0:00 can you explain so after your wife split uh when you guys got back together could you walk me through slowly like what the first ████ was like [Music] welcome back to another Splendid episode of the careful boys we have with us men AKA what's your mortgage what's a mortgage and we got him in the hot seat for this one oh the way Hachi works is oh I watched it today let's go let's see what did you watch what was your wife oh I saw that quietness in your face we went easy on her too though yeah we did we did go easy on her uh so we're just gonna ask you a series of questions they're gonna get increasingly hotter in temperature but as tradition we always like to start out with Bart giving the possible coldest question that you could
0:50 think of okay this is a cold one you ready yeah what you can only make sounds okay what does a rainbow sound like question [Laughter] but there's seven colors though you didn't hear all seven the seven frequencies in that that is a false of our ears yeah okay that's that yeah is that good enough yeah okay all right what is one degree hotter than that weakest question when did you first get into business for yourself uh uh when did I get a business for myself drug dealing counts too a drug dealing it doesn't be registered llc's in uh in high school we would go home we would pass this liquor store that threw away their old um Playboy Hustlers so we would take it
1:41 out of the trash and then we'd sell it to people in the Navy kids in the neighborhood so how did you find that they had old that's ████ magazines I thought that ████ they would just throw out a trust one day you just saw a magazine stacked up my buddy saw it and he was smart we like he left at my house so he doesn't get in trouble that's pretty smart I remember I will take it out of the trash my mom would came out with this black bag and like my stomach just dropping on it you Hardy Boy yo but that's interesting how many months back are the issues that they throw away um like when do they expire I didn't know they threw away Magnus hustle and never expired only 36 Days like you know the magazine would expire and they just need to make shelf rooms yeah and they would just toss them out videos and they know about video VHS back in the days with big boxes so you actually just threw away the boxes but the boxes were so big like so we would just sell those to your classmates and
2:32 stuff correct correct that's a ████ dope ass house if you're watching this I'm not ratting you out oh that's one of the smartest like kid hustles I've ever heard of dude sex to kids come on now bro yeah everyone passed around that floppy disk or something like somebody somebody's dad they stole their dad's Playboy or something like that you would have to put on like ████ gloves and like that was so in condition out the plastic you know but to have a ████ Playboy plug as a kid who the hustlers was like the high paying one in Penthouse because that's when you saw the real in another video uh you talked about how there's one point where you're making 600 G's a month yeah what was the
3:25 smartest thing you ever spent your money on and what was the dumbest thing you ever spent your money on uh during that like super baller period uh the smartest thing I ever spent money on was reinvesting it in other other branches to keep growing so you have to reinvest your money to make money so that was like the smartest thing what do you mean by branches let's say I wanted them um a bunch of loan officers that were for another company come over I would re invest in them I would open up another office for them I would put them there I would cover some costs so you're building your business out by expanding other correct oh yeah spending money the stupidest thing I bought um I had a Bentley and I sold it for a Lamborghini that I never drove at all and then I sold it again and I think that because I was you know drugged out of my mind just didn't do the numbers correctly and just it's cool to have a Lamborghini but you never
4:15 drove it because you just didn't once you realize what the ████ did I just buy and then you then I had to sell it all I had a lot just to like dump it off wow how much was the Bentley the Bentley I end up getting it for like one I think 130 140. so I gave away my Bentley that was worth more than the lambo and I came I paid the difference because uh I wanted this matted black on black and of course through that time I wasn't thinking straight and I got hustled from these these other guys who were like uh selling these cars I'm like oh I want my belly back it was nicer than the lambo because if you drive a Lamborghini you're like you know not even driving my brother drove I would sit in the passenger and I'm like oh my God why did I do this it was probably the worst mistake ever wow so how much was a Lambo do you remember it was ah man so the I think it was like 150 170 for the for the um for the for the Bentley and when I sold it I sold it for 110 and then I had to cover the
5:05 difference of the lambo I think it's like 150 160 so it's like out of camera for a car I could have gotten I sold my car to take less to put more money in oh yeah yeah yeah it's stupid and you just paid it cash you're just correct no just oh yeah that was like stupid okay okay what's the most you've ever profited on a single transaction most I ever tried profited a single transaction it was like this was before the crash I think it was like all right right probably right before the crash it was like 2000 to 2004 I was like forty thousand dollars forty fifty thousand on a transaction on this uh this Hawaiian guy who lived who had a place in New York and he needed the castle was like [Music] he had a club uh I lived there and he
