E315: Why Quantity Beats Quality (Why Van Gogh Proves It)

16:24David Weisburd:I have no funding. So I have to use more effort. And so that's what I would tell people. I'll get back back in the 10X rule. You're underestimating the amount of resistance you're going to get in the marketplace.

16:33Grant Cardone:It goes back to this axiom in sales, which is somebody is getting sold on the phone call. Either you're selling them to buy or they're selling you why they don't, they shouldn't buy.

16:41David Weisburd:There's a sale made on every, every call, even when they don't pick up. Nah, I'm not going to take this phone call. That's a sale. A sale was made. We believe that every customer is qualified. There's no such thing. If you remember the Glen Ross, these leads are bad. There's no such thing as a lead. There's just leads. And all leads buy something. Okay. All leads buy something. And they're going to buy water. They're going to buy food. They might not buy your product, but all leads are buyers. So there's no such thing as a buyer not qualified, or they don't have the time or they can't make a decision.

17:14David Weisburd:That's not true. I made a decision to take a breath of air. I took the time to take a breath of air. And like something's being sold at every moment. The person you're talking to is doing something when they hang up with you or don't answer the phone call with you.

17:29Grant Cardone:I asked Ryan Serhant this very question, which is how long do you follow up? And he said, until you die or until they die?

17:35David Weisburd:That's right. Yeah. And it better be, it better be when they die because I'm coming back. So if you ask me, you know, I'm like, dude, I'm coming back. So you better hope you better hope you die because I'm coming back and I'm gonna call you again. Like we've actually, we have, we have lists. We have 7 ,800 ,000 people on an email list. We'll make, we'll send out 420 million emails to that list this year. Okay. Do the math on that. And we make 8 ,000 outbound phone calls a day. This is one department in our education business. And so about 18 % of our email list, David, unsubscribes every year because of too many emails.

18:14Now, what's crazy is, okay, when we analyze the 18 % that fell off, 65 % of those are our best customers and buy our most expensive products.

18:26David Weisburd:So you would think without all that data that the people that are unsubscribing are not buying. The truth is the unsubscribed are our best VIP customers. They're just like, dude, I don't need the email anymore. Oh, by the way, as soon as they go to their Instagram, they're going to see me again. Remember, I was emailing him and he's trying to get away from me for a moment. But then he sees me on Instagram or then he sees me on YouTube or then he sees me on TikTok or sees me on Fox Business or he sees me on David's podcast. But you're not getting away from me. And those same people end up on the front row of one of our events.

18:59David Weisburd:So it's just like, where are you going to see me? And that's why I use this word omnipresence. You want to be in not one place, but all places. And anyone or anything or any product that can be viewed in multiple places, all at the same time will be assigned some condition of power.

19:16Grant Cardone:I think a lot of this is just a fear of rejection or ego preservation. People justify by saying, well, if I piss them off now, they might not buy in 10 years. But statistically, you have this chance, the buying windows open, they're either yes, or you're unlikely to close I think there's this lack of urgency that people don't really apply. They think they have these thousands of years to convert them.

19:35David Weisburd:Your mom told you, you know, be seen and not heard. Quit asking me the same thing over and over. You get broken, dude. The school system breaks kids. Sit in your chair and listen. It's a shame what happens in this that we do to people that you're somehow going to be you're going to go to college and you're going to get a job. That's actually not happening. OK, we have the highest unemployment of much college educated today that we've ever had in the history of education. Kids are getting an education and still can't get a job. They don't even know how to show up for the job. They don't know how to insist on the job.

20:04David Weisburd:So they don't know how to do a job interview. They don't know how to stand up from all the other job interviews. They don't know how to do a good, short, tight video and say, hey, why hire me? Like, it's unbelievable what we're not teaching in this country, which, by the way, brings me to the biggest opportunity that we have now. Like, if you can be exceptional today, it is easier to stand out today than any other time in the history of the world. Why is that? Well, because first of all, the opportunities are so much bigger now. You look at the Paul brothers, okay? These guys, I mean, I have a big respect for both of them and what they built.

20:36David Weisburd:Completely out of the box. Look at Mr. Beast. Okay? When in history have we ever had 20-year-olds making the kind of money these guys are making? And doing completely different things, by the way. I could just keep going down the list. You know about the 15-year-old kid that's on YouTube making a million bucks a month. Like, over and over. None of these stories were around 30 years ago. or 15 years ago. None of this. Logan Paul is going to be a WWE wrestler and his brother's going to make$92 million in a dumb ass fight, a five round fight. It's unbelievable what people are doing. Mr. Beast has got a multi-billion dollar business, gets billions, billions of views in a week.

21:11David Weisburd:None of this was happening. I got a little company in here. I used to work in the automotive industry and one of my mentors, they sold their company. They had about 60 or 70 car dealerships and they got a billion dollars for it they spent two legacies building it i have a company that has no inventory that's probably worth the multiple companies probably worth 10 or 12 billion dollars today if we put them all together and i have no inventory no cars only two locations no debt it's a different game today man if you got if people can use ai today and social media and be curious, you know, and surround yourself with great people that believe in anything's possible and filter out all the other negativity that's going on right now.

21:57David Weisburd:All the noise, the amount of noise is crazy. And you haven't been priced out. Inflation's not the boogeyman. The U.S. dollar is not going to go away. There's never been a better time, David, in my mind, for people to get rich, for people to have freedom and for people to do it their way.

