01:19:21,673 --> 01:19:22,215 like if you're 4982 01:19:22,215 --> 01:19:22,591 really good 4983 01:19:22,591 --> 01:19:23,133 at your section 4984 01:19:23,133 --> 01:19:23,300 eight, 4985 01:19:23,300 --> 01:19:23,967 you're doing 4986 01:19:23,967 --> 01:19:24,551 better than that 4987 01:19:24,551 --> 01:19:25,260 because you're 4988 01:19:25,260 --> 01:19:26,094 the money's 4989 01:19:26,094 --> 01:19:26,470 coming from 4990 01:19:26,470 --> 01:19:27,095 the government, 4991 01:19:27,179 --> 01:19:28,513 and it's basically 4992 01:19:28,597 --> 01:19:29,848 a golden ticket 4993 01:19:29,848 --> 01:19:30,807 for some of these people 4994 01:19:30,807 --> 01:19:31,933 to get that section 4995 01:19:31,933 --> 01:19:32,601 eight voucher. 4996 01:19:32,601 --> 01:19:33,351 And they're not going 4997 01:19:33,351 --> 01:19:34,519 to miss their payment. 4998 01:19:34,603 --> 01:19:36,313 So that's on. 4999 01:19:36,313 --> 01:19:36,855 That's really 5000 01:19:36,855 --> 01:19:37,272 good at that 5001 01:19:37,272 --> 01:19:37,939 because that 5002 01:19:37,939 --> 01:19:38,648 that world, 5003 01:19:38,648 --> 01:19:39,149 the people that 5004 01:19:39,149 --> 01:19:40,567 kill it in it, 5005 01:19:40,650 --> 01:19:41,777 they do good. Yeah. 5006 01:19:41,860 --> 01:19:42,944 Well so and that would be 5007 01:19:42,986 --> 01:19:43,361 that would be 5008 01:19:43,361 --> 01:19:43,945 a good segment 5009 01:19:43,945 --> 01:19:44,529 to talk about. 5010 01:19:44,529 --> 01:19:45,489 Hey like how is this 5011 01:19:45,489 --> 01:19:46,907 changing things. 5012 01:19:46,990 --> 01:19:48,116 Because I see 5013 01:19:48,116 --> 01:19:48,408 I see 5014 01:19:48,408 --> 01:19:49,451 a lot of chatter about it 5015 01:19:49,451 --> 01:19:50,410 and I've seen 5016 01:19:50,494 --> 01:19:51,244 headlines going 5017 01:19:51,244 --> 01:19:51,787 both ways, 5018 01:19:51,787 --> 01:19:52,162 like this 5019 01:19:52,162 --> 01:19:52,788 is the end of 5020 01:19:52,788 --> 01:19:53,413 section eight. 5021 01:19:53,413 --> 01:19:54,539 And then I saw. 5022 01:19:54,539 --> 01:19:55,165 Another headline, 5023 01:19:55,165 --> 01:19:55,624 a guy who all he. 5024 01:19:55,624 --> 01:19:56,082 Does, he's like, 5025 01:19:56,082 --> 01:19:56,750 this is great 5026 01:19:56,750 --> 01:19:57,709 for section eight. 5027 01:19:57,793 --> 01:19:59,044 So, so yeah, 5028 01:19:59,044 --> 01:19:59,795 it would be interesting 5029 01:19:59,795 --> 01:20:02,088 to, to, 5030 01:20:02,172 --> 01:20:02,756 to see how 5031 01:20:02,756 --> 01:20:03,465 that shakes out. 5032 01:20:03,465 --> 01:20:04,049 But I'm. 5033 01:20:04,049 --> 01:20:04,758 Disappointed, though. 5034 01:20:04,758 --> 01:20:05,383 I'm not going to be able 5035 01:20:05,383 --> 01:20:06,593 to buy any public land. 5036 01:20:06,593 --> 01:20:07,302 Weren't they going to 5037 01:20:07,385 --> 01:20:07,677 was in. 5038 01:20:07,677 --> 01:20:08,261 This bill supposed 5039 01:20:08,261 --> 01:20:09,554 to include a bunch of, 5040 01:20:09,638 --> 01:20:10,972 public land sell off? 5041 01:20:10,972 --> 01:20:11,681 I got a ton of that 5042 01:20:11,681 --> 01:20:12,098 around me 5043 01:20:12,098 --> 01:20:12,599 that I was just 5044 01:20:12,599 --> 01:20:13,642 hoping to jump on. 5045 01:20:13,725 --> 01:20:14,226 Kyle, 5046 01:20:14,226 --> 01:20:14,976 I will slap 5047 01:20:14,976 --> 01:20:16,061 you under next week. 5048 01:20:16,144 --> 01:20:17,270 I will slap you 5049 01:20:17,270 --> 01:20:18,814 into next week. Kyle. 5050 01:20:20,774 --> 01:20:21,274 No. 5051 01:20:21,358 --> 01:20:22,067 Oh, come on, you 5052 01:20:22,150 --> 01:20:22,692 you would have been. 5053 01:20:22,776 --> 01:20:23,109 One of them. 5054 01:20:23,193 --> 01:20:23,652 I would have 5055 01:20:23,652 --> 01:20:24,694 bought so much, 5056 01:20:24,694 --> 01:20:25,111 but I would have 5057 01:20:25,111 --> 01:20:26,863 been so upset about it. 5058 01:20:26,947 --> 01:20:27,447 I would have been 5059 01:20:27,531 --> 01:20:28,782 so like 5060 01:20:28,782 --> 01:20:29,741 I would have lost my 5061 01:20:29,783 --> 01:20:30,826 flipping mind, 5062 01:20:30,826 --> 01:20:31,284 but I would have 5063 01:20:31,284 --> 01:20:31,910 bought a lot. 5064 01:20:31,993 --> 01:20:32,828 I was going to say 5065 01:20:32,869 --> 01:20:33,203 I was going 5066 01:20:33,203 --> 01:20:34,538 the syndicate buying the, 5067 01:20:34,621 --> 01:20:35,288 the mountain right 5068 01:20:35,288 --> 01:20:37,165 next to AJ. 5069 01:20:37,249 --> 01:20:37,707 I would have 5070 01:20:37,707 --> 01:20:38,625 already had it. 5071 01:20:38,708 --> 01:20:39,584 This was the business 5072 01:20:39,584 --> 01:20:40,293 plan I tried to 5073 01:20:40,293 --> 01:20:41,211 get AJ to do so, 5074 01:20:41,211 --> 01:20:42,003 but the business plan 5075 01:20:42,003 --> 01:20:42,546 that I tried to get. 5076 01:20:42,546 --> 01:20:43,046 AJ to do 5077 01:20:43,046 --> 01:20:44,256 is he buys 5078 01:20:44,339 --> 01:20:45,924 a big swath of land 5079 01:20:45,924 --> 01:20:46,967 with the intention 5080 01:20:46,967 --> 01:20:47,467 of actually 5081 01:20:47,467 --> 01:20:48,301 just making it 5082 01:20:48,301 --> 01:20:49,219 100 preserve, 5083 01:20:49,219 --> 01:20:49,886 because that's the thing 5084 01:20:49,886 --> 01:20:50,762 you do. Right? 5085 01:20:50,846 --> 01:20:51,555 And then 5086 01:20:51,555 --> 01:20:52,389 but then you drop. 5087 01:20:52,389 --> 01:20:54,391 Plans to develop it. 5088 01:20:54,474 --> 01:20:55,308 But then 5089 01:20:56,351 --> 01:20:58,186 you and then you put. 5090 01:20:58,186 --> 01:20:59,104 A value on it. 5091 01:20:59,187 --> 01:21:00,063 And this is the 5092 01:21:00,063 --> 01:21:01,064 value of the land 5093 01:21:01,064 --> 01:21:02,774 under this use case. 5094 01:21:02,858 --> 01:21:04,025 But then you preserve it. 5095 01:21:04,025 --> 01:21:04,484 So you. 5096 01:21:04,484 --> 01:21:05,986 Designated as preserved 5097 01:21:05,986 --> 01:21:07,404 wild wildlife. 