And your story is so powerful I want to say thank you so much for just reaching out and embracing me and my wife and my family and Puerto Rico into this like I’m really grateful to be here um and your story is so important because what
I’m going to talk about next is like the details of everything she was saying like lifestyle how important that is so a disclaimer after just spending time with folks uh when I was here I was like oh I need to my my my talk kind of kept
Shifting and shifting and shifting cuz I was like cuz I I really try to listen to what people were saying so I can overand um and and this is what this presentation is about so instead of going directly into just real estate real estate because I already knew eony
Has way more experience than I do and she has owns what 76 properties I mean oh my gosh that is a a feat to like I can’t even imagine owning that many properties first of all um and I don’t have a desire to do that either right be
Very clear so your strategy that is not my strategy and we’re going to talk about my strategy now and then we’ll see it so my strategy is specifically how I use Government taxes censer programs to build my wealth okay and that’s why when people ask me are you an entrepreneur
Are you a real estate are you a crypto and I saying nah I’m a nomad capitalist and we’ll get into that so oh there we go so hold on no there we go that’s the fct I want to see y to see so so if you can’t see it says we work
To live we don’t live to work come on get into the black me and my wife when we first got here in 2021 we were yting around and just spending every evening on the beach this beach right over here kado Beach and it’s just we can’t we
Heard someone say it but like it hit different for us right because she has three degrees been working all her life and saving money and and just way better at money than I am right I just you know have been done so much and like cut my teeth so much I’ve understand the
Different vehicles and the experiences that you need to drive these different vehicles to get you to a certain uh level so um this is a picture this is my famous pose uh I’ve been doing it since 2019 and uh a fr fraternity brother of mine uh we went hiking and and he was
Like man let’s take a picture and I don’t know what came to me it just it was just abundance I wanted to feel the nature I wanted to feel like I am I am one with where I’m at and I’m with this Brotherhood so this is my abundance pose
That I you know what that’s the name of it abundance pose thank you it was named here okay so this is actually across the street from my new property um it’s called Uh eloro which is the bull so it’s the highest peak in El so as you
Can see all of this over here is the um east side of the island and this is um like Fardo and liio but it’s the highest point of the rainforest okay so my story how did I get here so for those who don’t know I’m from Los Angeles California specifically
South Central LA um and I love rapping South Central LA um Everybody seen the movie boys in the hood yes okay yeah remember Trey yeah yeah so similar similar storyline same neighborhood pretty much we went to the same High School Washington prep we went to
Morehous same thing and we had a lot of I I can adapt to not adapt but I’ve experienced a lot of the things you saw in the movies of course it’s a little more dramatized but it’s it’s crazy how spot on our lifestyles and how they
Capture that Ice Cube and me and Ice Cube did go to the same high school until he got kicked out one they don’t talk about that they don’t talk about that um so again that goes to I went to morous college in 2005 a graduated a degree in kinesiology and
Sports studies um and um I currently move I live here in Puerto Rico and I identify as a nomad capitalist and we’re going to get how I start identify as a nomad capitalist okay so how did I get to PTO Rico how did I get some more house how did I make
It out of South Central LA um you know how how did I get here so anybody are familiar with Stephen cuvy okay Stephen cubby habit number two is begin with the end in mind right so I’ve studied these types of books all the time and so um was it not Harvard it was
Um uh Stanford Unfortunately they denied me when I applied I did not get into Stanford they’re bad so no but uh I applied to like 72 schools it was free I was just putting them in but um they had did a whole study about reverse engineering so I came up with this idea
Of there’s five steps to success when I looked at how did I get everything I’ve gotten in my life and how I got here I realize there’s five steps to success so traditionally you go the five steps to success is Step One is information information it’s right here in the book
It’s speaking oral Traditions our as we grow up as as people of African descent we talk We Do songs that’s where our information is given it’s information at the end of the day right um but how do you receive and learn that information is what an education
Is it’s really important that we remove the ignorance which is not knowing of what certain words mean right cuz ignorance just means you do not know right has anyone ever looked at it like this information is just words and have anyone thought about it like that before
