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Speaker 1: What's actually happened in general Florida A thousand people moving

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to Florida every day, net migration and very business friendly,

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but also number one back to office. So just math wise,

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if you're buying fifty sixty seventy cents in the dollar

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compared her to what the peak was.

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Speaker 4: Right.

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Speaker 1: Eventually, as people more and more people go back to

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the office and the business trends are trending positive.

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Speaker 2: And I'm seeing that in the leasing Velocity.

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Speaker 4: You are listening to Carrie.

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Speaker 3: Let'sa's financial survival Network where you get valuable information you

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just can't find anywhere else to thrive in today's trying times.

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You need the Financial Survival Network now more than ever.

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Go to Financial Survivalnetwork dot com and get your free

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newsletter and gift. Financial Survival Network now more than ever.

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Speaker 4: And welcome you are listening to watching the Financial Survival Network.

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I'm your host, Carrie Lutz got a really interesting guest

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for you right now. Like me, he's a recovering attorney,

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former New Yorker now a Floridian and a real interesting,

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all around interesting person. His name is Mosha Poppik and

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Company hy Am he real estate management and well welcha,

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let's talk about you. You came to Florida at the

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height of the foreclosure epidemic and you saw value when

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everyone else was fleeing the space. And fast forward now

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what is it fifteen years? Tell us what's happened.

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Speaker 1: So, just in general to that point, I think anyone

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who wants to have outsize returns or make a difference,

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they're going to have to take decisions, leader decisions if

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they want to be an entrepreneur that are beyond the

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regular bell curve right there, the logic or what everyone's

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telling you. So right, So if I were to apply

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the first real estate deal that I did, everyone thought

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I was nuts during the time. So we fast forward

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out the We have three divisions in seven states.

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Speaker 2: We have multifamily apartments that we own and manage. We

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have office.

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Speaker 1: Buildings, and we have assisted living and about over is

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over about over a billion dollars of assets we manage

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and own long term. So commercial real estate is in

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the dumps right now. Do you think you're going to

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be able to do the same thing with commercial real

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estate that you did with the residential But way back

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fifteen years ago, so I'm hoping we're still in the

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I guess second inning, third inning like that.

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Speaker 2: We don't have it fully.

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Speaker 1: Played out, but I have taken financial bet this past

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eight months. You're seeing the front page of the Roll

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Street Journal to your point right, office buildings, everything looks terrible.

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Speaker 2: But what was the reason?

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Speaker 1: It was something abstract COVID, everyone's working remote, But what's

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actually happening? And I've taken the bet here in South Florida.

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What's actually happened in general Florida? A thousand people moving

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to Florida every day, net migration and very business friendly,

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but also number one back to office. So just math wise,

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if you're buying fifty sixty seventy cents in the dollar

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compared her to what the peak was, right, Eventually, as people,

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more and more people go back to the office and

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the business trends are trending positive. And I'm seeing that

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in the leasing velocity on the commercial real estate. I'm

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seeing that through reality on the ground. Uh, you know,

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we're able to buy deals at you know of eleven

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percent yield right cap rates twelve Uh.

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Speaker 2: You know, and you're and you're and you're in a

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good market. Uh.

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Speaker 1: You know, our corporate offices in isn't and we have

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over a million square feet just in that just in

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that counting.

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Speaker 4: Interesting. Interesting. So you see the return back to the office. Uh,

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but maybe hybrid, maybe not as much as many people

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working in a spaces was before the pandemic.

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Speaker 1: Well, I think I think real estate in general is

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very localized. So I think that you took San Francisco

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and New York City, Uh, maybe less.

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Speaker 2: Maybe the employees are pushing.

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Speaker 1: Back in reality, Uh, there's a there's more leasing that

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I've done the past twelve months of companies moving down

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and expansions here in South Florence. You have to take

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each market and study we're we're where are we because

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it's moving fast, the transition from COVID and that remote work,

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hybrid work coming back to office.

