New York Real Estate: Unveiling the Unpredictable with Humberto Lopes

Dive deep into the ever-changing landscape of New York City real estate with our returning guest, the accomplished developer, Humberto Lopes. Uncover how the Big Apple's real estate is being reshaped by policies, taxes, and the growing issues of homelessness and migration. Humberto offers a candid view on these dynamics, highlighting the challenges and opportunities that come with investing in this vibrant yet unpredictable city.

Are you aware of how new laws and increased property taxes are impacting the real estate market? Humberto sheds light on these challenging aspects, emphasizing the significance of understanding who inhabits your assets and the potential impacts on property values. If you're a real estate investor, policy changes and market dynamics could be directly affecting your bottom line. Equip yourself with the knowledge to navigate these potentially rocky waters.

Lastly, we contrast New York's homeless crisis with that of Los Angeles, offering a comparative perspective that extends our understanding of the real estate market beyond just one city. Humberto's experiences across these two major cities underscore the value of adaptability, diligence, and foresight in real estate investment. Tune in as we unravel these intriguing trends and their implications for your real estate journey.

Chapters

• 0:00 New York City Real Estate Trends
• 9:10 Managing Shelter Risks and Impact
• 19:20 New Laws Impacting Multiple Dwelling Business
• 25:38 The Changing Landscape of New York

Transcript

Speaker 1: 0:00

Hey guys, welcome back to another episode of Latinos and investing podcast, where individuals just like you come to learn how to create wealth through real estate, investing, entrepreneurship and business ownership. And today I have a friend and a special guest, humberto Lopes. This is a returning guest I visited recently. I visited with him a couple of times. He's a developer out of New York City and just excited to have him back on the show because I want to catch up with him. So Humberto is a Brooklyn native and has developed commercial, industrial, residential properties throughout Brooklyn, staten Island, port Ardendale, hollywood, florida, and will continue expanding into other states.

Speaker 1: 0:41

I recently saw his so one of his videos on IG and he was like I want a skyscraper man. I love it, guys and love being around people like that. You understand, it's just infectious, right? Because you, when you're around people that have that level of ambition, you can only it only rubs off on you, right? The challenge is, as you know, but sometimes and I'm going to get right into this is that sometimes we, when we talk big things to small people, they can't receive it because their mindset, they're not ready yet. And I was recently.

Speaker 1: 1:15

I was recently visiting with my mother in New York City yesterday as we record this on August 4th, and we went out to early dinner and I said, mommy, meet a silly facial right there. Right, I was like I want a hundred like that, right. Like 70 unit apartment, by the way. Right, I want a hundred like that. And she's like my son, only a hundred you have. You know, she must be facetious. You have hardly any ambition. I was like my I want a hundred like that and I want a hundred like that, right.

Speaker 1: 1:46

But my point is that sometimes you just got to be careful who you're spending time with, because if you're spending time with people that just can't, are not even ready to receive that, see, I can say that to Humberto. He's like, yeah, go get it. You know. He can say to me like, like, yeah, I want a skyscraper. And I'm like, dude, I'm excited for you. What's next? How do you do that? Tell me, what do you have to do? So, anyways, my friend, welcome man, I'm excited for you and everything that you're doing, and just wanted to kind of catch up and bring you on here so my audience can hear from you You're a New York City native. You're in New York, alice. What are some of the most significant real estate trends you've observed in New York City in recent times that you're seeing as a developer, as an investor. What's happening, what's the pulse in New York? Talk to us, brother.

Speaker 2: 2:33

Okay, I appreciate you having me again.

Speaker 2: 2:36

I thank you. You know what I mean. You're welcome. I come to the podcast and I want to thank your mother for saying that, because most Latino will tell you oh yeah, you're local, don't get even one in the discourage you. I respect your mother to giving you the expectation to reach even higher here to that question is very difficult, for here right now In New York City, the construction is selling out.

