In this episode of the Freshmint Podcast, we have Yusuf on the show to talk about cars, how to buy, and how to sell. Yusuf talks about how he got started in the car business, how he broke into the business, and what it takes to be a successful car dealer.
00:12:48.000Don't look down to cheek, go ahead, look at me Open up to them and let them go I'm the fool and I'm so real You reach the top of the table,
00:13:03.000you gotta learn how to keep it up It's so real, double the shakes Right away I don't want to like a bell out of hell You still have to get me And I will never tell a lie Can't you give me a lie?
00:13:23.000And I will never tell a lie And we're back.
00:13:44.000I just did a stream right now i don't know guys why youtube is acting up like i tried to put timestamps in the video and for some odd reason it's not loading for me i don't know i'll do some tests here we'll mo in the back in a little bit but uh but yeah so thursday guys i'll be in south carolina so i'll do a debrief uh today tomorrow obviously i did it today and then tomorrow then wednesday then thursday i'm going to go out to south carolina it's going to be a good time i'll be back on saturday and we're going to do some debates over there so it''s going to be a good time.
00:14:43.000And then tomorrow's show is going to be lit as well.
00:14:44.000But without further ado, welcome to the show, Yusuf.
00:14:46.000show you if uh officially known as ride by you if on instagram yep what's that brother thank you so very much for inviting me what's going on uh honor to be here all new to this so taking in little by little i appreciate you guys for bringing me on so i found your videos on instagram actually randomly uh you cover people's issues with cars when they buy or how to sell it so tell us how you got starting to get into cars yourself um when i was 14 i was pretty much like installing like car alarms, remote starts.
00:15:14.000This was back when like, you know, I used to go to Walmart, used to see like all the radios and stuff in the back, put in the kicker systems and whatnot.
00:15:20.000Then I went into like kind of mechanics and whatnot.
00:15:22.000So from there, I had a really passion for like taking things apart putting things together and you know my parents cars would break down all the time so i fixed them and that's when i kind of started and then you still work for a dealership right yes how was that uh what did you see what did you hear like stressful you know it's all about trying to make as much money as possible i think it's so addicting because when you first get in you make good money and it's always trying to chase that first high because you get that big sales check no matter who you signed up with 20 or 30 interest rates uh crazy packages
00:15:52.000Packages of like warranties at $6,000.
00:16:40.000I was telling people, you know, the car market's crashing because it was crazy.
00:16:42.000At that time, dealers was like, everybody was complaining about how expensive used cars were.
00:16:46.000And it's a little bit more complicated than like a dealer buys a car for like 20K and we're selling it for 30K.
00:16:51.000It's really expensive at the auction, so I wanted to give that behind the the scenes look boom blew up uh and then you know in all honesty i think there was situations where repos were getting more and more people were being taken advantage of during covid you know covid was a time where people were just doing deals at home sign up at home send you paperwork doesn't matter what it was so you saw like a huge influx of like people with bad negative equity just you know falling behind on their payments crazy interest rates and i was just like you, you know what?
00:17:19.000Let me come and give some transparency to the game.
00:17:20.000So I just started taking people's calls.
00:17:22.000And then once I did one, it floodgates open.
00:17:25.000I mean, just calls and calls and calls.
00:17:27.000Because buying cars now is definitely a hassle.
00:17:30.000It was also a hassle, but even more so.
00:17:32.000And repo rates are really high right now.
00:18:29.000There's some lenders that are buyer payers structured and people just kind of.
00:18:33.000So fellas, if you're going to go buy a car, make sure you can avoid buyer payers now uh can you tell them what that actually is a buyer payer so buyer payer essentially is a in-house finance vehicle right so like if i have a bunch of cars i am the lender right so you're paying me the vehicle 500 down 500 a week and buyer payer can be very lucrative uh for dealers and it is a good alternative for people to get into but it also can be very predatory so you know you're paying 1500 a month for a chevy malibu or a you know honda accord so
00:19:04.000bro my first car in america I had no credit, right?
00:19:08.000I'm new to America, but I need to get from A to point B. I'm in my primary clients going to Boca Raton every day.
00:19:16.000140k miles the cars value that 4k from them i put one k down my payment is 450 no she know i like 550 right which is terrible um but my boy's driving a mercedes that year for 400 and i'm like damn i'm paying 550 for toyota camry he's paying 400 for a new mercedes and i i think that's that's sort of the The issue with people, they don't have a game plan.
00:19:45.000They just get stuck with what they get.
00:19:47.000Like, for instance, that was an option for you, but then eventually you went into a better option that was like, holy crap, a Mercedes is cheaper than what I was paying for a Toyota.
00:19:55.000So I think that's just you were implementing a strategy to say this is going to be temporary and I'm going to get into a better situation.
00:19:59.000Well, I had a plan because getting the car was one thing, but paying off that year was the whole plan.
