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H M. So we did, we did.
We did two interviews in Atlanta yesterday in our Atlanta headquarters for the for the week, and the second of the two was somebody that is doing a double hitter for us.
They did a podcast for us yesterday.
She's doing a live podcast for today. So real estate, that's what you guys are here for. You all want to know about real estate. It's like the new everything. Everything, everybody, everything is real estate, which is very very Watson is one of the top realtors and Metro Atlanta area. She is the top five percent producing real TOA. But the thing I like about her is that she's not only a realtor.
She has her own firm. She's an entrepreneur.
She has a firm Keanu Watson and associates, and she's just really, really, really smart, dynamic person. And when we spoke to her yesterday was really an education for me because you know, we cover real estate a lot, but we never got it from a realtist perspective. So she gave us a lot of game and insight and sure she's going to share the same today. So without further ado, Keanu Watson, Keanu, what's up?
Hello everybody? How you doing today? We're good, good, welcome back, glad to be here.
Yeah.
So, yes, well I was wondering why you were late.
Well worth well worth it, I understand, I understand, God, we got it.
It all makes sense.
Well we look at like the African flag right now. Excellent, you look, you look, you look one amazing.
So yeah, so once again, thank you for joining us back to back days. And yeah, you know, we we we really just really really enjoyed that conversation yesterday, so we wanted to extend it. So, first and foremost, you know, being a real to I think you have a unique perspective on real estate because you see it from a different angle as opposed to maybe a mortgage book or
maybe just an investor. It's like you, you're on like every side of the situation, right, absolutely, So, all right, we're going to talk about realty, and we're going to talk about real estate, but the first thing I wanted to talk about is the entrepreneur side. So you were saying, like when you started, because you could have just continue to just be a realta and work for somebody, right, but you started your own company and now you employ
other people. So what made you psychologically want to transition from working to actually being a boss.
The truth of the matter is, I'm only one person. The Metro Atlanta area is huge. So when I first was moving around, if a lot of you guys followed me on social when I used to have a little hoster in my car, I'm going from Marietta to South Atlanta to Cascade, I go back up to Alpharetta back down. Just you know, working with about four or five clients a day. You're doing that from seven am to like ten o'clock at night. You like, wait a minute. You know, I'm making money, but I can't even.
Enjoy the money. I can't even enjoy the.
Time because I'm always moving. So the reason I created Keanu Washston Associates is like, look, I need to make sure that I hire some people, some agents that are qualified, that are intellectual, that know what they're doing, because I got to refer to some of these people out and then on the on the flip end of that, that's a residual income for me, you know.
So that's the that's the main reason for doing so.
You you train them, you get them out there, and now I have a group of women and I'm gonna ad some mails later I'm asking, but I have a group that are able to get out here and service the client's real estate needs and we're building generational wealth.
That's the goal.
Yeah.
One of the things we spoke about yes Sday allot was systems and having those systems.
Put in place.
Was there an event that caused you to say, you know what I have to I can't do this anymore.
This is enough.
I had enough.
Oh, absolutely.
So I used to have on any given day, I would have about six clients I'm talking to, maybe maybe sometimes seven, depending on how much I can squeeze in one and a half hours, each person thirty minutes to get to each location. So one day I'm out and about and I got a client sitting at my office waiting for a consultation. I forgot I'm out showing houses. I'm just running house to house. I literally forgot that I had this person waiting, and they were not pleased, you know.
I apologized, and I lost that client.
And by the time I lost that client, I was like, I got to step back.
I need to create systems.
I'm only one person and I'm doing a disservice by trying to be everything to everybody. So I wrote down my processes and I was like, it's time for Keanu Watson Associates.
And hence the birth the birth.
No, that's just that's extremely important, especially for anybody that's interested in businesses. Having we talked about that as far as McDonald's, right, like your franchise own of McDonald's, nothing is every They have a six hundred page book how you fold the napkins how the ketchup should be placed. They have a system in place. All you gotta do is just follow the system. A lot of times, don't you got to run your small business your life like McDonald's,
Like you got to have a system. You're just winging it. You're just gonna just be flying by that. And that's a perfect example. It's like you're just winging it, and now you're just making a bunch of mistakes left and right.
You make a lot of mistakes.
I think that a lot of times as entrepreneurs, you get into business and all the information is in your head, you know what to do, and you didn't think that in three years, two years, or even a year, if you're blessed and you just you know, you blow up, that you may need to add people on. So I would say, the moment you decide to join become an entrepreneur, write down your systems. If your systems are great, write
them down. If they're not, write them down so you can find the loopholes in your system to make them better. Because but by the time you're training other people, you need to have your you need to have your systems in place or they won't be great.
And then it defeats the purpose of you creating the team.
So Atlanta.
We're in Atlanta right now, and I think I like about Atlanta.
Atlanta like Houston.
It's like when we was out there, everybody that we ran into was like, I have the largest black dump truck company.
You have the largest black sanitation everybody.
Everybody had the largest black largest black fish tank company.
Like everything. It's like, it's like.
The whole vibe is just really really encouraging. So being out we're in Atlanta, we're going to talk about Atlanta specifically.
You're a realta right right. Atlanta is blowing up.
We got the Mercedes Benz Stadium, we got the belt Line, all that.
Georgia Aquarium right here.
What's the hottest people want to invest and they might want to invest in Atlanta.
You are realta.