22:13Grant Cardone:said another way traditional media is dead people sitting around in a boardroom picking who's going to be the next star that's dead media is now democratized if you could be good which is extremely difficult because you are competing with everybody but if you could be good you capture all the upside that before was captured by a few celebrities yeah 100 and i'm just saying that

22:32David Weisburd:you have to be exceptional you know you can't if you're going to be satisfied with good you're going to be lumped in with everybody else and exceptional takes you know it probably takes seven days a week and 80 hours a week. It's not gonna be a 40 hour work week.

22:44Grant Cardone:It goes back to this 10X rule. And I just had a guest that wrote me this really nice note, which is like you're a phenomenal podcaster. And I turned to my friend and I'm like, I'm a phenomenal recorder of podcasts because we're producing five episodes a week. And we've been doing this now for half a year. And we realized that the only way you say be exceptional, who doesn't want to be exceptional? Everybody wants to be exceptional. Even mediocre people want to be exceptional. But the real advice actually goes back to this 10X rule, which is do more reps, do more, and you will become exceptional.

23:13David Weisburd:You get quality through quantity. Now, if you're one of those people that somehow figured out how to get a quality viral video one time, you keep your one viral video and I'll take my 15 ,000 attempts at video over your one viral video every day. Like if you ask me, hey, Grant, you want one viral video that gets a billion views or you want 15 or 20 ,000 video, I want the 15 or 20 ,000 videos. Okay. Do I want 10 ,000 customers or do I want one, one customer, one guy to give me a billion dollars or do I want, you know, a hundred thousand people to give me a billion. I want the a hundred thousand people to give me the billion dollars.

23:46David Weisburd:I want quantity. Okay. Because here's the thing that comes with quantity. If you do quality, if you just do quality one time, even if you, let's say it's not quality and you just got lucky one time, dude, you don't have the reps. Okay. If I do something 15 ,000, now I have the success. I have the billion dollars and I got the 15 ,000 reps. Like the guy that only got, he got it out of his first score. He does not have that. And he wonders if he was lucky. Okay. So, so you don't, you don't, you don't want the, you want the self-esteem builder. I mean, the greatest superpower a human being can have is tremendous self-esteem, belief in self, regardless of how you look today or how your hair looks today or your shirt or whatever you like, I believe in me and I don't need to look at this.

24:26David Weisburd:I don't need to look at my trophies. I don't need to look at yesterday, have belief in myself. Okay. Those are the people that, they're threats. Like Elon. Elon is a massive threat. The amount of self-esteem this individual has. Donald Trump, his self-esteem borders on insanity. Because it's like, how does this guy believe he can do this? I don't get it. Now, some of you are going to say narcissism, and then you're going to say, oh, he's deluded. Whatever, dude. you could turn it to whatever level of mental illness you want to, or wrongness or evil or whatever you want to do. But like, like if you take all that bullshit out and just look at the admiration point, you know, like how does a guy believe in himself?

25:10David Weisburd:Is he crazy? Maybe, maybe, but dude, I want, I want some of that crazy, you know? And, and unfortunately, or fortunately, when you get to the top of the food chain of exceptionalism, however you guys define that Barack Obama was exceptional. okay he was an exceptional human being like the way his his orator skills his delivery his pulling people in clinton okay unbelievable orator okay like it's not just trump right you could go over the history of democrats republicans white brown male female unbelievable orators and and delivery people and conor mcgregor okay he's got a lot of problems in his life right now but unbelievable when he walked in that ring and controlled the ufc like i'm just looking for that greatness piece, not the neurosis part.

25:55David Weisburd:And I'm like, how can I rob that guy? How can I rob that piece? How can I become that and not dilute it with a whole bunch of, you know, negative, critical, oh, he's a narcissist and say, Hey, I, the only way to become exceptional at anything is through reps. That's it. Okay. There is no other way. And, uh, I don't want to win the lottery ticket. I'd love to win the lottery. I'd love to win the, every time there's a billion dollar lottery, I go buy one. Okay. But it's not how I expect to accumulate a billion dollars. And by the way, I'm crossing my fingers and I'm praying that I win that billion dollars, but I would rather earn a billion dollars over a career.

26:31David Weisburd:I don't really mean this by the way, to the lottery gods. Okay. I would rather earn a billion dollars, save a billion dollars, invest a billion dollars over time than win a billion dollars. And to the lottery gods, I don't really mean that. So if you got one, send it to me, dude. I'd rather have both, by the way.

26:51Grant Cardone:A lot of people realize that it takes a lot of reps to be successful, but a lot of people underestimate how those reps actually help your entire business. When you have those reps, everybody around you gets better. For us, our editors get better. The people that book our podcasts get better. Everything gets better if you do more. And yet there's this perception that you can't do more and have high quality. And as you do more, your quality actually goes up. It's a paradox of sorts.

27:15David Weisburd:1 ,000%. This idea that quality is senior to quantity is wrong. Quantity is senior to the quality. You cannot get quality. It's so arrogant to think that anybody's going to get one quality painting. Van Gogh, I don't know how many pieces Van Gogh did. I think he only sold one piece his whole life. He did hundreds and hundreds of pieces, sometimes three and four and five and six pieces a day. It is so arrogant that people are like, I got to get it right first. Dude, you're never going to get it right. Okay. You don't even know what right is in the beginning. Like 10 years from now, you won't even be doing what you thought was right yesterday.

27:54David Weisburd:So when I, when we first started doing social media, I was 52 years old. This is 2012. No one that was my age. I didn't feel 52, by the way. I felt like I was like 25 years old and I saw the internet, I saw social media and I'm like, Oh my God, dude, this is, this is, I'm going to get known. I told my wife, I said, she was an actress. She came back from an audition one day and she was crying. She's like, oh, it was terrible. It was terrible. I'm like, baby, I'm gonna make you famous. I discovered YouTube today. Okay, you'll never have to go on another audition again. I'll have, I'm gonna get you millions of fans and we're gonna get millions and millions of people to know our name and you'll never have to do another audition.