00:20:03.000100% paying off in full, getting on my credit score that was paid.
00:20:06.000Yep, but I'm not I'm paying more money than my boy's paying for his Mercedes.
00:20:10.000So my payers are definitely only if you have to.
00:24:05.000speak of the show new talk on the show even if you have EV just saying that right now you're well hold on let's let's pause there because right now i gotta take this icon i'm not gonna lie i'm liking it a little bit i'm liking it a little bit just a little bit just a little bit so for me it was it was the inconvenience of charging to begin it right okay everybody but Yusuf.
00:24:34.000Oh man, so essentially he bought He bought a Humber EV.
00:24:39.000He traded in, I can't remember, a Silverado and a BMW, rolled over like 15k negative equity, and then he owes like $175,000 to the bank.
00:24:46.000He's paying $3,300 a month for this Humber EV and can't get out of it.
00:24:49.000I offered him like 90K at that time, and he still owed 175, but he couldn't get out of it.
00:24:57.000And by the way, I just prefacing this, all these are real calls.
00:25:01.000It's crazy that people aren't just stuck.
00:25:03.000in a little bubble thinking that this stuff doesn't happen this is yeah guys uh fun fact i've been to his dealership by the way as well uh he has his dealership his own dealership now congrats to you thank you very much but uh the calls are real for sure uh not fake real calls in the dealership 100 percent i recognize the videos i recognize it there you do that's awesome it's the whole world yeah you're famous bro come on man sometimes come on man not like yo i'm a small guy compared to yo all right let's play man i'm small too You're the worst, the worst situation probably you've ever seen.
00:25:47.000What do you want out of the situation?
00:25:48.000Because you said you owe $168,000, and right now MFR and wholesale is right around $78,000.
00:25:56.000I bought the vehicle, you know, when Hummer first came out, essentially when they were marked up over $200,000 at the time, especially when gas prices were really high last year and some for about $150,000, and I was the cheapest one in the US at the time.
00:26:11.000And, you know, I jumped on it and got it.
00:26:13.000I was in, I actually had two vehicles.
00:26:15.000I had a BMW X6 that was brand new, and I had a Silverado that was pretty new as well.
00:26:20.000So I traded both of those in, but I was negative on both of them.
00:26:29.000And I think that's obviously what helped the sale there.
00:26:33.000You know, I honestly should have walked out of there.
00:26:35.000I was at a pretty big dealer's and even got a higher interest rate than I've ever received, which is about 10% interest rate on the vehicle.
00:26:42.000What were your payments on the Hummer?
00:27:04.000So right now we'll still be at around 70,000.
00:27:07.000Yeah, man, I don't know how I can tackle this for you, especially even if we, if I referred you to somebody who could get you into another EV with even the incentives, and let's say there's 25,000 in incentives with your 20 grand down, like you said, it's 45,000, you still have to roll over a good bit, about 30,000 dollars more.
00:27:22.000So ideally, you would need at least 40,000 to 50,000 dollars down to get out of this Hummer thing.
00:27:31.000But I didn't think about my negative equity on my other vehicle.
00:27:34.000So I just couldn't fathom how a bank could allow me to roll that much negative equity, pretty much, you know, 200 percent, you know, they finance 200 percent loan value on a vehicle.
00:27:53.000I mean, like I said, I mean, even if I was returning it back to the bank, I'm still required, whatever they sell it off at auction, you know, I'm still required to pay that rent.
00:28:02.000Well, yeah, but I really do appreciate the call.
00:28:05.000Yeah, I wish you luck and if you come up with some more money, let me know.
00:28:50.000They were changing their underwriting guidelines so they can go up to like 150, 160 loan to value which is very scary also real quick what does it roll over for most people here uh average i see probably 10 to 12 000 on a typical deal and that just means that he's rolling over equity from one car to another car yep so negative equity and that's what's cyclical about the car negative equity to another car and then what happens is then that negative equity rolls over into another car so it just it never it just keeps you poor right it adds up keeps you stuck
00:29:21.000exactly so like in an effort to like get out what a deal like they give multiple trade multiple cars in to get something else exactly but to them it's like oh i got rid of three cars but you're paying 3 300 for for one car when you were paying $900 for one and $1,100 for the other.
00:30:11.000car salesmen get a bad rep, finance managers.
00:30:13.000But by law, there's like 50,000 pieces of paperwork you sign.
00:30:17.000And in there, there's a truth lending form that breaks down your payments, how much interest you're going to pay, what's your finance amount, your finance charge.
00:32:36.000So it was a situation I was just like, yo, go pick it up.