Speaker 2: 3:05

You know what I mean, where the prices are normal, wall less than construction, your bids are normal now, but it's certain areas of change. Certain areas are now becoming these homeless shelters all over the place. You know what I mean. The mind grates are here. There's just so much that you have to be careful and obstacles that are in front of you. I'm really watching where we're going and watching where my investors are going, where we're putting in or what neighborhoods, because some of the neighborhoods that you thought were good now are not a lot good. I'm only speaking for the area that I'm in. One of our last videos that we did together was that we found out that there was seven homeless shelters here in less than five blocks.

Speaker 1: 3:47

From your development, by the way, which is a beautiful building. Those of you that are listening want to go check it out. Make sure you go check out my Instagram, the Elite Strategist at IG or go check out Humberto Lopes in IG and check out his Instagram so you can see, visualize what he's talking about. It's a brand new development he has up there on 4th Avenue in Brooklyn. Go ahead, brother. Just want to give people listening a visual so they can go and look if they're by all means.

Speaker 2: 4:17

Yeah, I'm HL underscore dynasty. That's my Instagram page, and YouTube and Facebook and all the other ones I mean they can find me on. But a lot of the things are changing here because we have to see the homeless, shelters and the migrates. They're overwhelming now. What I mean by that is that certain neighborhoods that we're developing in now, you got a flock of men just hanging around. You got a flock. I'm talking about now one or two, you're talking 15, 10, five, eight, and it's degrading the neighborhood. It's degrading neighborhoods around us. I mean, because you have a flock of them. It's just too many people not doing anything. But in the sense of investments, I was just out in California last week. I went out there to see what was going on in LA. I went to certain areas down there and I said I want to see it for myself and I'm jumping to. This is this will bring me back to New York. I think we're mad. Have you picked your poison?

Speaker 1: 5:22

But, brother, you know, la is just another New York. I mean, it's another great liberal city, liberal city. They have a major homeless problem. I mean, and I've had. By the way, I love LA. We have a big listenership here. I have a ton of friends out there from California Shout out to you guys that listening to me. But you guys know, I mean I've had discussion with you guys, people from LA, and this is what I want to bring you on a New York perspective, right Opposite sides of the country, and they're struggling there. Brother, it's hard to call, it's hard.

Speaker 2: 5:54

Uncle Boy nächem, it was with the whole man up, my, oh my god, even downtown, even the, the, the, the, the office buildings that, the Stores, the retail stores. I said, okay, so I got of, we had equaler an eye, view, vision of my own, because I like to experience things myself. I don't go by what people just say, I go by my own vision, my own eyes, my own Evaluation myself to it. I mean, after 40 years, I get it, I want to see it, I want to feel it, I want to see what's going on in the neighborhood Before I drag people into a neighborhood and start investing in it.

Speaker 2: 6:31

Back to New York City, we got situations that are just now creeping up to be like LA, where the homeless all over the streets, the, the migrates all over the streets. You know they're breaking things, is showing things and there's no Law and order, there's no control and as an investor you have to be careful in the language You're in because you will get a fight. The people to start to move out and they don't give a shit. I've seen this before. They'll move out, they'll leave, they don't give a shit because they don't want to come home to get killed. They don't want to get home, to get more, bigger, rob. So you're getting I'm seeing more and more that in a lot of the neighborhoods you know when these shelters are at and where the mine rates are, especially Manhattan of all places when hackers getting destroyed, you know, and that is reflecting to the prices of buildings, the prices of rent, it all starts to triple effect and down. It's not going up, it'll start to go down on those neighborhoods and that's what I'm watching overall to see what these neighborhoods are turning out to be.

Speaker 2: 7:32

Remember, once neighborhoods are good and they start to get messed up, it's very hard for them to come back to become good. Was once. The fear is there for people. They shy away. You know, it's like when Kobe came and everybody jetted out in New York because New York was being Manipulated in the wrong way, right, and we lost I don't know how many billions of dollars of people staying here, and it's still true, nobody came back. I don't care what anybody says, most people did not come back and those businesses did not come back. So, yeah, there's a lot of things that are here, but it's now. I would now Pace myself before I jump into anything, and the laws have been so much. It's not good anymore. It's not good for landlord. I got cases in court that I'll even tell you about just yes, week.

