Businesses Have to Face the Music

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Summary

➡ This video discusses the challenges faced by businesses, particularly in the restaurant industry, due to landlords’ demands and the impact of external factors like fires. The speaker highlights how landlords often demand a percentage of sales from successful businesses, and how this can be a double-edged sword. He also mentions the potential negative effects of the LA fires on businesses, as landlords are unlikely to offer any concessions. The video ends with a discussion on the importance of cost-cutting in the current economy and the questionable quality of fast food.
➡ Divi, a rent-to-own company once valued at $2 billion, was sold to a subsidiary of Brookfield Homes in a complex deal. As the real estate market struggles, people are getting creative with financing, including seller financing where the owner carries the loan. This has happened before in 1999, 2006, and 2007. However, as the market gets tougher, those with savings will have more opportunities, while others may face challenges due to high interest rates and insurance issues, especially in California where damages from fires are estimated to be over $100 billion.

Transcript

Hey, it’s Dan. Welcome back. This is I, Allegedly. And I’ve got a good one for you today because, man, the landlords always win. There’s a lot to cover in this video with regards to business. And, man, oh, man, is it good to be home right now? I’ll tell you that. It’s funny, before I get started. You know, New Year, a lot of new boats out in the marina, and just beautiful big stuff. Like, parked, like, really in eye-catching spots. You know what I mean? It’s just this place. Just unbelievable. I’m going to stop. It’s just big wave-os.

Okay, first generation. Look at these things. These are huge. Anyways, New Year, new market, you know, people trading boat slips and stuff. Kind of cool. But hit the like button, subscribe to the channel, and you want to e-mail me. It’s Hello at IAllegedly.com. But let’s get right into it. Gordon Ramsay brought up something with the L.A. fires that nobody thinks about. And I talked about this a little bit, but he brought up a great interview and talked about this. What a problem that is coming down the road. And that is that the landlords always win. And what I mean by that is, you’re always going to have to pay your rent, regardless of how it is.

Now, one thing that I had learned about the restaurant industry is people think, hey, we go rent this location, and that’s it. Now, if you have a higher-end landlord like the Irvine Company, you guys have heard of Donald Brand, who owns everything here in Orange County. And the Irvine Company is a huge landlord. It has a bunch of leases when it comes to restaurants and retail and things like that in apartment buildings. And one thing that they do, in addition to rent, is they get a percentage of your sales. Now, what Gordon Ramsay said was, hey, when they see it, it’s me.

They want to meet me. They want more money from us because they know that we can pay it. And they get demand, and they want a bigger percentage of the business, which is, he says, it’s the good and bad. It’s the double-edged sword of being successful. Now, Gordon Ramsay now has two, he’s worth $200 million. He’s got 88 restaurants now, which I was going to say, like, he’s got 20. Okay? 88 restaurants. And last time I ate at one of his was Hell’s Kitchen for my daughter’s birthday. It was just amazing. You know, it’s a great experience.

It’s fun. It’s in Vegas. The food was great. The service was great. But it’s just like clockwork, man. It is such a nice experience. Is it high-end? Yes. You’re going to pay a little more for that? Yes. But there’s just no messing around and get your appetizers out at certain times, drinks out. Everything is done in such a way that it’s just professional. But what he talked about is these L.A. fires are going to create such a real, you know, people are going to get realistic on how bad the landlords are and how they always win because they’re not going to give concessions.

Hey, sorry that, you know, the businesses around you burnt down, but you’re going to continue to pay us rent. And people are like, what are you talking about? You know, do we get any kind of deal we can work out right now? No, there’s no deal. None at all right now. So you’re going to see so many businesses go out of business right now that it’s going to be shocking during this time. And it’s going to start in Southern California and it’s going to continue on and on and on and on and on. And the first thing is that, again, the rent, the high prices with inflation of what everybody’s paying right now is just part of society.

Now, I had a couple of people write me wanting to know why prices have not gone down in the first couple days of Donald Trump’s administration. At first I thought the first person was kidding. Isn’t that funny? And then I realized they were serious. It’s like, you know, what’s going to do about gas? Gas is so high today. I mean, that compares to the idiot that wrote me, Donald Trump’s been president for two weeks. You know, in November, she wrote me to say why hasn’t there been any changes yet? And I had to explain to her that there’s an inauguration that was, you know, 100 days away.

Huh? Okay. Anyways, the point of all this is that all these fires have shown people how bad it is. Now, a couple of things. A buddy of mine, his wife, is sick and we’ve been trying to get together and have lunch. We’re finally going to do it tomorrow. And I went by, it’s in Tustin, I went by my PO box, which if you guys have ever sent me mail, it’s in Tustin, California. And I went by the PO box today and as I was driving towards the freeway, one of the restaurants, hey, let’s go eat here or here.