Yeah I say information is data it’s that that’s it it’s data but it’s useless until you apply apply it understand it right so you have the education sometimes it’s formal and sometimes in formal what we’re doing right now informal right compared to society what’s more formal is that more house
Degree is that partial Columbia degree all the degrees and and certificates that the uh society says deemed to be worthy right so what do you get from an education what are you supposed to get when you get an education a job oh see see that is the answer that they tell you
But that is not true knowledge nope it’s a skill it’s a skill and like I want you to know it’s a skill okay so if you get a degree and say for example um um like a biology right you know how to study the body that’s what biology means but
If you get a degree in law what do you know how to do you know how to read the law right so that should turn into a skill to be able to do to get something they called a job that gives you what money so my thing is a job has so much
Like I’m not thinking job right I’m thinking very basic how do we get to this level so we got information right y can write this down but I’m going to give you this presentation to look at it later and with all the resources and
Stuff so you can take a look at it I’m you know we got these degrees so we know how to reference we not steing nobody information you know so um but yeah so you have information you turn information into a education either formal or informal and then you turn
That education into a skill so if you have a skill of communicating oror oratorical you can become a speaker if you have a skill of mediating people you become a lawyer or you become a mediator right um and then that will tell you what how much money you can make so now
You know which job to get right or maybe not a job which business to start right so now you know how much money can how much money does a social worker make on average not a lot yeah yeah depending on settings right that’s why I didn’t put job I put
Skill because I didn’t want you I don’t want anybody to get pigeon hole into the job because depending on what job you’re in you can be at 50,000 or 100,000 right if you’re doing overtime and all those different things so once you get the money my grandma say then you can get the
Honey but with that honey is lifestyle because how much money you make dictates the lifestyle in this Society I’m you know I’m not going to go to conspiracy theory of anything else but we’re focusing on the world we live in now that’ll tell you the lifestyle
That you can live so anyone know after what amount of money you make that study show that you are life doesn’t really change anybody know what that number is say just say throw out some numbers just have some fun 250,000 250,000 anyone else 140 140,000 that’s it your life doesn’t really change that
Much you know you may go on extra vacation put a little more money to side but you’re General you can do the things that you want to do at that at that at that rate right right and most people if you’re in a career you can hit that in
Like 5 to 10 years of moving up in management right but what changes is how you manage your money and what you’re doing with it and all that other stuff and that’s why we’re here so the five step success is reverse engineer so let’s do this let’s start with step one
Lifestyle okay so really quick story is I started with lifestyle first when I was at South Central LA I was doing all this cool stuff I was been mentored by the alphas at UCLA I wanted to go to UCLA because that’s where my mentors were going and I looked at the lifestyle
They had and it was cool so I was like I’m going to UCLA did not have the grades to get into UCLA and then I saw a drum line and said I want to go to more house anybody know what happened did not have the grades to go okay but I got
Into UCLA and I got into more house so I put I got into a position where I have to choose one of the other they told me you can come to UCLA or you can go to more house but you got to pick one UCLA’s homegrown more houses I never
Been there I never been never been to Georgia this is 2005 right so I had to pick and I I watched some PBS special and it was really cool but I looked at the lifestyle I saw Nick Nick Cannon and all those guys was Liv and mind you I’m
Not into drum line and I don’t I don’t do instruments like that right so it wasn’t that it was the Lifestyle by being around all those black folks the little microcosm I saw at UCLA right cuz I was around all the black folks right and so I went lifestyle and then I said
What kind of Life can I get right I was like oh money well I really like helping people so I’ll be a doctor I don’t really want to be a doctor but I like sports okay I’ll be a physical therapist so I’m going to get my degree in kinesiology
The study of human movement okay and then I figured that skill helping people especially High net worth people like athletes get me to that 140 before I knew what 140 was right and so I was like well the education where is the best place to get that education
Unfortunately it was not morous College they barely had a program that was for kinesiology but I was so focused on his lifestyle and I was 18 years old so I went you know um but I did get a great educ there and they did their best and
