Episode Transcript
[00:00:00] Speaker A: Hey, everybody. Welcome to real estate makes us drink. We're happy you're here. Brian Quinlan here from Daniels Real Estate.
[00:00:08] Speaker B: Oh, Brad Nickham from nest.
[00:00:10] Speaker A: There's a skull on your hat that looks like this. Well, you're wearing a hat. That is, that is the bizarre part.
[00:00:16] Speaker B: That's like hundreds of shows and you.
[00:00:18] Speaker A: May have noticed we have a guest. Sir, introduce yourself. So we know who you are.
[00:00:22] Speaker C: Phil Penn, living in Indianapolis now, but I come from a little small town of Wabash where Brad was born.
[00:00:29] Speaker B: Yeah.
[00:00:30] Speaker A: You have yet another one of your Wabash friends yet.
[00:00:33] Speaker B: He can, he can probably remember the day I was born actually.
Because you were friends with my dad at that point, right?
[00:00:40] Speaker C: Yes. His dad was one of my mentors when I became a fireman in my little town and his dad was my captain when I became a fireman there.
[00:00:49] Speaker B: Isn't that amazing? So I can say that this guest that we have on the show I have known my entire life. Now.
[00:00:57] Speaker C: That's awesome.
[00:00:58] Speaker A: You know, in the short time that we did a little pre show here, Phil, I have learned, loves to tell stories. So this is going to be a fun episode because you have lots of stories already and we just met.
[00:01:11] Speaker B: It's going to be amazing. We have the gamut of saving people's lives.
[00:01:14] Speaker A: Okay.
[00:01:15] Speaker B: Being an actual hero, being involved in what I believe is one of the greatest motorsports that there is, motocross racing. And very successful owning his own business and also very successful in the real estate industry. We have like, this is going to be our first Joe Rogan style three hour show.
[00:01:35] Speaker C: Oh, my God.
[00:01:36] Speaker A: I don't have that kind of time. All right. Well, though I do have a rest of a keg I'm supposed to drink.
[00:01:40] Speaker B: You finish keg before Casino Night.
[00:01:42] Speaker A: Cheers, Phil. Thanks for being here. Cheers to all of you.
[00:01:45] Speaker B: What are you drinking tonight?
[00:01:47] Speaker A: I'm drinking Coors light today.
[00:01:48] Speaker B: Coors Light.
[00:01:49] Speaker A: Casino night's coming up and Brad needs me to finish a keg so that he can bring another one in for Casino Night.
[00:01:56] Speaker B: So the new keg's here and I don't want to change it out.
[00:01:58] Speaker A: I am sleeping here tonight apparently, and I'm drinking.
[00:02:04] Speaker B: Corrido. It's a fantastic tequila. Brad, the owner of this out of Phoenix, Arizona. It's amazing tequila. That's going to be actually my first tattoo, the agave with a guitar coming out of it.
[00:02:16] Speaker A: Wow, that's super cool.
[00:02:18] Speaker B: Yeah, I feel like getting on my forehead.
[00:02:20] Speaker A: Phil, what are you drinking?
[00:02:21] Speaker C: Fireball and Dr. Pepper.
[00:02:23] Speaker B: So that's Phil's drink right there. I love it. Fireball.
[00:02:26] Speaker A: We'll do some fireball shots in the.
[00:02:28] Speaker C: Mid the midway, so we may all end up staying here.
[00:02:32] Speaker B: I'm already staying here. Oh, well, that's already staying here. Okay, so, Phil, first, we've already talked about how you and I know each other. So there's. There's gonna be a huge amount of stories here, and they're going to be awesome.
[00:02:44] Speaker A: I want you to get comfortable.
[00:02:45] Speaker B: Yeah, get comfortable. Fred, pour yourself a glass of tequila. I want you to start with that. Start that you. You kind of just told us about. I. I grew up in a small town. My dad was one of this gentleman's best friends, along with Phil, a guy named Jim Moore. Jim Moore owned a company called Shirt Shed, and he really invented screen printing. He became an extremely successful person in Wabash. And actually, for me, he's somebody that I looked up to as a kid, knowing I wasn't real good in school. I seen this guy that was incredibly, incredibly successful. A 1986 Countach. A 512bb Boxer. My favorite Ferrari. A 308 GTS Magnum P. You know, Magnum PI Ferrari 2 clinical.
[00:03:31] Speaker A: You have a big mustache like Magnum.
[00:03:33] Speaker B: Did Jim have a mustache? I don't remember.
[00:03:35] Speaker C: Did Jim?
[00:03:36] Speaker B: Yeah. No.
[00:03:36] Speaker C: No, I don't think so.
[00:03:38] Speaker B: A 1966 Silver Cloud rolls Royce that Jerry west used to drive. And we'd bring Santa Claus into town, and I got to ride with him into town. 67 Split Window Vet several really cool Mercedes. And it's really weird that I have all those cars memorized, but that it was so amazing to me to. To be a kid in like the eighth grade, seventh grade. And Jim Moore would take me in this 86 Countach or 82 Countach and drive it and a dirty word. A Countach.
I don't know.
[00:04:10] Speaker A: I mean, you're correct.
[00:04:11] Speaker B: Shame on you.
[00:04:11] Speaker A: This sounds dirty, but he would say.
[00:04:14] Speaker B: To me as a kid, you can have anything you want, kid, if you work hard enough for it. And those little impressions for me were so deep. And Jim was killed in a tragic car accident, unfortunately, in a tort and auto just outside of Treaty, Indiana. He went off the road, hit a parked truck. The car blew up.
[00:04:33] Speaker C: Oh, my goodness.
[00:04:34] Speaker B: And he died in that car wreck. I believe it was a heart attack that he actually died of. Is that what they said?
[00:04:39] Speaker C: I don't really know for sure. I kind of stayed out all that. It's not my deal back then. I was too young, but.
[00:04:44] Speaker B: And he was born in his 50s.
[00:04:46] Speaker C: Yeah, late 50s.
[00:04:47] Speaker B: You know, so to me, it's just such this impressionable guy on me. He owned several businesses. He owned a bowling alley. He had a motorcycle shop. He had this place called the Cannonball Recreation center, which had go karts, odysseys and three wheelers.
[00:04:58] Speaker A: Where is this going?
[00:05:00] Speaker B: Well, it's going down to kind of give a base of the start of what Phil's going to talk about. That kind of fills in a big void.
[00:05:08] Speaker C: All right. What Brad didn't get to is, you know, you said Jim started the screen printing business. Grew it into the biggest screen printing business in the U.S. well, anyhow, he started.
[00:05:19] Speaker B: Wait, wait, wait, wait.
[00:05:19] Speaker A: You can't gloss over, like, who did he partner with?
[00:05:23] Speaker C: He did. He didn't have.
[00:05:24] Speaker A: Okay, not like, who was he making screen printing for?
[00:05:27] Speaker C: That's this next sentence.
[00:05:28] Speaker A: Okay, sorry.
[00:05:29] Speaker C: Stop me at. So he started out, he was a motorcycle guy just like me.
[00:05:34] Speaker B: Okay.
[00:05:34] Speaker C: And we raced motocross, you know, all over Indiana. And he rode enduros, and he would take a trailer with him, and in between races, he printed shirts at the racetrack. Really?
[00:05:46] Speaker B: Like the press on.
[00:05:47] Speaker A: Yeah.
[00:05:47] Speaker B: Pressure came on the shirt.