This place opened in October. October 15th is when this restaurant opened. It was an Asian steakhouse. I’m not going to say the name of it because this is embarrassing. So needless to say, the Asian steakhouse opens and we’ve been trying to go there since October. Wife gets sick, the holidays, everything. I drove by today, they’re ripping the sign down, remodeling it. And I pulled up and I’m like, yeah, the point of the first place is done in three months. Three months it’s done. So all over TikTok, it was one of those things. It was funny. The TikTok thing, TikTok is a great resource, guys, for information, marketing, business, things like that.

Can you waste time and watch cat videos and dog videos and things like that? Oh, absolutely, you spend days on that with that stuff. But it’s a good resource. I like it for the restaurant reviews because people seem to be realistic. Kind of like this guy that I saw that did a really bad review on Guy Fieri’s place. If you’ve ever seen that one, I can send you a link to that. The point is that this poor place didn’t last three months. Isn’t that wild, guys? November, December, January. Done. Done, done, done. You’re going to see this happen more and more right now.

The Costco effect, you know, there’s over 120 Costcos in California and they say the strike is going to destroy other businesses because other businesses are going to get on board to get better service, better wages, better scheduling, things like that. And it could have a dramatic effect on other businesses right now. I don’t know if that’s the case. I don’t know if that’s true or not. But the thing about the Gordon Ramsay thing that really brought to light how people just think, oh, the pizza place pays rent. They may pay it. You get smaller places and they just may pay a flat fee.

And I remember a few years ago, two people I met that were very fascinating. One guy was a restaurant equipment wholesaler. And this guy seems connected to other friends. Nice man, nice to me, you know, but not the guy you don’t want to pay. And that guy was telling me stories about collecting stuff. If you want to go start a restaurant, you go to him and not the new stuff because the new stuff ends up at his place like this place 90 days later. So people finance these things to the hilt. They think that they’re going to get through.

It’s going to be no big deal. And I’m going to get through this and we’re going to make money and people are going to come hand over fist. But again, maybe it wasn’t a good idea to start a, you know, an Asian steakhouse in the middle of October when, you know, before an election. I mean, I could go through a thousand things that were going on in the economy during that time. But again, it’s done. Now, Gordon Ramsey brought up two great points. He says, if you’re successful, they are very demanding and they can demand the percentage.

They can demand things from you. And if you’re not successful and you’re new, they’re all over you. They hound you. They will show up with their hand out on the counter for the rent. And again, is that a way to live? No, it’s horrible. It’s a horrible way to do business. So starting to see this thing, you know, you’re going to see problems. And again, not every economy is bad. Not every economy is great right now. But what you’re seeing is that people need to cut costs right now. Fast food. Somebody sent me an article about the healthiest fast food places.

You know, McDonald’s is healthy. I had McDonald’s the other night after fricking a friend up from the airport. Let’s just get something quick. It was awful. On a scale of one to ten, it was thrown out the window. It was that bad. It was just horrible. And thank God, I haven’t been that hungry forever. And that’s one of the healthiest burgers. Who says? You know, the ad agency that wrote the article, I don’t know. There was a company called Divi. D-I-V-V-Y. And they were a rent to own company. So they bought a bunch of properties, and you could get in on this, and you could rent to own your property.

And what’s interesting about that is it was big, okay, at one point. The company was worth $2 billion. They just sold to a subsidiary of Brookfield Homes. And I’ve got to get the original article. I’ve got the thing from BizNow that I’ll leave below. But they were saying that it was sold for parts, and that they can’t even determine what the price was because they bought this, they bought that, this part, took this over, didn’t pay for this, paid for this. It was like the swapmate purchase. And again, how would you like to be an investor in that debacle? You know, so you’re going to see certain things break down.

One thing that’s going to happen quite often right now is when the real estate market starts to tank, people get more creative with the financing. And I had a buddy of mine, I have a buddy of mine, who helped an old woman with her house. And they worked a deal out with the kids. Like, if we ever sell the house, you’ll be the one to buy it. We’ll work something out with the kids. And been trying to buy the place for the last 90 days, gets a phone call from a realtor, and we’ve jacked up the price, $350,000.

