Epic Real Estate Investing - Residential Flips to Commercial Flips - Gabe Dasilva | 1157

Episode Date: July 1, 2021

In today’s episode, Mr. Theriault is joined with Gabe Dasilva, a real estate investor who started his business with 6 figure flips in residential property and developed it to 8 figure flip in commercial property IN JUST 6 YEARS! Tune in and find out how our guest managed this transition and get the latest in the news and crypto updates, as always! Learn more about your ad choices. Visit megaphone.fm/adchoices

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You're the absolute best for doing that. Appreciate you so much for that. Thank you. So in today's show, I've got a great guest for you who got his start with six figure flips in residential property. And in six short years, has transitioned to eight figure flips of commercial property. And then I've got the news and I've also got this week in crypto. And today's sponsor of the show, REI Blackbook, it's everything you need to run your real estate investing business all in one place. You can convert more of your leads into deals and build a predictable sales system with the only all-in-one marketing and sales toolkit built for investors like you.

Get 14 days free access plus their automated follow-up machine absolutely free at Epic Blackbook.com. All righty, on the phone, my guest today has been coined Mr. At a Level for his extensive knowledge of construction and heavy renovations. He specializes in implementing effective profit. optimization strategies and systems and conducting complex financial valuations and analysis. He hosts a variety of educational events, including the at a level bus tour, fix and flip foundation workshop, and real estate riches mastermind. He is passionate about teaching, growing, and inspiring others to systematically operate their businesses and reach their peak potential.

In addition to his entrepreneurial passions, he believes in giving back through his philanthropic efforts and he travels to Guatemala annually on mission trips to build homes and support the community of Zaka. Please help me welcome to the show, Mr. Gabe De Silva. Gabe, welcome to Epic Real Estate Investing. Thanks for having me on, I'm excited to chop it up. Yeah, totally. I don't know too much about your background.

I know we've hung out at our mastermind group and, you know, broke bread, had drinks, chopped it up there. But let me know what you were doing just before you got into real estate and what inspired that transition. Yeah. In a past life, I was in the food service industry. So I owned and operated a restaurant for four years and learned a ton. I logged 10,000 hours as a restaurant operator, attained mastery in that world, in that

industry. And then wound up where I belonged anyway because I grew up in and around real estate and construction in particular. So my calling was always there. So my first foray into entrepreneurship was food. And then I found my way into real estate after selling that restaurant. Sweet. So you actually owned a restaurant?

Yeah. I owned it with a partner. We did, I think, a little over four years together. And then I sold internally to him. He went on to run it for a couple more years. And now he's actually in real estate, too, coincidentally. Oh, sweet. Is it as tough as they say it is, that business?

Yeah. Yeah. It absolutely is. I say it's the hardest thing I've ever had to do. and I'm in recovery. So you can imagine, like, getting sober was easier than running a restaurant. Okay. Really?

Wow. Because I think that's, you know, for people that don't know better, and I would put myself in that category, you know, I've always wanted, like, my own sports bar. You know what I mean? Like, I always wanted, like, my kind of place where I could go and get a hamburger and a beer and it'd be my place, but you recommend against that. Yeah. If you need it to work, one thing I'll say about the food service industry, like, I guess

I'm kind of a masochist in this way. I would get back into food service. But you need to not need to have it work. Like if it's something that you can do and you can put an operator in place and you've got capital, you've got a runway, do it, right? Because it can work. It just needs a lot of time to work. And if you need it to work, if you come out of the gate like we did, we had $12,000 in the bank

and our cost of goods sold was $36,000 in month one. We had no runway. Every day your sales had to exceed your expenses. That's a really hard way to start any business, especially one way. where the shelf life is under a week. Right, right. Totally. Cool.

So you got into real estate. So you said you've always been surrounded by it. How so? So my dad is a first generation builder, came over and learned the trades from Portugal and learned plumbing, then learned masonry, then learned how to hang drywall and framing. And ultimately was doing his own building.

He was his own G.C. and running his own projects. I grew up around the job sites. I grew up helping in the summer, sweeping up job sites. I grew up around the kitchen table with him reviewing blueprints and reviewing proposals and giving and getting bids. So it just subconsciously, as a kid, you pick up so much more than you realize. Like you already speak the language, having been on job sites, you just know how to carry

yourself, you know, on a job site, things like that. And, you know, as parents often do, they actually. advocate for their children to go to school and get away from that stuff. Like they knew that as hard labor working with your hands. And so they advocated for school, which I went on to do and then get that, you know, corporate job, work in finance, all that. But yeah, my experience as a child served me really well when I finally did transition into construction and real estate investing.

