Ryan Halam (15:25)

Hi, David. Ryan Halam here from Tyler, Texas. Thanks for all you do. I have a question about house hacking and the requirement to live in a house hack for a year. I've heard you talk before about how that requirement to live in it for a year is so that I could qualify for another mortgage. Not so much a federal requirement or a mortgage requirement. I wanted to dig in on that just a little more if I could. Does that vary lender to lender? Do I just need to talk to my mortgage broker about that? Talk to the lender themselves? I'm considering buying a quadplex as a house hack, but then potentially just moving back into my primary after that year is up. And so my question is, what if I don't live in that house hack for a year? I certainly don't want to commit mortgage fraud, so any advice and help would be appreciated. Thanks.

David Green (16:21)

All right. Thanks, Tyler. This is a great question. However, you said you have a mortgage broker. You didn't say that you're using my company, the one broker brokerage. And I'm going to need a minute to get myself together right now because I just found out that the love of my life, Tyler Haltem, is cheating on me and he's been seeing another broker. Wasn't expecting this today. Okay, and we're back. I've been to therapy. I've talked about it. I've accepted that not everything is within my control. I have brought peace into my life, Tyler, and I am willing to accept that if you continue to see that other dusty broker over there, that's nothing as good as me, you will regret it. Mark my words. All right, enough of the jealous podcast. Hosts over here. I haven't studied every requirement of the loan myself, so this is not legal advice. I want to make that clear. I'm giving my best understanding of how this works. If it was me, I would go have one of my loan officers literally look up what you're saying, which your broker should have done. But here's my understanding of it so far. So everybody listening who does come to use the one brokerage who does want to be in a relationship with me. And by the way, I'll make you the happiest that you've ever been. That other broker could never be anything close to what I am anyways. Those people need to hear this information. First off, you are saying that you intend to live in the property for a year. From everything you just told me, that is true. You do intend to live in the property for a year. Second off, if you don't live in the property for a year, that is not committing mortgage fraud. They can't make you stay there. What happens if your neighbor has a really loud dog that barks every Single morning at 4:30 and you can't get any sleep? They can't force you to live there. What happens if there's a ton of crime in the area that you weren't expecting and there's gunshots running around and they're coming into your windows? They can't expect you to live there. And they know that. That's why the rules were written that you have to intend to live there. If you get one of these mortgages and you never intended to live there, you can get caught. You are susceptible to being charged with mortgage fraud. Let me give you an example of this. We had a client that was working with us that told us, I intend to live in the place as a primary residence. We went forward getting him a primary residence loan. The lender did research on this applicant, which they are allowed to do, and they found a post that this person put up saying, I am looking for a roommate of my current house. You will be living with me in this house. Now he's telling the lender I'm going to be moving into the other one. So either he's lying to the lender about where he's going to live, or he's lying to the roommate that he's looking for about who's going to live with him. It's not illegal to lie to a roommate. Although it's bad. It is illegal to lie to the lender. Now, I don't know how that's going to shake out but what the lender told us is we're not getting the loan for this person. We're not going to fund this thing because we believe he's telling us that he wants a primary residence and he has no intention of doing that. You see how intent is the key phrase here. You're telling me in this video you intend to live in it. So if you don't live in it for the full year, you're not committing mortgage fraud. You do not have to live in the property for. A lot of people think that you have to live in the property for a year. You don't. That comes from a misconception based on the fact that you usually do have to wait a year to get another loan. So when we describe the strategy, we say buy a property, live in it for a year, go to the next one. That's because you need to wait a year to get the next loan. It's not because you have to live in this in the first property for the full year. So hopefully that eases a little bit of your