1278: Home Buyers Giving Up & Self Made, Becoming Empowered, Self-Reliant & Rich in Every Way with Telemundo & Fox's Nely Galan

To give some other people who might be on the fence out there. It took me a while to buy into the concept of buying out of state, and that's really one of the things that I really attribute to you guys. All the podcasts and then just kind of working through that and how the numbers worked and the comfort level of it. But, you know, one of the things that I think did the best for me is after talking extensively with him, I think he might have paired me up with, you know, like almost like a match.com like he paired me up with the perfect local market specialist to fit my personality and my investment philosophy. And so I kind of attribute it to him. But I'm very, very happy with the way the transactions go and the way the interactions kind of all fluidly occur with me and a local market specialist. And it really has been a pretty seamless process.

Welcome to the Creating wealth show with Jason Hartman. You're about to learn a new slant on investing, some exciting techniques and fresh new approaches to the world's most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine, self made multimillionaire who's actually been there and done it. He's a successful investor, lender, developer and entrepreneur who's owned properties in 11 states, had hundreds of tenants, and been involved in thousands of real estate transactions. This program will help you follow in Jason's footsteps on the road to your financial Independence Day. You really can do it. And now here's your host, Jason Hartman with the complete solution for real estate investors.

Greetings, investors. Welcome to episode 1278. Today our guest will be Nellie Galan and she has had a fantastic career, but she loves income property investing, and we're going to talk about that as she talks about becoming really an empowered investor. She didn't say it in exactly those terms, but, you know, we're all about the empowered investor. So we're going to kind of touch on that today. And this is a good story. But before we get to that, there's a recent article out about how half of home shoppers have just given up. They cannot find a house in their budget. Housing affordability is an issue again. Adam, what do you think?

Well, I think it's impressive that there's. It's not just giving up after a week or two. These are people who've been searching for three months. They're not just people who have come to the market and said, you know, I looked at the MLS one time and there was Nothing I liked. These are people who've been actively searching and 45% said prices have kept them from purchasing a home. And a lot of them, I was also reading, they're saying 62% are saying that they are not willing, even after three months, they're not willing to look in other locations. They're going to look in that location until they find the property they want at the price they want.

Now, I don't believe it says in this story who these potential buyers are, but I would venture to guess that most of them are your generation, you millennials. Right?

Well, it does say in the 62% searching in the same location, they're talking about veteran home buyers.

So you mean second time buyers or third time even, whatever.

Now they're looking and they said after searching for three months, 36% actually admitted they're going to expand their search area. 21% decided, you know what, the homes that I want are too expensive. I'm going to look for smaller and older homes. And 16% said, well, you know, then I'll just buy a more expensive home.

Right.

So 16% are willing to go and tie up even more of their income in order to buy the house.

Right, right. You know, here's the thing that our investors that have purchased recently have not yet realized, but you will just wait a couple of years, few years, maybe not a couple, but you will realize this. Okay? Now anyone that purchased through our network back 2015, 2014 or 2013 or before that, you've made a ton of money. Congratulations. I mean, you've done awesome. Come on the show and tell us about your windfalls. By the way, we always like to invite our listeners and clients to come on the show and be on the podcast. And we've had many of you on sharing your case study stories before. So join us. Just put the invitation out there again. You can go to jasonhartman.com tell us you're interested in being on the show. Or of course you can ask a question or make a comment there as well. Jason hartman.com ask. But here's the thing. Coming out of the Great Recession, the home builders have just completely ignored the low cost inventory in the housing market. There's nothing, almost nothing. I mean, you know, when I say nothing, it's a figure of speech. There's a couple of things, a couple of properties nationwide, but not many. And this is just huge for you investors because you've been buying for many years from me and my team, you've been buying these low cost income properties and the demand for those is just going to continue to increase because there's this gaping hole in the market, this gap where affordable housing just doesn't exist. And the amount of it that does exist, guess what, all of you clients and listeners, you own it. It's the stuff you've been buying. So there is just such an intrinsic shortage of this type of property and it's only going to get worse because certainly home builders are not building it.