[00:05:49] Speaker C: And so then he grew it into where he had a little shop in Wabash where they, you know, had a wheel that spun around, screen printed by hand, all these shirts and grew it to that and would take them to the races and sell them. So that's where it started. And he knew me from racing. And then, like he said, he built this rec center in Wabash. So it's had a putt putt golf course and go karts and three wheelers and things for Odyssey.
[00:06:15] Speaker B: The Odyssey.
[00:06:15] Speaker C: Odysseys.
[00:06:16] Speaker B: Yeah.
[00:06:16] Speaker C: And he, you know, he put the money back into the town also. But he had tons of money. He could do that.
[00:06:22] Speaker B: He also gave me my first job. I worked there as like an eighth grader. And I got paid in tokens and free Odyssey rides.
[00:06:29] Speaker C: Yeah. And so me, I, you know, I was a motorcycle racer all the way through. And he. He liked that, like, my integrity and my, you know, work ethic. Well, he hired me to work there in high school. I worked on the dune buggies and go karts and kept them running. But anyhow, so he grew. He had two boys and he bought a motorcycle shop in town. The local motorcycle shop is a Honda shop, right? Yeah, Honda, Kawasaki. And I had worked there some, too.
So he ended up with it to give one of his sons. So they had a job and lived through that. And then the bad news came, you know, maybe five years later, he had this Terrific car wreck. And. And he was done. Well, to my craziness.
[00:07:20] Speaker A: Your surprise.
[00:07:21] Speaker C: Yeah. They came to me after the funeral and said, well, he put in his will that you're the first one that can buy the motorcycle shop. They know the boys aren't going to keep it.
It's going to go on. We're going to sell it, but you can take it first. So here's how we start into real estate.
[00:07:37] Speaker A: At that point, were you, like, scared, like, what the hell am I going to do with this? Or were you excited, like, holy shit, I own a motorcycle shop?
[00:07:46] Speaker C: No, I think, yeah, you know, I had the work ethic and everyone, you know, I was a great motorcycle racer for Indiana then we called him Factory.
[00:07:54] Speaker B: Phil back in the day.
[00:07:55] Speaker C: That's cool. And so I had confidence. I thought, well, if anybody can run the shop, I can. I just don't. Didn't have any way to buy a motorcycle shop myself, you know, 20, 21 years old. 20 years old. 21.
The accountant for Jim Moore put a. Put a business plan together. We put a financial statement together and went to the bank. So, hey, the banker, a real nice banker, looked at my financial statement, flipped it over and threw it down on the desk. And he said, well, you don't have any money.
[00:08:31] Speaker B: Us bankers are assholes sometimes.
[00:08:33] Speaker A: For real?
[00:08:33] Speaker C: Yeah. So I smiled and said, well, what do I got to do? He said, well, you got to have money to borrow money. You know, I wasn't smart enough to know that. So it bounced me out of that business plan.
And so life goes on. I keep working hard. I was working for an. An H Vac guy at the time, out of high school, didn't go to college, but, you know, I made good money for a young kid then, you know, I had a new truck and making money because I'd work 70 hours a week, make tons of money for the guy.
So the bank aired then and said, hey, come down here. I want to talk to you. Same banker that threw me out.
[00:09:14] Speaker B: So since none of those banks are here anymore, was that Francis Slocum?
[00:09:17] Speaker C: Yes, Francis. Which is First Merchants today? Yeah, First Merchants bought them out. Same way. Small Town Bank.
So I go there and he says, hey. He said, I'm repoing this duplex house and would you like it? He said, if you want, you can just take over the payments. Sky will get out of it. We won't do any foreclosure. You can take over payments starting next month. And you can start with a house.
[00:09:43] Speaker A: It seems like that's 100% random this way.
[00:09:47] Speaker B: It's like old school.
[00:09:48] Speaker A: Like, why would he come to you? Were you doing. Yeah, just weird to me. Like, hey, buddy, we got a house that's been repossessed. You want to take it over?
[00:09:56] Speaker C: Well, you got to remember, that's how old school was. I mean, the first motorcycle loan I got from the bank, I went in and the guy told him I wanted a motorcycle. He goes, you sure you'll pay me back? And I said, well, yeah.
[00:10:10] Speaker B: So I mean, when we talk mortgage wise, right, this, the deregulation of the savings and loan, okay, you know, savings and loan was, I could lend this loan out and as long as I had enough, you know, deposits over here and people buying CDs, then I could lend that loan. And it wasn't securitized. To Fannie Freddie, it was okay. It was an in house mortgage. So. And most banks wrote mortgages that way. So, you know, that banker now goes.
[00:10:35] Speaker C: I don't want this house.
[00:10:37] Speaker B: Like, I don't want, I don't want to have to foreclose, clean it up, go through the legal process and then sell it. And I'm just going to lose money. And I know this guy's a go getter over here and if he can make this note solvent and start paying this loan, man, I'm good with okay. Because they weren't going to make money selling the house. Yeah. Say Fannie and Freddie lose millions of dollars selling foreclosed homes. And, you know, that's why mortgage insurance is here. You didn't put down 20%. You know, back then that person probably had 20% in. And now I can just let him take over the payments and my note is still clean in my bank and I don't have to file that. I got a loss here.
[00:11:15] Speaker C: Yeah, okay. Or back then just the stockholders of the bank and the president, he said.
[00:11:20] Speaker B: Well, you know, that's what I mean.
[00:11:21] Speaker C: I'm not even going to take it back into the bank. I'm just going to give you go to Phil's name instead of the guy that has it. And Phil will start with the payments. The last guy hadn't paid for three months. So the bank's getting out of it and.
[00:11:34] Speaker B: Three months, he said three months. Today you quit paying your payment. You're going to be in there for probably a year to two years before the bank gets you. So. So that's the difference in the way banking was back then. Yeah.
[00:11:47] Speaker A: All right, so you take over this foreclosed house and what do you do with it?
[00:11:51] Speaker C: Yeah. Well, it was a duplex. And of course, it needed some tender loving care.
[00:11:56] Speaker B: Is that all it needed?
[00:11:57] Speaker C: But I was willing to do it. You know, I didn't think it was hard. Know, it fixed it up, build a stairway on the outside. It happened to be a duplex, but believe it or not, this had to be in the. Yeah, in the early 80s. And I paid $11,000 for this house. Okay, a duplex.
[00:12:15] Speaker B: And did you, did you live in it? Did you live in. So it was rented.
[00:12:18] Speaker C: You know, I already had my house. I lived in, that I bought. But this was a rent rental house, so it was my first start in a rental house.
[00:12:26] Speaker B: What would you give to buy a duplex for 11.
[00:12:29] Speaker A: Oh, my gosh, I give $11,000 strai. Great cash. Let's go.
[00:12:33] Speaker C: That's right.
[00:12:33] Speaker A: I can go a little above that.
[00:12:34] Speaker C: But that's what's changed now, you know, everyone now wants to buy their dream home right out of high school or right out of their first job. Already have their dream car, their dream home, and it's perfect. Not a thing wrong with it. The landscaping's all done. No one wants to put sweat equity into a house anymore.
[00:12:53] Speaker A: No, they want to live in the house that their parents lived in when they moved out.
[00:12:57] Speaker C: Yeah.
[00:12:57] Speaker A: Damn. Your parents are 40 and 50 years old, and they work their ass to get to where they are.
[00:13:01] Speaker B: Delayed gratification and.
[00:13:02] Speaker A: Oh, God, thank you, Amazon.
[00:13:04] Speaker B: No, I, I, I probably have something coming in. Probably. But, you know, so that, that was a different time for sure. So at what point did you join the fire department?
