0:00 that's why a lot of people that ask me that they want to be like entrepreneurs and stuff on my honesty I don't think it's that life is for most people or maybe I'm just surrounded by losers but that's true [Music] what's up everybody welcome to another great episode of careful boys we have one of those two special guests we got Patrick Riley over there and we have men AKA what's a mortgage with us what's a mortgage man so we're already my mom's gonna be watching this by the way oh your mom watches what that's so cool I was telling her about it she's like watch us like oh she likes she's like okay I want to watch it let me know when I like just kidding news and then I just start off with a Vietnamese profanity just great you did what'd you say I said
0:52 that's not a nice it's nice it's delicious too so we know a little bit about what you do you want to explain for the viewers where your area of expertise lies can I explain first okay yeah yeah I like my explanations the best okay because I have a different experience so I'm always on my explore page looking at ████ and uh so you know I fell in love with Chappelle because just telling a lot of racist jokes so I should probably shout out today yeah that's what he's known for racist jokes and then but man I was looking and then one day he was like boohoo the interest rates are going up you can't afford anything and I was like this guy's pretty funny most like real estate or Finance investor that kind of stuff it's like some boring ass ████ and why do they all
1:44 gotta look like they ████ sell cheap cars why you gotta talk about ad that way bro so that's what I found and then maybe you can explain what you actually do you can correct that it's a good good setup all I do is do is he just makes fun of people who can't afford a house I was just telling when he came in I'm like the way that he does it is very different than most realtors that are trying to like use social media to advertise their businesses he packs a ton of info and stuff that you want to pause it you ever notice that a lot of the time and I think like even though you know I don't even know anything about it I'm interested and I'm not even you know in the home buying Market nice but I feel like I am when I watch his stuff which is nice you give us hope man oh yeah thanks man so uh so yeah I mean I do Residential Mortgage so I've been doing mortgages since 2003 so I was in
2:36 school and someone sent me an e-fax I don't even remember e-facts back in the days where it's like you just damn I'm old now I remember 2003 when you fact something over but it comes over as a PDF yeah and someone showed me a check for like 40 something thousand dollars like what the ████ are you doing like I'm gonna quit what I'm doing and yeah so I dropped out of school and I jumped in and got into mortgages in 2000 what were you in school for when you dropped out um just taking General classes oh wow like College college yeah I went to Cal State Fullerton first didn't pan out that well I went to FJ the junior college oh damn Fullerton so homie just ████ try to rub it in your face look at this 40G oh is that where you got your Instagram idea from boom were you in a car accident did you get like a check from insurance like no it's like it's from two mortgages so I
3:26 dropped out of school I quit I you know let my vending machine business go and I got the mortgages you had a vending machine business yeah that sounds really cool well you were serious as well yeah yeah everyone's talking about doing that ████ like you used to stop machines stock machines yeah I had my own machines at a couple high schools had to grease some principles but they were in schools how much how much is the average principal back then how do you buy it well like 500 bucks you got to give them like like you'll say for every someone every time someone buys a drink I'll give you a nickel or 10 cents it depends on the shock collar is at the school district or at the school that's quite it and that was under the table green yeah that's how it works I had the I had the hockey coach and he ran like the the boys gym I mean the boys locker room so I had machines in there so that's how I made money back was it snacks and drinks just drinks so if they don't bite into is
4:23 something that has a hockey team I wonder if they're not even they're working there anymore oh they're not working there anymore at all that's fine I just say their name man damn so you're what 20 something yeah 23 at that time doing all that ████ corrupt corrupt working with corrupt officials at the high school and who sent you a fact about vending machines that made you want to do that no that I just got into just sporadically and then so then I got the mortgages and then of course the crash happened of course I retreated moved back home in 2008 but I sat through the the market and you know in 2008 feels like it is right now where today this is like a cakewalk compared to 2008 2008 people wanted to get homes but there was no Bank letting out money now banks are lending out money but no one can afford the home so it's kind of like vice versa so when you were when you saw the crash in 2008 right um You Were how old were you 28 and you
5:15 were you've been in the business like real estate mortgage for like five years already correct oh ████ so it was a humbling moving back home so did you get like absolutely destroyed yes I got absolutely destroyed so I moved back home of course moving back home was the best because can you paint a numerical picture of what absolutely destroyed me yeah how much I lost everything I mean like everything like negative or zero don't don't like because some of the people in there lost Millions so what's the what's your name oh no back in 2008 it was like a couple hundred thousand I feel like after I spent could lost a couple hundred thousand but a couple hundred thousand under 30 years old is a ████ but in 2017 uh I lost 1.7 million and I no so I lost three million I and I owed 1.7 2017. and then I climbed my climbed
