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$500M investor reacts to Real Estate Tik Toks 2 - YouTube
Channel: Ben Mallah
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here we are we're gonna watch some more
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tick tocks oh no not this guy again
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please why because Rafal says you want
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him there he is baby you're 50 million
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to the banks
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not to buy twos fours sixes and eights
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we'll go back to Banks you cannot
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compete in this Marketplace 12 units
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cannot compete with my 300 unit deal in
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Orlando with a one and a half million
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dollar swimming pool 1200 square foot
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facility for health and
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talking to personally afford a two a
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four a six an eight a ten then that's
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all they can afford and yes you can make
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plenty of money on it that's how I built
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my whole goddamn career real estate I
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started with crack houses duplex Triplex
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fourplex you get in well you can fit in
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because not everybody can afford the 1.5
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million dollar pool to swim in so what
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is he talking about compete a damn
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duplex ain't competing with a three
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engine unit apartment complex and he
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probably overpaid for in Orlando I
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encourage people to go out there find a
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duplex a triplex on four plexus like the
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eight flags are dead bikes because you
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gotta start somewhere everybody doesn't
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have all these people's money that they
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threw into the pot like he does you got
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what you got and you got to make do what
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you got and make something of it that's
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what I did if you're buying a property
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right you will make money that's a fact
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that's logic buy it right rent it out
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and cash flow you have to get to a place
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where you have 5 million dollars in the
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bank because you can survive the rest of
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your life no matter what happens and
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your family you can take care of a lot
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of people making six or seven percent of
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five million dollars when you make that
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you have to set that aside and you don't
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risk it then after that you can start to
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take risk capital and put it to work all
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right you know listen who the hell is he
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talking to how many people can stash
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away five million bucks is 400 million
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people in the country he doesn't say I
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had to get it he's just telling you you
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should well how what's the story what's
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the plan anybody in the street knows
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that yes anybody in the street hey if
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you had five million bucks would you be
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okay yeah that'd be great well of course
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because it's common sense but tell us
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how to get the 5 million and then he's
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talking about what happens after you get
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the 5 million family you can take care
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of a lot of people making six or seven
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percent of five million dollars when you
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make that you have to set that aside you
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don't risk it then after that you can
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start to take risk capital and put it to
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work believe me if you made five million
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dollars you'll know what to do after
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that one million is hard enough these
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days next to Impossible with the cost of
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living and what interest rates are doing
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in the entire Market there he is baby
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you're 50 million to the banks I owed 50
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million dollars to banks on properties
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that paid for themselves the bank that I
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owed the money to went under and I'm
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like whoa happened to me new bank comes
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in I don't know the game yet newbank
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comes in and says Mr Cardone you're in
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technical default I said what do you
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mean I'm a technical default dude I make
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my payments every month I've never
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missed and they're like no no you're in
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technical default the banks change names
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the contract says on page 367 paragraph
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AEF 84 beef C 23.