[00:13:13] Speaker C: Okay. Yeah. I was 23 when I bought this rental house. Bought another one the next year, same way. A fixer upper duplex that needed a lot of work and then another one the next year. So when I was 29 years old, I was still doing H Vac stuff, and the fireman came to me. And that's a small town for you. Like you're saying the banker came to you. Well, the fireman came to me and said, hey, why don't you become a fireman? You're a hard worker. You know, you're smart. You can do anything. You ought to become a fireman. And so I look at it, I thought, well, I don't have a retirement with the H vac. I can be a fireman, work 24 on, 48 off, and then be an H vac guy also. So, boom, I jumped in there, became a fireman, had retirement in 30 years. So that's what I did. I worked there 30 years, retired when I was 59 years old or yeah, 60 when I retired, did 30 years. So I have a pension and you know, it worked out for my small town and not having a college education or any way to make decent money.
[00:14:19] Speaker A: Brilliant.
[00:14:20] Speaker B: I mean, don't you wish you still work that way? I mean, I don't have a college education, but I don't have a pension.
[00:14:25] Speaker A: My brother in law is a firefighter in Illinois.
[00:14:27] Speaker B: No kidding.
[00:14:27] Speaker A: And he says, number one, like right now, they can't hire people. They don't get people to come out and try. He says they literally at his fire station in a very nice neighborhood in Illinois, they have not hired anybody new in two or three years.
[00:14:43] Speaker B: You know that the list for Indianapolis is in the thousands.
[00:14:46] Speaker A: Oh my gosh.
[00:14:47] Speaker B: Well, for whatever reason, come to work, he said.
[00:14:49] Speaker A: And he's been a firefighter for years. And he said when he went out to be a firefighter, there were over 100 people that he was competing against to get into it. And he says now we get people who come out be a firefighter, but they don't make the cut.
[00:15:02] Speaker B: Or maybe I need Blake to move to this town in Illinois and then come back to India.
[00:15:06] Speaker A: Not to mention the starting pay is ninety something thousand dollars.
[00:15:12] Speaker C: Yeah. They're finally learning that they've got to bring that up. For years it wasn't right. And they also just this year in Indiana, it used to have to be 21 to become a fireman.
[00:15:22] Speaker B: Did they lower it?
[00:15:23] Speaker C: They changed it to 18.
[00:15:24] Speaker A: Oh my gosh.
[00:15:25] Speaker B: Kidding.
[00:15:25] Speaker C: Because they can't get firemen to come and do it.
[00:15:28] Speaker A: Yeah.
[00:15:28] Speaker C: You know, you get, you've got to do some training. No big deal.
[00:15:31] Speaker A: Sure.
[00:15:31] Speaker C: But most of them now, like even in our little town, Wabash, you have to be a paramedic to be a fireman. Now they'll send you to school. Right. It just adds to it.
[00:15:41] Speaker B: I like that. He said, you know, no big deal, you just have to come on. And he's downplaying what firemen do as several of my friend are firemen. You've met Andy and Dan and I have a lot of friends that are firemen. My dad was a fireman. Phil's one of my best firefighter friends. There's no downplaying to what you do as a fireman. I realized when I was a kid and I'd go to the firehouse, I know the room was full of smoke and they jump up and change the TV and they quit playing cards. And that wasn't what firemen did. And that's not what firemen do. Firemen save people's lives. Firemen are the people who run in when everyone else is running out and.
[00:16:21] Speaker A: They work 365 days a year.
[00:16:22] Speaker B: You can't downplay individually the fact what a fireman signs up for is they're risking their lives for other people. And it's a special breed of people that put other people first. Yeah, I appreciate what you did. I appreciate how you downplay it, but I don't know. I haven't met a fireman that is a hero.
[00:16:42] Speaker C: Well, here's one more little story. You know, I raced motorcycles.
[00:16:45] Speaker A: That's great.
[00:16:46] Speaker C: Thanks.
[00:16:46] Speaker A: I'm gonna tell a story.
[00:16:49] Speaker C: And racing motorcycles, you have the adrenaline of the start and racing and the. And all that. And that's what I said. Someone asked, what made you become a fireman? And I said, you know what's cool about it? When I pull up to a house and there's someone on the roof of a porch needing rescued off of there, I get the same adrenaline. I had racing motors.
[00:17:07] Speaker B: Yeah, I bet.
[00:17:08] Speaker C: I can see I've got to make good decisions in a less than a minute there to get that person off the porch so they don't jump or, you know, or get burned up. You know, that's your. So you got to make two or three good decisions to make the whole outcome. Cut. So you got the same adrenaline as racing motorcycles, only I'm putting out fires or wreck.
[00:17:30] Speaker B: You're saving somebody's life and not just.
[00:17:31] Speaker A: Winning a plastic trophy, but they're nice trophies. Some of them are really big.
[00:17:36] Speaker B: I'll tell you when Blake. Blake had his, what I'm going to call his worst crash on a Just off Sunday racing at Wabash. Blake broke his femur. And it was. Phil can say it was an ugly, ugly crash. And I was so afraid that it was going to be much worse than a broken femur. And I got to Blake first because just basically from where I was standing, and Blake said, dad, take my helmet off. And I said, no, Phil will be here in a minute. And he's like, no, take my helmet off. And I said, no. And he said, I can move my legs. And he moved one. And he goes, I can move one of them. And that's about the time Phil went, you've got a broken femur. Because his leg was this direct.
[00:18:14] Speaker A: Oh.
[00:18:15] Speaker B: And. And Phil looked at my kid and said, you can cry, scream or cuss or whatever you're going to do, but this gonna hurt like hell because we're gonna Put your leg straight so we can put you on a gurney.
[00:18:26] Speaker C: Oh, my.
[00:18:28] Speaker B: And I cried.
[00:18:30] Speaker C: I'm about ready to cry.
[00:18:31] Speaker A: That sounds awful.
[00:18:32] Speaker C: Yeah. When his legs, you know, aim in the wrong direction. But you have to straighten it, get it in place so it's not cutting off any circulation. Yeah. And it's going to be in a little extended trip from Wabash. We're, you know, an hour from any trauma center. So he's going to get a little ambulance ride.
[00:18:48] Speaker B: Yeah, he couldn't have got through the door.
[00:18:50] Speaker A: God bless you, Blake. Turn you a little bit.
[00:18:53] Speaker B: Okay, so if I'm going to do the math, you're starting as a fireman, you still worked in the HHAC business, and you've got three rental properties and a primary residence, is that right?
[00:19:05] Speaker C: Yeah, maybe four or five by then.
[00:19:07] Speaker B: Okay.
[00:19:08] Speaker C: And they were all ones used, Old ones that I bought.
[00:19:11] Speaker A: All in your early 30s?
[00:19:13] Speaker C: Yes.
[00:19:14] Speaker B: So how many rental properties did you build that up to?
[00:19:17] Speaker C: All right, so then what's good about the firehouse, too? We had firemen there that were contractors, electric plumbers. Awesome.
[00:19:25] Speaker B: And so my favorite guy was a tree trimmer named Lefty.
[00:19:30] Speaker C: Remember Lefty? Yeah. So he was the best card player there.
[00:19:34] Speaker B: He on that one.
[00:19:35] Speaker A: Okay.
[00:19:36] Speaker C: So I then I thought, got the great idea, I'll buy some land and build a brand new duplex.
And so the fireman and I did that. We'd frame it up, and then I'd finish all the H vac and then finish it up, and boom, I had brand new rental houses.
