#1134 Omar Morales On Selling $3B In Real Estate In South Florida

Omar Morales is an Associate at Berkadia and has been part of selling $3B in real estate in South Florida. In this conversation, we discuss the math behind deals, the biggest players in the space, and why South Florida continues to be a hot spot for individuals & businesses moving down. ======================= Arculus is the next generation crypto & NFT cold storage wallet that combines one of the world’s strongest security protocols with the easiest to use form factor and app. Arculus requires 3-Factor Authentication to ensure only you have access to your digital assets – something you know – a PIN, something you have – the Arculus Key Card, and biometrics. Learn more and buy it now on getarculus.com. Use promo code POMP to save 15%. Remember, with Arculus, it’s your keys, your crypto. ======================= This episode is brought to you by Eight Sleep. The Eight Sleep Pod is a tech layer that fits onto your mattress like a fitted sheet. The Pod dynamically cools and heats each side of the bed, to maintain the optimal sleeping temperature for what your body needs. With the Pod, you can start sleeping as cool as 55°F or as hot as 110°F. The result: Clinical data shows that Eight Sleep users experience up to 34% more deep sleep. Go to eightsleep.com/pomp for exclusive holiday savings and ring in the most wonderful time of night. Eight Sleep currently ships within the USA, Canada, the UK, select countries in the EU, and Australia. ======================= LMAX Digital - the market-leading solution for institutional crypto trading & custodial services - offers clients a regulated, transparent and secure trading environment, together with the deepest pool of crypto liquidity. LMAX Digital is also a primary price discovery venue, streaming real-time market data to the industry’s leading analytics platforms. LMAX Digital - secure, liquid, trusted. Learn more at LMAXdigital.com/pomp ======================= With a Messari Pro subscription, you gain access to exclusive industry-leading long-form daily research reports, daily crypto news & insights in your inbox, advanced asset screeners, curated sets of charts and metrics and so much more. Try Messari Pro today! Get up to 25% off their Messari Pro membership by visiting www.messari.io/pro and entering promo code "POMP" at checkout. ======================= Exodus is leading the world out of the traditional financial system by building beautiful and user-friendly blockchain products. With its focus on design and user experience, Exodus has become one of the most popular and loved cryptocurrency apps. Visit exodus.com/pomp for your free download or search Exodus on the App Store or Playstore. ======================= Compass Mining is the world's first online marketplace for bitcoin mining hardware and hosting. Compass was founded with the goal of making it easy for everyone to mine bitcoin. Visit https://compassmining.io/ to start mining bitcoin today! =======================

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:02Anthony Pompliano?

  What's up everyone, this is Anthony Pompliano. Most of you know me as Pomp. You're listening to the Pomp Podcast, simply the best podcast out there. Now let's kick this thing off. Omar Morales is an associate at Burkadia and has been part of selling $3 billion of real estate in South Florida. In this conversation, we talk about the math behind deals. We talk about some of the biggest players, why people continue to move to South Florida, why multifamily is so interesting to them, and why being a broker over a principal is where Omar wants to be. I really enjoyed this conversation with them, and I hope you guys enjoy it as well. Before we get into this episode, though, I first want to talk about our sponsors. This episode is brought to you by Arculus. If your cryptocurrencies are stored on an exchange, they may not be secure, and as we've just seen, your crypto can be lost in the blink

• 0:47Anthony Pompliano?

  of an eye to a freeze, exchange bankruptcy, or malfeasance. Now more than ever is the time to keep your crypto safe and secure in the Arculus cold storage wallet. Arculus knows a thing or three about security. Your assets are accessible through three-factor authentication and by using the Arculus Wallet app and Arculus key card. Your keys are generated and encrypted on their Secure Element rated CCEALP 6+. You don't know what that means? That means you and only you own your keys and therefore your crypto. Keep your digital assets secure and safe from exchange freezes, bankruptcies, and hacks with Arculus. Save 20% through December 10th with promo code POMP. Go to Arculus and use promo code POMP today. This episode is brought to you by Eight Sleep. The holiday season is here, so give

• 1:32Anthony Pompliano?

  the never-ending gift of deeper sleep. About two years ago, I started to sleep on the Eight Sleep, and I sleep on it every single night. It quite literally changed my life. I get deeper and better sleep, but don't just listen to me. Clinical data shows that Eight Sleep users experience up to 34% more deep sleep. It is not a holiday miracle, even though it sounds like one. If better sleep is on your wish list, look no further than the new Pod 3. You can go to eightsleep.com/pomp for exclusive holiday savings and ring in the most wonderful time of the year. Eight Sleep currently ships with the US, Canada, the UK, and select countries in the EU and Australia. Go check them out, eightsleep.com/pomp today. This episode is brought to you by LMAX Digital, the number one institutional crypto exchange.

• 2:13Anthony Pompliano?

  They offer clients the deepest pool of liquidity and they have 100% uptime track record through all the volatility spikes. LMAX Group's liquidity relationships and ultra-low latency technology means that LMAX Digital is the market-leading solution for institutions across crypto trading and custodial services. LMAX Digital, secure, liquid, and trusted. Go learn more at LMAXdigital.com/pomp. Again, that's LMAXdigital.com/pomp.

• 2:41Speaker 01

  Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only.

• 3:04Anthony Pompliano?

  All right, guys. Bang, bang. I've got Omar here with me. You've sold $3 billion worth of real estate in South Florida. And a lot of people think it's over. Like, prices are down 10%, 20%. The Fed is acting all crazy. Are people still moving to Miami? It's like, well, shit, let's just talk about it. I think a great place to start is like, why South Florida, right? I don't think that's a place that many people historically were like, if you're a young person who wants to have a great career in real estate, like, oh, move to Miami. Talk a little bit about like, why South Florida's always been so interesting to you? And like, why did you stay here rather than go to New York or California or something like that?

• 3:38Speaker 02

  Yeah, absolutely. So, first of all, thank you for having me. This is wild, pretty crazy to be here and obviously know some of the people you've interviewed. And being here with them is just like, wow, okay, I'm not at that level, but I'm getting there. And why South Florida? So, for me personally, it was just family. My family's here and I'm from Honduras, so it was close by. So it just made sense and a lot of success is luck-based. I feel like you'd be fooling yourself to...

• 4:01Anthony Pompliano?

  Luck's not real.

• 4:02Speaker 02

  Yeah. Oh, you're one on that. You're like, it's not luck. It's like, you worked for it, right?

• 4:05Anthony Pompliano?

  No, no, it's probability.

• 4:06Speaker 02

  You... Okay, probability. We can go out of length about this. I'm big on luck. I'm big on luck and gratitude. It's just like... No dude, this will be a, now this will be a podcast about luck and gratitude.

• 4:17Anthony Pompliano?

  I'm adding it up. Luck is a psychological concept. If you and I walk out of here and we get hit by a car, right?

• 4:22Speaker 02

  You're unlucky, bro.

• 4:23Anthony Pompliano?