You know the properties, what's the best areas in Atlanta right now? And what's the up and coming areas to invest in.
Okay, if you're going to invest in Atlanta, you need to invest in Atlanta.
You know, we say we.
Live in Atlanta when you actually live in Gwenette County, when you actually live in the cab County, you actually are not within the city. If you are looking to invest in Atlanta, you want to make a purchase, you need to purchase in town specifically, just because I know these numbers. If you're looking to purchase in town, you going to West Atlanta three h three one eight. That's the upcoming area. They have a huge West West Atlanta
project coming. The appreciation values are around twelve year over year right now.
That's before the project is even finished. Go over there.
The next spot I will say you want to focus on is what it's East East Atlanta is next three or three one six. That particular area has the appreciation value right now. I was looking up the other day. I want to say about eight percent. So you're looking at that's just right now before they continue to finish, before they finish building. So that's close to the city. You're talking fifteen to twenty minutes to downtown. And the next place you want to invest in is the city of Decatur.
Three zero zero three two and three zero zero three zero. Those are the two areas.
They have a twenty one percent twenty one percent growth and tho in those areas. And I say that to say those areas are gentrifying.
Those are not.
Those are areas that are in transition.
We need to make sure we invest in those areas because the next time they say, oh, you know, they gentrified our area, we couldn't afford it. I'm out here, I'm working with people every day. You can't afford to live in these areas. You don't want to so face the facts in ten years from now, if you didn't invest in that area and now you can afford, it is your fault.
All right.
So in these areas, right, what are you said? The inflation rate? Not inflation, I appreciate apreciation rate. I'm sorry, it's increasing. Is that public knowledge?
And too?
Some of it is okay? And then what are some other indicators? Right?
If I'm moving to this area, col what should I be looking at? Because most time, I mean, I'm kind of like knowledgable, but most people just.
Look at yo, it's the school district. Good, all right, I'm going there.
Development.
You got to keep your eyes on the developments and what's going on in the area. You know, when you know what's coming up, that's when you know what's going to bring people, you know, I mean, the cliche thing to say is you know there's a Chick fil A, there's a Starbucks, there's a Chipotle. Something's happening right now. But no all jokes aside. I like to read magazines
and I keep up to date with the developments. If you go to Curved Atlanta, you can go to different neighborhoods and see the upcoming developments that are taking place. You can see where the investors are putting their money by the time. If you follow where the investments are going, if you follow where the development is going, then you can follow the Okay, right now, this place saying hot, But think about the people that were able to buy in like the West End back in two thousand and six.
You could buy a whole house over there for like ten thousand.
Dollars, really ten thousand, twelve thousand dollars. And if those if you had the foresight when I first moved to Atlanta, then they were talking about the beltline. So if you had the foresight to invest in, and you can go back and sell that property now and make a couple.
Hundred thousand dollars.
See, that's about having foresight and keeping your ears to the market, and you can do that locally.
You don't need an age.
I mean, I want you to need an agent, but you could just read up on the areas and of course find somebody to represent your best interests in make a good decision.
Curved Atlanta, Curved Atlanta.
Okay, yep, that's a gym all right.
So as far as a relator, right, you're more than just a relator because you help your client, you educate them, right. And we were talking a little bit yesterday about like different more like ten year fifteen year morar versus thirty year mortgage.
And most people, you know, when you.
Train and nobody, you know, we working class Envier Everents, we're not really trained about financial literacy. So it's like, get a thirty year mortgage, right, that's just you know, it's common sense because it's lower payments obviously in the fifteen year mortgage. But you were saying that might not necessarily be the best idea.
No, it depends on your long term or short term goals. You have to understand every property is an investment. Even if you think the property you're going to be there forever, look at it as an investment because you can use that for several things. So a fifteen year mortgage is different than a thirty year mortgage, and I see some on top of just the years in the mortgage, just the mortgage tites. You know you got faha financing, You have conventional financing.
Raise your hand. If you heard about the first time home buy program, just please do it.
I know you heard about it.
Yeah yeah, yeah, okay.
So the problem I have with people forcing this narrative of first time home buyer programs and our state is no such thing as a first time home buy program. Let me debunk that myth right now. You have to meet certain criteria. There's restrictions on all of this money.
Every single dome has restrictions. And to add to that, typically speaking, if you were to use the program, I don't want to say the name, but if you use one specific program in this state, your interest rate will be five percent, even if you have a seven hundred credit score.
Because they charge you for that.
Then on top of that, there's an upfront funding fee that you don't know about that's added on top of you getting that money. So by the time you think you're saving on that down payment and you didn't want to spend your seventy five hundred dollars, you have paid that and more just to kind of think you saved and don't try to sell the house within the terms. You can't sell it without paying that money back plus interest. So think about that and know understand that you're never
going to get something for nothing. Now, for some people, those programs do work for them, and I'm not here to judge it's better than renting, But walk into everything with your eyes wide open, and stop thinking that because you woke up today and you want to be a first time buyer, there's something out there to help you, because it isn't. They're all going to take advantage of you, whether it be the interest rates, whether it be the
terms of how you got to pay it back. There's one in one county where you can't sell the house for ten years. And the one time that someone actually did sell their house, I know an agent. They sold their house. They had to split the profits with the program. They made six figures and had to give half back because they didn't read the fine print.
But had they used ten their own.
