Why Your Favorite Restaurant is Closing | I Allegedly

Hey, it’s Dan. Welcome back. You’re watching IAllegedly. And I’ve got a good one for you today. I’m at the Orange County Zoo and you’ve got a mountain lion up there coming out looking to eat people. And a lot to cover today because commercial real estate is going to destroy other industries. You’re gonna see this. It’s gonna happen time enough and fast enough. Soon. Don’t forget to hit the like button. Don’t forget to subscribe to the to because one’s going out tomorrow. So first things first guys, the commercial real estate debacle is an absolute disaster.

And what it’s done is it’s it’s finally showing its true colors because you have so many vacancies. You’ve got businesses that have completely been transformed where people are not working at the office anymore. People are working from home and working remotely and they are not going to these office buildings anymore. And the office buildings are absolutely losing everything. You have all these interest-only loans that are going to be called in over the course of the next year and it’s an absolute disaster. And you’re going to see foreclosures like you’ve never seen.

We’re seeing restaurants, small businesses, everything from, you know, dry cleaners to other businesses are just completely been destroyed as a result of people not working in these cities. And the problem with it right now is you cannot deny the problem with the number of real estate listings that are going through the roof right now. Now average house in the United States right now is just under four hundred thousand dollars which is three hundred ninety seven thousand six hundred and fifty four dollars. Where can you buy a house like that? Where can you buy a condo? Where can you buy a shed like that here in California? I don’t know and I’m not going to debate that but what you have is a huge percentage of homes that are being listed on the market right now.

And the first things first, let’s start here in California because you’ve got cities year over year that, you know, on the west coast we’ll start with the west coast. Seattle they’re up 29% over last year number of sales. You know, Miami has seen a 25% increase. Boston’s seen a 25% increase. Pennsylvania it’s 22% but what you’re seeing is you’re seeing areas in Southern California that have increases of 30-35% more listings. The problem that you have is that things are not moving. They’re sitting on the market longer. Think about this. Atlanta Georgia, I sent my buddy Drayton A the story and it was good.

There’s a peacock with the little babies right there. Atlanta Georgia month over month sells basically 10,000 houses a month. Last month it sold almost 40% less at 6,000 houses. That is crazy guys. It is catastrophic and the number is something you just can’t say, oh it’s 3%, oh it’s 5%, oh it’s just a glitch Dan. No, it is a problem guys. It is an absolute huge problem. We’ve had for the first time in the last seven years you have more real estate listings on Redfin, Zillow, Realtor.com that are showing price decreases than you’ve had in that time and why is that? Well because people are not buying right now and things are taking a toll on people.

Sales are not happening. There’s a real problem with the real estate industry as far as the buyers agreements and things that you’re going to have to work out. I’m telling you guys don’t sign these agreements. Do not get yourself committed to working with an agent for a set period of time. It’s insane. Why? You’re doing the research, you’re finding out the houses. My son is you know looking to rent an apartment with some of his buddies as he’s finishing you know college and moving on with his life. But you know I was really relieved because he called me today and I’m taking your advice on researching the neighborhoods, researching everything.

That’s what you need to do. Research crime. Go there at night. Go there on the weekends. Don’t be desperate but for the first time in a long time you don’t have to be like hey if you don’t take this somebody else is going to take it. Good luck with that because it’s happening like that with rentals as well. But the commercial real estate problem that you have is you have a trillion and a half dollars worth of commercial real estate that’s going to get foreclosed upon. My buddy Doug is doing auctions today and I’m going to go see him in a couple hours and it’s crazy guys.

You’re absolutely seeing the buildings go up. You’ve seen vacant land get foreclosed on that you’ve never seen before. Vacant land that’s designed for developers that he’s posting and hey Doug how do you post vacant property? We pound a stick into the ground. You post the land and then you take a picture of it. You know it’s that simple and again nobody comes and shoots you at vacant property. Nobody comes and gives you a hard time like they do at a residence. It’s just that simple but what he has seen is that after years and years and years of the banks letting people slide the party is over and the problem with the party being over is that you’re just not going to be able to not pay the bank right now.