[00:19:55] Speaker B: Wow.
[00:19:55] Speaker C: And it started out I was going to build one for each of my kids. My kids started being born then, and I built one for one kid, said, that'll pay their college and then build another one the next year and that'll pay the other kids college. Unfortunately, it wasn't enough. You know, college costs a lot of money. Not nowadays for some people, but in my day, we had to pay for college.
[00:20:16] Speaker B: College was expensive.
[00:20:17] Speaker C: So. So then I built some. Well, then there was this little neighborhood had seven duplexes in it, and I bought that whole neighborhood. Oh, my gosh. And they were, oh, 15 years old at the time. The duplexes were. So I ended up in the end with 30, 32 houses, and most of them were duplexes. And my wife, you know, would do all the paperwork and rent them some. And then I did the maintenance and, you know, kept them going.
[00:20:45] Speaker B: So. So here.
[00:20:46] Speaker C: Here's the.
[00:20:46] Speaker B: Here's the moral to the story to me. And we're. We're Only, we're only on chapter one of probably a 40 chapter movie here. The moral to this chapter is work your ass off and take every single opportunity that gets in front of you. And building a future with real estate.
You're not going to buy a Lamborghini because you bought a rental property.
[00:21:11] Speaker A: Nope.
[00:21:11] Speaker B: But you're going to buy a Lamborghini because you held on to 30 rental property.
[00:21:15] Speaker C: Yep. Right.
[00:21:16] Speaker B: I mean it's, it's about building your future through real estate. And that's someplace I missed the boat on because I didn't do real estate. You're a realtor.
How many?
[00:21:24] Speaker C: I only.
[00:21:25] Speaker B: How many?
[00:21:25] Speaker A: Just my house.
[00:21:26] Speaker B: It's all like now. What do you feel like? I feel like I need to do something. So next year, if you're young, you know, 50 or younger. Yeah, it's young to me. Yeah.
[00:21:35] Speaker C: Yeah.
[00:21:35] Speaker B: And you've never bought a rental property before. This is what can happen when you buy rental properties. It can create a fantastic financial future for you. So you need to get on the horn with Ryan and say, damn, how do I get a rental property?
[00:21:49] Speaker A: Yeah, right. And then we find them for you. With you.
[00:21:53] Speaker C: Yeah. I think everyone should own rental property, at least one or two, because you can manage that yourself. You get bigger, it turns into a job. But my theory, like he's saying you can't make enough money working every week and getting a paycheck. You've got to do something where you're making money while you're sleeping. The rental property is you're sleeping, that renter is paying for that house for you. Or invest in something else. But invest in something that's going to grow in value and become something. And real estate's the only thing you can buy that in theory doesn't take a lot of money down. Right back to the old half cycle story. You know, when I didn't get the motorcycle shop, the two boys that ran it came to me and said, hey Phil, we're sorry the motorcycle didn't work out. You know what we're doing? We're in stock market. You can make a lot of money in the stock market.
[00:22:47] Speaker B: And this was the 80s. This was the, this was the decade of greed.
[00:22:51] Speaker A: Yes.
[00:22:52] Speaker C: So I'm in Wall Street, I went home and I'm thinking about the stock market. And I thought, well, if I do really good next year and double my money in the stock market, rich, which back then never really happened, but if I could, my $400 that I had in savings, I could turn into $800.
[00:23:09] Speaker B: Woo.
[00:23:10] Speaker C: Well, see, that wasn't going to work.
[00:23:12] Speaker B: $800 wasn't going to pay anything.
[00:23:14] Speaker C: Yeah, it wasn't. And that wasn't going to make me rich.
[00:23:16] Speaker B: And that's back when things were affordable.
[00:23:18] Speaker C: Yeah. And so I thought this rental plate thing's the only way to go, because I can buy a house, put some sweat equity in it, all of a sudden it's worth ten grand more in.
[00:23:28] Speaker B: Two years and more, year over year over year.
[00:23:30] Speaker C: Yeah. And someone's paying the mortgage for me and paying the nets. I'm paying for all these things because I bought them. Right. That, you know, it's paying for itself.
[00:23:40] Speaker B: And you were able to depreciate it right off all of your maintenance. Probably not show a whole lot of income from those, then lower your actual taxable income, which lowered your tax burden and you were growing wealth and lowering your taxes, which is exactly what we talked about all of these times about. You know, there's tax advantages that are there for business people. There's 4,900 pages in the tax code.
[00:24:04] Speaker C: A lot of them I did not.
[00:24:05] Speaker B: 35 of them are about the taxes you have to pay.
[00:24:07] Speaker C: He says it's going to get smaller, though.
[00:24:09] Speaker B: It's going to get a lot smaller. Eli is going to cut 2 million. $2 trillion.
It's going to be a fabulous thing, everybody. It'll be amazing. It's going to be so great. You're not even going to know how great it is. It's like the greatest greatness you've ever seen in your life. That's amazing. I'm telling you, four more years of this.
Hopefully it's eight.
[00:24:28] Speaker A: I bet he tries.
[00:24:29] Speaker C: Yeah. Back to making money. The other benefit, like he says, you pay less income tax. And that's the downfall to a regular job. You. You make an extra, work your butt off, work extra hours, make an extra 20 grand a year. You're paying taxes on all that. You know, you get a house and get it paid for, and that money's coming in, then you pay for the next house.
[00:24:52] Speaker B: Right.
[00:24:53] Speaker C: Take that money and pay for the next house quicker and then the next one and the next one. Pretty soon I had 25 houses paid for, man.
[00:25:00] Speaker B: Yeah, look at that. Okay, so I. I don't want you to tell us. I'm not asking you any numbers. I don't want you to share any of that because that's nobody's freaking business. How many rental properties do you have today? 13.
[00:25:10] Speaker C: I'm down to 13.
[00:25:11] Speaker B: Oh, I thought you sold them all.
[00:25:13] Speaker C: No, I've been selling. Yeah, I did that.
[00:25:16] Speaker B: Do you see that little giggle?
[00:25:18] Speaker C: I sold those seven duplexes in a neighborhood was my start.
[00:25:22] Speaker B: Okay, I remember that.
[00:25:23] Speaker C: But when I retired from the fire department five years ago at 60, I'm 65 now, I started selling some and bought a house in Florida.
[00:25:32] Speaker B: See that? Bought a house in Florida.
[00:25:34] Speaker C: That money, you know, the. The houses are paid off. I had to reinvest it with a 101031 exchange and bought that house down there and had no tax liability with some of that money. You know, that save me taxes there. So that's what, like I said, investment property or anything, once you're making money, the. The guys with money have ways to.
[00:25:54] Speaker B: The code is written for you. Yeah, the code is written for you.
[00:25:57] Speaker C: To help you keep that money, and that's what you want to do. My old guy, H Vac boss said, it's not how much you make, it's how much you keep.
[00:26:05] Speaker B: That's so true.
[00:26:06] Speaker C: So back. Even they're not telling. I believer in spend less than you make. If you spend less than your make, you're going to have money left over to invest somewhere, whether it's a rental house, stock market, or something else.
[00:26:19] Speaker B: Let me ask you, did you have a written budget?
[00:26:23] Speaker C: Never. My whole life, nothing.
[00:26:24] Speaker B: But you had. So you had a budget in your mind of what you would do.
[00:26:28] Speaker C: A mental budget. And even today, I know about what's in my checking account. Every time my wife says, yeah, you know, there's 18,000 in there. Now we're all right to pay that bill.