Huh? Okay. Good luck. Bye. Well, you’re really not going to buy it. We thought you wanted the house. We do. I wanted it for what we agreed to, not $350,000 more. And I don’t want to be in debt this much right now. You know, my buddy Dan’s right. This is kind of crazy right now. So, with that, didn’t buy the house. Now, what you’re going to see is you have people that have their bills. They have their retired houses paid for. They’re going to start to get creative with seller financing. So, you’re going to be able to buy these homes, where it’ll be nothing down, and the owner will carry the financing for you.

Sounds great, doesn’t it? That’s what happened. We’ve seen this happen over and over again. Happened in 2006, happened in 2007, happened in 1999, that you saw all these properties that these people would do seller financing. Now, one thing that one couple did, and I’ve got the story below for you, is we’ll sell you the house, set the price now, give us the money so we can live on it, but we live here rent-free until we pass. Sounds good, huh? The story that was told to me by somebody once was that they made a deal with somebody that they could live there for free.

The person, they thought, oh, this guy’s going to die soon. The person lived 15 years in the house, rent-free, which is good for him. Live a long, happy life, okay? Go to God. It’s all good. But, you know what I mean? You work a deal like that, and you better be prepared for it. Now, the most famous deal of this was Hugh Hefner from the Playboy Company. He sold his house for $100 million. But the deal was, when he sold it, was, you can’t evict me, you can’t kick me out, you have to keep me in the house until I die.

And now the house, very famously, he passes, they start reconstruction. Supposedly, the house and what they built it was worth $250 million afterwards, and they put supposedly $45 million into rebuilding it. I don’t know all the facts right now. It did not burn down. It’s near Brentwood. It’s in one of the other areas. Somebody else shared that with me. But the point was, that’s what he did with that. So, again, people get creative. One of the landlords I spoke to, that I got a kick out of, was, you go into some shopping centers, and you’ll have three Italian restaurants in the same center.

And I spoke to this one landlord, he goes, hey, do you limit the type of restaurants and the type of services? No, I’ll have five yogurt shops. I don’t care. As long as they’re paying me rent. Well, don’t you want that? Because I never agreed exclusively. You know what, you want to be the only sushi place in my complex? Not a chance. Somebody else wants to come in, and they can pay the rent. I’d have five of them next door to each other. Now, that’s one of the landlords’ opinion of this. So, again, you don’t want to owe anybody any money.

You want to be in debt. Like I said, as things get weirder, it’s going to get more creative. Do I think it’s going to get better in the long run? 100%. I think that business is going to improve. But the people that have money right now, that have saved money, put it away for a rainy day, those people are going to be able to do anything they want, buy anything they want, finance anything they want. One thing you have to look at, you have to look at the… You have to look at ways to get through this high interest rate, because it’s not coming down in the next 10 minutes, like everybody wants.

Now, government waste has been around forever and a day, and government irresponsibility is spending the wrong way. It just doesn’t stop. There’s a great study, I found it below for you, where a trillion dollars was spent on pickleball courts, rats that are on cocaine, and kids’ TV shows. I’m telling you guys, one thing, when I was in the kids’ entertainment industry, that blew me away, was how you could do a kids’ show and have the government pay for it to be funded and produced. That means shooting it, hiring the actors, the voice people, the animation, all that stuff.

As the world gets better with AI, you could create a character, and then you could have AI basically do your shows now. They don’t need to spend all this money anymore. It’s very, very simple to do this. This is out there right now. The final thing right now is the state of California right now is talking about how bad the problem is with the insurance debacle. JP Morgan said people need to get ready because only about 20% of the damage is going to be handled. Now the state insurance czar, his assistant, which is Brown’s name, so I can talk semi-intelligently about this, this guy was talking about how, state auditor James Brown, not that change.

Anyways, this guy was talking about how it’s easily right now, the damages that they’ve totaled right now are well over $100 billion. Now, if it’s $100 billion and they only think $20 billion is going to get covered, what are you going to do? What are you going to do? Bankruptcy Festival in Southern California, people are going to lose everything on this right now, which is so sad, it’s awful. Businesses, loss of jobs, everything that’s going to happen. But the estimates that I’ve heard already have been $150 billion. Now, there’s still fires burning.

As we talk about this, as I travel and I came back home, there’s still stuff burning right now. Isn’t that wild to think about? We may have rain over the weekend, this coming weekend, so it may put this stuff out. So, please guys like, subscribe. Don’t forget that we have a private channel, iAllegedlyLive, you can sign up at iAllegedly.tv, and we’re going to watch your email list so you can see the winners of the Christmas and New Year’s gifts that are being sent out, and that will be the next email that we send out to you guys.

So pay attention to that, and I’ll see you guys very soon. [tr:trw].

See more of I Allegedly on their Public Channel and the MPN I Allegedly channel.

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