Yeah. And we've been talking a bit about how the cyclical markets are softening and that's actually having a trickle down effect to the hybrids and the linear markets. I know we were talking before we started recording. My Realtor here in Austin told me that she's having problems selling properties here in Austin because a bunch of her west coast people who are moving here can't sell their house on the West Coast. So they're coming to new markets, they're having to start renting because they simply can't sell their old house.

Right, right.

So there's a whole new set of renters coming into the market who just, they're only renting until they can sell their house. And the way the market is right now, that might be a while.

So the cyclical west coast markets, the higher priced markets softening, and other cyclical markets around the country and around the world, very soft. You know, as I predicted, many, many times those types of markets are really softening, in some cases crashing, but the lower priced markets are. And then you are in a hybrid market where you are in Austin, Texas, Adam. And so people moving from cyclical to hybrid markets are stuck and cannot purchase a new home because they can't sell their old cyclical market home. And by the way, this leads me to another point of why it is not the best deal to buy your own home. Because once again, you're stuck. You're stuck with this whole level of commitment and complexity. It's good to be in the real estate game. And, and that just means own a bunch of income properties and if you can, if you can rent your own home, I was able to pull that off renting nice properties for the better part of six or seven years. And I always owned before that pretty much, you know, was always thinking you have to own your own home, but it's really just not a very good deal. Now if you listen to like Grant Cardone who's been on the show, or Robert Kiyosaki who's been on the show a couple of times, you know, they'll say you shouldn't buy your home because it's an expense and so on and so forth. And I say it's because the rent to value ratio is so poor. Be in the real estate game by owning income properties and do what you want with your house, but don't feel obligated to own the home in which you live. So just a thought there. What else on that, Adam?

I just think it's interesting that they were saying here, even though all of these people aren't able to find a place, they're still, you know, we talked about they're still going to get back into it. A lot of them are just flat out giving up. It's saying that they had a poll in the second quarter that showed that only 12% of adults say they're planning to purchase a home in the next 12 months, which is actually lower than 14% a year ago. So it's not only stopping people now, but it's continuing. And people are just saying why even bother at this point. And it's more people saying why bother now than there were in the past. So it's kind of like we talked about. It's trickling down and it's kind of starting to steamroll.

Yeah, very interesting. This is all working in your favor. When I talk about the inventory shortage getting worse and worse, the way you need to hear that investors is it's really good for you. Okay. Now it's not good when you're acquiring properties, I know that's harder. But once you own them, you, you are in the driver's seat, you're in the catbird seat. You are in control of that low cost inventory. And whether you ultimately decide to sell it in the future or just continue to rent it and do the refi till you die plan that I've outlined, you're going to win the game. It's just a phenomenal situation for you investors. So good for you. I like my mom's comment in our private group about this article. We have this private group for Venture alliance members where people can comment. She says there are two solutions. Settle for a smaller or older home with less features just to get started or get more income via second or third job. No matter what era or year you are in. This really works. Now I have to give mom credit, Adam, because I know as a kid that's exactly what she did. Okay. And our home in Los Angeles, she moved us in to a crappy little one bedroom apartment and just like the TV show Alice, she slept on a convertible sofa and gave me the bedroom thanks, Mom. That was really nice of you. We lived that way for several years. Moving out of a nice apartment in Fox Hills, by the way, Culver City, California. Moving out of that one into this crappy little Mar Vista apartment and moving down for several years to save more money. And she got a second job. She worked at the Leukemia Society during the day, and she got a second job at Norm's, the coffee shop. Okay. You know, she just worked really, really hard. And then we bought this terrible fixer upper house. It was just a complete junk. In fact, the seller, I remember him, his name was Jerry, he said he bragged that he never bought anything new. Everything he bought was used and it showed. Yeah, I mean, he had this, like, crap mismatch paneling on the walls. I remember we used to work on the house all the time. We were painting the house. We were putting up wallpaper. We were. She wanted moldings on the walls, my mom did. So I remember she bought this little wooden miter box. I used to saw the moldings. Oh, my God. We used it. We took that paneling off the walls. It was just a disgusting mess. But, hey, got me interested in real estate, I guess, doing all that work.

Yeah. I just found on a side note, based on what I was talking about earlier, it said it was down from 14% to 12%. I looked at, and actually, since the fourth quarter of 2017, it's gone down from 24% to 12%. That's how little confidence there is in the market right now. Just thought I'd throw that in there.

