Latest / The Steve Harvey Morning Show / Dr. Joseph Asamoah on Tackling Gentrification and Affordable Housing Solutions

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Dr. Joseph Asamoah on Tackling Gentrification and Affordable Housing Solutions · The Steve Harvey Morning Show

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  Speaker 1: Welcome to Money Making Conversations. It's the show that she
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  Speaker 1: has the secrets of success experience firsthand by marketing and
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  Speaker 1: Brandon expert Rashan McDonald. I will know he's giving me
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  Speaker 1: from my man, Rashan McDonald money Making Conversations. Here we come.
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  Speaker 1: Welcome to Money Making Conversation. I am your host, Rushan McDonald's.
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  Speaker 1: I recognized that we all have different definitions of success.
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  Speaker 1: For some, it's a sizable paycheck. Mine is helping people
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  Speaker 1: tripping over small challenges and prepare to rise above the
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  Speaker 1: bigger obstacles that life will present to you. My next
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  Speaker 1: guest is Dr Joseph Asama. He's the property investment Strategy
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  Speaker 1: just In President of Capital National Management Corporation. Dr Joseph
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  Speaker 1: is from Ghanam and came to America by way of
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  Speaker 1: England over thirty years ago with only one hundred dollars
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  Speaker 1: in his pocket. He now owns over for their homes
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  Speaker 1: they rent the low income families. His mission is simple,
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  Speaker 1: is to change lives and provide opportunities for low income
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  Speaker 1: people to live in safer neighborhoods and have access to resources,
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  Speaker 1: better education for their children, and beautiful design equity homes.
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  Speaker 1: He provides solutions to tackle gentrification and affordable housing issues
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  Speaker 1: and unique in very very effective ways. Please work on
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  Speaker 1: the money making conversations. Dr Joseph asama Chan was an honor.
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  Speaker 1: I am so happy to thank you. Well. I'm telling
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  Speaker 1: something when I when I read your bio and they
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  Speaker 1: they told me you'd like to do my show and
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  Speaker 1: I can interview you. You know, my show is about uplift.
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  Speaker 1: It's about motivation, about letting people know there are there
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  Speaker 1: is a better option for you live. And that's that
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  Speaker 1: seems to be your mantra. Man. It's like you know,
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  Speaker 1: when I looked at everything I read it it's about
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  Speaker 1: how can somebody understand that there's an opportunity that they
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  Speaker 1: don't know about. You can give them information not only
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  Speaker 1: for a lifestyle, but but an income opportunity to change
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  Speaker 1: and value themselves as better people in America. Exactly, exactly, exactly.
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  Speaker 1: I'm looking forward to sharing some of my ideas and
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  Speaker 1: some of my journeys traveling tribulations, ups and downs, and
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  Speaker 1: hopefully be a source of inspiration to your listeners. Well,
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  Speaker 1: you are a social inspiration because when I read it
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  Speaker 1: in the beginning, you know, you thirty years ago a
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  Speaker 1: hundred dollars in your pocket, and a lot of people
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  Speaker 1: start with you know that's that may be a lot
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  Speaker 1: of money to some people because in the era that
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  Speaker 1: we lived today, in the middle of the pandemic, let's
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  Speaker 1: talk about that. Let's start right now with that, because
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  Speaker 1: we know housing there's a major issue. People are being evicted.
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  Speaker 1: CDC did a suspend payment, but to come January, you
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  Speaker 1: still will have to pay the payments that you missed
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  Speaker 1: during that suspension period. How well a guy who reach
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  Speaker 1: out to low income housing, how has that impacted what
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  Speaker 1: you're trying to do for the community and the people
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  Speaker 1: who were reining from you. Yeah, I mean what I found,
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  Speaker 1: as I said, the houses, the basic human need that
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  Speaker 1: everybody needs. And what I realized when I first came here. Um,
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  Speaker 1: in fact, the story was, I came here with I
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  Speaker 1: knew one person in the United States. I used to
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  Speaker 1: live in England. And when I came here, my uh
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  Speaker 1: about six weeks after I arrived, my boss was fired. Uh,
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  Speaker 1: not because of anything he did wrong. It was just
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  Speaker 1: that there was a reorganization and essentially the new guy
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  Speaker 1: that came in, um, you know, got rid of my
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  Speaker 1: my boss. And he was like, oh so about six
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  Speaker 1: or seven weeks later, a few weeks later, we met
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  Speaker 1: up for lunch and this was, in hindsight, probably a
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  Speaker 1: major change in my life. He's basically what he said
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  Speaker 1: to me during that line. He said, look, this is America.
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  Speaker 1: These things happen, and but make sure you have a
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  Speaker 1: plan B because you don't know what's going to happen tomorrow.
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  Speaker 1: And this guy apparently he had like ten houses, and
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  Speaker 1: I just couldn't fathom how anybody could have more than
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  Speaker 1: one house. This is like, how is that possible? And
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  Speaker 1: he just said, look, Joe, if whatever you do, make
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  Speaker 1: sure you have a plan B. I chose real estate,
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  Speaker 1: but if you do buy something, make sure that you
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  Speaker 1: keep it, don't sell it, because over the long haul, Um,
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  Speaker 1: you know you'll be fine. Because he had this rental
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  Speaker 1: income coming in which is able to provide provide him
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  Speaker 1: that sort of cushion because he lost his job. So
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  Speaker 1: I knew zero about real estate invest in and I
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  Speaker 1: didn't have any money. But you know, I talked about
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  Speaker 1: his word. I did some research, and I brought my
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  Speaker 1: first house about a couple of years later, a complete disaster.