[00:26:43] Speaker B: Sure.
[00:26:43] Speaker C: You know, you just get a fee.
[00:26:45] Speaker A: My wife has no idea what's in our bank account because I take care of the checkbook.
[00:26:48] Speaker B: You know what's funny? I have no idea what's up. That's just the difference on my side is I run the business. I do everything I can to bring money in the door. And I would say, my wife's the CEO and the COO of our family and she's retired from raising our awesome children, and she's the one that takes care of all that now. We talk about it.
[00:27:06] Speaker C: Yeah, of course.
[00:27:06] Speaker B: Usually it's when I say, hey, I ordered this.
[00:27:11] Speaker C: Is that okay? Are we good?
[00:27:12] Speaker B: No, we have a lot of communication because that's. That's important. We, and we too never have had a solid written budget like we should have. We'd have so much more money today if we would have done that. We've always been. I've got busted. We did.
[00:27:28] Speaker A: When we went through the whole Dave Ramsey System. We had the written budget on a monthly basis, and then once we figured out what the hell we were doing, it just became kind of rote, I suppose.
[00:27:39] Speaker B: Sure, they have a system.
[00:27:40] Speaker A: Yeah. And, you know, once we got the house paid off and out of debt, it's just not a big deal anymore.
[00:27:46] Speaker B: Yeah, we always had them. When we did the budget, we were like, well, we can't do that. We're not gonna be able to eat. That's what our budget showed us. But it was always just, work harder, make more. That's where.
[00:27:57] Speaker C: Well, see, you had the work ethic, and that's what you need nowadays. You want to spend less than you make. Right. So as long as you're doing that, you don't have to have a budget, because you'll look at the bank account at the end of next month and you'll go, huh, it went up $700 money, you know, and then the next month. Oh, when a 400, you know, and you're not worried, you know, when you're doing that, but that's what you do. And then you'll take that money and invest it somewhere instead of buying a new fancy car that costs money. You know, live with that used car for a little longer, You've got a nest egg to invest in something. Then pretty soon, like, he's saying the Dave Ramsey thing, you know, live different than everyone. Yeah.
[00:28:39] Speaker A: Live like no one else. So you can live like no one.
[00:28:41] Speaker C: No one else when it's here. So, so true, though, real estate. It is true.
[00:28:45] Speaker B: I mean, that's. I mean, I, I. I drove crappy cars because I didn't get financing, but I drive nice cars without financing. Right. It's about putting yourself in this position to go, okay, now, I mean, I'm old, too. I've done this for a while. You figure out how to not have.
[00:29:00] Speaker A: You're not old, Brad.
[00:29:02] Speaker B: Tell my stairs that. Old dirt, my knees that.
[00:29:05] Speaker A: Hey, let's take a break and do some shots here.
[00:29:08] Speaker C: Holy crap.
[00:29:08] Speaker B: It's.
[00:29:09] Speaker A: It's. It is time.
[00:29:10] Speaker B: I already know what shots we're doing. He brought them.
We have to. We have to do the fireball.
[00:29:16] Speaker C: Oh, we're doing fire. Let's go.
[00:29:18] Speaker B: We're bringing it back.
[00:29:19] Speaker C: We've got.
[00:29:19] Speaker B: We've got one of my favorite beverages to drink.
Fireball.
All right.
[00:29:25] Speaker A: This just reminds me of, like, being in a golf outing, because this is nothing.
[00:29:28] Speaker B: We're gonna call that yesterday.
[00:29:30] Speaker A: I have not played in a golf outing in a while.
[00:29:33] Speaker B: A week. Has it been a week?
[00:29:34] Speaker A: No, it's been over a month. Easily.
[00:29:36] Speaker B: Holy.
[00:29:37] Speaker A: I know. I'm going folding this week. No, no, we're doing the indoor activity folding this weekend.
[00:29:43] Speaker B: Forget he did big pores.
[00:29:44] Speaker A: He did.
[00:29:45] Speaker B: Look at this glass.
[00:29:46] Speaker C: He did a.
[00:29:47] Speaker A: Why is. Maybe he's got a longer drive.
[00:29:49] Speaker B: I don't know.
[00:29:50] Speaker A: All right, well, cheers.
[00:29:51] Speaker B: Cheers to the fireball.
[00:29:52] Speaker C: For the fireball and life.
[00:29:54] Speaker B: Thank you, brother.
[00:29:55] Speaker A: Cheers to you.
[00:30:03] Speaker C: Little. I like that.
[00:30:05] Speaker A: Gotta say, I like that better than tequila.
[00:30:07] Speaker B: I'm sorry there's no saccharine, artificial flavoring feeling.
[00:30:11] Speaker C: There is.
[00:30:11] Speaker A: No.
[00:30:13] Speaker B: You just don't have a refined tequila palette. And that's okay. It's not for everybody.
[00:30:17] Speaker A: Yep.
[00:30:17] Speaker B: Gave for most people. It is the number two spirit in America today.
[00:30:22] Speaker A: Number one being vodka. Really?
[00:30:25] Speaker C: Yeah.
[00:30:25] Speaker B: Because vodka doesn't taste like anything and you put it in everything.
[00:30:27] Speaker A: Yeah, that's true.
[00:30:28] Speaker B: But we yellow shots, baby, exceeded brown spirits a couple years ago, so. Yeah. Okay. How about that?
All right.
[00:30:35] Speaker A: So Phil started to talk about his kids. We paused him so he can share with the rest of you. You were going to say about your kids.
[00:30:43] Speaker C: All right, so they both went to Ball State, made it through college.
[00:30:47] Speaker B: Wasted you.
[00:30:48] Speaker C: Their mom and their grandma.
[00:30:50] Speaker B: We caught it back in the day.
[00:30:51] Speaker C: Mom and grandma both went there. So all the way through, they really didn't have a choice.
[00:30:55] Speaker B: Right.
[00:30:55] Speaker C: You know, there was no all through high school. What college? Going to Ball State. Went to Ball State.
[00:31:02] Speaker B: The shirts, though.
The ball you.
[00:31:05] Speaker A: Ball you.
[00:31:06] Speaker B: Ball you. Yeah. The best. It was a number one party college. When I was in high school, Playboy magazine called number one college in the country.
[00:31:13] Speaker C: Both my kids were partiers.
[00:31:14] Speaker B: Yes, they were.
[00:31:15] Speaker C: Keep it going.
[00:31:16] Speaker A: That's right.
[00:31:16] Speaker C: But both, both of them did good. My daughter got straight A's. She graduated with a master's in international business.
[00:31:27] Speaker A: Very nice.
[00:31:28] Speaker C: And technology.
So right out of college, boom. Eli Lilly, you know, the college professors pushed her to get a job and Eli Lilly came and scooped her up. So she started right out of college. I had Eli Lilly, which hardly ever happens. Right.
[00:31:44] Speaker B: When my microbiologist PhD daughter was trying to get a job at Lilly. It was a hiring freeze.
[00:31:51] Speaker C: Hmm.
[00:31:52] Speaker A: Interesting.
[00:31:53] Speaker C: Well, they don't like.
They want you to prove yourself first, you know. But my daughter did. She worked in the technology center when she was going to graduate. The professor hangs and moving, giving her bonuses and promotions every year.
[00:32:09] Speaker B: In stock options, we hope.
[00:32:10] Speaker C: Yeah, they get stocked every year. I mean, they come to her, they give her a $10,000 bonus and a. About a 9 or $10,000 stock every year just for incentive for doing her job.