5098 01:21:07,487 --> 01:21:08,738 The blue and green 5099 01:21:08,738 --> 01:21:09,906 tax credits depending on 5100 01:21:09,906 --> 01:21:10,574 if you have water 5101 01:21:10,574 --> 01:21:11,867 and stuff like that. 5102 01:21:11,950 --> 01:21:13,076 And then 5103 01:21:13,159 --> 01:21:14,119 because of the value 5104 01:21:14,119 --> 01:21:14,828 of the land 5105 01:21:14,828 --> 01:21:15,537 that you could have 5106 01:21:15,537 --> 01:21:17,038 if you developed it. 5107 01:21:17,122 --> 01:21:18,540 You write off that value 5108 01:21:18,540 --> 01:21:19,165 and you get a tax 5109 01:21:19,165 --> 01:21:19,708 break on it. 5110 01:21:19,708 --> 01:21:20,166 Oh, only if 5111 01:21:20,166 --> 01:21:20,834 you donate it, 5112 01:21:20,834 --> 01:21:21,501 you have to donate it 5113 01:21:21,501 --> 01:21:22,419 back to the government. 5114 01:21:22,419 --> 01:21:23,336 As a conservation 5115 01:21:23,336 --> 01:21:23,920 easement. 5116 01:21:24,004 --> 01:21:24,754 I don't think 5117 01:21:24,754 --> 01:21:25,297 I think that's 5118 01:21:25,297 --> 01:21:26,256 a separate program, Jay. 5119 01:21:26,256 --> 01:21:27,257 I think this is a program 5120 01:21:27,257 --> 01:21:28,508 where if you designated 5121 01:21:28,508 --> 01:21:29,342 as contribution. 5122 01:21:29,426 --> 01:21:30,802 You can keep control 5123 01:21:30,886 --> 01:21:31,636 and it can keep 5124 01:21:31,636 --> 01:21:32,679 you keep within it, 5125 01:21:32,762 --> 01:21:34,681 but you can't develop it. 5126 01:21:34,681 --> 01:21:35,098 You can't. 5127 01:21:35,181 --> 01:21:36,016 You have to obey 5128 01:21:36,016 --> 01:21:37,058 within the guidelines 5129 01:21:37,058 --> 01:21:37,392 of it. 5130 01:21:37,392 --> 01:21:38,268 Right now 5131 01:21:38,268 --> 01:21:39,019 that might be going. 5132 01:21:39,019 --> 01:21:39,311 Away, 5133 01:21:39,311 --> 01:21:39,895 because they did 5134 01:21:39,895 --> 01:21:40,604 cut a shit 5135 01:21:40,604 --> 01:21:42,314 ton of the environmental, 5136 01:21:42,397 --> 01:21:42,939 stuff. Yeah. 5137 01:21:42,939 --> 01:21:43,356 And then you're going 5138 01:21:43,356 --> 01:21:44,232 to spend the next 5139 01:21:44,316 --> 01:21:45,483 ten years in litigation 5140 01:21:45,483 --> 01:21:46,276 with the IRS 5141 01:21:46,276 --> 01:21:48,111 because you can't. 5142 01:21:48,194 --> 01:21:50,530 I have been since 2017. 5143 01:21:50,572 --> 01:21:51,781 Let's, let's let's change 5144 01:21:51,781 --> 01:21:52,240 let's change 5145 01:21:52,240 --> 01:21:53,325 the subject to the it's 5146 01:21:53,408 --> 01:21:55,118 it's a it's a subject. 5147 01:21:55,201 --> 01:21:56,244 I mean, all right. 5148 01:21:56,328 --> 01:21:57,913 More before we move on. 5149 01:21:57,996 --> 01:21:58,955 Before we move on. 5150 01:21:59,039 --> 01:22:00,916 Breaking news. 5151 01:22:00,999 --> 01:22:02,167 So this isn't part 5152 01:22:02,167 --> 01:22:03,460 of the big bill 5153 01:22:03,460 --> 01:22:04,002 that we were just 5154 01:22:04,002 --> 01:22:04,920 talking about, 5155 01:22:05,003 --> 01:22:05,587 but just a 5156 01:22:05,587 --> 01:22:08,173 couple of hours ago, FHA, 5157 01:22:08,256 --> 01:22:09,007 the Federal 5158 01:22:09,007 --> 01:22:09,549 Housing 5159 01:22:09,549 --> 01:22:11,259 Finance Administration, 5160 01:22:11,259 --> 01:22:11,843 or whatever 5161 01:22:11,843 --> 01:22:12,344 that stands 5162 01:22:12,344 --> 01:22:13,720 for, announced 5163 01:22:13,720 --> 01:22:16,598 that as of now that, 5164 01:22:17,974 --> 01:22:19,309 rent payments 5165 01:22:19,392 --> 01:22:20,602 can now be used 5166 01:22:20,602 --> 01:22:21,019 as part 5167 01:22:21,019 --> 01:22:22,228 of your credit score 5168 01:22:22,270 --> 01:22:23,229 when qualifying 5169 01:22:23,229 --> 01:22:24,022 for mortgages 5170 01:22:24,022 --> 01:22:25,106 with Fannie and Freddie. 5171 01:22:25,190 --> 01:22:26,650 So basically, 5172 01:22:26,733 --> 01:22:27,692 when Fannie and Freddie 5173 01:22:27,776 --> 01:22:28,151 is looking 5174 01:22:28,151 --> 01:22:28,985 at your credit score, 5175 01:22:28,985 --> 01:22:30,904 your Experian, and. 5176 01:22:30,987 --> 01:22:32,113 In just one way. 5177 01:22:32,197 --> 01:22:32,405 Yeah. 5178 01:22:32,489 --> 01:22:32,781 What does that. 5179 01:22:32,781 --> 01:22:33,865 Get you for it? 5180 01:22:33,949 --> 01:22:34,741 Both ways. 5181 01:22:34,824 --> 01:22:35,408 You can get hurt. 5182 01:22:35,408 --> 01:22:36,368 And I've been 5183 01:22:36,451 --> 01:22:37,452 I've been late on my rent 5184 01:22:37,452 --> 01:22:38,286 for the last six months. 5185 01:22:38,286 --> 01:22:39,412 That's a problem. 5186 01:22:39,496 --> 01:22:39,746 Yeah. 5187 01:22:39,746 --> 01:22:40,538 So I don't know 5188 01:22:40,538 --> 01:22:41,539 the details, but, 5189 01:22:41,623 --> 01:22:43,166 apparently now, 5190 01:22:43,249 --> 01:22:44,626 rent payments are part. 5191 01:22:44,709 --> 01:22:45,877 I hope it's both ways, 5192 01:22:45,877 --> 01:22:46,962 because if we have that 5193 01:22:46,962 --> 01:22:48,004 all of a sudden. 5194 01:22:48,088 --> 01:22:48,546 Like these. 5195 01:22:48,546 --> 01:22:49,172 People 5196 01:22:49,255 --> 01:22:50,131 who know how to game. 5197 01:22:50,131 --> 01:22:51,383 The system, 5198 01:22:51,466 --> 01:22:52,175 and they 5199 01:22:52,175 --> 01:22:53,259 and they basically. 5200 01:22:53,259 --> 01:22:53,760 Know that 5201 01:22:53,760 --> 01:22:54,761 we're not going to spend 5202 01:22:54,761 --> 01:22:55,845 the $800. 5203 01:22:55,845 --> 01:22:57,013 To, to 5204 01:22:57,097 --> 01:22:58,682 finalize the eviction 5205 01:22:58,765 --> 01:22:59,224 when they've 5206 01:22:59,224 --> 01:22:59,891 already skipped. 5207 01:22:59,891 --> 01:23:00,600 And they haven't 5208 01:23:00,600 --> 01:23:01,768 trashed our place. 5209 01:23:01,851 --> 01:23:02,519 No count. 5210 01:23:02,602 --> 01:23:04,312 Nobody game systems. 5211 01:23:04,396 --> 01:23:06,022 Nobody uses the system. 5212 01:23:06,022 --> 01:23:06,982 They don't game it. 5213 01:23:07,065 --> 01:23:08,566 They follow the rules. 5214 01:23:08,650 --> 01:23:09,526 Even in Texas 5215 01:23:09,526 --> 01:23:09,943 the game it. 5216 01:23:09,943 --> 01:23:11,403 Now it's no Kyle. 5217 01:23:11,403 --> 01:23:12,654 They they actually 5218 01:23:12,654 --> 01:23:13,655 they don't underreport 5219 01:23:13,655 --> 01:23:15,073 their Medicaid hours. 