Transcript
Host (0:00)
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Host (1:52)
Thirst. Ben Lee, welcome to Radical Wealth.
Ben Lee (1:55)
Plan. Thank you for having me. Good to be.
Host (1:58)
Here. Obviously you have had a, you've had a great real estate sales career and I want to talk about your investment in real estate. You mentioned that the first thing that you did was buy a note and so what? You know, I know your dad was a.
Ben Lee (2:20)
Lawyer. I'm going to tell you, it is a crazy story. I'm a first year in law school, okay. And I was always interested in real estate. My dad had, he had bought and sold some apartments over the years and we're talking 5 unit, 3 unit, 8 unit. Smaller buildings, but cool stuff. And he had talked to Me for years about, you know, back of the envelope, you know, numbers. This is what the cash flow looks like. So I always was interested in real estate and my dad knew it. And he was a lawyer. He said, I have a client who, her late husband subdivided a bunch of land in unincorporated actum in Antelope Valley. And she over the years has sold off. He had sold off all lots, but he had carried notes and she got rid of everything. She got everyone to pay off the notes except for one, the debtor. The owner owed her $90,000 and my dad and she wanted out of it. So my dad said, hey Ben, I think I could kind of make this deal for you. You're in law school, I think I can get it for you for 50. And I was like, 90. Wait, 50 for 90? That sounds awesome. So I said, I don't have $50,000. And he said, I've got a line of credit on my house and I'm going to loan you the money. Just you pay off a line of credit when, when you can and you'll pay the interest and you pay the line of credit. He basically put me into that deal. Okay. And I got the note and it was in arrears the second I bought it. She, this is why she wanted out of it. And I was like, I'm going to go foreclose, I'm going to be a cowboy, I'm going to get this, you know, property, I'm going to sell it for more money. And my father in law who's was an amazing lawyer, he said, hey Ben, you know Ron, I won't mention names down the street, he is a hard money lender and he maybe can help you with this property. And I said great. And so I go by his office and he's doing loans. He's doing loans. I mean he's making loans here and there and foreclosing and working out deals. And I said, this is what I did. And he looks at the paperwork, he looks at all this stuff and he says, here's what's going to happen, Ben. On Saturday you're going to pick me up at 8 in the morning, we're going to go to Acton, you're going to drive and you're going to buy me lunch. And I said sounds great, thank you. And he said I'm going to help you with this. And so I go pick him up in Brentwood and he gets in the car, my Volvo wagon and we drive to Acton and there's a little fence around the property. We, we step over the fence, and there's chickens, and there's a trailer, and there's nobody there. And he said, okay, now you're gonna take me to lunch. I said, cool. So he gets in the car, we go to lunch, we order burgers. And he says, you want nothing to do with this property. You are in way over your head. This is horrible. You do not want it. And he said, I'm going to help you. I said, oh, how are we going to do that? He said, let's call, let's call debtor. Let's call borrower and get him into the office. I said, great. So I call the borrower, and he comes into the office. He's dressed like a cowboy, and he gives us cards, says, insurance salesman. And he sits down, and he had been paying 7% on the note. And I said, and Ron says, all right. He schmoozes the guy. They're talking, they're making, they're laughing. It's just a normal day. And he says, okay, we're going to work out this deal for you and Ben. Okay, Ben, what do you want here? And I said, I want to up the interest rate to 10%. He said, I won't do it. And then I said, but he said. And Ron says, ben, stop talking. I said, okay. And he says, okay, so what? So we keep the interest rate at 7. Are you good with that? And he says, I'm good with that. And he says, can we. How can you pay your arrears? And he says, yes. I said, great, pay your arrears right now. He said, no problem. And he says, can you accelerate the payments? So instead of paying, you know, $800 a month, you're paying 3,000amonth? He says, I can. And he says, great, we're going to extend you. And meanwhile, I'm kind of like. And he's like, stop talking. And he negotiated this deal with a 10% late penalty. And I was paid back in about 18 months. And I paid for a couple years of law.