 Okay, welcome to this episode of how you got rich. I've got a special guest, Jerome Maldonado, also a partner, we're building out some luxury real estate right here. We're in Puerto Rico. I said, come on my show, I want to interview. This isn't, if you've never seen this series, I interview people worth more than $10 million who have a very specific skill. They share how they became multimillion, more than millionaires, multimillionaires. They, one qualification or one minimum requirement, they have to be ragged or riches. You know, Jerome, you're gonna hear is a cool story because he was paid his way through college with network marketing, lost it all, and then built it back up within three years. He's worth way more than $10 million. He's done over 800 real estate deals. He's built over 300 homes. And we're gonna talk about the theme here is how basically anybody with the right training can buy their first piece of land, small piece of land, get a contractor to come build a house and flip it in between four and 12 months for over $100,000. And here's the kicker, while you have another job. You can do this, doesn't even take 10 hours a week. Part time. And once you get good at it, you should always do at least three at a time. Yes, it's way easier. And out of your 300 homes, how many have lost money for you? Zero. We've never lost money. Never lost money. Even in 2008, you told me. We still made profits. So good. Let's talk. Let's talk. This is exciting. Cool. The subject today is how you can make over 100 grand a year profit, working less than 10 hours a week by buying a piece of land, building a house, having someone build it for you, and then flipping it. So welcome my man. Thanks for coming all the way to Puerto Rico. Appreciate you having me. We're shooting Puerto Rico. We're actually working. We worked on a deal. We bought a piece of property and flipping it for about three million profit. Not that more than three million, but. Beautiful. Yeah. So Puerto Rico's a cool place. But this year from New Mexico, a little background around Jerome. You know, he's done over 800 real estate deals. And he's built over 300 houses that he's built and sold. So he's a real expert. He's been in every aspect of real estate, commercial real estate. And that's why I decided to partner up with him and wanted him on the show. Cause so many people nowadays are like, how can I make money? Is the best way to make money? And multifamily, apartment complexes, this, this, this. And one of the things I tell people is do stuff that not everybody's talking about. Yeah. I always say, if you want to make real wealth, you have to go into a jungle that nobody's yet in. Because when too many people are in a jungle, it goes from a jungle to a forest. And in the forest, there's no money to be made cause all the gold has been picked. So when you see everybody you know, just saying, oh, just do this. And now you'll make money in real estate. Be careful. So you have a unique angle. So let's, let's, let's walk me through this. Let's say somebody's listening or watching. They want to make six figures. They have less than 10 hours a week cause they have a job. They don't know, this works for somebody who even doesn't know how to build, right? Oh, it works with anybody. I mean, I didn't know how to build when I first started. Yeah. How did, by the way, how, let's get the background story. Did you find a mentor? What was kind of the way? No, I was in college. Before I got into network marketing in 1993, I was in college and I was just sanding drywall for my brother-in-law and just scraping floors, laboring for him. And I got into network marketing for about four and a half years. Yeah. Went through the whole mill works of network marketing, became his top distributor, and then the FTC shut us down in 1997. I had a year left of college. So you were making money doing like multi-level marketing company. Yeah. That's how you paid your way through. Well, I, I did extremely well. I was making about $25,000 a month and I was a top distributor in the company we were in back in 1995, 96. That's real, 25,000 a month is good now, but at 95 with inflation, the way it is, that's like making it a hundred grand in a month. Really a buying power. Like inflation is a real thing now. So when the FTC shut us down, I went to zero. It was temperature taking. I felt like I'd failed. So I went back to school because I only needed one year left to finish. If I went back to the University of New Mexico, or I could spend three years in Texas finishing my degree because I was living in San Antonio. What was the degree you were going for? I was in pharmacy school. Okay. So your parents wanted you to be a pharmacist? No, that was my thing. My parents just wanted us to go to college and get educated and go get a job. You know, they just wanted us to finish our degree. I don't think they really even cared what it was in. Right. And so when I came back, my brother-in-law is, the owner of the company that we, that my brother-in-law was doing drywall for and I was laboring for when I was in college prior, went out of business for tax evasion and I landed up going with him to support him to get his contractor's license. Who, who went for tax evasion? My, our old boss that we worked for. Oh, your old boss, okay. My brother-in-law was doing drywall and metal stuff framing at the time when I was a kid in college going into pharmacy school. And his boss, about the time I moved back, their company got shut down for tax evasion. So I just went simply to go support him to help him get his contractor's license. So I took the exam, I went into the school with him and I landed up getting my contractor's license and he didn't show up that day to take his test. So I started marketing jobs, commercial jobs doing drywall and metal stuff framing. And we did about $1.7 million in gross revenue that year. And I made a few hundred thousand dollars in 1998. And that's how I got into construction. It was completely by accident. You know anything about construction but I knew how to market and I knew how to sell. So I was able to sell the work and my brother-in-law along with all the crews that I had labored for prior, they were working for me doing drywall metal stuff framing. That was my introduction to construction. I still didn't know, without them I didn't really know the trade. And so a year later I had some capital and I started buying rental homes and I hated single-family rental homes because I was managing them. Right, you gotta deal with people. Just dealing with people. Busting down, I had a rental home in La Jolla, California. Listen to this story, not to interrupt you but this is relevant, you'll like this. So these people that are living there write me a letter saying, can you be gracious to us? Wife just got cancer, we can't pay the rent. So they told me a whole sob story. So I was like, okay, I feel bad, I understand. Didn't pay rent. So I said, you can waive rent. One month goes, one month goes. Finally, I had a guy, a friend of mine managing the property while I was traveling. I said, okay, it's been like five months. He goes, oh Ty, the law changed in California. We can hardly evict these people because they can claim that you had a verbal agreement, let them stay. So finally we got rid of them after all this law. I ended up with almost a year, no rent paying me. When they leave, they trash graffiti kick holes in all the wall. That's how, they old saying, no good deed goes unpunished. I was thinking, jeesh. So now, that's why sometimes in real estate and in business, when you think you're gonna be nice, you end up harming everybody. They didn't learn, they need to know the life lesson. Even if hard times hit you, you can't do that to people. So I lost, they lost, the whole world lost. I've been there. So that's why you hated. That's why I hated that. Yeah, I hated that because that exact reason, because I've dealt with almost different story, different scenario, but very similar circumstances. And so I was dealing with that stuff in commercial and residential sectors. And anytime I bought stuff to renovate, there was unforeseen variables in there. And so I never knew what my exact profitability was gonna be when we underwrite the deal. Like there's a lot of people that fix and flip homes. You open up walls and you think you're gonna make 40, $50,000 and all of a sudden you have a $20,000 expense for electrical or heating and cooling. You land up with a 10, $15,000 profit if you're lucky. And