00:32:40.000But there are situations where people literally won't go to work in their car because they know if they come back out, he's going to be gone, right there's a guy on youtube who does those videos he's in ohio or something you know what guys i'm talking about where he like there'll be people like in the back of the car like making out or uh somebody's coming to the thing he'll go repo and he's like it's on the it's on the list so really it's he's really viral i can't remember his name no no that's not no that's not i can't remember where it was but anyways he's super viral for these repo videos and that's like real life like that's sort of like
00:33:10.000what happens um but to be fair It kind of gives you perspective like where people are when it comes to repo.
00:33:16.000They'll go shopping, go buy some new sneakers knowing that they were three months behind of their car payment, right?
00:33:33.000Interest rates, you know, type of car, the spec.
00:33:36.000This is a very polarized topic because a lot of people think that they should trust the dealership and a car salesman to give them their best interests at heart.
00:33:44.000I think there's so much information out on the internet.
00:35:32.000So most dealers are incentivized for financing because they get a kickback for bumping you up two points so that's legal like if you get approved for 10% the dealership can sell at 12%.
00:35:56.000It just's just, I get the bigger picture, but it just puts people in a bad situation, I believe.
00:36:01.000But as far as the biggest hurdles are negative equity and just bad credit, I just from these last four years, people's credit scores are getting worse and worse.
00:36:09.000Their negative equity is getting worse and worse.
00:36:11.000And their income is getting more limited.
00:36:13.000It's just like, did you have to get the $3,500 apartment?
00:36:26.000So now they don't do the whole like fake pay subs thing.
00:36:28.000Now there's like software like TurboPass and other like software out there that literally comb through your bank statements to verify income.
00:36:34.000So they'll see things that are being pulled out.
00:37:02.000So it's like, but then they hide the car.
00:37:04.000I think in general people lie about everything, right?
00:37:05.000I mean, you know, especially when it comes to your guys' podcasts, you guys see people that put on a facade and then they never keep up with it, right?
00:37:10.000It's just trying to get the best first impression, you know, like, oh, you make 5,000 a month.
00:37:15.000And like with us, it's like, all right, we're going to see, right?
00:37:49.000But I tell people all the time just whatever you were set out, just go a notch below.
00:37:53.000Like people are like oh you said i want the mercedes cell you know whatever i'm like how about you go down something else because like you can see that it's just not good for them and at the end of the day it's so funny they'll end up going to get the mercedes from somewhere else so um i think leasing is the best option for people who are wanting to get into something short term keep moving out and then if you want to buy I always tell people never buy new.
00:38:13.000I just had the Range Rover I posted a video about.
00:38:23.000I call depreciation appreciation because you get to appreciate something that's a lot cheaper and it still drives the same as it was two years ago.
00:38:30.000So I always say on the show, never buy brand new and he confirmed it because once you buy brand new bro that's gonna hit you like bricks that's depreciation bro a front how much people lose on average when they buy a new car 30 20 on average i i on my social media i think there's like extreme cases because not a lot of people can afford a rolls royce or eeve but uh on average you're talking about 20 30 but here's the thing you're taking to account if you just bought the car a lot of people roll over negative equity so you're using that as well so a lot of people think negative equity disappears it doesn't you're refinancing it so
00:39:03.000And it's crazy to me that nobody understands interest.
00:39:06.000It's like, oh, you know, I bought this house.
00:39:07.000And I'm like, you probably paid three times the interest.
00:39:10.000But I made 20000 000 but you paid 400k in interest right or in a car it's just like oh well you know i bought it for 25 well how much did you really put in with the interest right because everything is like front heavy when it comes to interest bearing products um so yeah never buy new i i don't know if there's a video i have on on instagram uh there was a range rover or even the rolls royce you can yeah uh Which one?
00:40:26.000plus that's without taxes fees and everything brand new you can now get it between 30 and 40 000 what's going on guys it's you here at auto cafe and i want to show you some new vehicles that we got in our inventory one of them is this 2019 range rover l fully optioned with 99 000 miles that is at a fraction of the cost of what it was brand new.
00:40:44.000Remember, depreciation happens so that means you can depreciate them.
00:41:07.000so much space in the back these cars will take care of you.
00:41:30.000The 5.0 supercharge motor, yes, may have some issues, but drive it accordingly, don't beat on it, and somebody enjoy this all the way to 100,000 miles.
00:41:38.000So like I said, this is up for sale at autocafe.com.
00:42:52.000Whenever you go to actually get car service, you want to go to an authorized workshop that's not a dealer because dealers will tax you, right?
00:44:10.000forever yeah 100 yeah i thought like if you buy the car brand new from them like you know they'll take care of it for at least a couple years no no charges but, but okay, I guess not.
00:44:19.000I mean, if something like the engine fails, transmission fails, something like that, but like doing all changes, spark plugs, you know, the service, not taking care of it.
00:44:26.000So anything maintenance, you got to pay.
00:45:42.000So at least, you know, you can teach them to navigate it properly.
00:45:45.000Because no matter what I say, if I tell you minimize or, you know, keep your costs low, people are still going to go ahead and buy a nice car.