anxiety away. The third point, I remember that you asked, you said, hey, do all lenders have the same requirement? Most of the time? Yes. This is why when you're getting a conventional loan, which is where your cheapest rates are going to be, and it's a primary residence, which is the cheapest of the conventional loans, all of those loans are, when we say conventional, they operate by almost all the same guidelines that are put in place by Fannie Mae and Freddie Mac, because Fannie and Freddie are the companies that will buy these loans from whoever gave you the loan. So they say, here's our requirements. We don't want a loan if they don't intend to live in it for a year. So whatever lender it is that put it together with you, that lying, cheating scumbag of a broker that you're cheating on me with, they're going to sell that to Fannie Mae and Freddie Mac just like we would. So, yeah, almost all lenders are going to have the same requirement because all of these loans go to the same place. And when Fannie and Freddie Mac buy them, they package them as what's called a mortgage back security. Ever heard that phrase MBS or mortgage backed security from the movie the Big Short? But these were big, fancy financial words that nobody explained. Let me take a quick second to educate y'all, since you're spending your time listening to the David Green Show. A security is basically something that you buy on the stock market. A mortgage backed security is A security or for lack of better phrase, a stock that instead of being composed of shares of a company is composed of a bunch of mortgages, it's mortgage backed. So when all of these people make their mortgage payment into this big pool, if you own some of the mortgage backed securities, you get a piece of the pie of these mortgages being paid out. So you can buy stocks in a company and you have a share of that company and you're entitled to a share of the profits as the stock prices go up. Or you can invest in a mortgage backed security, meaning you're not owning shares of a company, you're owning shares of a pool of mortgages. But it's all a stream of income, just a different type. So there you go. Next time you hear fancy people put their finger in their mouth at a party and drink from their little teacup and say mortgage backed securities and future call put options are heading in a negative direction and our, our fund doesn't want the exposure to these negative asset types. You know what all these big fancy words mean because you listen to the David Green Show. So there you go, Tyler, I don't think you're in as big of a problem as you think that you're in. Never, ever, ever say that you're getting a primary residence without intending to move into it. But if you do intend to move in it and something goes wrong, you have an elderly parent at home that gets sick and you need to go take care of them. You decide you want to move across the country somewhere else, there's nothing that they can do to come and say you broke the law if they can prove you intended to, that you never intended to live there or you intended to live there for a week and that was all and you lied. That's a different story. All right, our first commercial break. And today's show is sponsored by my mortgage company, the One Brokerage. We're simply the best. Head over to the One Brokerage.com or DM me and say, David, I'd love to be put in touch with one of your loan officers and I will get in touch with you also. Public service announcement. If you ever DM me and I don't reply, it might be because an auto reply happened on Instagram and that checks your message as as read. So I don't see it. So make sure that you send me another one if you happen to get an auto reply on Instagram. We have conventional loans, DSCR loans, non conventional loans, bridge loans, rehab loans for fix and flips or brrrrs helocs, all kinds of loan products, and our rates are really, really good. Send me a message or reach out directly to intake, the1brokerage.com and let us finance your real estate.

Clayton (23:18)

Hey, what's up, David? Thanks for taking my question. I wanted to ask you about structuring a deal with Cash partners and what the equity split should be. So we just finished up a buy and hold renovation on a single family in Tacoma area. We paid about 328,000 for the house, about $50,000 into the renovation. So total cost 378. Again, all cash. The question is, when you're working with Cash partners that provided all the cash, what should the equity split be? So we had initially landed on 66% of net equity going back to the cash investors and 33% as my fee for managing the renovation and the rental. Just want to know what you think of that. And secondly, since it's all trapped equity, how should I go about planning to access that equity at some point to deploy in future investments? Thanks.

