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Speaker 1: And I found the most amazing, kind, wonderful family and

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they're going to care I've went to the house up

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for a year. They'll care for that house for a year.

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They take care of the utilities, the pool costs, the

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electric bill, the heating, whale bill, all of that and

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the rent they pay me is terrific. And I'm actually

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here in Portugal right now, and we'll be traveling through

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to Europe for the summer, Latin and South America starting

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in the fall and the winter, and basically my cost

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of living is right around zero.

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Speaker 2: Right now, you are listening to Carrie Let'sa's Financial Survival

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Network where you get valuable information you just can't find

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anywhere else to thrive in today's trying times. You need

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the Financial Survival Network now more than ever. Go to

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Financial Survivalnetwork dot com and get your free newsletter and gift.

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Financial Survival Network now more than ever.

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Speaker 3: And welcome you are listening to and watching the Financial

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Survival Network. I'm your host, Kerrie lutz A. It's six

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six twenty five. You know, I stopped giving dates a

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long time ago because certain things are evergreen, and when

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you give a date, it makes you think that basically

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it has a shelf life. Well, what you're about to

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hear is something I am going to do. It is

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the ultimate house hack. And they call them stackhouses all

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these other things. Gary Brodie's with me. Gary, you have

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decades of financial experience. Your website Deep Knowledgeinvesting dot com.

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I love your headline. The one thing we never hedge

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is our opinion, which means you are a truth teller

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and we don't have enough of you. Arbitraging your house now,

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I've been thinking about this very subject but couldn't really

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figure out how to do it, but you have found

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a way to do it. First, tell us what arbitrag

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in your house is, how you can do it, and

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what kind of returns you can get?

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Speaker 1: Terrific Kerry, Thanks so much for having me so all.

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This started about ten years ago. I was living in Manhattan,

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had a great apartment there and just sort of had

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enough of living in the city. Sold at the high

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in New York and bought a terrific home in West Court, Connecticut.

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Speaker 4: When property prices there were distressed.

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Speaker 1: I refinanced the house in late twenty twenty one, just

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before interest rate started to go up. I like you,

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I'm a finance guy and was watching that market. And

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so basically what I had was a really large, really

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valuable house. And property prices, of course, went up a

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huge amount during COVID and have continued to go up

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in the.

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Speaker 4: Last few years.

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Speaker 1: But because I bought well and financed it well, I

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had relatively low expenses. But it was more house than

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any one person needed. It was much too large for

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my needs. And also I was spending way too much

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time caring for it. You know, a lot of my

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weekends we're spending cutting the grass, I said, ed Jay

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and timmain bushes and getting up on a ladder and

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cleaning gutters, and you know, it's not bad work, but

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it wasn't fun. And so I decided that what I

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wanted to do was rented out. And I found the

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most amazing, kind, wonderful family and they're going to care

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I've rented the house out for a year. They'll care

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for that house for a year. They take care of

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the utilities, the pool costs, the electric bill, the heating

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whale bill, all of that, and the rent they pay

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me is terrific. And I'm actually here in Portugal right now,

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and we'll be traveling through to Europe for the summer,

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Latin and South America starting in the fall and the winter.

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And basically my cost of living is right around zero

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right now, and I don't have to cut the grass.

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Speaker 4: Wow.

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Speaker 3: And they're doing all the maintenance and everything. I guess

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if there's a major repair over one hundred bucks, you've

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got to pay for it. But less than that they

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pay for it. Is that how this is working?

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Speaker 4: Yeah, that's exactly it.

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Speaker 1: So you know, if it's if it's a little minor thing,

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you know, these are terrific people with you know, they're

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financially secure. They're not going to call me about a

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fifty dollars something or other. Obviously, you know, if there

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were to be a major problem, like if the authent

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appliance were to fail, that's not their fault. And you know,

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that's the kind of thing that I could call Best

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Buy or PC Richards or somebody from here and you know,

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have that appliance put in. I can manage all of

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that from here. But that wouldn't be an expense that

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I would expect them to.

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Speaker 3: Pay, right, All right, how long you've been doing this?