That's interesting. Yeah, my son, he's 10, but probably when he's about six or seven or so, he would mimic me on my YouTube videos. And he would do his own little videos. And I said, okay, got to write your little script and everything. And he just started going, yeah, so you need cash flow. And it's all about passive income. And that's how you become financially free.

And it's just funny. So it'll be interesting to see how that evolves and develops when he's older. Cool. So your foundation was very much, sounds like in construction and that type of rehab work. What did it look like making that transition to Cohen and be a real estate investor. Yeah. So I did what I knew best, which was rehab. Like the first deal out of the gate was a cosmetic rehab turned into a gut rehab. Just, uh, I mismanaged the project. And before I knew it, I had a completely gutted house that I needed to renovate. And because I had the construction

savvy, I leaned into that and said, all right, well, look, this was meant to be a cosmetic rehab and net 40K. It wound up being a gut rehab and we did 80s. 6K here. Like maybe there's something to that. Let's see if these construction heavy value ad style renovations make more sense. And we went on to do a lot of those. So then the next one was an addition. The next one was an add-a-level.

The one after that was new construction. And slowly we evolved into developers. It's an evolution that just makes sense if you either have the construction savvy, if you're knowledgeable in that or if your partner is, right? because what we've found now is that a lot of guys and girls are getting together and the finance, the capital partners there, and then they've partnered with a GC or a tradesman who understands construction, and now they're coming together and doing the type of stuff that we've been doing for a few years on our own. So that's what the kind of evolution is looking like now.

And again, what I say, like, if you can flip a house, you can flip an office building, and that's what we're doing now. Now we're taking that skill set and applying it to a different asset class. So how long ago was that when that first, the first deal happened. Six, so six years. Six years, okay. So relatively new for you.

Yeah, yeah. My thing was just always and ever be like evolving as an entrepreneur and business owner and just be looking at what's the next thing. Like you don't have to do more of what you did to get where you are to get where you want to go, that whole thing. So like just because you know how to do that one thing, don't be that one trick pony. You can continue to do that thing if it's paying the bills and it's cash flowing. figure out how to delegate and elevate to the next thing.

And, you know, I've just been really true to that. Cool. So I'm always interested in how people find their deals because I feel like, you know, if you have the extra strategy where you're going to rehab it and sell it, or you're going to rehab and hold on to it or you're just going to wholesale it. You know, it all comes, nothing happens until you find the deal. So, you know, how did you go about finding your first deals and how do you do it today? So when we were starting, you could pick these opportunities off MLS.

Like, it was that easy. Because you were doing the value-ad construction-heavy kind of approach, you were able to pay retail because you were going to force appreciation by doubling the square footage. And so early on, it was easy, right? We then had to start marketing direct to sellers. We had to learn how to go find our own stuff. One thing I'll say really served us is as we were doing those projects, early on, the ones we were just picking up off MLS,

anything worth doing is worth documenting. So I was just very diligent about recording and documenting and disseminating what we were doing. So organically, we generate lead flow three to one organic versus paid today as a result of that early work put in. We just position ourselves as the guys that do these types of projects. So when people have them locally, our name comes to mind. So organically, that's what serves us now. And I know people listening and often my students say, well, organic, that's easy for you to say you've got a following. Well, you start somewhere, right? So create the following. Start somewhere. But then we started to layer on paid stuff too, just like anybody else, right? We use deal machine. We drive for dollars. We send out mail. We run ads. We do that. We have a billboard.

It's just whatever it is, your one foundational marketing effort, that's the one you build upon. That's the one you really get dialed in. And then from there, you can start getting creative. But like drive for dollars. I advocate for that because it doesn't cost anything. So that's right. I tell all my students to start. Right. Yeah, I have actually a very similar story because I didn't know anything about this marketing stuff when I got started. And it was all about relationships.

It's a people business, right? And, you know, nobody wants to learn about that, right? They're like, show me how to get the fast deals. What's the best list going on right now? What's the best, you know, mailing piece that you can send out right now? And I've always just said, you know, if you want to go fast, yeah, you can market, but if you want to go far, you want to network. And, you know, and so that I'm imagining that if your deals are coming to you three to one organic to paid, those relationships have taken you very far. Yeah, absolutely.