what I loved about new construction was that I could see the variables from the time you get started. The variables are the same on almost every bill with the exception of the land. And so if you can mitigate the variables on the land, your profitability is almost consistent every time you bill, as long as you go through specific steps of checking like comps and there's a process to it. But the variables are less and the profitability is better and more stable. And you don't have to worry about unforeseen circumstances. You just learn how to properly vet out the right pieces of land and what you do. And then you don't have to babysit the contractors because a lot of contractors don't wanna work on fix and flips because there are a lot of work. They know that there's variables. And so you go in, new construction's so much easier. Right. This whole concept of how you can make six figures more than 100 grand profit work in 10 hours a week. So it can be a part-time job. And you do that, the simple system that you've created for people who don't even know, have never done it before buying a piece of land, building a house, flipping it for profit. And it sounds overwhelming, but there's a system to stuff. And like you said, you didn't even start your dad wasn't in construction, your mom was in construction. You taught yourself this now and we're gonna talk about how, let's talk about like the one, two, three step that is realistic for an average everyday person. First question is, how much capital does somebody need to do this? Can you start out with $1? Do you need $100,000, you need $10,000? It's kind of a realistic. Yeah, realistically, it's always better when you have cash, right? It's always better when you have capital and good credit. But there's a bear of entry. And so even somebody, like I got some young kids that work with us and I tell them, look, you're not gonna make maybe 100 grand on your first build. There's a bear of entry. Yes. With the right business concept in any trade, in anything, you can sell it to somebody for private money. Yes. And with private capital, even if you have to give up 50% of your equity, for example, to an investor, when you have a business model that makes sense, there's so much capital out there. Even family members would do, as long as you're a reputable person to make an ROI. So instead of maybe making, having the potential of making $120,000, what if you only made 50 or 60,000 on your first build? And the question is, what are you doing right now that'll net you $50,000, $60,000 in 12 months working part-time? And so there's a bear of entry. And is scalable. And scalable. You've done over 300 of these. In fact, you were telling me, even though you have multi-million dollar construction businesses, you actually created the vast majority of your wealth from owning real estate, the actual property sides. Early on, buying land and building houses is what made me a millionaire in my late 20s. Yes. And this is a millionaire, not in 2022, a while back. That's like being worth five or 10 million dollars now. Early 2000s, really early 2000s. And so when you have a million dollar business, which we did at the time, pouring cement, it's cash flow, but you know, it's hard to acquire that money, save it, and then see it tangibly at a million dollars. And you're a lot worse taxation. Active income has worse taxation in almost every country in the world, basically, because I do business, I own companies all around the world. Every country has worse taxation for income versus capital gains. Property, you take a piece of property, you improve it, you sell it for more, you're gonna get the best taxation, whether you're in Sweden, you know, Florida, California, Canada, every country is basically that way. And what's cool is when you go out and you start creating these assets and you start building them out, and when you get, when you sell them, you get a large paycheck at one point in one time. And when you realize, is after you learn the process, like anything, the first one you do is always gonna be the hardest, because it's an unforeseen process. So I always tell people, don't go in big, start off slow, this isn't get rich quick, this is something that you can do that's really tangible. Once you learn it, even your second build sometimes, because you're gonna learn, there's a lot of mistakes on your first build, but because there's so many distractions, because of fear, emotional distractions, unforeseen circumstances, you know, your first one, you're semi-distracted. So I always tell people, the second one, you actually learn more on than your first, because now you have some clarity, you're not as scared, the fear factor's gone, and so your profitability goes up, now you can scale. And so when you're able to do two or three of these, and you're making 200, 300,000, and every time you build two or three at a time, the process becomes simpler when you have two or three going at a time, and profitability goes up. Yeah, because you basically take, you got the same set of contractors if you're doing it right. So that first question for somebody listening, you know, and you've got a whole, you have a whole mentor program where you mentor people, but I'm getting it on this free show so people can learn here for free. If you know nothing about houses or construction, this still can work for you. It does, because that's why it started. There was a guy in a Harley, we were pouring concrete down the street, and I'd see this guy show up in a button down shirt on a Harley Davidson wearing rings, probably in his 50s, tattooed up, look really cool, just a cool looking guy, and I'd see him just roll up, and we're over here beating ourselves up, pouring concrete driveways, and this guy rolls up looking clean and does a 10 minute walk around on this house for like two, three days in a row, and I see him leave. And then a couple days later, I see the same thing. So I woke up and I ask him, and I go, hey, are you building this house? Are you the builder? And he tells me yes, and I say, what do you think you're gonna make on this thing? He goes, well, he was Australian, so he had a real heavy Australian accent, and he's like, well, well, mate, I sure as hell hope I'll make between 80 to 100,000 on this damn thing, or it's not gonna be worth my time. Real good guy. And I say, you're gonna make 80 to 100,000? How long do you think it takes to you to build that thing? He goes, about four months. And so I started, I thought, shit, this guy. So I started going through my income, what we were making at the time, which was probably about 20, 30,000 a month and doing cement work, breaking our back. And I thought, man, if I can double down and just do one of these, I would double my income. And this guy's never here. I can do this on the side. So I landed buying a lot, four lots down from there. So you learned from this guy? You were like, he'd taken 80 to 100 grand, I'm gonna make it. And I'm a little more bold than most people. So most people need a little bit of assistance. And that's where what we're doing educationally-wise helps people. I was kind of, you know, the black sheep and I just kind of, I'd go do my own thing, right? By the way, I've noticed as I interview people worth a lot of money, one thing, they're not procrastinators, A, number two, they're a little more bold, even if they have fear, they know how to control it a little bit. And number three, they always have a roadmap from somebody else. The three things I've learned about wealth, they don't work people, it's not where you're born, it's not what country you're in. Are you not a procrastinator? Procrastination kills more hopes and dreams than anything. Number two, if you're controlled by fear, you always lose to somebody who isn't. Yes. And then number three, there's always another human that lays out the path. In this case, you're pouring construction and some Australian guy pulls up, he's not sweating at all, and he's making the big bucks. So you follow him, so you buy out, how much did you make on that lot? Was this in New Mexico? It was in New Mexico, yep, over in the real ranch, right by Intel. By Intel, okay. So I literally bought four lots down, I buy the land. How much was it, you remember? I paid like $35,000 for that. $35,000, okay. And I sold the house for just under $400,000 at that time, it was about $385,000, give or take. And what was the bill cost? Oh, God, it was inexpensive, I mean this was 1999. What did you think you made? What did