  No, you may be like, I was unlucky because I got hit by the car. But I may be like, yo, I was lucky because I survived. It's all psychological. It's probability, probability of like, hey, you were walking there, you got hit by the car or whatever. It's a mathematical concept, it's probability.

• 4:36Speaker 02

  Okay, so the probability, okay, so here, I'll go back for it. I'll take the word luck out of it. Not that I agree, not that I agree, not that I agree, but just to appease you and to talk about real estate and to talk about South Florida.

• 4:46Anthony Pompliano?

  Probability versus luck.

• 4:47Speaker 02

  Is bifurcated, yeah. So for me, my parents had the probabilistically were like, let's get out of Honduras and let's get into Miami. I came to Miami and I was like, this place has everything I think I need, right? Including family, which is the most sort of pressing part. So basically, when I was graduating, I had offers to go do investment banking in New York and Chicago and things like that. The reason I stayed again was for family, but what I ended up realizing very quickly was Malcolm Gladwell talks about this in David and Goliath about being a big fish in a small pond. So pretty much when I, I got an internship at a hedge fund, which is a huge breakthrough for me, friends of friends connected me. And at the hedge fund, it sort of opened my eyes and gave me sort of like the in

• 5:27Speaker 02

  to be able to get into real estate and financial investment at a high level, right? But what I noticed was that this hedge fund could not find hardworking talent, young in Miami. Because to your point, which what you just asked is like, why Miami, right? Like, why not New York, Chicago and all these things? So for me, that became a huge like boon to my career. Because very quickly, once I got into real estate, private equity and now brokeraging, my name sort of started coming around a lot because I instantly started dealing, having, doing deals with these big players. And I was the sort of only one of very few young guys working their asses off, day in and day out.

• 6:10Speaker 02

  So that for me was like, kind of what got me to where I am today, which we'll talk about. But I think the reason why people like South Florida. And the reason why it'll continue growing is because for the first time ever, you're seeing this demographic shift, which I think is so interesting. It's Florida historically has been a retirement community. That's why people come here, right? Now you've got downsizing baby boomers whose kids are out of the house all over New York, the Northeast, I mean, across the country. And they, Florida has historically been the place where they go, right? What's interesting now is now there are sons that are 19, 22, 27, listening to you or, um, what's the Penn Flor- the Penn Gaming guy?

• 6:53Anthony Pompliano?

  Uh, Dave Portnoy.

• 6:55Speaker 02

  Dave Portnoy, Dave Portnoy, like, they're in Miami, they're in South Florida, they're here. So for the first time ever, you've got the two largest demographic populations, both having a reason to come down here, right? So that's huge. And for me, I see it where, hey, the kid wants to come to Miami, to work in Miami, and live in this sort of paradise. And their parents are moving down here too. So now the whole family is getting back together in Miami, or Fort Lauderdale, or Palm Beach. So for me, that's extremely unique. Real estate has always been, and I'm sure you've had guys and people probably listening to this, real estate is a tried and true asset. Very similar to Bitcoin in terms of like, you can't make more of it, things like that. Um, good inflation hedge. So they're not, you're not making more real estate.

• 7:37Speaker 02

  And in South Florida, you've got a 13-mile stretch between the Everglades to the west and the Atlantic Ocean to the east. So you've got limited land, and you've got millions, right, of people wanting to live down here. Yeah, it's getting expensive, and it'll keep, it'll continue to get expensive. But when you're talking about that you can get a two-bedroom apartment in the middle of the city in Brickell for 500 grand, 600 grand? That in New York has to be 1,2, 1,5 million dollars and like-

• 8:06Anthony Pompliano?

  Easy.

• 8:06Speaker 02

  A ne- like, not like an impressive one, just to live there, right? So like, we're still half-priced. And a lot of these employers are coming down here. So that, for like, many other reasons I could dive into, like, the demographics, I think is super interesting, the weather, uh, tax-friendly climate-

• 8:21Anthony Pompliano?

  The demographics.

• 8:22Speaker 02

  So no demographics is that both the downsizing, the older baby boomers and the younger guys both want to be here. It's not just one or the other now, right? It's like, hey, my MD, my managing director at my shop is moving to Palm Beach. I want to go and live in Fort Lauderdale and take the bright line up and down work. So now you've got both of them coming down here, right? So for me to have friends that go to Harvard, Wharton, MIT, Stanford, and for them telling me that Miami is a target destination blows my mind. And that's only starting, right? Because what I think is most interesting about population migration that a lot of people I think underestimate is that whenever you see a trend in anything, in crypto and investments or whatever the trend may be, you think, okay, are you going to get reversion to the mean?

• 9:08Speaker 02

  Or are you going to get perpetuating sort of like network effects, right? Is it going to continue? And I think population migration has perpetuating self reinforcing network effects, where the more people move down here, the more people want to move down here. The more they wake up in the blistering cold, the blistering heat, whether it be out in the Midwest or in Baltimore, Maryland, freezing their asses off one winter day. They open up their phone and they've got you in Miami, Dave Portnoy in Miami, some actress or model or book writer or whatever it is, Ken Griffin in Miami. They're like, holy shit, everybody's going there. And then their parents are like, hey, we're looking to buy a house in Fort Lauderdale. Right? So for that to just continue trickling in,

• 9:52Speaker 02

  I really think Miami's in the first inning and it's, it's, we're scratching the surface of what the city's going to become.

• 9:57Anthony Pompliano?

  So a lot of people, when they think of real estate, they think of single family homes or apartments. You deal with multifamilies for the most part. Talk a little bit as to like, why is multifamily in South Florida so interesting? And like, why are you so focused on that part of the market?

• 10:11Speaker 02

  Absolutely. So again, here I'll use the word luck. I fell into multifamily by luck, but probabilistically, a lot of people were buying multifamily. So when I broke into real estate, I

• 10:24Speaker 02

  By the probability was that there was more people buying multi than like hotel, office, retail, things like that. So I fell into a shop that did multifamily. As I was learning and cutting my teeth with it, I'm like, holy shit, this is a really good investment. So the reason why it's so good, it's because COVID came, right? And hotels completely stopped, right? Office, work from home, completely stopped. Retail, e-commerce, completely, not completely stopped, but took a big hit. So all these asset classes within the real estate umbrella have really seen some hard times. And residential has too, but it always comes back because as long as you get good real estate at a good location, somebody's gonna pay to have a roof over their head. That's never gonna change. You need somewhere to sleep, right?

• 11:08Speaker 02

  Hotel is different. Economy hits a recession, people travel less, right? Same thing with office, retail, and other asset classes. So the three big asset classes, which have weathered a lot of the storms, and and had have been like a hedge for inflation, real estate naturally is, is multifamily, industrial, and self-storage. For different reasons. Multifamily for me was one where like, I understood why I wanted to live in Brickell versus Coral Gables, and why somebody would rather be in Delray Beach over Pompano Beach or Fort Lauderdale, or you know, yeah, other locations in South Florida.