To your point, people want easy deals. They say they want deals, but they want easy deals. They don't want deals you got to work for. I got so much pushback from my students that I said, I'm going to record myself, right? it all works if you work it like what's old is sometimes new again go back and do what you like go back into mLS let's see if i can't mine mLS for a deal in today's market so i recorded a screen share of myself doing it and so for two hours i combed through mLS found 10 opportunities 10 what i thought were solid lead sources went called on them explored them and ultimately got a contract so

you know they can't unsee that that excuse no longer is valid There are deals to be had on MLS. There's deals to be had on loop net. There's deals everywhere. Right? It's just, it all works if you work it. Yep. Having the similar conversation because all the pushback right now with the texting regulations and everything. And people are like, oh, what am I going to do now? I was like, well, you're going to do what you did before text, everyone was texting, right? Yeah. It's still a people business. And you got to talk to people that own property and you got to start presenting offers. Cool. So you've made this transition from, You started with single families and residential stuff, and now you're doing commercial stuff.

That sounds exciting and you changed the asset class. Let me ask you, what were some of the, what are some lessons or was there a pivotal lesson that you learned during COVID that you held on to and apply it to your business today? So during COVID, my realization was that those that stayed the course, I mean, pivot in a sense that you had to, right? There were some things that you had to do slightly differently, but you stayed engaged. you stayed in the game, right? You had to stay in the game.

A lot of, like I think about the wholesale emails that I used to get, two and three a day, that are now one every other day. Where did all those guys and girls go? Right. They faded. They're not in the game. You can't even, if you're not playing, you can't win. Right.

So for us, it was, hey, let's surround ourselves with other like-minded individuals that are going to stay the course that are going to adjust and pivot. However, the market dictates they should. And we're not going away. Like, and look, we've been. you and I and all the other people in our mastermind, like we've been rewarded. We've thrived. We didn't just survive. We've thrived through COVID through 2020 because we stayed the course. And we were, okay, like, look, this thing isn't working. Like, let's pivot and do a variation of

this thing, whatever this thing is. So yeah, we holtailed more deals. We hadn't been wholesalers. Now we're wholesaling. Like, right? So that's my big takeaway from COVID. There was just, and there was a lot of time to really dig in, right? Like, if you were not good at sourcing capital, like this was your opportunity to go and ring up people in your network. This was your time to acquire knowledge, right? Like, a lot of people turn their brains to mush watching Netflix. Like, you could have gone to YouTube University and learned how to flip houses. If that's what it is that you want to do, you could have learned about lease options,

sub two, like, whatever it is. So we did that. And I know that you did and so did a lot of the other people in our circle, but a lot of people also didn't. Right. Yeah, it was it was such a time of great uncertainty when we went into lockdown. And I think everyone was just kind of scratching their head for a few weeks and then realize that might be this way for a minute. We all better do something, right? Cool.

Control the controllables too. Like, that's the other thing, right? You, like, we are not epidemiologists. I don't know the first thing about, like, COVID, right? I know, like, I want to be healthy and not get it. But beyond that, like, I need to focus on the things that I can control. reaching out to people, making some care calls, trying to understand what they're doing about their finances. Anyway, you control the controllables.

Don't get bogged down with the things that are outside of your control. Olin, words to live by. Okay, so now you're doing commercial. And you're saying, like, there's no difference. You're not seeing a real difference in what that type of work looks like. You kind of said when you made that transition from commercial, or excuse me, residential to commercial, like it was just kind of the same thing. Yeah. So I think it's the same.

skill set is what I'm getting at. Like, you can apply the same skill set into a different asset class. I always say even with rehabs, right, if you're doing cosmetic rehabs versus gut rentals, the time, the energy, the effort, the dollars, they're commensurate. So they'll be slightly more because you're doing slightly more. But the ROI is exponential. The same thing. Like the office building I'm standing in right now was flipped. It was bought for $26 million and flipped for $50 million three years later. If you can flip a house for six figures, you flip an office building for seven figures. It's just so construction is construction, right? It's just sticks and rocks. And the stuff you don't understand, you go find the people that do understand it. And with spreads like that,

I promise you, there's, there's room there to go find the right partners. So like for us right now, we're retrofitting a commercial office building. It used to be a bunch of office suites. We're taking that apart. And we're actually creating a school there, like a daycare center, because there's demand for it. Like, what do we know about building out daycare centers? I've never built one. Right? But I understand construction. well enough to know who the right partners are, go along with those people, do this. And it's modeled as a seven-figure flip, right? We'll see how it works out.

