0:00 thank you [Music] so uh as the United States housing market cools down mortgage mortgage rates have surged right because uh interest rates are going up record home price appreciation has sidelined more buyers but Goldman Sachs is expecting home prices will fall 39 up to 39 percent uh oh I'm sorry we'll we'll fall in 39 of U.S cities next year wow I mean I've heard this stat um and there's a graph of like what cities will be impacted the most yeah a lot of California cities West Coast cities um about Pasadena specifically not Pasadena does that mean Pasadena is a good one man good one it's a good hold
0:50 as they say yeah you bought right nope okay cool uh no so uh what's your take on the housing market right now Walter because you're a homeowner out in LA right not in L.A they'll see but like Okay so you have different schools like some people think oh like housing market like you know it's gonna drop but it doesn't say like well maybe it does article does say like it doesn't say how much the prices are gonna drop one thing is rent hasn't dropped rent is actually increasing which is what is it should be scary to people that don't have homes yet um you're looking at like in Orange County there's rent like I don't want the averages but I know rent for like condos or like as high as 3 500 to 4 000. so that's like it's like if you save if you like live with your parents for a little bit and you save money for down payment so I just get a home
1:40 honestly at that point that's if you want a home but I don't encourage people that don't want homes to get but then a down payment in in California is like hundreds of thousands of dollars though yes however if you're black or Mexican right now it's zero because yeah because of that they're trying to help like like first-time homeowners prefer homeowners and there's actually a lot the problem with that though is you don't have to uh pay the down payment but then now your mortgage is crazy high with insurance right and also it's just crazy high because you put zero nothing down well at least it's not predatory is that another predatory bubble popper why would they do that and a lot of people were like you're masking it as like hey this is for the communities but in reality you're setting them up for failure again yeah
2:31 because you're just gonna get them to default so the like black uh not Blackwater ████ BlackRock or whatever can come in and swoop it but isn't it their fault for taking the loan I listen to Ben Shapiro it's their fault for taking the loan it's their fault for taking them they shouldn't even be doing it at the first place so if you can't afford it why are you trying to pay for it that's up to them they took the loan they took the risk look at the name Ben Shapiro what which black can Mexicans are listening to a guy named Ben Shapiro if the guy was like Otis Washington okay oh just Washington he should be saying something but like yeah if it's for the community yeah okay dude great dude no down payment and then do super low interest rates like you know and then instead of 30 years making 50 years it might this is my I heard that there's gonna be like a 40-year loan coming out probably I mean because Japan is like 50 to 100 Year
3:22 loans well Japan's crazy because their economy hasn't covered recovered since the 90s and they their ████ interest rate is like point zero one percent I looked into the 40 years and all their real estate is depreciating you looked in the 40th looked at the 40-year loan and it's not as awesome as it seems because uh for them to make money they add actually additional interest points oh so like so if it's like five percent it's like cool now you can have a 40-year loan but now it's like six or seven percent so the payments aren't that much cheaper considering you're adding another decade to your contract because I heard because you know again I learned everything from Tick Tock I heard this one guy I've heard his name but he was saying they're like you rent he goes yeah he he's a multi-millionaire is it thatch yeah heal if you don't know what he looks like
4:14 um [Laughter] he brought up a good point he was like why do I want to own a home you got to pay um like okay let's say mortgage and rent is the same let's just say that but you got to pay um the interest you got to pay property taxes oh is it Grant Cardone I don't know his name he's a real confident Brash guy very likable is he like difficult I don't know how tall he is because they're always sitting down okay and I'm not an astronomer right I can't judge those things based on but there are different schools of thought like so like you know some people believe in renting um and some people believe in owning depending on their life strategy that's true because like for example if your life goal is to just like be in different cities every year why would you commit to uh owning a home and tying up your money that way or like if you're if you have a business like us you can write off so much yeah and um well
5:05 actually it got capped off because our former supreme leader decided ten thousand dollars is the max you can write off on real estate yeah so California that's the property taxes any improvements it exceeds it'll exceed ten thousand dollars yep so that's that was a weird thing that especially if he's in real estate yeah wouldn't he want a benefit but then he also did cut the corporate tax rate down to like what 20 something percent like low 20s which which benefited Wells Fargo tremendously because they had five billion dollars in fines for signing up those fake accounts um oh no I'm sorry they made five billion Their fines were three billion and then because of our former Supreme leaders tax corporate tax cut they made out with two billion dollars that year wow interesting so but then but then he he's the first time they ever made a under President I heard for sure yeah oh for sure dude no banks are always for us yeah that's what I'm hearing you know um but yeah no it was weird that he dropped
5:56 the he capped it off at 10 grand because other states 10 grand it didn't make much of a difference because their property taxes are low but for us most properties are around 10 grand for property tax and then once that happens if you have an improvement you can't write that off so it's so that becomes an issue with California Home Ownership if you want to do multiple Properties or one property yeah um so then when that what that guy said on Tick Tock it makes more sense now because you can't write everything off that you used to be able to um but I was like with rent with rent increasing because rent has increased home ownership it's not as appealing and then with interest rates like higher than they were but you have to remember and I think it was early 2000s or something like that around that time interest rates are 10 yeah yeah and pre-2008 that was pretty normal so even now at five or six percent why it's still lower than just we're just spoiled yeah with the last three percent that's