David Green (24:16)

All right, Tyler, great question there. Let's start off. One of the things you said was, what should my split B it's at 66% to the cash partners, 33% to you is the operator. I don't like the word should. Here's why. Should tends to refer to a moral standard. Moral standards are based on fairness. In a lot of ways, fairness is subjective. Okay. Like, it's always easy to make an argument that you're a victim of something, and the appeal is it's not not fair. Here's the problem. How do you decide what's fair? Right. When they say that rich people need to pay their fair share of the taxes, how do we know what that is? It almost always means they're not paying enough, so we need to get them to pay more. Is that bad? No, it could be good. But, like, what's the impact of that? If we tax rich people 95% and they just stop working and they don't make any money, sure, you can make an argument it was fair that they had to pay 95%, but now you're getting nothing. They're not making any payments at all. It's always going to be a case. I think about every argument you've ever been in with a partner, with your spouse, with anyone, and they're going to say it's not fair. That's why I don't like should. Should always appeals to that. Now, if you're happy doing this for 33%, and if you think that's the best that you can do or it's a good situation, keep doing it. I wouldn't worry about what you should be getting paid. I would also though say, why wouldn't you just borrow the money from the one brokerage we have rehab loans where you could borrow 90% of the purchase price of the house and 90% of the rehab. Okay, I just bought a house and rehabbed it for a total of $30,000. And the house is going to be worth 400 grand when I'm done. And I'm going to make about $100,000 of equity whether I keep it or whether I sell it. I haven't decided yet. Right. But like, from that perspective, why are you giving away 66% of the profits when you could be borrowing the money and you'd have a higher operating cost but you'd be keeping 100% of profits? Just something that you might want to think about. Now. The last piece of this puzzle was where should you put the money? I think that is a good question, but I don't know how to answer that. You got to figure out where the next deal is going to be coming from. I would recommend though that you reach out to us and you ask about our bridge loans and we help you find a market where we figure out how much you can borrow based on what your down payment money would be. And you figure out where you could get the most bang for your buck in that market. In today's market, what I'm finding is cash flow is the hardest thing to find. If cash flow is the hardest thing to find, burrs are going to be difficult because in the end you need a cash flowing property. Buy and hold investing overall is going to be difficult because in the end you need a cash flowing property. That doesn't mean equity is bad. Equity is actually probably at an all time high as far as the ease of how you can accumulate it. So if that's the case, you're in a market where flipping makes a ton of sense because flipping is all about creating equity. Cash flow doesn't even come into the equation. That's why you're seeing so many real estate investors transitioning into flipping, especially those that were rehab heavy because they're recognizing that, hey, it doesn't matter what I want, it matters what the market's going to give me. Right now the market's giving equity, so I'm going to pursue strategies that take advantage of that. Which is why I just keep saying it's okay if it doesn't have cash Flow. I'm not saying it's okay to buy a property that's bleeding money every month. You shouldn't be buying them. You should be looking for strategies that don't rely on the cash flow. You should be relying on the equity. In which case, I think you should consider flipping and not having to worry about needing the partners. And then if they see what you're doing and they want a piece of it, be like, hey, you guys are welcome to come back. I'll give you 33% of the profits and I'll keep 66%. Suckers. All right, Tyler, thank you for that. Moving on, we've got a question from Clayton in Tampa. I'm 27. Oh, and by the way, everybody, if you are listening to this and you're a person of faith, please consider praying for the people of Tampa, Florida and doing whatever you can to help. They had a nasty hurricane that recently went through. Tons of damage was done. Lots of money is going to be spent, lots of hardship that people are having to go through, and of course it's going to make insurance costs even higher where they're already really high in Florida. I made a couple videos talking about rock rising insurance costs, which you can find on YouTube. I'd recommend you check them out when you're done listening to today's show. But even if you've already listened to those, please make sure you keep Tampa in your prayers as these hurricanes can be gnarly. I'm 27 and at the beginning of my investing journey, I house hack my townhouse and pay half of my nineteen hundred dollar a month mortgage. And I have a hundred thousand dollars of equity built up. Other than that, I'm debt free. I take my company match at 6% in my 403B and I max my Roth IRA. Is it better to be putting my excess savings each month in the S P500 and keep building the stock portfolio or save in a high yield to try and buy my first full rental? Ooh, Clayton, good