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  Speaker 1: Everything I could have gone wrong went wrong. And I
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  Speaker 1: mean I can go through that. But when you say
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  Speaker 1: everything it could be wrong, cove gone wrong wrong, what
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  Speaker 1: do you mean when you say that. Well, in this
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  Speaker 1: particular case, Um, the house had tenants inside already, and
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  Speaker 1: so when I spoke to him what the potential person
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  Speaker 1: I was buying the seller of the house, I asked,
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  Speaker 1: you know, what are the tenants like? He said, Oh, man,
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  Speaker 1: they're great, They're fantastic people. I mean, I was straight
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  Speaker 1: from England. You know, all Americans are honest people. So
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  Speaker 1: I talked about his words. And after I bought the house,
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  Speaker 1: I found out that they hadn't paid him for three
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  Speaker 1: months and they had a water bill of five thousand
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  Speaker 1: dollars um. So that's why that was my first entrain
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  Speaker 1: to real estate. This this this, uh, this disaster and
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  Speaker 1: h but essentially what happened in the end, I was
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  Speaker 1: able to turn that thing around. I didn't know anything,
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  Speaker 1: and they would turn around, worked with the tenants and
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  Speaker 1: we're able to catch everything up. But looking back, that
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  Speaker 1: was probably um the best thing that ever happened. Not
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  Speaker 1: because I mean we can laugh about it now, but
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  Speaker 1: during the time, it was just pure help what I learned.
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  Speaker 1: What I learned was everything that you're not supposed to
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  Speaker 1: what not to do. And once I was able to
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  Speaker 1: sort of pick myself up and then bought the second house,
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  Speaker 1: and then bought the third house and just sort of
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  Speaker 1: continued until about fifty years ago when all my back
• 6:04
  Speaker 1: time I was working for a major technology company. My
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  Speaker 1: income that company equaled what I was making of my
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  Speaker 1: rental properties, so I was able to have that plan
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  Speaker 1: b that you know, my Xbox told me about. So,
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  Speaker 1: I mean, that's essentially the journey is that real estate.
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  Speaker 1: You know, it has lots of benefits. Uh, it can
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  Speaker 1: be a really true vehicle towards wealth, wealth building. You
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  Speaker 1: can create a legacy, Uh, you can get cash flow,
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  Speaker 1: you can get tax benefits. Dr Joseph, let me make
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  Speaker 1: you this, you know, because you know either word plan
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  Speaker 1: B and I just I just see it. You just
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  Speaker 1: became an entrepreneur or are you working for somebody? And
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  Speaker 1: you just became an entrepreneur and you use the gift
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  Speaker 1: that you had the ability to to uh to see
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  Speaker 1: your visionary skills saying okay, this is income because we've
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  Speaker 1: see so many popular TV shows on now to kind
• 6:57
  Speaker 1: of talk about flipping homes, and just just that's that
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  Speaker 1: you're so popular now. So thirty years ago they weren't,
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  Speaker 1: that idea wasn't popular, but now it's a TV friendly
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  Speaker 1: show to watch. And so so your plan B, like
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  Speaker 1: I said to me, it's just that you just you
• 7:12
  Speaker 1: just welcomed your role as an entrepreneur and then you
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  Speaker 1: would enable you to be able to walk away from
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  Speaker 1: that hourly wage or that for the our week job.
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  Speaker 1: There's so many people are strapped to and so so
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  Speaker 1: when I when I see that and I see the
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  Speaker 1: opportunity that you present yourself, it's an easy conversation talking
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  Speaker 1: about Webbot one home about to home, we see bodies
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  Speaker 1: only did you use personal loans. Did you use income
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  Speaker 1: from your bank savings? How did you initially start buying
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  Speaker 1: a home and then a second home? And third did
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  Speaker 1: you leverage the first home? How did that? How did
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  Speaker 1: this this this process st process start to develop. Yeah, okay,
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  Speaker 1: So the first sound I bought, um, you know, the
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  Speaker 1: one with that disaster. Essentially, the seller, I mean that
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  Speaker 1: kind of I was working the seller at that point,
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  Speaker 1: was able to well, was able to negotiate with him
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  Speaker 1: because he wanted to get rid of the house. Whereby
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  Speaker 1: essentially I was able to buy that house without much
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  Speaker 1: money down. You know, we're able to negotiate a low
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  Speaker 1: down payment, and I was able to afford that because
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  Speaker 1: he wanted to get He was what we call the
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  Speaker 1: motivated seller. He just want to get rid of that thing.
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  Speaker 1: Now the second half, the second house, which is probably
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  Speaker 1: more important, um, was that at that time I bought
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  Speaker 1: a house specifically whereby I could rent some space in
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  Speaker 1: the home. Okay, So I had a basement which I
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  Speaker 1: knew I could sort of rent out. It has three
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  Speaker 1: bedrooms upstairs. I was like, I lived in one and
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  Speaker 1: rented the other two out. So what that meant was
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  Speaker 1: that I could buy this home. But my expenses. The
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  Speaker 1: biggest expense that most people have is their housing expense.
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  Speaker 1: If you're able to drive that thing down, uh to
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  Speaker 1: buy renting part of the space in the home, uh,
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  Speaker 1: then your everyday expenses goes down quite tremendously. So in
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  Speaker 1: this case, the income that I was getting from the
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  Speaker 1: property essentially equalled the mortgage that I was paying out,
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  Speaker 1: and therefore I was able to save more money. And
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  Speaker 1: then I saved and hid from saving, and therefore, by
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  Speaker 1: the savings from the second property, I was able to
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  Speaker 1: have the down payment for the third property and so on.