5:55 was like hakan something I don't want to say he's laughing hakan something so it was in uh New York before you know the crash Avenue eight and he needed some to get a hard money loan and I gave him the loan and like dude I was like was that 50 like seeing all that money at one time like wow blew my mind how um so you own a mortgage company how does a mortgage company make money uh well we were like a small company how we make money is we originate the loan someone comes to us gives us um you know they want to get a loan and then when they come to us to get a loan we get it for them then whatever interest rate we increase we the bank pays us that incentive oh I see so let's say you get the the the the bank to give you the money and the interest rate is like two percent and then you stack on whatever percentage on top of that to the person you're lending to and then you make money on the difference uh it's kind of like uh whatever the bank is willing to
6:45 pay for that interest rate so let's say and the numbers change and it's hard to there's no actual calculation on on my side at least let's say you gave it a four percent but instead of giving four percent which is like the party where you it's like you buy this cup of coffee for five bucks you sell for five bucks you're not gonna make any money well you sell for 575 you're gonna make 75 cents yeah so the higher you increase it the more you make of course you want to see what's out on the fair market like oh everyone else is selling for six bucks so let me sell it for 5.75 I make looks like I'm giving them a discount that's where I'm making the difference so your company's taking the bottled money from the bank and then you're putting your interest on top of it they gave us the industry what they're willing to buy that logo they're like hey today in pools of buckets we're going to buy all loans at five percent at this price five and a quarter at this five price five and a half of this price so when you guys get do you guys get the money like like from the monthly
7:36 payments that that they're paying you the the tenants or the uh person who got the mortgage is paying or is it a lump sum uh that money is paid to the servicer so whoever's like servicing the low monthly they make a little bit of that money from the payment uh we get paid directly from the bank whoever's buying the loan so let's say we fund the loan and then we sell to this Bank they're paying US dollars but if you miss any pay they miss any payments or they refinance out within six months you got to pay back the commission okay so during your um hyper Ballin era would you say did you have a drug problem yes a serious drug problem what was it like I think it was pretty much cooked down most of the times dollars your preferred weapon of choice yes cocaine like I did the the E for a while I didn't I had one bad K trip but mostly cocaine because cocaine and Hennessy huh ████ Vietnamese
8:26 because you know you think about uh you have all these employees working for you everyone calling you need something from you every day it's like everyone's pulling at you and it just keeps you aware it's kind of like Limitless but it is limited because once it gets off you become very limited oh so you were on coke while working yes correct like I would I'd probably do it during the daytime just to stay like mentally sane it wasn't even I wasn't even doing it to uh get ████ up to get messed up anymore yeah I was just doing this to like maintain so it started off from parting and then it went into just like this is mine that's that Matthew McConaughey ████ Wolf of Wall Street type cocaine you know midday lunch you want some you gotta stay in the business what was the uh what was the turnaround point that you decided whoa this is getting too much when I lost everything in 2017. oh okay when 2017 people started I left uh this morning company
9:17 to start my own company and then in 2017 when it's I could feel it like leaving me you ever feel like the power just leaving you whatever you were whatever you were good at you just feel like getting ripped out of you like you know what let me keep fighting through let me get fighting through then at the end of probably November 2017 I'm in this building by myself with no employees everyone's just gone left owing like 1.7 million bucks of debt ████ God damn so you were telling us earlier that you and your wife had a Rocky Point what was the closest you guys came to splitting up so in 2018 we sold our house just so we because we couldn't afford it anymore she uh that's when we split and when we split she you know rented somewhere else well I moved home until I figure out like because she told me why stress about being a husband don't stress about being a father right now seems like you
10:08 have a lot of things to figure out um we're gonna go live here you know once you have your situation fixed you know you're always welcome to come back how many kids the anxiety I had like oh my gosh if I don't get my ████ together soon yeah she's gonna leave she would have bounced yeah for sure one son do you still have one son yeah okay wait wait you're being uh very very is she Vietnamese she's Mexican she's Mexican okay never mind I'm saying she's Vietnamese are you being rational and saying it like that like you're welcome to come back or was it more like you better get your ████ straight don't ████ touch me but you know what I mean is it like way crazy I know like you know she's like she sounds great by the way yeah she's a little level-headed like that's that's she didn't like oh she was mad at me she was mad through the whole time but she like sometimes like I don't know why she didn't leave me like I am like sometimes I thank God like dude why didn't you leave me you know damn she really believes in you yeah how come she'd and