Speaker 1: 8:18

Yeah, I want to tell, I want to go into those in a minute, but we, before you tell me about those, I want to know something, because I saw a video on YouTube on the news about the migration problem you guys are having there in New York. So, like I told you yesterday, I was in New York Yesterday, new York City. My mother lives up uptown Washington Heights, own heart of New York, but at the other end of Manhattan, and we, we in the news I saw that there was a bunch of migrants, there's a migrant problem, and the migrant problem they don't know where to house them and they're like literally, like Literally, sleeping on the sidewalk around this building. And I don't remember what was the context and it was in Manhattan, downtown, somewhere, and it was like it's bad. Here in New York, like you got, like it's really bad.

Speaker 1: 9:10

How are you, as an investor, managing that right? How do you, how are you managing your risk? Because we, when I was at your place, we, you told me seven, seven homeless shelters popped up around your beautiful building, beautiful, beautiful, brand new. Millions of dollars invested into this building, millions of dollars, and you got a bunch of homeless shelters. Nothing against homeless people. But the truth of the matter is, if you got a bunch of grown men hanging around, your building is gonna devalue your asset. You know they're in the middle of the day, people not gonna feel safe and it's gonna create a problem. So how are you managing that? As an investor, my friend? How are you managing the risk? How are you, in your own way, kind of keeping and maintaining order around your assets?

Speaker 2: 9:59

very frustrating, because now you have to go back to this homeless shelter and say, hey, the right side, you're not supposed to be hanging around these businesses. I have to protect the business that I'm. That are my tenants. Right, because I own the property, but I don't. I don't own the business. So now I got the business listening hey, wait a minute, with finishing up construction, one is a bagel, so one is a deli. You know, one is it organic? Then one is gonna be a restaurant, another one's gonna be.

Speaker 2: 10:27

You know I'm something of a medical. You're scaring the people away. Some people don't adapt to that. You know, it's not Not adaptable. I don't give a shit. When you got people hanging around, you can't even go by. I'll cross the street to avoid that problem, right, so it's over with a kid who didn't net it. They're up around. You don't want a problem, somebody, you know me. But then you got in every other corner on your Like a disease, you know, saying it's just spreading. So you have, there's nothing. I can predict that when we started this project over a year ago to say I Could foresee that was gonna happen. That's what I'm bringing to attention that there was nothing to tell us. There was no indication that the mayor would do that. The mayor and the governor did this to us right. What possessed him to do it?

Speaker 1: 11:17

I have no idea. Okay, unpack that for us. So for those of us that don't live in New York, that are around the world listening around other states Oregon, michigan, wherever and are listening to what you just said, the mayor and the governor did this to us. Please tell us what you mean by the mayor and the governor did this to us. What did the mayor, how did the mayor and the governor did do that to New York City? Because, again, like what I saw was in In downtown New York, but you're seeing it also in Brooklyn, you're you're in the Red Hook area and you're seeing it in that area. So please unpack that for us.

Speaker 2: 11:48

Okay, it's more towards, not Red Hook, it's more towards Sunset Park, so we would height okay, yeah, that's what that? Now Red Hook doesn't. I think that's one on the shelter and a hotel here that we have six to seven in the, the, the vicinity, about four or five blocks. Wow, all right by that. They just did it. They didn't come to the community board and say, hey, listen, we're looking to put these people here. They didn't do that. They just went to the whole adult people and say, hey, we're gonna give you a contract for a year or two years, we're gonna take over the building. I think it's three thousand three hundred a room, something like that a month. And they just took over the hotel. Any hotel owner, I mean nothing against and they're not stupid, that's everything. I thought they're gonna get a check. If you got 20 hotel rooms, do the math at three thousand three hundred a month on each one.