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I said what does it say it says you
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and you need to pay up to 52 million
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dollars now you've got 60 days to pay it
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up I'm like yeah 2010 who's got 50
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million sitting around
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I did he's referring to the loan
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documents and unfortunately you have to
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read every word and your lawyer two of
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the loan documents it happened to me I
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was doing a lot of business with a bank
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they went belly up and then another bank
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took them over and the bank said hey
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they told me I was going to be in
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default because my loans will come in
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due and normally I never worried about
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loans coming due why because the bank
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knew I was they know I'm just going to
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keep rolling into a new loan this Bank
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made a big mistake buddy this Bank
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didn't know that hey just because the
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bank went under doesn't mean everybody
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to borrowed money from them was bad it
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was only a portion enough a bad loans
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that caused the bank to go under there's
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still a lot of good in the bank okay and
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I was part of the good so you know what
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they did they screwed themselves at a
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hundreds of millions dollars worth of
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loans by even telling me before they
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looked at my financial statement and my
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history or what a great borrower I was
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they just automatically said your loans
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come and do we're going to want to get
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paid off
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let me tell you something if they were
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smart they would have looked at who I
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was and they would have said don't worry
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about nothing we got you covered that's
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the bank I want to deal with so what did
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I do I took all that business from that
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bank and Wells Fargo and be at Bank of
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America and a couple other Banks
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welcomed me with open arms we're happy
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to get those loans anyway he didn't read
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his own documents because I'm not
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familiar with that Clause even being in
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there typically if a bank goes under
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whoever bank takes it over they take
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over all the assets they take over all
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the loans the loans are really their
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assets and they assume everything when
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they take over the bank whether they
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bought the bank or whether the
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government forced them to coming up next
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90 000 to pay it you should pay it
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he's a cuckoo combat the effects of
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smoke on an apartment it is smoking a
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refrigerator lady before we watch the
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rest of the video football is back and
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oh no not this guy again please the only
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doubt we've had with student loans which
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we were working really hard towards
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paying off you know with covid they end
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up getting deferred don't you pay them
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off well well sir Pam off sure we'll
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just write a check and pay them off
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how much do you owe kids are around 80k
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and mine what the hell's 10 grand got to
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do with it you owe 80 grand 10 grand if
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you get 10 grand knocked off a 80 000
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bill that's like 12 percent discount
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let's take Greg got to do it so what in
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her world how much have you got in the
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bank we well we did have about 90k we
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had reached the amount that
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he's getting irritated eighty thousand
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dollars that you signed up for and you
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have ninety thousand dollars to pay it
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you should pay it
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he's a cuckoo you got ninety thousand
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dollars you get a payback at eighty
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thousand dollar loan it's probably at a
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low interest rate and the government's
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discount and [聽__聽] you get rid of
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that goddamn 90 grand you got a bank you
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know what you're left with nothing that
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90 grand can take care of emergencies
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that come up maybe make a smart
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investment who the hell knows you're
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gonna give up your whole liquid net
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worth to pay back a government student
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loan Moon that's the most ridiculous
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thing I've ever heard of my life you
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should pay it you owe the money I don't
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want to have to pay it for you I'm a
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taxpayer she's not defaulted she's
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paying on it and the people that and the
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money that the government loan is still
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getting her payment they're still
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getting interest and we're investing in
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education
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okay what better thing to do in your tax
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money they should get free [聽__聽]
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education I'm not a communist I'm not a
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socialist but let me tell you something
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you want to live in a good World educate
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everybody and that's everybody you don't
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want to pay it why not you got a lot of
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money helping others is helping yourself
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as soon as the world realizes that the
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world will be a better place I'm a
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taxpayer that has to pay this because
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you're trying to play some freaking game
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with the government freaking game was
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PPP a game
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ERC a game
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showing some compassion for the people
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that pay them what is he I mean this
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guy's cuckoo you help those by and that
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helps the whole country you don't get it
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you gotta help other people you can't
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just sit here and tell everybody don't
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borrow money don't do this don't do that
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at least I bet he's selling courses I
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I'll bet money right now and I don't
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know is he selling courses yeah yes I
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knew it so Ben what would you do with
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that 90 grand listen number one if she
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owes 80 000 student loans make your
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payments and if there's any discounts
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that are offered by the government take
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advantage of them you don't wipe
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yourself out to pay off your debt
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I'd be crazy and besides right now you
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will get six percent in a six month CD
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you can get five and a quarter in a
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money market account totally liquid
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totally safe and I have a feeling it's
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possible the interest money the interest
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rate she's paying is less than she could
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be making on the 90 000 right now so