28:35David Weisburd:And because I saw it immediately, I said, oh, dude, this is, I can put as much as I want up. Okay, I didn't see the quality first. we would take a phone turn it sideways no lighting we didn't have the little o-rings we didn't have zoom calls we didn't have setups dude nothing like you look good you got your little earpieces in bro you got your mic we didn't have any of that shit bro i had an iphone 4 or something no lighting grainy took forever to upload it right just one video at a time i still had that first video up I think it had like 85 views over like 13 years.

29:09Grant Cardone:We have a cultural norm in my company, which is you celebrate shitty first versions.

29:14David Weisburd:I love that.

29:15Grant Cardone:Whenever somebody does something the first time, everyone celebrates the shitty and everybody expects it to be really bad and everybody understands how important it is.

29:23David Weisburd:Yeah. And we were doing no edits. We didn't have, you didn't have any apps to pull captions up. There was no translators, nothing, man. But it didn't matter to me. what mattered to me, I remember, I think there was like, I don't know, I did a live once. It was, I was 54 years old, two years into the social media. I think it was Periscope or Meerkat. I don't know. You probably don't even remember those platforms. They don't exist anymore. And there were 16 people listening to me live. I was in a little condo and I went to my wife when it was over. I'm like, Oh my God, dude, the world's about to change.

29:55David Weisburd:And she's like, what's going on? I said, there's 16 people watching me 16. And I was so excited, bro. Cause I knew 16 would become 32. And 32 would become 300. Let me just say this. A bad presentation is better than no presentation. Now, a lot of people will argue with me. I'd love to know in comments. Quantity or quality? Okay, I'm just telling you guys. For anybody listening right now, quantity is senior to quality. And by the way, you really have to have a strong ego, sense of self and self-esteem to put up poor quality. And I could put up more quality.

30:32Grant Cardone:especially as you're older, as you're older, your ego becomes more fragile. Cause now you can't no longer say I'm the 16 year old experimenting on YouTube. Now you're the 52 year old and it just becomes that much harder.

30:42David Weisburd:Yeah. Yeah. I was doing an interview with somebody the other day and somebody clipped it and said, Grant Cardone doesn't know what a deed is. I'm like, yeah, dude, I really don't. I have$5 billion worth of real estate. I don't really understand the difference between a deed and a title. Like if you asked me right now, I think I know what they are, but like I'm not 100 % certain. So what? So I still have$5 billion worth of real estate. I don't know which one's more important, the deed. What's the difference between a deed, a title, and$5 billion? A bunch. So I don't have to know everything, you know?

31:11Like, does that make me ignorant?

31:14David Weisburd:Somebody's going to comment that you are. Hopefully somebody's going to comment. But I would rather somebody comment negatively. I had a bank hit me yesterday, a week ago, when Bitcoin was falling from, I think it fell from 96 down to 82 or something. I said, Bitcoin is crashing. I have to sell my plane. A bank called me, emailed me yesterday and said, hey, dude, are we all right over there? And I owed them some money. And they saw the post on X. And I'm like, I got to call them this morning and say, bro, part troll, part truth. Okay. Grant Cardone is part troll and part truth. And that's how I use the internet.

31:53David Weisburd:I drag the internet with a little bit of troll and a little bit of truth and the internet gets all excited.

31:58Grant Cardone:You mentioned Jake Paul. I had him earlier on the podcast. We discussed this persona that he builds of being, you know, people hating him. Do you purposely do that? Or is it just a result of just being so bold and telling people to take action? People are just, some people are polarized by that. Is this a purposeful strategy?

32:14David Weisburd:Most everything I do is not purposeful. I just kind of go with it, right? So, you know, things come to me like inspiration. I think God provides us with moments of inspiration. And there's a reason why they don't last. Inspiration does not last 30 minutes. It might last a minute. It might last 30 seconds. So when I'm inspired, I take that as something from God to just do. Go with it. Most of my marketing is inspired. The Bitcoin crash. Bitcoin's crashing. I'm going to sell my plane. I didn't say anything else. That's all I said. I showed a picture of my plane. Bitcoin's crashing. I'm going to sell my plane.

32:50I didn't say I needed to sell my plane.

32:53David Weisburd:I didn't say I was going to sell my plane so I could buy Bitcoin. I let the audience decide what that meant. And, you know, the audience has imagination and they get engaged by it.

33:04Grant Cardone:I'm curious, when you put up a post, Bitcoin, I need to sell my plane, do you know right away before you even post it, this is gold?

33:09David Weisburd:No, no, no clue. No clue, dude. No clue. I'm not even attempting to do it. Like, I was just inspired to say something. This morning I'm driving to work and I was inspired to do an Instagram live and I did it. Hey guys, any questions you want answered? Again, this is just a humble, and I know people don't use the word humble with Grant Cardone, but I am actually fairly humble because I don't trust I will be inspired later. So I take the moment, hey, I'm going to do an Instagram live right now. Okay. It wasn't convenient. Only had like 12 minutes before I got to work. And I just went with it. To me, it was humility.

33:43David Weisburd:It was like, hey, God's inspiring you to do an Instagram live right now. Do it, dude. You don't need to challenge it. You don't need to look good. You don't need to have a title. Just do it, bro. The thought came to me out of nowhere. It wasn't in my to-do list today.