But that's how I see us evolving, taking that same skill set, just applying it to bigger asset classes as we go. How does it, how does it differ from finding like that you're going straight to a seller for a single family and finding a big commercial deal like you're doing right now? Even more relational. More relational. It is, isn't it? You cannot.

So when you buy a house from Mrs. Smith, it's, the one and done, right? Like, or her heirs because she just recently passed, whatever the case is. Like, she does, she's unlikely to have a portfolio of properties to sell you unless you, right? There's a unicorn, you know, every once in a while, but the reality of it is most often, you're doing one. And then your marketing's got to hit again so you can do another one. Right. This is so much more relational. It's about being proof, like we have to proof ourselves to brokers as active investors who close. And once you do that, now they call you with other opportunities because there aren't that many guys and girls out there that do what they say

and say what they do at that level. So that's been really powerful for us as we start to like, and we're new to this. You know, we're only, this is our first foray into commercial. So we have to be careful. We can't be burning bridges. We certainly can't say we're going to do a thing and then not do it. That's the fastest way to never get called back. Mm-hmm.

Are you noticed anything, any ramifications or I guess consequences of a lockdown and the way the world has changed a little bit with regard to how we work and with so much work being virtual. Do you see that impacting the commercial market? And if so, how? Yeah, I think the demand is certainly going away. It's gone away. I don't think it's coming back anytime soon for massive amounts of office or retail even. Anywhere that there's 2,500 square foot retail, it's being split in half. Like nobody wants a lot of space. People just don't, you know, they don't need it. the office suite thing, I still think has legs. I think as many people who worked at home and were able to be productive, I think just as many worked at home and said, I can't work here.

And those folks, their office doesn't want them back. So they're looking for a 150-ish dollar a month, 12 by 12 box with the window and an internet connection. So if you can create that type of co-working space with a shared kitchen, right? I think that's an opportunity. We're looking stuff like that. It just has to make sense. You got to know the market you're in. And so I encourage people to think creatively, like, what can you convert these spaces into? Fulfillment Centers, flex space, right? Where like everybody wants that little piece of entrepreneurial heaven, right? Give them that thousand-ish square foot or even less up front with a fulfillment center behind. So they've got a little bit of store frontage where some folks can come in and greet them and they can

meet them and they could see their wares and whatever it is that they make it. cook or prepare and then they're they're shipping it out the back door right so flex space that's that that's an option um so we're looking at all that all that stuff nice nice you're in florida i'm in jersey and florida oh okay i mean which one where do you reside uh new jersey primarily okay that's that you're in florida okay cool so what's the uh what's the market like there now i mean i know real estate is local but it seems like it's pretty the retail side at least is pretty insane everywhere. Same there.

Yeah. We are, we are getting offers, multiple offers above asking, all cash, waiving, all inspections, all contingencies. It's madness. I frankly wish I had more houses to sell. I just don't have any like inventory just like everybody else. If I had more, I'd be doing, you know, infinitely better. But that's what we're seeing here on the retail side.

It's madness. Yeah, no, it is. I just saw conflicting headline today. Well, I saw one news report said that the market has finally bounced back because we had like five months of slowing sales just because of the lack of inventory. And then another news report said that the demand for new mortgages had decreased by 7%. And I was wondering, I haven't read into those yet, but I was wondering, is that because people have got cash or people are buying less or there's less inventory?

I don't know. What are the indicators that you're seeing out there and which direction do you think the market is going to go from here? So I think, I mean, to that point, what jumps out at me is what's happening with some of my stuff, which is people know that to be competitive, they have to buy all cash. We just sold at 1.55 all cash, 1.35 all cash. These guys and girls are going, and I think they're tapping family, frankly, to get these to get what they need to make these offers. really stand out. So I think there's an element of that, which has always been the case here. Our average sale price for home in New Jersey is 550. So I think that's the number. And so obviously that's a lot.

And so people are having to tap family to make those first time home buyer type purchases. I think we continue to see that. The printing presses aren't stopping. The government can't afford to let us fall on our face. Like we are too comfortable. Like we're frankly as a society, we're too comfortable. And nobody wants to be the one that pops that balloon. So they're going to keep printing.