question, man. You hit me with one that I can't just answer easily. How do I break this down? All right, so let's, let's start by peeling apart the layers of this onions. Because I am green, I am bald, and I've got a Scottish accent much like Shrek. And as Shrek said, ogres are onions. They've got layers. All right, if you put the money into this, I really like the match option where you're getting a 6% return and your company is matching the money. This is going to Be really hard to beat if people are giving you free money. Okay. That's the upside. You're getting free money to put it in a 6% yield account. The 6% doesn't really get me going, but the match does. Now I would wonder, because the downside is you can't get the money out. Will they let you use it to invest in real estate? That's one question. We're going to have to kind of set off to the side a little bit. Peel the layer off the onion, put it off on the cutting board over here. All right. Now your other option would be put my excess savings in the s and P500. So this is buying stocks, Build the stock portfolio. Oh, no, no, that was the company. Match one. Okay. The other option would be a high yield savings account and use that money to buy your first rental. All right. I think we could figure out a way to do both here, Clayton. I think we can figure out a way to do both. By the way, congratulations on being 27 and thinking about this. I, I was 27 when my father passed away. I'd been a cop for two years. I probably had three or four houses, but there wasn't podcasts talking about it all the time. So it's much more rare. Like now there's 27 year olds all over the place that have properties. It wasn't as common, but it was a really good start for my financial future. So well done that you're on the same path. Here's what I want you to do. I want you to match as much as you can with your company. I'm going to say that. And I know I'm the real estate guy. You guys might be shocked to hear me say this. This is real talk, real estate. I'm keeping it real. That's a better option. Now, you don't need to save for a first full rental, meaning not a house hack, because that's going to take 20% down. I don't want you to do that, bro. I want you to put 5% away every year. I want you to put money away, just enough to put 3 to 5% down. Because at the one brokerage we can do conventional loans at 3% down to buy a primary residence. I want you to house hack every year. You mentioned that you're. I house like my townhouse and pay half of my $1900 a month mortgage. So you're paying 950amonth. I bet you can get close to that in rent. I mean, in Tampa, Florida, you're probably going to get more than that. Okay, so you can move out of that house hack and it could break even or make you a little bit of money. Then you move into the next one and put 3% down. The reason I say 3% down, you don't need that much money to do it. You don't have to save that much. You can put the lion's share of your money in this account with your company that matches, by the way, they probably have, like, a ceiling that you can't put in more than this. Max that out. Once it's maxed out, put the rest of it in the High Yield Savings Account, which should be enough to get you 3%, especially with the money that you are saving from not having to pay the 950amonth of your mortgage that you're receiving in rent. What am I talking about? Of course you can get 950amonth because you're already getting that on the other half of this townhouse that you're talking about. Like, you could just get another person in there to do the same thing. You're going to get both, bro. You're going to be able to save the money and have your employer match it, and you're going to be able to save money and house hack again. What's the cost? You're not going to live in the same property you're in right now. So if you can sacrifice that comfort, you can have it all. All right, folks, hope that you're enjoying today's show so far. As a reminder, I'd love it if you'd submit your questions@davidgreen24.com ask I need your questions to make the show and I want to be able to help you and hear from you. And by the way, they're fun. Like, if you're watching this on Spotify or YouTube and you saw the way that Tyler submitted his question, you see why we're having more fun when you guys submit your questions. If I don't answer your question here, maybe it was too long. Maybe we didn't choose it. Maybe the producer didn't like it. I still want to answer it. You can find me on the Minect app. M I N N E C T. Just open up your Apple or Android store, download it, and look up David Green. You can find me on there and you can ask me a question. All right, thank you, everybody for those questions that you submitted. If you'd like to be featured on the podcast or if you have a question for me, I'd love to hear it. Head over to davidgreen24.com Ask A S K and submit it there. Move into the next segment of the show, the comment section where I read YouTube, Instagram and social media comments. Also, did you know that you can leave a comment on Spotify? If you're listening to this on Spotify right now, leave me a comment from Mary Louise how do you structure your day to day routine to oversee your operations and reach your short and long term goals? That's a good question. My calendar is my boss. So basically the stuff that I do for the most part is on the calendar that I have to do and I bounce around from thing to