The program actually progressed as I was there so that was really grateful and so the information is the information all right any quick questions about that all right so noad capitalist this beautiful book right here so all this stuff I’ve been talking about and learning I found out that this guy on
YouTube uh his name is Andrew Henderson and it actually comes from his dad so it it is what is noad capitalist someone who follows Global Trends and moves his or her money business and persons to the country or countries where they are treated best let that sink in for a little
Bit AKA not americ the best part it’s on you I’m not here to tell you which one is which not but what I want you to take away from this conversation is where they are treated where you’re treated where you are treated best not us you okay best all
Right so quick question let’s get a hands let get hands cuz I actually want to count of this are tax incentives a good or bad thing who thinks tax senters are a bad thing raise your hand first no one oh cool I’m in a good company all right do some people say oh
Everyone everyone who does not understand wealth well that’s probably what they everyone who yeah like yeah right right so the actual term is not tax incentive that’s kind of more the slang the actual term is this it’s economic incentive so what I want you guys to do
Out of this and that’s why I’m giving you this presentation because I had all this stuff in my mind I was I got to give youall something so again hyperlink right so you can go and get more details on this information because this is a
Lot but this is my gift to you um so really quick I’m not going to read the whole thing U but economic incentives are Financial rewards so Financial rewards is what we all are in the business for come on you want to be rewarded for doing something right if
You say hello you open the door whatever you do you want to feel incentivized so governments to stimulate their economy they incentivize their folks and their people to do it specifically the best people to do that are businesses anybody know why governments like to work with businesses create opportunity create opportunities for who
The citizens right the government provides jobs for people businesses provide jobs for people who provide the most jobs for just the average citizen is it private or public it’s private it’s it’s private private private yes private businesses right because they are what more efficient more likely um yes more efficient model more efficient
Model right so so the way the economic system works is government say hm this is what we’re lacking in because our citizens are complaining about housing they’re complaining about lack of um jobs they’re complaining about a lack of um um you know education and stuff like that so what the government does they
They write policy lobbyists write it for them and then they say okay this sounds good this hits the points I need I’m not going to read that 500 page whatever document is there you go right I did a little lobbying and I was like wow this
Is what’s going on and so by them doing that it goes to the business the business come the businesses create those jobs that’s where you start getting real estate development like we’re sitting in right now this is a tax incentive real estate property we’re in right now this whole neighborhood was
One of the wealthy neighborhoods but it’s right next to the largest project in the Caribbean okay and so and it was intent that way to have two of like for the people to come together together and mix and mingle but there’s a a big disp
Portion of how they built it but U we won’t go into that right now so long story short the uh citizens um will give you the desired response that the government wants so they create more housing create more jobs specific sectors like for young folks and things
Like that all right so there’s four different types I told you I forgot who I was talking to I think Robert a few people this is I want you guys to take notes on this but I you’re going to have this um I’m we send it out an email
There’s four different types of economic consensuses uh that that all governments do okay anybody know what one the first one is what do you think I kind of said it already tax yeah yeah it’s tax incentives right so commonly refer to as tax benefits right so these are where
They reduce um your tax liability so for example uh if we buy a house right and you can write off the depreciation of that house right which helps when you have a regular job for those of you who have regular jobs this is a tax exenter that that you already can take advantage
Of in America because the way the tax code is written is that if you have a property you can depreciate it for 272 years okay and so that will offset your regular income which will allow you to keep more of your money to do what what
Are you going to do with that money invest okay I was like yeah spend it on what hopefully not liability maybe a little bit though maybe a little bit so and um so yeah so mortgage insurance yeah so and subsidiaries so these are government cented projects that allow
Particular section uh sectors so for example uh um Solar Energy Efficiency stuff like that that’s where you’re going to see like okay we specifically need to get this carbon emission thing in hand so they have it focus on things like that okay rebates anybody know what the most