5220 01:23:15,156 --> 01:23:17,242 They don't utilize that. 5221 01:23:17,325 --> 01:23:18,827 They by the way 5222 01:23:18,868 --> 01:23:19,202 by the way. 5223 01:23:20,704 --> 01:23:21,579 Okay I'm getting 5224 01:23:21,579 --> 01:23:22,831 excited for the top ten. 5225 01:23:22,831 --> 01:23:23,623 Let's go. All right. 5226 01:23:23,665 --> 01:23:24,332 Well but before 5227 01:23:24,374 --> 01:23:25,625 before we get into 5228 01:23:25,625 --> 01:23:26,918 Kyle's top ten, which I'm 5229 01:23:26,918 --> 01:23:27,460 sure will be 5230 01:23:27,460 --> 01:23:28,920 pathetic and lame 5231 01:23:28,920 --> 01:23:29,671 and whatever 5232 01:23:29,754 --> 01:23:30,296 we don't have 5233 01:23:30,296 --> 01:23:31,047 to take our shoes 5234 01:23:31,047 --> 01:23:31,715 off anymore 5235 01:23:31,756 --> 01:23:32,924 when we go through TSA. 5236 01:23:32,966 --> 01:23:33,466 I mean, I know, 5237 01:23:33,466 --> 01:23:34,092 I know, AJ 5238 01:23:34,092 --> 01:23:34,634 doesn't have to deal 5239 01:23:34,634 --> 01:23:35,385 with that anymore. 5240 01:23:35,468 --> 01:23:36,594 Is that the bill 5241 01:23:36,678 --> 01:23:37,303 that was. 5242 01:23:37,303 --> 01:23:37,846 Yeah, 5243 01:23:37,929 --> 01:23:38,805 they got frickin 5244 01:23:38,805 --> 01:23:39,305 rid of it. 5245 01:23:39,389 --> 01:23:40,015 They got rid. 5246 01:23:40,015 --> 01:23:40,932 So next time 5247 01:23:40,932 --> 01:23:41,808 and unless you're AJ 5248 01:23:41,808 --> 01:23:42,392 because you do 5249 01:23:42,392 --> 01:23:43,268 something different, 5250 01:23:43,351 --> 01:23:44,394 but the rest of us, 5251 01:23:44,394 --> 01:23:45,311 the common folks, 5252 01:23:45,311 --> 01:23:46,855 when we go to the airport 5253 01:23:46,938 --> 01:23:48,064 and we go through TSA, 5254 01:23:48,064 --> 01:23:49,274 we no longer have 5255 01:23:49,274 --> 01:23:50,775 to remove our shoes. 5256 01:23:50,775 --> 01:23:51,317 I actually, 5257 01:23:51,317 --> 01:23:51,818 I actually 5258 01:23:51,818 --> 01:23:52,485 don't like that 5259 01:23:52,485 --> 01:23:53,653 they change that because. 5260 01:23:53,653 --> 01:23:55,238 I've had TSA PreCheck, 5261 01:23:55,238 --> 01:23:56,698 and I always felt like 5262 01:23:56,781 --> 01:23:57,699 I was privileged 5263 01:23:57,699 --> 01:23:58,366 because I didn't have 5264 01:23:58,366 --> 01:23:59,451 to take my shoes. Off. 5265 01:23:59,492 --> 01:23:59,826 Now, 5266 01:23:59,909 --> 01:24:00,869 when I brought a gun 5267 01:24:00,869 --> 01:24:01,870 into the airport. 5268 01:24:01,870 --> 01:24:02,620 So I'm 5269 01:24:02,620 --> 01:24:03,705 really glad 5270 01:24:03,705 --> 01:24:05,165 that we do it, 5271 01:24:05,248 --> 01:24:05,915 that we 5272 01:24:05,999 --> 01:24:06,791 we got rid of that. 5273 01:24:06,791 --> 01:24:07,792 So let's be clear. 5274 01:24:07,792 --> 01:24:08,668 I'm not a fan of 5275 01:24:08,668 --> 01:24:09,711 security theater 5276 01:24:09,794 --> 01:24:10,879 like the TSA. 5277 01:24:10,879 --> 01:24:11,504 I'm not a fan 5278 01:24:11,504 --> 01:24:12,672 of all the crazy stuff. 5279 01:24:12,672 --> 01:24:14,382 But I will say this. 5280 01:24:14,466 --> 01:24:15,091 There's a little 5281 01:24:15,091 --> 01:24:15,925 piece of me 5282 01:24:15,925 --> 01:24:16,718 that is bothered 5283 01:24:16,718 --> 01:24:17,260 by the fact 5284 01:24:17,260 --> 01:24:18,470 that Congress 5285 01:24:18,553 --> 01:24:19,679 has the authority 5286 01:24:19,679 --> 01:24:21,139 to decide 5287 01:24:21,222 --> 01:24:22,515 security measures 5288 01:24:22,515 --> 01:24:23,683 for for things 5289 01:24:23,683 --> 01:24:24,476 like airports. 5290 01:24:24,517 --> 01:24:25,393 I'm not saying I'm 5291 01:24:25,393 --> 01:24:25,935 not happy 5292 01:24:25,935 --> 01:24:27,062 about this change, 5293 01:24:27,145 --> 01:24:28,813 but it makes me wonder. 5294 01:24:28,897 --> 01:24:29,689 It makes me wonder 5295 01:24:29,689 --> 01:24:30,356 what other things 5296 01:24:30,356 --> 01:24:30,815 they could just 5297 01:24:30,815 --> 01:24:31,733 arbitrarily decide 5298 01:24:31,733 --> 01:24:32,192 to change 5299 01:24:32,192 --> 01:24:32,484 that could 5300 01:24:32,484 --> 01:24:33,193 actually impact 5301 01:24:33,234 --> 01:24:33,735 arbitrarily. 5302 01:24:33,735 --> 01:24:34,194 Said, here's 5303 01:24:34,194 --> 01:24:35,153 all the new rules. 5304 01:24:35,153 --> 01:24:36,196 Like you have to take off 5305 01:24:36,196 --> 01:24:36,863 your shoes. You're right. 5306 01:24:36,905 --> 01:24:37,781 J should definitely 5307 01:24:37,781 --> 01:24:39,532 just be, Cash Patel 5308 01:24:39,574 --> 01:24:40,867 because he's the one who, 5309 01:24:40,867 --> 01:24:41,326 like you, 5310 01:24:41,409 --> 01:24:43,244 who he's very qualified 5311 01:24:43,244 --> 01:24:43,828 to be deciding 5312 01:24:43,828 --> 01:24:44,537 that stuff. 5313 01:24:44,621 --> 01:24:45,205 Yeah. An agent. 5314 01:24:45,205 --> 01:24:46,247 Next time you're in town, 5315 01:24:46,331 --> 01:24:47,373 you should consider. 5316 01:24:47,457 --> 01:24:48,458 Maybe you come visit 5317 01:24:48,458 --> 01:24:50,418 me and just helicopter. 5318 01:24:50,502 --> 01:24:50,752 Just. 5319 01:24:50,752 --> 01:24:51,336 Just drop your 5320 01:24:51,336 --> 01:24:52,295 helicopter right there. 5321 01:24:53,338 --> 01:24:53,838 You have a 5322 01:24:53,922 --> 01:24:55,131 perfect landing. 5323 01:24:55,215 --> 01:24:56,633 Helicopter it and drop. 5324 01:24:56,716 --> 01:24:57,884 Drop it down here. 5325 01:24:57,884 --> 01:24:58,468 And then we'll do 5326 01:24:58,468 --> 01:24:59,385 the podcast together 5327 01:24:59,385 --> 01:25:00,553 right here. 5328 01:25:00,637 --> 01:25:01,429 Okay? Kyle. 5329 01:25:01,513 --> 01:25:01,805 Are we 5330 01:25:01,805 --> 01:25:02,347 are we ready 5331 01:25:02,347 --> 01:25:03,098 for my top ten? 5332 01:25:03,139 --> 01:25:04,766 Oh, no. No horn ready. 