Speaker 1: 12:40

Oh, yeah, that's big brother, I'm gonna, I'm gonna challenge your thinking here. Okay, that's one thinking person to one other, that's one investor to the other, right, okay? So I Got the government coming to me telling me we're gonna give you three thousand. You got 20 rows. I'm gonna give you three thousand. Three time, that's 60 grand a month. Right, cool, right, no problem. Who are you putting in my asset? Right, because you don't put ever just everyone in your asset. Who are you putting in my asset? Look, brother, you know Any investor with experience.

Speaker 1: 13:08

I looked at an asset up the street from here. Um, that basically me lo estaban regalando casi for a million dollars. It was like on 20 acres, it was like 40 rooms and the community that they had there was basically like a homeless shelter. It was basically all of the homeless from my town like live there. And we walked this asset. When we walked it Te lo digo de corazón when we walked it, we couldn't take the smell going into some of these rooms. Okay. So we bowed out on it. We were like, no, we're out because it's almost a tear down, termites, fed Bucks. We were like, nah, we're not interested. Up the street from my office, we're not interested.

Speaker 1: 13:51

So, as an investor, a seasoned investor, you know sometimes, doaldi, netto catedani is good. Just because you're giving me money doesn't mean it's good. You're gonna tear my, you're gonna tear down my asset, you're gonna destroy my asset and I'm gonna have to put a ton of money into CapEx when it's all said and done again. So I mean for these investors or these hotel owners to just take that money, yeah, I get the money, but there's the other side to that. You and I both know what the other side to that. These are not people that take care of their homes. I know, as I'm speaking from experience because yo le rendao, I've rented to these folks. I know what they do. This is not me talking shit. This is not me. I've rented to people that I know what they do to these places. I've been in these places, right. So what's the logic with that and what's the condition of those properties now, since they've had?

Speaker 2: 14:45

them there. They get run down. But I've amnamis faken. They might have signed a deal where the city puts it back to where it was. Oh, okay, so that means that you know they get a couple of month security deposit. They're held responsible for the units. So if they break the glass, they break the doors, the rug, whatever they gotta change. I think the city is now liable for that because they take an occupancy of the building as present, the building, as is right, and returned, as is Meaning, returned as it was.

Speaker 1: 15:20

Got it, got it, got it.

Speaker 2: 15:24

If I had a new chairs, new tables, new rug, new everything there. This is the way you know. You did a walkthrough. The walkthrough. They sign everything, fill it all out, take pictures of everything. A year or two years, whatever the contract is up, these people move out. It has to be returned back to the condition it was as you were renting out one of your apartments or one of your buildings or warehouse. That's the same way, so the city has that same obligation.

Speaker 1: 15:46

So in that sense, the risk is not there. The risk is not there for the owner.

Speaker 2: 15:52

No, no, no. I, you know, listen, I don't mind. Even if I had the building, I would do the same thing to a certain degree. I would then limit it and hold it, and then I wouldn't put them all next to each other. You see, if you spread something out, let every community get in the same situation, right? So if you got one heating puzzle, one in sunset, you know, one in Bay Ridge, you know, spread these people from each other, right, and spread it where it's not hurting every single person. There's ways of doing it. It's just that someone's got to think for a minute and say wait a minute, if I happen to put four, a six in the area and in the four block area, five block area, yeah, maybe the hotels were there, but now we don't get.

Speaker 1: 16:33

No, no, no money, no money. Yeah, you don't get no money. You don't get no money.

Speaker 2: 16:40

You use short in the neighborhood, you know so, all the little stuff, the little mama pop stores, the restaurants, they don't get no money. So you now weaken the neighborhood because these people are there, they're not spending money, they get that share, they get some. You know, they always flash away a food, stand to a DBE card or whatever card. It is no BT, BT. Yeah, I don't know. I don't know. It's a pretty more. You know what I mean. I don't understand, but as an investor, it's so risky in certain neighborhoods right now that it was unpredictable that they would do this. They didn't come to community board meetings. They didn't come and say hey, listen, we're thinking of doing this. You see, that's what my problem is.