6:07 out of it to build things again so of course the market bounced back I haha you lost more than me you lost it twice how did you how did you climb out of it uh when I when everyone got out of the market I sat through it and I just started doing my own business and then um do my own originations or getting my own loans again and then one by one I was still spending money because I started making money like every dumb ass you know so I'm investing it and then I'll start popping bottles everywhere when doors open doves would fly so of course whatever this guy's doing I want to do it you bought a bunch of doves and then of course everyone started more
6:58 and more my friends are coming back in the industry so they all worked for me so now I have this big old network of loan officers oh wow so in 2015 I had the bright idea you know you know I'm gonna leave I left the the company I was with and I had my own company and that's when I started burning through all my own money dude in 2014-15 there was a season I was making like 600 Grand a month just like not doing ████ all day and then this is all from getting a month yeah for getting loans you were just making wow yeah I burnt and then they deserve a dub or two yeah well this is this is that new money stage where we all experience if you get the pleasure to experience you burn through all of it you take you just PG you know PJ everywhere PJ everywhere oh you took private jobs I never even got to that level bro I got jet sweet X
7:50 that's the most private I got uberX oh you know what the most private I went to was a Cessna because a student was like I got I gotta I gotta learn how to fly but you want to jump into playing with me and I'm like yeah dude flyer yeah but it's a private though dude private student flyer yeah how bumpy was that ride though how bumpy was it we had turbulence 600 G's a month you know what what's your lifestyle doves it's like I lived in an apartment because I just was just spending the money on stupid things and just reinvesting reinvest some of it spent it uh and because we had such a huge team I kept on trying to inquire more teams so I would like pay their bills so they can come over leave their companies so that's where most of the money went and then in 2017 when we left it's kind of got Jerry Maguire who's
8:41 with me and crickets like half the two thirds of the team left a third stadium with the company and then you know we just I knew how to make it rain business but I didn't know how to run a business and you know we burned through all that money and we lost a lot so about two years my brother and I we lost everything you know and then I had to sell so in 2017 we started what's a mortgage when I was losing everything and literally we got down to our last like 500 Grand and then even with the 500 Grand I gave my wife 250. I took the 250 I covered other bills because I put the business under my brother's name I wasn't going to take my let my brother take the fall so I just use that to like preserve and hold on to you know whatever I could paid off a lot of bills and then started rebuilding again so so when you mentioned like you knew how to do a business but not like run a business that means like you were great at sales but you couldn't run the
9:31 organization correct oh and what was the reason for the Jerry Maguire moment anyway where you had because yeah everyone everyone I think every man or every business person always thinks their dick is bigger than it is yeah and then you bite off more than then you know you thought you're stepping on it but you're really not you're stepping on you know that's my dick [Laughter] you gotta reset you know so so that's why you think like you know I can do it without this guy I got reserves I can move on we already have our house like let me keep let me you know let me push forward and I did and in mortgages because then she have to to make money you're leveraging so much money at one time it's like you have this Ferrari in the parking lot you can't drive because you have to hold it for collateral and of course as Lone Star we had some bad loans that they picked the Ferrari so
10:21 you gotta put up another Ferrari you know sorry and then you you think instead of like you know what time would just uh wash our hands and walk away I fought till the end like a dumbass with my Autumn with my pride instead of you know what let me cut my losses bled out yeah let me let me cut my losses put my tail between my legs and and re and reset or like you know what I have enough money I can chill out for a while but I didn't I'm like you know what I'm gonna beat this thing into submission because if I've done it before I can do it again and I fell flat on my face my wife and I we sold our house she moved uh into another city we were like on Rocky Roads she's like you know what figure out your life don't stress about being a father and a husband until you you get your ████ together so even the marriage is like yeah so I moved back on my parents so it's my second time back at my mom's house you know eating to call again be supportive of her yeah to be like yo