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  Speaker 1: And if that makes sense, uh So the idea is
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  Speaker 1: that there's two things. One is, okay, if you don't
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  Speaker 1: have any money, okay, and you want to get this
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  Speaker 1: thing going, then you have several options. One is to
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  Speaker 1: obviously you need to either increase your income by having
• 9:33
  Speaker 1: a size hustle or generate some income one way or
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  Speaker 1: the other. Or you can reduce your expenses. And the
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  Speaker 1: biggest expense that most people have is their housing extense,
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  Speaker 1: So how can you drive that housing expense lower? So
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  Speaker 1: it's that you can save some money from which you
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  Speaker 1: can then start. If you don't have that, then the
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  Speaker 1: third option is to develop expertise and knowledge and therefore
• 9:53
  Speaker 1: your part your partner with people who do have the resources. Okay,
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  Speaker 1: so there's people out there who have money, I don't
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  Speaker 1: know how to do this. Uh So you have to
• 10:02
  Speaker 1: bring something to the table for them to want to
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  Speaker 1: work with you, so that you may have the knowledge,
• 10:07
  Speaker 1: or you may have the time or the expertise, or
• 10:09
  Speaker 1: you developed that anyway, and then you can partner with
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  Speaker 1: people who may not who have the money but don't
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  Speaker 1: not have the skill. pH. I remember a couple of steps.
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  Speaker 1: I want to say a couple of uck teen years ago,
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  Speaker 1: a friend of mine approached me and he was telling
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  Speaker 1: me about, you know what's going into a uh interest
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  Speaker 1: in the neighborhood, and he was saying that the city
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  Speaker 1: in general won'ts these neighborhoods upgraded because it because if
• 10:31
  Speaker 1: you upgrade the block. Because he was just talking about
• 10:33
  Speaker 1: we went down this block. He said, what we're gonna
• 10:34
  Speaker 1: do is we're gonna buy these homes here and we're
• 10:37
  Speaker 1: gonna upgrade them a little bit. And we upgrade these
• 10:39
  Speaker 1: homes and fixed the street, then the city will be
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  Speaker 1: able to raise the tax dollars. And he said that's
• 10:44
  Speaker 1: the That's why the city likes when you come in
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  Speaker 1: and get these neighborhoods upgraded because they can charge more taxes. Now,
• 10:51
  Speaker 1: when you charge more taxes than turn, that means that
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  Speaker 1: the people who live in the homes can't maybe not
• 10:56
  Speaker 1: maybe or may not can't afford it. So how does
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  Speaker 1: that work with you? Because when you're going in, I'm
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  Speaker 1: sure you're taking these homes, you're purchasing them, that you're
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  Speaker 1: upgrading them. That do the taxes increase on the people?
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  Speaker 1: Are you or do you pass those those taxes increases
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  Speaker 1: to the to the renters? How does that work? Okay? Um,
• 11:15
  Speaker 1: So you buy a house and then you improve it,
• 11:19
  Speaker 1: and then you you know, once you improve it, obviously
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  Speaker 1: the values go up. And uh, most times, as you
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  Speaker 1: said before, the tax of the assessments are based on
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  Speaker 1: the value the home, so that the taxes may go up.
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  Speaker 1: So I mean, that's just the reality. So what I
• 11:33
  Speaker 1: do is that, you know, I rent most of my
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  Speaker 1: houses to low income families. Many of the families have
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  Speaker 1: housing choice values sexually as they uh as people commonly
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  Speaker 1: refer them to. One thing I've realized is that there's
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  Speaker 1: a lot of families it's a stigma associated with Section
• 11:52
  Speaker 1: eight in low income housing, there's UH. What I realized
• 11:55
  Speaker 1: is that there's a large number of families out there
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  Speaker 1: who are really no different than you and I, which
• 12:00
  Speaker 1: on um. They want the best of their children. They
• 12:04
  Speaker 1: don't want to be shot at them more than you
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  Speaker 1: want to be shot at. They want to have a
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  Speaker 1: decent home, They want to live in a uh you know,
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  Speaker 1: you know where, access to the amanities. There really no
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  Speaker 1: different than you and I. The only difference is that
• 12:15
  Speaker 1: they may not have the money, but their goals, their outlook,
• 12:19
  Speaker 1: their expectations for their children are no different than you
• 12:21
  Speaker 1: and I. So what I realized when I realized this
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  Speaker 1: is that if I can provide quality housing in good areas,
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  Speaker 1: I can attract those families and uh and when when
• 12:33
  Speaker 1: you get those families, it truly is a blessing because
• 12:36
  Speaker 1: what happens is that they are so appreciative of the
• 12:39
  Speaker 1: fact that someone is giving them an opportunity to live
• 12:41
  Speaker 1: in a nice house in a nice area. And four
• 12:44
  Speaker 1: things happen. One is that they pay their rent to
• 12:47
  Speaker 1: is that they take care of your property. Three they're
• 12:50
  Speaker 1: pleasant to deal with, and four, which is probably the
• 12:53
  Speaker 1: most important one, they stay a long time. And this business,
• 12:57
  Speaker 1: as I'm sure you know, it's cheaper to keep an
• 13:01
  Speaker 1: existing customer happy is to go find another one. So
• 13:05
  Speaker 1: in the space of the real estate environment, is cheaper
• 13:08
  Speaker 1: to have an existing tenant happy, so they stay with
• 13:11
  Speaker 1: you a long time rather than having the vacancy and
• 13:14
  Speaker 1: turnover when they leave, because when they leave, you've got
• 13:16
  Speaker 1: to paint the place again, you're clean us and so forth.