5333 01:25:04,808 --> 01:25:06,059 No. So you. 5334 01:25:06,101 --> 01:25:07,435 Actually, I hype this up 5335 01:25:07,435 --> 01:25:07,977 way too much 5336 01:25:07,977 --> 01:25:08,645 because you guys aren't 5337 01:25:08,645 --> 01:25:09,562 going to find this funny, 5338 01:25:09,646 --> 01:25:10,814 but anyone from Philly 5339 01:25:10,814 --> 01:25:11,356 is going to find it 5340 01:25:11,356 --> 01:25:11,898 hilarious. 5341 01:25:11,981 --> 01:25:13,149 Nobody's from Philly. 5342 01:25:13,149 --> 01:25:13,775 Nobody cares 5343 01:25:13,775 --> 01:25:14,526 about Philly. 5344 01:25:14,526 --> 01:25:15,735 Nobody. 5345 01:25:15,819 --> 01:25:17,278 Geno's is number one. 5346 01:25:17,362 --> 01:25:17,946 I. 5347 01:25:17,987 --> 01:25:18,613 Well, it's it's 5348 01:25:18,613 --> 01:25:19,030 kind of along 5349 01:25:19,030 --> 01:25:20,740 those lines. 5350 01:25:20,824 --> 01:25:22,283 So 5351 01:25:22,367 --> 01:25:22,951 you probably 5352 01:25:22,951 --> 01:25:23,952 haven't heard 5353 01:25:24,035 --> 01:25:25,578 but Philadelphia. Is. 5354 01:25:25,578 --> 01:25:27,622 Getting their first 5355 01:25:27,705 --> 01:25:28,748 female 5356 01:25:28,748 --> 01:25:29,833 professional sports. 5357 01:25:29,833 --> 01:25:31,084 Since 2008. 5358 01:25:31,084 --> 01:25:31,835 And it's a. 5359 01:25:31,835 --> 01:25:33,253 Women's basketball team. 5360 01:25:33,253 --> 01:25:34,003 We definitely 5361 01:25:34,003 --> 01:25:34,879 have not heard that. 5362 01:25:34,963 --> 01:25:35,421 I didn't hear 5363 01:25:35,421 --> 01:25:36,005 that about that. 5364 01:25:36,005 --> 01:25:37,298 Yeah. No I, I didn't. 5365 01:25:37,298 --> 01:25:37,882 I didn't think 5366 01:25:37,882 --> 01:25:38,299 you guys were. 5367 01:25:38,299 --> 01:25:39,551 Watching the WNBA. 5368 01:25:39,551 --> 01:25:40,301 I do have a house 5369 01:25:40,301 --> 01:25:40,927 full of girls. 5370 01:25:40,927 --> 01:25:42,011 So like so 5371 01:25:42,095 --> 01:25:42,887 Caitlin Clark 5372 01:25:42,887 --> 01:25:43,721 is is a thing 5373 01:25:43,721 --> 01:25:44,472 in our household. 5374 01:25:44,472 --> 01:25:45,682 So like. It's it's it's. 5375 01:25:45,765 --> 01:25:46,558 Caitlin Clark. 5376 01:25:46,641 --> 01:25:47,267 So anyway. 5377 01:25:47,350 --> 01:25:47,934 Is she related 5378 01:25:47,934 --> 01:25:48,518 to Jennifer 5379 01:25:48,518 --> 01:25:49,477 Connelly or whatever? 5380 01:25:49,477 --> 01:25:49,644 John. 5381 01:25:49,644 --> 01:25:50,145 Okay, let's 5382 01:25:50,145 --> 01:25:51,437 let him get on with this. 5383 01:25:51,521 --> 01:25:52,105 Of course. 5384 01:25:52,105 --> 01:25:53,565 What what happens is 5385 01:25:53,565 --> 01:25:55,150 when when the WNBA 5386 01:25:55,150 --> 01:25:55,733 when they're when. 5387 01:25:55,733 --> 01:25:56,109 They're getting 5388 01:25:56,109 --> 01:25:56,693 a new team, 5389 01:25:56,693 --> 01:25:57,193 they got to pick 5390 01:25:57,193 --> 01:25:58,611 a name right. 5391 01:25:58,695 --> 01:25:59,904 And so just like. 5392 01:25:59,904 --> 01:26:01,072 Any other time. 5393 01:26:01,156 --> 01:26:02,407 When they, you know, 5394 01:26:02,407 --> 01:26:04,367 want to do a boat name 5395 01:26:04,367 --> 01:26:05,660 and they put it to a pole 5396 01:26:05,660 --> 01:26:06,619 and it ends up being 5397 01:26:06,619 --> 01:26:07,829 Boaty Mcboatface, 5398 01:26:09,247 --> 01:26:10,165 is the name. 5399 01:26:10,248 --> 01:26:10,957 Well, they put 5400 01:26:10,957 --> 01:26:11,833 it to a pole. 5401 01:26:11,833 --> 01:26:13,710 And but they did it in 5402 01:26:13,710 --> 01:26:15,795 an unofficial poll, 5403 01:26:15,879 --> 01:26:16,546 online 5404 01:26:16,546 --> 01:26:17,213 that's not held 5405 01:26:17,213 --> 01:26:18,006 to anything. 5406 01:26:18,089 --> 01:26:18,965 And so I'm going. To go. 5407 01:26:18,965 --> 01:26:20,175 Through the top 5408 01:26:20,175 --> 01:26:20,967 ten names. 5409 01:26:20,967 --> 01:26:21,634 And some of them 5410 01:26:21,634 --> 01:26:22,302 are serious 5411 01:26:22,302 --> 01:26:23,303 and some of them aren't. 5412 01:26:23,386 --> 01:26:23,887 I vote 5413 01:26:23,887 --> 01:26:25,471 for Philadelphia females. 5414 01:26:25,555 --> 01:26:26,472 It's so it's the 5415 01:26:26,472 --> 01:26:27,515 some of the you're 5416 01:26:27,599 --> 01:26:30,185 not far off. J. 5417 01:26:30,518 --> 01:26:32,437 And so you guys know, 5418 01:26:32,520 --> 01:26:33,897 I'm sure you don't 5419 01:26:33,980 --> 01:26:34,480 know a lot 5420 01:26:34,480 --> 01:26:35,440 about Philadelphia, but. 5421 01:26:35,440 --> 01:26:35,773 You know, 5422 01:26:35,773 --> 01:26:36,566 some things, 5423 01:26:36,649 --> 01:26:36,941 you know, 5424 01:26:36,941 --> 01:26:38,151 like Philadelphia's 5425 01:26:38,234 --> 01:26:39,402 Liberty Bell and, 5426 01:26:39,402 --> 01:26:39,777 you know, 5427 01:26:39,777 --> 01:26:40,653 like the names 5428 01:26:40,653 --> 01:26:41,446 of the other teams 5429 01:26:41,446 --> 01:26:42,780 and stuff. 5430 01:26:42,864 --> 01:26:43,698 But anyway, 5431 01:26:43,781 --> 01:26:44,616 one of the other things 5432 01:26:44,616 --> 01:26:45,074 that's big 5433 01:26:45,074 --> 01:26:46,075 in Philadelphia 5434 01:26:46,075 --> 01:26:47,202 is the mummers 5435 01:26:47,285 --> 01:26:47,869 and that and. 5436 01:26:47,952 --> 01:26:48,494 Oh, people 5437 01:26:48,494 --> 01:26:48,995 only knew about. 5438 01:26:48,995 --> 01:26:50,038 That because Jason Kelsey 5439 01:26:50,038 --> 01:26:50,872 dressed up this one 5440 01:26:50,872 --> 01:26:51,247 when he did 5441 01:26:51,247 --> 01:26:52,332 a Super Bowl speech. 5442 01:26:52,415 --> 01:26:53,291 And so it's a huge thing. 5443 01:26:53,291 --> 01:26:53,917 There's a mummers 5444 01:26:53,917 --> 01:26:54,459 parade and. 5445 01:26:54,459 --> 01:26:55,168 Everyone dresses up 5446 01:26:55,168 --> 01:26:56,002 like crazy. 5447 01:26:56,085 --> 01:26:57,420 So number ten, I'm. 5448 01:26:57,420 --> 01:26:57,837 Going up 5449 01:26:57,837 --> 01:26:59,088 with the Philadelphia 5450 01:26:59,172 --> 01:27:01,049 Bad Mummers drummers. 5451 01:27:01,132 --> 01:27:02,467 The next one is. 5452 01:27:02,467 --> 01:27:05,094 The Philadelphia. 5453 01:27:05,261 --> 01:27:06,387 Force, but. 5454 01:27:06,387 --> 01:27:08,139 Spelled with P-h. 5455 01:27:08,223 --> 01:27:08,848 Next one is 5456 01:27:08,848 --> 01:27:09,682 the Philadelphia 5457 01:27:09,682 --> 01:27:10,266 Phillies. 