you think you made? I made it a little over $80,000 on that property. $80,000 and how long did it take? It took me a little over four and a half months, just five months. From purchase to finish, and did you- You should have five months. Who built it? I did, I was a GC. Gotcha. So I had a general contractor's license at that time. So your general contractor, you brought in people to do various parts of it? 100% of it, other than the contractor. So you weren't actually swinging a hammer? No, and we weren't doing foundations at that time. So even the foundation, I had to hire out because- Because that's important for people listening. Some people go, I don't know how to be a general contractor. Think of it as a quarterback on a football team. Think of it as a coach. You don't have to learn how to swing a hammer. You don't have to learn how to buy lumber, pour a foundation. You need to learn how to coordinate and manage humans. And Will Durant, who I think is the wisest person, I saw Elon Musk recently, started telling everybody to read Will Durant. I was like, I've been telling people that for 10 years. Elon, I got your beat on that. But Will Durant says, the men who manage men, will always manage the men who can only manage things. So if you can manage humans, you'll do better than if you're just somebody who can just manage a thing, like I swing a hammer. Of course, Will Durant also said, and the men who manage money manage all. So eventually you become a capitalist. Or maybe not a cap, capital is not a good word. Eventually you become a resource allocator. That's what you gotta say nowadays. Resource allocator. Resource allocator. First time I've heard that. That's really what it's supposed to be. I mean, you know, so you made it. So then the eyes were open. Yeah. And you've done over, you've done 250 more of those. Have you ever lost money on one? I've never lost money. Not even in 2008 or nine. And it has to do a little bit with our business model. And I didn't, and I always tell people, I didn't create this business model for them. I created it for me. And I create part of, and part of business and finding things out is a little bit of luck, right? Yes. I didn't methodically go into the business model thinking that I hit the perfect asset class. It just so happened that I did, and I've stayed in that asset class forever. And that asset class that I hit is more recession-proof than any other asset class because it's the asset class where our moms and dads live, our grandparents live. It's- Somebody's always gonna need a home. Someone's always gonna need a home. And when a compression in the market, there's a recession, there's financial issues nationwide, that's where things change economically for the mass majority of the working class professionals. Or working class people, not even professionals, just working class individuals. So when you hit that market, that's, if you hit that market, you're more subjected to dealing with bankruptcies for closures and dealing with less affluent buyers. Where if you hit just over that, just over the effluency of the average person, you have more stability because those people, like in 2008, for take, for example, it wasn't, it was all the entry level homes because the median home was 180 to $250,000 at that time. Those were the homes that were going into mass for closures. And the big multifamily, the secondary home market. But the asset class that got hit, it got hit, but it got hit least, was the ones that were being sold to the upper middle class, were people that had stabilized fixed incomes that weren't affected by economic changes due to banks, mortgages, and so forth. And those were people like our parents who are like, my parents now are in their 70s, but at the time they were in their early 60s. And now, or like our grandparents and people that had fixed incomes where they weren't worried about going to their job, they had layoffs and so forth. And so we've stayed in that asset class. A lot of alternative lifestyle people that don't have the expenses of children for the most part a lot of times. So you need to know the right type of home to build. You don't necessarily wanna build the lowest end homes or even the highest end homes. You can get caught both. You like that kind of mid more, a little bit above the median price. It's been a very comfortable place for us because our returns have been solid. Even in the worst case scenario, my worst profitability in all the homes I've ever made was $38,000. And part of that was my fault because we made the kitchen wrong. And I had to put about another $10,000 into changing the cabinets and countertops because during the recession, when you have market compression, people have options. And if when it's a buyer's market, they're gonna go after exactly what they want. They'll wait and shop to find exactly what they're looking for. So when there's compression, you basically have more sellers than buyers. So if you mess up the kitchen cabinets, they're gonna be the wife or the husband gonna be like, I'm not buying this. Yup, doesn't matter pretty much. And they just move on. Yeah, you gotta get the kitchen right. You do. It's funny, my mom, I have more focus on farmland but Jerome and I are actually working on a deal in North Carolina. Potentially we're gonna develop 63 homes, but when my mom, sometimes she'll, I buy farms and my mom was visiting and I was like, let's go look at these three farms. Most of the farms I buy have homes on them, at least half of them. First thing she does is she's like, I don't like this one. I'm like, why? The kitchen is missing this kind of stove. I'm going, you can swap out stoves. Don't you wanna look at the blah, blah, blah? So it's funny, humans are emotional and when you're building homes or, I own a lot of businesses, do E-com, I'm always thinking of that emotional side because so many people, a lot of people who follow me are more logical. Like, and it's funny, even my business partner, Dr. Alex Mer, he's more, he's got a PhD, he's basically a mathematician. I'm like, Alex, take whatever you think about this, do the opposite. That's what most people are thinking. So like when you build a home. It's 100% emotional. You need kitchen, bathrooms, right? Just simple stuff. It's like, I swear you could sell a house that's about to fall down. It's like, you got balsa wood studs in the wall, but if the kitchen's right, they'll be like, I want this one. Yep, it sure will. And in married couples, 99% of homes are purchased by the women, not the women. Oh yeah. Yeah, don't be, don't be building for the men. No. And so it doesn't matter what the men like. You gotta think on the emotional standpoint of a wife. And a good bath. What do you think? So little side note for someone to take away. By the way, if you're interested, Jerome and I have a mentorship program. I teach a little bit, mostly he's teaching. And I'm gonna, I'll put a little link. If you go to tylopez.com slash Jerome podcast, it'll take you to a hidden link on my website. Tylopez.com slash Jerome podcast. If you're listening and you wanna get the full training program, have Jerome mentor you. I'm just gonna put that out there. I didn't record this just so you have to pay to get any good information. But every time I do one of these, you know, how you got rich episodes, people are like, oh, I wanna follow this guy. I wanna be under him for a year or months and months. So tylopez.com slash Jerome podcast. But let's go back to, but I want to make sure everyone listens just even if you don't get into the paid mentorship with Jerome, listen to this next question because it's important. When you build a home or renovate and flip an existing home, what would you say are the three most important places? Number one's kitchen. Number one, what are the two, what are some ones people don't think about? Cause a lot of people be like, oh, kitchen's important. What are two other things when you're designing, building, renovating that a couple extra dollars here end up making a house a lot more valuable? The views are always a selling point. That's always one of the most, when people walk in the front door they're in the family room, the kitchen, the openness and the views. So the view's out the window. The view's out the window. Do you like vaulted, like this place right here we're in right now. You like high ceilings? People resale rise. And I know I've heard you talk about this with Yamash. Yes. You know, you sleep better with a lower roof, but it's the