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  Speaker 1: So um, so there's what the you know, so the
• 13:23
  Speaker 1: rents that you collect each month stays in your pocket.
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  Speaker 1: But the important thing is that you're providing life changing opportunities.
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  Speaker 1: Life changing. I mean, I was speaking to one of
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  Speaker 1: my tenants last week. Just by the fact that she
• 13:37
  Speaker 1: moved into one of my profities. Two of her kids
• 13:40
  Speaker 1: have got four point oh g p a s. They're
• 13:43
  Speaker 1: going to college, four scholarships. H This would not have
• 13:47
  Speaker 1: happened if they weren't in a better area. Uh, this
• 13:50
  Speaker 1: wilt have happened if those opportunities to the present themselves
• 13:54
  Speaker 1: to you. So I mean, that's really the other side
• 13:57
  Speaker 1: of the things. You can make money, but also you
• 13:59
  Speaker 1: can do good and m That's what you stated in
• 14:05
  Speaker 1: your early ambission is to change lives provide opportunities for
• 14:08
  Speaker 1: low income people to live in safer neighborhoods and have
• 14:11
  Speaker 1: access to resources and that education. That's what always angers
• 14:14
  Speaker 1: me about racism, because racism acts like it makes it
• 14:17
  Speaker 1: seem like people who don't have, or people of color
• 14:20
  Speaker 1: who don't have, want to steal, want to sell drugs,
• 14:24
  Speaker 1: want to bring down the value of the neighborhood because
• 14:27
  Speaker 1: they move into that neighborhood. And that's, really, like you said,
• 14:30
  Speaker 1: a horrible stereotype that you have to deal with when
• 14:33
  Speaker 1: you're meeting people who just want the same value and
• 14:36
  Speaker 1: the same opportunity exactly exactly I mean, I mean the
• 14:41
  Speaker 1: larger context is, at least in Washington, d C. I'm
• 14:44
  Speaker 1: sure it's the same thing where you are and many
• 14:47
  Speaker 1: of your listeners are. Neighborhoods are being transformed, okay, being changed,
• 14:51
  Speaker 1: Okay through gentrification. Now that's just the reality, at least
• 14:56
  Speaker 1: in Washington, d C. It's just rampants the neighborhoods where
• 15:00
  Speaker 1: many years ago you say, who the hell want to
• 15:02
  Speaker 1: live there? Now you can't get there, you can't get in.
• 15:04
  Speaker 1: It's changed. Uh. For example, when when you know one
• 15:08
  Speaker 1: of the blocks where we lived in Washington d C.
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  Speaker 1: When I was there, that block was a hundred percent
• 15:14
  Speaker 1: black African American. Now that block is a percent white.
• 15:19
  Speaker 1: There's only one family on that block that's African American,
• 15:23
  Speaker 1: and that is my tenant. Uh If I didn't keep
• 15:27
  Speaker 1: that home and provide that opportunity to that family, they
• 15:31
  Speaker 1: wouldn't be there. So the idea is that you know,
• 15:36
  Speaker 1: through what we can do, you and I and so
• 15:39
  Speaker 1: for we can mitigate some of the effective gentrification, which
• 15:42
  Speaker 1: is displacement. We understand these families, we know what they're
• 15:46
  Speaker 1: trying to accomplish, and we can sort of have an
• 15:48
  Speaker 1: insight and really understanding to give them a chance, to
• 15:51
  Speaker 1: give them opportunities and hopefully, and that's why I brought
• 15:58
  Speaker 1: up the whole statement about you know, when when you
• 16:00
  Speaker 1: upgrade the neighborhood, or you upgrade a house, than the
• 16:03
  Speaker 1: taxes go up, and then that's what the people who
• 16:05
  Speaker 1: live in that sometimes have to move out. Or then
• 16:08
  Speaker 1: your situation that you was explaining about the same thing
• 16:11
  Speaker 1: happened to Halem. You go to Hall m right now.
• 16:13
  Speaker 1: I remember first moved to New York, you couldn't catch
• 16:15
  Speaker 1: a cab to HALLO. Now you walk the hall of
• 16:18
  Speaker 1: it two o'clock and more and the white people walking
• 16:19
  Speaker 1: around with their dogs, you know, street, and that's that's
• 16:23
  Speaker 1: no joke. And it's like, okay, this is like okay,
• 16:27
  Speaker 1: you know, you go other than other than Apollo Theater,
• 16:30
  Speaker 1: Hallam is pretty much white up there. You know, people
• 16:33
  Speaker 1: areguing that case with me. But go up there and
• 16:35
  Speaker 1: hang out because I know, I lived in New York
• 16:37
  Speaker 1: and New York and eighty eight. I moved back there
• 16:39
  Speaker 1: in two thousand five, and it was just two different neighborhoods.
• 16:43
  Speaker 1: But along the way, I would always go up there,
• 16:45
  Speaker 1: either to perform or to visit television show pitches or
• 16:48
  Speaker 1: visit people that I know. And you see these communities
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  Speaker 1: change it or one hundred percent minority black Now they
• 16:56
  Speaker 1: can't even live in the neighborhood that they were born in.