Look at that beautiful peacock hopping up there so you know. So isn’t that wild guys? Just just getting worse. Now there’s a lot more to cover on this and I find it fascinating because the thing that you’re seeing is that what was not a problem 90 days ago is a problem now and you know oh you better get yourself ready. This is not home buying season guys it’s summertime and I don’t care where you live in the United States most people are trying to have themselves you know a vacation of some sort right now and it’s kind of hot out here today at the zoo so they got the misters going and the turkey vulture back there which is always big.

This is Orange County Zoo. It’s a smaller zoo but it’s just nice because it’s simple and it’s got kind of a bunch of work on it but I’m telling you the great article below I found on distressed properties in the commercial space and that you haven’t seen anything yet and that you’re going to see businesses go for as low as 10 and 20 cents on the dollar to take them over. If you can buy these things and you have a need for the commercial use you’re going to be able to save a tremendous amount of money.

The thing that’s not going to happen is you’re not going to be able to sit there and go oh we’re going to convert all these houses all these buildings into commercial real estate. I mean to residential real estate commercial into residential. It’s very expensive to do that and it’s just not something that can be done overnight. Every property that they’ve tried to do that with the rents are higher than they are normally so you know share your thoughts on this stuff so far guys because this is crazy and you’re seeing things go on sale that we’ve never seen before you’re seeing property sit on the market longer and you know the Fed saying that inflation is no longer the worry that it was why is that why is that that I paid $18 for a sandwich today okay from my old favorite sandwich shop that used to be $9.99 and it’s literally double in price so it’s not a problem anymore remember that guys it slowed down.

Great article from a man that owns 11 Wendy’s restaurants here in California the $20 an hour has destroyed his family’s business so much that he has to work the fryer take orders and do everything himself and that they hire used to hire a dozen people per shift now they hire seven and have seven people do the job of 12 just so that they could economically make it the idea of owning a fast food restaurant used to be able to make millions of dollars owning a fast food restaurant McDonald’s things like that not anymore guys not anymore just it’s not there you know the bargains that are out there for commercial real estate you know again research research research but they’re out there you’re gonna see them you know Fed Chairman Powell I’m sick of this guy I just you know people that are the top 1% of the world telling us how hey everything’s affordable things are good lie to me some more.

Because that’s all you’re doing so you know great article below about the end of restaurants as we know it you may never see restaurants open the way that they were you know five years ago eight years ago and they’ve just they’re not going to come back but the idea of having a reasonable experience I had a friend of mine say that they took four people to Olive Garden and it was $158 to eat at Olive Garden and that’s you know it’s insanity it’s a low-end you know Italian restaurant is what it’s supposed to be mid-level mid-size and it’s not it’s anything but that so I like to show you guys the vultures spreading its wings over here so somebody’s in trouble but you know you know share your thoughts in this stuff so far guys let me know what you think about this and do you feel that things are good you feel things are normal right now think about it I’m at a zoo that cost $2 now you can say it’s a hot day Dan people aren’t there you don’t have these summer camps out here you don’t have the families out here and it’s two bucks to get in the door two dollars two dollars okay and nobody’s out here you’re the crowd is off not as many people as we normally have sir it’s what they told me so is this the way things are gonna be from now on let me know what you think about that mr.

Mountain lion, I always love the emails that you guys send me. A couple that were great was Jose sent me a picture of his JC Penney’s credit card bill. You know, “Dan, I needed a couple pairs of shorts, so I thought I’d go to JC Penney’s and buy shorts and put it on the JC Penney card I haven’t used forever.” Well, they sent him the statement and charged him a dollar ninety-nine in addition to his twenty-two dollar charge for a paper statement fee that they never notified him about. And again, he’s like, “I’ll never buy another thing from these guys again, ever, ever, ever, ever.”

He called and complained and freaked out. Will they refund it? Probably not. But the point is that this is too much. And then Neal sent me a story about how the police in Sacramento, California, notified the local Target, “Hey, quit calling us about robberies and theft. We don’t want to hear about this. We know you guys have called us 37 times to notify us.” What do you call the police for, guys? To say, “Hi, come watch my car.” The idea of the cops is that, you know, they’re there to protect us, and the problem with it is they do it after the fact. You can’t call the police, “Hey, things look suspicious. There are some bad people here.” They don’t care. They fight after the fact.

