$500M investor reacts to Real Estate Tik Toks 2 - YouTube

Channel: Ben Mallah

here we are we're gonna watch some more
tick tocks oh no not this guy again
please why because Rafal says you want
him there he is baby you're 50 million
to the banks
not to buy twos fours sixes and eights
we'll go back to Banks you cannot
compete in this Marketplace 12 units
cannot compete with my 300 unit deal in
Orlando with a one and a half million
dollar swimming pool 1200 square foot
facility for health and
talking to personally afford a two a
four a six an eight a ten then that's
all they can afford and yes you can make
plenty of money on it that's how I built
my whole goddamn career real estate I
started with crack houses duplex Triplex
fourplex you get in well you can fit in
because not everybody can afford the 1.5
million dollar pool to swim in so what
is he talking about compete a damn
duplex ain't competing with a three
engine unit apartment complex and he
probably overpaid for in Orlando I
encourage people to go out there find a
duplex a triplex on four plexus like the
eight flags are dead bikes because you
gotta start somewhere everybody doesn't
have all these people's money that they
threw into the pot like he does you got
what you got and you got to make do what
you got and make something of it that's
what I did if you're buying a property
right you will make money that's a fact
that's logic buy it right rent it out
and cash flow you have to get to a place
where you have 5 million dollars in the
bank because you can survive the rest of
your life no matter what happens and
your family you can take care of a lot
of people making six or seven percent of
five million dollars when you make that
you have to set that aside and you don't
risk it then after that you can start to
take risk capital and put it to work all
right you know listen who the hell is he
talking to how many people can stash
away five million bucks is 400 million
people in the country he doesn't say I
had to get it he's just telling you you
should well how what's the story what's
the plan anybody in the street knows
that yes anybody in the street hey if
you had five million bucks would you be
okay yeah that'd be great well of course
because it's common sense but tell us
how to get the 5 million and then he's
talking about what happens after you get
the 5 million family you can take care
of a lot of people making six or seven
percent of five million dollars when you
make that you have to set that aside you
don't risk it then after that you can
start to take risk capital and put it to
work believe me if you made five million
dollars you'll know what to do after
that one million is hard enough these
days next to Impossible with the cost of
living and what interest rates are doing
in the entire Market there he is baby
you're 50 million to the banks I owed 50
million dollars to banks on properties
that paid for themselves the bank that I
owed the money to went under and I'm
like whoa happened to me new bank comes
in I don't know the game yet newbank
comes in and says Mr Cardone you're in
technical default I said what do you
mean I'm a technical default dude I make
my payments every month I've never
missed and they're like no no you're in
technical default the banks change names
the contract says on page 367 paragraph
AEF 84 beef C 23.
I said what does it say it says you
and you need to pay up to 52 million
dollars now you've got 60 days to pay it
up I'm like yeah 2010 who's got 50
million sitting around
I did he's referring to the loan
documents and unfortunately you have to
read every word and your lawyer two of
the loan documents it happened to me I
was doing a lot of business with a bank
they went belly up and then another bank
took them over and the bank said hey
they told me I was going to be in
default because my loans will come in
due and normally I never worried about
loans coming due why because the bank
knew I was they know I'm just going to
keep rolling into a new loan this Bank
made a big mistake buddy this Bank
didn't know that hey just because the
bank went under doesn't mean everybody
to borrowed money from them was bad it
was only a portion enough a bad loans
that caused the bank to go under there's
still a lot of good in the bank okay and
I was part of the good so you know what
they did they screwed themselves at a
hundreds of millions dollars worth of
loans by even telling me before they
looked at my financial statement and my
history or what a great borrower I was
they just automatically said your loans
come and do we're going to want to get
paid off
let me tell you something if they were
smart they would have looked at who I
was and they would have said don't worry
about nothing we got you covered that's
the bank I want to deal with so what did
I do I took all that business from that
bank and Wells Fargo and be at Bank of
America and a couple other Banks
welcomed me with open arms we're happy
to get those loans anyway he didn't read
his own documents because I'm not
familiar with that Clause even being in
there typically if a bank goes under
whoever bank takes it over they take
over all the assets they take over all
the loans the loans are really their
assets and they assume everything when
they take over the bank whether they
bought the bank or whether the
government forced them to coming up next
90 000 to pay it you should pay it
he's a cuckoo combat the effects of
smoke on an apartment it is smoking a
refrigerator lady before we watch the
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oh no not this guy again please the only
doubt we've had with student loans which
we were working really hard towards
paying off you know with covid they end
up getting deferred don't you pay them
off well well sir Pam off sure we'll
just write a check and pay them off
how much do you owe kids are around 80k
and mine what the hell's 10 grand got to
do with it you owe 80 grand 10 grand if
you get 10 grand knocked off a 80 000
bill that's like 12 percent discount
let's take Greg got to do it so what in
her world how much have you got in the
bank we well we did have about 90k we
had reached the amount that
he's getting irritated eighty thousand
dollars that you signed up for and you
have ninety thousand dollars to pay it
you should pay it
he's a cuckoo you got ninety thousand
dollars you get a payback at eighty
thousand dollar loan it's probably at a
low interest rate and the government's
discount and [聽__聽] you get rid of
that goddamn 90 grand you got a bank you
know what you're left with nothing that
90 grand can take care of emergencies
that come up maybe make a smart
investment who the hell knows you're
gonna give up your whole liquid net
worth to pay back a government student
loan Moon that's the most ridiculous