Confidence in what? Do you mean confidence in the market, or you mean people not confident that they can find a home?

Not confident they can find a home and that they can afford a home? It's gone from 24% who said they're planning to buy down to 12 in just a year and a half.

Yeah. So a lot of renters out there, folks. That's good for you, too. Yes, that's what I'm saying.

It's more and more people and you say, hey, guess what? I've got something. I've got a house. Got a house you can rent?

Yeah, yeah, come on over. Absolutely.

And as more. Look, it's going to cost more, you know, your rent can go up.

Good stuff. Okay, well, hey, just a reminder. We've got our cruise event coming up and we've got our profits and paradise event coming up. I know a lot of you have asked for the registration page. We will have that up soon, we promise. But that is coming up at the end of October. Go to jasonartman.com and we will have the registration page up. We've already had so many people RSVP say they're coming. So thank you for that. We will be giving the furniture away again. By the way, last time we gave all the bar stools away, we had a whole bunch of them. So you can furnish your home coming to our events. Okay.

The registration page isn't up, but if you just want to win tickets to it, you can go to jasonhartman.com contest, enter our empowered investor contest and get free tickets. Who needs to buy them when you can win them?

That's true. That's true. And by the way, I should say about that before we go to our guest, and this is the last thing, if you buy buy a ticket and you win the contest, we simply just refund your ticket. Okay. We've done that many, many times over the years when we've had contests and people have already purchased their ticket and then, you know, they won the contest, then we just refund them. So real easy there. Okay, Adam, let's get to our guest. Let's talk to Nellie about her empowerment journey. Yeah. It's my pleasure to welcome Nellie Galan. She is former president of Telemundo, creator and producer of the Fox series the Swan. She was the first Latina president of entertainment for the US Television Network and an Emmy award winning producer of over 700 television shows. She's founder of the Adelante movement to empower and train Latina and multicultural women. Bestselling author of Becoming Empowered, self reliant and rich in every way. Nellie, welcome. How are you?

Oh my God. Welcome to, welcome to your show. I love it. Thank you so much.

Well, it's good to have you. It's good to have you. You obviously have spent lot of time and you have a very rich and rewarding career in the media business. What are you doing in real estate? Have you made a transition from one to the other?

No, I think I've lived a parallel track. I think, you know, first of all, I have worked in media and I'm very blessed because I have worked for major corporations from the bottom up, worked my way up. And I don't want to dismiss that because I think a lot of people, we all dream about leaving our jobs. But you know, that time that you spend in a company or in corporate America working for others is very valuable because to it is the time where you go in there and that's your mba. You're learning every day. Of your life. What people do right and what people do wrong, how to scale a business on other people's money. And I think that's a valuable time that had I not had that time when I finally, eventually left, we sold the network and I started my own business. I would not have crushed it in my business if I didn't have all those times that I made mistakes on other people's dime, if I saw other people make mistakes in business, if I hadn't really every day and instead of feeling like a victim in those jobs, really took notes and really go, I better remember this for the future. And so I think that was very important. Also in those years that I was in corporate America, I noticed that my bosses that owned huge companies were more concerned with the buildings that they bought that the businesses were in. They were more concerned almost with that than with the business itself. And I started realizing, I better start a side hustle here. I better start buying buildings. And in fact, I asked one of them once, you know, how do you decide what to buy? And he says, well, whatever you do, you know, buy commercial real estate over homes, especially for you, that you're a woman and you're a Latina, because you're gonna feel sorry for somebody if they, you know, if, God forbid, they lose their job and you won't charge them if they're in the house. Whereas if you buy commercial real estate, you'll get companies to come in with lines of credit and all kinds of stuff, and you have a real shot at making money. Which, I mean, that's how I learned, the guy telling me. And little by little, I lived beneath my means. I had a parallel track. So I always thought. I mean, television was like my mission and real estate was my money. And I started, you know, with $5,000, bought a little teeny building and just went from there, and now own quite a few buildings and have done really almost better in real estate than in TV, but it's taken 20 years to do that.

That's amazing. And that's quite a TV career to compare your real estate holdings to. But when you say commercial real estate, I don't know what that means. Does that retail, industrial? What does it mean?