Speaker 2: 17:25

If they would have said that, I would have speak in my mind. I said no, no, no, no, no. Wait a minute, stop, Give me one, I'll accept one and then spread out the other ones. Right, Let the burden be on every neighborhood, not on one. What I would have done to protest them, to stop it. But again, the city does what they want. They took control of something and the average person in the neighborhood actually had no say in it. No one even knew about this. That's terrible. I have the same thing in a developing site in Staten Island. We were buying a good amount of the property. We found out that there was a burger queue on the corner in Victory Boulevard and I'm saying, oh wow, they're going to develop that. So I started buying in the area A state of the state of assembly or whatever it was. We found out, as we're buying the properties and we're already getting, we're developing them and we're getting them going we found out that that big building, that building, was a homeless shelter.

Speaker 1: 18:23

Oh, my goodness yeah.

Speaker 2: 18:25

A 400 room homeless shelter 400, wow. That crazy number. Holy shit, the neighborhood went to shit.

Speaker 1: 18:34

So, wow, this is some of the things. How does an investor in New York find opportunities? Because you're still buying, you're still, you're good, you're not hurting, you're not. I don't think you're going to go poor anytime soon, brother, you're still making money. So where's the opportunities? Because in every adversity lies an equal tour. Better than opportunities, said Napoleon Hill and the Great Book, think and Grow Rich. So where is the opportunities within the city of New York, in Brooklyn, in the area? Where is the opportunities?

Speaker 2: 19:11

It's more searching more. What are you looking for? If you're looking for one to two, three, four family, because the six and 12s and 18 families don't work anymore, nothing. I said that in one of my videos. The multiple dwelling business is no longer anything worth. While buying, I told people to stay shy away from it unless you're buying it at an eight cap or a nine cap. You know what I mean. You're buying it where you're very you know and you're not. You're buying it for very little money because they're not worth much anymore because of all the new laws from 2019.

Speaker 1: 19:41

What are those new laws? So educate us.

Speaker 2: 19:44

Let me educate you. When you have a building that's a multiple family, which is six and greater, right those buildings there now used to be where the tenant moved out. The person moved out. Now you do a gut rehab on the apartment and bring data time and you're allowed to bring it to market value. So let's say the apartment in the market was 3,000 or 2,500 and that person moved out was paying, let's say $1,000, right, but you're investing 50, 60,000 in the apartment. So, as you're investing the 50, 60,000 in the apartment, it allows you to make your money back and that apartment becomes what they call a free market apartment, meaning it's not guidelineed by DHCR, the state regulation, where they oversee your building. See some of the big motives all the multi families are regulated by the state. The state is the one that controls your buildings. You're not the owner of the building there.

Speaker 2: 20:37

That sucks, that sucks. Yeah. This is what people do not understand and they don't end up very well. So I preach this guy on about seven to eight of them, maybe more of these big buildings, right, but I bought them before 2019, right. And what we normally do, since I own a construction company, we would go in, get the architect draw the plans, do the drawings of the apartment being a gut rehab you know, new kitchen, new bathrooms, new floors, windows. You know the rest taping, painting, beautiful apartment right. And then we would bring it to market value. So if the market was in that area let's say 3,000, I'm allowed to do 3,000. If I don't rent it for 3,000, it's called a preferential rent. I say, okay, I'm renting to him for 2,500, but my apartment is still 3,000, free market is 3,000. I do preferential rent of 2,500, that person pays me 2,500. The minute he moves out or he was there, I can raise it $100, $200, $50. Now, in 2019, it doesn't allow it. He gets risen the same amount as the rent stabilized 1%.

Speaker 1: 21:44

Whoa.

