what's going on everyone welcome to the David Green show real talk real estate today's episode is going to be a little short I just wanted to take a minute to address some of the controversy around my departure from the Bigger Pockets podcast clarify the position that I've had with Bigger Pockets the mix up in our branding what the Situation's like how you can expect this podcast to be different maybe spill a little bit of the tea that many people have been wondering by the way when I spill tea it's always green tea I wonder if I should do another podcast the green tea podcast all about real estate gossip I'm sure people wouldn't hate that all right so let's start with how I started hosting the Bigger Pockets podcast probably seven years ago or so Brandon Turner and Josh dorkin were hosting the Bigger Pockets podcast now Josh dorin owned Bigger Pockets Brandon Turner worked at Bigger Pockets and I can't say for sure but Brandon might have had a little bit of ownership in the company like a tiny bit but he really wasn't the owner Brandon was respons POS for a lot of Bigger Pockets growth he's a remarkably intelligent man a very hard worker a super good guy very likable very charismatic and people flocked to him well when they flocked to him they also flocked to Bigger Pockets and the combination of Josh's dogged work ethic and intelligent mind with Brandon's Charisma and beautiful eyes made Bigger Pockets the Behemoth of real estate investing this was the place that you would go if you wanted to learn how to invest in real estate for free they were against all of the influencers and gurus that were teaching you how to do it and they would show you how to do it for free they had an incredible Forum where people could ask questions about real estate investing they developed a Blog where people would write articles about it is it awesome now here's the irony Josh dorkin started it because he had some properties that went poorly and he wanted to start a site where people could get questions answered because when he was investing in real estate he had nowhere to go so a failed real estate investor created the biggest real estate investing platform in the world and became a massively SU successful entrepreneur kudos to you Josh we all owe you one now Brandon and Josh started this podcast it was one of the first podcasts that was ever started haven't heard Josh's side of the story but from what Brandon tells me he brought this idea to Josh and said we should start a podcast Josh said what is a podcast and that was how the Bigger Pockets podcast got started several years down the road Josh had some issues with his family's health one of his kids developed a rare condition and he had to step away from running Bigger Pockets to help take care of her great guy great father at that point they had to find another host for the podcast and Bigger Pockets cycled a couple different employees in unfortunately none of those people had very much experience investing in real estate themselves so the podcast was in trouble now I had been interviewed on the podcast I believe it was episode 169 by Brandon and Josh and I had listened to every single episode that they ever did before that I was a huge BP fan this was before BP is what it is today so it wasn't a common name in the world of real estate investing in fact I don't even think you could have called it B P you would have had to call it Bigger Pockets I became friends with Brandon after our recording and we got pretty tight now I messaged him and said hey what's going on how come Josh isn't on the podcast it's not doing that good and he explained to me that Josh was stepping away well Brandon and I got together he came up with a plan for me to host the podcast with him the problem was I didn't work at Bigger Pockets now at that point the idea was Bigger Pockets didn't want anybody hosting their podcast that didn't work in Bigger Pockets so they had a problem and to be honest with you they weren't super thrilled about the idea of going outside the company it took a lot of time to build trust so that they knew that when I came to the company I would represent their brand I wouldn't steal their people I wouldn't steal their listeners and I wouldn't compete with them a lot of people say why can't I find a mentor why can't I have someone take me under their wing and show me the ropes if only I could find somebody they don't realize that many of us have done just that given people what they wanted showed them how to do it and then they screwed us over left took our contacts took our resources and said sayara and thank you for all the help be happy for me that I'm establishing Financial Freedom but they devastated our business in the process and there's not a lot of people losing sleep over that so if you've ever wondered why you're having a hard time finding a mentor or you're having a hard time finding support system in the real estate ecosystem or why you always have to pay money to join a group this is a big reason why there's a lot of backstabbing that goes on there's a lot of money involved in successful real estate investing and any anytime you get a lot of money involved you get a lot of shady characters that are going to be involved this is why so many drug deals go bad with criminal Enterprises you often see a bad ending when there's a lot of money involved people will make decisions they normally wouldn't so I understood the position Bigger Pockets was in bringing me into their world they were very protective of what they had built and things started