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Speaker 4: So just a moth.

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Speaker 1: I was officially homeless starting May first, but you know,

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I'm homeless with other people's money, which is the happy

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kind of homeless. And I spent the whole first month

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traveling around the US, seeing people who I really care

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about and love. But you know, there were people who

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I hadn't seen in a couple of years, and I

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think it's really important. You know, I spend all day

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thinking about investing in the stock market and how to

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make more money, but it's also really important to invest

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in relationships.

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Speaker 4: And so, you know, I.

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Speaker 1: Traveled around and saw people that I cared about, and

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I saw clients in person who I talked to regularly,

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but it had never met face to face, and it

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was it was terrific. And then at the end of May,

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I got on a plane. I flew here to Lisbon.

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I've been here for a week, and Carrie, I did

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something that I have never done at any point before.

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When I came to Lisbon, I had a one way

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plane ticket. People keep asking me how long I'm going

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to be here, and my answer is, I don't know,

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We'll see. And after a week I'm starting to think

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I might want to stay longer.

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Speaker 4: And the beauty is.

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Speaker 1: I don't have to restructure anything. I don't need a

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different plane ticket. I can just call my airbnb host

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and say, hey, I really like it here. Any chance

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you guys would consider having before another week, another month, whatever.

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Speaker 4: Feel right at the time. All right, So.

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Speaker 3: I find it really fascinating here. And so basically you're

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traveling around Europe for virtually nothing, right.

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Speaker 1: Yeah, you know, I took a look, and I know,

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you know, if I spend a certain amount per month,

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which is more than I need to live happily and comfortably,

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my cost of living is zero.

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Speaker 4: But you know, think about it this way.

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Speaker 1: If I go over by one thousand dollars a month,

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at the end of the year, it will have cost

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me twelve thousand dollars to live at in half a

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dozen different countries and have the adventure of a lifetime.

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Speaker 3: Well I'm envious here, man, Like I am serious, I'm

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going to do it. Just figuring out the logistics. How

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do you find a high quality ten intire that isn't

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going to turn your house into a party scene every

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Saturday night.

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Speaker 4: So part of it was a little bit of luck

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and obviously some good screening.

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Speaker 1: And I have a real estate agent, patche who I

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actually love, and I have a great relationship with Pax.

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She was the one who helped me buy my house,

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and she's somebody at trust and it took her, I think,

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all of six days to find me the right people.

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And I don't want to give names to violate their privacy.

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But when this couple was walking through the house with me,

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you know, they're the same age as me, and they

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were just fun and interesting. We were sharing stories. Clearly

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we got along. And then you know, near the end,

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we walked into the downstairs study. My office is upstairs,

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but there's a second office on the first floor, and

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they said, hey, any chance we could turn this into

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a bedroom and I saw, of course you could.

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Speaker 4: It would be very easy.

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Speaker 1: Man asked why and their answer was, well, we need

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a room for our live in maid. I said, you

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have a live in maid? They said yeah.

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Speaker 4: And at that point any.

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Speaker 1: Concerns that the house wasn't going to be cared for

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was instantly gone. And I thought, my god, I want

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these people. I don't want to rent to anyone else.

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I want them. And throughout the whole process they were fun,

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easy to deal with, easy to negotiate with. We were

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all kind of accommodating with each other. We didn't really

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negotiate hard with each other on either side, and they're

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just really terrific people.

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Speaker 3: That's so good. And so you're going to do this

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again next year.

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Speaker 1: You know what's really interesting as this cumble was walking

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through the house, they said, you know, we really wanted

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to rerlease, and my response was, you know what, as

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of today, I'm happy to commit to one year, but

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everything's negotiable. Let's talk. Why don't we see how you

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like living here and why don't we see how I

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like living everywhere else? And you know, we'll get together

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and form on six months, am months, whatever it is,

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and we'll talk and figure out what makes sense. But

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if they want to stay and I'm enjoying it here,

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I definitely would, you know, Carrie, one thing I think

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is really worth relying is the emotional side of it.