Ten thousand dollars as they down payment, that would have been their profit. So walk So, you know, I really encourage us to really start, especially us we think we think we're going to get something because the first time home buyers we think it's like, oh yeah, they're going to give it to me. It's got a lot of red tape around it. And make sure you understand those terms.
One of the things you spoke about what was yesterday and it just stuck with me because I know you do luxury properties, but you said that's not always the best scenario for people who will come into the realty game, right, because there was a triangle theory.
That you had. You want to talk about that.
So the triangle theory is this, you have a triangle here, so the most the one percenters are at the top.
Those are the ones that are going to be able to buy those luxury properties.
So if I'm marketing myself to only luxury people, I'm only going to close a certain amount of deals.
I want to eat every day. I'm not trying to eat once every once a quarter.
You know.
You know, I'm from North Carolina where kind of kind of.
Me all the morning them full for PtTe into them.
So my goal is to make everybody feel like you're having a luxury experience. Like I'm not turning away anybody if you're ready to sell your house by your house.
Let's work.
You know, I'm working with all price points because I'm not putting myself in the corner. That's why i have Kean and Watson Associates. Let's make sure you get the same level of service no matter what. Because owning your property and building some wealth, buying in investment property as your first property.
I had a girl. She still rents an apartment, but her first purchase was a due plex. I was down with it.
Come on, let's do it.
You know, you have to just make sure you're making a decision and understand that. You know, every everybody starts somewhere with you know, and I'm not just trying to work with this one percent of that.
Like I said, how many other mothers.
It's a one percent, the top one percent, But the everyday person, that's the that's my real bread and butter. That's who really supports me. That everyday person out here is just trying to get it. That's why I'm able to close it. Amount of do's I'm closing per month and I'm happy.
So that's very important as far as business is concerned. Is that a lot of times we focus on the top and it's risky because there's money obviously in focusing and people that have a lot of money, but it's a limited amount of people. So it's like it's like a home run hitting as opposed to just regular base. It like if you swinging at home runs and you can consistently hit home runs, great, But if you're striking.
Out, let's strike out a lot. Take out the game. Let's take out the game. So let me ask you a question.
You had mentioned that the first time home buyer situation, right, and you also talked about multifamily or duplex. So what is your opinion on somebody that's looking to buy their first home or their second home or whatever, but mainly let's focus on first home. Is it a good idea as a relative in your opinion, to buy an investment property first, maybe like a duplex triplex, or is it a good idea just to buy a home where you lived.
It really depends on the person.
And let me tell you that in Atlanta the last time I ran the numbers, because everybody want a house hack.
Now, everybody want to do plex, everybody want a multi family.
When I was running just in the system on the mols in a reasonable price point so reasonable, anything less than three hundred thousand. We had one hundred and twenty seven that included states like places like State Squirrel out well outside of the place you get into the city of Atlanta you start looking at was twenty eight twenty eight duplexes.
So there are opportunities where they need to work.
And if you're a type of person you don't mind, if you don't mind putting a little sweat equity, then.
Let's go for it.
But just know that we don't have those type of multifamily opportunities in areas that some of my people are comfortable staying in. Let me just say that wherever you're comfortable, I'm comfortable. You want to stay there, I want to stay there, you know, but at the end of the day, you have to make sure you're comfortable with that. So I would say, let's start with one. What's your what's your budget, and what is your long term and short term goals? Do you want to drive an hour and
a half to work every day? If not, okay, then we need to adjust and figure out what's the central location for you. Because you can house hack in a regular house with a basement.
You know, you don't necessarily need a multi family. The house hack.
I had one of my my sellers, he's how he house hacked a whole house. Each person was in a different room, they shared the kitchen. It can happen.
So just look at the opportunity and where you want to.
Be because and part of that that that purchase of process is the closing process, and that is tremendously confusing. Who pays for what? Who's supposed to get money? Can you explain that process? Try to clear it up for us, because I noticed so many people that are like, wait, I gotta pay you know, they're supposed to be.
Right, you know.
I got to ask one more question, who in here thinks the seller is supposed to pay for y'all to buy the out?
Just Pressireted to tell.
Me exactly say don't. And now that's what happens a lot. When you're buying house. You have two parts.
When you're buying a house, you have your down payment. That's your skin in the game.
Unless you use one hundred percent financing or a down payment assistance program.
You have your down payment.
Faha, three point five percent if you're looking at conventional as three percent home ready five percent down or anything else. Right on the other side of that, that is your closing costs. That is your responsibility. That is you paying for the attorney's fees. You also pay for the lender to process your fees, your prepaid taxes in your your insurance.
Your homeowners insurance.
So when you look at all those fees, it takes the process your loan and get you to the closing table.
Typically it depends on the house we're looking.
We always try to calculate closing costs at four percent, especially at the top of the year when you got to pay pretty much the whole year's taxes when you move into the property.
So when you're looking at it from that.
Perspective, you're talking about ten to eleven thousand dollars on a typical three hundred thousand dollars house just for closing costs.
So that is your responsibility.
You can negotiate some of that purpose from the seller, but it's not their responsibility. If you're in a multi offer situation, which I'm starting to see all the time now, I'm talk about fourteen offers to one house. If you're the one that needs the seller to pay six thousand, four thousands towards your clothing and cost You're gonna lose that offer, So you just got to be mindful of the location.
Depends on location. Everything is dependable. It's certain areas.