very slowly and I had to earn my way into that world so that they knew you can trust me to represent your brand and wave your flag over time that's exactly what happened Brandon and I got to be better and better friends we developed better and better chemistry the podcast got bigger and bigger eventually it was one of the top business podcasts on all of iTunes that's what we called Apple podcast before it was called Apple podcast the show got monumentally large we had the biggest people in the space on we probably had 250 to 300,000 listens for every episode it was literally like talking to an entire football stadium full of people every single week crazy but with all of that influence and power does come risk does come some risk for Bigger Pockets they had to worry about what would happen if Brandon got run over by a bus what would happen if David left the show he could go start his own company and they didn't know me that well I came in through Brandon I didn't have a relationship with some of the owners or the high level Executives at Bigger Pockets I didn't live in Denver I wasn't on site they rarely ever saw me and they did watch me building businesses like the David Green Team like the one brokerage and the other things that I was doing that wasn't really affiliate with Bigger Pockets so as you can imagine fairly there was some tension there there was a lot of concern it could happen now out of respect for them I treated them the way that I would want to be treated I didn't steal Their audience I didn't go build a brand outside of them I didn't go launch my own podcast all the books that I published were through Bigger Pockets if I wrote a Blog article it was for Bigger Pockets when I went and spoke somewhere I represented Bigger Pockets treated them the same way that I would want to be treated the same way that I would want any agent on my team to say they are with the David Green Team I don't want them using their affiliation with me to go work something out on the side and cut me out of it that's out of integrity that's not the way that you would want to be treated and as a person of Faith it's very important to me that I do treat people the way that I would want to be treated that's one of the things that our savior Jesus commanded us to do now the podcast continued to be monumentally successful and then another change happened Brandon decided it was time for him to step away from the podcast he wanted to go start his own thing The Better Life podcast the better life tribe the better life everything Brandon shocked the real estate world when he left Bigger Pockets and in the process he left me it was a crazy day but I still remember the people at BP coming to me and saying David we need you what are we going to do it was at that time that I came up with the idea that we needed to do more shows rather than people saying where is Brandon Turner I wanted people saying what is this this is a different type of podcast than I'm used to traditionally Brandon and I had interviewed a guest every single week and said hey tell us your story and tell us how you did this now you got to realize at the time no one else was doing this when you heard the story of a gym teacher that bought a bunch of duplexes or an entrepreneur that became a millionaire through real estate it was crazy it was so inspiring it tickled your brain there wasn't any way to hear this information unless you had coffee with the old guy in town that was a real estate investor now it was available everywhere and on that commute to work to do that job you hated or during that workout that you couldn't stand you had Brandon and I keeping you company we had developed chemistry we had developed Rapport we had developed a unified front Brandon and I would spend hours and hours and hours talking about what our thoughts were when it came to real estate investing should we tell people to do X or Y we wanted a unified front and it's because we understood the influence that we wielded if we went and told people to borrow to the hilt and use other people's money and recklessly buy real estate and they did it their blood would be on our hands when it went bad we took the position very seriously and I'm proud of the work that Brandon and I did when he left everything changed now what happened is I proposed new formats to BP about how we could do podcasts one of them was something like Dave Ramsey that became seeing green I wanted to do more coaching calls where we brought people on live and had them explain their problem and we tried to answer it I figured that would differentiate us from the other podcast that were also doing interviews similar to us we did several of those coaching calls I really liked Patrick bed David style where he would bring in different people that he knew that were business minds and they would discuss the news of the day I proposed that show and that ended up becoming on the market and then lastly I wanted to do topical shows these were shows where just me or me and another guest would dive deep on one specific part of real estate investing and educate people on what a rehab was like or how to run numbers or what loan products were available or why you choose this Market over that market when to house hack and when to get a short-term rental rather than an interview where a guest told their story I wanted the host to be able to tell a story and if I'm being honest that's just because I knew that as a host we had more experience talking sharing information and communicating and I thought that if you were