Popular rebate that just came up 2020 who got who got a check in the mail oh the little the little $1,200 the little $1,200 stimulus check check yeah anybody was that a good thing or bad thing it was a bad thing it was a good thing
For me guess what I bought with it assets exactly they gave me 100x return so again it’s not about the vehicle it’s not all way about the vehicle it’s about the knowledge the person behind holding that $1,200 paid me over and over and over and over and
Over okay so rebates but with the the bad thing about it it’s very subjective all this stuff is is subjective in a way and that’s what we want to talk about mindset is that the rebates tend to increase inflation so that’s why now things are costing more because anybody
Heard of Mansa Musa okay so the quick story Mansa Musa was the one the most wealthiest man in the um history of the world right he was a a king of um the Mali Empire and so he used to travel around the world um to all over these
Places Puerto Rico Jamaica like to the americaas he literally traveled there’s books and stuff but you you know they’re not going to talk about that um in Mexico and all these places where he traveled and his people travel but what he would do he would just he would give
Freely because what do we do when black folks when you people come to your house what do you do if someone come to your house take your shoes off that is that is the thing but what else do you do feed feed them you you okay you need
Something so that’s in our history right we got to understand that so that’s what rebase and what he did was Destroy economies give you an idea of his wealth his wealth is for inflation was $400 billion and you know who’s the second person that’s closest to him Elon mus at
200 still double right and that was I me hundreds of years ago I mean that sounds a little bit like after the Great Depression when you know all of the welfare systems and all the subsidies and everything came in and many people argue that they’re more Al
Uh than they are helpful for I guess exactly what you’re saying yeah cuz the masses the masses don’t know what to do right um because what they did was give it right back to Louis and Jordan and other stocks right or they were so much
In a deficit the part we going to talk about that they had to go pay rent cuz a lot of that money went to paying rent food gas and you know B like that’s where a lot of that $1,200 went but nobody wants to talk about that they do
Want to talk about people just giving back to Louis and all that stuff but I know what it did for me and my family and a lot of folks it gave us the opportunity to like oh my gosh a little a little relief you know so the other
One the last one is a negative incentives anybody know what a negative incentive would be anybody remember Obamacare that was a negative ENT you know what the negative sentence was you get penal penalized so they’ll penalize you for not doing something like having healthare okay all right are they still good or
Bad they’re good they’re good for the most part for the most part right depending on what side of the coin you want to be all right all right so quickly popular countries that uh have these types of uh economic incentives um are uh Puerto Rico as we know we’re here
Um Portugal is one of the most popular ones that they’ve done that I have no personally a lot of that’s how I found out about all this Puerto Rico St was because of Portugal they did a really good marketing especially to the fire community and I know we’re going to talk
About did you talk about fire this morning or was tomorrow okay um so yeah so they have the golden Visa Residency program pretty much if you go there um your income that’s like uh from like stocks or anything like passive income like that is going to be tax uh um free
They have like a 0% tax yeah yeah but you got to move to Portugal right or and exactly oh no it’s nice I mean quity life is is on a high index just overall um but yeah so Portugal um like I said Panama has programs uh Jamaica has pretty much
Every country uh a lot of the Mid Eastern uh countries have them as well oh did you guys know this I thought this was a really cool one so there are states that will pay you to move in 2023 you got Oklahoma Minnesota Alaska Vermont Kansas Iowa Tennessee they will
Will pay you to move there more incentivized slightly different but but they will actually receive grants and sub 10,000 and everything remember guys it’s reference in the corner what qual could you go back what qualifies someone to get that which one any of these yeah
Um so a part of it is going back to those four steps right figuring out which one that what what they’re offering so for example Oklahoma you receive a grant up to $10,000 right that’s probably if you whatever you do so you just have to individually look at
That’s why I put there cuz it was getting too long um but all these are different so but I’m going to tell you really quick specifically one to Puerto Rico that’s much better question yeah um so is there a difference between um just going there and living and everything