[00:32:20] Speaker A: Now, I think you said your son's 29?
[00:32:22] Speaker C: Yeah. He's your daughter? 31. Okay. Just turned 31. So my son right out of college. Two weeks later, out of college, he goes to California. And he.
[00:32:34] Speaker B: And he was a good motocross racer as well.
[00:32:36] Speaker C: He grew up racing, raced all over the country until he went to college. He came to me, he said, dad, I don't think I'm going to make it. I mean, I'm not going to be.
[00:32:45] Speaker A: So what did he study in college?
[00:32:47] Speaker C: Real estate. Yeah. Okay. So I don't know if it had anything to do with me, but anyhow, I think he thought it was easy, you know, so he would think that all the time.
[00:32:54] Speaker B: All right.
[00:32:55] Speaker A: He probably heard a lot of real estate talk growing up, so not a shock.
[00:32:59] Speaker C: And he knew there was a way to make money in real estate.
[00:33:02] Speaker A: Yeah, absolutely.
[00:33:03] Speaker C: He goes to California because he thought that there's a lot of opportunity there. So he goes to California.
[00:33:09] Speaker A: That's where the expensive houses are.
[00:33:10] Speaker B: Yeah, but. Okay, so I'm going to cut in a minute. So you've. You've gone to LA a lot and you've been in California a lot. I've been in LA a lot. And one of the things I feel like when I'm there, there's more opportunity there than anywhere. Do you have that feeling?
[00:33:24] Speaker C: Yeah, he has that feeling, too. He says that. He said there are lots of opportunity. There's lots of people, a lot going on, but.
[00:33:30] Speaker B: And they're willing to invest. Like, if you think there's several millionaires and billionaires here, but we're a very conservative state.
[00:33:38] Speaker A: Yeah.
[00:33:38] Speaker B: And if you have this, you know, really multimillion dollar idea and you need an investor and you're going to try to pitch that in Indiana, you're going to have a hard time because it's so conservative. And, you know, the amount of billionaires that live in Carmel, that's just a neighborhood in LA, and that's several friends. You remember Malcolm. Malcolm McCassey did the video, the show with Blake. He said, man, I can pitch an idea and have 10, you know, multi, multi millionaires that are interested in our, you know, what we're doing. And then here it's much harder. So I feel that opportunity every time I go there.
[00:34:14] Speaker C: Yeah. So they do there, they have investable income or money they made, they don't even need, you know. Yeah. It's like they're willing to invest it in something else and grow it again. And that's how it Is, you know, I'm a believer in this, too. The first million dollars is the hardest to make. Absolutely. I've heard that the second third is easier. And. And it's on my back, too. We haven't got to that yet. But, you know, it just kept growing. It got easier. The first one was hard. I'm thinking, will I ever be a millionaire? Pretty soon I was a two millionaire, you know, and then three, you know, it goes quicker than you think. But anyhow.
Money. But anyhow. So my boy goes to California, manages an apartment complex, and then decides to move to the next level and goes to work for a property manager that manages lots of properties. And this guy was going to be his mentor and teach him how to be like he is and helping invest in things.
[00:35:12] Speaker B: Well, Covid, that's been a theme as well. Have you noticed having a mentor?
[00:35:16] Speaker A: Yes, definitely.
[00:35:17] Speaker C: Yeah.
[00:35:17] Speaker B: I mean, how many people don't. I'm not kissing anybody's ad. Right. And we talked about it with Chris.
[00:35:22] Speaker A: We definitely did.
[00:35:23] Speaker B: It's about finding somebody that is where you want to be and learning how they got to where they are and.
[00:35:28] Speaker C: Right.
[00:35:28] Speaker A: Using your two ears when you're one.
[00:35:31] Speaker B: Mouth, which I really struggle with on this show, don't I?
[00:35:34] Speaker C: Well, he picked a guy that owned, you know, a property management company, had two different branches, one in San Diego and one in Marietta. So he went to work for him. Well, then Covid came. Covid came, and my boy worked his butt off. Went in the office every day. He said no one else came to the office. Everyone else stayed home because they don't have work ethic. He worked there every day, kept the business going for the guy because his other employees stayed home and didn't work. So after it was over, you know, he says, we got to do some property. You got to get me in on some of your projects so I can make money other than just a weekly income.
[00:36:15] Speaker B: Right.
[00:36:15] Speaker C: And he didn't put him in on it. So he called me, he said, I'm quitting my job tomorrow. Oh, my. He says, I'm. I'm not getting anywhere. I gotta get going. I'm 24 years old. I'm 24.
[00:36:27] Speaker A: I'm behind.
[00:36:28] Speaker C: And he did say he wanted a Ferrari, but he was 30.
[00:36:32] Speaker B: Has he got one yet?
[00:36:33] Speaker C: Nobody has some money to get one. That's. That's all that.
[00:36:37] Speaker A: So how is that Countach?
[00:36:39] Speaker B: Countach. That's a Lamborghini.
[00:36:41] Speaker C: That's.
[00:36:41] Speaker B: And they don't make a Countach. Well, they did have an anniversary Countach.
[00:36:45] Speaker C: So he goes in, you know, after Covid, the people all come back offices the same. The guy didn't even give him a bonus. And so he quit. And he said, why are you quitting? He said, you didn't take care of me, you know, you were supposed to. He said, well, I need you. And he said, well, it's too late. I don't need you. He started his own property management company.
So he's grown that now he's 29 years old and has 13 employees and is killing this guy that was his men, you know, that was going to get him somewhere in which there's tons of properties. He said he's got all he wants, you know, but he said, you know, I can sell myself to all these properties that need need me. There's a lot of them out here. So the opportunity is there to grow his company. So he grew this company to 13 or 18 employees out of nothing.
[00:37:35] Speaker A: How many properties does he own?
[00:37:38] Speaker C: He only owns one. Okay, but he managed more than all of our houses. These will be maybe a business complex or a housing addition that has fifty unit, seven hundred thousand dollar homes in it. Yeah, he handles the man taking care of the streets, the gate, all the.
[00:37:58] Speaker B: Common property, the land, all the common stuff.
[00:38:00] Speaker C: And, you know, someone parks their car where it's not supposed to or takes their trash out a day early, he's the one that generates a letter.
[00:38:08] Speaker B: Are you the HOA president of your neighborhood?
[00:38:10] Speaker A: I have nothing to do with it. My wife's in it.
[00:38:12] Speaker C: I'm not. But it's bigger time out there. I mean, once a month, most of them have a meeting in hoa and you know, they have a board. You know, it's a thing. He sets that all up for him and manages everything and same old thing, work ethic, Midwest work ethic. Everyone out there thinks he's great because like he said, with my company, when you call us, we answer the phone.
[00:38:38] Speaker B: You know, that's a theme.
[00:38:39] Speaker C: There's no I'll call you back in a couple days. When your gates broke open, someone ran into it. Yeah, you know, we fixed it the next day.
[00:38:47] Speaker B: No, I don't think it's a Midwest work ethic. I think it's a pen work ethic.
[00:38:52] Speaker A: Well, definitely agreed. Daughter moved out to Vegas. Back in, she's got a Quinlan work late May. One of the things that she noticed moving out west was Alex would say, you know, people just aren't very personable out here. You know, they.
[00:39:10] Speaker B: They're.
[00:39:10] Speaker A: They're kind of rude, they're they're disinterested, whatever. She goes, it's just really weird. And I said, who's Your hospitality is a real thing. And, you know, people from outside of the state, when they come and visit, talk about how friendly the people here are. And that's a real thing. And in the business world, as your son has learned certainly is. You know, you treat people with respect and kind, show kindness, they're. They're going to respond to that.