11:11 figure out like like I'll take care of the kids and you just stay on your hustle oh you only people ████ on me because she's way better looking than me so like she was with you for your money the whole time you know but she met me when I drew my like I caught my Silver Bullet my Honda Accord she's like so she was with me after that too so she no one knew like she would stick around like she ain't gonna stick around she gonna stick around so I'm at my parents house living there from um after we sold our house March 2008 I still owed uh 2018 I owed 1.7 million I reversed that in one year what in November all the debt was gone you think only fans people can make money so can short Asian guys so you had a massage parlor too yeah so so yeah I reverse it all and then what's a head job you know but what's up pretty
12:03 much each one's a nickel dude it's a mortgage and massage good business so uh so after we reversed it all um you know I was tired I signed this big contract with U.S bank and then things just got a little bit easier things are comfortable now but you know so when I talk to uh people who buy or rent I have more empathy because I know how it is to you know it's easy to say oh buy home buy a home buy home like these other Realtors and lenders but it's hard to oh I'll tell you've been making fun of them these days I make I try to make light of the situation so but yeah so now what does that mean that you signed a deal with U.S bank so I signed like a signing bonus with them because I was um doing the the what's a mortgage Channel um I wiped out a lot of my debt with with the page we don't make that type of money now than we did um we don't make that type of money now that we did back then because I was actually doing the loan but I'm so burnt out like I'd rather make less money but
12:54 Pace myself and not kill myself you know let me get out of this debt first but I was giving a lot of business to this one loan officer uh who was at U.S Bank the deals we couldn't do and that's the cool thing about my channel is that we only do deals we can do the ones we can we just don't go here how many times I told you like go here instead go here instead and people like that which made me feel like oh man like men's so authentic because it's like a lot of people try to keep business to himself and he was like oh you know what that loan you're looking for I don't even offer it but you'll like hook me up with someone else I'm like oh that's so cool so we were giving these deals to US bank and then they're like hey you're getting so many deals let us take some of your costs off um off of you and also why don't you join us and here's like 250 Grand sign and join us so we did a six-month contract with them and then you know I went to loan Depot after that and then pretty much things just kept going so loan Depot yeah for season first season before they went public then when they went public I think I still yeah I can talk about now because
13:44 I know they had like uh I couldn't talk about it up until I think may this year so so we were with them for a while they went public and then things just changed and then we went independent and now we're selling pretty much providing our viewership selling it to another lender and then we're also starting to close a lot of our own business now damn so after all the stuff I learned just like pace yourself and you know calculated moves you sound crazy and don't step on your dick it ain't that big as you think it is but to be honest though like almost every entrepreneur I know has this story of I ████ almost lost everything and then I did it again it almost feels like it's like you have to I well at least for me I don't know any story of someone who's started something and then like they've been perfectly like on the right track all the way without ████ up you know like
14:34 I think personality wise entrepreneurs are stubborn and then they just ████ beat the ████ out of something and see what their limits are and sometimes those limits are like it'll kill you but then like you know what I mean right like they just keep going and going and going and then they have to figure out what their burnout threshold all that and then they go maybe I should like chill out a little bit Yeah because I really don't know anyone yeah yeah and then later we all feel like maybe we shouldn't have spent so much on the business maybe I should have saved like a little a bit you know but that's why a lot of people that ask me that they want to be like entrepreneurs and stuff on my honesty I don't think it's that life is for most people I don't think so either ████ if it's like if you like if you want your like uber ride to be a roller coaster every ████ day yeah then go ahead but so most people want a nice
15:24 smooth Uber ride you know or maybe I'm just surrounded by losers but [Laughter] that's true so like what you went through in 2008 with that crash versus what someone like you might be going through in this crash what's the difference really I think a lot of people uh aren't a lot of loan officers or Realtors aren't doing they're not taking a pay cut even right now I took a pay cut because I need to pump more money to ads you got to see this face everywhere to make money as soon as we get out of this and everyone's like oh they just trying to take everything they can because they don't know when the next dollar is coming in move Home Live modest if you can't move home go to the place with cheaper rent people just don't want to step down or take a pay uh decrease you know when things aren't good like I said I could have just walked away I probably