00:45:52.000You think that my videos have impact, but people still, but like on the side, like you said, yo, you know, uh, I still wonder.
00:47:29.000This nigga's built to spend no money on cars.
00:47:31.000I don't drive so like to me there's like no point i walk everywhere so it's like for me having a car is like completely pointless i don't see my own in a car man i just want to see him in a nice car uh just just one time you know it's funny there's a vlogger he's driving the range over i love that vlog thanks he driving a second car Well, that was back in the day.
00:47:49.000Yeah, but no, the people need this because there's a bunch of these guys in here that are going to go ahead and go upside down on a fucking Mercedes-C class or some shit like that.
00:48:08.000Because, guys, I've made mistakes in the car market myself uh uses knows about them as well and if i can help you even one percent to not lose money like i did a little bit here then i did my job you know what i'm saying like absolutely our job here you want to tell me your top three mistakes you would say you made um one buying cars but buying for the payment not the exit you know what i mean yeah so i was looking at car payment only all right i can afford this car payment it's nothing but i got to add in insurance i got to add in repairs yes sir i got to add incidentals and
00:49:06.000It wasn't like I bought a car for that.
00:49:08.000car for the finance part of it just the thrill of it you know what i'm saying for the marketing gotcha and then three uh i would just say Maybe buying a more usable car.
00:49:23.000Because sometimes the Lambo's weren't very usable.
00:49:39.000Because you probably see this at an exponential level with selling cars.
00:49:42.000What are the top three mistakes you would say people make when purchasing vehicles it's like a complicated question because you know why every time somebody tells me their mistake it's has to do with their boyfriend girlfriend husband wife it just turns into this whole it's like it's like it explains where they are at in life right Like, oh, I bought this Honda.
00:50:18.000To your point, never put your name on a girlfriend or boyfriend's car if you're a girl, because that will guarantee that if you, sorry, if they mess up, you've got to pay for it.
00:50:30.000Don't ask your mom or your dad, because sometimes I get calls from like mother saying like, yo, my son put.
00:50:35.000you know this car and his name he's renting it out and now he can't afford it okay messed up my credit i can't buy a home it's like so sad i'm like yo why would you tell your mother damn or your father uh you know hellcat audi i just posted an an Audi video with dude who's 17 years old, put his mom in the picture, paying $2,000 a month for RS7, him and a group of people renting cars out.
00:51:24.000like yo i'm paying like 10 000 a month how are you doing that making 5k and like oh well two was repoed i had a guy had his car repoed while it was being rented out on my instagram it's crazy yes it was a mercedes c300 uh he bought three cars to rent out he bought a course from somebody uh for like 5k i don't call on names uh i don't call on names 5k oh shit and then all of a sudden he said you know i did it and then it just it it wasn't worth it i'm like I don't know what to tell you, man.
00:52:06.000Genuinely, I'm like, legit thinking of like switching over from a car dealer to like, just straight like, what's that guy's name that does all the debt stuff?
00:54:38.000well you said this dealership then go to them like why are you here with me because you can give me a better deal no i can't i'm sorry like i can't do it yo what's that race of people it's mixed men to be honest okay we're all smartly we're comedians by the way that was a comedy skit yeah yeah okay uh any chat sir those want to go through see what the people saying what the chat saying money money fellas of course Get your car,
00:55:11.000While we're going to comment on the comments, the craziest video I just want to, because before I forget about this, was a lady who moved from Miami, went down here.
00:55:19.000I think she was doing OF or something.
00:57:17.000She's like, you know, Yusuf, it's so funny.
00:57:20.000Sometimes I do believe, not bullying, but just like honest discourse.
00:57:24.000Looking at some of these comments wakes people up because she looked at the comments.
00:57:27.000She was like, I can't believe they're coming for me.
00:57:29.000I'm like, so you didn't take my very calm and very pragmatic advice that was just so like broken down and well spoken, but you took the guy was like, oh, this OF, you know, bitch is not going to be able to do this, blah, blah.
00:59:27.000I'm like, you probably paid more than that in interest.
00:59:30.000you're at like a net zero net loss like you didn't make that money uh if you look at any amortization schedule like you're paying the brunt of the um interest up front 100 right that's why they have penalties for like payoff early right that's why they have all these like rules in place that you don't pay it off really after certain amount.
00:59:58.000But the issue is also when it comes to the amount finance, the dealership wants you to finance the most amount so you can get a bigger kickback from their rate jump.
01:00:05.000And I tell people at the time, you can ask for that.
01:02:46.000Jay Alex says, would you recommend leasing for now until the market improves for buyers?
01:02:52.000There are some really good lease incentives.
01:02:54.000So yes, if you're looking to purchase a car, leasing.
01:02:57.000a vehicle can be very lucrative if you don't have a trade in with lots of negative equity.