• 16:59
  Speaker 1: They can't even live in the neighborhoods that they grew
• 17:01
  Speaker 1: up in because of the fact that the low income
• 17:03
  Speaker 1: has been pushed out and been pushed out because value
• 17:07
  Speaker 1: has all source the ability to have income to pay
• 17:10
  Speaker 1: for it. So when I listened to you saying like
• 17:13
  Speaker 1: black and local low income family lives do matter. Given
• 17:16
  Speaker 1: an opportunity to live in high income gingerfied areas that
• 17:20
  Speaker 1: you just mentioned they normally could never afford by utilizing
• 17:23
  Speaker 1: the recession proof formula. What does that recession proof formula
• 17:27
  Speaker 1: that you're talking about? Sure? The thing about some of
• 17:31
  Speaker 1: this sort of like the housing choice spouse for ago,
• 17:34
  Speaker 1: the sixth day program, it's it's a program whereby uh,
• 17:38
  Speaker 1: part of the rent is paid by the housing authority,
• 17:41
  Speaker 1: the local housing authority, and the remainder is paid by
• 17:44
  Speaker 1: the tent Okay, so um. So for instance, I'll just
• 17:48
  Speaker 1: give it an example. If the rent of this property
• 17:51
  Speaker 1: is a thousand dollars, for example, which is not the
• 17:53
  Speaker 1: case in New York, is not the case in Washington,
• 17:55
  Speaker 1: d C. But just for obviously easy numbers, if the
• 17:58
  Speaker 1: rent is a thousand dollars to y'all home, then you
• 18:01
  Speaker 1: may decide, well, the housing authority may pay let's say
• 18:04
  Speaker 1: six hundred of that thousand, and the tenants portion maybe
• 18:08
  Speaker 1: four hundreds. And the tenants portion is based on their income.
• 18:12
  Speaker 1: So the more money they made, the more that they pay.
• 18:14
  Speaker 1: The less money and they made the less that they pay. Okay,
• 18:16
  Speaker 1: So let's just take a simple scenario, a thousand dollar
• 18:19
  Speaker 1: und six hundreds paid by the housing authority and four
• 18:21
  Speaker 1: hundred dollars is paid by the tenant. The reason why
• 18:24
  Speaker 1: it's the recession proof is that if the tenant loses
• 18:27
  Speaker 1: their income, loses their job or whatever it is, then
• 18:30
  Speaker 1: typically what they will happen is that they'll go to
• 18:32
  Speaker 1: the housing authority and their portion will go down because
• 18:36
  Speaker 1: their income has gone down, So it may go from
• 18:39
  Speaker 1: four hundred to two hundred and uh and therefore the
• 18:42
  Speaker 1: housing authority picks up the difference, so their portion will
• 18:45
  Speaker 1: go from six hundred to eight hundreds. The thousand dollars
• 18:48
  Speaker 1: is still the same, it's just that the breakdown of
• 18:51
  Speaker 1: that thousand dollars will will will change. So in a
• 18:55
  Speaker 1: in a recession, when people lose their come uh or
• 19:01
  Speaker 1: people who have their house cut, hours cut, and things
• 19:04
  Speaker 1: like that, what happens is that they may not be
• 19:06
  Speaker 1: able to pay you, and therefore you would lose that
• 19:08
  Speaker 1: whole a thousand dollars. Okay, under that, if I was
• 19:13
  Speaker 1: rented to uh, let's say a market rent, if they
• 19:15
  Speaker 1: lost their job or lost their house, they may not
• 19:17
  Speaker 1: be able to pay a thousand dollars. But with a
• 19:19
  Speaker 1: house authority tenants this sectually eight tenants, that portion will
• 19:22
  Speaker 1: go from four hundred two hundreds, so I will still
• 19:26
  Speaker 1: get the eight hundred from the housing authority and the
• 19:30
  Speaker 1: tenants responsible for the two hundreds. So you are essentially
• 19:36
  Speaker 1: going to get most of your rents. It's not all
• 19:38
  Speaker 1: of your rent regards of the economic cycle that you're in.
• 19:42
  Speaker 1: And that's basically what you're saying is that these rental rented.
• 19:46
  Speaker 1: The individually rental kind of like I almost have a
• 19:49
  Speaker 1: built in and government plan that allows you to get
• 19:52
  Speaker 1: your rent paid, a portion of it paid at least,
• 19:55
  Speaker 1: no matter what's going on, no matter they're doing the pandemic,
• 19:58
  Speaker 1: no matter doing the reception. Pretty much can can can
• 20:02
  Speaker 1: still afloat with the tenant that you have versus a
• 20:04
  Speaker 1: person who may get laid off from a job, a
• 20:07
  Speaker 1: person who may get fired, may get terminated made to
• 20:10
  Speaker 1: do the illness, and they have no income than the
• 20:13
  Speaker 1: rint that you can potentially gift in that person is zero. Correct, Yes, yeah,
• 20:18
  Speaker 1: so I have some talents who ranks to zero and
• 20:20
  Speaker 1: some of them are hundred dollars, two undred alls or
• 20:22
  Speaker 1: whatever it is. So you know that that portion again
• 20:25
  Speaker 1: is based on the income that they make. But the
• 20:28
  Speaker 1: key though is that these are nice homes in nice areas,
• 20:32
  Speaker 1: these timlies are they want to stay there. Uh, and
• 20:36
  Speaker 1: so they're in no rush to leave. And uh, you know,
• 20:40
  Speaker 1: in this business, you know, I can't really stress this.
• 20:45
  Speaker 1: Certain neighborhoods, certain areas, certain cities, certain geographic geographers. Over time,
• 20:52
  Speaker 1: the prices of houses go up. And you know, as
• 20:56
  Speaker 1: you said in New York Atlanta, so over time the
• 20:58
  Speaker 1: houses go up. Therefore you can buy this health or
• 21:01
  Speaker 1: this asset and keep it for a long time, then
• 21:04
  Speaker 1: the price will go up. And that's that's a that's wealth,
• 21:08
  Speaker 1: that's legacy, that's income, that's cash flows that you can
• 21:12
  Speaker 1: obviously leave as a legacy to your family and your children.