So I've bought a lot of different types of buildings. My favorite is an office building, but I also have storefronts, and I also own a church, of all things. So it is kind of a bunch of different types of buildings.

Interesting, interesting. So no apartments, though, or housing? See, I love. I think the opposite. I love housing. I think it's the greatest asset class. And it's sort of surprising.

Yeah, I think it's very good. I think it is very good. It's not something I did on purpose.

Right.

For me, because I did. I. You know, in fact, the building, the office building I own is a one company office building. I didn't want to have to collect money or manage managing companies that manage those kind of. I think, again, I think it depends what your other business is. My TV business is like being in real estate in a way, because when you make TV shows, I don't think people know this, but it's a combination of being a developer and a contractor developer and that you have to come up with the idea and then contractor that you have to actually build the show.

Right.

So I didn't want to have the same kind of business in three different areas.

Yeah, that makes sense. That makes sense. You wanted to have some diversification. Good, good stuff. Talk to us a little bit about your media career, if you would. Let's kind of circle back to that. 700 television shows. I assume that means 700 episodes, right? Does that mean episodes? Yeah.

Right. That's 700 episodes, right? Yeah, episodes.

Okay.

So it's a lot.

Of course it's a lot. How many shows is that, though? How many total shows would you say? The 700 hundred episodes, I don't even.

Remember because some of them are one show and some of them are 20 episodes. It's a lot, let me just say. But I think the reason I did that, and I think it goes back to I was employee number one of what is now the Latin TV revolution, right? I ran when I was 22 years old, a rinky dinky little Spanish TV station, the first Spanish TV station in New Jersey. And at that time I was like Lisa Ling. I was a teenager reporter in Boston for cbs. I was a stringer. You know, I go around the country interviewing people and then sending the interviews home for the news department, which still, I was very young to even do that. And I got offered this job because I was Latina and I spoke Spanish, managing this rinky dinky little TV station. And I remember thinking, oh my God, ew. I don't want that job. I'm at cbs. What do I want to do that for?

Right?

And I went to see the owner, who was Norman Leaker. You know, those that are older know.

That he was a very big producer.

Certainly heard that he had his partner. He and his partner had bought the station. And I said to them, I'm sorry, guys, but why would I want to do that? I'm going to be a network correspondent someday at cbs. And they both looked at me and laughed and said, young lady, are you rich? And I go, no. And they go, well, we're rich. And how is it that you don't know that being employee number one of what will be a multi billion dollar business, you can't help us succeed? The Latino market is going to be huge. And I was like, really? And I always say that maybe because I'm an immigrant, had I been like my own son that's had more in life than I had, I might have gone for the ego job being a correspondent. But when they said that to me, I was like, these guys look like really smart, successful to me. And I quit my job at cbs, the greatest decision of my life. And I became employee one of a rinky dinky little TV station. I did every single job in that company, worked my way up and became the first woman president of the network.

Yeah, that's great. How many years, what year did you start there and what year did that, did you become number one?

Started in the trajectory, started in, I would say 19, maybe 88. And the journey took me 10 years and I became the president and then I was able to, we were able to sell the company NBC. And then when NBC bought it, they offered me the deal to produce lots of shows for them because again, I knew every little part of that business. I was an expert. Yeah, yeah. And I think people have to understand that people that create niches and become experts in niches make a lot of money.

Sure, of course they do. Yeah. Nellie, would it be fair to say that part of your success was having the humility to do every job? You know, there's an old joke about, hey, I'm the CEO, I'm chief cook and bottle washer. Right. Do everything you wear, every.

You know, you're right. Yeah. I think also, you know, again, that's why I say the idea of not being victimized when you work for other people, because every job you do, whether it's good or bad, teaches you something that eventually takes you to mastery. You know, I think that doing any crappy job at anything you do, dealing with bad clients, dealing with bad bosses, dealing with companies that you know are wasting money, later on you'll know how to buy companies that are wasting money.

Right.

I think all these lessons, every little humble lesson is leading you to becoming self made.

Well, listen, you're, you're from the media business, you, you know, Hollywood. And so I love that saying, Nelly, there are no small parts, only small actors. Right?

It's true.

Yeah, Very good.

Very absolutely true.

Yeah. What does feminism mean to you?