opposite for resale. Yes. People like massive. It's just everybody bigger is better, right? Yes. And so everybody has this bigger is better mentality. So wide open floor plans, higher ceilings are always better. Jerome and I would just look, he was just looking today in Puerto Rico, we're developing luxury. This is like $15 million mansion. That thing has two, how the roof ceilings. Those ceilings are probably 20, four feet or so. Yeah, 22 feet. Got an elevator in it. Boy, you walk in there. It's like, you know, you don't, for those of you starting out, don't be building a 22 foot vaulted ceiling living room. But going above average, then you were saying views. So what do people, you know, one of my mentors taught me tight, people love what's called the savannah. He said, it's actually built into human DNA. It goes back to our hunter gatherer roots. He said, you need to have a tree, grass, and ideally water. If you can get those three, it can be a pond, can be a little creek, it could be an artificial something. It's actually built, it's called the savannah effect. Scientists, evolutionary biologists and psychologists talk about this. So what do you look for? I mean, you're in New Mexico, there's no ocean. You try to get the mountain views. Mountain views, mesa views, city lights at night. So, because every, demographically, obviously, there's gonna be differences. But it's the funniest things. I have a unfair advantage of learning this stuff because we have the concrete in our business, which we have both the residential and the commercial. People could be in a pre-programmed community. And they'll go up on a hill all the way on the far side of their house and say, I want to pat you right here because I have a view. And you're looking through six different homes, 10 different trees, and you have like this little sliver of a view. But they still like it. And they go, I want that view. And I'll sit there and I'll look at it and I'll go, it'd be kidding me, but they love it. And that's the big selling factor for them is. So when you're looking at, when you're scouting out the lots, people in your mentor program, you're like, because you actually do someone, one of the people, you're like, don't just go the seemingly best one. Because sometimes people go, okay, a cul-de-sac is better. Or, but a cul-de-sac with a bad view might be much worse than a through fare with a nice view, like you said. So you're saying even sometimes views through buildings people are okay with? And sometimes it's not even the good view that they're looking for. It's the bad views that won't sell the house. So for a second example, there was a lot that one of the people in our mentor program came to me and there was a water drainage channel that everything drained to. The law was gorgeous. The views were gorgeous. But I asked them, I said, so, but the drainage channel was ugly. And I thought to myself, okay, someone emotionally driving up to this place, pulling into the driveway, that's their first view. What's their first thing that's coming in their mind? Cause it's an emotional purchase for 90. It's like sewage almost. Yeah. And it's an emotional purchase for people. So you get a husband and wife before they even get to the kitchen. And they drive up and that's the first thing to see. Cause the driveway pulls in. I told them, don't mind that a lot. I don't care if it's cheaper. I don't care if the house next door comps on it because you buy that lot, that's the first view that person's gonna see. There's one way in, one way out. So that's a perfect example. And people are fickle consumers. In this case, your customer, you know, they're saying the customer's always right. What that means is doesn't mean on a justice basis, the customer's always right. It means the customer's always right about what they want. So if you think, well, don't worry about this little drainage channel because look at how nice the kitchen is. They've already made their decision before. They've been walked in the house. You know what's crazy? In a courtroom situation with a jury, they've done studies over and over when the defendant and the, you know, the victim, when the defendant and the victim walk out, the jury decides 90% is decided in the first five minutes by how they look. Yeah. And I believe that. And then people just listen to the trial for what their pre kind of pre made decision was. They're just looking to back it up. Yeah. So that old cliche, you only get one chance to make a first impression is basically you can overcome a bad first impression. They say it takes about a year. So you know a lot of guys are like, yeah, I met this girl. Now we're married. When I first met this woman, you know, you hear her side. She's like, I didn't like him at all when I met him. But he grew on me for like a year or after a year or two, I'm like, that's a dangerous way to do it because you act like an idiot when the woman first met you. So if you want to cut two years off the cycle here, you need to go out and actually get the first impression to be the strongest. So for what's another thing? What about closets? What about, you know, master bedroom configuration? So we've changed a lot of that stuff. That stuff's evolved. I'd say that that's less important than definitely, definitely less important than the views, definitely less important than the kitchen, right? Than the kitchen. But master bathrooms and closets are important. And I'll tell you, like one of the things that we've done with the closets is that because of the market that we hit, we've made the master bedrooms a little smaller and given them to the closets and we put all the dressers, everything in our closet in the closets because people do like that, that freedom to roam. And if you guys have ever noticed in a lot of homes or apartments or hotels or anything, that when it feels clutter and you can't get around dressers and end tables, people hate that. So you stick that in the closet now, you build it in. We build it into the walk-in closets on a lot of our homes. Now, there's an exception to that. We're building in Washington state, those houses are more cottage-style, they're smaller, they're 1,500 square feet, different market, different asset class. But in a traditional 2,500 square foot home, on average, a family of four, five is gonna live in, people like that, they like stuff tucked away where they can have their laundry. We do these wrap-around floor plans and they've been a hot selling point. And this took me several years to learn in multiple homes of building to do these wrap-around floor plans. But people like the ease of pulling into their garage, dumping off their groceries or having like the circular floor plan where multiple rooms can go to a laundry room and they don't have to walk, you ever walk into a house, you have to walk all the way in to the house, to the master, they have to walk all the way around just to get out the door. So we do these wrap-around floor plans and it's just a convenient way. People love that, women love that. Because they think about it, you gotta think about it in perspective to a family, with kids, someone walking in with a car seat, a child, groceries, book bags, laundry, just everything. And those wrap-around floor plans with these big butler pantries and stuff that we do are huge selling points. And they're not that expensive to build. You got stuff that cost you a couple thousand dollars and add 20,000. One thing that you have to learn in any type of business you do, whether you have nine, I'm the CEO of a company that I own and we're doing nine figures, so way over a hundred million of revenue. Even in that business, going back to when I started, when I had my first business that made me $120,000, it's still the same thing. You're thinking, not like the masses, the masses think about money as expense, the wealthy think about money as, okay, I deploy, how much do I get back? So sometimes people go, oh, I don't want to put a nice island in the middle of the kitchen because that adds 20,000 to the build-out cost. Well, we were looking at this Manchow War building. Jerome literally just came back a couple hours ago, was with the contractors building it for us. And he goes, Ty, let's put the elevator in because or else you sell it with an empty elevator shaft. We thought it was going to be more expensive here in Puerto Rico to get it done. But it's like, what is it gonna be? But we thought it was gonna be like 300 grand. Yes, 300 grand with all the regulations. And now it's 70,000. 