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Speaker 2: But what are we seeing?

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Speaker 1: We're seeing that you know, major Fortune five hundred companies

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are demanding that the employees come back five days a week.

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You know, So there is because I think the actual

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number in South Florida think it's about ninety one percent

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compared to twenty nineteen are back in office.

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Speaker 4: So what percent was that? I'm sorry, ninety one.

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Speaker 2: In South Florida, which is odd, which is interesting.

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Speaker 1: Yeah, and like I said, you have to have a

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contrarian view if you want to reap the upsides. So right,

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you can't expect if you don't take calculated risk, you

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can't expect to get outside returns.

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Speaker 2: It just goes onalon.

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Speaker 4: Okay, So what about the malls. I know they're doing

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well here in South Florida for the most part of that.

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There's a few that are ready to close their doors.

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But around the country it looks like the time of

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the mall has passed. Can you repurpose them? What would

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be your vision for them?

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Speaker 2: What have I seen? It's interesting.

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Speaker 1: State of Florida last year they passed them they called

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the Local Act, which is basically able to take commercial

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zoning and circumvent local city.

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Speaker 2: Zoning and build more residential.

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Speaker 1: So if I would have a big swath land in

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kind of a city, maybe I'd cut off a big

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chunk of it knocked out. Let's say there's a Sears

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or something that's you know, that's out of business, maybe

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knock it down. Maybe it's always maybe some need for supermarkets,

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food right or food, dunkin Donuts, things like that, out parcels.

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And then and then maybe some experience like trampline parks

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I've seen so I'm not so much in the mall space,

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but I've seen success in that where you're really buying

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the mall ten cents twenty cents in the dollar really,

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but the costs of the land.

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Speaker 2: And I've seen.

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Speaker 1: Them turn it around and then you can go to

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regional banks, local banks to get that vision finance.

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Speaker 2: I've seen that done.

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Speaker 4: Interesting. Interesting. Yeah, well, there's just so many ghost malls

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and you see the pictures of them deteriorating. They have

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trees growing through the middle of them. The roofs are collapsing,

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and something should be done. That can't all be Amazon,

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you know, distribution centers or illegal alien processing centers.

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Speaker 2: Right, No, no, be sure some of them are doing that.

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Speaker 1: But also I saw that Amazon compared to let's say

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twenty twenty one, they are not expanding as fast as

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they were.

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Speaker 2: They're slowing down. So in general, again in business, the

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most important.

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Speaker 1: Thing is you have to be level headed to be

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able to pivot, and your strategy has to be planned

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a B C d EFG. Right, you have to You

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can't just have one thing and you have to di

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asply because right, nobody expected that.

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Speaker 4: Yeah, yeah, well, you've got to be flexible. And I

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just remember, you know, the Chrysler building in Manhattan during

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the Great Depression, Massachusetts Mutual Insurance Company had the mortgage

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on it. They took it back and then yeah, everyone

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thought it was doomed. And you know, the next time

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they sold it was for hundreds of millions of dollars.

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But I don't know what you think. New York City

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is a good play, a countercyclical play, or is it doomed.

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Speaker 1: Well, I'll tell you I have a lot of family.

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Most of my family live in New York. I still

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there's this core dynamic and I go back and forth

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in my mind about New York. I don't like the

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homelessness issue. A lot of friends that I have in

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the real estate business are using their hotels for migrants.

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That's happening in prime areas because they're getting top dollar

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from government. That's top and they're also just locals are

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complaining heavy, heavy stench and every block of marijuana. It's uncomfortable.

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It's become uncomfortable. But it will always be that four.

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It will always be New York. But we just said

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at our major import Ken Griffin, right, a huge Hedge Fund.

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He said that Florida or South Florida is becoming the

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Wall Street of the South.

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Speaker 2: Oh yeah, more and more and more.

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Speaker 1: And I think that, well, you'll still have because the money,

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the money is in Manhattan. The money's in New York, right,

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so you got to go there and hotels and stuff, right.