• 21:15
  Speaker 1: And you know, and you can pass on like my
• 21:19
  Speaker 1: father should tell me. They're not gonna make it more land.
• 21:22
  Speaker 1: Once you buy that land, then it's something that you
• 21:25
  Speaker 1: can own and uh and build on and uh and
• 21:28
  Speaker 1: like you say, a legacy part of it. But in Joe,
• 21:30
  Speaker 1: you formed this the Legacy Investment Network. It's a free
• 21:33
  Speaker 1: community membership platform and basically everybody is comprised of nearly
• 21:37
  Speaker 1: one thousand investors and industry professionals who are access to
• 21:41
  Speaker 1: your expertise. So tell us about the Legacy Investment Network.
• 21:45
  Speaker 1: They're formed that you formed in Joseph. Yeah. I mean,
• 21:50
  Speaker 1: from my perspective, the pie is big enough everybody. Okay, Uh,
• 21:54
  Speaker 1: it doesn't matter if Rashaan does what I do. It
• 21:57
  Speaker 1: doesn't matter if you know, the pie is enough everybody.
• 22:01
  Speaker 1: And so what I realized, you know, is that whenever, whenever,
• 22:05
  Speaker 1: whenever I have a house for rent, I'm getting in
• 22:07
  Speaker 1: twelve thirteen fourteen applications. So I'm turning down ten twelve
• 22:13
  Speaker 1: thirteen people, families, families who are yearning for these opportunities.
• 22:17
  Speaker 1: So I cannot meet the needs. It's just not possible. Uh,
• 22:21
  Speaker 1: it's not possible. So therefore, you know, my whole idea
• 22:25
  Speaker 1: is what can I do to encourage other people to
• 22:28
  Speaker 1: replicate what I'm doing? Uh So that's the essential to
• 22:31
  Speaker 1: the genesis of the network, is that I try to
• 22:35
  Speaker 1: help people, educate people, share with them what I'm doing,
• 22:38
  Speaker 1: give them the opportunity to see what I'm doing, and
• 22:40
  Speaker 1: hopefully give them the inspiration and encouragement to replicate what
• 22:43
  Speaker 1: I'm doing. And that's essentially what it is. Because you
• 22:48
  Speaker 1: cannot meet the needs needs which are your listeners. Cannot
• 22:52
  Speaker 1: meet the needs the need is too great, and we
• 22:55
  Speaker 1: need more people to do this because the analogy is,
• 23:01
  Speaker 1: I see this is like the train is leaving the station.
• 23:05
  Speaker 1: We can sit on the station and curb and sort
• 23:08
  Speaker 1: of watch the train move leave and complain of the
• 23:11
  Speaker 1: trains left, or we can get onto that train and
• 23:15
  Speaker 1: be a you know, participant on that journey. So my job,
• 23:19
  Speaker 1: I think what I can do is to help people
• 23:21
  Speaker 1: get onto that train. Uh. And that's the essentially what
• 23:25
  Speaker 1: the letting Legacine network does. Well, you know the interesting
• 23:28
  Speaker 1: thing about it. When I look at your academic background
• 23:32
  Speaker 1: electric engineering n b A pH d. Education is important
• 23:36
  Speaker 1: to you and so because that that tells me that
• 23:40
  Speaker 1: you want other people have that same opportunity to educate themselves.
• 23:43
  Speaker 1: So when you're telling your story, what do you want
• 23:45
  Speaker 1: people to remember about you? Joseph? What do what? This is?
• 23:51
  Speaker 1: This is a good one good question. I don't mean
• 23:57
  Speaker 1: because you get time. I didn't made the stuff, you know,
• 24:01
  Speaker 1: but but you're the reason I said that. Let me
• 24:03
  Speaker 1: just back up a little bit. I don't tell you
• 24:05
  Speaker 1: why because when when when I look at a person
• 24:07
  Speaker 1: like you who you know you come when you come
• 24:10
  Speaker 1: over to this country from from England Gnabo okay, thirty
• 24:13
  Speaker 1: years ago, and you immediately understand. You see the opportunity,
• 24:17
  Speaker 1: but you're not afraid to investigate Dortor. Now you told
• 24:21
  Speaker 1: me earlier, you said, Rashan, I knew nothing about real estate.
• 24:24
  Speaker 1: But now you're considered a real estate a master and
• 24:27
  Speaker 1: real estate investment. You consider that. So it means that
• 24:30
  Speaker 1: you made yourself an expert. But then your academic training
• 24:34
  Speaker 1: is in electrical engineering, okay, and then you got the
• 24:38
  Speaker 1: m b a. And then information systems your PhD. So
• 24:41
  Speaker 1: none of these things have to do with real estate
• 24:43
  Speaker 1: other than the fact that you've taken an opportunity as
• 24:46
  Speaker 1: an entrepreneur and and mastered it. And so when I
• 24:50
  Speaker 1: asked you, what do you what do you want people
• 24:52
  Speaker 1: remembered by you? That's the question that I need learn answer. No, no, no,
• 24:59
  Speaker 1: let let me let me answer it this way. I
• 25:02
  Speaker 1: was thinking. I was thinking to my mom, okay, about
• 25:06
  Speaker 1: a few years ago. She's in England, and she was
• 25:09
  Speaker 1: telling me, I'll tell what I'm doing. She said, when
• 25:12
  Speaker 1: are you going to stop? Why why are you doing this?