Speaker 2: 21:46

What the hell that shit? Okay, so now he goes up 2,500, he came up no more than 1% or zero, depending on the year. Now let's go back to where you buy this building and let's say you got to cut most of the time, we would buy these buildings with a few apartments vacant. That's how we would make up the spread of the building. You renovate these apartments, you bring it up to free market and 2019 said you can no longer do that. So now you got an old building that you got to renovate the apartment and do a new bathroom, new kitchen, got it out, and if you spend 15,000, right, I think that's a mistake, it's 15,000, you're allowed a $35 increase.

Speaker 1: 22:29

For every 15K. That's a non-sum. That's a joke. No, no one shot. One shot holy.

Speaker 2: 22:37

Oh yeah, one shot. So most of my apartments cost me, as the contractor, $50,055. That's me renovating the apartment, right besides apartments. So mind you, I'm not doing the math, tip off my head. But if I spend $40,000, $50,000 in this apartment and you're giving me an extra $15 or $30 for that renovation, you divide what I'm putting, what I spend $50,000, and you put $35 into it. How many years would it take me to get?

Speaker 1: 23:10

Hundred years, brother, hundred years or more, shut up. Yeah, that's not a deal. I'm running, I'm not even interested, I'm going to pass on that. It's going to be a hard pass for me.

Speaker 2: 23:20

Yeah, but here's the bigger thing. So the person that moved out was paying $1,500. It now becomes $1,535. What is that? It's not enough money.

Speaker 1: 23:35

Yeah, you can't cover your taxes. You can't cover, you can't keep up. You're not keeping up with what's happening in the marketplace.

Speaker 2: 23:42

Oil is crazy. That's what's crazy. And this July that just passed the mayor raised all the property taxes and he didn't say nothing. No one knew. But when you got your bill, nobody paid attention. A lot of people didn't pay attention and before you know it we're fighting property taxes because the property taxes for the commercial spaces went up, the residential's went up. So you're creating something that's so hard so you can see a flow, and I always start to see a lot of vacancies in places. You know what I mean. Some of the apartments are good. They're getting rented depending on the price.

Speaker 2: 24:18

I got some people that we listed some of their apartments but they want six of a thousand. They're hard to rent. I told the person that's hard, I can't get back to those neighborhoods. They're more in the 4,000 area. You know what I mean. To that neighborhood I told the owners listen, my agent's solid, listen. We can't rent. We'll list it, but you're just going to sit there. No, no, no list it. Okay, no problem, we'll list your places. But getting back to the multiple dwellings and that these that doesn't even pay to look at. They have no any type of return on your money. It's nothing right now.

Speaker 1: 24:58

It's nothing. Do you see a changing in the future? Only when you change government? Yeah, new York City is just such a liberal. It's always been. For as long as I've been alive, as long as I can remember, you know, living and growing up in New York, it's always been such a, you know, liberal blue state blue city, because not the whole of New York is that way, because I have family in upstate New York and it's just always been so such a liberal place. And there's nothing wrong with liberals. It's just when liberal, when the far left encroaches on capitalism so far and so hard that it takes jobs away, it takes money away.

Speaker 1: 25:38

You said people are not coming back to New York. Regardless of what you hear on the news, people are not coming back to New York. I don't know why anyone would after they leave and they experience anything better. You know New York. So do you see a changing in any way? And I know you said government, but how? Like Como, you know when that city is built on right now it's what are they calling it? What did I see on the news yesterday? They're calling it a migrant like city. Like a city for like, where they harbor them and they take care of them like a city where all the migrants are going to to like to stay. So now, there's nothing wrong.

Speaker 1: 26:16

I'm an immigrant. My mom came here pregnant with me. Nothing wrong with immigrants. Immigrants work hard and build things. It just becomes a problem when we don't have a place to put them and when we, then you'd really take away opportunities. When you do this to businesses, then you're not weird the ones that provide jobs. You are not, and we can provide jobs. There's no reason to bring our money there Like there's no new money going there. Why would you tell your investors, hey, let's buy this new building when you know let's drop $5 or $6 million in this building, when you have all of that craziness out?