Like that versus bringing your business over there like are there business incens versus personal there’s all of them you just look down the list now I I just put this just to open your eyes that you don’t have to necessarily move outside of the country or off of the
Mainland to partake in this okay but there true there’s there’s different ones and I’m going to show you Puerto Rico offered 21 different ones okay I got a whole slide on so why Puerto Rico now I borrowed the title from I actually got a chance to meet this this uh Adam greenf
Fader yeah fader uh this is a book highly suggest actually got him to sign it and this was before my son was born it says to baby yo in every crisis there is an opportunity right so the reason why we moved here this was uh summer when we did our uh
Yacht with our friends um yeah this was just I mean this is in Fardo uh eakas and Palin we did a little yacht you know um your husband Gardner we can uh get you a couple books down here um and so increased our quality of life
That was the most important thing as a physical therapy training background I’m always thinking about quality of life I did uh most of my trainings with paraplegics and people who have uh suffered brain traumas and so quality of life was a very big thing I wrote a
Whole thesis about it to graduate from warh house so that was the thing and I noticed our quality of life were even though we had I had more money and and but the pandemic was still happening but it felt like the quality of life was
Still going went down you know um and I and I wanted to pick it back up so Puerto Rico was the opportunity uh was the time to do it so real quick uh the other reason why we moved here reduced our personal tax liability from 38% to
Zero wow um reduced our business tax liability from 21% to a maximum of 4% currently it’s 2% right now for me all right so this is the cool stuff about the real estate and why Puerto Rico now kind of get you It All Leads up to one point
Right so Puerto Rico leads recovery in the US so if you see here for lodging this is all about uh tourism and lodging right all these states specifically the Oklahoma the ones we talking about they’re in the red they’re they’re going negative right and actually bringing people to their state that’s why they’re
Incentivizing you to come they’ll give you $10,000 GR because everybody’s leaving right and we nobody leaving a going say camer is watching but Puerto Rico is is leading that why right at 25 plus per right here okay um and this is public information Puerto Rico um the average daily rate uh
Which is for hotels and short-term rentals we are catching up to hotels at $241 that’s in 2023 and um Puerto Rico is actually gaining uh reason why the reason why because the traveler is Shifting right so hotels you know would be very expensive but Hotel people are Hotel people Airbnb people
Are Airbnb short-term rental people are they like homes they don’t want to be in a in in in a a hotel right they’re two different customers so this really don’t even really match but they got to compare it to something okay uh the revenues in the hotel shortterm rental you can’t that’s hard
To see all right so I I’ll say it out loud so the blue is the hotel and the green is independent rental so that’s you know shortterm rental uh private right so we’re looking at uh 66.3% it looks like let me see I can’t see that looks a oh yeah 63% our hotels
Because they still own it they still have that market share but the private has 37% so the total Market that we can take a nice little bite out is the 1.4 1.3 billion and so independent revenue for us who are in short-term rentals is about almost $500 million this is Puerto Rico
Y’all all right so chapter 5 is what we are currently taking advantage of when it comes I mean participating I don’t like using that word taking advantage of so chapter five is so act 60 was renamed um they put in a overall umbrella of different tax incentive programs that they offer
So you can apply for this and you can get um incentives so we’ll talk in detail about that so who can take advantage of take advantage of this whatever we going go hotels condo hotels uh guest houses which is what you’ll see tomorrow I have a guest house it’s a
Anything between seven to 25 rooms um a bed and breakfast is something where someone lives in there and it’s three to five rooms um and then you have time shares you have vacation clubs you have casinos they all can take a part of this specific uh uh incentive um and these
Are some of the incentives okay so one you have a flat income tax of 4% and that 4% is good for 15 years with the option to extend for another 15 so you have 30 potential years of a 4% corporate tax right 75% of your property tax exemp your property taxes will be
Exempt so you’re talking about say you got $1,000 750 is exempt what would that do for your bottom line could you stay in business more than 5 Years cuz the average business business fell within 5 years they don’t make it to 5 years at least you be able
To get a better chance of making it to 5 years okay 50% valuee of business tax so that’s just like your uh Municipal stuff um your construction um is put into that uh budget as well your sales tax so that 11 half% y all been paying we don’t have