33:57Grant Cardone:Speaking of humble, you also used the word broken before. You were at 25, a recovering drug addict. I grew up on Section 8 housing. I was an immigrant. We've both gotten successful. You've obviously gotten much more. Support for today's episode comes from Square, the all-in-one way for business owners to take payments, book appointments, manage staff, and keep everything running in one place. Whether you're selling lattes, cutting hair, running a boutique, or managing a service business, Square helps you run your business without running yourself into the ground. I was actually thinking about this the other day when I stopped by a local cafe here.

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36:16Grant Cardone:Savings not guaranteed. Paid memberships with a connected payment account required. See Experian.com for details. Why do you think so many people are stuck in victim mode? Why can they not shake this victim status?

36:28David Weisburd:Man, I don't know. I don't know. You know. I don't know. I think, I think society, David, um, is doing a good job of convincing people that victim is, is like some, some title. You're a victim. You have mental illness. You have ADD, you have bipolar, you're poor, blah, blah, blah. These, these are titles. None of these titles, by the way, you're a drug addict. You know, you come from an addictive, you got an addictive personality, blah, blah, blah. All these things are labeled. These are not who you are. Okay. There's no such thing as any of these things, by the way. Okay. I can take any drug addict right now, drop you off on an Island and you will be over your addiction in 72 hours.

37:09David Weisburd:You got a nicotine addiction. Oh, you can't kick it. Oh yeah. I take the, I get tobacco out of your life. You will kick the, just put you in an environment where there's no nicotine. You'll be off of it. Okay. The bipolar ADD, ADHD. These are all, these are labels, introvert, extrovert, too active, not active enough. It's all bullshit. Middle class, upper class. These are titles that are bullshit. They have zero validation. There's no validation that anyone has depression. None. Zero. You, the person that's depressed, has given themselves the authority to label themselves depressed. But if I go over there and light your house on fire right now, I guarantee you depression will not be what you're thinking about.

37:55David Weisburd:Fear will be what you're thinking about. And I'd rather be scared than depressed, by the way. So I'm just speaking from personal experience. And if this offends anybody, the psychiatrists and the psychologists in this country that have figured out a label, the big pharma companies that have figured out a label for every issue human beings have today from restless leg syndrome to depression, to ADD, to ADHD. HD. Hey, good for you guys. Great marketing scheme. I don't need any medication for any of that. I need a purpose. I need to be surrounded by people that are taking action. And I need to quit giving myself excuses.

38:34Grant Cardone:So you've raised capital from retail for real estate than anyone else in history. What do you attribute to that? And what have been your lessons from raising from retail?

38:43David Weisburd:Well, thank you for saying that, dude, because I'm not on any list. Like Who is the most -

38:49Grant Cardone:I fact-checked it. I looked it up with my team.

38:51David Weisburd:I mean, we have like, when you put social media, people that have made money using social media, we've raised over$2 billion and sold another$2 billion in products. This is a privately held company. This is not, you know, I'm not, and I didn't take my clothes off to do it.

39:06Grant Cardone:I have the CEO of iCapital, Lawrence Calcano. We talked about this$150 trillion that's going in from retail into the institutional market. And a lot of people are trying to crack retail. What have been your lessons? How did you crack retail when no one else has been able to do it at scale?

39:19David Weisburd:Number one is I believed in the retail investor before other people did. And I believed in democratizing, making my mom, when I grew up as a 15 year old, I watched my mom never be, nobody helped her make money. Nobody helped her with her investments. And I swore that one day I was gonna grow up and help people if I was ever successful. And if I ever learned anything, I was gonna figure out how to help the common person invest their money and make money. I wasn't able to do it for my mom, But so in 2010, when the crowdfunding rules changed, I think it was Barack Obama, the act of -

39:54Grant Cardone:Startup Jobs Act.

39:55David Weisburd:Jobs Act. Was that 2012?

39:58Grant Cardone:Somewhere around there.

40:00David Weisburd:When I saw what he did there, then we started crowdfunding institutional quality real estate. It's a real asset. You can actually see the asset. And I would fund it with my money. And then I would go to my audience and say, hey, guys, I have this great opportunity. My family's completely invested in it. And we set up a portal where you could go invest dollars and you could partner with me in this deal. I found it, fund it, put it on a site at the exact same price, whatever it costs us to acquire that asset. Our expenses are included. And then I say to my audience, if you want to come in, come in.

40:34David Weisburd:We've had 20 ,000 investors, raised almost$2 billion. Now, the way we did this, David, was we refused to go get the money from the banks. Now, this is why I think I've been successful is because the banks, because the social media influencer or the startup tends to look for the easier, softer path. And Blackstone or KKR or Wall Street is always the easier path because they write one big check. The problem with that one big check comes control. they now for your laziness for your laziness for the you know you're going to take you they're going to tell you how to run your company they're going to tell you how long they give you the money they're going to tell you how much the money costs i didn't want to do that so i went to my audience much harder by the way much more difficult to do what i do i'm not proud of that i'm not i'm not bragging i'm saying it's harder um because you have to do the repetitive message but if you can pull it off the way we have.

41:35We were early doing it before it was respected.

41:38David Weisburd:Now everybody's trying to do it. Blackstone, Wells Fargo, Goldman Sachs, JP Morgan, they're all talking about how do I get to the retail investor? If you could pull it off, the money should be cheaper. It should be friendlier and it should be longer. Meaning it's going to be, you're not going to have a, you're not going to have a gun to your head saying you have to, you have to pay the people back in three years because you want time. If you have a great business like we do in real estate, real estate wants time in order for it to reach its full maturity. So we have a 10-year fund with discretion to go another 10 years.