01:03:01.000But if you do have negative equity, leasing a car can be a good alternative for you because the incentives can sort of absorb the negative equity, but that doesn't necessarily mean the lease will be cheaper.
01:03:12.000As far as the market, I mean, a lot of car dealers are seeing stagnation.
01:03:16.000I just think it's because of all the tariff news and everything that's going on with the EV credits and whatnot.
01:03:24.000Then all of a sudden, boom, the next month, we probably will have a record sales.
01:03:29.000But for sure, if it wasn't for, I guess, social media, yes, I could definitely see why it would be a little slower.
01:03:34.000But for me, I think it would be a bad case because people come from Instagram to buy a car from me but it's a good outlet for marketing 100 absolutely it's free too so very smart yep uh dc battis says when would you recommend leasing a car okay Going.
01:03:50.000Again, I think people just need to understand their financial situation.
01:03:53.000I don't know what your credit score is, how much you make a month.
01:03:55.000You guys should just stick like Myers.
01:03:56.000Guys, if we're going to ask these questions, man, give us like an approximate because that obviously dictates the answer.
01:04:02.000So, guys, if we're going to ask these questions, like kind of give us an approximate.
01:04:05.000You don't have to say your exact credit score or whatever, but so that we can better help you give what's the information you need?
01:04:09.000Their credit score, credit score, monthly income, and then, you know, do you have a trade-in, you know?
01:04:14.000So, guys, please put that in because I see some of you guys are asking good questions here but for him to give you the best answer that's tailored to your situation doesn't have to be exact but give us an approximate so we can give you the answer because obviously wally depends on your income and that's an income ratio all is a crap so um yeah cool next one aboliz what would be the main and most important steps into starting a dealership how much would you need to start it's something i'd like to get into in the future since i've always been into cars and people are always needing a buying vehicles mainly for
01:04:43.000luxury mixed in with some economical ones these are great questions uh i think what would be the main and most important step into starting a dealership is really understanding your market starting small so what i did was i actually had a mobile mechanic, like little thing where I was fixing cars and that was proof of concept.
01:04:59.000Then I went to flipping cars on Facebook and on OfferUp back when OfferUp was good.
01:05:22.000So basically just diving in and understanding the whole world of what revolves around selling a car and understanding it.
01:05:30.000Because for me, it's really easy to kind of navigate with customers if I know what car problem is when I end for them, it's like it's a lot easier and they kind of let's be secure.
01:05:37.000It'd be like, I use if I'm buying a car from you.
01:05:40.000As far as how much you should have saved, it depends what market you're in, probably 100, 150 k.
01:05:46.000You're probably going to want a floor plan, which is basically on a credit where it's collateralized the cars where you can sell them and it's fee structured.
01:05:52.000You can do interest only, you can do fee only.
01:05:54.000Most of the brothers and sisters out there, they do fees as well.
01:05:56.000So floor plans can be halal if you just do like a fee structured type deal, right?
01:06:00.000So they just charge you per car, 500 bucks just to floor it, right?
01:06:09.000It'd be amongst Je jewish they can't do usury right so unless it's with the goyam exactly wow yeah with so regular folk yeah with gentiles yeah no that's not even like yeah 100 now he's not a man they can lend money yeah they can lend money on interest matter of fact you can get a kosher loan if you're if you're jewish you can ask for a new york i call it yes 100 yeah 100 what is a kosher loan yeah french don't do it Yeah, they're on the same side.
01:06:33.000You could literally get a loan where if you go to the institution and say, hey, I'm XYZ, they'll give you a loan without interest.
01:06:39.000So my aunt is Muslim and she gets 0% interest loans from dealerships because she can't get a regular interest rate.
01:06:45.000then that's just the dealership being nice to her.
01:08:07.000Brass Monkey Edition for 150k and they put in $18,000 in a warranty and she said okay it's crazy people don't say oh wait a minute what's that mean it's a brand new car why do you need a warranty like come on yo you know what if it is about buying cars it's an emotional activity like it's more so like i just want the car nah i think also when you go to a dealership you go there for like hours so it's a tactic to just to be like for you to say you know what effort i'm just gonna sign right yeah so you stay because you know you get there it's all day affair it's
01:08:37.000all day affair and that's why carvana all these places are like really changing up the game because you can just buy from your home but i tell people all the time you don't have to do that because even carvana low-key is like a little expensive a little?
01:08:53.000I know it's a little off topic, but the way that people go about their financial commitment.
01:08:58.000Again, like sort of translates what type of commitment they do in their life, right?
01:09:01.000As far as their health, their wealth, their relationships, they're always like, oh, it's always like an issue with their, you know, significant other or, you know, this issue with it.
01:09:10.000I just, it's always an issue when it comes to somebody that can't afford or doesn't know how to be responsible with their money or has a bad credit.
01:09:17.000It's sort of like crazy how that sort of explains, yes, exactly.