I feel like, I know I can get you about ten fifteen thousand from the seller because it's an area that's not in high demand. But let's just say you want this property and smarty it hit the market fifteen showings, they got ten offers. You're gonna lose that offer because you need the money. So I'd rather be you've been in a position that you have your money saved, or you find out how it's gonna work. And it depends on the location you want to be in. We can
always negotiate some clothing costs for you. But this is technically a responsibility, so you know, start saving.
But you said the colding courses technically could be negotiated to zero it.
Oh we can.
I mean there's been plenty of times to zero minus your prepage. You are responsible for your prepays, which is your taxes and your insurance. You got to pay that, but they will, they can negotiate it to zero.
You know, I have.
I've had situations where I've negotiated for the seller and we have paid zero closing costs.
Buyer brought their all money to the table.
Then I negotiated for the buyer and basically I've had people come to the table get a refund after they've taken the money from your earnes's money. So it just depends on location. Everything is area specific here, So don't think that overall you can't get any money. But certain areas they're just not going for they don't have to. It's one neighborhood, it's morning they do not pay clothes and costs and they don't have to.
It's too much demand. And it's other neighborhoods that are like that too.
But this is the other areas where it's like, I know I can get you some money because you know, we.
Don't have that many offers. I got other ways to finness.
It's one hundred things on the contract to really put you in a good light other than just the money. There's timing, there's contingencies, there's a lot we can do to negotiate on your behalf. But I just want to have you go into the situation with your eyes wide open.
So when somebody has a deadline, or when they're about to close, like that forty five day window.
I know.
My man MG always says do not buy a new car and dots to not do when you're about to close.
If you're a spender and you like to use your credit card, don't stop using your credit card. Don't don't even buy anything excessive like this is your time to wait. Please, don't go to home goods and ze gallery start furnishing the house before you get it. By the time you do that, you're using You're using the cash that you have saved to close, and you never know each of your situations. Like some lenders, I have been in a situation where they want to see money in reserves.
That means you don't necessarily.
Need to use this money to buy the house, but because of something with your credit profile, we want to see that you have two months of reserves of the mortgage amount of your account outside of the money you have saved for your down payment. You start digging into that, you're going to lose the property. You will be denied the loan.
So don't spend.
Keep your credit scores high, don't put anything into your name for someone else, and monitor any collections accounts that could come your way. This happens often you have a bill that you forgot about all of a sudden it comes up, and it's a different it's a different way it comes up.
It comes up. Everything comes up when they're when you're buying a house, and then you can't buy the house because it pops up and your score gets low.
So just don't do anything to mess up your financial profile, get your credit together, get your money together, and don't do anything until you.
Close your the key.
The moment you close at ten am, you could go buy the Ferrari I want.
So, how it's a lot of people here that's probably intersted in real estate investing, in real estate investors themselves, and.
How all right?
So what's your take on real estate investors working with relators, because not you, but some people might feel like the realtor is always going to try to get some money out of them and they're not going to give them the best deals.
As you know, you know a real estate investor. What's your thoughts?
I be honest, if you if you want to invest, let's say your first property, you want to buy twenty dollars thirty thousand, forty thousand, dollars property, but you also need someone to help you find contractors to rehab that property.
You also want someone to give you all that.
That means that you're looking for a project manager and a realtor, two separate things. So when you're working, when I work with investors, I want to figure out what is it that you need for me?
Because if you need me to.
Identify the properties and that's all you need to do is negotiate the contract, I'm okay with that. But oftentimes that's not where the buck stops. And that's where the conflict comes in with realtors and investors because I'm not going to manage your project for.
The fee that I'm getting just for helping you sell the property.
I'm gonna need a feed for that too.
That's different. You know.
Can you talk about jumbo mortgage?
Okay?
So jumbo MORTGAGEES is if you're buying a property above the conforming loan rates. So when you have there are people that are offering jumbo loans. This is you're getting seven hundred thousand dollars house. You want to get a million dollar house, one point two million dollar house, You're going to have to get a jumbo loan. And that being said, now you have the scores at this point, you really need a seven hundred plus score seven twenty
really to be exact, seven twenty score. You're going to get five percent down and you can get a jumbo mortgage, which is basically they're going to basically finance the first mortgage then do a second one as a jumbo time.
So there is there a line that you have that apologizes as a home as luxury.
I know in New York it's ridiculous, it's funny ask that.
So I was just looking up with the luxury marketing part, like the Certified Home Luxury Marketing Institute. So I was looking at what the luxury threshold is for each county Ernest.
What's up?
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So we're county specific. So we're Atlanta. We still ain't New York yet, so y'all you know. But so for Gonett County, five hundred thousand is considered luxury, fullth In County, six hundred thousand is considered luxury, five hundred thousands considered luxury. Into Cab County and Cobb County is five hundred and
seventy five thousand. So our luxury threshold is kind of low compared to other states, but for us, it's still high because if you can think into it, right now, the average price point for the metro Atlanta area is three hundred and twenty five thousand, where two years ago was two hundred and seventy five thousand.
So the prices are going up two years ago, two years ago, like two and a half three years ago.
That's crazy. Yeah, I mean it's on fire right now.
It's on fire right now.
Tyler Perry told y'all to come down here and build.
Your own table, and I'm so happy that you are.
So one last question.
You you talked about the first time home buyers that may not always be the best program So, like, what are some programs that may be benefitial for first like faha two or three K like what in your opinion?