5458 01:27:10,266 --> 01:27:11,226 Now there is already 5459 01:27:11,226 --> 01:27:12,018 the Philadelphia 5460 01:27:12,018 --> 01:27:12,977 Phillies. 5461 01:27:13,061 --> 01:27:14,812 But the change to this 5462 01:27:14,896 --> 01:27:15,355 is they 5463 01:27:15,355 --> 01:27:17,148 put an F on the front 5464 01:27:17,232 --> 01:27:17,941 so it looks 5465 01:27:17,941 --> 01:27:18,900 like Philadelphia for the 5466 01:27:18,900 --> 01:27:19,567 Phillies, like 5467 01:27:19,567 --> 01:27:20,693 female horses. 5468 01:27:22,153 --> 01:27:23,655 So that was a fun one. 5469 01:27:23,738 --> 01:27:24,280 A serious. 5470 01:27:24,280 --> 01:27:25,198 One is the Philadelphia. 5471 01:27:25,198 --> 01:27:25,615 Rage. 5472 01:27:25,615 --> 01:27:25,990 Because way 5473 01:27:25,990 --> 01:27:26,658 back in the day, 5474 01:27:26,658 --> 01:27:27,367 that's what, 5475 01:27:27,450 --> 01:27:28,993 there was a WNBA team. 5476 01:27:28,993 --> 01:27:30,078 Philadelphia called 5477 01:27:30,161 --> 01:27:31,579 that Philadelphia 5478 01:27:31,579 --> 01:27:32,413 freedom 5479 01:27:32,413 --> 01:27:33,831 is actually a good one. 5480 01:27:33,915 --> 01:27:34,832 Al Johnson 5481 01:27:34,916 --> 01:27:35,625 that's my favorite 5482 01:27:35,625 --> 01:27:37,460 one right there. Yeah. 5483 01:27:37,543 --> 01:27:38,753 The next one is 5484 01:27:38,836 --> 01:27:40,713 Philadelphia John's. 5485 01:27:40,713 --> 01:27:42,131 So John 5486 01:27:42,215 --> 01:27:42,966 is something 5487 01:27:42,966 --> 01:27:44,634 that is a made up word 5488 01:27:44,634 --> 01:27:45,802 that is in Philadelphia 5489 01:27:45,802 --> 01:27:46,177 that no. 5490 01:27:46,177 --> 01:27:46,803 One, if you're not 5491 01:27:46,803 --> 01:27:47,595 from Philadelphia. 5492 01:27:47,595 --> 01:27:48,096 Understands 5493 01:27:48,096 --> 01:27:49,097 what it means. 5494 01:27:49,180 --> 01:27:50,348 But the Philadelphia 5495 01:27:50,348 --> 01:27:52,100 John spelled J. 5496 01:27:52,183 --> 01:27:53,685 Wentz. 5497 01:27:53,768 --> 01:27:54,769 And then okay 5498 01:27:54,769 --> 01:27:55,603 we're getting to my two 5499 01:27:55,603 --> 01:27:56,229 the top two. 5500 01:27:56,229 --> 01:27:56,688 These are my 5501 01:27:56,688 --> 01:27:58,106 two favorite number 5502 01:27:58,106 --> 01:28:00,316 two the. Philadelphia. 5503 01:28:00,316 --> 01:28:02,944 She Stakes. 5504 01:28:07,365 --> 01:28:07,907 And so what's 5505 01:28:07,907 --> 01:28:09,158 my number two. 5506 01:28:09,242 --> 01:28:10,827 And number one. 5507 01:28:10,827 --> 01:28:12,370 So I'm sure you know 5508 01:28:12,453 --> 01:28:13,663 Philadelphia is known 5509 01:28:13,663 --> 01:28:14,580 the major street 5510 01:28:14,580 --> 01:28:15,415 that goes through 5511 01:28:15,415 --> 01:28:15,915 the center 5512 01:28:15,915 --> 01:28:16,541 of Philadelphia 5513 01:28:16,541 --> 01:28:17,834 is called Broad Street. 5514 01:28:17,917 --> 01:28:18,960 When Philadelphia. 5515 01:28:18,960 --> 01:28:19,961 Was the dominant 5516 01:28:19,961 --> 01:28:20,712 in hockey 5517 01:28:20,712 --> 01:28:21,129 they were called 5518 01:28:21,129 --> 01:28:21,754 the Broad Street. 5519 01:28:21,754 --> 01:28:22,505 Bullies. 5520 01:28:22,505 --> 01:28:23,256 The Broad Street's 5521 01:28:23,256 --> 01:28:23,756 a big thing 5522 01:28:23,756 --> 01:28:24,382 in Philadelphia. 5523 01:28:24,382 --> 01:28:26,384 So obviously number one 5524 01:28:26,384 --> 01:28:27,677 would just be 5525 01:28:27,760 --> 01:28:29,262 the Philadelphia Broads. 5526 01:28:33,224 --> 01:28:34,767 So it's probably going to 5527 01:28:34,767 --> 01:28:35,268 be something 5528 01:28:35,268 --> 01:28:36,227 more serious, like the. 5529 01:28:36,227 --> 01:28:37,353 Philadelphia Freedom 5530 01:28:37,353 --> 01:28:38,479 or the Philadelphia Rage 5531 01:28:38,479 --> 01:28:39,314 or something like that. 5532 01:28:39,314 --> 01:28:40,315 But if they came out in. 5533 01:28:40,398 --> 01:28:40,815 I like the 5534 01:28:40,815 --> 01:28:41,983 Philadelphia Broad. 5535 01:28:41,983 --> 01:28:42,734 That's a good one. 5536 01:28:42,817 --> 01:28:43,609 I was pretty close 5537 01:28:43,609 --> 01:28:44,444 with my Philadelphia 5538 01:28:44,444 --> 01:28:45,403 females. 5539 01:28:45,486 --> 01:28:45,945 How about 5540 01:28:45,945 --> 01:28:47,196 how about Philadelphia? 5541 01:28:47,196 --> 01:28:48,197 Who gives a shit? 5542 01:28:48,281 --> 01:28:49,240 Oh, jeez. 5543 01:28:49,324 --> 01:28:49,782 That'll be all right. 5544 01:28:49,782 --> 01:28:51,367 We'll see where you land. 5545 01:28:51,367 --> 01:28:52,827 Your Mauricio is 5546 01:28:52,827 --> 01:28:54,245 totally anti 5547 01:28:54,245 --> 01:28:55,163 female sports. 5548 01:28:55,163 --> 01:28:55,955 I see how it is. 5549 01:28:55,955 --> 01:28:56,873 No of I. 5550 01:28:56,956 --> 01:28:57,582 Think I 5551 01:28:57,665 --> 01:28:58,833 deserve to have sports. 5552 01:28:58,833 --> 01:28:59,500 Where are you guys in 5553 01:28:59,500 --> 01:29:00,460 Philadelphia is really 5554 01:29:00,460 --> 01:29:00,877 what I want 5555 01:29:00,877 --> 01:29:01,544 to figure out. 5556 01:29:01,627 --> 01:29:02,712 He's one of those guys. 5557 01:29:02,712 --> 01:29:04,213 I get it, okay? I get it. 5558 01:29:04,213 --> 01:29:05,048 I like all 5559 01:29:05,089 --> 01:29:06,341 adelphia fentanyl. 5560 01:29:06,424 --> 01:29:08,176 That's my 5561 01:29:08,259 --> 01:29:09,886 show. 5562 01:29:09,969 --> 01:29:10,345 Well, 5563 01:29:10,345 --> 01:29:11,179 we do get all of our. 5564 01:29:11,179 --> 01:29:11,679 Fentanyl from 5565 01:29:11,679 --> 01:29:13,389 Canada in Philly. So. 5566 01:29:14,891 --> 01:29:16,351 All right. 5567 01:29:16,434 --> 01:29:17,226 Mauricio, you got 5568 01:29:17,226 --> 01:29:18,519 anything to plug? 5569 01:29:18,603 --> 01:29:18,895 You need? 5570 01:29:18,936 --> 01:29:19,687 You need some money 5571 01:29:19,687 --> 01:29:20,480 for your ranch 5572 01:29:20,480 --> 01:29:21,564 or anything? Really? 5573 01:29:21,564 --> 01:29:22,273 I dude, 5574 01:29:22,273 --> 01:29:23,024 I need a lot of money 5575 01:29:23,024 --> 01:29:23,983 for my remediation 5576 01:29:23,983 --> 01:29:26,569 of my house. 