The Biggest Mistakes People Make When Building a Home

0:00This is an iHeart Podcast. Guaranteed Human Earners, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partnered with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower personal dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com.

0:37Not an Empower client paid or sponsored. When traveling for events or festivals throughout the country, every dollar matters. We compare flights, prices, hotel rates, and restaurant options. So why wouldn't we compare rides? Personally, I always check Lyft before booking a ride. Prices can change throughout the day depending on traffic, weather, and what's happening in the city. If you're headed to a concert, out to dinner, or catching up with your friends on a Friday night, taking a few seconds to check lift could leave you with more money to enjoy the experience. Save money. Check lift. Today's episode is brought to you by ChatGPT for Business.

1:14As a listener of this podcast, you're looking for ways to help teams move faster, make sharper decisions, and turn scattered context into work they can use. ChatGPT for Business can help. Chat GPT for Business gives teams a shared workspace with admin controls, permissions, and access to work and codecs in Chat GPT. This means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using Chat GPT for Work. Download the Chat GPT desktop app or contact sales to learn more. Ask yourself, what are your best people spending their time on right now?

1:53Expense reports, receipt chasing, month-end close that takes weeks. You become what you spend on, and that's not what you're building toward. Brex is the intelligent finance platform that eliminates that work before it starts. AI agents that handle the manual stuff automatically, so your team can spend their time on what actually compounds. It's time to get Brex AF. Learn more at brex.com slash AF. with that before you leave should you buy a home and renovate it or should you build from ground up you're Rashad panel right now well we we all got a similar experience because we all built the home yeah so I I personally would say if you want to make the maximum margin on a deal build right that's going to give you the maximum return but you need to have the right team right like that's strictly for live men not for freshmen if you've never done it before stick to rehabs it's quicker it's easier you can learn a lot you can still make good money um but i don't think you can go wrong with either or what's your thoughts on that troy rashad uh i think the most important thing you said was have the right team um because without them is going to be even more delays there's going to be cash grabs it is cash intensive building i think the other thing you need to do is study the municipality that you're building that house in to know obviously from a legal standpoint but from a permit standpoint about how you get these permits and what can be allowed and what is permitted what is zoned that is important team permit and having cash man that that's one thing that they won't tell you that you need to know that this is a cash intensive and it can be stressful.

3:38But having a strong team and having multiple teams sometimes can help. Shadi, what's your thoughts? Don't do it. You know, I ain't mad at you. Let's talk like it's me. Don't do it. Please don't do it. So Rashad, you would buy something and renovate it, given your experience. Now, beautiful staircase, by the way.

4:11thank you i appreciate that the good thing you know i designed the house i did design the house um you know it's one of these things the good thing about building a home is that you get to build it right you get to design it i'm into i'm into interior design so you know most men are not into interior design i'm into interior design so i enjoyed that part of the process but the amount of money is is unbelievable and the stress and the delays and the hiccups and arguing with contractors and man it's not for the faint of heart it's something that I think, and you know, I had a bad situation. So people obviously probably had better situations than me, but it's unbelievable.

5:06It's actually unbelievable. The amount of stress and the amount of money that I personally have spent over the last four years. So was it cool to design my house? Yes. Cause I always liked Sims growing up. So it is cool to just say, okay, I want this. I want that. I want this. I want that. I want that. Go to China. That's all been cool. but if I had to do it over I would most likely not do this I would most likely not do this never again never again that's what I said so like even we've had these conversations just like personally right I'm like the process is tedious and the glory is on the other side of it when yes you have created something my situation obviously different but i mean we're pretty much neighbors building that with somebody waking up in it and realizing like yo you really did this like this is something that you really did you accomplished it it's something that you can be proud of it's something that your kids can be proud of but it's also something that your community can be proud of right because we've kind of did this anywhere in the world like the fact that we we did it you know in a place that is familiar to us and that people that are from our community can look at and say yo these guys still are here giving back to the community, but are actually in the community that are accessible to us.

6:25I think that part of it is like, all right, bro. I get it. It's terrible, right? And like, I've had to watch him go through it. He's watched me go through it as well. But like that first night you sleep in there, it's like, yo, damn, I did this. I'll say this too. Nobody talks about, a lot of people don't make it past this. Like even area that we live in, a lot of people built their homes one guy got divorced because he got um because one one lady one bro couldn't finish the project i actually developed sleep apnea i mean insomnia sleep insomnia for two years one guy developed a heart condition