Well, in my opinion, I really hate to say the day in the program, but I guess I'm.
Being forced to.
In my opinion, if you're in Georgia and you want to use the program, I would say use the shnowa faha on one hundred percent financing program because after three years then you it's.
Like a grant. It turns to a grant. You no onet have to pay it.
Then you may want to use the community home by a program because after three years that one turns into a grant. I don't recommend the fullteen county down payment Assistants program because they are the ones that take a percentage of your money. I highly don't recommend the Georgia Dream,
although everybody loves the Georgia' Dream. Georgia Dream has a huge upfront funding fee on average to five percent monthly and then they have a five year plan on your property and which you have to give the money back. And I know everybody thinks they love the Georgia Dream. I'm gonna tell you the real reason I don't like it. When you're negotiating with the seller they want to close in thirty days. The Georgia Dream does not care that
you were supposed to close than thirty days. By the time they get your file and they bring it back, on average, they closed in sixty days.
I've had two.
Clients almost lose their earnest money, and I'm talking about two. I had to use everything I had in order to keep the deal together because the Georgia's ring was delayed that far. So I don't love the Georgia Dream because of that, because of the fees and hidden fees that
are a part of it. So if you have to use a program, use that and then use that opportunity for those three years, raise your scores, make sure you save your money, get your credit right, and then refinance and get out of that as soon as you can get off that five percent interest rate. Refinance into a conventional loan program and then get a lower interest rate. But chanoah facha one dchanoah che na, You're welcome, And keep in mind real quick, that program was actually one
of the programs. You know, if you guys don't remember, last year, Donald Trump, they actually canceled that program for a little while and they had to come back and let this one come back on the market. So these programs are not around forever, but that one did come back.
Noah, A whole lot.
Of game, A whole lot of game, A whole lot of game. Keanu Watson, thank you, thank you. We got to give a picture, all right, So we got we got one more guest, We got one more guest.
I guess they kind of gave it away. Yeah, I guess.
I told I told them, you know, we we we If you listen to Earnie Alesia podcast, you know how big of a fan of rap music and hip hop and Jay.
We quote Jay every time.
So when I when we was FaceTime and the other day with our guess is about to come on? And I told them, like the Marianna with the married eyes, so you know when the code that line. If you're a baseball fan, you know Marianna Rivero was one of the greatest closer, greatest closures ever history, closing close the game the greatest. So we got Jay Morris send ladies and gentlemen, legendary Ley.
Figure, mister.
Mister corner class himself.
Yeah.
So Jay, as you know, if you if you're into the financial literacy world, especially in our community, you've heard of him. He's been around for a very very long period of time. And like I told him, when I met him, he was on social media doing it before most people that I saw as far as like before it was really trendy to talk about financial literacy and stuff like that. So Jay's Jay's has a lot of different things under his belt. He used to be a realtor.
He's he was a real estate investor. He's the CEO of the Historic Tulsa Real Estate.
We got to write this out.
He has, he has J Morrison Academy. He's also UH activists as well. Thank you for all the work that you're doing on that side, sir. And he is a father.
Shut out my wife, Yes that's my wife for one time, and Ernestin Morris.
They can't see the boots, but the boots are fire.
I can't see them, but the boots is fire. It's all good.
So it's an investment. So Jay Man, thank you for coming back second time.
Yeah, Well, thank you all and everyone give a big viott applaals for e y l A t l.
Nah.
Seriously, I mean you know, I love festering and black excellence, like I'll kowhallow and black excellence. I can just like roll it out of the floor right now. And for you all to use your platforms to show this city love.
You know, I'm from a top New Jersey but I've been here for three years now, and for you to bring so many folks out of like minds like spirits and all those about legacy and building wealth and all that, you know, I commend you all and I'm happy.
To be here. Yeah, man, in real life. Appreciate the first time life in real life.
The first time we met was a few months ago, and it was very simple, man, and it goes Kodles to you. We just sent the DM and we were like, yo, everybody our audience wants to hit you. Man. We put out a poll like who do y'all want us to get and they said Jay Morris and Jay Morrison and I was like, Yo, let's just DM him and see what happened.
So so so as I most requested you were I just want to record show in real life.
I was like, I was like, Yo, let's just let's just see if he responds. And he responded and we got we got a classic episode done there. So appreciate you.
Thank you.
So a lot of people know your story and but really you just told us like real estate. You're so passionate about real estate because you said it saved your life. How did real estate save your life?
Yeah?
Real estate was the first.
Legal, can't do it legal vehicle that I saw where I could come out of South Timpton, Springfield and North New Jersey thirty CENTI Street and some someone go New Jersey as a ten year dope boy three time fell in two and a half years in prison, no college.
Education, but who wanted to do something well with his life.
Real Estate was the first thing that saw me you can make those six and seven figures legally and offer so many opportunities just within business. So whether it be through investing, wholesaling, realtor loan officer, mortgages, et cetera. I really engolf myself in the business coming off the street corner. It was the first thing that showed me that I can use my talents, my gifts, my hustle, my swag and all that in a different space and still be successful.
Yeah.
I really like your story a lot because it's like a lot of times people I always say, like, use your talent for the wrong things. Yeah, a lot of times in our comedy. Unfortunately, it's like people, it's very talented, right, and it's like, but you might use that talent to be a criminal, and we know where that's headed. But you use that your talent to be a criminal, but you reversed course and now you're using that talent to
be an entrepreneur, businessman, thing of that nature. So I always like to just encourage, especially young people, because it's like a lot of times people feel.