5577 01:29:27,528 --> 01:29:28,154 So sign up 5578 01:29:28,154 --> 01:29:29,572 for his coaching program. 5579 01:29:29,655 --> 01:29:29,989 I don't for. 5580 01:29:30,031 --> 01:29:31,115 My coaching, my inner 5581 01:29:31,115 --> 01:29:32,909 circle and coaching. 5582 01:29:32,992 --> 01:29:34,077 Coaching with Mauricio. 5583 01:29:34,077 --> 01:29:34,702 If you want to learn 5584 01:29:34,702 --> 01:29:35,161 how to raise 5585 01:29:35,161 --> 01:29:36,287 capital, Compliantly 5586 01:29:36,287 --> 01:29:37,246 be up to speed 5587 01:29:37,246 --> 01:29:37,663 with all 5588 01:29:37,663 --> 01:29:38,623 these new regulations 5589 01:29:38,623 --> 01:29:39,207 that are coming out 5590 01:29:39,207 --> 01:29:40,416 daily. 5591 01:29:40,500 --> 01:29:41,626 Actually, every minute 5592 01:29:41,626 --> 01:29:42,460 there's a new regulation 5593 01:29:42,460 --> 01:29:43,252 that comes out, 5594 01:29:43,336 --> 01:29:44,045 go to coaching 5595 01:29:44,045 --> 01:29:44,879 with Mauricio like. 5596 01:29:44,921 --> 01:29:45,630 Com if you 5597 01:29:45,630 --> 01:29:46,214 were interested 5598 01:29:46,214 --> 01:29:47,131 in finding out 5599 01:29:47,215 --> 01:29:47,882 how I can help you 5600 01:29:47,882 --> 01:29:49,550 raise capital legally, 5601 01:29:49,550 --> 01:29:50,051 like I've helped 5602 01:29:50,051 --> 01:29:50,635 you guys, 5603 01:29:50,718 --> 01:29:51,135 you guys 5604 01:29:51,135 --> 01:29:51,636 were all doing it 5605 01:29:51,636 --> 01:29:52,970 illegally when I met you. 5606 01:29:53,054 --> 01:29:53,721 Now you're doing it 5607 01:29:53,721 --> 01:29:54,764 completely. 5608 01:29:54,847 --> 01:29:56,933 100% true fair enough. 5609 01:29:56,933 --> 01:29:57,725 AJ, what do you got? 5610 01:30:00,853 --> 01:30:02,522 You know what 5611 01:30:02,605 --> 01:30:04,565 I'm raising for 5612 01:30:04,649 --> 01:30:06,943 my, tech fund? 5613 01:30:07,026 --> 01:30:08,694 So it's a diversified 5614 01:30:08,694 --> 01:30:10,113 of the three 5615 01:30:10,196 --> 01:30:11,948 software systems, 5616 01:30:12,031 --> 01:30:14,617 and our tech stack. 5617 01:30:14,784 --> 01:30:16,035 They're already 5618 01:30:16,035 --> 01:30:16,786 existing, running. 5619 01:30:16,786 --> 01:30:17,662 They're market centric. 5620 01:30:17,662 --> 01:30:18,663 It's the last seed 5621 01:30:18,663 --> 01:30:20,039 round for all of them. 5622 01:30:20,123 --> 01:30:22,041 And I have, 5623 01:30:22,125 --> 01:30:22,542 all their 5624 01:30:22,542 --> 01:30:23,418 remaining shares. 5625 01:30:23,418 --> 01:30:24,419 And I've been allowed 5626 01:30:24,419 --> 01:30:26,212 to allow my investors 5627 01:30:26,212 --> 01:30:26,838 to come into it. 5628 01:30:26,921 --> 01:30:27,380 I've already 5629 01:30:27,380 --> 01:30:28,089 invested in them. 5630 01:30:28,089 --> 01:30:28,798 I'm putting millions 5631 01:30:28,798 --> 01:30:30,049 more into them, 5632 01:30:30,133 --> 01:30:30,758 personally. 5633 01:30:30,800 --> 01:30:32,051 So we're 5634 01:30:32,051 --> 01:30:33,094 allowing our investors 5635 01:30:33,094 --> 01:30:33,845 to come a long 5636 01:30:33,928 --> 01:30:34,679 with us 5637 01:30:34,679 --> 01:30:36,347 into those three 5638 01:30:36,431 --> 01:30:37,598 companies. 5639 01:30:37,682 --> 01:30:39,100 There's never been 5640 01:30:39,183 --> 01:30:40,017 that before. 5641 01:30:40,017 --> 01:30:42,562 And storage, obviously. 5642 01:30:42,645 --> 01:30:44,814 They are groundbreaking, 5643 01:30:44,897 --> 01:30:45,731 incredible companies. 5644 01:30:45,731 --> 01:30:46,691 We have to have them 5645 01:30:46,691 --> 01:30:47,984 to run our business. 5646 01:30:48,067 --> 01:30:49,026 And so it's 5647 01:30:49,026 --> 01:30:49,819 kind of a cool thing. 5648 01:30:49,902 --> 01:30:50,570 Never done that. 5649 01:30:50,570 --> 01:30:51,863 Never had a, 5650 01:30:51,946 --> 01:30:53,739 tech fund before. 5651 01:30:53,781 --> 01:30:54,615 I've risen 5652 01:30:54,615 --> 01:30:55,616 for different 5653 01:30:55,616 --> 01:30:56,409 tech companies, 5654 01:30:56,409 --> 01:30:57,452 and so we've done. 5655 01:30:57,452 --> 01:30:58,035 But this is 5656 01:30:58,035 --> 01:30:59,203 an actual tech fund. 5657 01:30:59,287 --> 01:30:59,537 Yeah. 5658 01:30:59,537 --> 01:30:59,829 You have to. 5659 01:30:59,829 --> 01:31:00,288 Wait, wait, wait, 5660 01:31:00,288 --> 01:31:00,663 you have. 5661 01:31:00,746 --> 01:31:01,622 You have risen. 5662 01:31:01,706 --> 01:31:02,874 Is that what he has said? 5663 01:31:02,874 --> 01:31:03,416 You. I have 5664 01:31:04,792 --> 01:31:06,294 AJ is Jesus. 5665 01:31:06,377 --> 01:31:07,128 He has. 5666 01:31:07,211 --> 01:31:08,963 The argument, the store. 5667 01:31:09,046 --> 01:31:09,589 AJ or 5668 01:31:09,589 --> 01:31:10,631 any of the other jets 5669 01:31:10,631 --> 01:31:11,966 in that in that fund. 5670 01:31:11,966 --> 01:31:12,550 Is that part of 5671 01:31:12,550 --> 01:31:13,468 the benefits. 5672 01:31:13,468 --> 01:31:13,926 If we. 5673 01:31:13,926 --> 01:31:14,719 Don't we don't talk. 5674 01:31:14,719 --> 01:31:15,595 About depending on 5675 01:31:15,595 --> 01:31:16,679 how much you raise, 5676 01:31:16,762 --> 01:31:17,555 or how much you give me, 5677 01:31:17,555 --> 01:31:18,264 I'll get you 5678 01:31:18,264 --> 01:31:19,724 can you can go on that. 5679 01:31:19,807 --> 01:31:20,850 AJ, I don't know why 5680 01:31:20,850 --> 01:31:21,350 you have not 5681 01:31:21,434 --> 01:31:23,352 on a like investor 5682 01:31:23,436 --> 01:31:24,770 mastermind 5683 01:31:24,854 --> 01:31:25,605 like, you know, 5684 01:31:25,688 --> 01:31:26,230 like we should 5685 01:31:26,314 --> 01:31:27,273 we should do an episode 5686 01:31:27,273 --> 01:31:28,608 on one of the 5687 01:31:28,691 --> 01:31:30,026 on one of my planes. 5688 01:31:30,109 --> 01:31:32,153 I like it. 5689 01:31:32,236 --> 01:31:32,570 Jay, 5690 01:31:32,570 --> 01:31:33,571 what do you got, buddy? 5691 01:31:33,654 --> 01:31:35,072 So only a couple 5692 01:31:35,114 --> 01:31:36,240 days left, but I will, 5693 01:31:36,282 --> 01:31:36,991 and I will 5694 01:31:36,991 --> 01:31:37,825 mention it again. 