70,000. No regulations. Yes. No additional inspections. On a 16 million dollar house, you drop an extra 70. Now, if you're a beginner, do not drop 70,000 on it. You shouldn't be building any house with an elevator if it's your first go around. I did my first real estate deal in 2006. So I've been doing it a long time. I haven't done as many home builds. Jerome's the master there. Anytime somebody's done more than a hundred of something, they're good. And when you've done many hundreds of things, but that's an example. I'm not thinking 70,000. Who cares? It's 70,000 might add, to me, if I'm coming into a house and it has a nice elevator in it, now elevators separate homes from mansions. Yeah, they do. Where we met at Beverly Hills Place, that thing had a real elevator in it that went multiple floor. And that separate. So 70,000 in an elevator is gonna at least add three to 500,000 of value. Easy. And the resale, and here's the biggest thing, is that most people think in perspective to the market that we're currently living in. And currently, as we're recording this video and this podcast, we're sitting in unprecedented times. We're sitting here historically in the longest gap of a market compression and a recession that we've seen since the 1950s. And you can't think like that. When you're building, one of the biggest things I tell people is you have to, in real estate in general, you underwrite deals, you build for the worst, and you profit for the best. Because if you build for the worst, and you set yourself up under a worst case scenario, you always have profitability. And so you have to think about these things. These are really important. Just these small little things that we're talking about, like even that elevator, because if there's a house next door, we go into a market compression, taxes change here in Puerto Rico, we have an elevator, we don't have an elevator, the one next door does. And the house is listed for half a million dollar difference. They're gonna pick the one with the elevator because of the amenity. If you have, if the difference between that kitchen during the recession was at the house, they had options. And so this stuff is super important. And the only way you learn this is by doing it. And so instead of a mentor or both, best thing you do is have a mentor that watches you do it. That's like jujitsu, I do jujitsu. Best way to jujitsu is you definitely have to have a mentor, nobody ever taught themselves jujitsu. You can't just intuitively go, well, okay, if I do it, because most of jujitsu is counterintuitive. And then number two, on top of that, so you need a mentor and a number two, but if you only have a mentor talking to you, like on a podcast and you never actually go into the gym and compete, you're also not good. By the way, on your course, I'm gonna put, if you go to the tidalopus.com slash Jerome podcast, go to that special hidden link. Make sure Jerome puts a big coupon code so you get a huge discount if you wanna get into Jerome's mentor program. And by the way, you could totally do this without a mentor and of my followers, you know, I've been doing this, about 20% of people don't need a mentor. They're either super self starters or, you know, they have a background, they have a family member who can do it. So if you're in that 20%, you don't need someone like Jerome. And I know it sounds self-serving, because sometimes people are like, Ty, you're just trying to sell people into courses. My revenue of percentage of my business is from teaching courses is teeny. It's a myth that I do these things because it's the main part of my income. My main part of my income is owning Pier One and, you know, owning Radio Shack and Stymart and Crypto and all the things I do. But the reason I like doing these free shows and even telling people, even if I push people a little bit is because I've seen the results. When you don't have a mentor, you're not gonna, I mean, I do my home builds out with Jerome overseeing it, like this big mansion we're doing. And I'm experienced in real estate and I still, I like the, it's funny. People love the thought, I think it's the rugged American individualism where you're like, I didn't need anybody. But as I began to study wealth over the last 10, 20 years, nobody does it alone. All the smart people I know are big, they're like teams, but the press only writes about, like Elon Musk, there's a great book that just came out called The Founders and it's about Elon Musk's first big business he did. He sold a small business, but where he made his big first time he made over a hundred million was PayPal, okay? But people don't realize there's a group, he had so many people in it with him that it's now called the PayPal mafia. Okay, it was a group of like 10 people that all these kids, they were young. Elon Musk was one of them, but you also have Peter Thiel, who's now one of the wealthiest people in the world. You have a guy that, a friend of mine named Ken Howrie, who started Founders Fund. It was at one point the second biggest venture capital company in the world. But my point being is even somebody like Elon Musk, this guy was in a big gang, a big crew of people that helped them create that wealth. So some people were smarter than him on certain things and now he's the richest man in the world, but nobody's a self, nobody's a self-taught, man. It's just amazing. And if you are, I love the fact that the world, by the way, self-sufficiency is one of, high self-sufficiency is one of the seven forms of narcissism. Whenever I meet people that are like, oh, I don't need anybody. I'm like, you know you're scouting on the narcissistic personality inventory. They have a whole section of self-sufficiency. So it's good to be an individual, rugged individual, but people take it too far. I'm like, you wanna build your first house on your own? Are you insane? Put it this way, there's a 0% chance you don't make a 10 or $20,000 mistake. Oh, easily. You'll cut your profits. You do something wrong. You can cut your profits in half. In fact, I'll even get comments. People say, there's no way, there's so many variables in this and you're 100% right. There's too many variables in it if you're doing it on your own because you don't know them. You don't know those variables. And to your point, degree of enforcement, any of us that are entrepreneurs, we've all had mentors of some type, way, shape, and form. I've been paying for mentorship my entire career. I learned that in direct sales. But even when the recession hit and I was trying to fill commercial property, I started buying Subway stores that you mentioned earlier. And in direct... You were the biggest franchise, Subway owner in New Mexico? Southern Colorado and Central New Mexico. And when I did that, I did it to be able to build out an infrastructure so I could hire management and have the affordability to do so under a business model. But I built the business model myself, but I didn't invent the Sub into your point. I got an opportunity for Ed DeLuca, the founder of Subway, and he wanted to come meet me. And his question to me, it was funny because he was wondering how I was taking 13-year-old stores that had never done over $4,000, $5,000 a week and I take them to $9,000 in just less than 60 days from owning them. In fact, I have that video on your Knowledge Society. Yeah, we shot a video on that years ago. On how to go from zero to six figures. And one of the things I told him when he came out and he wanted to know, he goes, Jerome, how did you take so many of these stores and take them from never making over $5,000 a week, 13-year-old stores, and take them to $9,000 a week in such a short period of time? What are you doing? Yeah. And I told him, I said, Fred, when I got started in the Subway business, I was busy. I had so much stuff going on. I was battling the recession. I didn't put these stores in my buildings because I wanted them. I needed them. I said, the reason I picked Subway over all the other franchises, because everybody asked me, I looked at Hoggendoss. I looked at Smashburgers. I looked at Panera Bread before they had even come into New Mexico. I told him, I picked Subway because I wanted a duplicatable system. Yes. It wasn't my way. It wasn't Ty's way. It was Subway, and it was Fred DeLuca's way. I told him, all I did is I went to your Subway University in Milford, Connecticut, and I paid attention. I had to be away from my newborn son for two full weeks, and my family for two full weeks do