To pay that that’s 100% exempt okay but this is the sexy part this is why I’m going to do my my dance with it okay so you know um 40% you get a 40% tax credit remember those four we were talking about right the rebates and tax
Credits okay so a tax credit is like a rebate what this is is you take the purchase price you take all the due diligence and fees and stuff that you’re paying you take the construction all the permits cuz we get our permits okay we
We we stay up to date okay CU they will call them on you they might not show up but they’ll call them um your first year operating budget your first year marketing budget wrapped that all together and they’ll give you 40% back in a tax credit and that tax credit
Comes in two ways okay one way is it’s just like a little note you give it to the IRS to offset some of your income from your regular 9 to-5 or other business jobs the other way you would do it is you would take it to the Wall
Street and take it to a broker they will sell it to some big Corporation for 990 cents on a dollar take their fee say maybe 3 to 5% so now you’re looking at let’s see on a million dollars you’re going to get back 400,000 back and then take out some
Percent so you’ll get about 300 say $300,000 back in tax credits that you can either use to offset your income or pay it back off debt or expand your business or whatever you want to wherever qualify there’s it has to be uh qualifying eligible Investments but
There are specifics okay um and you get that after year or two of been in business completing your first year business and they break it over 3 years any quick questions about that I have a question yeah when it comes to I guess the short-term rentals I’m just
Curious to know your philosophy on this because I I feel like I understand the boom and I get the economic impact but I feel like it also is causing a bit of a displacement to home owners because and I even talked to one of my my Uber drivers when he was
Here told me that he used to live over here um but because the boom of airbnbs apparently this whole neighborhood is now Airbnb his landlord uh you know he basically was displaced because landlord told him like I I’m making X number off of you as a renter but I can make that
In a week if I turn this into a Airbnb so what she did and so he can no longer live in this area so I’m just curious to know like what do you think about how the rise in airb especially in a place like Puerto Rico is impacting the actual
People that are indigenous to the space and their ability to have affordable housing yeah so there’s a huge issue about that in New Orleans right now and the City of New Orleans decided to pretty much try to ban shortterm Ral rentals but the short-term rental industry took them to court and the
Short-term rental industry is winning right now so the court basically enjoying the city from doing it and what they said was that there’s abs absolutely no data out there that says that short-term rentals displace people and the reason why is because a person who does like I told you what my
Strategy is right what you find in real estate and like I went to a short-term rental conference and they asked at the short-term rental conference how many people also own long-term rental I told you I have 76 properties out of that 76 I have three short-term Rental Right
Three that short-term rental is not my strategy people who do shortterm rental are not the same people who do long-term rental so maybe that person was doing long-term rental but they didn’t want to really do it so they either were going to sell that property anyway and then
Somebody else was going to do short-term rental MH the other thing is that short-term rentals are usually not located in areas where there’s affordable housing this neighborhood this community was never affordable it was never affordable it was never affordable housing so you there is this this mindset or idea or thought right now
Short-term rental but the data actually shows the exact opposite which is that short-term rental is something completely different the fact that a matter and this is a really important conversation to have right now when we talk about real estate because people say what about the interest rates what
About this what about that interest rates are high and the prices are the people thought oh the interest rates were going to go up and the prices were going to go down they didn’t why is that because there’s a housing shortage the housing shortage has to do housing shortage has nothing
To do with short-term rental because people are going on vacation either way it goes right it has nothing to do with short-term rent housing shortage has to do with the fact that number one you have companies like Chase red fin major companies they’re buying up properties they used to be properties
Where in neighborhoods that were affordable where people could purchase and these major corporations and conglomerates are purchasing these properties and making them rental properties making it so that the affordable the affordability is no longer there for people who want to just go and purchase a home so that’s one
Part of it the other part of it is there’s just not enough housing because it’s now land is is what it is right we can’t create more L right and so we either need to fix up properties which a lot of times there’s no incentives there’s no government
