Transcription
Excuse me, guys. Who's the richest person here?
You're the guy that interviews millionaires.
Interview millionaires.
This guy's a billionaire.
How did you get rich?
I own thousands of apartments.
What was the most amount of money you made in a single year?
250 million.
Did you come from a rich family?
Oh, of course not.
How'd you get the money to buy real estate?
I used other people's money.
And I go all over the world interviewing billionaires. Can I get a minute with you for the channel real quick?
As long as it's just a minute.
I need you to give me a secret right now. What's your best tax hack for anybody in business when it comes to buying?
Oh man, I got one right now.
No, I don't want to give it up to you guys.
Come on. Give me one. Are you sure?
Yeah, I did.
All right. I started a new company.
It's a media company for billboards.
Okay.
So, billboards qualify for what's called a land improvement. So, they're not actually real estate. So, they qualify for 100% bonus depreciation in the year that you buy them. So, we're in the process right now of closing a huge deal.
This is Gabe right here. You know that, right?
And they're going to you basically get 100% write off and you get massive cash flow and their long-term holds. How did you buy real estate without money?
Sure. It's really simple. I had to learn the system and I didn't know the system at first. We bought $63 million this year. Here's a secret that nobody knows. When everybody gets their paychecks, they put that money into the bank. So all of a sudden, the bank has a problem. It's an expense for them. They have to pay you interest on that money. So they have a problem. They have to lend it back out. So it's the same thing with insurance, pensions, retirement. Wall Street just takes all the money from Main Street and then they lend it back out to guys like me. So that's the system. So once you understand the system, you just step out of the system and then you use it for your advantage.
You know, they don't teach that in school.
100%. No. How old do you know?
How old am I?
64.
You look good for 64.
I am. I know, baby. I feel like I'm 50.
If me and you died tomorrow and you had one more message to leave with the younger generation, what would that be?
Find a great mentor. Somebody who's done it, and you know who they are, too. When you walk into a room, you walk up to them and say, "Hey, can I buy you a cup of coffee?" They almost always say yes. Especially because most young people don't have the balls to do that. If somebody walked up to me, and I've done this already.
So, after this interview, you're going to let me buy you a cup of coffee.
Absolutely.
So, I'm I'm going to get your contact after this then.
Of course.
You got amazing advice, my friend. Thank you.
Thank you so much for your time, man. I appreciate you. What's your name?
Ken.
Every week, I host live calls with the billionaires I interview to mentor my audience. Would you do a comment?
I'd be happy to mentor people. Everybody watch right now, comment Ken below and we'll see you on the live.