Like it's too late.
Yeah, and like you said, you have two feelings on your record, but that didn't stop you from becoming who you are now.
Yeah, I think it's all about and I'll listen to your podcasts and all the amazing entrepreneurs who are spending so much game on this couch and just not even for your podcast excuse me, through the EW experience. It's not a podcast, the Worse Experience. But in listening to that, I always think about and even in my own lectures,
I'm just a get it done kind of guy. And so I think about us all defining what our desired destination is, like where the hell we want to be in life, and in us finding that route, those directions to that desired destination.
So it for me, it doesn't matter when we start, what age we start.
What kind of educational background we have when we start, how much finance it's a credit we have when we start. It's all about where you end up at the end of the day and what are you willing to sacrifice and endure to get to your desired destination. So for me, coming out of feeling like the odds were against me getting coming into the real estate industry at twenty five years old, not knowing even how to send the email.
At twenty five, I got no even clue I send an email that was not a skill that on the corner. But coming getting to this industry and over.
The last fifteen twenty years to be able to amass some of the success that we've had, it's really just a show of my endurance because it's been ups and downs. There's been success and millions, majors and bankruptcies, foreclosures, short sales, there's been all the hurds of entrepreneurships. But for me, it was always about endurance and really approaching this as a marathon and not a sprint.
And so at the end of the day, it's not about where we started. What we go through. It's all about how we end the race.
So I mean you started from Jersey obviously, but you chose the great city of Atlanta. Yeah, well why Atlanta of all places black people?
Black people? Now? I literally I was telling the story.
My wife and I were in Beverly Hills yesterday talking to a film producer and they were asking me different you know kind of look, there is an interview about story part of my life, and I was explaining how I moved our companies, Morrison Group of Companies to from it from New.
Jersey to Atlanta.
And it's when I had my corner class tour where I teach on the streets on the corner with a flip chart right big frows like this.
But literally outside on the block.
And I held the one across from Busy Bee in Atlanta on the west side, and like nineties people showed up right and it was a pretty big turnout on my second corner class. Ever, this is like three or four years ago, and the day I was sitting in a parking lot dropping my business partner off. I was saying to him, like, yo, bro, I think my movement to go well in Atlanta and the word that I said.
The moment I said the word movement, somebody from across the parking lot was like, oh, Jay Morris, and that's you.
I respect your movement, bro, keep it going.
And so I looked at my man we in a convertible, we outside to marry out on Buckhead, and he like, knows, you gotta do right. I'm like, yo, I gotta bring my energy, my passion, my purpose here to the city really in hopes to change the culture and really just show, like you know, pop culture and urban culture is really spearheaded from Atlanta right now.
Absolutely Atlanta influences everything.
Let's keep the Risks.
Mecca right Medica. So I was like, we're better to show the world, to show all culture what a.
Selfless black man looks like, a servant leader, what that looks like where you could be successful, be an entrepreneur, but still you can swag out and do all the cool things you want to do, but still love your people, still drop your egos, still love your wife, Still call your your brother's kings, still call your women.
Queens, and just live kind of at what I call rich rich, really really live.
At a higher frequency than what we're used to in the culture where we're constantly suffering and self degradation. We're constantly blowing money fast. I believe in blowing money slow right, and building welfare error.
So it's like, how do we.
Bring a new message to the culture, what's cool and what it looks like to be cool in the culture, but but to elevate and raise off frequency.
So let me ask you this.
Let's talk real estate, because that's what you do, that's what you became famous for. So some one of the things I didn't actually in the pocket, I actually saw on your Instagram page. A lot of people here it might be interested in real estate. And the number one
hurdle a lot of times is like funding, Right. But you talked about jvs, which is joint ventures, right, and you spoke about like different ways of like how even if you don't necessarily have money or a lot of money, you can still use jvs as a way to fund real estate.
Can you talk about that?
Yeah, So a fancy name for jvs or joint ventures is called deal syndications, syndications and real estate development. When you look at the difference between a real estate investor and a real estate developer, the only difference is a real estate developer is the organizer of.
A real estate investment.
Right, So a real estate investor invests his or her money into a project and hopes to make some kind of profit. A real estate developer or syndicator organizes a real estate transaction and hopes to make it a profit. So a lot of us get stuck on the I don't have the credit, I don't have the money, I don't have the experience, I don't have the time right in order to own assets and accumulate some wealth from
my airs through real estate investing. But as you get more hip to the industry and more hip to what our counterparts have been doing for years that we're no knowledgeable of, is simply if you.
Don't have the credit, then you link up with a credit partner. If you don't have the cash, do you link up with a capital partner.
If you don't have the experience, you link up with an experienced partner, somebody's been in the game doing it more years than you.
Same thing. If you don't have the time, you link up with somebody that could be an operational partner that has the time.
So you can literally without cash, without credit, whatever your deficiency is if you have the knowledge base, which you have to know something about the business, right, If you got the strategy and a knowledge base, you literally can put together multi million dollar deals with people who have cash who are looking for a better place to park their cash.
People that have credit who brag.
About their seven hundred and eighty and eight hundred credit scores, but it ain't got eight hundred in the bank, right, How do you use your credit to build more wealth?
Well, you link with those people and create deal syndications.