Look, it’s a jackass, okay? So that nice jackass is walking around enjoying himself. You guys ever seen a jackass before? So again, I always appreciate you guys sending me this stuff, but it’s insane. Imagine this, so much so that Target got themselves in a little bit of hot water. Sacramento legislators said you can’t hurt a business for calling the police, so they’re going to put legislation through. That’s how insane this state is. California is California. You know, Gavin for you. All the stuff you guys write me about, you think they’re so clever and that I’ve seen 50 times each name. No one’s ever come up with a new name, but the point is that it is nuts. It is absolutely nuts. You guys are right about that, and, you know, it’s just getting worse.

Now, two things right now with real estate. You’re seeing boomers that have to live together, baby boomers, so they’re calling them not roommates; they’re boom mates. Isn’t that cute? Isn’t that clever? Isn’t that nice that your aunt can’t afford her own apartment? She has to live with a buddy, so it’s a boom mate now. It’s sad. People don’t have the savings. People don’t have the income. People are tired. People don’t want to go out and work. They don’t want to do it anymore. They’re done, done, done, done.

And with that, sometimes I hang out here, and the otter shows up, so we’ll plant ourselves for a second. You have states like Montana and Wyoming where they’re going to have a rash of real estate for sale. Why? Because of the property taxes. Property taxes are going through the roof because they have no regulation. So, we have no business. We’ll penalize the homeowners. Now, a lot of retired people moved from states like California, Arizona, all these other places, and moved to Wyoming and Montana. And now they’re facing eviction from their own homes because of that and because of property taxes and insurance. They cannot afford the insurance. Where are your babies at? So with that, you’re gonna see more houses available.

I’m telling you guys, you can sit there and say, “Oh, you know, Dan, I have one guy that keeps writing me, and it’s the same sentences with different account names like he’s clever. And we don’t block people, we don’t do things, I don’t have the time for stuff like that, but these idiots are like, ‘Yeah, there hasn’t been a real estate crash.'” What we’re about to experience is going to be the most epic thing in real estate. You’re going to see apartment buildings, duplexes, fourplexes, commercial buildings, everything go on sale in our lifetime like we’ve never seen ever. So, you’re gonna see that. It’s gonna be crazy. It’s absolutely crazy. But these people cannot afford their houses now.

I went to the baseball game with my cousin. My cousin says, “Man, oh man, I want to move to Arizona from California, and I found something that’s unbelievable. I told people that I want to rent for three thousand dollars a month, which is a lot of money in Arizona money. And they have a house that is, they say it’s worth 1.4 million. He says, ‘Dan, this house in California would be worth five or six million bucks. It’s got almost a twelve thousand square foot lot. It’s got a huge pool. It’s got a little mini putt-putt in the backyard. It’s got everything. It’s absolutely amazing in a gated community with a guard.’ You gotta go walk up and say, ‘Can I see my cousin?’ ‘No, you’re Dan, pass.'”

So, beautiful. The realtor says that the woman has been trying to sell the place now going on seven months to where she’s desperate, and most likely she’s going to rent it. But if he could up his rent to probably thirty-five hundred bucks a month, he could get this house. And I’m like, “Dude, this is insane.” You know, he works from home too, so he could work from paradise and pay a little more, get rid of all your, you know, rentals here that you have in the office and the place you rent right now and go move there if that’s what you want to do. So, isn’t that crazy, guys?

So, you’re gonna see that happen more and more right now. You’re gonna see more of these houses that are gonna become available like we’ve never seen before. But how many people are trying to sell their properties, and you’ve seen this if you’ve ever looked at real estate listings. I get a kick out of it when I look for a house and it gives me notification, “Hey, there’s a new listing within your parameters,” and I’m like, “Oh,” and it’s the same house, and they cancel it, and then they change a few words in the listing and then repop it back up two weeks later when there’s no activity. Seeing that a lot more.