42:11David Weisburd:We're in the process. We've done 47 deals, about$5.2 billion worth of real estate. We've sent out almost a half a billion dollars in cash flow. And we're going to take our portfolio probably and tokenize each one of our funds going forward so there'll be a secondary market for it as well. And we're going to fund that direct to my audience.

42:30Grant Cardone:You made a decision to add Bitcoin to the funds. Walk me through that.

42:35David Weisburd:I've been buying real estate for almost 40 years now. And while real estate has been a very dependable investment over long periods of time, it's also very boring. It's very expensive. If you get a good piece of real estate, you want to hold on to it, but it's boring. Like it takes a long time for it to work. When it works, it works great. But every 10 years, it can be very expensive because of gutters, plumbing, HVAC, roofs, property taxes, et cetera. So last year, I mean, for 40 years, I've been looking for ways to improve my property. Well, there's only so many ways to improve the property.

43:11David Weisburd:You can paint it, fix the kitchen, fix the plumbing, lighting, change the name, branding, treat the clients better, et cetera. But there's only so many things everybody can do. at some point you're just real estate and your real estate's crossed from my real estate and the rent's going to be about, you know, about the same. So last year and for 40 years now, we've been looking for ways to improve that. Well, I've been studying Bitcoin for quite a while now. And last year we combined real estate and Bitcoin. So we took a piece of real estate, paid cash for the real estate, very, very conservative, no debt.

43:43David Weisburd:It was a$72 million complex. The product should have sold for$88 million. We paid$72 million and we filled it up with$16 million of Bitcoin. So rather than just stealing the real estate, which I'm good at, that's what we do. We buy distressed properties, the low replacement costs. I've done 46 of those projects. What I tried to do was rather than just buying the distressed product, I just took the distressed portion, the gap. And rather than buying something invisible, a discount is a ghost. It's just cheaper. There's no real value in a discount. We took the discount portion and filled it up with a product called Bitcoin that has the volatility.

44:23David Weisburd:It goes up and down, right? It could go all the way to zero, or it could go to$250 ,000 of Bitcoin or$500 ,000. Right now, it's just going sideways. So we combined the two, put the two together. We've done five of these now. We accumulated almost$2 ,000 Bitcoin yesterday. I was with World Liberty Financial up at Mar-a-Lago yesterday. It was about 300 of us. There was mostly Bitcoiners and tokenized companies coming into this space. We're basically creating a new company. It's going to be a real estate Bitcoin hybrid vehicle. And the reason we did it is because it's a way to improve returns to the real estate investor, to our investors.

45:02David Weisburd:It's also a way to introduce our real estate investors, conservative investors that want cash flow to Bitcoin. And thirdly, and most importantly, it's the creation of a new financial vehicle that we believe is the first time in 65 years that real estate has been changed. So there's a little glitch in the real estate industry that's about 65 years old called REITs. You'll hear to them referred as REITs, Real Estate Investment Trust. They cannot hold any currency on their financial statement. They can never hold Bitcoin. They're trapped in a, you know, like a 6 % to 8 % return a year. When we combine the two, real estate and Bitcoin, I now have a bit of a moat built around my company that 190 companies that control real estate in America at about$4 trillion cannot compete with me.

45:51David Weisburd:So we think we create a new, I literally believe that I'm going to, we're going to look back 60 years from now and say that 2025 was the year that the real estate Bitcoin hybrid was created. and it's going to change the way people invest in real estate going forward.

46:07Grant Cardone:I have this term I coined, the virtue of illiquidity, and it came from my interviews with crypto investors. So if you think there's hundreds of millions, if not billions, of crypto investors, there's a couple hundred, let's call it 500 or so, that are fund managers. I've interviewed the top 10%, and they all said in one variation or another, off the record, that the number one thing that determined their return is whether the capital was liquid or illiquid. So all the things that they were doing, all the research, all the access, all of that paled in comparison with just not selling.

46:36David Weisburd:Yeah. See, Wall Street wants to talk all you guys into liquidity, but liquidity is not what you want. You want illiquidity. Now, when there's an opportunity, you want liquidity. But really what I don't want, and the reason I love real estate and Bitcoin combined is because I take an illiquid asset, which is real estate. It's real. It's hard. It can't move. You can't steal it from me. You can't take it down. You cannot steal my real estate. It's impossible. It's 330 units,$300 million. It takes up a whole block in Boca. It sits in front of a golf course. None of this is going to change. I see the ocean from every window.

47:09David Weisburd:It's very physical. Then I combine it with something that's digital. I can't even find it in space or time. I can't even locate it. It sits on something called the blockchain. You combine those two, bro. It's like a physical and a digital. One cash flows, one doesn't. One has a utility. One, I can't even put my hands around it, right? You combine the two together. I now have an illiquid asset. When you buy real estate, you don't sell it the next day. It would take six to nine months to sell this asset. I combine it with a very liquid asset that goes up and down like this, and I don't have to worry about it going up and down anymore.

47:45David Weisburd:I just need time. Imagine owning the Vatican or the 16th chapel in the 1400s or whenever it was built and what it's worth today. You want real estate for long periods of time, and if you believe Bitcoin's here to stay, You want Bitcoin 12 years from now. You don't really care about the next 12 days. You care about the next 12 years.

48:06Grant Cardone:I love Bitcoin. I'm a Bitcoin bull, but isn't it dangerous to hold it in a real estate portfolio? And why is that not like adding a lot of risk and a lot of leverage?