I'm glad you said it because you brought up credit, and that's another I heard that people have and I think I like what you wrote down.
You have like the four rs of credit?
Right?
Yes, repair, Let me see if I get it right, Repair, rebuild, restore, recycle, Yes, sir, I got it right, Yes, sir.
Right. How do we use credit and leverage it in real estate? Yeah?
So the first thing about using credit in general is that we have to adopt a kind of a different mindset about credit as a community. We too emotional about credit and we don't understand that there's two hundred and thirty trillion dollars of credit in the world and only fifty trillion of cash, coins, and currency.
So money is not what.
Runs the world.
Credit, debt and leverage is what's one of the world.
But we be so emotional about it is that we love the good profile, the good score, are scared to leverage that score to go buy more assets. But while we teach the four rs is because when you adopt the mindset that you credit really don't mean shit. All this is a tool for you to go try some shit and if it don't work, to be able to do it again on the recycle tip.
Right. So what we teach at the J.
Morrison Academy and Legacies about credit is that we all need to become here's your bad class for how you always get on your feet no matter where you're at in life right, bounce back all the time. One is understanding the power of personal credit and what you got to do and know to always build, to rebuild, restore or repair your personal credit. But then understand the power
of family credit. Making sure your significant other, your wifey, or your husband that they're on they own game and they're credit right, as well as your siblings as.
Well as your daughters, like my daughter's twenty years old in college. But we've been building her credit since fifteen years old.
She got a seven to eighty score, but it's in position for business funding at any time. We need to activate her into the family businesses. Right, This ensures you never I can't promise I'll never go broke. I have to promise you for a fact, I'll never stay broke, right, because I know too much and how I set my my plays up. So outside of your personal credit, your family credit, then you could build business credit. Right, So
business credit you can leverage, and then credit partners. So if we all approach credit from a present yo, credit is just there to use as some paperwork to give us opportunities to buy franchises, to get business funding, to buy real estate and.
Do the things they want to do.
God forbid, it don't work out. My credit could be repaired, rebuilt, restored, and recycled. But in the meanwhile, my next family member is up next for their next business, My next credit partners up next.
Can you explain that credit? How does one go about getting credit partners?
How does that even? How does that look?
Credit partners is all about you being able to offer.
Some kind of value in a relationship between you and someone has a healthy credit profile, So.
Your value may need to be that you need to be able to evaluate a.
Real estate play, evaluate a business play, evaluate some kind of opportunity. Because someone having a healthy credit score, because your credit score is good, I know a feeds your ego. That doesn't mean that your kids can eat off that right. It doesn't mean you can pass that eight hundred score
onto your airs. But if you the leverage that eight hundred score to go buy an eighty unit apartment building or eighth unit apartment building, or you know what I'm saying, or get business funding for a new.
App or new franchise idea, now you're putting your credit to work with very little risks.
Because the fact of the matter is if you get someone to extend you eight thousand dollars in credit, eighty thousand dollars in credit, or eight million in credit, if you default on that loan, the same thing's gonna happen, no matter if it's eight million or eighty thousand.
They gonna send you a letter in the mail. We need the money, creditscord drop.
Nobody pulling up on you.
Ain't no the an't chicking down your door, whether it's eight million or eighty million or eighty thousand.
King, All they gonna do is send you a letter in the mail.
People say, look, I tried my best, it didn't happen. Repair, restore, recycled white, feed you up next.
Nah.
That's powerful too, because a lot of times, like I heard you say on Instagram, where it's like, well credit, especially us growing up, we feel like if we mess up our credit.
We've done for life.
Oh we're done.
It's never a lifetime sentence.
Right, Ain't no credit hell like you? Oh shit, credit, I'm going to hell like Nah, ain't no credit pergade life.
Like you? Like?
Literally, it doesn't like you know, you.
Know, it's public record. I followed the Chapter seven bankruptcy. I had four closures I had, I had that and all that, but it didn't stop me from still building a deck a million dollar Really, you know real estate and business. You know empire, So your your credit score doesn't matter. Is really a knowledge base. Your knowledge base is the biggest deficiency you can have. If you got the knowledge, you can always pull together the credit in the capital.
What's your what's your thoughts on?
Because so all right, people was always saying like that that the next recession is happening, right, It was not happening yet, but it's going to happen soon. And a lot of times where real estate is like, you know, it's it's very popular now to take money out of your home and buy a new home. But that's kind of a dicey situation if the market crashes and then you just kind of get left holding a couple of different mortgages.
So what's your thoughts on that?
Yeah, it when it comes to this phase in the real estate market, what I believe is the market will correct itself. It will have some kind of crash for correction, and when that correction happens, what it is is banks are going to stop loaning money so lingiently, interest rates will likely go up, and it's gonna be harder and harder to get that home buyer loan or that investor loan.
So when it's harder for people to buy or excuse me, it's harder people to get finance or buy real estate, where they end up doing they can't buy, they rent, right, So for all those look into when vext in real estate, understand that when this market corrects itself, the landlords will win.
So right now, our focus is on multi unit housing, multi family apartment buildings, because we know that whether it be a year, eighteen months, or three years from now, when this market corrects itself, folks won't be able to go get that loan for that you know, faha is easily, so easily, and so more people will be renting. And so for us, we want to put ourselves in a position to be a landlords and you know, apartment unit owners.
So when folks can't get that mortgage, will be the ones there to collect their rental application.