Speaker 2: 27:33

Let me go back to some of the questions you just said. Number one the, the immigrants, the, the migrates, whatever you want to call them. The stock part is that even if they come here, you can't give them a job because there's another law in New York city that'll find you 5,000 or 10,000 person you get and they, you pay them cash. You see, oh boy. And now if they catch you and they say, okay, that guy's got no, no papers, he don't got a tax ID, don't got a social security, he's an illegal immigrant, they find your foot up. You see, oh shit, in all the words of saying it, there's a solution to things in life. If you get these migrates, these immigrants, whatever you want to call them, even though they're here already. Now I'm not going to get into the politics of them going here and then passing the people that did it the right way. That's another debate. But right now, if they come in and you don't give them a tax ID number and you don't start getting their paperwork, they are negative to have to be here. They shouldn't have a cane. Their liability, yeah, the tax payers in New York City will realize in the year to come when these taxes are going to go up. They're not there yet.

Speaker 2: 28:42

He raised the property taxes, but everything. When our sales tax is going to go up, now I'm hearing other taxes are going to go up. You know what? You should have cut the deal with Florida and Texas and all the other states that dumped everything. Yet they're not stupid. You want to play this game of being, oh, we're happy, we're going to get everybody in here, we're going to make this a happy state and feed the poor and feed the hungry. No, man, because the people that are here already are hungry, the people that are here already solving. You should have fixed what we have before you invite more people. I can't invite you to my house if I don't have food to feed you or drink with A lot, a hundred percent, a lot, a hundred percent.

Speaker 2: 29:20

What's the Bible say and everything says in the New Yorker plane Take care of yourself first. Right, put the mask on you first before you put the mask on the other person. Right, take care of yourself and make sure that you're in good health and good well before you can up anyone else. In the Bible, right In those words. So I don't want to get off topic because it's so annoying, but when you create that out of math the last thing I'm not saying right, that creates a trickle down to everybody. Now you have those people that on the street sitting there, the homeless that are sitting there. You created a monster that there was no need for. You could have stopped and say okay, you know what, we take that back. We take back what was the other man that left here? He's the one that solid.

Speaker 1: 30:07

The guy that was married to the black lady. I forgot his name.

Speaker 2: 30:11

That Rob Money. Whatever they say, they're the same with that guy.

Speaker 1: 30:15

The Blasio. Was that him? Was it the Blasio? That's it, that's it the.

Speaker 2: 30:19

Blasio, you could have said hey, I'm changing that law, we don't need these people yet, it's not a problem. But what's going to happen is, once this disaster happens and it's already in the works, it's already there people get robbed, swords get robbed and the laws that are raw anymore, it's dead out of rest of these people. So you know what, when these people become a mob of robbing all the time and you can't stop it, before you know it it will become a red state, because people are saying they're going to vote, but they're going to vote in the sense of what makes sense, the person that makes sense Democrat, republican, libble, whatever it is. They're going to say wait a minute, this guy's going to fix this and we're going to have to fix it. So when you go on the voting booth, you're not going to say that you're going to vote your way.

Speaker 1: 31:06

Your mayor right now was a mayor when he was running. I remember reading, seeing his speeches. He was a mayor running as a Democrat but was a law and order mayor. But he certainly is not doing that shit, because I've been there, I talk to my mom, I talk to people like you. I know what's happening there, I have family there and I know what's happening in New York. He's certainly done none of what he said he was going to do the law and order and get things back under control and that's what the city needs. But just hearing from you right now and your frustration is not what's really going on. And he didn't do it. He hasn't done it.

Speaker 2: 31:47

No, and I don't see him doing it anytime soon. When you have let's put it this way when you lose control and you're top police officer resigns, right, look at it. No one stopped him to look at she quit, right, that's telling me one. She was either a puppet, right, because she was a woman and she was black and they governed her, and she was so wised up and said wait a minute, I'm not here for this, I'm here to help the people, or whatever they go by that job. And she's locked in and she cuts out, right, she's not, I'm out of here, right? So a lot of these things you just thought to see. But getting back in the sense as an investor, there are certain neighborhoods in New York City that are still good to invest in. There are still, there are still labels further out you know what I mean. That might not be close to the city, but you have a little bit of a transportation, but that area might be good to buy in because it didn't spread that way.