10:59 her son didn't end up moving in with you guys because then if I have to be a father every day be a husband how can I reverse 1.7 million bucks in debt and a lot of the debt too was under my brother's name because you know when we started the business my brother had the best credit he came on the military you know so he was like VA so like it's a veteran business you have to make good on your brother too so did you both fight for this together or no I didn't no he he just had to go on with his life so I would sit stuck there fixing this 1.7 million bucks by myself so he had to fix his credit yes I had to make sure that there was no judgments no lean things that his credit stays where it's at I remember keep his good name yeah I had to borrow money from somebody just to make the AmEx payment and I had to borrow a lot and then it went through some crazy system where like through PayPal the guy tried to reverse it I was like I got trouble with PayPal it was like crazy times you know did you ever within that desperate time
11:49 did you ever consider getting into some shady ass ████ to try to pay this off no I literally was pretty much kind of suicidal at this moment like you know what this is like I have the world in my fingertips like how did you ████ up so bad what prevented you from actually like coming soon my son my son is like you know what I don't want his dad I don't want him to think his dad was a ████ how old is your dad I mean your how old is your son uh he's seven so at that time he was uh two um can you explain so after your wife split uh when you guys got back together could you walk me through slowly like with the first ████ was like I say about it it was probably a year two years into it because I didn't feel like a man looked like my dick was the size of a gummy bear sometimes it was
12:39 more of an innie than an Audi for so long because like I think with men it's all in the I think it's all in the head yeah so it's like even if she wanted to just was like I was pissing on my balls you know what I mean I just couldn't you know I just so even during the split you guys would try to hook up here and there no we didn't at all but then because she felt like I'm just not there if with women especially if you're married not like just some random girl they want that love they want that intimacy of like a partner first before having sex it wasn't like you know oh when we met and you looked up the first couple times really quick what the ████ is going on now it's like because you have a foundation of a marriage you have a foundation of emotions it doesn't just happen overnight so it took like a year afterwards like even like a year afterwards yeah it took a while so you you you you got your ████ together you had that relief you moved back in and it's yet to build back that intimacy that intimacy that trust you know like the no cocaine the you know like at that
13:31 point I Found Jesus again you know like of course when you lose everything you find Jesus quick you know what I mean so just like getting getting back into a rhythm you know and then believing yourself again I think the hardest thing for uh any man or any entrepreneur is once you lose it all to believe in yourself again um would you say that you guys became stronger though as a result of going through all that crazy ████ and coming through on the other side yeah I think we're a lot stronger now now we communicate better I think our relationship is stronger than it ever was because you know a lot of people thought she would for sure leave me but she stuck it out so now before I think about doing anything stupid or even like ah let me try this Shady idea you know in the Asian blood we always got that gray gray you know we all stay away from that great great but I think about light loophole mindset yeah so I think yeah yeah because she's been like I would never want to put my wife do any ████ again you know I never wanted I've had a couple opportunities
14:22 to do some pretty gays or something yeah yeah because as you get so good at what you do you see all the holes in places that you could totally be Shady that's why I'm like I'm impressed you don't and then being Asian you have other guys who are s█████ Asians telling you about like every scam under the book like oh man I'd rather make less than not even ████ the ████ because then the pressure and the stress like you've been through the stress and you're just you know what it feels like to have that stress go away and now it's like I rather make less but be able to breathe correct correct growing up did your parents always believe in you no my parents did not believe me at all like when I did well it's like because I had that chip on my shoulder like I'm improving raw I'm not gonna finish college I don't care what my mom says you know I don't care if my cousin's a pharmacist or not um compare the pharmacists well then what was what was that like moving back in with your parents at the lowest part my
15:12 mom would tell me like dynamite I know I'm like oh no I might know I don't know so my mom's like I told you so I told you so so what that means yeah and like it was like coming back for the second time in 2008 I came back you know but 2008 I was still I was 28 and then you know 2017 I'm like damn I'm coming back at that age like that's funny to be in the room though as like an adult again and be like ████ you mom like in the same room you grew up in when you were 13. yeah I'm back I'm back in the same with your race car bed but glow-in-the-dark stars in that ████ ceiling in your Integra type our bed what about when um sunghee Lee poster when you were when you were a hyperballing did you do anything to like Flex on your parents like this that's right ████ I paid off their
16:02 mortgage oh you did you did what that's it oh so that means you're going back into the house you paid off the more exhaust so you're kind of okay on it yeah this is my house so that's cool so like Azure a hyperballing like there were like almost little alley-oops that you set yourself up for correct money all the time so she wants she knows she'd go to church I see my son you're smart he's like now she's having all this good ████ when when things are going well you know but that means when you lost everything she lost a little bit too she kind of got quiet at the church you know she's like oh no but you never got into gambling at all no I like you know some of my friends gambled I kind of gambled but then never got into it so your fun was just like partying blowing money on drugs and that kind of stuff you know what it was uh yeah it was like all you know grown up not being like the cool kid you're out there everyone worships around you walk on but you feel so alone and you're doing all