• 11:48Speaker 02

  So for me, it's like, okay, I kind of, I can sell this, and I can pitch this, and I believe it because I'm living and breathing it. And for you, for example, with like crypto, which you're really known for, it's like you live and breathe crypto. Like you understand the coins and the tokenomics and like what these people are thinking. So you're like pot committed. So your confidence in the investment, like just like flows through you. So for me, that was multifamily. And To answer your question about residential, which is like single-family homes, mom and pop stuff, to multifamily, which is like an apartment building, like the people that follow Grant Cardone, like he buys apartment buildings and stuff. It's, if you buy a house, you've got your biggest expenses outside of real estate and

• 12:33Speaker 02

  real estate taxes and insurance, your biggest expenses are capex, capital expenditures, right? So like a roof, an air conditioning unit, things like that. So in a house, you've got one roof, one tenant, right? That roof goes bad, like that's gonna be a bad year for you. Cause that tenant's paying you 2,000 a month, but the roof goes bad, you owe 30 grand, 50 grand, whatever it could be. So in a multifamily building, you've got a building with 80 units, 80 different tenants paying you monthly, or 150 tenants. You know, we've sold 600 tenant buildings, like 600 unit buildings, that only have six roofs, have eight roofs, have two roofs.

• 13:15Speaker 02

  So basically, this big ticket item is sort of cushioned by the amount of people paying you. And then if your tenant leaves in a single-family home, you're gonna see no income for the next month, or two months, or three months, depending how hot that market is at any given time. Within multifamily, you've got 800, call it 100 people in your building. One leaves, another one comes in, two leave, another one comes in. You literally need like 20 people to say, hey, I no longer want to live in this building at any price point that you can put in front of me, for you to start like thinking, okay, I've got a loan I gotta pay down, right? So it's such a safe investment, it's so resilient, and it's got all the benefits that real estate generally has, that it's like the hottest asset class within real estate.

• 13:59Speaker 02

  So I fell into it by luck or by probability, and it's just been a wild ride. I'm sure you could, I mean, I even wanna ask you, I'm like, you, I'm sure you stumbled upon Bitcoin years ago, probably earlier than most, and the more you read on it, you're like, holy shit, this is really cool. Oh my god, this is really cool. And then as you're like, guys, and you're like telling people and kinda waking people up and shaking them to it, you're more and more pot-committed as you're doing it, right? Of course. So for me, it's been, call it seven years now, that I've just been Helping people invest in multifamily in South Florida. Um, and now, yeah, it's been three billion dollars of sales, mind you with a team. So for me, it's

• 14:40Speaker 02

  me and five teams, two of, two of which, me and five team members, two of which are like support analyst type roles, and then three, which are like client facing and closing deals and trying to like negotiate contracts and stuff.

• 14:53Anthony Pompliano?

  Got it. Uh, you guys are brokers.

• 14:56Speaker 02

  Brokers, correct.

• 14:56Anthony Pompliano?

  When most people think of investing in real estate, they think of like some rich billionaire who like wants to go and and put their money into the real estate and the, the principal gets all the glory. But what's unique about you all is that you're brokers. You're actually helping people buy and sell.

• 15:10Speaker 02

  Yeah.

• 15:10Anthony Pompliano?

  Um, and you don't want to be the principal in a lot of cases, based on conversations we've had in the past. Explain like, why do you like being the broker?

• 15:20Speaker 02

  Yeah, it's, it's a unique perspective, I think. Um, I want to see where I start. So, yeah, cause there's a lot that goes into it and, and I think I need to start high level. So people listening, cause it's nuanced differences, right? I think the general takeaway for me was, it's actually a Warren Buffett quote that says, uh, profits come and go, but fees never falter. Right? If I'm selling a building for a hundred million dollars, call it, let's say I'm making one million dollars in commission, right? If that building falls to eighty million dollar value, I'm making eight hundred grand, right? If it skyrockets to a hundred and twenty million dollars, I'm making one point two million dollars.

• 16:00Speaker 02

  And, you know, with a team of five people, it ends up being a very lucrative sort of investment when you're splitting those, those, those fees. Um, I'm in the, I'm at a shop called Brocadeo, which is like the brokerage house and they get some of that fee. But what ends up happening is it's like a time irrelevant investment, if that makes sense, where you could be the smartest guy in the world, smartest fucking person. If you bought real estate in two thousand and six and raised a bunch of money because you wanted to have a three year flip into two thousand and eleven, two thousand and ten, like you lost a bunch of money. And in the investment world, especially when you're dealing with bigger properties, if you lose money once,

• 16:43Speaker 02

  I mean, you probably speak to, you like, your, your spigot's dried up. Like you're like, you're done, you know? So for me, brokering has this financial term, it's called sharp ratio, which is basically like,

• 16:57Speaker 02

  The volatility, the volatility relative to the marginal return on like how successful you're gonna be, typically it's an investment. So it's like, yeah, this investment might make me a little bit more money, but I could go broke, or I could go bust, or make a little bit more money. So that's a bad investment, right? The reason why people want to be principals in BGP's is because it allows people to look at a billionaire like George Perez, or a Steven Ross, or maybe more local people like David Martin and stuff like that, and be like, wow, I want to be that dude, right? And I'm like, dude, for every guy that's like that, there is a hundred thousand people trying to be that dude.

• 17:39Anthony Pompliano?

  Mm-hmm.

• 17:40Speaker 02

  A. B, I've talked to those guys. I've sold deals to them and for them. I've sold deals that they've built, and I've sold it for them. These guys, it's realistically like looking at a Tom Brady, or Cristiano Ronaldo, or LeBron James, and being like, I want to be that dude. The reason I say that is because these guys, on a Saturday night, midnight, Sunday morning, 7:00 AM, they're like calling, and they're, they're what, I don't know if this is like a bad term, but like, I don't think they'd mind it if I would tell them. They're like, deal junkies. They fucking love real estate, and like, finding the deal, cutting the deal, and making it happen. So for me, it's like, I see that,

• 18:21Speaker 02

  and I'm like, okay, like, that's my competition, if I want to be them, right? Brokers, which I think a lot of the people listening to this could probably relate, a lot of people make fun of brokers. Those guys don't know what they're talking about. They're always selling me numbers that don't really match up, and, and they're just like sleazy car salesmen. And for me, I'm like, that's the playground where I want to compete. I want to compete against a guy that's got like a poor reputation and can't add two and two, right? So by playing in that space, and now, for me, especially in South Florida multifamily, when we're selling hundred million dollar buildings, there's five shops that do that.

• 19:02Speaker 02

  Nobody goes to a random mom and pop broker, and says, hey, I want, I want, George Perez isn't gonna go to a random Joe Schmo and says, I want you to sell this building for a hundred million dollars. He's gonna go to a shop that's got the clientele, and the network that can sell hundred million dollar buildings. And those shops, there's five of them here. Mercadia is one of them. So for me, it's like, alright, I'm competing against five dudes. Last year, especially when the market was red hot,

• 19:29Speaker 02

  we sold a three hundred and eight unit building in Sunny Isles.