hearing it from the host the show would be more entertaining than if you were hearing from a guest that's often nervous and isn't used to speaking the podcast continued to be great not only did it continue to be great Bigger Pockets branched off and started more and more podcast different hosts came in different topics came in real estate rookie real estate money the invest her podcast on the market our show the business podcast a whole umbrella of podcast started to develop now it wasn't long after this if memory serves correctly that Bigger Pockets was bought by someone else see Josh couldn't run the company anymore because of the issues that he had with his family and he needed to be there for them so the company was sold which is a normal thing in business to a private Equity company and standard operating procedure when private Equity buys a company they make some changes it's very easy to be critical of this but I think that's foolish it's normal in business for these Cycles to take place most people build a business to sell it to somebody else or to exit in some way some of the changes were great some some of the changes I didn't think were that great but overall I was happy with how the podcast was going it continued that way for some time I had Rob OB solo and Henry Washington come in to help co-host the podcast with me they did a great job we continue to build rapport we continue to interview guests and we continue to take our position seriously of educating people on how to invest in real estate responsibly and wisely now during covid a lot of people thought the real estate market was going to crash and I took a different position when everyone else was saying prepare for a blood bath I saw how much money the government was printing and I told everybody you should actually be buying I came under crazy heat I got a lot of criticism I was called Reckless people said David's only saying this because he's an agent and he wants everyone to keep buying houses not thinking about the fact that I was still buying houses and also not thinking about the fact that as an agent I could easily tell everybody to stop buying or sell and I'll just get the listings instead I saw the money that was being printed I warned the masses and I'm very proud of taking that controversial and scary position because that's exactly what happened prices went up and up fast during Co several years later exactly what I warned people what happened did happen inflation everything became more and more expensive rents are going up the prices of properties are going up but unfortunately so is your energy gas food medical bills materials labor all of it to combat this the government raised interest rates but they raised them suddenly and they raised them quickly they also continue to raise them over and over this had a devastating impact on the world of real estate they didn't give us time to prepare for it and they didn't do it slowly this impact was particularly lethal in the world of commercial real estate see if you don't understand how commercial real estate is valued it's not just on comparable sales like residential it's valued on how much income a property produces and if you raise the interest rate that you buy that property at you significantly decrease the profitability of the property that means you'll sell it for way less than what you bought it for but you couldn't have known what rates were going to do when you bought it now this prob was compounded by the fact that commercial properties are not bought with 30-year fixed rate notes they're usually bought on what are called balloon payments every 3 years 5 years or seven years these properties have to be refinanced or sold so all the notes on these commercial properties that were coming due were happening at the same time that rates had come up a ton people were forced to sell at a time when their properties were worth less than what they paid for them if you were involved in syndication or apartment complexes you lost a lot of money yet residential real estate didn't have the this impact and it's because of the financing when you finance residential real estate you get a 30-year fixed rate term now some of the voices you're going to hear at the end of today's episode were people that I talked with that were making a lot of money at the time that wanted to invest in real estate that I warned don't get into the commercial space because of exactly these reasons but in the residential space we saw something very differently values continue to hold tight or keep going up this created a market that was very difficult for investors to navigate it was very hard to buy real estate because with rates higher they didn't cash flow but if you didn't buy real estate the inflation made your money worth less taking action was difficult not taking action was painful you would expect prices to come down but they didn't and that's because the supply and demand variables were way out of whack there still were not enough properties for as many people as wanted to buy them when you add the tax benefits that come from buying real estate accelerated depreciation increased knowledge of cost segregation studies and real estate professional status and you paired that with people that had to sell properties and do 1031 exchanges there were still plenty of buyers for the properties that were out there even in the higher rate environment this made the world of real estate investing incredibly difficult to navigate not surprisingly it also made it much less appealing not as many people