thing. So I check in with the leaders of the different companies I have. Christian runs the one brokerage, Kyle runs Spartan League. Lindsay runs the David Green team, Southern California. Jason runs my short term rental portfolio. Angel runs my traditional rental portfolio as well as project management like the Burrs and the Flips and the marketing that I have going on. Different people within my organization are responsible for different arenas and so I spend my time trying to mold and develop them, which means I can only be as successful as the people that work with me are, and the people that work with me can only be as successful as they make it up in their mind that they want to be. So that's where most of my time is spent, as well as trying to keep up with emails, trying to prioritize, getting recordings. And then I still have to handle my own hiring because I don't have anyone that can do that for me right now. From Woody Treasures, the September 2nd episode where you talk about adapting your mindset. Such good advice applies to so many areas of life. Too many people get stuck because they blame their circumstances and don't think of how to adapt. This year. There were so many times where we thought our whole property purchase we were working toward was going to fall apart. It was insane. Fully insanely stressful. But at every roadblock we had to adapt, even within hours of reaching the closing table. But we were determined to do everything possible to make it happen. And if it fell apart, it wouldn't be to the lack of us doing everything we possibly could. Many people sitting on the sidelines and complaining about how as millennials, we can't afford real estate because of inflation and housing prices. It's all over my comments. There's so many ways that people don't want to fight for their futures or adapt to the current issues. Anyway, I appreciate your content as always. Been listening to you for a couple years. Heart emoji thanks for all you do. Well, thank you. Witty treasures. That's funny that you put this in here because I just got done having a mindset monologue to start off today's show from Color Me Hopeful. When you talked about our Lord Jesus, I loved you before and I love you even more now. I could see. I could always see your faith through the integrity and transparency of your videos, but openly proclaiming it in today's world's priceless. I'd love to see more content about how to start off in 2024 as a newbie with no experience and no resources. Or like a video where you direct us to the best episodes you recorded in the past that will give us the info on where to start now. All right, if you want to start anything, including real estate investing, the first thing you need to focus on is building momentum. A lot of people think the first thing you got to focus on is progress. It's not. You need momentum. When you have a lot of momentum, whatever obstacle you put in front of you gets knocked over. How do you build momentum in real estate? Well, it's going to be resources, and that's going to be capital. That's going to be the people that do the job. It doesn't matter how much money you have. If you can't find a contractor to fix up the houses, you can't burr and you can't flip. It's going to be knowledge, which you're going to get from listening to podcasts like this as well as other people that make good content out there. And then it's going to be confidence. You really got to learn how to build up your confidence so you recognize the right deal, you avoid the wrong deals, you get the right people helping you. If you're having a hard time building capital, you need to read Pillars of Wealth. That's about how to make more money, save more money, and invest the difference. It's not a popular concept because most people want to learn how to invest without money. Personally, I just think that's toxic. I'm not a fan of taking other people's money and risking it because you don't have your own. I think if you don't have your own money, let's start there and let's talk about how we can get you some more of it. Just like if you're not fit, let's talk about how we can get you healthier and more fit. Another way that you could build capital is through equity. That's getting your foot in the door. That's just getting Your little crack that you can get in there. Can you house hack? You can house hack with 3% down? People at the one brokerage we routinely do loans for 3% down. That means if you want to buy an $800,000 house, you just need 24 grand. If you want to buy a $500,000 house, you just need 15 grand. If you want to buy a $300,000 house, you just need $9,000. It can happen. It can happen. It's not going to be easy, it's not going to be comfortable. But when you're trying to build momentum, it never is. So there you go. Color me hopeful. Think about momentum. Getting started from is Maya Layar. I know how to generate leads. You have to put yourself out there and make it known you're looking to buy houses. But man, I have so much concern and guilt with telling people about my investment goals who are in the church and in my job. I feel I would be looked at differently. I still can't seem to shake that perceived image off. Did you struggle with that by chance? Yeah. When I was a police officer, I talked a lot about real estate with the other cops and they would tease me. This is before Donald Trump was president. So they would be like, oh, that's Trump over there. Because