48:16David Weisburd:Well, I would just tell you, if you're just a Bitcoiner, right, you wouldn't do my deal. You would just do the Bitcoin and you'd buy it at$68 ,000 or$66 ,000 today. You'd sit and wait for your one Bitcoin. But look, 99 % of the world does not even know what Bitcoin is. Okay. If you said BTC, they'd be like, I don't know what you're talking about, dude. Is that BTC or STD? Like, I'm not sure what you're talking about. 99 % of planet Earth does not know what Bitcoin is. They do not know Michael Saylor. They do not know what the white paper is. They do not know the book, the Bitcoin standard, period.

48:43David Weisburd:In the story, they don't know what the word fungible means. Okay. Like they don't know. 99 % of planet Earth understands real estate. We created a vehicle that is very understandable. Piece of real estate, the cash flows, physical location, 101 Meisner, Boca Raton. I bought it out of bankruptcy,$230 million. It should have sold for 350. There was 14 other institutional investors. I closed the project in 10 days. Paid cash,$230 million, 10-day close. Bought it from Blackstone out of their debt fund. Okay? It was a distressed asset. We stole it. You can Google it, 101 Meisner. Now, here comes the Bitcoin story.

49:21David Weisburd:We added Bitcoin on top of it. Okay? The real estate investor now owns the real estate. the cashflow gets to the depreciation. And we added a hundred million dollars of Bitcoin. We added a thousand coins to that purchase, a thousand and 75 coins. You have the real estate that I can condo out of and pick up 200 million, sell off the condos. The investors will make 200 million and we still own a thousand and 75 Bitcoin. I have the best of two worlds. You end up with one Bitcoin. Okay, I end up with the real estate, the condo exit, the real estate exit, the cashflow, the depreciation and the Bitcoin.

49:55If the Bitcoin skyrockets and I own 1 ,075 at purchase, and it goes to a million dollars tomorrow, I could sell off my Bitcoin and make a billion dollars.

50:03David Weisburd:One billion dollars is what we would make. If that takes one year, two years, five years, or 12 years, I think it goes to a million dollars one day. I make a billion dollars on the real estate. Twelve years from now, I could profit my investors on the Bitcoin or borrow against the Bitcoin, and I still own my real estate. So I don't have to make a decision on one or the other. No, we won't do either one of those. We'll combine this. we're going to keep adding Bitcoin real estate hybrids. And we'll go to the public markets and see if the public markets give us the institutions, your buddies, if they're going to give me a premium for combining 10 or 12 or 15 or 20 of these together.

50:38David Weisburd:And we think they will.

50:39Grant Cardone:I think a lot of people underestimate behaviorally how to invest. So they think I'm going to buy one Bitcoin. I'm going to ride it up and down. And the data always shows most people have loose hands. they will sell. So you have to think about how do you create an anti-fragile portfolio? How do you construct your portfolio in such a way that you don't sell? Yeah.

50:58David Weisburd:And look, I think Bitcoin's going to outlast companies. Like I just, you know, my real estate, that piece of 101 Meisner and Boca or anything you guys see at Cardone Capital, my entire portfolio will be around longer than Meta. It'll be around longer than Google, could be around longer than Amazon. Okay. All companies get replaced at some point with technology. So I believe Bitcoin will be around longer than the U.S. dollar. Will the U.S. dollar go away this decade, 20 years from now, 30 years from now? No, I don't think so. I think it'd be 50 years, but I believe the blockchain will be there a hundred years from now.

51:28David Weisburd:I don't believe we go back to gold. I believe gold failed as a currency. Otherwise, we'd all be having, we'd have gold. I'd have gold coins in my pocket today, but dude, it failed. We went gold. We went paper. We went paper to treasury bills, treasury bills to, to, oh, shit, I got money on my Apple account on my phone. Somewhere in between there, I got a Visa, MasterCard, American Express. Those are going to go away. Plastic will not be plastic. It will all be on the blockchain. Bitcoin will be one of the winners. I don't know what the other winners are, but there'll be more than one winner. But in the future, we will not trade.

52:07David Weisburd:Look, I'm 67 years old. I don't understand this world that we're moving into, but I understand this. I'm not going to resist it. I was at Mar-a-Lago yesterday, and David Solomon said he's curious about Bitcoin. He observes Bitcoin, but he owns very, very, very little Bitcoin. And he's telling you, dude. He's telling you. And why would Goldman Sachs, a$4 trillion legacy TradFi bank, have to embrace Bitcoin? It doesn't. And it won't, by the way. It's going to be new players. so so it's going to be blackstone's going to i think goldman sachs has 20 billion dollars or two billion dollars it's 0.0005 percent of their entire aum it's nothing so when they say 20 billion everybody's like oh my god that's big that's nothing it is 0.0005 ibit represents a tiny tiny fraction of black rocks 11 trillion dollars even though it's one of their biggest etfs so it's still early and it's going to be it's going to be the new guys in real estate we say new outsiders make the market, I believe Bitcoin will be made by outsiders like myself coming up with new ideas about how to introduce the public to Bitcoin.

53:19Grant Cardone:You've built this amazing online presence, organization, sales system. What in your business has compounded the most and what has grown more linearly?

53:28David Weisburd:God, man, we have so many difficulties here. I wish you wouldn't even bring that. You've ruined a good interview. I was happy and everything. And now I got to start dealing with the problems. I mean, there's so many things that we're having trouble scaling, right? We just, my real estate's very difficult to scale. Okay. I love, I love great assets. I love great locations and there's not a lot of great locations. Like, you know, we, we own 47 properties for me to duplicate the 47 and have great locations. There's probably not even 47 great locations in America, uh, New York city, Chicago, California.