7:16that pop up with these financial issues though i'm not i'm i'm not trying to be facetious here yes and i've watched it because the sleep apathy and he's talking about literally i'm watching this happen to him but i'm watching my wife go through it too like the stress levels the insomnia can't sleep i'm watching that and realizing that i can't develop those things because there's people that are going to be relying on me right like so i gotta have that's just my spirit it's just like i gotta be optimistic you know when is this gonna end it always gets to that point and matt you can speak to it too it's like yo when are we gonna stop spending at this level it drives you guys right though troy this is a pain in the ass bro it is i'm not lying i'm not hiding that this is one of the most stressful things that i've ever experienced in real estate it just doesn't make no sense some days and it's just like yo i just feel like yo just i'm i'm some days i'm just like i feel like i just want to throw in the towel like but i'm like i didn't come this far to get this far so i i gotta i gotta see this to the end you know but i can't wait to have that experience like you're saying just to wake up and you being a joint after all the blood sweat and tears and and all the hundreds and hundreds and hundreds of thousands of dollars that you have spent like you need to be able to enjoy it so i know there's going to be a rainbow after the storm but it's just like damn this need to hurry up so that that's the thing right so like i've been able to do that and even now like i'll wake up and just be like you know look at god like god god is really the greatest to the point where sometimes i'm like where am i this is really like where I'm living like this is crazy but that just goes to like yeah I know people say when you in it it fucking sucks it does fucking suck and they're like yo don't worry you won't think about as much as when you're living here and it's a part of your everyday you know you can really be proud of it and like slowly I'm feeling that because I'm still like I'm still building there's still pieces that I'm adding I'll text you I'll call you after this so you can see what we just did but it's slowly happening i mean i watch it i'm watching him go through it i'm like i've been i know exactly what he's feeling because it's like damn you know one of them days about a year and a half guy car was shot like you you good he's like yeah i'm like i know you're not good i know you're not sleeping these are the other parts of the conversations that have to be had too i keep telling you after you get the money they have a thousand ways to take it from you hundred percent and it goes fast that's right build building the house you'll see your money go fast and it's like I said every day I spend money every single day but you know I moved in the house is not done yet but you know we working around construction but you know it's coming together if you get married they say this isn't something you should enter unadvised something like that like that's what they say you should seek counsel this isn't something that you should enter unadvised building a home or even buying a home.

10:20Buying a home is not something you should enter unadvised. Agreed. That's a big, big, big deal. It's a commitment. And you know me, I never lived in a home. So even now it feels slightly weird, like waking up by myself in a home. It's kind of a big space. It feels slightly weird, honestly, to be completely honest about it.

10:52I'm eating lunch. This guy's in my front yard, man.

11:00Yeah, bro. I mean, look, yeah, it's shoddy, man. You got to have more kids or something, bro. Yo, yo, come on, man. I was just saying, son, you might have to like pop out two more or something. I don't know, like you got that big you know like y 'all got that big crib hey hey pause like pause but like that one is crazy damn i'm just saying though like don't respect for yourself

11:32i'm just saying oh wow god is good bro god is good god is good god is good as a follow-up is crazy after that. Respectful. All right, MG. I'm going to hit you after this, bro. Always a pleasure, bro. Man, I appreciate you. One of the hardest. I appreciate the love. That's always, man. All right. What a little overtime, but that home conversation is neat. We got to talk about that on Blackout, man, because that brings up. It is needed, bro. It's an emotional conversation because it's ups and downs. It's good things. It's bad things. It's money spent. It's triumphs. It's failures. There's so many different things that go into buying a home, building a home.

12:13And like I said, most of the time when people build a home, let's say a man, their wife is doing a lot of that or they have an interior designer. Ernest, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partner with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower Personal Dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money.

12:51Now make sure it's working hard for you. Download the Empower Personal Dashboard or visit Empower.com. Not an Empower client paid or sponsored. When traveling for events or festivals throughout the country, every dollar matters. We compare flights, prices, hotel rates, and restaurant options. So why wouldn't we compare rides? Personally, I always check Lyft before booking a ride. Prices can change throughout the day depending on traffic, weather, and what's happening in the city. If you're headed to a concert, out to dinner, or catching up with your friends on a Friday night, taking a few seconds to check Lyft could leave you with more money to enjoy the experience.

13:29Save money. Check Lyft. Before you sign off, you tuned in for ways to help teams move faster, make sharper decisions, and turn scattered context into work they can use. ChatGPT for Business can help. ChatGPT for Business gives teams a shared workspace with admin controls, permissions, and access to work and codecs in ChatGPT. This means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using ChatGPT for work. Download the ChatGPT desktop app or contact sales to learn more. Ask yourself, what are your best people spending their time on right now?

14:11Expense reports, receipt chasing, month-end close that takes weeks. You become what you spend on, and that's not what you're building toward. Brex is the intelligent finance platform that eliminates that work before it starts. AI agents that handle the manual stuff automatically so your team can spend their time on what actually compounds. It's time to get Brex AF. Learn more at brex.com slash AF. This is an iHeart Podcast. Guaranteed human.