They're going to keep stimulating. And for us as investors, that's great. We are both friends with Jason Hartman. We understand income induced, inflation induced debt destruction. Right. Like let's lever up. Let's buy cash flowing assets. It doesn't matter what you're paying for them now, frankly,

because like they're only going to go up. open value. I just, right? So that's, that's where I'm at with it. But again, I'm not an economist. Like, you know, I defer to guys like Jason. And whatever they say, I do, man, because. Well, sometimes, I mean, you know, guys on the street like you and myself, like we might have more insight than what a Jason Hartman does have. You know, he's looking at reports and graphs and websites and studies, you know. And we're like, no, no, I just saw 17 people come and present an offer on this property. It's like, you know what I mean? And nine of them were all cash. So just recently, the eviction moratorium and the mortgage forbearance was kicked down the road another 30 days.

Once they actually let that expire, and I was listening to a podcast, oh, it was the Rebel Capitalist Show and they had Ken McElroy from Rich Dad on there. And so he had an interesting take. We both have similar views of what's going on, but had very, very, different views of what the actual end result will be. So once that eviction moratorium and the mortgage forbearance expires, what do you think is going to happen to the market? So, I mean, the logical, my response is, it's going to be opportunity.

Like, that's where my, that's where my mind goes immediately is there's going to be opportunity. That's, that's for us, for real estate investors who are well capitalized and have a skill set. know how to operate, there's going to be opportunity. I mean, it's hard to say what they're going to let happen or how they're going to let it happen. I just, I think that they'll have to figure out a way to de-leverage at a rate that doesn't, like, cripple us.

And so what's that look like? I don't know. I don't necessarily know how they're going to do that. I know that there's going to be opportunity. And those who are ready, you know, will benefit from it. those that are not, you won't have time to get ready. I just think you won't. So be ready because when the time comes,

I don't know that they're going to wait for you. Yeah, I think there will be some opportunity as well. I guess it's just the type of opportunity and the quantity of the opportunity. I look at a lot of people saying, oh, this Mark's going to crash. I mean, I guess going to the wrong source because I read my YouTube comments,

which is probably a huge mistake. But people say, thing's going to implode just like it did in 2007. It's going to crash like 2007. It's going to come down hard and everyone's going to be wiped out. And I see all that. So I understand that that view and that perspective is out there. But I don't think people realize that what we're dealing with right now is very different type of bubble than we were dealing with back then. We just came off of a year to year from May 22% appreciation and property. So if people are reaching the end of their mortgage forbearance, they're going to have to start paying their mortgage again.

And if they can't, they still have options because they likely got a lot of equity. Right? So it's going to slap it on the market and sell it and they'll cash out and pay off the mortgage and everything will be fine. And I don't know if there's going to be a big giant, you know, collapse or a flood of foreclosures. But Ken McElroy kind of thinks there will be. Like he thinks there's a lot of them out there and they're really suffering and the jobs and stuff like that. So I don't know. I'm just trying to get people's take and take their temperature and see who has

the best crystal ball. I bet it winds up being a fair bit of both. The opportunity, like we said, it'll be there. How much of it will there be? And at what rate will it, you know, find us? We'll see. I think you make a really good point about that year over your appreciation piece. If they're smart and they go that route and they cash in while they can, they probably avoid a lot of pain. if we are very defiant people, a lot of Americans are very defiant, they may just like buckle down and say, I'm not going anywhere. They see my house. And that could get really ugly.

That could be years. In New Jersey, that's two years easy. Like, so, and they just, they squat. And, you know, then who knows what that looks like. Yeah. If you've ever worked foreclosures at all, pre-foreclosures, and notice the defaults, you know, they go through these different stages. of grief.

And the longest part of that stage is usually the longest one is the one that's denial. Like, this is not going to happen to me. And I'm staying right here. No one's kicking me out. So, yeah, you got something there. Cool. So what's in the future that you're most excited about? Taking this new asset class on developing commercial and ultimately multi-fam,

doing big stuff, retail on the first floor, five stories above. 150 unit developments, just scaling into true developers, community builders. For us, that's the next step. That's what I'm most excited about. And in the meantime, I'm a servant first and foremost. So I like sharing my journey. So I'm always doing this type of stuff. I'm always getting connected with people, getting in front of my students,

anything that I can do to bring value to others, because I just think buried gifts are the worst thing in the world. And so if you're doing something you don't want to be doing each day, the opportunity exists in real estate for you to have freedom and do whatever it is that you want to do. And that's just fact. Get around people who believe that. And, you know, five people, like five millionaires, you'll become the sixth. Get around five people who know and believe that at their core.