Incentives to fix up properties there never was but there always were incentives to build new construction so you have places like Chicago and all these other places where they built a whole bunch of new construction and left all of the housing stock to dilapidate and it fell apart right so you look at
All of these cities and the reason why is because there were no incentives in place if I know that I can get tax incentive to build a brand new property as opposed to fixing up a property I’mma build a brand new property but now we used up all the
Land and so the reason why we have a a supply and demand that’s the problem the problem is not short-term RH and it’s also not the interest rates and it’s also not the prices right the prices went up because there’s a a supply issue supply and demand
It didn’t go up because of the pandemic right now interest ratees went up because of inflation but the reason why it’s important for you to still buy even though the interest rates are up and it didn’t really go up CU I told you what I was paying when I first started right so
Now I’m paying 7 8% interest it’s still less than what it was in 20072 2008 it’s just not what it was during the pandemic when I could buy property at 3 or 4% but when you have a supply and demand issue something like this is just a different strategy because if it wasn’t
This it would be a hotel right they’d be building hotels on the beach if they weren’t um let’s point that out first thing you said homeowners homeowners ain’t got a problem cuz guess who’s selling to these short-term rentals homeowners renters have a problem people who don’t own have a
Problem it’s not the homeowners because we like that you’re own see the thing is you have to really identify what the problem is the core of the problem is much larger than a short-term rental because what you’re saying is who’s going to do shortterm rental is not Airbnb is a marketing company
Booking.com is a marketing company it’s a platform they don’t own anything who actually owns something who owns hotels anybody own a hotel in here okay okay no one owns a hotel in here right do we consider yourself what middle class or upper High net wealth individual no no maybe yeah okay right
So this is the thing they are affecting the middle class the average Day Mom and Pop those who are the people who own most shortterm rental like air that use the platform Airbnb okay my friends who own property right down here they own seven of them
But they are a family family right the dad has been on it CEO his daughter’s Co I mean CFO and and the cousin everybody in the family they Puerto Rican right they own about 30 something houses right so the reality is is that when you find yourself on the wrong side of the
Track you know everyone is you’re on the wrong side so now you’re trying to figure out who do I blame instead of looking at yourself I don’t walked on the wrong side of the track I can’t actually go to the back to the other
Side so to to speak on that um we live sorry I just want to kind of just kind of add to that is that unfortunately what happens is that like Gans said when you look at the demographic of who own short-term rentals it’s not rich people it’s not not the definition of rich
People no it is not right it’s everyday people that say you know what I’m married we moved here maybe we can short our house and that’s going to be additional income but I don’t know how many of you guys have read the book cast there is always so the book cast is
An amazing book just about how you know systems in the world or really in America a lot of times is not so much about um race as much as it is about socioeconomics yeah and so there’s an effort to keep people at a certain socioeconomic status but now we’re
Sitting in rooms things like this saying how can we build wealth how can we become make that 2% 3% and that 2% is like so it’s the hotel lobby that has this whole narrative out there that shortterm rentals because it’s destroying their business yeah not because it’s destroying us why because
It’s making us it’s making us money we’re learning wealth strategies and so I think you you really have to figure out look at who creates those narratives a lot of times because what happens is when it becomes one of the things we did in Chicago during the pandemic um in the
Very beginning I was sit on these calls for hours and hours and hours and it’s like 50 white guys and me and one other black girl at own real estate in Chicago and we were talking about how they were basically in in in the beginning of the
Pandemic they were saying hey nobody has to pay rent wait a minute if nobody has to pay gr then they don’t have to pay then how do I pay my mortgage like who who else are you impacting when you’re saying that right they were saying that in the beginning
And so what we said is that the image is wrong because there’s far more of us that own property that rent it it’s far more of these even these white guys I’m on the phone with or whatever these are small these are familyowned businesses like you said small
Owners how do we change that image so we said okay the first thing we want to do we have we had a huge marketing campaign we put a whole lot of money behind to say we are no longer landlords we’re housing providers so when you talk about who’s giving housing and what what