54:00David Weisburd:I can't even touch those markets right now because, because of some of the decisions they're making on property taxes, how they handcuff the property owner from raising rents. Like if you can't raise rents, you shouldn't buy the real estate.

54:11Grant Cardone:Can you double click on that? Because the New York City mayor is framing this as a tax on the rich. Why does that affect more than just the rich?

54:19David Weisburd:Yeah.

54:23David Weisburd:Look, you should, if you understood, I'm not saying you, but if the American people fully understood economics, you would understand that Madami in New York is weaponizing the wealth divide. Okay. He's basically weaponizing as a political weapon, the concept of the wealth divide. And it is in his best interest to expand the wealth divide and further bring attention to why my side's wrong and his side is right. Okay. And how do you do that? Oh, raise property taxes. Who pays property taxes? People that have money, people that have property. The conservative party, you're conservative because you have something to conserve.

55:07David Weisburd:I was a Democrat the first half of my life. When I started owning property, I became a Republican. I became somebody more interested in conserving my assets. I'm like, no, I want lower taxes, dude. I own assets. I want lower taxes. I want lower property taxes. Okay? I want to own the asset. I would suggest to you that billionaires, we should have a no tax on billionaires in this country. We should reward the billionaire. We should reward people to get to high levels of production and create big AUMs and or net worth. We should reward that audience and say, dude, once you become worth a billion dollars, you will pay no more taxes on anything, okay, on none of your income or the sale of your assets, okay?

55:50David Weisburd:Now, why would that benefit American people? Because billionaires, look, there's only 3 ,000 of us on the planet. And I'm not proposing this for me. I don't care one way or the other. I already know how to not pay taxes. I buy real estate, dude. Real estate is the greatest loophole for taxes in the world. But these billionaires, the Jeff Bezos, when Jeff moves into Miami, Jeff moved here. Mark moved here. Both Google boys moved here. Ken Griffin moved here. These are all billion, multi-billionaires. They make my network look like a quarter, okay? Who else moved down here? Ken Griffin moved down with 58 billion.

56:24David Weisburd:Both Google boys. Palantir moved down this week. Guys, these are billion dollars. These are entire country footprints popping into one marketplace. And what happens when they do that is they hire 20 people just for their house. Then they buy a yacht. Okay? Guess what? All that is money back into the economy. The city of New York, Madami, wants to raise the budget in New York City for 8 million people to a budget that is greater than the entire state of Florida that has three times more people. He's running billionaires and decamillionaires out of the city of New York that are coming down to, by the way, to Miami, Fort Lauderdale, Naples, Florida, Orlando, Tampa.

57:10David Weisburd:California's doing the same thing over. All you got to do is look at the U-Haul patterns. They're just rushing over here. And guess what? I'm still going to go back to New York City and visit. I'm going to rent a hotel now. I'm going to use your city. I'm going to use your cities, your streets, your restaurants. I'm not going to pay you any taxes. I'm going to come use you like a prostitute. California, I go back to California. I can spend 179 days a year there. I still have a house there. I'll go use the beaches, use the streets, use the hospitals, but I'll pay you no taxes. Now, I'm buying all my cars here.

57:43David Weisburd:I'm buying my house here. I have my 400 employees here. All of them being paid here. So that's what I would tell people, man. You need to understand that the socialists, Chicago is doing it. Minneapolis is doing it. Minnesota is doing it. Boston's done it. They are weaponizing the wealth divide to say that I'm better than you. You should tax grant. No, no, you should become me. OK, everybody should get rich. Nobody should pay taxes. Donald Trump is going to try to outlaw property taxes across the country. He's going to weaponize it, by the way. He's going to use it as a political weapon too. And he's going to divide the states and say, why should you guys pay taxes in Chicago?

58:22David Weisburd:Chicago's out of control, bro. Like you can't, we were going to buy a real estate asset there and we could not determine what next year's taxes would be on the property. How can you buy something when you can't predict what the cost of it's going to be next year?

58:38Grant Cardone:Talk about my money. I have the number one lobbyist on the podcast, Bradley Tusk. He was early at Uber, helped them devise their strategy. And what he believes in the way that he lobbied politicians is he believes that over 99 % of them are highly rational actors. So think about it as coin operated. So Madmani is using this as a rhetorical device. To be fair, all politicians are doing that, both Republican and Democrat. They have different marketing channels. But if you go upstream and look at what is driving the politicians' behaviors, oftentimes it's highly rational action. It just might be conflicted with a portion of the population.

59:14David Weisburd:Yeah. Yeah. I mean, look, both sides do it, okay? If I was in politics, I would do it. I would do the same thing. I would weaponize. It's a chess match, dude. Like, it's backgammon. It's a I want to win. And how do you win? Now, I can't make sense of theirs because it's socialism. and I can make sense of mine because I believe in the free market, right? Free market with some control to win. I want to win. But I know that if you rewarded people to become worth billions of dollars, more people would do it, dude. We would have courses in school. You should reward people that do well and you should, I mean, you don't even have to penalize people that don't do well.

59:55David Weisburd:The penalties are already in place. The penalties are you're not going to have a nice house. You're The penalties are for not doing well. If you're not educated, nobody's going to hire you. The penalties are in place. There should be rewards for doing extremely well. And again, I'm not fighting for me because I've already figured out how not to pay taxes. I've only paid taxes three times out of the last 25 years because I used capital. I used accelerated depreciation on our assets to wipe out my earned income. I told Trump this four weeks ago. I said, you should accelerate depreciation on single family homes.