16:15 wouldn't work right now if I would have walked away in 2016. when I had a chance to I had so money in the bank like no I'm gonna fight through this I'm gonna fight this instead of taking you know what let me cool my lifestyle dude I was going out spending like a thousand bucks a week on dumb stuff when things weren't good I'm like you know what I'm gonna I'm gonna eventually make it again why why slow down why slow down you know so for you it was like you could have been more conservative correct like stop spending on white doves flying everywhere other places like you don't have you don't make watermelon juice here's some money go get a blender and bring in some watermelon and blend me some watermelon juice so I can drink it with my vodka wouldn't that take long because they have to run to the Ralphs and get a blender yeah it's supposed to be able to do it the feeling though the time that you get is the fact that you made somebody do it when they didn't have a blender but you have to
17:06 wait at the restaurant for five hours so they could buy it at the Ralph's if there's already five strippers sucking your dick at the restaurant you got plenty of time in 30 seconds and then I get tired oh and then you get a sleeping bag and then you take a nap at the restaurant and you wake up the reason why we gotta get it like dude they have a blender there well because of the safety codes they can't bring their their uh their uh what's called Big industrial blender out so to bring a small Blender at the table because my buddy wanted fresh watermelon dude it was crazy times just for fun can you tell us some other frivolous things you've spent that you wish you could get the money back from so there was one night I got the I got the back call from these uh Middle Eastern guys and they're like let's go hang out let's go to Vegas and it wasn't it was just on a Tuesday and I'm like okay you know like I'll bring some money with me I'll bring like
17:57 10 000 bucks we'll probably spend a day or two I saw the bill and it was over a hundred grand and I'm like sitting like I get that 10 grand was just like on top of another 10 grand so we were all like what kind of bill was it yeah at excessive just at a club for one night so you guys you guys party yeah and spent 100 Grand is it because the table was it the table I don't know I think I think that's when like Afrojack was big I forgot when it was like there was some big DJ and it was like he just air dropped in and it was a big old thing and you know yeah and then the table rates go crazy yeah you had to pay for his airdrop so the table rate could have been like 50 Grand by itself and then all the bottles yeah well the 50 gram would come with like the minimum and then yeah and then of course there's like uh and at one time I bought I bought a bottle of uh or a champagne bottles like 19 Grand I was like are you kidding me like why did I do this you
18:47 know oh yeah trust me though those things are like dude where can I get invested where like I think about that now now Mike is Frugal as hell what is it like drinking at 19 because I would imagine like you you want to savor it so ████ much that you can't enjoy it you know what I mean you like every sip it's like that was four thousand dollars just like this [Laughter] it was crazy that night that bottle of champagne didn't taste that good it wasn't 19 000. what does it feel like does it feel like you're skydiving you know like when you're because I think when you're drinking champagne and you're when you're doing baller ████ the reason why you do them is the thrill is insane right so like let's say like well like for like Joe for example 5000 on black that feeling you're like oh my ████ god so it's like skydiving just
19:38 doing that at the table oh ████ right but that's why you do baller ████ right where you're like as you drink this champagne oh yeah you're like you know what this Ferrari ████ this car watch this and you just crashed into the building I don't give a ████ right so when it's like 19 000 champagne does it feel like you're drinking your ████ skydiving or something I think the moment but then afterwards when the music turns down you're like oh my God you're sitting the room like literally like like the guilt after you bust a nut yeah that post nuts for a second uh feels crazy in that second I think another crazy time was that we were in uh I think we were in Seattle uh the Seahawks were playing and we went out and my buddies like they do dispensaries so they have like cash cash they gotta like throw out so we had a table next to uh I think it was like Richard Sherman he was throwing ones they were throwing ones he was throwing fives they were throwing
20:29 fives and tens I'm like Oh my God in the air throwing fives throwing out in the air fives just throwing fives in there and I'm like dude I'll never do this again like so as I'm doing it like regretting it but like so most of the things you spent were like lifestyle events and not so much like items right correct correct well we like I had a couple watches like I bought I ended up you know selling it was like I'll never buy an expensive watch again it doesn't make you ████ longer it doesn't make your dick bigger it doesn't make you skinnier unless it does all three of those things I'm not paying for it Apple's working on that I'll have all my Rolexes um I bought and I sold it used for what I bought it for so one I had I bought it I sold it for 100 bucks more so I felt like I got a free watch 100 bucks more it's nice yeah it was a datejust I sold it back used for 100 bucks more to a jewelry shop oh yeah
21:19 that's very rare that is rare it's pretty good they get collectible right yeah they go up in Valley it went up in value just recently like during the lockdown so I got lucky and I was like oh baby I got I got to wear a free ████ watch that I didn't I didn't do nothing and a hundred thousand more steps like that and you make your crypto money back [Music] foreign [Music]
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