5695 01:31:37,867 --> 01:31:38,117 This will be 5696 01:31:38,117 --> 01:31:38,493 the last time 5697 01:31:38,493 --> 01:31:39,577 I mention it for a while, 5698 01:31:39,577 --> 01:31:40,161 because there 5699 01:31:40,161 --> 01:31:40,828 is only a couple 5700 01:31:40,870 --> 01:31:41,329 days left. 5701 01:31:41,329 --> 01:31:42,038 But anybody that's 5702 01:31:42,038 --> 01:31:43,164 looking to invest 5703 01:31:43,164 --> 01:31:44,582 in a ground 5704 01:31:44,582 --> 01:31:45,791 up multifamily 5705 01:31:45,791 --> 01:31:47,210 syndication, 5706 01:31:47,293 --> 01:31:47,877 or ground up 5707 01:31:47,877 --> 01:31:49,295 multifamily development, 5708 01:31:49,295 --> 01:31:49,962 we are building 5709 01:31:49,962 --> 01:31:51,506 351 units 5710 01:31:51,506 --> 01:31:53,132 just outside of Dallas 5711 01:31:53,216 --> 01:31:55,343 class A gorgeous, 5712 01:31:55,426 --> 01:31:57,845 complex in a, master 5713 01:31:57,845 --> 01:31:59,555 plan community, 5714 01:31:59,639 --> 01:32:00,264 breaking ground 5715 01:32:00,264 --> 01:32:00,973 in a couple months 5716 01:32:00,973 --> 01:32:01,933 raising now. 5717 01:32:01,933 --> 01:32:03,392 And, yeah, anybody 5718 01:32:03,392 --> 01:32:04,060 that's interested 5719 01:32:04,060 --> 01:32:04,936 in investing, 5720 01:32:05,019 --> 01:32:05,436 feel free 5721 01:32:05,436 --> 01:32:06,145 to reach out to me 5722 01:32:06,145 --> 01:32:08,648 and I will say that if 5723 01:32:08,648 --> 01:32:11,275 and when the SEC passes 5724 01:32:11,526 --> 01:32:13,402 the rule to allow, 5725 01:32:13,486 --> 01:32:14,695 finders, 5726 01:32:14,779 --> 01:32:16,155 we will happily pay 5727 01:32:16,155 --> 01:32:17,532 you a finder's fee 5728 01:32:17,532 --> 01:32:18,282 for referring. 5729 01:32:18,282 --> 01:32:19,283 Or you could 5730 01:32:19,283 --> 01:32:21,369 just do a tribe vest or. 5731 01:32:21,452 --> 01:32:21,911 Where you can do 5732 01:32:21,911 --> 01:32:22,870 a tribe vest. 5733 01:32:22,954 --> 01:32:23,454 We should talk 5734 01:32:23,454 --> 01:32:24,121 about tribe vest 5735 01:32:24,121 --> 01:32:24,705 at some point. 5736 01:32:24,789 --> 01:32:25,623 I think you should do 5737 01:32:25,623 --> 01:32:26,916 a fund of funds 5738 01:32:26,999 --> 01:32:29,001 that invest in Rogaine 5739 01:32:29,085 --> 01:32:29,919 and gets a lot of, 5740 01:32:29,961 --> 01:32:31,379 you know, a lot of. 5741 01:32:31,462 --> 01:32:34,006 Shops looking at my hair. 5742 01:32:34,090 --> 01:32:34,131 As 5743 01:32:35,591 --> 01:32:35,925 well. 5744 01:32:35,925 --> 01:32:36,926 So the only problem a 5745 01:32:36,926 --> 01:32:37,593 fund of funds. 5746 01:32:37,593 --> 01:32:38,594 Is it's expensive, 5747 01:32:38,594 --> 01:32:39,345 right, to set up 5748 01:32:39,345 --> 01:32:39,762 because you have 5749 01:32:39,762 --> 01:32:40,263 to go through 5750 01:32:40,263 --> 01:32:41,681 some syndication lawyer 5751 01:32:41,681 --> 01:32:42,682 and these guys 5752 01:32:42,765 --> 01:32:43,474 like they got to 5753 01:32:43,516 --> 01:32:44,475 fund their their. 5754 01:32:44,475 --> 01:32:45,434 Rent, which is you. 5755 01:32:45,518 --> 01:32:46,018 Not to keep you 5756 01:32:46,018 --> 01:32:46,519 out of jail. 5757 01:32:46,519 --> 01:32:47,144 It's kind of such 5758 01:32:47,144 --> 01:32:47,979 an inconvenience, 5759 01:32:47,979 --> 01:32:49,188 you know. 5760 01:32:49,272 --> 01:32:49,689 But they're, 5761 01:32:49,772 --> 01:32:49,981 you know, 5762 01:32:49,981 --> 01:32:50,565 that's that's why. 5763 01:32:50,565 --> 01:32:51,524 Jason, they got tribe 5764 01:32:51,524 --> 01:32:52,233 vest is actually 5765 01:32:52,233 --> 01:32:52,775 another option 5766 01:32:52,775 --> 01:32:53,109 is kind of 5767 01:32:53,109 --> 01:32:54,735 a done for you. 5768 01:32:54,819 --> 01:32:55,903 But can we 5769 01:32:55,987 --> 01:32:57,113 can we talk about 5770 01:32:57,196 --> 01:32:58,114 we talk about, 5771 01:32:58,197 --> 01:32:58,781 young people 5772 01:32:58,781 --> 01:33:00,700 not buying houses 5773 01:33:00,783 --> 01:33:02,660 while we're doing this? 5774 01:33:02,743 --> 01:33:03,327 If we're doing 5775 01:33:03,327 --> 01:33:05,162 these ground up, 5776 01:33:05,246 --> 01:33:06,581 Designs 5777 01:33:06,664 --> 01:33:07,540 like these A-Class. 5778 01:33:07,540 --> 01:33:08,332 Designs, you 5779 01:33:08,416 --> 01:33:09,083 you should see 5780 01:33:09,083 --> 01:33:10,334 these buildings. 5781 01:33:10,418 --> 01:33:11,210 It's like living 5782 01:33:11,210 --> 01:33:12,211 in the Ritz-Carlton. 5783 01:33:12,211 --> 01:33:13,337 The pools. 5784 01:33:13,421 --> 01:33:14,171 Like all of the, 5785 01:33:14,171 --> 01:33:14,880 like the fitness 5786 01:33:14,880 --> 01:33:16,591 centers, the amenities, 5787 01:33:16,591 --> 01:33:17,466 like all these things 5788 01:33:17,466 --> 01:33:18,384 that these ground. 5789 01:33:18,426 --> 01:33:19,135 These brand 5790 01:33:19,135 --> 01:33:20,261 new A-Class things. 5791 01:33:20,261 --> 01:33:20,928 I'm like, I'm 5792 01:33:20,928 --> 01:33:21,887 looking at this like, 5793 01:33:21,971 --> 01:33:22,888 Jesus is nicer 5794 01:33:22,888 --> 01:33:24,015 than my house. 5795 01:33:24,098 --> 01:33:24,348 Like, 5796 01:33:24,348 --> 01:33:25,099 why would anybody 5797 01:33:25,099 --> 01:33:25,933 want to buy a house 5798 01:33:25,933 --> 01:33:26,475 when you could just 5799 01:33:26,475 --> 01:33:27,143 do that? 5800 01:33:27,226 --> 01:33:28,227 Have live in a brand 5801 01:33:28,227 --> 01:33:28,686 new unit. 5802 01:33:28,686 --> 01:33:29,645 Everything's taken care 5803 01:33:29,645 --> 01:33:30,229 for you. 5804 01:33:30,229 --> 01:33:31,355 And the problem is 5805 01:33:31,355 --> 01:33:32,315 you live in Philadelphia. 5806 01:33:32,315 --> 01:33:33,065 So I understand 5807 01:33:33,065 --> 01:33:33,858 the reference point, 5808 01:33:33,858 --> 01:33:34,442 but yeah, 5809 01:33:34,442 --> 01:33:34,984 I mean, let's 5810 01:33:34,984 --> 01:33:35,651 get with the times. 5811 01:33:35,651 --> 01:33:36,319 You actually can get 5812 01:33:36,319 --> 01:33:37,153 some really good advice 5813 01:33:37,153 --> 01:33:38,446 out of the country. 