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Speaker 4: But tax is, quality of life issues, everything you described. Really,

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Miami has become the financial capital of the country. It

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shifted and population numbers twenty three million here and the

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population state static in New York around nineteen and a

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half million. And really you could just see Goldman Sachs

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sent their most profitable division down to Palm Beach County,

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I think on Beach County.

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Speaker 1: So it's interesting because I mentioned on my podcast Common

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Denominator the other day it was interesting that from Manhattan

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to the Hampton it's one hundred and eighteen miles right,

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and from Homestead Jupiter is also a hundred eighteen miles

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with ocean on one side, yeah, and everybody than the other.

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And six and a half million people in South Florida

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and eight million from the Hamptons to Manhattan in New York.

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So I'm very I'm very bullish on the economy in

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here in South Florida for the next ten years, all.

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Speaker 4: Right, But we have several headwinds here. Well. Once upon

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a time Florida was substantially cheaper than New York. Not

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so much anymore. And we've got the condo crisis due

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to the surf side condo collapse that happened I guess

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three almost foty years ago, and that led to an

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overreaction by the state government mandating all these reserve funds,

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and all of a sudden there is a rush by

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every single condo in the certainly in South Florida to

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remedy decades of deferred maintenance. And then you got the

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insurance crisis taking place, where you know, basically the state

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has become the insurer of last resort. They've made some

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steps to try to get the market back on its equilibrium,

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but we'll see how successful. But you know, condo is

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people can't sell them now.

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Speaker 2: You know, I see it all it right, all right,

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at the condos.

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Speaker 1: I do believe interesting about government in general, it's only

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when it's an issue, the government.

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Speaker 2: Generally, you know, react there they're react.

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Speaker 1: Because I saw that right insurance was an issue, so

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different laws were passed over the past two years in

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the state of Florida to help remedy, re up some

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capacity and try to and try to do things. These

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two hurricanes, what we just had is probably not gonna help,

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not at all. Smart insurance market which is which is

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a shame. But I believe that it's still going to

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be contained to be worked on. And I also believe

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between now and there's just a gut a gut call.

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But I don't think because there's so many condos in

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South Florida, this spend over this per condo unit of

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reserve that under the state law, I don't believe that

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it's going to stay in law for so long. I

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think it's going to have to be mitigated and changed.

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Speaker 4: It should have been phased, Yeah, it should have been phased.

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You should have glad by the buildings is you know

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A through S S immediate most of them are C

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and B. They could have been phased in over five

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years rather than in people getting hit over the hit

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you know, one hundred thousand dollars bills in these condos,

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they are not motion are not unusual right.

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Speaker 1: Yeah, By the way, I see the statisticated developments because

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some of these condo buildings are old.

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Speaker 2: What are they doing? They know there's this pressure point

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with this reserves from millions of dollars. Uh, they're going

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making proposals to the boards of these condos.

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Speaker 1: Uh. You know, I'll buy out all the condos for

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X and name a time. I see that land right,

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You've seen that right on the ocean to develop. I've

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seen related in other companies down there. Uh do that successfully.

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So we'll we'll, we'll, we'll see where this goes. But

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you know that there's many, many, many condo owners, as

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many condos and kind of owners, and I think that

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there is a lot of frustration there. And when you

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have a large scale frustration again we saw we saw

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with the insurance issue, and I think they can have

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a lot of lobbying as well to mitigate this issue.

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Speaker 4: So one of the things I know is one of

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your pet CAUs is also one of mine, which is

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better health, especially through nutrition. And not to get political,

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but the RFK junior being elevated by Trump in his

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campaign and you have to make America Healthy again campaign.

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You know, this is a national disaster here. We have

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the worst health of any developed country in the world.

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Although pretty much. The rest of the world is racing

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to catch up with us here, obesity, all these things,

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and it all comes down to what you put in

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your mouth under thing.

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Speaker 2: So you have what I see.