• 19:34Speaker 02

  Price ended up getting close to, call it a hundred and thirty million dollars, give or take. We had twenty four offers in writing of different groups across the country, really. There were international folks, New York folks, everywhere, that basically said, I can pay close to a hundred and thirty million dollars for this building. Twenty four groups that are backed, have the track record. Out of those twenty four groups that actually gave us written LOIs for this asset, there was five hundred phone calls that we had. And there was an extra fifty people that were like, I can pay a hundred and ten million. I can pay a hundred and fifteen million, but I can't get to one twenty, one twenty-five, one thirty. So for me, when I'm selling one of these hot assets that you want to own in a prime location in a primary market, I see the competition.

• 20:18Speaker 02

  It's a thousand fucking people with a lot of money that are very smart and well backed. Then I look at the brokeraging side, and it's like, people that are just trying to like, make a quick buck, are very short term focused, and have largely a bad reputation as an industry. So being that like, one bright light, you know, amongst many, gives, I think, me the leverage long term to kind of be where I want to be. And then that relative to, hey, I'm also not taking any risk, right? I'm not taking any risks, so I could have a great year and make, call it, two million dollars. I could have a bad year and only make a hundred grand, three hundred grand. That's, that's the bad part about brokeraging. So for me, that's from a career perspective, why, why it makes sense. There's other things to touch on, but I want to pause.

• 21:03Anthony Pompliano?

  How much, like, how much do brokers get paid fee wise? Like, does it vary?

• 21:07Speaker 02

  Yeah, it does vary a lot. So, that's another good question, actually. So, when you sell a million dollar deal, you can charge, you know, call it a three percent fee, and hey.

• 21:17Anthony Pompliano?

  Residential deal, people would charge three percent, and both, uh, real estate agents get paid three percent, so it's like, six percent total.

• 21:23Speaker 02

  Correct. Yeah, exactly. So for me, it's like, hey, million dollar deal, sixty thousand dollars is going to go to brokers, right? When you go to an a hundred million dollar deal, you don't go and, it's not a six million dollar fee. Like, many things in life, it's like, the bigger you get, it doesn't really get more complicated. Sometimes it even gets easier, because when I'm selling a deal from Blackstone to Related or whatever it is, it's like, they've got their stuff buttoned down, like, everything's single file line. When you go and sell a two million dollar deal from a mom and pop that's owned it for twenty years, it's like. Oh, the guy on the left, my tenant over there, yeah, he pays me cash on a napkin every other month. And I'm like, how do I, how do I pitch this to a guy to buy it? So fee wise, it varies. I want to say generally speaking, you know,

• 22:07Speaker 02

  between a five million dollar deal or a hundred million dollar deal. You're making anywhere from like four hundred grand on like the low end to like a million dollars on the high end, like a million dollar fee is like special. It's unique and you really knocked it out of the park for your client and like a nuanced deal, right? A cookie cutter deal that's like, hey, it's a beautiful building. People are going to love it. You're going to sell it like the client knows that he's giving you a easy sell for the most part.

• 22:34Anthony Pompliano?

  And they're negotiating.

• 22:35Speaker 02

  And and they'll negotiate like, hey, do you want to sell a big sexy building in Brickell? Like, I know you do, right? So like instead of, and we're not going to go and charge them a million dollars. It'll be, you know, call it half a million or whatever it is. And then there's a lot of things that go into it like client relationship. Is it the first time you're going to work with this guy? If it is, you want to be a little more lenient on pricing to kind of win over the business longer term, things like that. But typically you're making, you can ballpark at five hundred to a million dollars per closing.

• 23:01Speaker 02

  Yeah.

• 23:02Anthony Pompliano?

  You mentioned earlier, some people, Ken Griffin, Stephen Ross, George Perez. What what makes these people special? Like, why are they so good at? You mentioned earlier, like being a deal junkie, but what else?

• 23:15Speaker 02

  So the overarching actual like nuance that I've noticed in all of them is they are hyper, hyper responsive. Crazy. If you have a deal that they're looking for, you send them a text, you send them an email and they are responding within seven minutes. It could be Friday night, it could be Sunday morning. So I think it just goes back to like, okay, if they're that incessant about like just responding and getting in front of you. I can't imagine behind the scenes how much more they're studying and talking and doing all these things. So.

• 23:53Speaker 02

  Doing a deal with them is different from like knowing them personally, but it's it's it's that it's I I can they're like foaming at the mouth for real estate, right? And I think if you think of someone like Michael Jordan, right? It's like whether he had a fever, whether he was sick, whether he was ever, he was going to practice. He was giving his a thousand percent every time at practice. His teammates gave him a hard time because he was such a hard ass at practice, but he's just like, he's foaming at the mouth for this like opportunity day in and day out. And I think our economy sort of like self selects where it's like you have to be that way to be the one percent, not financially, but be the one percent in an industry. If you want to be the one percent in soccer, in crypto, in Twitter, in media, you just have to live and breathe your product.

• 24:38Speaker 02

  And it's exactly what they do. It's for me, it's inspiring, honestly, it's, you know, I graduated with that sentiment like I want to be these people. And like realistically, I see their life and I'm like, wow, I mean, I like multifamily. I like South Florida, but I also like hanging out with my friends, right? So, and I don't think that's a wrong thing, but it's just like having that perspective, I think is is good. And and that's kind of what what makes them them, right? And it's sometimes I meet like a thirty two year old, much younger that doesn't have their prestige and all those things yet. And I'm like, dude, this guy's got what it takes and I'll tell them, I'm like, dude, I know you're young and this is your second deal, but like you're killing it. You're gonna go far like let's keep in touch because I see in you what I see in these forty five, fifty five, sixty year old people.

• 25:22Anthony Pompliano?

  Are there any people like that that you can name, like that you're like, watch this person?

• 25:27Speaker 02

  Uh.

• 25:29Anthony Pompliano?

  Just pick one.

• 25:31Anthony Pompliano?

  So now whoever you don't name is gonna be mad.

• 25:34Speaker 02

  Yeah, that's what I was thinking about it. I'm like, now there's gonna be ten of those guys that are like, dude, come on, you named this guy and not me? Uh, I'll, I'll, I'll, I'll pass on that. I'll pass on that. Yeah.

• 25:44Anthony Pompliano?

  You you told me that there's this book, The New Kings of New York, I think it's called. Well, well, explain a little bit of what happened in New York and like, why are some of these people now in Miami? Do they think they can just kind of run back the playbook or something else?

• 25:55Speaker 02

  Yeah, so I think New York, and I can't really speak to it. I wasn't someone that lived there for a bunch of years and I don't know all the politics and stuff like that. But it's an older city, right? Especially when you compare it to Miami. So The New Kings of New York, that book specifically talks about a lot of like, sort of like the new titans that are there now. So Stephen Ross being one of them, uh, Zekendorf, Harry Maclow, all these guys that were fighting for and bidding and winning five hundred million, two billion dollar buildings.