[00:39:37] Speaker C: Yeah. And same way California is not as good. It's not New York.
[00:39:41] Speaker B: Well, Brittany did her postdoc at Tufts University in Boston.
[00:39:45] Speaker C: Yeah.
[00:39:46] Speaker B: And like, if you ask somebody directions in Boston, it was like.
[00:39:49] Speaker A: Like, you.
[00:39:50] Speaker B: You stole their wallet. Like, I. Sorry. Yeah.
[00:39:53] Speaker C: They walk in when the earphones first came out with your phone. You know, they walk around with earphones on, not even on the phone, so they don't have to talk to you. Yeah, right. You know, they don't want to talk to you.
[00:40:04] Speaker B: Get in your car.
[00:40:05] Speaker A: Well, you nailed that one.
[00:40:06] Speaker B: That's what the Brit. They say there. Get in a car. What? Where do we go?
[00:40:09] Speaker A: How do we get there from here.
[00:40:12] Speaker C: From here.
[00:40:13] Speaker B: She was so happy to move back to Indianapolis, so.
[00:40:17] Speaker C: So, yeah, my boy came from nothing. You know, I didn't have to help him at all. He bought his first house out there on his own and started. Now he started this management company on his own, no help from me.
[00:40:29] Speaker A: Fantastic.
[00:40:30] Speaker C: And bullshit.
[00:40:31] Speaker B: There was a ton of help from there that helped. Started it.
[00:40:34] Speaker A: Maybe not financial, that.
[00:40:35] Speaker B: That help. Started it all the way up until the day you moved away. You know what I'm saying?
[00:40:39] Speaker A: Which city is he living in out there?
[00:40:42] Speaker C: He lives in Marietta, which is by Temecula, so that's halfway between LA and San Diego.
[00:40:48] Speaker B: Southern.
[00:40:48] Speaker A: Okay.
[00:40:48] Speaker B: Southern la.
[00:40:49] Speaker A: Yeah. Thank you.
[00:40:49] Speaker B: Irvington.
[00:40:50] Speaker A: Yeah.
[00:40:51] Speaker C: Southern County. He likes San Diego, the most expensive area, but, yeah, he's an hour from San Diego still.
[00:40:58] Speaker B: The motocross racers live in Temecula.
[00:40:59] Speaker C: Yeah, they. Oh, all right. And he started in Lake Elsinore, which.
[00:41:03] Speaker B: Is the biggest, greatest motocross track of all time.
[00:41:05] Speaker C: Yeah.
[00:41:05] Speaker B: In the day.
[00:41:06] Speaker C: Well. Right. And was still riding out there. Road. Now, he mostly just rides mountain bikes, but, you know, he was riding with all the top pros out there, practicing with them. And, you know, he got to stay in the sport and then make a.
[00:41:19] Speaker B: Living, a good living still.
[00:41:24] Speaker C: Yes. Yep. Still single.
[00:41:25] Speaker B: And he's smart.
[00:41:27] Speaker C: He's not a fan of California girls, so. Oh, that's the best thing, you know, his company.
[00:41:34] Speaker B: The look or the attitude. Yes.
[00:41:36] Speaker C: He's got people wanting to buy him out. He's 29 years old for over a million dollars. And like you said, I can't stand staying out here. I can't. I don't want a girl that's from here for my kids because they don't. They're not like we are, where they won't grow up like we did.
[00:41:54] Speaker B: So is he coming back?
[00:41:55] Speaker C: He's not. Maybe not to Wabash.
[00:41:57] Speaker B: Yeah.
[00:41:58] Speaker C: No.
[00:41:58] Speaker B: But if he comes to Indianapolis, that we got a real or a mortgage guy for him.
[00:42:01] Speaker A: Yeah, absolutely.
[00:42:02] Speaker C: One thing that ruined him now you know where he lives is desert. And it's hot.
[00:42:07] Speaker B: Yeah.
[00:42:07] Speaker C: He freezes to death in Indiana.
[00:42:09] Speaker B: Well, so do I. Here's what you do. Here's the game.
[00:42:13] Speaker A: Stay inside.
[00:42:14] Speaker B: We're gonna buy him a nice place in Scottsdale.
[00:42:16] Speaker A: Okay.
[00:42:17] Speaker B: There in the wintertime. And then we'll, we'll be here in the summertime with a midwestern girl.
[00:42:21] Speaker C: There we go. Yeah. So you know, he wants an idea.
[00:42:25] Speaker B: He kind of likes for that idea 100%.
[00:42:27] Speaker C: He does a little bit of business in Texas and that, but same way he's awesome.
He's trying to grow his business so he can not work, you know, that's the idea. Or work on other projects. All his time's busy now answering, you know, how do we legally do this? And he tells him, you know, he's got to answer too many questions. He says I need to sell out, so I'm not so busy.
[00:42:53] Speaker B: Okay, so I have a question for you.
So it's Tuesday morning. It's a wonderful day. What is your, in your position that you are today the perfect day to wake up to because Brian and I are still in the grind. Right? I'm. I'm at my desk. I was at my desk this morning at 5 because for some reason I woke up at 4:30 and I want.
[00:43:18] Speaker A: You wake up that early every day.
[00:43:20] Speaker B: No, I'm usually 6:30 but the hour change moved to 5:30, but oh, rain the animal, mess it up. So now it's 4:30.
[00:43:26] Speaker A: Okay.
[00:43:27] Speaker B: I'm at my desk early and then I'm, I'm. I was grinding all day today. So what, what is, what does retirement with income? Yeah.
[00:43:37] Speaker C: What does it look like?
[00:43:37] Speaker B: What's the day? What's a great day?
[00:43:39] Speaker C: Well, what I thought would happen, you know, I retired five years ago from the fire department. I still have an H Vac company that's small. Only have one employee now. I keep him busy, but he does a lot of rental stuff also. But I Like waking up every morning opening my eyes and going, I can shut my eyes and lay here or I can get up and do something. And I thought I would feel more like I'm not getting anything done. Whatever those big words are. That means work ethic. That and lazy.
[00:44:09] Speaker B: Oh, now I'm lazy.
[00:44:10] Speaker C: Lazy. But what also happened, you know, when I sold things and as houses started getting paid for instead of keep paying for them, when I had ten grand left, I would buy a stock and buy, get in the stock market. And so then after I retired, I had more time to put more effort in the stock market. And so that's my game now. I enjoy everything, seeing if it's going to go way up today or just kind of go up today.
[00:44:40] Speaker B: Okay, so I'm going to ask you about an app. Have you signed up for the app? Dub worked at Apple for many years. Was recruited to college by colleges to come to college, even though he had dropped out of high school. Okay, went ahead and went to a college, started another business and dropped out of College. Super smart, 20 something year old kid, created a trading app called Dubai. And that trading app today follows or mirrors trades of people like Nancy Pelosi. Wait a minute, so Nancy Pelosi year to date right now is up 101, 66% on her trade.
[00:45:17] Speaker A: That's pretty.
[00:45:18] Speaker B: You sign up for Dub, you dump your money into it, and you literally say, do what Nancy does. But you can pick all kinds of people. You could pick Elon, maybe not Elon. It's people who are in a position where their trades are public. So all of the Congress, I feel.
[00:45:32] Speaker A: Like the congressmen are the one to follow.
[00:45:34] Speaker B: All the congressmen and senators the one to follow. She was the highest.