Well, I think to me it's an important word in my interpretation of it because, you know, my parents left communist Cuba when I was 4. We got here when I was 5. And, you know, my parents came here for so many things. You know, freedom of speech, you know, this idea that in the United States was an incredible place to have a different life. And I don't take that for granted one day of my life. I think that if I was me and I lived in Latin America or in India or in China, in places where there are. I mean, we have classes, but it's not the same where there are caste systems, where women are, you know, for religious reasons, can't speak. I would never in one generation be self made, ever.

Right.

So to me, the fact that I have been able to come to this country as an immigrant, work as hard as I have and have the kind of career I've had and the kind and build wealth where I have in one generation and be able to help my parents, to me, that is not the most beautiful manifestation of feminism. I don't know what is.

You know, that word is thrown around a lot. You know, there are certainly elements of it that are very positive, but I would have to say there are some pretty negative or hostile elements of that word. You know, do you recognize that? It sounds like you seem very grateful and centered about it.

You know, I think when we talk about all words that are, you know, polarizing, whether it's racism or sexism or ageism, you know, there is a negative part or an angry part of all of it. You know, I choose to look at the beauty of it because I think I do believe in opportunity and people having equal opportunity and people having the ability to have the greatest life they can have. I mean, the truth is that that is not true in most parts of the world. And I think in this country we have to fight for it.

Right.

And it's a constant fight. It doesn't have to be an angry fight. I believe that when you love something, and I love my. You speak up when things are not going as well as they have in other times. But it doesn't have to be a hateful or angry thing. It's actually a loving thing.

Yeah. Good. What else do you want people to know? Maybe a question I haven't asked you or just any part of your career that you want to share success secrets.

Yeah. So I think I wrote Self made, becoming empowered, self reliant, enriched in every way, because I think I saw Sheryl Sandberg come out with the book Lean in and I thought it was a very powerful book. But I realized that it was the story of a woman that went to Harvard, that left Harvard, that had three jobs, had a lot of mentors, and got stock, and she became a billionaire. And good for her. But I felt like there were so many other people in this country, men and women, who have had obstacle courses for life, whether it's that you're an immigrant or whether you're a single mom, or whether you, you know, you haven't had all the opportunities that other people have had. And I wanted to show people that this idea of thinking like an entre entrepreneur, whether you work for others or work for yourself, if every day of your life you're thinking like an owner, and you also invest like an owner and understand that the whole basis of the American economy is based on making money while you sleep. And not only must you make money through your skills and your work, but also you have to invest money in the country. Whether it's in franchises, stock, real estate, existing businesses, you have to reinvest your money in order to build wealth. And I don't think that's something that everyone knows or everyone understands. And I wanted to really bring back the idea that in the end, the starting point of this race, if you will, is you have to take personal responsibility for your happiness, your well being, and your financial well being. And so you really have to change your mindset to thinking like a self made person.

Mm, yeah. Very good, very good. Okay, so thinking like a self made person. Anything more on that? I mean, can you unpack that a little bit more? It really feels, and I'm sure it feels this way probably for every generation, but it seems that there is a lot of the entitlement disease going around nowadays that, you know, people feel they're owed something. Right. And then, you know, I remember my mom saying when I was growing up, you know, the world doesn't owe you a living. You have to make your own place in it and you have to earn it. Nobody has to do that for you. It's your responsibility. You know, how would you speak to that?

That's correct. I think that's absolutely your mom's right. I think, you know, unfortunately, so many of us are the culprit in this entitlement because maybe we've given kids too much. You know, maybe we feel like we've gone through Some stuff. And so we want them to have an easier life. But, you know, it's not good. Because the truth of the matter is that it's much harder to learn that lesson through your life that you will not be handed anything. You know, I say in my book, there's no Prince Charming. And I don't mean just a mate. I mean, your boss is not there to save you. The company you work for is not there to save you. No one's there to save you. And it's really through your own hard work and your own discipline and your own self reliance, you really have to come to the conclusion that you have got to do it yourself. And it takes some people a year, a month, and some people, it takes them a lifetime to figure it out, that it's not being handed to you that to be chosen, you have to choose yourself every day and work every day to get to the next level.

Yep. No question about it. We've got to earn our stripes every day, don't we?

We do.

Yeah.