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I thought it would be really hard, you know, it

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can be scary to give up your home, your possessions,

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to basically look at a bag and say this is

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what I have for a year. And when I did

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the deal, I expected to feel anxious, worried, upset, you know,

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concerned about my stuff, and instead I felt happy in

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light And it's really interesting for me because as somebody

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who I've spent my whole career focusing on how do

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I make more money?

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Speaker 4: How do I get more?

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Speaker 1: And there was our possessions can weigh us down, and

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there was something really free about just letting go of

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everything and saying it'll all be fine, this will all

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be fine without me, and I don't need so much,

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and I'm living in comfortable places. They're just smaller and

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it's really been amazing to let go.

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Speaker 4: It's made me feel more free.

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Speaker 3: Hey man, I love it. Man, this is such a

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great story here. And so if somebody wants to follow

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your example, is there a way to do it logically?

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What's the first step?

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Speaker 1: So I think the first step is, first of all,

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figure out yourself what kind of life do you want

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to have, where do you want to live, and then

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look at the finances of it, right Like, for example,

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you know, if you live in a part of the

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world where rental prices are very low and you want

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to go live in like Monaco or Berlin or other

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places you know, or in London, places that are really expensive,

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that may be hard. In my case, I was coming

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from a place where property values are very high and

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you know, I wanted.

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Speaker 4: To come to Portugal, where life isn't what's.

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Speaker 3: Uh Northeast forget about it. You know, it's it's insane there.

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I lived not too far from you in Westchester County,

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and we had the privilege of paying the highest property

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taxes in these here United States.

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Speaker 4: Yeah, exactly.

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Speaker 1: And so you know, when you it works if there's

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an arbitrage, If the place you want to live or

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go or in my case travel is less expensive than

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the place that you're renting out, you have more flexibility.

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Part of it also is you have to figure out

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do you want to rent furnished or unfurnished. In my case,

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I really didn't want to have to pack up my

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whole house, and part of my deal was I'm renting furnished.

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Speaker 4: If anyone wanted the place unfurnished, I.

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Speaker 1: Told them they could pay to pack up all my

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stuff and store it and put it back.

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Speaker 4: Nobody wants to do that. Packing is a pain in

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the but.

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Speaker 1: Obviously I got my personal stuff out of the way.

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You know, people aren't living with my stuff in the closet.

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But you know, I just negotiated with people and said,

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you know, listen, I'm going to take one closet to

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put boxes in.

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Speaker 4: I'm going to put some stuff in the garage.

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Speaker 1: And I wanted one day in the garage for my car,

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and they were kind enough to say, sure that works

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for us, and they took the place furnished. And because

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of the kind of people I'm renting to, I'm really

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not worried that I'm going to come home to a

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destroyed couch. And you know, I think you were the

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one who asked me, you know what, like what if

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they break something? And the truth is, yeah, they might

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drop a dish and break it and want it'll all

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be fine, and too if I were at home, maybe

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i'd drop aedition break in.

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Speaker 3: Yeah, you never know, never know, So you lock up

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your really precious things in the storage.

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Speaker 1: Yeah, you know, I have safes in the house. I

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had other places where I could put things.

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Speaker 4: You know.

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Speaker 1: The truth is, other than you know, some watches and

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you know, some some sentimental jewelry for my grandparents, I

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don't necessarily have a lot of high dollar value possessions,

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you know, I would. Nobody's going to steal the TV.

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It's not worth that much anyway. And I'm just like

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I said, I got lucky enough to find people where

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I felt light and easy and like I could let

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go and just not worry about it so much. But listen,

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for the people listening to this, this is something you

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want to do, and you really are worried about stuff

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like that, then that's okay. You know, you can pack

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up your stuff and store it and it'll cost you

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something and need your margins a little, but there's nothing

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wrong with doing that. A lot of people prefer to

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rent unfurnished anyway, and it may give you the choice

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of or a larger choice of the potential renters.

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Speaker 3: Yeah, right, And so you have to plan it out.