01:10:05.000Anyways, Toyota, I'll say, like, there we go.
01:10:09.000Uh, Highlander, I would wait probably because they're just crazy expensive.
01:10:13.000And not even that, most dealers aren't going to sell it to you unless you buy some protection because with these cars, when we buy them, we don't make a lot of money on the front.
01:10:21.000Front-end gross means like you're making 5k profit.
01:10:25.000Most of them are either losing money or making a grand, but they're banking on making 15K on back end right from like the finance, the contract, the gap.
01:12:29.000Now you being a good, I guess, understanding cars, do you even need one at this point or you just do it yourself?
01:12:34.000For me, when you get to a certain, I can't wear but so many hats right now.
01:12:39.000I have you know hire two people what not so I have to you know sublet it so I let my mechanic do it that's next to me or I will just you know get it done somewhere else so yeah but okay so you've outsourced it but you could do it yourself on a business yeah absolutely yeah so okay fair cool there you go that's a good sign right there so uh and there's many options you could bring it to the person bring a mechanic with you there you go uh Frankie Fresh still waiting on the phone call I'm out here in Miami.
01:13:04.000I'm just closing on my second deal property in Miami.
01:13:16.000Yeah, you can always get, I think you can get up to ten mortgages by Fannie Mae, if I'm not mistaken, but just remember that, you know, getting it as a, as a, as a, as a, as a landlord versus, like, buying it as a, or buying it as someone that's going to live in it, it's going to be different.
01:13:29.000You're going to have different mortgage terms.
01:15:13.000There was another deal that said, and it was all...
01:15:16.000Well, anyways, no matter what the point was, you know, so there was a deal going on, and I wanted to get a bigger And, you know, he had it for 20k pretty much 20k down, but automatically he sold.
01:15:29.000So, I mean, I just wanted to pretty much, you know, expand and see like what other deals I could find.
01:15:36.000You know, if I have to put a little more.
01:15:41.000If I have to put a little more in case like, you know, because I'm trying to start a car rental business, you know, this is something old, old to me.
01:15:47.000You know, Fresh gave me a little insight of it.
01:15:51.000Obviously, the bad side of it, with people crashing and everything, all this stuff, but he pretty much convinced me.
01:15:59.000So I was just trying to get a little more ideas and pretty much some deals out there.
01:16:44.000So the question is that, you know, I just wanted to see, like, what are my options, you know, with that kind of, you know, especially that this is all new to me, like, is 20K down, is something, you know, get enough in the car or if I have to, you know, pretty much expand my enterprise, you know, putting a little more.
01:18:47.000And, you know, you're paying $200 or $300 a month for insurance.
01:18:50.000So I think it's a little, it's a game where you just kind of have to like calculate a little bit more rather than just say, how much money can I put down?
01:18:56.000just have to kind of understand what kind of cars you should be renting out and where is it at the bottom of the depreciation curve understandable you know like for instance i'm not really from here you know i have family down here i'm really from new jersey you know and obviously i got new york city but you know this whole you know a little downside to it because you know i can't really trust those you know those kind of people you know especially for what i hear and what i see um yeah so instead of like just like getting what you said like an exotic
01:19:26.000car as a first you know obviously like i'm still like i said i'm still learning you know but like i mentioned before like three or four cars you know at least like you know if you get a possible good deal you know around those areas you know because my friend was just talking about you know we could you know get a bench um get a show a chauffeur like a a tower one of those like you know big trucks are like a um chauffeurs and all that but you know like what fresh said you know at least three three cars is
01:19:56.000more understandable you know just to you know work your way up i think especially like where i'm from yeah i think 20k down man you're better off buying a a house or something, you know, in Pompano or Delray or something, just where a little bit the market stagnated a little bit, house prices are dropping.
01:20:11.000That I think you'll be a little more comfortable with that than buying a car.
01:20:13.000Basically what he's saying is, and what I'm trying to let you know as well, this is a bad business, bro.
01:20:57.000You're better off doing it in something more stable, but the car market itself is in terrible shambles and renting cars, bro, is an L nowadays, bro.
01:21:19.000and uh you need systems in place you need history you need like a lot of things and things things change i had a friend that did a whole business on toro the app went down for him and he lost all his money he couldn't do going out for like a week and his whole business shattered 100 i'm gonna keep it real with everybody here and i think i did a video on this is as a car dealer or anybody, I think you need to understand, like you said, it looks good.
01:21:56.000You know, they're scrambling to like make the payment and whatnot just to keep up what they put out out there to say, hey, you know, I'm this guy.
01:22:04.000It's just a lot of these people, they put up a front.
01:22:07.000And what's crazy is people are chasing that front that they see.
