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so I heard white board finance is done with a real estate that really pisses me off so I'm heading over I know he's here somewhere hey everybody welcome back to white board Finance today I'm gonna be talking about meet Kevin this guy right here man he's always on YouTube I see his notifications all day long love his work but I got a bone to pick with him man the reason I stopped investing in real estate Oh Marco Oh yo what is this we need to have a conversation about real estate let's go get your jacket let's go I'm gonna edit this video we'll be back to set the stage Marco with white board finance used to be a licensed a real estate agent and he worked for a commercial real estate developer and also partnered on some of the projects however now he doesn't own real estate anymore this makes me very sad keep going right now you don't own any real estate no we rent right now okay correct so what I mean why like why don't you just buy something right now like look I mean look we're literally in this neighborhood here with I mean there gotta be I mean how much were these houses these houses are probably 350 350 these are what gorgeous 2,500 to 3,000 square foot Oh bigger than that yeah yeah so what's stopping you from jumping on me what do you need to buy one of these 15k you're coming from Cali we're in the Midwest right now so everything is cheap relatively speaking so I I as well as you was also also at my real estate license I have access to the MLS still to this day cars real estate I worked for a death care company funerals everything dude every major event in your life I've worked no no no a funeral was it was Airbnb meets Lending Tree for death care it was crazy Wow have to take a moment to wrap my head around that are you renting out coffins Oh get off that yeah so ultimately like you I've access to the MLS everything right now is that record prices per square foot at least where I live and I'm sure it's like that and the rest of the tree so I did a little research looked at Oh 8 prices up until now you look at oh wait oh seven oh eight prices were you know sky-high after Oh 8 in 2013 I think that's when they were the softest houses in Northeast Ohio and Oh 7 we're in this area which is just the you know decent middle-class suburb in Cleveland we're going for about you know 105 106 a square foot now everything's on average 115 120 125 it's worth so you feel like things are pricey why buy they're overpriced right now because interest rates are low everyone's buying you know I just think that bang for the buck is not there and that's why my wife and I are waiting now what's stopping you from you know market aside and we'll have that conversation okay what's stopping you from going out there and at least being ready to strike on a good deal you have real estate experience so you you're here when 91% of buyers are you know down here yeah so you have this experience what's stopping you from looking for a good deal on a triplex or even the house you know you find a find a you know fixer one of these I'm only one of these you know how bad it's gonna be these are what 2005 millets yeah hundred percent you're a hundred percent right so ultimately I do have you weren't in the main house from the other studio where I record in my main house I have a stack of letters this big to owner-occupant or excuse me absentee owners of duplex and you're not sending them out I'm not I should because you're like everybody else so you're pretty fast I was so motivated for like three hours and then you look at you're like I went to lists source I got a I literally have a stack a list of absentee owners I was gonna send them out then I thought to myself the list or the actual printing and everything oh the list itself dude like 30 40 50 bucks whatever their minimum is to print a list yeah so it's cheap so for your viewers in the future check out lists source if you want to find absentee owners absolutely for that list or Scott yeah so if they don't know what that is absentee owners are basically just people that own the home that don't live there they know they know that by the different tax mailing address so basically I was going to send out these mailers but I thought to myself these are in like Class B you know maybe arguably Class A suburbs and these are probably cash cards for these people and right now the market is hot why would they want to sell or why would they want to give me a deal so maybe I'm shooting myself in the foot you're jaded yourself I am and you have MLS access you have more access and more knowledge than anybody else yet you're you're sitting on what was it the Capital One savings account yeah sorry I know I'm looking down this whole interview we're like an ice patch to try to like save Kevin so sorry if I'm not making good eye contact yes you're right so right now we're just sitting on cash cash is king you know we're very happy we're cash flowing my wife's cool so at the end of the day that's the reason why you know I'm not buying anything right now that's not to say that you can't get a good deal financing is cheap you know if you're working with someone you know like Kevin or whoever your local real estate agent they're definitely gonna they should be able to show you the math on how much you're saving with interest rates being so low as opposed to them being hired so well let me ask you this is is there maybe a level of comfort in your life right now where you know you've got a solid income your wife's working towards becoming an RN she's gonna have a solid income you're sitting on a cushion like there's your life wouldn't be any better by investing more right now so you may as well stay a little comfortable and that's ultimately what it comes down to we have literally zero debt like literally like zero debt cash flowing everything that's the cash flowing everything what's cash for school we're cash flowing our debts so like school tuition we're not taking student loans we're just paying it off oh yeah expensive yes not income yes so basically it's the