this. I don't know what everybody else has going on in their life, but I paid attention for two weeks, and I took notes, passed the exam, went in there, and I came back, and I kept asking everybody. The questions I kept asking everybody is, what makes the difference between good stores and bad stores? The consistency was good bread, fresh bread, and basically implementing the system and learning how to prevent theft. So I just took your system for Batem, and I duplicated it, and through duplicating your system, and obviously there's some marketing in there, right? Customer service. You added your own magic to it, but the core was basically the mentor, the founder of Subway, was in effect your mentor because he built a system out. It's great, you know, there's a great book, and basically it talks about the success, 90% of small business owners who launch their own business fail, but 90% of people who buy a franchise succeed. Isn't that crazy? Like in McDonald's, I think there was only two McDonald's franchises that failed in a year. I was just looking at it one year. I forget what year it was. It's only two in America that failed, because if you got a McDonald's, you not only got a brand name, but more importantly, is this McDonald's University, and this McDonald's kind of operating manual. So that's what people need. That's why I do these interviews. I'm like, what's your manual to making money? And I tell people, I didn't build this out for them. This was, when I figured this out, and it was in that light bulb went on, I was like, holy shit, I can duplicate this. And I literally, once I did the first two, I sat back and I go, man, I can scale this and net a million dollars if I just do this. And I just, I implemented that strategy. And in two years, I had over a million dollars taxes paid in the bank, and I was building these things cash from the revenue I made building it. So that was the first time. How'd it feel? That's the question I always ask everybody in this series. You know, how you got rich. People with more than 10 million aren't at worth. You're way over that. But what did it feel like the first time you looked in your bank account and you saw a million dollars deposited? It was gratifying because- Was it as good as you thought or was it just like, ah, it was like Michael Jordan's like, when I won my first championship, I thought I'd be so excited. I wasn't so excited. Were you super excited? Mark Cuban told me he was in his underwear all night watching the TV screen or the monitor when he became a billionaire. And he was pretty excited. Billion is a whole another level. But when you got the first million dollar deposit, did you go out to a nightclub to celebrate? I've done different things. Like I always said, I remember thinking years ago, oh, I like to make them. I can still actually remember where I was sitting. I was in Raleigh, North Carolina and I go, what if I can ever make a million dollar revenue business? I was like, that would be crazy. And then I figured I'd make a million dollars in a year. And then once I did that, I was like, I wonder what it's like to make a million dollars a month. And then I was like, I did that and I was like, I wonder what it's like to make a million dollars in a day. And I did that. Then I've done it a million dollars in an hour. Yeah, I remember that one. And now I'm like, I haven't done a million in a minute yet. That is the goal. It's like, I can make a million bucks in 60 seconds. And then I guess once you do that, you're like Jeff Bezos, I think makes three million dollars a minute or a second or something. And then it'll be like, I wonder if you make a million. And by the way, I think most people, you don't need to play that game that much. But so anyway, going back to this, a million dollar your first deposit, where were you? Do you remember it? Yeah, I do remember it. And I remember going to Vegas. It's funny that you asked that question because this Rolex right here, I bought in 2001. It's a Centennial version. It's more than just like a watch to me. Everything that I buy is in milestones. So I do it in milestones. That's cool. So that's a milestone watch? It is. This is when I bought my first million. 2001, I made a million dollars. I remember calling my wife, I went to Vegas, my brother-in-law, well, he wasn't my brother-in-law at the time. So my soon to be brother-in-law back then was coming to Vegas. And I remember, I'd made a million dollars. I knew it like that within a few weeks of this trip. And I remember walking in the Bellagio Hotel, going into Tristanis, the jewelry store, the Rolex store, the steel in Bellagio today. And I remember looking at the counter. And when I saw this watch, I was like, I gotta have that. That was my goal. And I hadn't even shopped him yet. And I called my wife and I said, when is Adrian coming to, when is he coming in to Vegas? And she goes tomorrow. And I said, can you give him, can you give him 90 some hundred dollars in cash and have him bring it? And you gotta think, this guy's 25 years old. He's carrying $10,000 in cash. It was 2000, early 2001. And he's running this. Seeing as a dog's gonna snip that thing in Pablo Escobar. And if I had him doing it in cash, I have no idea. I don't even think I had a credit card at that time that had over a 10th of a limit to actually buy it. Cause I had jacked my credit up. When I got out of network marketing, I lost my house. I lost everything. And so this was just a few years later. You're a true rags of riches. So you made money, lost it all. Lost it all, ruined my credit. I had like a 460 credit score, like 25 lines of back credit. But doing home, learning how to do homes is how you came back. That's how I came back. And it, well, I was pouring concrete. I had a good business too. But this was all within like a three year period. That's a good come up story. So the cement business and building homes brought you back from the dead financially. Literally. That's a crazy story. By the way, so as we wrap up here, couple of things I wanna go over that I haven't got from you. Like I always like, what's the one, two, three formula? For somebody who wants to just do it on their own, forget it. Some people are like, I don't need a mentor. We talked about, you know, I'm gonna go into that. For those of you, by the way, Tylopis.com slash Jerome podcast, go there, put a special coupon, get in his mentorship program. He's the main teacher. I come in and train with some stuff too, myself in there. But one, two, three formula for somebody listening. What is it? So simplest thing, is it, you know, how do you buy the lot? Do you go to the most expensive part, the poorest part of town, mid-level? Do you look for one acre, half acre in general? Like what's a general formula that works well for the lot? I don't have a parcel size. That's not important. Everything that's important is based on comps, comparable real estate that has sold and traded within a 12 month period in that specific area. Gotcha. That fits. So do you wanna pay 80% of that, 50% of that? You'll pay full, let's say the average home is one acre in that area and it went for $30,000. Do you have a kind of a system in your mentor program or okay, come in and try to get it for 20 or just pay the full 30? No, if the price is right in the market, let's say it is like it is today and you may be watching this video in a market recession. Yeah, but to say now, where it's not a total recession, yeah. Yeah, so typically rule of thumb is that the lot should not cost more than 20 to 25% of the entire build, the entire resale price of the house. So if you're selling a property, if you're paying, for example, $25,000 for the lot, you can build a $200,000 house or you know, because expenses, there's a lot more expense now. So you need to multiply it by say eight. It needs to support that, let's say eight. So the land is where your profits really are and if you're going into an undeveloped lot, one of the big things is if there's infrastructure to put in, then the lot price has to come down. Yes. And so we teach people how to depict that. Yes, how to know. You have to be able to, if you gotta rezone it, don't start with the one you have to rezone. No. No, don't be getting in that rezoning game. Keep it simple. I'll get people to come in and say, hey, I wanna build a house. I have this 10 acres. I think I can fit 30 lots on it. Yeah, I gotta go rezone it. Yeah, 18 years later, you'll have it rezone. Yeah, you'll be broke. You'll be filing bankruptcy