01:22:10.000So now what their perceived happiness of like attaining what they've done, like puts them in financial stress, emotional stress mental stress and it's i see it all the time it's it's you gotta be you gotta stop believing these lies and what you see on social media because it's very common that it's not real it's just it's just people are vulnerable when they need help 100 all these a lot of these car rental guys are just you know not good people they just want you to buy their cars yep and that's how they make their money not from renting cars so not all but
01:22:39.000some most of them are you know lucky lopez talks about it too yeah that's my guy lucky lopez yeah i'll do that scam it to me's disgusting bro so all right what's the next chat you know what you guys should do i really think a lucrative venture is renting out Myron's Honda on Tarot.
01:22:57.000Yo, could you imagine like headline like Fresh and Fit podcast 2002 Honda Court?
01:23:50.000Yeah, I mean, 650 is definitely decent for a lease.
01:23:52.000Just make sure that you are negotiating your money factor, and you can also negotiate mileages and stuff like that, and just make sure that your buyout isn't crazy.
01:24:01.000Some people end up loving the car so much.
01:24:03.000much they're just like oh i want to buy it and then yeah they agreed to like a crazy buyout so good point uh FAHQ Matrix says, shout out to the guys.
01:24:14.000I always purchase vehicles cash for business and personal.
01:24:18.000I want to know why would someone choose financing over leasing?
01:25:05.000So if the companies that are giving people loans to get furniture, to get clothes, to get tickets for concerts, are having problems getting money from their clients, imagine a dealership, you know, a store.
01:25:28.000And I think it gets, you see it worse and worse i'm not perpetuating some like fear-mongering thing to be like oh the economy is crashing like i've been saying the car market's going to crash for like a year and a half now has it no but there are just well they belong in it though come on come on and then at the day like you know there's just bigger things that i can't control you know it's just it's beyond my like what i can tell people um but yeah i mean things are getting bad people don't have money i mean the average salary is what three four grand a month and people are paying thousand dollars for a car payment five hundred dollars for insurance fifteen hundred for a rent like where is the peace
01:25:58.000and calmness there there is none it just it's rolling over so yeah yeah it's tough bro really tough any more child bills yes Cool.
01:26:58.000Yeah, like if you don't understand their gripes, like, you know, how are you going to be able to sit there and tell somebody, oh yeah, you need to do this when you don't empathize with them.
01:27:04.000I think the best advice that can empathize like dating yes we've been through it so we know yep but i think to put perspective myron like you know you're very big in real estate and investing and whatnot.
01:27:16.000So like when I was in Atlanta, there was a lot of homes that people bought for investment.
01:27:19.000They just dropped it because they didn't understand how hard money works.
01:27:22.000They didn't understand like all these things that when it came to, you know what I mean?
01:27:24.000Like it was easy to grab that money and like buy that home, right?
01:27:27.000So I think that's sort of like in line with what I think of cars.
01:29:18.000So two problems, people undercut you, and then if you do actually get the car rented, you have to deal with the liability of them potentially hurting, destroying the car.
01:29:25.000And then while that car is out, you're still on the hook for paying for it, but it's not making you money.
01:29:54.000And, oh, networking is this, you got a network i have a network so it was good for me to extend but like even me i struggled so imagine you with no network at all cooked you know not even that and you're able to eat a lot of the cost too yeah a lot of people can't eat those costs bro it hurt i got i got a big off for that look turro now a lot of people when they go buy cars like if he finance the car put it on turro turro's a data company.
01:30:16.000They sell their data to other data companies and banks will pick up the car if you're renting it.
01:31:38.000this car is great but i need to make some money you say you know what i'll rent it out you rent it out you're like oh this is going great i'm making money from my car However, in terms of service and contract, you're not supposed to rent it out.
01:34:22.000I'm in North River Beach right beside Sunny Islands, right?
01:34:24.000There's a repo company that's really big right next to me bro the amount of rolls royces lambos raw rees my man goes in i'm telling you i have videos just sitting there with my my camera just watching them boom and are they repo basically for renting a mountain i don't know but they're just saying in general i'm sure it could be one of those situations but the repo is that you see, my man's going crazy.
01:34:43.000Well, that's something I learned today, bro.
01:34:44.000I did not know that they can repo your ship for renting it like that.
01:37:26.000I'm really trying to get in the car, bro.
01:37:27.000With your credit score, I need at least 25,000 dollars down to even think about the deal making it happen, just because you're upside down a lot.
01:37:33.000Six on the three accidents on your car, that's just going to take the value on it.
01:38:16.000Why would you spend $100k for something?
01:38:18.000I can go get a sco screwdriver and laptop it's a big car get for theft bro yeah i saw a video one time dudes broke into a dodge dealership to steal them bro yeah yeah you know the craziest part those cars police are like yo dogs hell cut pull them over instantly pull them over yeah so any dog's car you drive bro you can pull over the profile bro facts bro yo um Damn, but I did not know that's something that I learned.