[00:45:37] Speaker A: Yeah, I see it.
[00:45:37] Speaker B: Okay, now. Okay, so now I'm going to make a negative political comment.
Harris is only up 6% for the year.
[00:45:44] Speaker A: No. Well, she said her mind elsewhere.
[00:45:46] Speaker B: Not a good.
[00:45:47] Speaker A: All right, I will not follow her.
[00:45:50] Speaker B: That's what. She was up in the polls yesterday. Sorry about that. It was a good joke. But anyway, Dub, so you. I. So I literally just signed up today. It's an 89 a year to join their platform. So they're charging you.
[00:46:02] Speaker A: Okay.
[00:46:02] Speaker B: And then you put in, I don't know what the minimum is. It has. I'm not approved yet. You know, you got to go through all the SEC thing. I send my driver's license now. Okay, let's improve all that stuff. And then, so then my whole thing, I'm thinking, well, I'll dump 10 grand in there and just let it. Do whatever Nancy does, because if she's up 101%, you just made money.
[00:46:23] Speaker C: I don't know if you know or not. She's probably going to be gone.
[00:46:26] Speaker B: She's going to be gone. You're right. Eventually she is. But you got to understand where she comes from and who she is and how wealthy that lady really is. Her. Her husband is the CEO of CB Richard Ellis, which is the largest real estate company, Real estate property manager in the world.
[00:46:40] Speaker C: Wow.
[00:46:41] Speaker B: Those people are very, very wealthy. And. And I mean, nothing against that. I'm good for her.
[00:46:47] Speaker A: Sure.
[00:46:47] Speaker B: Yeah. It's nothing better than getting elected as a congressman making $71,000 a year and to a billionaire.
[00:46:53] Speaker A: There you go.
I. But, you know, you know, here's the thing.
[00:46:57] Speaker B: I understand. I never wanted to see Trump's taxes. He was a businessman. I wanted to see Biden's taxes. How'd he become a billionaire?
[00:47:03] Speaker A: It's no secret that the congress people know about stuff. They have such trading.
[00:47:09] Speaker B: Yeah.
[00:47:09] Speaker A: I mean, amazing. This seems like a brilliant idea.
[00:47:13] Speaker B: Brilliant app. Yeah.
[00:47:14] Speaker A: I love it.
[00:47:14] Speaker B: This kid is so. I. I watched a. A video on, you know, on YouTube. Regular television. Right. I was watching shorts while I watched, but he was just like. I started this company as a freshman in high school, and I sold it and dropped out of high school. And I'm like, dude, good for you. When you look at the. Some of the people that have made it big time in the world, you know, none of them talk about their PhDs. They talk about they dropped out my second year of Harvard, you know, or so. At any rate, it's a really cool app. It's a. I think it could.
[00:47:44] Speaker A: I just downloaded it while we're here.
[00:47:46] Speaker B: So it takes two days.
[00:47:47] Speaker A: That's okay.
I have to talk to the wife about throwing some money into this.
[00:47:52] Speaker B: I love it. Well, Phil, I gotta tell you, you've been not. Not only a great friend to our family and to me and also a mentor. You've been some. You've been a staple for us to look to as a extremely reliable and helpful friend. And you. You know, I've always been estranged with my dad, and I find out how my dad's doing by asking, Phil, hey, how's my dad?
[00:48:15] Speaker A: Okay.
[00:48:16] Speaker B: And I appreciate you more than you know, and I'm so thankful that you did this, because I'm.
I want to keep following in the footsteps that you have, and I'm so proud of what you've been able to do, and I just really appreciate Your friendship and just. I love your whole family and thanks. Thanks for being you.
[00:48:33] Speaker C: Well, it's an American dream, you know, and to come be here and you can grow and come out of nothing and become something. All you got to do is put some effort out, you know, spend less than you make. Buy some real estate and invest in something that's going to make you money while you're sleeping and you'll grow to something. And the biggest thing, you know, luckily I'm on your Facebook, friend. I'm invited to the party for always.
[00:48:57] Speaker B: Dude, you're invited to everything. It doesn't. You don't even have to be invited. You're. You're not everything.
[00:49:01] Speaker A: I just want to interrupt and say if you missed that Phil just said the American dream is being on real estate makes us drink podcast.
[00:49:08] Speaker B: That's right.
[00:49:08] Speaker A: Get successful enough, you make it here.
[00:49:11] Speaker B: You make it right here. And you know, and he kind of said what? Matt Braun, my buddy Matt, who's been on the show.
[00:49:17] Speaker A: Hi Matt. And doesn't watch the show.
[00:49:18] Speaker B: He has like a core of beliefs and it's like I, I believe it's be honest, pay your on time and don't be a dick.
[00:49:27] Speaker A: Sounds like what he said on the show.
[00:49:29] Speaker C: Yeah.
[00:49:29] Speaker B: Isn't that about right?
[00:49:31] Speaker A: Pretty much.
[00:49:31] Speaker B: So.
[00:49:32] Speaker C: But on, you know, I've given a lot of free furnace services and you know, giving a lot of mentoring thing to people. You can pass it on to people and I really believe it all comes back to you.
[00:49:45] Speaker A: Give FNL more.
[00:49:47] Speaker C: I've been so lucky in my life. The things that happen, you know, now I'm making money in the stock market hand and fist and you know, that, that couldn't have happened anywhere else but the U.S. you know, give it.
[00:49:58] Speaker B: Giving back is, you know, a really important part. I mean, you know where I'm at on that.
[00:50:03] Speaker C: Yep.
[00:50:03] Speaker B: Our casino party that's coming up this weekend is for the foundation to bring cisterns to 175 families in a little bitty town. I don't want to try to say the name because it's. Okay. Wrong. But you know, it's, it's all about putting things together to help other people. And that's.
[00:50:24] Speaker C: And that'll come back to you, you know, 1%.
[00:50:26] Speaker B: But you don't do it for that reason. You don't do it for that reason. You do it for the reason of just being able to help others, being a good person.
Yes, sir.
[00:50:35] Speaker A: What should the people here on YouTube, Brad?
[00:50:38] Speaker B: They need to like share and follow. But here's what's really the most important piece. We were supposed to say this three or four times. Yeah. And we failed again on the last show once. If you are looking to buy a house, sell a house, you've got a question about buying your first rental property, maybe even your first apartment complex. You gotta reach out to Brian. You gotta find out, man, where do we start? What do we do? And that. That's really important to figure out. How can I do what Phil did? How can I do what Grant Cardone has done? You know, become this master of real estate and really build this massive successful future through owning real estate? And. And, Brian, can you be great guidance on that and really get you all set up? And if you need a mortgage, call me.
[00:51:23] Speaker A: Or refinancing.
[00:51:24] Speaker B: Yeah, Someday. We're not right.
[00:51:26] Speaker A: Someday when rates come back down.
[00:51:27] Speaker B: All right, we'll come back down, guaranteed.
[00:51:29] Speaker A: Thank you for watching. We appreciate you being here.
[00:51:31] Speaker C: Everybody off.
[00:51:31] Speaker B: I did.
[00:51:32] Speaker A: That's fine.
[00:51:32] Speaker B: That's.
[00:51:33] Speaker C: Cheers.
[00:51:33] Speaker A: Thanks for being here, Phil.
[00:51:35] Speaker B: Phil, for making the trip.
[00:51:36] Speaker A: And we'll see you next time on Real Estate. Makes this drink like share.
[00:51:40] Speaker B: Follow all of it. Here's all of it.