1:00:30David Weisburd:You will become the hero in this country. every person that goes out and buys a house for 400 grand would then get a $200 ,000 bonus depreciation. Day one institutions already do this. I do it on every asset I buy. Okay. I can write off everything that depreciates in three years, five years or seven years gets written off in year one. So basically half the property would get written off. 200 ,000 would get, would be a paper loss to buy a house for 400. I'd put 5 % down 20 grand down, but I'd get a$200 ,000 loss against my income. let's say I'm earning$50 ,000 a year, I would have four years of not paying taxes to get back to that$200 ,000.

1:01:07David Weisburd:The American people would go crazy. It's a bit of a, you would tell the Democrat Party won't support it because it's Trump. And then Trump's going to be like, look, they won't do it. The property tax thing, he should provide federal incentives for every state that zeroes out property taxes. Illinois won't support it. California won't support it. Washington because of the divide. He would be weaponizing. He'd basically be scheming. I mean, it is what it's a gimmick, right? You want to win, but it would still be great for the American people. I mean, what, what American wants to pay more taxes? What homeowner, by the way, what homeowner should ever have to pay property taxes?

1:01:47David Weisburd:No homeowner should have to pay property taxes. That's my damn asset. And your audience is going to be like, well, if nobody pays property taxes, who takes care of the roads? There's another million ways to take care of the roads. Your house property tax. Should you pay a bike tax? Should you pay a motorcycle tax every year? Should you pay a shirt tax? Should I have to pay taxes because I own clothery? No, you made sense of paying taxes on your home because nobody challenged it. There should be no property taxes. There should be no earned income taxes, by the way. Shouldn't be any. But, you see, the American people have been talked into this bullshit because of loyalty and patriotic and da-da-da.

1:02:23David Weisburd:And the truth is, 250 years ago, we fought over 1%. We killed people over a 1 % tax. Now we roll over every time they increase the taxes like it's a ditty party that we're being re-invited to.

1:02:39Grant Cardone:Grant, you've lived a full life full of high highs, low lows. If you could go back to 25-year-old Grant, right, when you were starting to come out of your addiction, what would be one timeless piece of advice you'd give that younger Grant that would have either helped accelerate your career or helped you avoid costing the sticks?

1:02:55David Weisburd:God, man, there'd be so many things I would tell him. One is, hey, don't use drugs, dude. You know, drugs, drugs are bad. Nobody beats them. Weed's not good for you, okay? Weed's gonna be, you know, all of it, dude. All the weed, the weed, all of it, dude. Leave it all alone, dude. There's no upside to it. Number two, I would say, hey, you know, you gotta work. You gotta work as shit you don't like to do. You gotta, I would tell Grant, You have to do shit you don't like to do. Okay. I would tell Grant, hey, dude, while they do five days, you do seven days. You do seven days a week. Don't do five days a week.

1:03:28David Weisburd:Violate God's plan. You know, the Bible violated work on Sundays, even though God said don't. Handle him later. Okay. You do great things. Work seven days. Violate the law until you get rich. And then, you know, make up for the seventh day later when you get to heaven. God's going to be like, you work the seventh day. I told you not to do that. I'm like, yeah, but I did a lot of good shit, dude. I admit it. I helped a lot of people, which would be the fourth thing I would tell them. Help people, man. When you're not helping yourself, help other people. Help as many people. When you get good at something, share it with somebody else.

1:04:00David Weisburd:When you get better, by the way, you'll get better because you shared it. When you get better, share that with somebody else. And when you get great, because you will, when you get great, share that with somebody else and then just keep repeating that over and over. The last thing I would say is between the age of 25 and probably 38, you know, unless you happen to stumble into the perfect person, I would not get married. I would wait. I waited until I was 51 years old to start having a family. And look, I don't know that I'm not completely tied to this last piece because I wish I'd had more kids, but I don't know that somebody that if you haven't figured out your career and your money yet, I don't know how you're going to figure out a family.

1:04:48David Weisburd:And I don't want my wife working. You know, I want to take care of my wife. She wants to go do something good, but I don't need her. I don't want her. I don't need her working in the marketplace. I want to take care of the family. So anyway, I could go on and on. There'd be another 10 pieces of advice I'd give people, but.

1:05:07Grant Cardone:What's something that you've changed your mind on in the last 12 months? we were going to go public last year okay and now i'm thinking i don't want to go public i want to

1:05:17David Weisburd:i want to tokenize my assets i want to put them on the blockchain i want to bypass the banks i want to do what i've been doing i don't want to i don't want to go kiss the ring okay i want to figure out how to bypass blackstone and tokenize my assets and continue to democratize directly to the audience, keep building out my retail audience, reward them, and then go to the banks and feed the banks later. Because I think the banks will find me more valuable. So that's one thing. Last year, we were set on going public. We had met with eight banks. All eight were interested. And now I'm reconsidering that.

1:06:00David Weisburd:I'm just being completely transparent. I did not know you were going to ask me this. but we're looking at tokenizing our assets, turning our 20 ,000 person investor audience into 200 ,000 and getting bigger and then going to the banks and figuring out how to do something bigger with them at a later date.

1:06:22Grant Cardone:Another 10 X. Yeah.

1:06:24David Weisburd:Another 10 X.

1:06:26Grant Cardone:Well, Grant, this has been absolute masterclass. Thanks so much for jumping on. Look forward to continuous conversation live.

1:06:31David Weisburd:Yeah, David, let's do this again, man. fantastic. You do a fantastic job. Genuinely mean this. I do a lot of interviews, but what you're doing with your podcast is very impressive.

1:06:40Grant Cardone:Thank you, Greg.