wanted to jump in and buy real estate when they weren't doubling in value in 3 or four years now all of this hit at the same time that Bigger Pockets had launched several podcasts with several different hosts and increased the number of podcasts they were putting out from one a week that Brandon and I were doing to several times a week you can't blame Bigger Pockets for taking advantage of the market and striking when the iron is hot there was a crazy demand for content and they provided it and they got bigger and bigger and bigger as they did it and I can say all the podcast hosts that I've seen I'm proud of all of them and I think that they're standup people Bigger Pockets also increased the number of books that they were publishing I myself have published six books through Bigger Pockets publishing but it felt like they were come out with one every month all of this content all of this information all of these options it was very different where Brandon and I had once been a unified front very carefully selecting how we were going to represent Bigger Pockets of what we were going to say it had quickly changed to several different people with several different opinions and several different agendas it just wasn't the same and that's okay structurally things have become different now fast forward to today and Bigger Pockets has decided that they want to go in a different direction for the host of their main show Rob alas solo and I were told that we would no longer be the host but we were welcomed back as guests occasionally and we both said we're happy to do it however since I wasn't going to be hosting their podcast anymore I wasn't going to sit around and twiddle my thumbs fast forward to now real talk real estate the David Green show the goal of this podcast is going to be to bring the ideas that I once brought to Bigger Pockets but to my own show where I'm not going to be replaced with other people I'm going to bring in different Real Estate Investors and different business Minds to answer questions the same way that I do I want you to get perspectives of other smart people I'm going to share what's going on in my portfolio both short-term rentals traditional rentals and medium-term rentals I want to expose how my rent by the room properties are going I also want to share with you what's going on in my businesses what my real estate agents are seeing how to work with real estate agents as well as the financing component that I see with the one brokerage I might be the only person in the country that has the background in real estate that I do I'm an investor I invest in residential I invest in commercial I invest in short-term rentals and medium-term rentals and traditional rentals I got the whole oatmeal spread that goldilock was looking at locked down then I'm an entrepreneur I have a real estate brokerage I have a loan brokerage and I have a real estate team I'm still in the trenches every day helping people build wealth through real estate both representing them through services and educating them here not to mention the books that I'm writing and I've already written I'm also a speaker I also run a mastermind called Spartan Le which is a real estate University I've got my hands in a lot of things and that gives me a very unique perspective which is why I want to have a podcast to share it with you all now I think the podcast is going to become amazing hopefully it already is but I'm also expecting that it's going to take me time to work out the bug cuz that's how everything works so I appreciate your patience and sticking with me as I do that and I really appreciate your patronage in continuing to subscribe to the show and leave me good reviews as I'm bringing you this content for free I'd also like to say I won't be able to make some of the shows the ones where I take your questions and I answer them for everyone here without your content I need you to give me your questions in video format and in written format to make those shows you can support me by going to davidg green24 askas and uploading your questions there we'll also take some of your comments from my Instagram from my YouTube channel and other places and share funny witty or clever things with the audience the goal here is not just to educate you it's to make it fun when Brandon and I had hit our stride you could see the relationship we had it was like being a fly on the wall and seeing two fun guys that had bought a lot of real estate which is why you were listening talking about life and owning it I'm trying to recreate that here now I want the show to make you laugh I want the show to make you you think I want the show to pierce through the crap that other people sell you if you don't already know most real estate influencers that make podcasts or have social media are portraying it differently than it really is because they make their money through selling you courses and programs and materials they need it to look exciting and sexy as fun to get you to spend your money to get in because that's not how I make my money I don't have to do that I make my money by getting you to come and buy your house or sell your house with us at the David Green Team let me manage your short-term rental with performance property management or do your loan through the one brokerage what that means is I have to build your trust I have to build credibility and I need you to know that I would like you to come to me when it's time to buy or sell a house that means that I can give you the real talk I don't have the pressure to give