01:38:40.000So what should people do if they actually want to buy cars to rent?
01:38:43.000Like they got to get a financer that will allow that, right?
01:38:45.000Yeah, but most people should be in a good financial situation because you have to have two, three months just in case that doesn't rent out, right?
01:38:51.000Get a bank that-So there are lenders that will- That's why people don't want to do that.
01:38:58.000Or what people will do, which I again, it's just it's a little bit, they'll like, you know, take money out of their credit card.
01:39:03.000Like, you know, a lot of these guys what they do is they're like, oh, I'll get you 100k in business funding, which really means that I'll clean your credit up.
01:39:39.000listen i have a tech startup called car late data is so expensive oh my god data is like if you want to be rich data is where it's at they they everything turro sells it to insurance companies so they can write you new premium it's it's crazy like at the end of the day people will sell anything just to make sure they caught up yep because i remember turro used to be the five years ago i saw a but so many people were doing it bro they'd have they'd be making an easy 10 20k on the side with a couple of cars but now it looks like they caught on to it yeah Yep.
01:40:08.000Because they were doing under the leases that people got.
01:40:34.000The worst part is when you get a broker.
01:40:36.000I've seen some situations like that lady that called when she had nine cars.
01:40:40.000You get a broker who you're paying him him to pay the payments right or do something and he's keeping the payments the car's already been repoed could you imagine yes so this what happens right so i have a car i want to rent it out i send it to a broker right okay Right?
01:41:26.000Well, I think at this point, man, you guys gave enough horror stories that I don't think it's in anyone's interest at this point to.
01:41:32.000to uh oh no there's worse than this bro i remember five years ago renting cars was the thing bro everybody was teaching how to do it man using turro leveraging it etc but now it seems like this is a business that it's like amazon man everybody did fba for a little bit you made a little bit money and then if you got that notoriety boom sold a course and that's it that's where the people make their money they're selling the courses not knocking anybody selling courses i'm just saying yeah if it was that replicable that lucrative everybody would do it yeah everybody yeah there's a limit clearly There is.
01:43:27.000last November 53k and 69k after interest payments are 1099 dollars a month and I make 80 100k a year what's that after tax 80k is like what probably 60 50k that's crazy I live at home with that and how do you regret buying the truck?
01:44:02.000I never get this situation where I think taking advantage of living at home means you stack up your bread, right?
01:44:06.000And you don't just go buy expensive cars.
01:44:08.000that's why they're not saving them here 100 percent so there's an epidemic of guys that are middle class their parents are doing pretty okay they can stay at home and do their do their job right yep you're right they save up money they go by bnw m4 m5 m3 or uh mercedes and that's their biggest payment two to three k maybe maybe won't 500 and that's their claim to fame however in this case he's really is bad because he's stuck in it How does he get out?
01:44:38.000I don't know his credit score, so I don't know how he gets out, right?
01:44:40.000So I'm assuming if he's paying $1,000.
01:45:15.000I mean, if you grade credit score, if you have a business, I definitely would say like you probably start building up your business credit now.
01:45:21.000So go maybe lease a truck underneath your business name or go buy a truck underneath your business name.
01:45:25.000Trucks are a weird one in the market because they hold their value really well, especially diesel trucks, like old school stuff.
01:45:31.000So diesel trucks will always be where it's at, especially with high miles.
01:45:35.000So just shop the market, see what you need.
01:45:37.000Don't buy, if you don't need a dually or a big truck or F-350, F-4, just don't buy it.
01:45:42.000Buy what you need and buy within your means.
01:45:43.000And then once you get the fourth, fifth truck, then you can kind of collateralize and go, you know, go to, because, you know, Ford and GMC, they have fleet solutions, right?
01:45:51.000So you can go buy like, you know, three, four cars at a specific rate.
01:45:53.000So that's what I would do to scale up.
01:46:51.000so yeah yeah okay um and then that is it for the chats awesome guys so great stream today uh yousif uh thank you for coming once again i thank you guys for inviting me uh you are a staple in the car marketplace adding real value i appreciate it because most people can can't do this or they don't because they want to make money off people and not care.
01:47:10.000Well, I appreciate you giving me a platform to help spread the awareness.
01:47:23.000So I think a lot of people, like, I just kind of give them perspective on what they can do better.
01:47:27.000Unfortunately, I'm limited because a lot of people are just too far gone, right?
01:47:30.000So I just think it's just that these videos are to give you, are basically a foreshadowing for, like, you to say, like, all right, I don't want to be in the situation.
01:48:15.000So yeah, I like I said, I'm super excited for our collaboration and again, it was an honor for you guys to bring me on this podcast and help spread the word.
01:48:22.000I think people got a lot of good information here.
01:48:24.000So guys, we'll be back in about forty minutes or so with some lovely ladies for After Ours.
01:48:29.000I love you guys and we'll be back in forty minutes.