• 25:14
  Speaker 1: When is he nothing enough? I mean, you know, it's
• 25:15
  Speaker 1: just a typical amount. Uh, she's not an entrepreneurs Why
• 25:20
  Speaker 1: are you doing this? When is he nothing enough? Haven't
• 25:22
  Speaker 1: you got enough houses? Stop? You know? And so on?
• 25:26
  Speaker 1: And I was just thinking about that because it's a
• 25:28
  Speaker 1: legitimate question when is enough enough? You know? When do
• 25:31
  Speaker 1: you say it's enough? Sean, you've accomplished what you need
• 25:35
  Speaker 1: to do um, you know, you don't what you can?
• 25:38
  Speaker 1: When is it enough enough? And so I realized that
• 25:42
  Speaker 1: what I'm doing essentially is providing opportunities for other families.
• 25:48
  Speaker 1: I'm providing opportunities hopefully by sharing knowledge to other investors
• 25:52
  Speaker 1: who can get onto, you know, do what I do.
• 25:55
  Speaker 1: So if I stop doing what I'm doing, then what
• 25:59
  Speaker 1: about those ten, twelve, thirteen tenants who have to turn
• 26:03
  Speaker 1: down where they're going to live and who's going to
• 26:07
  Speaker 1: provide them quality housing in quality areas? Who's going to
• 26:09
  Speaker 1: do what I'm doing? You know, who's gonna do it?
• 26:12
  Speaker 1: You know? So so, so the legacy essentially is hopefully, yes,
• 26:18
  Speaker 1: you can make money, but also you can do good.
• 26:21
  Speaker 1: You can provide um. You can be remembered as a
• 26:24
  Speaker 1: person who's provided the quality housing, You created opportunities for families,
• 26:29
  Speaker 1: and you help other other investors, other individuals, social African
• 26:32
  Speaker 1: American community build wealth and have a legacy which they
• 26:36
  Speaker 1: can test onto future generations. Because if we don't do this,
• 26:41
  Speaker 1: these neighborhoods are changing and we are being left behind.
• 26:46
  Speaker 1: We have no say in what's going on in our communities.
• 26:50
  Speaker 1: Zero say, We've got to own some of these assets.
• 26:52
  Speaker 1: We've got to own some of these communities. We've got
• 26:54
  Speaker 1: to own it, because if you don't own it, you're
• 26:57
  Speaker 1: the mercy of somebody else. You know, they they When
• 27:02
  Speaker 1: I your mom respond answer question, it was very natural
• 27:07
  Speaker 1: question because she's thinking from an investment, from an economic standpoint,
• 27:12
  Speaker 1: but she's she's she's born to this life an incredible
• 27:15
  Speaker 1: young man who is more than about money. You're about
• 27:19
  Speaker 1: changing lives, and you're about seeing you when you can
• 27:22
  Speaker 1: wake up the next day. This is a question that
• 27:24
  Speaker 1: if she ever asked you that question, just just a
• 27:26
  Speaker 1: response I would give to your mom. I was your mom,
• 27:29
  Speaker 1: when when I wake up the next day and I
• 27:31
  Speaker 1: don't have to worry about people not equally getting the
• 27:34
  Speaker 1: same opportunity to everybody else in this country. When they
• 27:37
  Speaker 1: when people are feel that their child can get equally
• 27:40
  Speaker 1: educated and living in the neighborhood that's comfortable to them,
• 27:43
  Speaker 1: when they don't have to worry about being rejected because
• 27:47
  Speaker 1: of the color of their skin. Then that will be enough,
• 27:51
  Speaker 1: will be enough to their mom. But right now it's
• 27:54
  Speaker 1: not enough. And people like you, Joseph Asimore, are important
• 27:58
  Speaker 1: to the chain of opportunity d for all of us
• 28:01
  Speaker 1: because I would tell people, you know, you know, if
• 28:03
  Speaker 1: you give me a break, I'm a person of color,
• 28:05
  Speaker 1: I guess what you're gonna win. Two. That means that
• 28:07
  Speaker 1: it means that I'm pursuing the same dream. I'm paying
• 28:10
  Speaker 1: the same taxes, I'm going to work, and I'm putting
• 28:12
  Speaker 1: forth the same effort that you want to put to
• 28:14
  Speaker 1: make this country great. If we make this country great together,
• 28:17
  Speaker 1: then we all win. And that is what you're trying
• 28:20
  Speaker 1: to accomplish, and you are accomplishing. I should put the
• 28:22
  Speaker 1: word try in it. Okay, you are accomplishing that. And
• 28:25
  Speaker 1: I'm a teammate too, and that's why I wanted to
• 28:27
  Speaker 1: bring you on the show. Joseph. That's all. That's all.
• 28:31
  Speaker 1: That's let's see what I do. Okay. You know, what
• 28:35
  Speaker 1: I realized is that there are two assets in all
• 28:38
  Speaker 1: in what I do. That's the real estate asset. But
• 28:41
  Speaker 1: the other asset, which is a human asset of the family. Okay,
• 28:44
  Speaker 1: it's a very very very important asset in this equation
• 28:47
  Speaker 1: because without them you can't do this business. A lot
• 28:51
  Speaker 1: of landlords fail to understand that. So what I do
• 28:55
  Speaker 1: is I realized that I've got to have happy tenants.
• 28:58
  Speaker 1: And all my tenants every other day we're give them
• 29:00
  Speaker 1: brupets of flowers. Uh. Every Christmas we give them Christmas presents.