you a shiny version of what real estate investing really is I'm going to tell you the Good the Bad and the Ugly and I'm going to do my best to do it making it fun entertaining and helpful now if you prefer to consume your content on YouTube I'm there just go to youtube.com/ David green24 I'm also on Spotify Apple the Google store and you can follow me at your favorite social media at David green24 Instagram Facebook LinkedIn X all of it I really want to hear your feedback about what you liked about the shows what you didn't like about the shows and what you'd like to hear more of because that's how I'll decide what shows to make for instance I'm going to be releasing in a couple episodes an episode on negotiating real estate with examples of how I negotiated with the real estate agents that were representing the sellers when I was the buyer I got that because somebody told me David I'd really like to hear more about how you negotiate so if you bring me your ideas and you bring me your questions at David green24 ask I'll know what content you're looking for together we're going to build an amazing community of trustworthy no BS and straightforward information now lastly my sincere hope is that you build wealth through real estate but to be honest with you I don't want to see you do it so that you can fuel a bruised ego live a materialistic lifestyle or think you're better than other people because you've had more financial success well I want every want to hit Financial Freedom so that they don't have to worry about money like Forest Gump said one less dy I also don't want to create new monsters by taking insecure people and fueling their egos so that they brag and gloat about what they have making other people feel bad about the fact that they don't not everybody in life is in the same position where they can pursue wealth like some of us can I never got married I don't have kids and I could put a lot more time towards building my businesses and my portfolio than some other people did that does not make me better than them that does not make me anything other than lucky did I play my cards well I think so sometimes I didn't and I'll share on the podcast exactly why I made those mistakes so hopefully you can avoid them but I'm a huge fan of keeping your successes as quiet as you can and sharing your failures more so as you listen to the show and you grow your own portfolio and you have success please remember that not everyone's going to be as lucky as you are and it's not a win to make somebody else feel bad about where they are in life because you're happy about where you are at the same time being a victim doesn't help anybody either we're trying to win the show is about winning and my advice to you is going to be designed to help you win all right thanks everybody for tuning in and I appreciate you listening to this episode I've got a little Montage for you to check out why you should listen to the podcast so if you've got a minute please share this with anybody else that you think would benefit from a real talk real estate podcast raging Al I Quint the former UFC lightweight now broker and owner of I Quinter real estate you should listen to David green because whether you're an experienced investor agent broker or whether you are a rookie just getting started in your real estate career David is a wealth of knowledge and I'm sure he's going to have some incredible guests on always fun to listen to and always educational no matter who you are you're going to learn something Chris wman UFC former middleweight champion and you guys should be listening to David green because he is the real estate Guru in this country that I go to he's one of the smartest guys I know any questions with real estate he's got the answer he's done it all I can't wait listen to his podcast I hope you guys listen as well I'm Cory Kent country music singer and a good friend of David green and man you got to listen to his new podcast this guy knows real estate better than anybody I've ever met if you want to learn a ton a wealth of information like I have from this dude be sure to check out his new podcast my name is Nick lman host of the AME podcast real estate investing for entrepreneurs I am also a former amateur MMA fighter in current Jiu-Jitsu blackb build and as a highle real estate investor for over 15 years and thank goodness I have Mr David Green I've been a loyalist and him for years and years and years and he's been one of my most trusted sources to give me accurate information for what's happening today and I cannot be more excited that he finally has his own show and I will be tuning in every single episode for more information to help me get through this wild and crazy real estate market that we're in today what's up guys ala F Master Sterling here former UFC champion and when I'm not out practicing how to be a mean backpack or working on some new business ventures like fun Harum I'm listening to David Green's podcast and the reason is because it's very insightful is's a very knowledgeable guy and if you're interested in real estate like I am this is the podcast for you this is Brandon Turner from the betterlife podcast and you should listen to David green because David Green is not only my best friend in the entire universe but David Green understands real estate at a deeper level than anybody I know and he doesn't sugarcoat the truth with like platitudes and happiness and optimism all the time when things suck he tells you it sucks when things are awesome he tells you it's awesome David is the man