thing I've ever heard of my life you
should pay it you owe the money I don't
want to have to pay it for you I'm a
taxpayer she's not defaulted she's
paying on it and the people that and the
money that the government loan is still
getting her payment they're still
getting interest and we're investing in
okay what better thing to do in your tax
money they should get free [聽__聽]
education I'm not a communist I'm not a
socialist but let me tell you something
you want to live in a good World educate
everybody and that's everybody you don't
want to pay it why not you got a lot of
money helping others is helping yourself
as soon as the world realizes that the
world will be a better place I'm a
taxpayer that has to pay this because
you're trying to play some freaking game
with the government freaking game was
PPP a game
ERC a game
showing some compassion for the people
that pay them what is he I mean this
guy's cuckoo you help those by and that
helps the whole country you don't get it
you gotta help other people you can't
just sit here and tell everybody don't
borrow money don't do this don't do that
at least I bet he's selling courses I
I'll bet money right now and I don't
know is he selling courses yeah yes I
knew it so Ben what would you do with
that 90 grand listen number one if she
owes 80 000 student loans make your
payments and if there's any discounts
that are offered by the government take
advantage of them you don't wipe
yourself out to pay off your debt
I'd be crazy and besides right now you
will get six percent in a six month CD
you can get five and a quarter in a
money market account totally liquid
totally safe and I have a feeling it's
possible the interest money the interest
rate she's paying is less than she could
be making on the 90 000 right now so
it'll be crazy to pay off that loan
because some cat
I said cat because I could have said
something else thinks that you know he's
paying for it he ain't paying for
nothing let's dig up his tax returns
baby I'll steal you mine
I write millions in taxes every year I
have a way to combat the effects of
smoke on an apartment financially
without just raising the rent and I let
me let me show you exactly what I mean I
am currently in an apartment that will
have to be completely gutted partly
because the tenant was not listening to
me about the smoking and this is what
happens this fridge is completely ruined
and there is no amount of Scrub Daddy
that's nasty dirty that ain't smoke it
ain't smoking a refrigerator lady they
were a dirty tenant and you didn't
collect a big enough deposit
that's pretty much my opinion you should
have consulted with Ben but like I was
saying the rent is 325. this fridge
alone costs 450. so if I had to replace
a fridge every year because of smoking I
I'd have to raise the rental account for
it number one if your rent's only 325 a
month that's not a lot of money so
you're pretty much giving away the place
for free after you pay your taxes your
insurance I wouldn't have started out
with that investment to begin with I
don't see how your cash flowing but if
you were charging a normal proper rent
get a big deposit I mean you knew there
were smoke was going in you knew you had
pets going in all right if you got a pet
you got to pay a big pet deposit and yes
you shouldn't have Carpenter apartments
anymore you should go to what we call LV
luxury vinyl all right and this way
things can get mopped things can get
easily fixed all right smoking wasn't
the only issue those people had in an
apartment they didn't smoke in a
refrigerator I can tell you that even I
don't do that that place needed a paint
job anyway when they moved out because
they were pretty dirty from what I've
seen the refrigerator that apartment's
gonna need somebody to come in and spray
a prime coat before you paint buying big
cans and you you're rolling out and
those walls will look like new baby
because especially that kills Eve you've
got any really bad spots listen I have
painted thousands and thousands and
thousands of apartments and hotel rooms
I've had places that would burn I
painted over him get some primer on
those walls get a fresh paint job it'll
be looking like new money baby and raise
their rent and get a bigger deposits
that's part of the game you're in you
know uh you can charge easily 500 bucks
a thousand bucks
you want a pet the Pet's got to pay too
you know it's wear and tear on your
hi Albert and her husband miles used
their savings to buy this four bedroom
Dream Home in Riverside California 14
months ago but they have not been able
to move in even though they've been
paying the mortgage every month he just
said he wasn't leaving that was it
wasn't going to leave the house
barricaded himself in the house so who's
the guy blocking their way refusing them
entrance to their own home it's the
previous owner do you think that this
was his plan from the beginning yes
realtor Chris Taylor
selling homes every eye was dotted T was
crossed everything that could have been
done was done
wrong answer realtor go back to real
estate 101 better yet go to
bedbattle.com solo Ben or bettyette come
to our event on October the 7th and
never ever close anything in real estate
when I say close I mean press the button
send the money and release it before you
do that you check the property you do a
walk through it's in a contract you're
supposed to do a walk through and
inspect the property and nobody's there
nothing's there and it's in the same
condition that you bought it in it's
done with residential it's done with
commercial and somewhat everything
nobody buys a property until they
inspect it the day before they give them
the money because once you press that
button and that money is wired and the
title company distributes it or yes your
company it's gone and you got to go
after it if they screwed you
so now what you've got to do is number
one it shouldn't be a hard eviction to
do if it has to go to court it should be
a very quick easy suit and then sue the
[聽__聽] out of everybody and screwed up the
realtor he's part of it he's got to get
involved sue him sue the owner for
taking your money and not getting the
hell out of the house all right those
are the first two people I can think of
but that's what you got to do all right
people don't want to act right they
don't want to do the job bring them into
court that's the only thing you can do
they own a house they should be able to
shut the power up their own house he
hasn't have any right to be there but I
bet you any amount of money where's this
at California California
no doubt about it they're cuckoo I'm
sorry they got a duty eviction Sue
everybody for all their loss
and that's everything every loss you can
think of you need a good lawyer you like
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