What’s going on we’re housing providers language don’t call us the the the landlord right we’re not the Monopoly the rich white guy with the hat on right we’re this group of people who own in neighborhoods where these large corporations we’re not hu we don’t own huge tall apartment buildings right but
We own the neighborhood building Owners Association owns the majority of rental housing in Chicago and that’s small you own maybe 500 units or less right you don’t own thousand unit buildings think okay it’s this rich person right behind it it’s this person that is and they and
It is a way to build wealth it’s true it is a way to build wealth but the reality is the wealth that we’re going to build I’m never going to be a billionaire right I’m okay with that I don’t want to be a billionaire because I don’t want to
Put in the time the effort the work I don’t want to do that that’s not the lifestyle like said that I want yeah right but I’m a millionaire and I’m going to continue to grow within that but I couldn’t continue to grow if every time we have a strategy that helps
Us they put on the responsib of us about displacement my responsibility is not displacement if you’re worried about displacement then give the government incentives where you need to give them our job is to placement our job is literally placement to place you into a place so specifically I want you guys to
Know and like we’re almost done at least with my presentation is that when you hear now you’re going to hear the narrative that Puerto Rico um you know ACC 60 is this really bad thing and no and Puerto Ricans cannot partake in act 60 that is 100% a
Lie where the camera which one I’m looking at it is a lie you can say it one more time say it one more time for the people in the back it is a lie so we have one two 3 4 5 6 7 8 9 10
11 12 13 14 15 16 17 18 19 20 and remember Vegas baby 21 different programs that Puerto Ricans and 40% of taxed people in Puerto Rico they are Puerto Rican who take who are utilizing these incentive programs they’re native Puerto Ricans so the fact that you think that a few
Americans are coming over and partaking in only uh like three of them really which is the tourism where you see the real estate one cuz real estate is very common like it’s not that it’s the one of the oldest business and profession there is so it’s easier to get into
Right there’s a lot of you can get loans you can borrow money creative Finance it’s easier to do but the one people are talking about the most is this one right here it’s called the individual resident investor program and what that is is if you are a person that is earning your
Income from a like a third party like you have um dividend stocks you have um a business that’s paying you distributions or something that way or you flip things you buy companies and you sell them you buy houses and you sell them are you’re doing something
That is where you get a capital gain buy for a dollar you get 10 well that is 100% exempt okay but yeah but the minimum cost on is $115,000 a year so I have this one this is why I came here because of a crypto
And I thought I was going to be super super duper rich and I was like oh man I’m not about to give this all back to the to the California government I’mma pay them what they worth okay and so and so and this was um this was the
Thing that I was like okay I’ll do this right but that puts me in a position every year I have to pay 5,000 to the government and 10,000 has to go to a nonprofit five of that 10 has to go to a government approved nonprofit profit so
I can’t just pick anyone off the street ah ah you got to who who call right so that’s the one that that that the those who are not educated on the 21 different things that you can do and who are not educated on who’s actually taking
Advantage of this I went to the Puerto Rico tourism um Summit this year guess how many uh presentation they had in English can anybody guess how many presentation they had in English n exactly zero you know what I did just start networking I just start networking
Cuz I I I was doing my best I was I was catching some I did catch some good stuff we’ll talk about that later when I get um that I went I went to a few ones but it was majority locals Spanish peing folks and and we’re talking about and
And the narrative is is that these Americans are coming and displacing us they’re not paying any taxes they’re not doing all this stuff and the average person can anybody afford to just pay $155,000 a year and earn their income that way can an average person earn
Their income enough to live off of that way so why are we talking about that but if you are the average person that’s 35 or under they have the young entrepreneurs program and they even have the difficult to hire program I like individual who’s difficult to hire black and brown people people who
Don’t have the education oh oh o okay there go much better okay so so again take a look at this these are things for your personal business that you can look into and like saying you have my information we can talk more details about it a lot of these I have people
That um that walk me through it and and get you through the the application process that I can uh pass on that so
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