before you get your first million. I think we have a bird in here somehow, I've noticed. There is a bird living in here. That's good. It's a good sign, lucky sign. The parakeet in Puerto Rico, there's a lot of parrots. The bird gods are blessing this podcast, thank you. Number two, for somebody who doesn't know any of my construction, your system teaches them, but somebody can do this on own. You find contractors. How do you find and manage the contractors you've never done to yourself? That's a great question. That's one of the biggest variables right there. I know there's a lot of people that are watching this. There's one thing I know, there's people sitting back at home watching this right now going, I'm not a contractor. How do I build this thing out? And so I'll run through all of that. And there's multiple types of contractors because if you go in and you talk to one contractor and they say they're building custom homes like Chad's building this million dollar, this multi-million dollar home for us, not the right contractor to go build this model out because Chad's making over a million dollars profit on every house. He's going to do a bid model. He's sophisticated. Construction is not the most sophisticated industry. So there's different levels and different types of contractors that build out different types of asset class. So knowing how to vet out the right contractor that's one dependable and then two capable. But not too greedy. But not too greedy. If you get one that's a shark, now when... See I'm a greedy contractor. Jerome and I are building a really high-end house and we have a lot next to it. These are homes that can sell for over $15 million. There you probably want, it's okay to have a little greeter or contractor because you want the best. If you're building a $200,000 home, don't be getting you a guy that's used to building in Beverly Hills or he's going to take all the profit for himself. So I'm going to tell all of you guys what I told Ty and an old high school buddy of his this past weekend, don't be building $200,000 houses. That's where the first business model, you got to scale up from there. We got to be up over the average. So you want 350, 450ish. No way, we want to be just over. Now that there's been mass appreciation and mass inflation, the median home is 350 to 400. We need to be over that. So you need to be someplace between $500 and $800,000. Because I know where you are in the country but what you're basically saying is find the median for your county and be well above it. Not well above it, just barely just over the top of that. Find the median and just go just slightly higher than that. Then you're dealing with people with money. And when I say money, you're not dealing with wealthy people. You're dealing with people that are in middle class and just above the middle class, just in that upper middle class range. You're not getting wealthy people but you can have a family that's making a husband and wife that are both making $120,000 a year. And in today's world, that's pretty average for a working class family to be making six figures for a husband and wife. So quick recap, the one, two, three formula. Know what to pay for the land in general. If you have to do any kind of rezoning or any kind of entitlement, any kind of add-ons, use that to negotiate the price down with the seller. Be like, look, I can't put my house on here. The math doesn't add up. I negotiate big deals for a living. It's nothing wrong with being transparent. It doesn't always work but it works sometimes when you give a logical reason. Like you're asking $25,000 for a lot. Here's my Excel spreadsheet. I can't pay that but I can pay $18,000, you know? And you make your money pricing that, you need that pricing, that's how you make your money immediately. Number two, watch your contractor. You don't want one too sophisticated that they're gonna take all the profit in their bid and you don't want one that's such a low ball that they're gonna not care about the project and is gonna take two years to build. And then number three, as we were talking about, know how to price the home. Know how to price the home. It all has to do with a project management and financial management because project management and managing your finances is super important. So we have- And you get into that in the mentor program. You have a whole kind of turn key spreadsheets people can just use your stuff. You know what's funny about that is my dad's an accountant and my dad, he built one house. He built one house, it was our house when I was eight years old. And it's the only house he built but I knew he did it from scratch himself. So when I started this, the same spreadsheet that my dad sat down with me in 1998, we sat down, he came to my house and we sat down on my computer, little old e-computer. So I could afford back there, a little e-computer. I remember sitting down, he helped me build a little spreadsheet with the little formulas, adding up all the expenses. We went through it step by step. Just for the build, step by step, contractors in the process of building it. And we just sat there, we went through the entire build and we added to it as I did the first house. And that same spreadsheet is theirs for free when they come in and work with us. And it's neat because it still works great. That's cool so you get a multi-generational spreadsheet that works. You haven't ever even shared that with me. Do I have to pay for the mentor? I'm gonna pay for the mentorship. I'm gonna use toddlobs.com slash Jerome podcast so I get a discount. You already invested in everything. I'm gonna get this for free. We're so invested. Okay, that's free. No, we got lots, I'm just joking. But anyway, I'll leave everybody with this. We're actually gonna go to the gym here. I don't like to sit that much anymore. This is all, this is about as much sitting I do. Yeah, you and I both. Sitting will destroy the body faster than anything. But so I walk to the gyms about three quarters of a mile. That's cool. I get my 10,000 steps. Just walk to the Puerto Rico gym. One thing I would just leave everybody with is this net worth system that I've really been training people all around the world in. And it's called the 60, 30, 10 rule. 60, 30, 10. People, number one question I get Jerome is if you're 18 years old again and you got no money, what do you start with? And my answer is I wanna learn the 60, 30, 10 rule. And that is the way to build your net worth. Your actual wealth is you have one main thing you do. That's 60% of your wealth creation. Okay, that's your main thing. You gotta focus on one thing. So if you're listening, maybe your one thing is e-commerce or maybe you have a high paying job. That's great. But then you need something that's teeny part of your net worth, but also diversified. That's the 10% and in between you need the 30. So for me, I give you my, if you look at a pie chart of my net worth, started at zero and now it is where it is. And 60% is in e-commerce. That's where mine is. 10% is in real estate. Okay, because e-commerce takes a lot up what I do. But I still believe you, I have to have 10% of my net for every $100 million of my net worth. I want at least 10 million of it coming from real estate. And then 30% is kind of like my second job. That's crypto. So my 60, 30, 10 rule is e-commerce businesses. I'm running sites that we had, my e-commerce websites had 150 million visitors to the websites across all of them. Pier one, Radio Shack, Steinmark, Dress Point, all this stuff, Ralph and Rousse, all that, Linden's and things. So that's my main, but I don't want that to be more than 60% of my net worth because the world changes diversification. Crypto, I've got Radio Shack's change, USV co-founded, NFTs, that's 30. But if you're listening to this and you're like me and you're mostly e-com or crypto, if you don't have 10% in something like real estate, you're crazy. I would say for most people, you want real estate to be in this portfolio. Like I can't even think of one human. Look at Bill Gates, would love him or hate him. He's been the wealthiest guy over the last 20 years. The most wealth has been Bill Gates in terms of year in, year out being the wealthiest. He was 10 years in a row wealthiest person in the world. Guess who now owns the most farmland in America? Yeah, Bill Gates. Real estate. He owns 250,000 and buying up farmland and everybody knows. So even he follows the 60, 30, 10 rule. That's something nobody teaches. So if you're listening