5814 01:33:38,529 --> 01:33:39,530 We we put up the house 5815 01:33:39,530 --> 01:33:39,780 back. 5816 01:33:39,822 --> 01:33:42,158 We we did, we did. Okay. 5817 01:33:42,158 --> 01:33:43,284 Where my wife's a. 5818 01:33:43,284 --> 01:33:44,327 Pretty good designer 5819 01:33:44,410 --> 01:33:44,827 when it comes 5820 01:33:44,827 --> 01:33:45,328 to real estate. 5821 01:33:47,079 --> 01:33:47,496 All right. 5822 01:33:47,496 --> 01:33:48,998 For my plug actually. 5823 01:33:48,998 --> 01:33:50,750 Now AJ mentioned tech 5824 01:33:50,750 --> 01:33:52,209 I will do back behind me 5825 01:33:52,209 --> 01:33:53,961 conference connect. 5826 01:33:54,045 --> 01:33:56,505 You can now get discounts 5827 01:33:56,589 --> 01:33:57,423 on conferences. 5828 01:33:57,423 --> 01:33:57,923 So if you go 5829 01:33:57,923 --> 01:33:59,634 on the website, 5830 01:33:59,717 --> 01:34:00,176 you go 5831 01:34:00,217 --> 01:34:01,052 there's a little request 5832 01:34:01,093 --> 01:34:01,469 or request 5833 01:34:01,469 --> 01:34:03,012 to get a discount. 5834 01:34:03,095 --> 01:34:03,971 A lot of conferences 5835 01:34:03,971 --> 01:34:04,930 now all have discounts. 5836 01:34:04,930 --> 01:34:05,598 So if you click on it, 5837 01:34:05,598 --> 01:34:06,349 you can get a discount. 5838 01:34:06,349 --> 01:34:07,642 I know for sure 5839 01:34:07,725 --> 01:34:08,559 that limitless 5840 01:34:08,559 --> 01:34:09,268 we got limitless 5841 01:34:09,268 --> 01:34:09,727 coming up. 5842 01:34:09,727 --> 01:34:10,686 I think Jay is 5843 01:34:10,686 --> 01:34:11,646 speaking at Luminesce. 5844 01:34:11,646 --> 01:34:12,229 Mauricio, 5845 01:34:12,271 --> 01:34:12,521 you might 5846 01:34:12,521 --> 01:34:15,107 be speaking at limitless. 5847 01:34:15,191 --> 01:34:16,359 My wife might be speaking 5848 01:34:16,359 --> 01:34:18,152 at limitless. 5849 01:34:18,235 --> 01:34:19,320 That's just an example 5850 01:34:19,320 --> 01:34:19,654 not to. 5851 01:34:19,695 --> 01:34:20,655 I know I did my plug, 5852 01:34:20,655 --> 01:34:22,031 but like, limitless. 5853 01:34:22,114 --> 01:34:22,531 Other than 5854 01:34:22,531 --> 01:34:23,991 AJ's conference, 5855 01:34:24,075 --> 01:34:24,575 I want to put 5856 01:34:24,575 --> 01:34:25,660 that disclaimer. 5857 01:34:25,743 --> 01:34:26,202 Limitless 5858 01:34:26,202 --> 01:34:26,661 is one of my 5859 01:34:26,661 --> 01:34:28,245 favorite conferences 5860 01:34:28,329 --> 01:34:29,288 of all time. 5861 01:34:29,372 --> 01:34:30,289 It's just a really 5862 01:34:30,289 --> 01:34:31,040 nice conference. 5863 01:34:31,040 --> 01:34:31,874 Other than AJ's, 5864 01:34:31,916 --> 01:34:32,249 if you 5865 01:34:32,249 --> 01:34:32,708 if you're into 5866 01:34:32,708 --> 01:34:33,918 self storage, 5867 01:34:34,001 --> 01:34:34,877 go check out AJ. 5868 01:34:34,877 --> 01:34:35,753 But otherwise 5869 01:34:35,836 --> 01:34:37,088 I think limitless is just 5870 01:34:37,088 --> 01:34:38,005 it's a pretty freaking 5871 01:34:38,005 --> 01:34:38,631 awesome event. 5872 01:34:38,714 --> 01:34:38,923 Yeah. 5873 01:34:38,923 --> 01:34:39,298 And if you want 5874 01:34:39,298 --> 01:34:40,216 if you want a discount 5875 01:34:40,216 --> 01:34:40,925 to go to limitless, 5876 01:34:40,925 --> 01:34:41,258 you're thinking 5877 01:34:41,300 --> 01:34:41,717 about going, 5878 01:34:41,717 --> 01:34:42,009 you're like, 5879 01:34:42,009 --> 01:34:42,760 oh, I could use, 5880 01:34:42,760 --> 01:34:43,344 you know, 5881 01:34:43,427 --> 01:34:43,719 a little, 5882 01:34:43,803 --> 01:34:45,346 little price off. 5883 01:34:45,429 --> 01:34:46,055 Go check it out. 5884 01:34:46,055 --> 01:34:46,722 Conference connect. 5885 01:34:46,722 --> 01:34:47,473 Click the button. 5886 01:34:47,473 --> 01:34:48,432 You'll get a discount 5887 01:34:48,432 --> 01:34:49,350 or any other conference 5888 01:34:49,350 --> 01:34:49,809 you got going on. 5889 01:34:49,809 --> 01:34:50,142 And they'll be, 5890 01:34:50,142 --> 01:34:50,601 you know, 5891 01:34:50,601 --> 01:34:51,769 and there'll be no 5892 01:34:51,852 --> 01:34:54,230 plugging bad ash today. 5893 01:34:54,313 --> 01:34:55,314 Just to be clear. 5894 01:34:55,398 --> 01:34:57,566 I that that was, she 5895 01:34:57,650 --> 01:34:57,983 she had a 5896 01:34:57,983 --> 01:34:59,443 podcast earlier. 5897 01:34:59,527 --> 01:35:00,569 We already did a plug. 5898 01:35:00,569 --> 01:35:01,445 No. No plug. 5899 01:35:01,445 --> 01:35:02,321 There's no plug on that. 5900 01:35:02,363 --> 01:35:02,863 She actually 5901 01:35:02,863 --> 01:35:03,155 she was 5902 01:35:03,155 --> 01:35:04,073 on a podcast earlier 5903 01:35:04,073 --> 01:35:04,990 with Steve Rosenberg 5904 01:35:04,990 --> 01:35:05,616 and she plugged. 5905 01:35:05,616 --> 01:35:06,534 Me, so. 5906 01:35:06,617 --> 01:35:06,826 Yeah, 5907 01:35:06,826 --> 01:35:07,159 but you don't 5908 01:35:07,159 --> 01:35:08,411 get to plug her tonight. 5909 01:35:08,411 --> 01:35:08,953 You don't get to 5910 01:35:08,953 --> 01:35:10,371 plug or sorry. 5911 01:35:10,454 --> 01:35:11,288 All right, get up. 5912 01:35:11,288 --> 01:35:12,581 So, guys, 5913 01:35:12,665 --> 01:35:13,332 we almost snuck 5914 01:35:13,332 --> 01:35:14,125 in under 9:00, 5915 01:35:14,125 --> 01:35:16,001 but those are the breaks. 5916 01:35:16,085 --> 01:35:16,711 It still looks. 5917 01:35:16,711 --> 01:35:17,712 Super bright out 5918 01:35:17,795 --> 01:35:18,921 at that West coast. 5919 01:35:19,004 --> 01:35:20,464 It's just, 5920 01:35:20,548 --> 01:35:21,215 nice and bright. 5921 01:35:21,215 --> 01:35:22,216 Looks sunny there. 5922 01:35:22,299 --> 01:35:23,342 I'm jealous. 5923 01:35:23,426 --> 01:35:24,009 It's almost time 5924 01:35:24,009 --> 01:35:25,177 to go to bed here. 5925 01:35:25,261 --> 01:35:25,511 All right. 5926 01:35:25,553 --> 01:35:26,721 It's all I got, guys. 5927 01:35:26,804 --> 01:35:28,013 My, My drink's gone. 5928 01:35:28,013 --> 01:35:28,806 I gotta go hit the head. 5929 01:35:30,141 --> 01:35:31,100 I will see 5930 01:35:31,100 --> 01:35:32,393 you next Thursday. 5931 01:35:32,476 --> 01:35:34,061 See you guys later. Yeah.