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it'll be crazy to pay off that loan
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because some cat
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I said cat because I could have said
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something else thinks that you know he's
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paying for it he ain't paying for
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nothing let's dig up his tax returns
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baby I'll steal you mine
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I write millions in taxes every year I
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have a way to combat the effects of
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smoke on an apartment financially
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without just raising the rent and I let
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me let me show you exactly what I mean I
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am currently in an apartment that will
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have to be completely gutted partly
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because the tenant was not listening to
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me about the smoking and this is what
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happens this fridge is completely ruined
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and there is no amount of Scrub Daddy
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that's nasty dirty that ain't smoke it
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ain't smoking a refrigerator lady they
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were a dirty tenant and you didn't
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collect a big enough deposit
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that's pretty much my opinion you should
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have consulted with Ben but like I was
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saying the rent is 325. this fridge
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alone costs 450. so if I had to replace
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a fridge every year because of smoking I
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I'd have to raise the rental account for
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it number one if your rent's only 325 a
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month that's not a lot of money so
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you're pretty much giving away the place
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for free after you pay your taxes your
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insurance I wouldn't have started out
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with that investment to begin with I
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don't see how your cash flowing but if
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you were charging a normal proper rent
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get a big deposit I mean you knew there
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were smoke was going in you knew you had
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pets going in all right if you got a pet
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you got to pay a big pet deposit and yes
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you shouldn't have Carpenter apartments
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anymore you should go to what we call LV
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luxury vinyl all right and this way
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things can get mopped things can get
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easily fixed all right smoking wasn't
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the only issue those people had in an
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apartment they didn't smoke in a
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refrigerator I can tell you that even I
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don't do that that place needed a paint
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job anyway when they moved out because
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they were pretty dirty from what I've
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seen the refrigerator that apartment's
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gonna need somebody to come in and spray
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a prime coat before you paint buying big
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cans and you you're rolling out and
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those walls will look like new baby
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because especially that kills Eve you've
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got any really bad spots listen I have
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painted thousands and thousands and
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thousands of apartments and hotel rooms
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I've had places that would burn I
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painted over him get some primer on
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those walls get a fresh paint job it'll
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be looking like new money baby and raise
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their rent and get a bigger deposits
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that's part of the game you're in you
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know uh you can charge easily 500 bucks
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a thousand bucks
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you want a pet the Pet's got to pay too
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you know it's wear and tear on your
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property
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hi Albert and her husband miles used
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their savings to buy this four bedroom
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Dream Home in Riverside California 14
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months ago but they have not been able
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to move in even though they've been
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paying the mortgage every month he just
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said he wasn't leaving that was it
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wasn't going to leave the house
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barricaded himself in the house so who's
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the guy blocking their way refusing them
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entrance to their own home it's the
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previous owner do you think that this
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was his plan from the beginning yes
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realtor Chris Taylor
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selling homes every eye was dotted T was
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crossed everything that could have been
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done was done
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wrong answer realtor go back to real
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estate 101 better yet go to
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bedbattle.com solo Ben or bettyette come
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to our event on October the 7th and
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never ever close anything in real estate
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when I say close I mean press the button
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send the money and release it before you
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do that you check the property you do a
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walk through it's in a contract you're
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supposed to do a walk through and
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inspect the property and nobody's there
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nothing's there and it's in the same
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condition that you bought it in it's
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done with residential it's done with
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commercial and somewhat everything
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nobody buys a property until they
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inspect it the day before they give them
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the money because once you press that
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button and that money is wired and the
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title company distributes it or yes your
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company it's gone and you got to go
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after it if they screwed you
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so now what you've got to do is number
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one it shouldn't be a hard eviction to
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do if it has to go to court it should be
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a very quick easy suit and then sue the
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[聽__聽] out of everybody and screwed up the
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realtor he's part of it he's got to get
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involved sue him sue the owner for
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taking your money and not getting the
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hell out of the house all right those
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are the first two people I can think of
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but that's what you got to do all right
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people don't want to act right they
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don't want to do the job bring them into
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court that's the only thing you can do
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they own a house they should be able to
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shut the power up their own house he
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hasn't have any right to be there but I
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bet you any amount of money where's this
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at California California
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no doubt about it they're cuckoo I'm
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sorry they got a duty eviction Sue
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everybody for all their loss
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and that's everything every loss you can
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think of you need a good lawyer you like
[893]
the videos come hang out with us in
[896]
person at my hotel and we're going to be
[899]
celebrating an early birthday the whole
[901]
gang will be there we're gonna have food
[904]
we're gonna be talking about everything
[905]
you want to talk about in real estate
[907]
you're going to be networking it's going
[909]
to be a real estate party baby go to
[912]
bedmail.com live get your room baby get
[916]
your ticket to the event we're gonna be
[918]
partying at night check out my bookie
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place your bet subscribe watch another
[924]
video hit the like button adios amigos
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