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You can't just say one day I'm going to do

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this and then you do it. It doesn't work that way, right,

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But so what kind of if you pay like virtually

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nothing for your house, I mean, it's the ideal. It's

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kind of like you're taking on debt and then you're

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letting your tenant pay the pay your mortgage for you

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effectively and your taxes. And if you pay eighty percent

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of it, you're that much further ahead. And you got

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to do it for you got to do what you

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really wanted to do, right, It's an amazing fit.

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Speaker 4: I mean, I love that's exactly that's exactly right.

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Speaker 1: So when I did the math on this, I said, okay,

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you know monthly rent is X. From that, let's subtract

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come taxes because you have to make taxes on the

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rental income. And then we subtract property taxes and my

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home insurance and a reasonable estimate of what maintenance will

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be for the year, Like you said, you know, hey,

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I have an appliance breaks who's let on.

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Speaker 4: Of course, there's the.

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Speaker 1: Mortgage, and then local property taxes, which are maybe a

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little bit lower in Westport than when you were in Westchester,

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but they're not free. And so I did the math

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on all of that and said, wait in a minute,

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even when I subtract all of these things, so all

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of these expenses will be paid for by my tenant,

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and that leaves me money left over to live on

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and enjoy. And so that part has really been fun.

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The other thing, too, is, you know, my home in

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Westport is it's large, and so the electric bill is high,

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and the heating oil bill is high, the pool costs

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are high, and all of a sudden, it's very nice

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to be able to pass those expenses on and have

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somebody else take care.

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Speaker 4: Of it, all right, it's not just income, it's a

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reduction of expenses.

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Speaker 3: Yeah, which you know, that's one of the best ways

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of making money is saving money. Many of you don't

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realize it, but every dollar you save is a dollar

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that can be put elsewhere, whether it's retirement funds or whatever.

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And you could basically if you feel like you want

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to travel three months of the year, you do it

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for three months.

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Speaker 4: Right, that's exactly right.

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Speaker 1: And you know, just as an example, I've had winter

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months where you know, I think it's really whole. My

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heating oil bill at times has been fifteen hundred dollars

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for a month.

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Speaker 4: One time I had a one thousand dollars heating bill

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for one week.

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Speaker 1: It was just freezing cold outside and the boiler was

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running constantly. To not have those expenses ticking against me, right,

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to have somebody else taking care of that while I'm

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you know, here where it's seventy five degrees and sunny

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and doesn't get dark till nine thirty at night has

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really been amazing. The other thing that's worked for me

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is and I've had a lot of practice at this.

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When I set up the Anowledge Investing I decided I

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never wanted to have an office. I set up the

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firm so I could work from anywhere and regularly. Over

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the last five years have traveled. I go away for

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a month or two at a time. I've lived in

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different countries. That's been amazing. And what I've found is

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that I am not only as effective, I'm actually more

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effective when I'm on the road. Something about the excitement

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and friction and different experiences I have spark some creativity

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in me, and I write more, I think more, I

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see things differently, and so you know, when I've been away,

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I've actually done more and better work than when I

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was at Hall.

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Speaker 3: Amazing, and you're happier right to Yeah, you're away from

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the rat race.

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Speaker 4: Yeah, it's in.

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Speaker 1: I mean, just as an example, I've gone out every

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night this week. You know, remember here the the market

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doesn't open till two thirty. It doesn't close it till

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nine o'clock, which is a really normal time in Lisbon

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to go out for dinner. Yesterday, I was at a

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coworking event. Tonight, I'm going to a social event. Two

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nights ago, there was a digital marketing event the night

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before there was an event for expats to play board

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games like there's there are just constantly things went on.

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And here's one thing that's just completely different. Walking around Lisbon.

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I'm I'm walking up and down these hills for a

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mile or two every day. I'm healthier and living better.

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And Andrew, Hey, I got to tell you like funny story.

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I took May off, I should say April. The month

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of April, I went to Spain, went to Thailand, came back,

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hung out in Spain for a few days. And of

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course that was when we had the blackout, which you

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guys had also. And unlike in New York, where everything

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hits the fan, god forbid, you don't have lights on.