• 26:23Speaker 02

  What I like about that book is that they're talking about New York. And as I'm seeing and reading about this cast and crew. They're, if not all in Miami or in South Florida. They're making big plans to come over here, right? Even Maclow had an investment in Dade Land. That came out in the newspapers that I think he either funded or was gonna fund. Steven Ross has made a huge splash over here. So what I think is interesting about Miami where going back to where in the first inning. Relative to New York is Miami's a new city. Very, very new city. And you go back, oh, you'd like this, it'll be a good question for you. You go back a hundred years, right?

• 27:08Speaker 02

  So we're in, call it 2020, right? You go back to 1920. You go back to 1920 and there was this guy named Carl Fisher. And if you've heard of Fisher Island.

• 27:18Anthony Pompliano?

  Yep.

• 27:19Speaker 02

  That's Carl Fisher. He was selling waterfront lots in Miami Beach. An acre on the water in Miami Beach for guess how much money?

• 27:32Anthony Pompliano?

  Fifty bucks.

• 27:33Speaker 02

  Wow, that's actually a really good guess.

• 27:34Anthony Pompliano?

  Yeah.

• 27:35Speaker 02

  Yeah.

• 27:35Anthony Pompliano?

  What is it?

• 27:35Speaker 02

  Five hundred dollars.

• 27:36Anthony Pompliano?

  Five hundred.

• 27:37Speaker 02

  For an acre.

• 27:38Anthony Pompliano?

  Yeah.

• 27:38Speaker 02

  On the water in Miami Beach, right? Fast forward, the Austin Martin residences site in downtown Miami that's on the water is like a hundred million dollar acre. For land. Ken Griffin that just bought 2.5 acres on a parking lot next to Jade Ocean right here. It's in Brickell. It's a water, it's a 2.5 acre waterfront lot in Brickell, 363 million dollars. Which is 150 million dollars the acre. Fifty dollars he was selling waterfront lots for. On Miami Beach.

• 28:08Anthony Pompliano?

  Crazy.

• 28:09Speaker 02

  Miami Beach is, it's, it's insane. So what's interesting is because South Florida is so new, it's a hundred years old, tops.

• 28:20Speaker 02

  The infrastructure is also very new. So you've got people like Wes Edens, Fortress Investment Group, that's funding the Bright Line. Right? That's starting right now. Go and try to create a Bright Line in New York, right? Because the metro is what, old and smelly and dense, whatever it may be. It's already there. You're not moving New York. You're not replacing, and I can't speak to this technically, but like, you're not replacing the existing infrastructure in New York.

• 28:49Anthony Pompliano?

  Why is Wes doing that? It's a capitalistic pursuit? Like, they're gonna make money on the Bright Line? Or is it a philanthropic?

• 28:58Speaker 02

  I think a little of both. I think when you get to his level of wealth, you're not, you know, maximizing profit isn't like the end all be all. It's like, hey, I hope it pencils, but like, I want to do this for, you know, the people in the country. And it could be ego, I don't know the man personally.

• 29:15Speaker 02

  But yeah, it's definitely, and I think you could read about it, it's like, they're losing money, you know, day in and day out. And pretty much, so if you look at downtown Miami, where the Bright Line starts down here, they have a whole mixed-use project around it, right? So they've got office towers that Blackstone now owns. It's a good example. Blackstone goes and leases forty thousand square feet of office space in downtown Miami. Six months later, they're buying the building for two hundred and fifty million dollars. Right? So, again, this is starting to happen, right? And then one Blackstone owns, and Brookfield, Asset Management, and all these players. So going back to Wes Edens, he basically, I believe, is now selling like Parkline, aside

• 29:56Speaker 02

  from the office buildings that he built there that he sold, there is apartment towers that ended up selling recently for like four hundred and fifty million dollars. So he's creating the nucleus with the Bright Line. Then he's selling the assets to then continue funding the Bright Line. Because he wants to create like the largest private railroad, you know, public transit

• 30:23Speaker 02

  system in Florida. So I'm sure there's a lot of intentions of why he's doing it, but he's gonna open the Aventura. Right now, it's, you can Bright Line from Miami to Fort Lauderdale to West Palm Beach. Right? He's opening the Aventura Station, either this month, in December or January, it'll be fully open. And then he's gonna have Orlando, he's gonna have Tampa. So going back to just like how How early of a city Florida is and South Florida specifically. It's like, we can see what Chicago, Boston, New York did right or did wrong from a urban planning perspective and like mitigate those issues.

• 31:06Speaker 02

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• 32:56Anthony Pompliano?

  Let's break down a deal. Like, let's say that someone wants to buy a hundred million dollar deal. How much money do they have to put in? How much of its debt? Are there other considerations? Like, what goes into a hundred million dollar multifamily purchase?

• 33:08Speaker 02

  Yeah, so a lot less than most people think.

• 33:11Anthony Pompliano?

  Okay, explain.

• 33:12Speaker 02

  For sure. So, when people say, "I own a hundred million dollar deal," you know, that's not a hundred million dollars that they could sell and then have cash equivalent in their bank account. So, I'll explain to you what's called the capital stack, which is like, okay, you've got a hundred million dollar deal. How does that break down? Right? So, call it sixty percent of that is a loan from a bank. Right? So, someone's lending you sixty percent of that asset. So, call it sixty million dollars comes from a bank. Then you've got forty million dollars of equity, which is the remaining capital that you've got to fill up. Out of that forty million dollars, let's say this acquisition was happening by Pomp Capital Partners. Right? You've got to now raise forty million dollars of equity. Typically, you raise that.

• 33:58Speaker 02

  You do ninety percent by limited partners. So, you go out and raise ninety percent of that money, and you fund ten percent of it. So, out of that forty million dollars, you're funding personally four million dollars, and you're going to go raise thirty-six million dollars. Right? The interesting thing is that then the personal Pomp Capital Partners' four million dollar tranche, that could be us here in this room each putting a million dollars. Right? So, it's four guys that got together four million dollars within Pomp Capital, who then raised thirty-six million dollars, who then got from a bank sixty million dollars for this hundred million dollar building.

• 34:43Speaker 02

  And then typically, how it works is, from an investment standpoint, the sixty million dollar, the bank has like the safest return, but no upside. The limited partners that come in for thirty-six million dollars, they've got like the second safest return and some of the upside. Right? Because they're taking more risk. And then us four in this room putting a million dollars each have the most risk, but the most upside.

• 35:11Anthony Pompliano?

  What is, when you say the LPs have some of the upside, what does that look like?