And you can be the sixth. So that's really my mandate, you know, as a, as a, as a servant. Awesome. Gabe, this has been a lot of fun and it's good to get to know you a little bit more. If someone wanted to get in touch with you,

what would be the best way for them to do that? My website, our hub is Gabedesilva.com, my name.com. That's where you can find all of our links to social. My one thing I like to drive people to is our docu-series, The Build. So for six months,

I had a videographer, Me and we actually captured the realities of what it is that we do every day. And so it's both educational and entertaining. And so it's called The Build. It's on YouTube. They can link to it from my website if they can't find it on YouTube. But I like to send people there first. It's free.

There's no ads, nothing there. We're not selling anything. It's just a place for them to go and say, let me see what this fix and flip stuff's all about. And yeah, they'll quickly realize, like, hey, yeah, this looks like something I could do. Or, like, there's no way I want to do this. Right, right. So I like to send folks there as like an introduction to us and what we do.

Perfect. Well, cool. Gabedesilva.com. Go check him out. And let's stay in touch, bud. Thanks, buddy. This is awesome. All right.

You have a going. Take care. Talk soon. Bye. And we'll be back with the news right after this. When you go to work for your money, does it return the favor? If not, no worries. You do not have a money problem.

You merely have an idea problem. We're cashflow savvy.com and we'd like to share a new idea with you around income real estate that can transform your financial future and accelerate its arrival. Go to cashflow savvy.com and download a free investors package. Cashflow savvy.com. You do not have a money problem. merely an idea problem. Cashflow savvy.com. More ideas, less worries. Cashflow savvy.com. In the news, Bill Cosby has been released from prison after the Supreme Court of Pennsylvania. vacated his 2018 conviction on sexual assault charges and judgment of sentence. The Manhattan District Attorney's Office is expected to charge former President Donald Trump's

namesake company and its chief financial officer, Alan Weisselberg, as soon as Thursday with tax crimes in connection with an array of perks and benefits awarded to employees. Though Trump faced multiple federal and state prosecutorial inquiries during his administration, the district attorney's indictment would be the first to charge his company, the Trump organization, with allegedly criminal conduct. Trump himself isn't expected to be charged. Donald Rumsfeld, who served as Secretary of Defense during the Bush administration and the war in Iraq, has died at the age of 88. Rest in peace, sir. Senate Minority Leader Mitch McConnell gave kudos to former Treasury Secretary Larry Summers, a stalwart of the Obama and Clinton administrations for his ruling.

Recent warnings about hyperinflation as President Biden pushes forward with his massive multi-trillion dollar economic agenda. And President Trump returned to the nation's southern border on Wednesday, taking direct aim at his Democratic successor in the White House for the surge this year in migrants crossing the U.S.-Mexican border. There has never been a border so secure as the southern border that we had. And now it's opened up. The former president emphasized as he sat down for a briefing,

from public. The former president emphasized as he sat down for a briefing from Republican Governor Greg Abbott of Texas and Lone Star State Law Enforcement and Border Officials. A woman who caused a massive pilot during the Tour de France on Saturday was reportedly arrested in France. The woman who was not immediately identified was taken into custody in Brittany, near where the Tour to France held its first four stages. The vice president of the Minneapolis City Council says she, was held hostage while attending a pride celebration over the weekend, as video showed a large group of protesters blocked her vehicle until she agreed to sign a list of their demands that included dropping criminal charges against rioters. Nothing like fighting alleged fascism with

actual fascism. Ten more states, including Florida, Ohio, and Texas ended extra unemployment benefits on Saturday. They joined 12 other states that have already opted out this month, All together, 26 states have said thanks, but no thanks to assistance that's available until September. Extra unemployment benefits are dividing people more than pineapple on pizza. Industry groups and Republican lawmakers say that the extra payments disincentivize. Industry groups and Republican lawmakers say that the extra payments disincentivize work and are the leading cause of the worker shortage. 25 out of the 26 states that acts the benefits early are led by G. GOP governors. Some economists and Democrats have said that other factors, such as greater child care