comfort and we have no reason right because I know dividend stocks ain't gonna be a big cash flow no no that's not no no that's not what I'm talking about yeah so yeah she's studying to be a nurse practitioner she's an RN right now you know so there's no reason to move if knock on wood one day we have kids great you know it will need to upgrade the size of our house but for us to right now we're comfortable yeah yeah I think that's that's in one sense you're in a very good and happy place correct you by being comfortable on one hand you're not paycheck to paycheck you're not miserable you're not stressed out by money on the other hand maybe you're not getting that kind of kick in the butt to go invest a little exactly and I think we're kind of I don't want to use the word spoiled because everything we've done to this point has been intentional we don't want debt however check out the video drop in tonight I don't know when this is gonna be released but I have a video coming out talking about good debt versus bad debt which I know you're a big believer of the good debt I have a good debt yes I have no bad debt which is good but I don't have any good debt either so you know I have no debt so yes so debt as everyone knows it's just like a tool dude there is hawks there's there's Eagles there is a woodpecker I saw a woodpecker the other day he had a big red head like woody the woodpecker okay all right so all right okay good day Betty you don't have any debt I got that all right yeah so basically right where I'm where I'm at right now is I may do the foolish thing of dropping you know 20% you know big down payment on a forever home what does it matter in some sense because you're just saving up cash right now anyway so may as well put 20% through I don't want the PMI I don't want any of that stuff however I know my money could be utilized you know elsewhere at a greater return however don't want the PMI yep exactly and the debt to income ratio I don't want it to go crazy either so 20% down will be happy you know and you'll start to see new whiteboard videos from a nicer basement I guess why here's another thing that's kind of tripping me up a little bit you're saying that you want to go from where you are now which is renting to your forever home why so it's like the opposite it's a crazy dynamic of I understand that there's the philosophy out there of you know renting you know houses are liabilities not assets the ones that you own that's not stupid philosophy yeah right and then I know you're against that but that's what the grant cardone is in the world am I allowed to say that his name on the you could say grant cardone all you want because he also owns where he lives okay he rents from his LLC okay so basically I'm from Northeast Ohio I deep roots here I'm not going anywhere if you want to rent if you know you're gonna be mobile if you want to be mobile for work if you want to you know not have to have all the maintenance issues and be you know the person that takes care of every single little thing owning a property is a big deal I understand that however I know I'm not going anywhere so I know that this is gonna be my home probably till the day that I die my wife's from your family's from here my family's from here we have deep cultural roots with our church and our family and all that stuff so this is we want to own property because ultimately it's kind of like a pride and ownership kind of a thing and it's also almost like a forced savings plan right so at the end of the day you know whatever happens to us whether we have Social Security or pension or whatever you know we still own our home and we can always sell that for a nice fat paycheck 20 30 40 years later so mathematically may not make sense but there is a sense of pride that you know we do want to own our home here's the other direction that a lot of people go they they say okay yeah we've made the decision we want to buy whether it's with 5% down 10% down 20% down doesn't matter we'll put that aside right now what a lot of people are doing is they'll say okay that house right there let's say that house is 1600 square feet and the one to the right of it is 2400 square feet and the one to the right of that is 3000 square feet just as an example there's there's a sort of theory now with that if each of these would cashflow with 20% down which pretty much everything here cash flows in Ohio I've realized yeah why not buy that place with 20% down now then keep it rental grade in a year's time move into that place with 20% down a year later move into that one nearly to move again and move into your forever home when you have like you know a few kids or or they're a little older to where now you have the flexibility of moving you keep those deals as rentals now instead of one nest egg when you're retired you've got four or five hundred percent and you're 100% right obviously where the thing is we're in a class you know a suburb that's excellent excellent school system and no crime no nothing you know yeah the thing is yeah the thing is you're a hundred percent right the thing is happy wife happy life right my wife doesn't want to go from me let's call it a thousand square foot house to fifteen hundred to a 2002 it whatever we want to get it done right off the bat and that way we have you know 30-year mortgage on a reasonable property and the thing is its lifestyle inflation you know if we do have all these cash flowing properties that are gonna pay for our you know forever home mortgage or whatever you want to call it so mathematically you know may make sense if you have a bunch of cash flowing properties however it's human nature to want to get bigger and better and nicer you know you find well I mean we're in a 10x society right now and look I I'm not trying to use that word to like promote grant or demote grant it just that is our society right now our society says well if you're in that seventeen you need to get to the 22 and you need to get to the three thousands right and that's not that's first of all not good for I think individuals because you're