• 35:15Speaker 02

  So, typically in real estate investments, they'll promise you like a six to eight percent return. A year in your money, so out of that thirty six million dollars, that could be one person giving you a thirty six million dollar check, which will be a big institutional group. Or you can go and find thirty six one million dollar checks, right? What you're promising to those people is like, hey, if you give me a million dollars, I will return to you six percent preferred return. And then, once we sell the asset or refinance it and have a capital event and we get all this money back, once you get your full million dollars back and your six percent return or eight percent return, whatever it's negotiated that's accrued to you,

• 36:00Speaker 02

  then we go and split the funds instead of ninety ten, which is how you came into the deal, ninety percent LP, ten percent GP. Instead of ninety ten, then we'll go and split the funds eighty twenty up to a twelve percent return. Then, once we've given you a twelve percent return, every dollar that comes in after a twelve percent return, we're gonna split it seventy thirty. So, how it looks like when you have an investment that has a forty percent return, right, is your million dollar, our four guy million dollar investment goes and becomes a four, five, six, seven equity multiple, right? It like escalates really, really quickly. While the LP sort of like tapers off a little bit because the more money we're making them,

• 36:43Speaker 02

  the high, the more upside we're getting from it.

• 36:46Anthony Pompliano?

  The higher percentage.

• 36:47Speaker 02

  The higher percentage. So typically, it's a six to eight percent preferred return. That's like you're getting that yes or yes. And then, after that, after a twelve percent return, you got a little bit less of the upside. After a twenty percent return, you got a little bit less. It's all how you structure it.

• 37:01Anthony Pompliano?

  And most of the individuals who are running these firms, are there other fees that they're charging? Uh, in terms of, uh, it, obviously, they're gonna get their carry, or which the twenty percent or whatever.

• 37:12Speaker 02

  Yeah.

• 37:12Anthony Pompliano?

  Uh, they're gonna probably get some management fees. Uh, but on like individual deals, are there fees as well that they end up taking? Or like, how does that work?

• 37:19Speaker 02

  Yeah, so there's like deal level returns, which is like, hey, this is what the asset is gonna give us. And then, there's like net to investors. So, your typical fees is an acquisition fee, an asset management fee. A property management fee. And then sometimes a disposition fee. So those are your typical fees. I want to say largely, because I know you're gonna ask, like, what do those fees look like? And where should they be at? Yeah. So largely, call it, an acquisition fee will be one to two percent. It obviously varies if you're buying a billion dollar asset, right? Versus a five million dollar asset. But typically, an acquisition fee, which you pay to the sponsor for closing on that asset, is one to two percent. Why are you paying them that one to two percent? Because, yes, they're closing on this asset, mostly with your money.

• 38:04Speaker 02

  But to close on this asset, they went and underwrote and looked at a hundred and fifty properties. Of course. With people that they were paying a hundred and fifty thousand dollars a year in salary to fly out to Florida and fly out to Fort Lauderdale and fly out this. So one to two percent acquisition acquisition fee. Typically, also, like, a one to two percent asset management fee, which this is like doing K ones and a bunch of backend things that gets paid. You do a three to five percent management fee, right? Three percent for these larger three hundred unit buildings. Five percent to these smaller fifty unit buildings, right? Because it's more nominal, it's nominally less dollars. And then you've got disposition fees. Hey, we're selling this thing. Now we get, that's like fifty basis points, if they even add it.

• 38:49Speaker 02

  So typically, what you see doing, what you see sponsors doing is, if it's their first deal, they're be the most lenient with fees. Because what they want to build is a track record. So I'm invested in a deal with a partner where they're like, hey, this is our first deal. I knew them from a while back because they used to be ex Blackstone type guys. So I'm like, these guys are very sharp, very smart. But they're sort of being lenient on fees because they need to build a track record. So they were doing like a one percent acquisition fee. It was a 1% asset management fee, a 3% management fee, and no disposition fee. So I'm like, okay, these guys are as sharp as a blackstone, guys, and they're basically charging me no fees, right?

• 39:32Speaker 02

  And they're just on the upside of the opportunity itself. Great. As that group's grown, I think they bought over a billion dollars worth of real estate last year. As that group's grown and more and more people want to give them money, they start having more leverage to be like, hey, Omar, we're raising money again in case you want to come in on this deal, but now it's a 2% acquisition fee, 2% disposition fee. Like, and they'll go and do more market rate expenses because now they have the leverage. They have people that want to give them money.

• 39:56Anthony Pompliano?

  Yeah, it's all supply and demand.

• 39:59Speaker 02

  All supply and demand.

• 40:00Anthony Pompliano?

  How should people think about, they get pitched all the time, whether it's technology products, whether there's individual GPs on the internet, whether it's somebody that they got introduced to by their friend or whatever, that's raising money for a real estate deal. Like, how do you underwrite who you would give your money to or who you wouldn't? Like, what are things that you look for? What are red flags? What are things that you're like, okay, this, this is a signal that this person is what they're talking about?

• 40:24Speaker 02

  It's definitely case by case, but I think my number one thing is track record. It's like, let me see how many deals you've purchased and how those deals did. And then also you want to see how much experience do they have in that submarket, right? Generally speaking, you want to do business, if you want to get exposure to multifamily assets in South Florida, you want to do it with a team that's done five, 10, 15 deals here successfully. You're probably less inclined to do it with a team that's like very successful in Michigan, but is now doing their first, their first South Florida deal. We had a client once where that was sort of the, what happened, they were out of towners, and they were doing a deal in Coral Gables, and they put one of their leasing agents that couldn't speak Spanish.

• 41:09Speaker 02

  Because they're from Michigan and they don't know this. And they were like, dude, like, the buildings around us are killing it and ours isn't doing so hot. And I didn't find out for them, but I found out this was the issue. Their whole staff didn't speak a lick of Spanish. If you've been in Miami, you got to speak some Spanish.

• 41:24Anthony Pompliano?

  Spanish is actually the language of South Florida. English is a nice to have.

• 41:29Speaker 02

  Actually, though.

• 41:30Anthony Pompliano?

  Yeah, I'm not joking.

• 41:31Speaker 02

  Yeah, yeah. You order your food in Spanish. Yeah, it's interesting. Some people like it. And the people that don't, you can go to Fort Lauderdale. Or Palm Beach. We've got it all in South Florida. So that's, that's one, one example of something to look at, which is like, okay, what's your track record look like in the specific submarket? Another thing is fees. I just spoke about them. Obviously, if they're charging you crazy outrageous fees, it's like, wait, no? Yeah. Um, that's another thing. But realistically, you wanna have someone generally, like Pom, if you're investing in multifamily in South Florida, yeah, you get a confidential private placement memorandum sent to you. It's kind of like, hey, nudge, nudge, wink, wink, Omar, have you ever heard of these guys? And I get that question all the time. And I've sold a lot of multifamily in South Florida.