to this, by the way, if you're really into real estate, you definitely should get this program because that 60% when you look at a pie graph of your net worth, that 60% in real estate should be diversified. Meaning it should be some new construction, probably some multifamily and some raw land. Since real estate is only 10% of my portfolio, but as my net worth grows, that 10% gets to be, I got it real soon. That's why I'm trying to buy hotels and I own 1,300 acres of farmland. I'm very far behind. Bill Gates is 250,000. I'm coming for you, Bill. I'm about one 200th away from you. He is a lot older than me, so give me a while and I'll see if I can catch him. But I'm looking at hotels. We're developing pieces of land, subdivisions. This home building stuff, if you don't have that, like some people are only in the multifamily, you're crazy. And multifamily is great. I build it. But you don't wanna put all your eggs in that basket. Economy changes, BS happens. You're stuck with one, don't be a one-trick pony. Yeah, that's it. And I mean, even my diversification in my real estate portfolio is huge. I mean, we don't build as many homes as we used to at one point in time. We're building bigger assets now. And the reason is because of taxes. One of the best things about real estate is it's one of the best tax shelters in the world. Legal tax shelters. Technically shouldn't use the word tax shelter. We'll say tax favored. Tax favored. Because it is, it's a government. Don't use the word shelter, but a tax advantage. Yeah, the best asset class that has the best tax advantages to it, that are perfect, 100% legal. And are known by- It's the best for the everyday other person. When some of you get real wealthy, there's other tricks up your sleeve you can pull besides real estate. You can start doing some crazy government credits and there's things you can do with accelerated depreciation of private jets and all. If you ever want to get there. But for the everyday ordinary person, there's nothing better than real estate. Real estate, correct. It's one of the best things. Or living in Dubai. Yeah, tax free. Or Puerto Rico, tax cheap, not free. Dubai is even, if you're not American citizen, Dubai is pretty. And there's other places you can do that. But well, good. My man, thank you. Tylopes.com slash Jerome podcast. I'm gonna get him to knock a whole bunch of money off the cost of the mentorship for people who listen to this podcast. So go to, that's a link you're not gonna find on my website or his website. It's gonna redirect you to that coupon code that you can automatically put the coupon code. Get in it. You gotta guarantee program or refund for people, right? You gotta guarantee on it. Yeah, if they don't make, if you buy a piece of land and you don't make a profit in 18 months, I'll give you all your money back. Yeah, so that's a good little thing. Or if you just come in and you're scared. Hey, it's better than university. My brother paid $80,000 for a Spanish degree. He can't speak Spanish. He didn't get any of his money back. Had to pay interest on it for years. He probably spent a hundred, he's probably dropped 120,000 when I was Spanish. I told him, why didn't you move to Spain? Get a job as a waiter. Six months later. Meet all the beautiful women. Get paid and you'll speak fluent Spanish after six months. The best way to learn a language, I know this. A man can learn, and a woman too, can learn any language if he falls in love with someone who speaks another language and doesn't speak his. Men, if the woman's beautiful enough, men can, I know a dude who learned Czech. Czech Republic. This is a hard language. I know a few things like Ahoy. Three months he learned Czech in one summer. I said, what happened? He said, I met the girl in my dream. She knew no English. I knew no Czech. I went to Prague and he's like, ah, three months into it, he was just like, he wasn't completely fluent. But I mean, I think my brother's four years getting a Spanish, Spanish is not even a hard language, still not that good at it. So anybody who complains about the price of online education, I'm like, great. Go to some university, try to learn how to build homes. And ask them if they'll give you a money back guarantee if you build the home and it's not profitable. Ask them if the college ain't giving you shit back if they're not giving you nothing. Nothing, they're just like, too low. People don't realize government. One of the biggest sources of income for the US federal government is college interest payments. What kind of horrible thing, you take your 18 to 22 year olds in your country who clearly don't have the money to pay back and you lend them a lot of money for stuff. Most people who get a degree never do their degree. So not always expensive, they get a degree in art history and they don't go into art history. Great, you like art history, make sure you, you spend 80 grand, you better do that for a living. Anyway, I'm listening to that book by the sapiens guy. He says he thinks modern education will be obsolete soon. And he's a college professor like Harvard or whatever. It's gonna be obsolete because people are gonna change around. People gave me crap in 2013, 2012 when I started doing online education. I'm like, oh, this is a ripoff. All kids should go to college. Now, more people are on my side. In 10 years, I'm gonna look like a genius because the world's gonna move so fast that the best way is to go to, how long's your course? Four months? 12 week course. Yeah, 12. So now you could come in 12 weeks, hyperdrive, learn a skill, do it for five or 10 years or if you ever don't like it, you only invested 12 weeks of your life versus people go for four years. 12 years if you're a doctor. Yeah, 12 years. And then I met a guy, Jerome's an investor or someone I deals. There was a doctor at our meetup yesterday in Miami. Yeah. He's like, I don't wanna be a doctor. This guy did 12 years. So the future is quick mentorships that drop, get you what you need to know. So get in Jerome's program, learn, make us a goal in the next 12 months or less. You use his system, turn key, get his spreadsheets, get his cheat sheets, how to buy a little piece of land. If you don't have the capital, how to convince someone else how to do it. Cause lots of people, the easiest thing on this earth to rate, I raised capital for hard stuff. Like you know, you wanna go, I bought, I wired 31 million dollars to buy peer one out of bankruptcy. That's harder cause I'm like, I'm gonna buy this stuff that already failed and rebuild it. But real estate is that you could be 18 years old. You find a good piece of land, you put together a nice business plan. Your uncle will give you the money or a friend of your uncle because they're gonna secure themselves with the property. Yeah, and you'll learn all that. They're not giving you the cash, they're gonna put their name on it and then you do a separate contract in the LLC. You make yourself the, in LLC you can have a member manager or a manager manager, make yourself the manager, you control the LLC. They're safe cause they put the money, they wire the money basically, not to you if you can't go off and you know, do hooker and blow in Thailand, you get the money, you put it in the piece of real estate and they're secured. If you mess it up, they at least have the property. So real estate, for those of you watching, they're all, this is the, if you can't raise money for a piece of real estate, build a house, you might as well just quit, get a job in McDonald's or something or go, you know, living a tippy. You don't have to raise it. We've got so many affiliates that are working with us that are just qualified lenders that deal with this stuff. Yeah, there's far money lenders. Yeah, there's far money people. So many options. You can borrow from the mafia. I heard Pablo Escobar's son's got a little program. You don't pay back. Plato aplomo. You either pay me back or you get a piece of lead in your head, chop off a few fingers. Don't do any loan shark money. That's right. I got options, better options. Yeah, it's like, if you know Luigi who's gonna chop off a finger every time you miss a payment, do not do that. Better to be broke than lose fingers. So my dad's from Harlem. They're not had that whole world or hammer your hand if you don't pay them back. Anyway, before we digress too much, tileopas.com slash Jerome podcast, grab it. Thanks for being on this episode of How You Got Rich. So hopefully you all learned something. Talk soon.