No question about it. But it does pay off. And I think that's why I wanted to write the book, because I think a lot of people are complaining about living hand to mouth and struggling and really not getting ahead. And I say, well, you know, getting to a higher level requires sacrifice. You know, you have to save money. And a lot of young people say to me, I can't, I can't. Yes, you can. You know, I lived in a $3,000 apartment in New York and I moved to a $304 walk up when I wanted to start a business. You have to sacrifice something to get something greater than yourself, right?

Absolutely. The sign of mat is the willingness to delay gratification, to not party today, but to save for the future and to sacrifice today for a bigger, longer term goal and a bigger, longer term vision. Right?

Yeah. You know, it's funny because I have a lot of friends who say to me now, they go, did you just make way more money than we do? And I always say no. But when we were all 30, we all went to Europe, but I went on $100 a day. You guys went glamorous and you guys bought Jaguars and you guys went on a lot of trips and I bought buildings when I was 30.

Yeah. Yeah. That's. That's great.

I love, you know, x amount of years later, it looks like I, you know, I'm like this wealthier person, but in fact, I delayed gratification for a long time.

Mm.

And that what people don't realize is that when you're 30, you can go to Europe on a hundred dollars a day, and it's super fun and it's an adventure. But when you're 50, you're gonna want to stay at the Ritz, Carl.

Right, Absolutely. And if, and if you want to.

Be able to do crossing when you're 30, because you're going to blow the money before you're 50.

Yeah, absolutely. And that money, when you save and invest it has this compounding effect. If you don't delay gratification to save and invest, you lose that compounding effect. And that's right. Really, really hurts you in the long run. You know, most people spend money on the appearances of wealth rather than the things that actually create wealth. They're buying the new car, they're going on the expensive vacation, they're buying all the designer clothes instead of the things that can create the future where you can happily and easily afford those things.

Exactly. I mean, definitely. I think, I think this stuff is so grounded. I mean, that's my favorite word, grounded. And yeah, it's, you know, it really, as I tell people, something's in life you can't predict, but math never fails you.

It doesn't love it.

It's predictable.

Yeah, that's a great way to put it. So in other words, the math of the investment returns and the math, the compounding can be predicted. The math works.

It's predicted.

Yeah. And you don't know exactly what the economy will do. It'll go up, down, sideways, of course, but you know that over time, it'll leave it out. Right. It'll average out. And you just apply the math to that and, and you'll be in good shape. Hey, do you think Oprah's gonna run for president?

I say in my book. I say in my book, and I think it's a great line. Math doesn't lie. Maybe everyone else lie to you, but math doesn't lie. Right?

Right. Hey, so what do you think about Oprah? I'm curious. That's a talking point we have on your list here.

I mean, I love Oprah and I think she's great. I think there's a lot of, you know, what really I learned going on with hidden figure women that are magical and incredible, and they are the women that I put out in the world because, you know, in the men as well, I think there should be a lesser emphasis on celebrity and athletes and a greater emphasis on the people that are that really have accomplished incredible things and that we can all aspire to be I think that is the key magic of our country.

Absolutely.

We have great stories and great people.

We do have great stories. There's a lot of Horatio Alger style rags to riches stories out there and no place has more of them than the United States of America. You know, I think your Cuban background and I've been to Cuba is really fascinating and helped you gain a lot of perspective over that. Nellie, wrap it up with any closing thoughts and give out your website.

So I think the closing thoughts are remember mission and money parallel tracks and money comes first because when you're young and you have time and you have the life force and the energy to have three or four jobs, three or four side hustles, do it and really make the money. If you can check the box on the money first, the rest will come. There's plenty of time to do all the things you wanted to do in life. Like now I have all the time in the world to help women to go around the country to talk to families about becoming self made because I already made money. You do not want to have these. The issues of money. You left money for last. Get rid of that first. Do it, make the money, invest it, become self made and then enjoy the rest of your life. People can reach me on my website Becoming self made Calm and right now, you know, I have these incredible webinars for free that teach people self made mastery. Three part series, it's becoming self made.com backslash mastery and you can sign up for these webinars for free. And I just love teaching blow by blow, step by step in a way that there are no bad questions to people how to become self made.

Nellie, thank you so much for joining us and sharing your great story. Appreciate it.

Thank you. You're such a great interviewer. Thank you so much.

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