Speaker 1: 32:48

And it doesn't look like Like what, like Yonkers, like what, what do you? You know, I know you mentioned Staten Island.

Speaker 2: 32:54

Staten Island, because Staten Island is a different. I live in Staten Island so I know Staten Island. I'm there already 25. Staten Island is a little world by themselves and I'm respect that right. Most of the time people don't want to come over the bridge, so that's why it isolates us in a different way, in a good way. Right, we have good schools, we have good neighborhoods, we have good areas. It's more family oriented. Right, there are more people there as a family. There are there as neighbors.

Speaker 2: 33:25

You know other boroughs like Brooklyn and the Bronx and other labels like that. They're not all onus, they're mostly not. You know, I would say there's 75 to 80% renters, 20% or maybe 25% all onus. There's certain neighbors. That is the block and that block has all onus. These big buildings that are up ain't nobody, they're all rentals, right. So Staten Island is a different world. Staten Island has better schools, better stores, better everything, and when you go into the store there's a parking spot for you. You know what I mean. It's not a street that you got to go park 20 blocks away and go like you did and go crazy looking for parking, right.

Speaker 1: 34:04

Yeah, yeah, yeah yeah.

Speaker 2: 34:06

So I'm saying certain neighbors have built a good, certain neighbors have let them clean and buy their skirt. You got to look for these neighborhoods but you also have to see what you're buying, what kind of investor you are. If you're buying the three families, I'm recommending a lot of people to buy three, four families. You know that's easy to control. Nobody really governs you. If you have to raise the rent, you raise the rent and you don't have too much, as what we discussed before of the multifamily, the multifamily.

Speaker 1: 34:35

That's the strategy right there. That's where the opportunity is. If you can find those deals in the three, four family and less in New York City, that's where the opportunity is. That's what you get from it. If you can find good deals, if you can buy them right, of course.

Speaker 2: 34:48

Yeah, you'll find them. But the three, four families I've had a few of them myself and those rents are pretty decent, believe it or not. They're 3,000 a month, 3,500 a month, but they're big apartments, they're two bedrooms and stuff, but they go by the market. You'll be fed everybody.

Speaker 1: 35:04

Okay, let's you say two bedrooms are big apartment in New York City. It's just funny the language, because for us two bedroom is normal. A big apartment for us here in Pennsylvania is a four bedroom, a three four bedroom, two bathroom. Okay, that's a big apartment for that. That's a mention in New York City. For you guys, two bedrooms is like yeah, yeah, yeah, yeah, yeah, yeah, yeah yeah, yeah, yeah, yeah, you're a single guy or something, yeah. Yeah, correct.

Speaker 2: 35:30

So here I would recommend people to look for three families, two families, four families, then making almost the same. At the end you're making the same profit if you had a multiple dormitory, a multifamily, because when you pay everybody out and you pay all the taxes and the insurances and the mortgage and all your bills and expenses there and your property manager and your soup and your border, if you're left with $500, go a lot of.

Speaker 1: 35:57

That's not, yeah, that's so. Guys, thank you so much for listening and watching. We are coming to the conclusion with this episode. This was a great episode. If you want to reach out to Humberto Lopes, he shared his he shared his HL underscore dynasty on IG to check out his content online. He's got a lot of great stuff online. Make sure you go do that. Make sure you go check out his YouTube. His name is Humberto Lopes L-O-P-E-S. Make sure you go check him out. We appreciate you guys listening. Make sure you, if you're listening, make sure you drop us a positive review. Really would appreciate that. Give us a five-star review and drop us a little review when that really helps us, it really appreciates, it really helps us with the algorithm and we really appreciate it. Thank you so much for listening. Thank you so much for watching. Appreciate you guys. Peace out.