constantly having the stress of comparing yourself to others and honestly you sorry I thought this issue you are actually very insulated from that by having this wealth cushion or cash cushion let's call it yeah and no debt because you're not you know who cares if somebody else has a bigger bed number in the bank account you don't care you know okay oh they got they have twenty rental as well they got twenty one you know it doesn't freakin matter okay is that am I getting that right nature is that what you want like that that peacefulness rather just freeness there's a joke that I can tell it's too long it's not gonna be funny but the point of the joke is there's a gentleman fishing and a gentleman Tory it's it's more of a story than a joke it is there's a gentleman fishing enjoying himself the guy comes up to the other guy comes out so I'm not going to tell the whole joke I just want to get to the crux of it the other guy comes up to and says hey why don't you get a net you can catch bigger fish you can sell them work your way all the way up to a big fishery you own this big fishery it's making millions of as a year and the guy that's originally fishing as some well why would I want to do all that he's like well then you can become a millionaire and retire and do whatever you want and the guy that's originally fishing says well I'm doing that right now yeah yeah exactly so without going through all the headache in there honestly don't you know this these these lines I'm gonna start taking notes excellent emoji Mitch whoa okay but honestly how true you know we we look right now and and you know if there are so many people in our society who are in this position of okay well they've built wealth they've built enough to where they could retire today but they don't and a lot of people who aren't in that position they I can't wait to be in that position where I have you know my five million dollar net worth so I can retire I want to get to that at 40 so I can retire me financially independent retired early whatever and then just live off my distributions accept what happens is I think - I would say probably 95% of people is you get to that five minutes all right maybe you know it's like you're always on this hamster wheel and I think the goal shouldn't be to retire just for the sake of retiring I think if you love what you're doing you know work till you die I mean that's great it's healthy if you want to do that however I think young people they're enamored by the allure of you know passive income and this and that where you don't have to lift a finger and then you you're a millionaire right so I think that you every person should have a purpose they should have a reason for why they get up in the morning otherwise and that's the other thing in the Midwest everyone's friendly they need to have a purpose in life and something that drives them otherwise you know they can just be molded into pretty much anything or not have any drive that's just my personal belief and working with someone like you or fill me with you this guy's like Kevin is a hundred miles an hour I'm sitting there like I need coffee he's like yeah try to keep up so yeah it's good to be passionate about something's what I'm trying to say thanks for that this is by the way really cool like you know they used to cover Christmas trees in asbestos to make them look like they had snow back in the day yeah that was that was one of the purposes for asbestos they also used to put asbestos into paced except this toothpaste or this asbestos you could you know you know get in your face you can breathe it you can like this this is cool like I I don't have this you know you want to taste some yellow no no that's why I went for the tree snow like the odds are the tree snow is cleaner except we'll probably get some comments talking about birds and whatever okay well honestly I mean that's that's really insightful because you know I think that's what many of us feel it's like well I just you know I it doesn't matter what the number is I just want to get to that point where have that choice to be able to do what I want it doesn't this whole relativity thing doesn't matter yet on one hand we say that and on the other hand most of us you know got to get the new car got to get a bigger house got to get the newest phone you know the newest clothing tough man tough so yeah I think I just listened to a keynote with ramita say see that I will teach you the rich guy you don't like him well mostly because of his real estate chapter the rest of the stuff was okay under his real estate chapter was garbage so his his key the crux of his keynote was like you know he's making fun of people let's say like well if you invested this over the course of 87 years compounded at 3% you know like he was you know everyone's typical line but he's kind of right his point was that you know you should actually you know be spend abundantly on things that bring you massive joy you know not not everything but yeah that's a good luck because that's the other thing is I think people get caught up in this this I need passive income but I have no wealth approach and so then the idea becomes okay well if I want passive income and I don't have wealth well then I'll just cut out all the joys of my life and basically be a super cheapskate and that's a tough way to live to it is then you're stressed on the other side of the perspective yep and I completely agree I mean at the end of the day you have to live life you have to be you know a warm human being you know go buy a round of drinks go do something you know have some friends like you don't want to be known as the guy that like I mean I'm pretty cold right I'm freezing my butt off maybe if I'm by you around drinks for a month that's yes so just be the person that people want to hang out with at the end of the day you only live once I know that's kind of cliche I don't want to say Yolo you know but you know Yolo within reason I guess thank you man that's awesome all right confrontation over it's been solved
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