burdens or the fear of contracting COVID, are to blame. On Capitol Hill last week, Fed Chair Jerome Powell said that extra benefits could be playing a role in the worker shortage problem, but focused his attention on other challenges holding back the job market. The desperate search for survivors continued over the weekend following the partial collapse of the Champlain Tower South condo building in Surfside, Florida. As of the recording of this, 16 people have been confirmed dead and more than 147 remain missing. Not all recessions are created equal. As the stock market boomed last year, U.S. households added $13.5 trillion in wealth, the biggest annual increase on record. In 2008, households lost $8 trillion. Singapore's COVID-19 Task Force announced plans to treat the coronavirus

like any other endemic disease such as the flu. That means scrapping traveler quarantines, daily case number announcements, and intensive contact tracing efforts. Fast and Furious Nine brought in $70 million at the North American box office this weekend, nabbing the biggest opening since 2019 Star Wars, The Rise of Skywalker.

L.A. Dodgers owners Mark Walter and Todd Bowley are buying a stake in the Los Angeles Lakers from billionaire Philip and Schultz. The deal values the Lakers at $5 billion. California is banning taxpayer-funded travel to five more states over what it says are discriminatory policies against the LGBTQ plus community. First, there was GameStop, then AMC, and now a four-bed colonial in Boise, Idaho. A key national home price index skyrocketed 14.6% nationwide in April,

the largest annual gain in more than 30 years. Home prices in cities like Phoenix, San Diego, and Seattle are all up more than 20% year over year. Amazon acquired the exclusive rights to the SmartLess podcast, hosted by Will Arnett, Jason Bateman, and Sean Hayes for between $60 and $80 million. If you happen to know anyone over at Amazon, share this podcast with them. I'd be open to something like that. Now for this week in crypto. This week in crypto is sponsored by My First CryptoCortocourse.com.

It's the beginner's guide to investing in crypto assets that will show you how you could safely 10 to 20 times your money this year with Bitcoin, even if you're brand new to crypto. For a limited time, Mike Dillard will give you three of the top crypto assets he's invested in this year. So go to My First Cryptocourse.com and it is yours. And when you enroll in Mike's course, email the receipt to me, forward that invoice to me at Matt at Epic Real Estate.com. And I'll personally reply with the recording of the free web class that I did for a private group of investors and how I'm incorporating crypto to three times my return on investment. And I'll give you all of the services that I use to make it happen, all the resources, all the links.

I'll give it all to you. Get started, though, at my first crypto course.com. Kathy Woods, Arc Invest filed with the SEC to create a Bitcoin ETF. Soros Fund Management has cleared its traders to actively trade Bitcoin. 0.72 seeks head of crypto after saying space can no longer be ignored. The move for the multi-strategy head fund firm, which runs $22.1 billion, is yet another bullish indicator for Bitcoin and other cryptocurrencies. Robert Kiyosaki, author of the New York Times bestseller,

the Rich Dad Portad and founder of the Rich Dad Company is sounding the alarm about an impending recession, recently tweeting a warning about the biggest crash in world history. He predicted that it would be a long economic downturn and encouraged people to buy and invest in gold, silver, and Bitcoin while they can. Cryptobillionaire Novagrats has started raising capital for his virtual real estate firm. Republican Senator Cynthia Loomis expressed her support for Bitcoin in a national television interview on Tuesday saying that Americans should hold Bitcoin for retirement. And Tom Brady and Giselle Bunchen take equity stake in crypto firm FTX. And what could really be the biggest cryptocurrency news of the year, Bitcoin starts legal tender test on September

7th with the Bitcoin AirDrop. The most popular cryptocurrency Bitcoin will become legal tender on September 7th and will be optional for those who don't want to receive it. El Salvador's president, Naib Bucalei said in a national address today. He stressed that Bitcoin will help to create new jobs, bring investments, and accused opponents of a dirty campaign against Bitcoin and him who are trying to confuse Salvadorans by lying and creating fear where there is no problem. Buckeli reiterated that if someone receives payment in Bitcoin after it becomes legal tender, they can automatically convert it into dollars if they want to, while pensions and salaries

will continue to be paid in United States dollars. Also, according to him, every citizen will receive $30 worth of Bitcoin when they register with their wallet app. And that's the week in crypto. And that's the show. And if you found this episode valuable, who else do you know that might too? There's a really good chance that you do know someone else who would. And when their name comes to mind, please share it with them. And then ask them to click the subscribe button when they get here. and I will take great care of them, I promise. That's it for today. God loves you, and so do I.

Health, peace, blessing, and success to you. I'm Matt Terrio, living the dream. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. You didn't know, home world, we got the cash flow. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.

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