What's the landscape pay Atlanta specifically for multi samily homes or like what you're speaking of? Are they an abundance here? And can people who are in this room investor? Like what does it look like here in Atlanta?
Yeah, so there's super opportunities for there's a lower pool of investors for multi unit housing and particularly ten units, twenty five units and better you have you know, more of.
A pool of inventory.
But even within that and here in Atlanta, when it comes to those who in the residential market, my advice is don't get into those bidding wars, right Like you shouldn't be buying off the hype of social media or the hype of the news or the hype of the market. When sellers are getting multiple offers, it's a seller's market.
Identify that about gracefully. Take your ass from West Atlanta where everybody got seven contracts or one property, and go an hour and a half down the road to Mobile, Alabama. We get a property for twenty thirty thousand instead of competing for a hundred and twenty thousand or one hundred and seventy thousand dollars property that used to be seventy grand two three years ago. Stop buying into the hype to say, like, oh, I bought on.
The West Side. You're cashing investors out.
Three times what they even anticipated on appreciation when you can go into another market that isn't as as much demand. So it's back to old school buy low, sell high. But if if you're competing against a seller's market, you ain't buying low, so you're not putting yourself a position for equity or for any kind of you know, future turnover.
So the multi family market adds an opportunity to that.
Or you're buying in a residential market but not buying in a city where there's so much demand right now.
Is for the sellers to cash out. The foolish buyers will buy now in this market. The smart buyers will either hold their cash getting a higher level.
Of multi family apartments, or they'll going to other b markets where there's more inventory.
We talk about SOSA Real Estate Fund of day just opened the Legacy Center, right the black House, Black House?
What is that?
What's the Legacy knows about?
The Legacy Center makes some noise? You heard about the black House.
We got a visit, by the way.
Yeah, about eighteen months ago, we were able to do a really historic thing, a thing that we're really proud of.
It's something for our ancestors, and that.
Was to take this fund called the Tulsa Real Estate Fund, which is code word for Black Wall Street of Tulsa, Oklahoma, and we were able to launch an SEC regulated regulation a Tier two real estate croud fund, which simply means we were able to go public with our company and offer shares of our company to the general public at fifty dollars per share minimum ten share investment.
And so over the last eighteen months, we were able to raise nearly eight point five.
Million dollars of cash from over ninety seven hundred investment partners.
Yeah, coow So Group Economics.
We have over ninety seven hundred partners in our company who own shares of our company. And with that fund, not only were we able to participate in multi family housing like our ninety eight unit apartment complex and Making Georgia, our fourteen units in Lake Charles, Louisiana, seven units in New Orleans, Louisiana, et cetera, also able to purchase and develop in East Point, Georgia, five minutes from the airport,
right in the Opportunity zone. What we call the Legacy Center aka the Blackhouse, co founded by my wife and myself. It's a thirty thousand square foot class A commercial building.
It's a coworking space, it's.
A training space, it's an educational space. It's we're gonna have in phase two this summer. We're gonna have our media space and studios rolling out. And it's also a financial resource center. So you guys see, I got my Legacy Center taxes dot com.
Well.
At the Legacy Center, not.
Only are we offering real estate consultations and coaching and home ownership advice, et cetera, we're offering credit services, business funding, life insurance, and who here is gonna be following taxes this year twenty twenty.
Who here's following the hopefully all of y'all well for our business owners and for our wage earners.
We do offer tax preparation services with certified licensed CPAs and certified tax repairers. You go to Legacy Centertaxes dot Com to get your taxes done virtually at the Black House.
Can we just talk about the education piece, because obviously I'm coming from a background education the legacy. Are we teaching your classes or we have an after school programming or we haveving turing what's happening on the education space on side?
I mean, this is our house man, so we do it with you know what I'm saying. This ain't one of the commercial buildings. We got to go to somebody else and ask permission. Yeah, you know what I'm saying, this is our building.
We do what we want.
We definitely got to bring to earnial leisure experience there. We're going to be offering all types of curriculum and trainings where you can you can actually like if you guys want to come down, you could teach something if you want to do it from New York. We got the live smart TVs and webcams. You can zoom in and teach classes virtually. But the whole goal is like to give us a black Wall Street headquarters. Right, it's cool to hashtag black Wall Street, but what does it
looked like in real life? So what it looks like is a thirty thousand square foot building on a two point six acre campus owned by over ninety seven hundred people mostly will look like you, and a building that offers financial resources, the trainings and all that we need
to really uplift ourselves. So yeah, it's our building is coworking for anyone in Atlanta Metro you want to co work with us, We have a monthly membership give you access to our state of the art building, cafe, training room, conference rooms, or if you're someone that wants to come in on a Saturday or on our weekend classes and get a business or real estate class, you'll get all that at Legacycenter dot com. You'll see our life insurance, tax services, all that at Legacy center dot com as well.
It's a lot going on.
Going on, a lot of issues we got to solve.
That's a fact.
That's a big issues. The big solutions.
That's a fact.
Man.
Appreciate you, man, appreciate you for rocking with us again. Like I said, you pitched the double ahead of you last month two months ago, and then you came back and we go and do some stuff together for shure up. I just want to just visit, but we gotta know this list, team up and do something.
You're ready for the turn up?
Yeah yet a right, bro, appreciate right.
Thank you guys. Make sure you followus at mister J Morrison All socials. Mister J.
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