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Speaker 3: I mean, life can't go on. Well, I was fortunate

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my hotel had a backup generator. But I walked that

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day twenty five thousand steps Gary. When I got home,

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I had lost four pounds on a vacation.

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Speaker 4: How does that happen?

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Speaker 3: Huh?

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Speaker 4: Yeah, that is amazing.

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Speaker 1: And obviously, you know, in a place like this, European food,

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the portions are a little bit smaller.

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Speaker 4: I've lost weight as well.

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Speaker 1: And one of my favorite things to do a lot

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of times, people like to stay, you know, wherever it's

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closest to the center of town. I'll often stay a

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mile out. You can get a nicer place. Yeah, with

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a little more distance. Yeah, But here's the beauty of it.

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You want to go to breakfast, mile there, a mile back.

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You want to go to dinner, mile there, a mile back,

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you have to walk two miles. Rather, you get to

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walk two miles just to go ab a me all

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and that is terrific. And on Sunday, I'm supposed to

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meet somebody for a.

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Speaker 4: River cruise down at the river.

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Speaker 1: That's a thirty minute walk from here to get down

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to the pier, and it's going to be a thirty

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minute walk up hills on the way back.

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Speaker 4: Wow.

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Speaker 3: I love it. Man. I'm coming back as Gary Brody

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in my next life.

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Speaker 4: It's a pretty good life. And interesting that you mentioned Thailand.

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Speaker 1: I have been there several times since I started Deep

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Knowledge investing. A couple of years ago. I went there

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for a month and just loved living there. It was terrific.

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And then earlier this year I took a two month

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trip through Thailand, Vietnam and Korea and was just great

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to go back and you meet people and visit some

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of the same people in some of the same places.

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Speaker 3: All right, man, hey, so this's just one example of

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00:19:43,440 --> 00:19:48,480
all the hacks you have created, finance hacks, ways to

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save money, ways to make money in the market, and elsewhere.

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Just tell us where do we find you, How do

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we connect with you on the web?

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Speaker 4: Thanks Kerry. Best place to go is Deep Knowledge Investing

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if any of you want to reach out to me.

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Either I are at Deep Knowledge Investing dot com.

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Speaker 1: I read everything that comes to that email and respond,

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00:20:09,759 --> 00:20:12,200
or if you go to the website the Acknowledge Investing

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00:20:12,200 --> 00:20:15,079
dot com, there's an ask Gary button. Just click that

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00:20:15,279 --> 00:20:18,039
and type in whatever you want to know. I get

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00:20:18,079 --> 00:20:21,599
those messages, respond to them, and then on social media,

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00:20:21,640 --> 00:20:24,480
I spend most of my time on x that's Gary

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00:20:24,680 --> 00:20:26,640
Underscore Broadbrode.

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Speaker 3: All right, excellent, Gary, really appreciate you coming on. The

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00:20:29,960 --> 00:20:31,759
link will be in the show notes of this interview

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00:20:31,799 --> 00:20:35,319
on Financial Survival Network dot com. Urge all of you

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00:20:35,400 --> 00:20:39,039
to go over there. Don't forget the book The World

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00:20:39,039 --> 00:20:43,920
according to Martin Armstrong Conversations with the Master Forecaster is

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00:20:43,960 --> 00:20:46,359
for sale. You'll find a link in the show notes,

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00:20:46,519 --> 00:20:50,759
and you can always just go to Amazon and put

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00:20:50,759 --> 00:20:54,759
in World. According to Martin Armstrong, sold over fifteen hundred

416
00:20:54,839 --> 00:20:58,680
copies in just over three weeks. Really happy with the

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00:20:58,720 --> 00:21:02,720
sales and they can continue coming in one after the other. Gary,

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00:21:02,960 --> 00:21:04,960
great to have you on. We will talk to you

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00:21:05,000 --> 00:21:05,519
again soon.

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Speaker 4: Thanks, thanks for having me Caring, Congratulations on the book.

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Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your

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00:21:13,119 --> 00:21:16,960
solution to today's trying times. For the latest, go to

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00:21:17,119 --> 00:21:23,359
Financial Survivalnetwork dot com. Financial Survival Network now more than ever,