• 42:16Speaker 02

  When my friends send me these investments and I'm like, I have never fucking heard of this person in my life. And they don't have a website. And I've never seen, like, that's when you're like, red flags are popping out. Once you're dealing with like, it, I think venture is very similar, right? Where it's like, yeah, Stripe, great company. Hey Omar, I wanna, like Pom, can you get, I, I got fifty grand, can you put in Stripe for me? You're like, yeah, good fucking luck. Like, you need series, I don't know, whatever, and you need to have access. That's where it gets very interesting, being a broker, where I have access to the best GPs, the best sponsors, who are always over allocated on their investments. If they need to raise ten million dollars,

• 42:59Speaker 02

  they're gonna find it. Cause for the last fifteen years, forty years, they've made money for their investors. So what I do is tell these groups, like, hey, can you carve out some money for me? Or can you carve out some money for my friend? The reason they do that is because we're the ones that sell the deals to them. Right? So when I'm selling a deal to XYZ firm, we could have sold that deal to the other guy that maybe had the same offer with the same deposits and the same terms. But we really told the seller, like, hey, this guy is like, he's never done us any wrong, he's a great guy. That guy, yeah, it's the same terms on paper, but like, we don't really know him, we've never dealt with him, right?

• 43:42Speaker 02

  So the sponsors also want the brokers that are sort of controlling these deals in, in, in some respect, right? At the end of the day, the seller has the final say. Wants the brokers on their side. And when I get a deal that's like under the table, like, hey, I don't want you to market this, but I need you to close this deal for this price, I call my top five guys, my top 10 guys. Those top five guys, those top 10 guys, give me like private access to their investments. And for me personally, like Omar funds, go to those guys, which are like over allocated, tried and true, charge market rate fees and have a huge track record.

• 44:16Anthony Pompliano?

  Yeah, that that makes a lot of sense. What are like the biggest risks that people should pay attention to?

• 44:21Speaker 02

  Risks?

• 44:24Anthony Pompliano?

  Like there's like outright fraud and that type of stuff.

• 44:26Speaker 02

  Correct, yeah, I was gonna say, but like that's hard to sort of gauge. A track record is a good way to gauge for that. Um, and the actual investment?

• 44:33Anthony Pompliano?

  Yeah, like if you're doing a multifamily investment, what are like the two or three things that you're like, okay, these are the risks that I always check for.

• 44:39Speaker 02

  Yeah, so if somebody sends you a package which says, hey, you shouldn't invest with us, look at this investment that we have under contract that we're gonna close on. The number one thing you should probably look for, and this is a good red flag, and any real estate guy will tell you this, but people that are, you know, a lawyer or a doctor won't know this, is look at the cap rate, right? Which is like the yield that you're going into on this asset. Look at the cap rate, call it it's a 5% cap rate, that you're going into this investment. Look at their projections going forward and look if they projected that they're going to sell it for a lower cap rate, which is more expensive, for a lower cap rate than they're buying it at. Right? So if I tell you I am buying this at a five cap, and in five years I'm gonna sell it at a four cap,

• 45:25Speaker 02

  what makes it a five cap and a four cap is the market, is your own power right now, it's the Fed. Right? So you wanna bet on somebody that the operations of the asset is what's paying your money, not what the 10-year treasury is gonna be four or five years from now. So you wanna make sure that the exit cap? Is higher than the going in cap. So that's like a specific example.

• 45:49Anthony Pompliano?

  And like that's like generalized would be like you can make money whether the market's up or down, they're gonna do things with this property that will improve its value. And so therefore, even if you're in a worse economic environment, it's still a good deal.

• 45:59Speaker 02

  Yeah, I mean, there's deals right now that I invested in that were purchased out of four cap and now the market's closer to a five cap. So like the asset value has gone down on paper, but the $2,000 rents that they're gonna renovate the units to then charge $3,000, they're renovating those units and they're getting $3,000, whether the paper value of the building is up or down. So my 8% is getting paid quarterly, right? And that's what I care about. I can't control what the exit, what the cap rate's gonna be, right? It's like if I tell you, hey, the PE ratio of the stock is five PE ratio and when we're gonna sell it's gonna be 20 PE ratio. I'm like, alright, well, are you changing it from a industrial stock to a tech stock? Like, how are you doing that shit? Yeah, it's like, you're not.

• 46:44Anthony Pompliano?

  And then when you think about a young person who wants to get into real estate, like what's your best advice for them?

• 46:50Speaker 02

  I do this a lot, cuz on Twitter and stuff like that.

• 46:56Speaker 02

  I think you definitely want to, real estate is competitive. Barry Sternlicht, I don't know if it was Barry Sternlicht of Starwood Capital or David Rubenstein of Carlyle Group, but one of them two had like a commencement address or speech and they basically said like, I look at where all the Harvard graduates and Wharton graduates that could have their pick of their litter of where they wanna go to, the MBAs. And like that industry that everybody wants to go to is the one that I think is overvalued and like do for a crash, cuz that's what all the smart, cool kids wanna do now. And the reason I mention that is because real estate is like a competitive, tough... Like industry to really make good like, you know, hundreds of thousands of dollars for the average folk is great money.

• 47:40Speaker 02

  So it's gonna be competitive. What's interesting about that is to break in is gonna be hard. Right? Unless you come from a great school and you've got the background and the connection and all that stuff to break in, it's gonna be hard. But if you figure out a way to break in my I I got into real estate in a very atypical way. I was a B student with no internships and I fell into this thing. But I called hundreds of people that I read on the real deal, the South Florida Business Journal. And I'm like Mitch Sinberg, who runs our entire Florida team is someone I called in 2015 for advice. And then fast forward seven years and he's like the guy that runs a team that I'm working with. So advice that I would give to a younger person is like.

• 48:21Speaker 02

  Get book recommendations that get you into real estate that will talk about real estate and read these books. Or look at videos on YouTube about real estate and how these people are making money. And if you're doing that and it's not piquing your interest or your curiosity. Quite frankly, like pivot and go.

• 48:42Anthony Pompliano?

  Go do something else.

• 48:42Speaker 02

  Go do something else because it's so competitive in here. I tell people I'm like, dude, if you're failing to break in. Even if you manage to break in, you're gonna have a really tough time making a lot of money in this industry. Because there's a lot of people that found figured out a way to break it. And those are the people you're gonna now be competing with. Right? So I think it's self selecting that way, but advice would be that for me when I was not in real estate. I reached out legit first job in real estate company called Lloyd Jones Capital. I reached out to the CEO founder of the company ignored me, obviously. Reached out to the CFO ignored me, obviously. Reached out to the director of acquisitions ignored me, obviously. Reached out to every VP analyst I could find. Nobody replied, nobody, nobody.

• 49:27Speaker 02

  The intern. Riley, the intern, reached back out to me like, hey, bro, yeah, I would love to grab lunch. Go grab lunch with this guy. I come with like my Manila folder and resume seven, eight years ago. In case the conversation goes well. Conversation goes well. I give him my resume. He gives it to the guy. They're calling me in for an interview like a month later. And I'm like, okay, this is great. I get in there. They weren't even looking for someone. They legit, we're like, we're not hiring, but we think you're great. Like, we like your energy. As I was walking out of that room. True story. As I was walking out of that room, I look at the bullpen where the analysts were. And there was an empty desk with two computer screens that were black. And I'm like, who sits there? And the founder, CEO, Chris Finley is like, nobody, it's empty.