16:53 this Yak but you're like you feel alone in this room while everyone's here mooching off you but you're okay with it because you know they accepted you when your parents or you know your childhood friends or people you grew up with did not accept you so you felt like the popular guy yeah especially in club table economics yeah you get to take all the girls go to your table Yeah because they want free drinks economics yeah it is it's like a whole ecosystem totally the girls with the hottest bottle rats yeah they're trying to get next to your table yeah back into a mortgage a little bit um what would you consider is in the like real estate kind of entire ecosystem is like the number one thing that most people don't know but that is like almost like a not necessarily a loophole but like the greatest thing to take advantage of right now buying investment properties with these dscr loans what's a DS a debt service coverage ratio loans
17:44 they're buying homes they don't need uh if you are if you already own one home you just keep buying homes as rentals and you're you're putting minimum like 15 20 down and there's no income required you just keep buying more and more and more and that's why I think more investors also there's more investors now because they were using this program to kind of get into houses without you know any tax documents you know they just run your credit you're putting the down payment as long as it rents more than the than the mortgage payment then they'll give you the loan so you're talking about homes that are already rented out and they're selling investment properties no you're just going out you're buying them because think about um 2020 2020 2020 2021 even up till now I think about when rates were low you were getting a lot it's pretty much a stated loan with just 20 down at like a four five percent interest rate so of course as rent keeps increasing it
18:35 just covers the payment but you are buying them without tax returns they don't care you know be other old programs uh you could only use 75 of the rent these programs like allows you to use 100 of the rent so you can keep buying more property that's how people um were just using their equity and buying more property and that's how they start building their empire like let's see so let's say I buy a home with the dscr loan and then as long as my rental income is covering the mortgage this is now safe correct and now I can use the value of this home to get another dscr loan no no no now you have that house you just have to keep pulling money out of your other house or you start you know having your group of friends come together unless you buy more property so people start buying these homes out in like uh Big Bear you know they start they start Palm Springs they go to that's why we couldn't find a ████ house in Big Bear yeah
19:27 these homes and think about it no matter what the mortgage is if it's um they allow you use fair market regular rent but if you rent it out as an Airbnb or as a verbo you're cleaning up and that's how I think a lot of uh this new millennial generation of investors made their money oh yeah and it's not too late to get on that bandwagon you're saying that's like the thing to do right now right now it depends on where the location's at because a lot of locations a lot of cities have blocked Airbnb or they've had some restrictions I think the go-to move right now is uh now say that ████ off camera yeah [Music] so one out of every 20 people who get divorced uh sell their house within the first year so if you knew enough divorce lawyers that tell you okay these people are getting divorced you start approaching them whoa you're giving us a gym right now and they don't want to
20:17 list their home on the open market like they don't want everyone know they just want to sell and get rid of it get out of it so they'll take less like hey we don't want it we just want to dump it we just want to dump it I'm not going to take that little of an offer so if you understand their sentiment you just come in like cool I'm gonna buy this one I quote to take it so that's because they don't have you two people hate each other's guts and they're trying to dump it they just want the cash that's the new cold call instead of asking are you interested in selling your home you say how's your marriage yeah I think that's the the big pickup of people getting divorced especially right now during the recession you know money causes uh relationship issues yes [Laughter] typically one person can keep the mortgage going let's say two people break up one person can't afford the mortgage they're selling they're just trying to hold off into your life as long as they can then they want to dump it so I think those are popular but
21:07 not a lot of people know about yeah or they just don't want the memory attached to the house because the rental that I was living in um it was bought by a couple that was married and then they divorced and then they just turned into a rental but it's doing really well but she was just like you know what I don't want it and I was like oh okay cool anyone got a final hottest question how big is your penis not that big not that big it's got a small dick but it got bigger than um uh the Gummy Bear right now you feel good about yourself oh last one last one is a huge question we usually ask all of our guests would you rather ████ your mom or your dad you have to pick one damn oh man my dad is my stepdad you got lucky the quickest anybody's answered that yeah you got the speed record now dude [Music]
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