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Speaker 1: I saw is five major companies control the food. So

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what do we see once let's just take.

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Speaker 2: A step back.

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Speaker 1: Eighty percent of just feeling good. All us just want

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to kind of feel good. But like you said, it's

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the food we eat, the what do we drink, and

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the air we breathe. Those three if those can be

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why should we put chemicals in our body?

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Speaker 4: Right?

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Speaker 2: Like they shouldn't have chemicals.

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Speaker 1: They should be good for us and not cause us

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to feel obeace or and then and then basic you

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can do it's free exercise. You go for walks every day,

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right and then and then sleep. So much of healthcare,

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the trillions that we spend healthcare so would be it

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would be wiped away.

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Speaker 2: Uh.

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Speaker 1: You know, Medicaid, medicare, all of those issues. You know

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what they are, not for profit neighborhood farms USA. So

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we're slow and steady. Uh, in our workforce, thousand communities,

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we're uh in the green areas. Instead of having non

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edible we're having kind of raised gardens, teaching, uh, teaching

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the kids instead of them going out and making.

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Speaker 2: Trouble after school. Teaching them.

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Speaker 1: You'd be surprised they really don't know about what healthy

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eating is. So it's an education program to teach, you know, workforce.

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Speaker 2: Housing, community about healthy eating.

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Speaker 1: And it's crazy because a fruit and vegetable, which basically

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you complied to in the ground, is actually more expensive

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than processed food.

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Speaker 4: Oh yeah, well it's all economics. And look the worst

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chemical of all though, we don't even consider a chemical.

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That's sugar. And there's something like two hundred and forty

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different names for the sugar that goes into food dextros.

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I mean, you look at it. If you can't understand

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what it is, it's probably sugar. And if we just

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cut out ninety percent of the sugar and a substantial

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portion of grains, that alone would have a dramatic effect

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on global health.

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Speaker 1: Think that, why should it be that there's certain foods?

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Think about this way, why should it be that there's

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certain foods that were addicted to They say, the hardest

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thing to talk about sugar. That's the hardest thing to

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wean off to really be sugar. I know, for me,

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just my coffee, something simple, just to not have sugar

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in my coffee.

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Speaker 2: It was like.

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Speaker 1: Struggle and right and and then when I got there.

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But it's it's it's a it's a process for sure.

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Speaker 4: Yeah. You know that experiment they did where they put

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they gave rats heroin, cocaine and sugar, and the rats

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skipped the heroin and cocaine and they went right for

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the sugar and they got addicted to it. It's the

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most addictive thing. And you got to eat. You don't

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necessarily have to inject stuff in your body that becomes

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a need, but you have to eat. And that's the problem.

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That's where they got us. And is it a conspiracy

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or did it just happened over time. We're not even

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getting into seed oils and all the other stuff that's

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out there that you know is awful. So I applaud

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you for that. Hey, we want to connect with you,

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want to find out what you're doing. How do you

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do that?

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Speaker 2: So we have our podcast I'm a Denominator.

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Speaker 1: We've got almost about two hundred episodes, range with many

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about mindset about business. That's on Apple, Spotify, YouTube, wherever

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you can get your podcasts. But and then I handle Instagram, Facebook,

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LinkedIn m poppak Mosha Pope back and you can find

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buy me there. All right, Yeah, welcome to any questions

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and ideas.

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Speaker 4: Great. Well, we'll have a link in the show notes

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of this interview on Financial Survival Network dot com. And

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while you're there, please sign up for your free newsletter.

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I you've got a question for Mosha myself, shoot me

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an email k L at Kerrie Let's dot com. Mosha.

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We'll talk to you again soon. Thanks so much, Thank you, Kerry,

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thank you so much.

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Speaker 3: Thanks for listening to Carrie Letz's Financial Survival Network your

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solution to today's trying times. For the latest, go to

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Financial Survivalnetwork dot com. Financial Survival Network now more than ever,