he was just known as a real estate guy. I would get called the slum lord. Like that was the kind of the reputation that real estate investors had and they would do it. I just laughed it off. Rather than telling people I'm looking for a great deal for myself, maybe consider saying I buy houses that nobody else wants. I buy houses and make it easier for the buyer. I'd probably tell other people that. Do you know anybody with a death in the family that has a house that they need to sell? I would just find a way to phrase this so that you can tell people that your job is that you buy houses, not that you're a greedy real estate investor looking to take advantage of people. From Teresa, I'm glad you stayed doing this show. Your real estate and loan teams helped me with my last investment. I cannot wait for the next house. Hacking back. Boom. Thank you, Teresa. I love, love, love hearing this. You guys can tell I get really excited when someone uses my real estate agents or my loan team because that is literally the reason I spend all this money and all this time to make these podcasts. So thank you very much for that from Jesse Sanchez. How do I become more familiar with the lingo? Like take real estate classes? No, you're not gonna learn Anything from that? You gotta comment on these YouTube videos. What do these words mean? And listen to every single episode that I put out. You'll pick it up if you're just around it long enough. All right, getting out of the comments section and into the real news report. In this segment of the show, I share with you relevant news going on in the world of real estate today. First article, There's a decline on Wall Street. The Japanese index advanced more than 3,300 points, not quite making up for the huge loss of more than 4,400 points the day before, where it plunged 12.4% in a single day. December declined the worst since 1987. The scary Monday started with a plunge abroad reminiscent of 1987's crash swept around the world and pummeled Wall street with more steep losses as fears worsened about a slowing U.S. economy. So this isn't just rumors of me talking about it. This is other countries that are paying attention to this, too. The drops were the latest in a global sell off that began last week. And it was the first chance for traders in Tokyo to react to Friday's report showing US Employers slowed their hiring last month by much more than economists expected. That was the latest piece of data on the US Economy to come in weaker than expected. And it's all raised fear the Fed Reserve has pressed the brakes on the US Economy by too much for too long through high interest rates in hopes of stifling inflation. Professional investors caution that some technical factors could be amplifying the action in markets and that the drops may be overdone. But the losses were still neck snapping. Well, what do we have here? We printed a whole bunch of money during COVID when we shut the country down, I told everybody this was going to cause inflation. It did. It just takes a while for that inflation to come. Now bread, meat, eggs, groceries, gas, food, cars, housing, rent, all of it is getting more and more expensive in order to try to stop that because it's very unpopular politically. When we're becoming more poor because everything costs more, the Fed comes in and says we're going to raise rates to slow down the price of things going up, up. The unfortunate side effect of that is you get more inflation because people spend less money, which means companies have less revenue coming in, which means they need less employees to do less stuff. And you also get housing and cars become even more expensive even though the price of them didn't go up, the cost to finance them did. So in order to combat all the inflation from the money that we printed we had to raise rates, which created a new problem. And as other countries see this going on, they go, oh, this is not good. American screwed things up. Their economies are affected as well, which is, which is why you had this sell off in the Japanese stock market. Next up, California to give down payments to illegal immigrants. Say it ain't so. The Senate passes a bill to give home loan down payments to illegal immigrants. Assembly Bill 1840, authored by Assemblyman Joaquin Arambula, would expand eligibility of the California Dream for All program to be renamed under the bill to be the Home Purchase Assistance Program or hpap, and remove any disqualifications based on an applicant's immigration status. If approved, illegal immigrants can enter the lottery system under the program that gives 20% in down payment assistance up to $150,000. This year, out of 18,000 people who applied to the California Dream for all program, only 1700 were chosen. The bill would greatly expand the number of applicants due to the California Dream program targeting low to middle income first time buyers. But David, I'm not an illegal immigrant. But David, I'm not applying for this program. Why are you wasting my time talking about it on the David Green Show? Well, let me tell you, the last time that this program passed and the government gave free down payment assistance to a bunch of people, it flooded the California real estate market with even more offers as more offers come up. And by the way, hardly any sellers ever took these. They didn't like it because the buyers didn't have much cash in the bank, which means that they're much more likely to back