6:47 nuts due to something yeah that's not we have short-term memory when it comes to like things that are good I want to tell a low-income family they're spoiled no but for me they expected out of you so you know what I mean like like personally for me I I always feel like it's funny I'm not the one saying if you want to help low-income housing like for me I always think like yeah do no down payments and do low interest rate and really help them rather than screwing them in a secret secretive way um I always that's what I that's what I kind of maintain to believe however for people that are doing it for money and investing I get it like I I hate to take away money from someone that's trying to earn money hopefully in all legal in a nice way um because some everyone has to be able
7:38 to make money yeah um but yeah especially the colleges that's why I think Texas is a Textbook Company no look paying off the student loan debts couldn't be more for it because even though every year all the tuition costs keep going up let's not focus on that let's focus on the kids who are getting the loans I say because yeah all these big colleges making out like ████ Bandits nothing seems to be going up for them it's so funny how that works right well our teachers that's what's costing so much Goddamn money you know professors we gotta yeah we gotta line these ████ classrooms with gold is the problem you know you guys understand how it is I'm okay I don't need to cut that ████ ████ we gotta ████ charge the kids and oh and then we gotta say it's their fault we're gonna and then we gotta piss off all the right Wingers we're like I don't want to pay for somebody else's loans but then it's like oh we're not gonna tell the universities to cut their costs no ████ way ever
8:28 because they are the ones who are giving us all kinds of ████ entitlements unbelievable how dare they I think because I think other schools should do that not USC but I think other states yeah yeah we should keep raising our two because you donate to them right you give them a little stipend over here they have it they have enough without my 20 bucks exactly but do they but do they will they ever have enough it depends who you go up 20 a year I'll put it this way um as soon as I finished uh when I left school we got a new president and that President their goal was we got to raise a billion dollars in like 10 years they raised it in like three or four years so they upped it to 2 billion they raised that in like a couple years right and then I was like at that point I didn't give any money I'm like why why do you mean why do you need hours how about what do you do with one billion you tell me what we do with one billion we'll talk about two yeah where is it going yeah can we talk like
9:19 my parents talk to me have you seen our football team they spend the money to keep the surrounding area looking s█████ actually okay I don't know if you how recently you guys been to USC they've caucasianized that area so well before when I was there they told us don't go south don't go don't go to the Coliseum only go north okay now you can go anywhere there's condos there's studio apartments all around there's there's like Starbucks there's like restaurants everywhere and also because our basketball arena is across the street you could just walk around anyway so they made it just nice so I don't know if the 2 billion or the three billion they raised went to that I hope it did but but it's not really USC unless you have a homeless man jacking off on a street corner it's not you're right it's not it's not really L.A it's not the same exactly you need the Vibes man you need that little bit of danger
10:09 as soon as you go on campus you just magically feel safe yeah like just one step on the camera all right you're like oh yeah I'm on the ████ scene of Buffy the Vampire Slayer you know it just feels way chill oh yeah yeah it's it's funny because it's almost like this cycle just keeps happening and nothing's really changed you know it's just it's gonna get work different con yeah because you know the one percent one percent of the one percent they want to stay wealthy they don't want to they just they they're awesome at re repackaging things yeah to make us be like oh oh and that's why I think it's really like one of the I don't want to say key to success but like a key to like a like a stress-free living is just living between all the craziness of the one percent and then the the craziness of the whatever the other 99 it's just living between
10:59 and you know hopefully we can get by and survive and be happy and then if we have the opportunity to help people go for it you know whether you want to or don't want to it's up to anything that comes out where they tailor it specifically for the poor people is ████ scary to me it is anything it is I just see no government you're far when I hear that yeah I'm just like what's the question because governments and Banks never work for charity yeah they never do it in the goodness of their it's like they're just corralling them they're not really telling them like hey here's a ████ leg up man it's like no we'll keep you there and the problem with when when governments get into it right when they develop a department to help a group if there's no more groups that need help what happens to that department yeah it's in their best interest to grow the problem so like yeah why is there a
11:51 homeless problem that hasn't been solved but only growing in la oh it's because of the billionaires in this reason in that reason not it's because they're also a part of the Racket and these government-funded programs if they don't have any more problems to solve what happens to their jobs what happens to all the nice Corner offices that they have well we pacify ourselves we do this ████ where it's like you know um hey it's it's okay that Congress gives themselves raises every year because at least my guys in there yeah right I voted him in doesn't matter it's my guy that's my guy right there if I put him on my fantasy team that's my ████ guy he's gonna give me all the points this year he's been working hard yeah he's working hard for me I know he is I just know it he's making sure I get tax cuts when I make the million dollars so I'm not a million dollars yet but he's making the tax cut so when I get there and that's
12:41 this that's the dream the Republic like my party the Republican Party sells yeah is that hey you're gonna be a millionaire in one day so you we're not gonna we're gonna raise your taxes right now but once you become a millionaire it's gonna be awesome because we've lowered those taxes already for the richest richest owner but they eat it up though they eat this up they go yeah yeah so they they constantly go to Republic my party the Democrat Party what they do so well is that is there like they're like we got your ████ back so hard we need to vote for us in November and then they're like okay we're in but like oh man we're gonna need more power guys this is ████ not gonna work this is we can't do ████ yet no we promise that we're gonna cancel your student debt you have to understand we're only working with all this power we've we have an unimpeachable majority we can't do ████ right now the mental picture of imagining like a committee of people
13:32 going all right the last homeless guy got himself a home pleasure working with you let's go man they just don't quit because they're ████ done yeah that'd be the weirdest like that would never happen foreign
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