• 50:12Speaker 02

  And I was like, I could, I could sit there and just help you guys out doing whatever, whatever it is you're doing, I'll help. And he's like, seriously? He said, but we're not looking for anyone. Like, we're not, we can't pay you. And I was like, don't pay me for the first three months. At the time, I was living with my parents, which is fortunate and all these things. But I was like, you don't have to pay me a dollar. I'll go over there and just sit and learn. And then three months from my quote unquote, start date, we'll talk about paying me something if you think it's worthy. If not, I'll do what I'm doing now and just go look around and try to find a job. Guy loved it. Was like, oh, great. Like, when do you start? And I'm like, I'll be there Monday. It was like a Thursday or something like that. Monday, I show up and I'm there at the office. I was in at five, six in the morning. I was out of there at eight o'clock at night.

• 50:51Speaker 02

  I wasn't getting paid a dollar, but it put the fire under my ass, which is like, the only way I'm going to stay here is if I prove that I can be very valuable to this company. I spent nights reading loan documents and JV agreements and stuff like that, that we all had access to it, or just learn the business. And yeah, you, you know, the rest is history. Three months later, the guy's giving me a full time offer. I'm learning the, the business there. I'm cutting my teeth and then here I am, you know?

• 51:15Anthony Pompliano?

  Does he invest in deals now that you would do? You should go back and be like.

• 51:19Speaker 02

  Well, that's, yeah, it's a great point. So now I see him. So now my team, we haven't sold deals to him, but my team has financed deals that he's got in like Fort Myers and stuff like that. And when I run into him, he's like, oh, my, like, how's everything going, bro? Guy loves me, right? And he, and he sees my success and he's just like, dude, I knew you were like, you were a badass. You were a shark, you know? And I'm just like, thanks, I appreciate it. Like, you really helped me out. So like, if you're not doing.

• 51:40Anthony Pompliano?

  By the way, we have this deal. Do you want to buy it?

• 51:42Speaker 02

  By the way, that's, that's my whole story. I'm like, are you, are you in the market for something? Yeah, yeah, a hundred percent.

• 51:47Anthony Pompliano?

  I love it. Where can we send people to find more about the team? Like, Bercadia itself is like a pretty big, uh, company.

• 51:53Speaker 02

  Yeah, it's a national company.

• 51:54Anthony Pompliano?

  Yeah, but how, how did they find the South Florida team?

• 51:57Speaker 02

  South Florida team, honestly, I happy to be like the source, right? Um, which you can find me on Twitter, Instagram, text, email, whatever it is.

• 52:06Anthony Pompliano?

  Where do most people go through Twitter?

• 52:07Speaker 02

  I think Twitter is where I've sort of.

• 52:09Anthony Pompliano?

  What's your Twitter handle?

• 52:10Speaker 02

  So it's at Omar Morales, M O R A L E S.

• 52:17Anthony Pompliano?

  Do people hit you up on Instagram?

• 52:18Speaker 02

  On Instagram? Dude, a lot. Cause you know, you know why?

• 52:21Anthony Pompliano?

  Really?

• 52:21Speaker 02

  Cause I swear and more, more, I don't wanna say like real players or whatever, but like,

• 52:27Speaker 02

  yeah, basically I, I will post pictures. Cause the thing is that real estate is very visual industry, right? So like Twitter is really good for like tech and crypto and all these things, software engineers. And it's great for real estate. There's a bunch of big fish on Twitter. But on Instagram, what I've noticed helps me the most is like if we follow each other, like a 55 year old founder of a company and I, him and I follow each other. Now I am looking at like the fact that he likes tennis and the fact that this and the fact that that. So it like grows a relationship and then I slide into the DMs. But instead of like, back in my single days, being like a girl or whatever, I'm like sliding into the DM of some like sponsor. And I'm like, yo, let's play tennis, let's hang out. And it's sort of like humanizes the relationship.

• 53:09Speaker 02

  And I've now done deals with people that I've met on Instagram. Literally they're like, oh yeah, I see that you're doing a bunch of stuff and we meet for coffee and then, you know, we go and close a deal. On Twitter, actually, there was a guy that DM'd me on Twitter that like six, seven months later, I was selling a hundred and ten million dollar deal to. On Twitter, he DM'd me and I reached out to my team and I'm like, this guy looks pretty real, pretty legit. So this, I can shout him out. It's Max Sharkansky from Triumph Properties. His last name is literally Shark Kansky. This guy is a, Max will legit text me at four in the morning and then we'll be texting at 11 o'clock at night about a deal. He'll reply at four in the morning and I'm just like, Max, bro, go to bed.

• 53:51Speaker 02

  But like, these are the type of guys and I'm like, dude, this guy is next level. If Max is like, yo, you wanna invest in my deal? I'm like, please, I'm like, take my money. You know, it's crazy. So Max is a, Max is a shark, Sharkansky. Yeah, he's the best.

• 54:04Anthony Pompliano?

  That's an amazing name.

• 54:06Speaker 02

  That's dumb, yeah. No, and I introduced him to this other guy now, the CIO of True America. His name is Matt Ferrari. So I was like, alright, I gotta introduce the shark to this Ferrari. And it was a great conversation. The guys are both studs. It's people that you sit in the room with. I'm sure you've been in the situation where you're just like, holy shit, like, these people are fucking smart.

• 54:22Anthony Pompliano?

  Yeah, that's every room. That's a...

• 54:24Speaker 02

  That's the only room you want to be in.

• 54:25Anthony Pompliano?

  Yeah, I'm dumb. That's fine.

• 54:26Speaker 02

  Hundred percent. That's me here. I'm like, I'm hanging out here. I'm like, alright, this is pretty cool. I just saw real estate.

• 54:31Anthony Pompliano?

  Awesome. Alright, well, listen, thank you so much for coming and doing this. I think this is super helpful for a lot of people who are interested in real estate or trying to understand how deals work, how the broker versus principal and kind of that trade off. And then also like, why South Florida? So anyone who wants to reach out to Omar, Omar Morales on Twitter, and maybe slide into his DMs on Instagram as well.

• 54:50Speaker 02

  Whatever you want to, yeah.

• 54:51Anthony Pompliano?

  And we'll definitely do this again in the future.

• 54:53Speaker 02

  Perfect. I appreciate you having me here, pump.

• 54:55Anthony Pompliano?

  Thanks so much for listening to today's episode. I really hope you enjoyed this one. Make sure you're subscribed on Apple, Spotify, or your favorite podcast player. And if you're looking to transition into a brand new job in the Bitcoin or crypto industry, we've got you covered. Head over to thecryptacademy.io. My team and I have been working with the top HR teams in the industry to develop an intensive three-week training program with over 50 live events. We teach you exactly what you need to know to break into the industry, including live interview prep and resume review. Our students have been hired at over 75 of the world's best Bitcoin and crypto companies. Go to thecryptacademy.io to learn more. Again, that's thecryptacademy.io. If you enjoyed today's episode, make sure you share it with your friends, and I'll see you all for the next episode.