• 29:06
  Speaker 1: If the kids get all ways at school, I give
• 29:08
  Speaker 1: them fifty dollar certificates. And believe it or not, we
• 29:12
  Speaker 1: give our tennis free vacations. Wow. Wow, that's I love
• 29:18
  Speaker 1: my tell us. I love this business. They're good families
• 29:21
  Speaker 1: out here, despite the stereotypes. They're just yearning for somebody
• 29:24
  Speaker 1: to give them an opportunity in a chance. And so
• 29:28
  Speaker 1: there are two sides to this thing. Is that you
• 29:30
  Speaker 1: can do good, but also you can make money. But
• 29:35
  Speaker 1: more importantly, I said, you can leave a legacy and
• 29:38
  Speaker 1: uh to your children, your family, and for your community. Well,
• 29:42
  Speaker 1: my friend, um, thank you for coming on the show.
• 29:45
  Speaker 1: I think I told you early off air. I'm building
• 29:47
  Speaker 1: a new studio have I'm gonna have a giant video
• 29:49
  Speaker 1: wall because all my interviews are gonna be by video
• 29:53
  Speaker 1: starting our next month. So in a lot of December
• 29:56
  Speaker 1: says you're at there passing that Christmas presents to your you.
• 30:00
  Speaker 1: I'm telling you your renters. I wanted to bring bring
• 30:03
  Speaker 1: it back on the show and maybe you bring a
• 30:05
  Speaker 1: tenantor to you know, we're zoom them into the call.
• 30:07
  Speaker 1: How about that? How about love we invite a couple
• 30:10
  Speaker 1: of tenants on and they'll talk about the experience, man,
• 30:13
  Speaker 1: because you know that's what I want to do. I
• 30:15
  Speaker 1: want to tell your story, man, and your story. This
• 30:16
  Speaker 1: is just an introduction into your story. But let's let's
• 30:19
  Speaker 1: peel it back a little bit more in the month
• 30:20
  Speaker 1: of December and doing a zoom call, bringing a couple
• 30:23
  Speaker 1: of more your tenants and uh, just talk about it
• 30:26
  Speaker 1: how you've changed your life. Thank you for coming on
• 30:27
  Speaker 1: the show. Yeah, if anybody could connect to me, I
• 30:30
  Speaker 1: do have a Wealth Wednesdays every Wednesday after my social
• 30:33
  Speaker 1: media so they can reach you on Instagram or Facebook,
• 30:38
  Speaker 1: d R U d R DR Joe Asma j O
• 30:41
  Speaker 1: E S m O. Every Wednesday at seven pm Eastern time.
• 30:44
  Speaker 1: I do have what I call the Wealth Wednesdays and
• 30:47
  Speaker 1: so they can cheot in and I talked about different
• 30:49
  Speaker 1: subjects or pertains to building wealth and generations and uh
• 30:54
  Speaker 1: and so forth. So check me out. Well, the good
• 30:56
  Speaker 1: thing about that is my news letter goes out on
• 30:58
  Speaker 1: Wednesdays morning at nine o'clock in the morning, and so
• 31:01
  Speaker 1: I put that in my newsletter. I'll get with my
• 31:04
  Speaker 1: team to get a banner and get uh some links
• 31:06
  Speaker 1: so we could promote it, okay, And also you might
• 31:09
  Speaker 1: see it familiar face. I might drop in and watch you.
• 31:11
  Speaker 1: How about that? Hey, hey, hey, hey rochan. I Also,
• 31:18
  Speaker 1: I don't know if you've heard this platform called Bigger
• 31:19
  Speaker 1: Pockets Bigger Buckets that the world's largest real estate um,
• 31:23
  Speaker 1: you know, social media platform. I do have a program
• 31:26
  Speaker 1: on that every other Friday. And it's a natural platform.
• 31:29
  Speaker 1: So I was welcome the opportunity to maybe one day
• 31:32
  Speaker 1: if you're not too busy, well, I would say, based
• 31:36
  Speaker 1: on what you do, man, I'll make time. Seriously, what
• 31:39
  Speaker 1: you're doing, I love you, dude, because you're doing things
• 31:42
  Speaker 1: that I've been doing since I was eighteen, and I
• 31:44
  Speaker 1: didn't realize what I was doing with just natural to me.
• 31:47
  Speaker 1: And you're doing things in a natural to you and
• 31:49
  Speaker 1: and you're not and you're not embarrassed by that you say, Man,
• 31:52
  Speaker 1: I'm making money, but I'm also changing lives. I'm also
• 31:54
  Speaker 1: leaving legacy. I'm also understanding that you could do this too. Also,
• 31:57
  Speaker 1: there's room for other people. I want other people to
• 32:00
  Speaker 1: come in because guess what more people means more people
• 32:03
  Speaker 1: lives are changed by the same effort, the same mission statement.
• 32:06
  Speaker 1: So that's what you chilled my staff. When you need me,
• 32:09
  Speaker 1: you tim me those banners, track and promote. You win
• 32:11
  Speaker 1: the show, and Joseph, you'll be back on my show
• 32:14
  Speaker 1: descen with a couple of your tenants. Okay, yes, sir,
• 32:17
  Speaker 1: thank you a wonderful thank you again, and uh I
• 32:22
  Speaker 1: can now die in peace. All right. I appreciate your brother.
• 32:28
  Speaker 1: Appreciate your brother. Man, you stay safe. Okay. If we
• 32:32
  Speaker 1: need more money Making Conversations interviews, please go to money
• 32:35
  Speaker 1: Making Conversation dot com. I'm with Sean McDonald. I'm your host.