So, let me know, guys. Let me know what you see about this stuff. The fake pig, I don’t know what these things are, they’re collared peccaries. They look like hairy pigs. Okay, let me know. I am always amazed at the stuff that gets generated from this channel. I did a video that was talking about how there was a $19 car lease that was available. I’ve had three people now reach out and say that they’re buying it, and so much so that they sent me the details, and the latest one was Renee. Renee said, “Listen, I’m getting this car because it’s so cheap, and where else can I get a car for 19 bucks a month?” So again, I’m not an EV fan, you guys, but it just shows the desperation of this.

Now, Stellantis is having major, major layoffs right now. And the interesting thing about this is that, you know, who can afford an $80,000 jeep? Who? Who can do that? I’m telling you that I really believe that people are going to revolt, and they’re gonna start buying used cars. You don’t need a new car. Nobody cares what you drive. No one cares. The people that care about what you drive are the people you don’t want to be around. Remember that. Get yourself to and from. It’s that simple.

You know, whenever I go to the zoo, I always look for the chupacabra, and I love to see if I can find a chingadero, which has always been a problem. The other thing is, we’re starting to see people that are impersonating YouTubers again, where they’re saying, “Hey, text me and reach out,” and they change the account name, and we report them, and they get banned and all that stuff over and over again. But also, guys, not just my channel, but your other YouTubers that you guys watch, a lot of people that you really respect and you really like, and they have different points of views and things like that. But don’t let them post shenanigans about cryptos and things like that. Nobody does that. Nobody’s like, “Hey, text me via WhatsApp with a number from Pakistan.” No one is doing that. Understand that’s legitimate. I don’t text anybody. My friends, my family members, okay? Women I know. That’s it, guys. Those are who get texts from me. So, you know, the goat over here has a better chance of texting with me than these scammers do. Report them. Do yourself a favor. Report the scammers whenever you see them. Okay? It’s tragic that this is happening.

I’m gonna finish this video with these last few stories. There has been a tremendous amount of gold and silver theft lately. In April, there was 20 million dollars worth of gold stolen from a Canadian airport in Toronto, and they feel that, hey, they’re never gonna find this because it’s probably most likely out of the country. Then there was one guy in Australia, and thank you, Stephen, for sending me this story, where the guy stole kilo bars of silver, 1.3 million dollars of silver, and he pulled up behind the delivery truck and spent six hours loading his car, and they finally caught him. How did they catch him? CCTV cameras, you know, the close-circuit television that they have there in Australia. And, you know, I had a guy that was a gold coin shop owner who told me he’s had three packages that have been intercepted this year, and he has to double his insurance now because it’s crazy, and they’re stealing twenty thousand dollar shipments at a time, and he’s had three of those that have gone missing. So that’s crazy.

Minimum credit card purchases are gonna go up in August. It’s gonna go up in Canada as well. You’re gonna see that. So, you’re gonna see the Canadian purchases as far as payments that you have to make go through the roof.

The final, final thing is that I almost think that this is like out of a movie, that rich people are freezing themselves, and there’s a story below about this, and these rich people are freezing themselves to unthaw themselves when times are better, a hundred years from now, two hundred years from now. But now, here’s the new scam for these people is that we’re gonna freeze your wealth. We’re gonna take their money and sock it away so that when you get unfrozen, you’ll be wealthy still. And they say you need a minimum of a hundred thousand dollars to do this. Now, could you imagine what a hundred grand would be worth a hundred years from now? “Hey, Dan, yeah, whoa, I’ve got a headache, but give me my hundred grand.” “Yeah, okay, no, look, things have gone up a little bit, so your hundred grand’s worth about eight dollars right now.” So, here you go. I mean, think about it. It would be nothing at this time, so it’s gonna be crazy.

Do you think these people are crazy? I do. I think that they are nuts, and I’m, I’m an aging gracefully kind of guy myself, you know, none of that stuff from you guys. Okay? Please like, please subscribe, join the email list because one’s going out and you do not want to miss it. Okay? Onward and upward, guys. I’ll see you guys very soon.[tr:trw].

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