out of the deal when the inspection report comes back. So they still sell to the person not using the down payment program. But what happens is you get an extra five or six offers that come rushing in because they're getting free money from the government to buy, which means the person that was going to get the house anyway just has to pay more. What does that do? It pushes home prices higher. What does that do for affordability? It brings it lower. Every time you have something like this happen where the government says, hey, this will be fun, let's give people free money. It makes housing more expensive, which negatively impacts that same income group that needed the down payment assistance in the first place. Now, good news, there was an update to this and it was shot down. They didn't offer the benefits of this program to the people that were undocumented. However, that is just a political talking point. It really has very little impact on the practicality of this program. There's not a ton of people that are here illegally that are going to get free money to go buy a house. It's not going to happen in reality, but this program is bringing more people into the housing market and increasing competition for the already too low supply of homes. And that brings us back to the real answer. We need to build more houses and stop making it easier for people to buy the houses that we already have. So if you're a home builder, now would be a really good time to make some good money. All right, our next news article. Real estate in Italy is a gold mine for investors. A California resident snags a six bedroom, two kitchen home for just $62,000. Laura Minton uncovered an incredible real estate opportunity in Italy and now she's fully embracing the experience. According to a Business Insider report, Minchin purchased a home in Musk, Italy for just €57,000 or $62,200. After a complete renovation, she's invested around €70,000 total, a remarkable deal for a 3,000 square foot house with six bedrooms and two kitchens, proving that dreams of owning a beautiful home in Italy can be within reach. Her primary residence in California and the cost comparison is almost unbelievable. Her California home is valued at $504,000 and it's 1500 square feet and has three bedrooms. That's right, it costs over eight times more than the house in Italy and it's half the size. The real estate opportunity Italy is so great that she decided to buy a second house with her brother for €31,000 which she plans to rent out. She's also looking to buy a third house in Italy with her sister and use it to generate additional income through short term rentals. Minton says I'll rent out my house in California for the next 15 to 20 years and when I want to come back, I'll still have my house there waiting for me. Minton shouldn't have a problem bringing in thousands of dollars a month renting her half a million dollar house in California. Combined with her rental plans in Italy, she should be able to live comfortably off of rental income. She's planning to retire in about two years as the US has messed up our economy and our housing industry. U. S money is moving into other countries like Italy where people are able to get houses a lot cheaper. Now as you're sitting here thinking, oh, I'll get my hands on some of that Italian casses, something to think about. Financing is very different over there. She's probably buying these houses for cash. It's possible to get financing there, but you're not putting 5% down, you're not putting 20 down. You're off than putting much more than that. But hey, if you're buying a house for $62,000, not a bad deal, right? 3,000 square feet, it's going to need a big renovation. But hey, if you're willing to travel and you're working remote, might not be a bad idea to start looking into some of these other countries. All right, moving on to the next segment of our show. It is the sneak peek section where I share a little snippet of something I'm working on. I'm putting together a accelerator course for real estate agents to help them sell more homes, where I teach the systems, the models, the scripts, the protocol that we use on the David Green team. We get rave reviews about this every single time we do it. And I want to recommend you, if you are a real estate agent or you know one or love one, to head to davidgreen24.com agent and check it out. All right, everybody, that is our show for today. We talked about masterminds, what to look for in a mastermind. We talked about the mindset needed to succeed. We talked about the toxicity of entitlement and why you want to avoid it if you want to be successful. We talked about buying real estate in Italy and we talked about the Fed, its dual mandates, what's happening in Japan. You got a little bit of everything today and I'm really glad you were here. Remember, in order to make shows like this, I need your help. Seriously. Please head to davidgreen24.com Ask and submit your questions there so we can continue to make these Seeing Green style podcasts. And please DM me on Instagram if you have any questions I didn't get to today. You can also leave a comment if you're listening to this on YouTube or Spotify. I do my best to read all of them. Thanks everybody. If you've got a second, check out another episode of the David Green team and if not, I'll see you next week. Thanks for listening to Real Talk Real Estate. 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