Mister Johnny Lama discussed on Del Walmsley

Automatic TRANSCRIPT

Today I'm lucky to have with me here someone that used to grace our Airways quite often but recently he has been away from service with us out there on his own doing his own things Mister Johnny Lama ridge way for those of you that are new to the show and haven't don't remember John John is someone I picked up as a friend about twelve years ago he was very very indebted into the apartment associations he was president past president Houston apartment association he was a voting member of the Texas apartment association regional group and he was also a teacher for the National Park missiles Yushin on the lyceum program which was seen as the leadership training program they had so he's been in and out and threw it up and down and around the apartment association for many many many years he had time spent not only in the Houston Bar Association but the Dallas apartment solution also and not to mention he was vice president of one of that believe this like a large property management companies in the country at one time and light medium well I met him in two parcels he Asian and I convinced him after about two years of being on him that he needed to get out of working for the second largest property management company in the country and start his own and go into business with me buying apartment complex Tuesday and if we did and we bought in right at the very bottom of the market we got in right when the market crashed and we bought a bunch of stuff for very very low prices and hence our story together over the next five or six years was just phenomenal you've just got I guess which is the the luck of timing of fate whatever it was but it was something we saw that was going to be there we decided to take action jump on get it done and we were quite lucky that we did welcome to show thank you Sir great to be with you now well for those that don't know this but John is one ninety two served as a mentor here lifestyles for how many years you had were you here I was there for five years okay and then the did he turned in his trip and said okay it's give her to my chip into somebody else I gave my I did not get back in his give back he went on and expanded his own personal business is quite a bit so this time John just so people understand you own a property management company of your own and then your owner in apartment complexes of which you managed to your property management company tells how many apartment complexes that is if you're into now so currently own six properties little over about two hundred and fifty units have picked up some smaller ones over the last couple of years as the market has tightened up and yes so I am at a property owner as well as the owner of a property management company that does provide family services we'll put you in a unique position be because you have a major company and because your properties and because you're intimate with the apartment associations to be able to come on today and and clear up some of the stuff for people that are members and John but we're doing this is simply a public service type announcements you and I both know that for the last got it the three weeks four weeks something like that it's been a hundred emails a day of information going back and forth and back and forth back and forth and by the way guys don't don't call to try to get on this email chains first of all you don't want to thank you Batty right and in second while we're not gonna let you do this email chain because there's already too many people throwing ideas and things around the words getting just unbelievably impossible to deal with but John you've been a part of that for last couple weeks and there's been some some issues that have come up that really you took the lead on in in decided there was something wrong with and started a movement or at least tried to start a movement to get the government get the apartment association to push on the government to make some changes and some of these loans that were put out there for business people to try to work with and we got two different loans we got the the emergency loan for you know lost profits in the business and then we had the loan for PPP which was the all protection plan and people dealt with them differently now for the first time I'm starting to see this week yesterday was the first time I think I saw people actually getting money from either of these two logs the day before that we heard people saying that there were they were getting letters and that they were been approved but I actually had some people yesterday said the email saying they got money so let's pick it up from there John what do you see these programs at now and then we'll talk about the problem the sole apartment owners ran into with these programs yeah absolutely so you know that as you said there are two different programs out there the first one is the E. I D. L. the emergency disaster relief fund I'm frankly I'm not aware of anybody that has received money on that program even though parts of that were emergency loans were supposed to be available are within three days of filing up to ten thousand dollars there were a lot of those the filed in late March that still have not seen any of that money and as we get into some of the problems with these programs I think I have some ideas as to why some of us in our industry have not seen those funds the second program you talk about is the paycheck protection program work the T. P. P. once this is received a lot of coverage in the national news in that it is a loan to businesses with five hundred employees or or that with the Indians senators to keep your people working and keep them on the job and basically what what that program is that they will learn a business of five hundred employees or fewer money for eight weeks of pay roll and the the and if you keep your your payroll dollars intact at the same level and your number of employees during this eight week period then you can then that one can be forgiven and so there really is it's a great incentive for businesses and even particularly real estate businesses two eight people working rather than adding to the already burgeoning unemployment rolls there are out there so as we go into this area and we we all were thinking okay great these both sound great you're right the the first one the the emergency loan we've not seen much come from that in fact it seems like they've kind of waffle the way away from it to be honest with because of the stuff that's come out it was originally get ten thousand immediately like the next day within three days you said and then you can get another loan in an amount of action and really never clearly defined what acts was but the ten thousand then got whittled down to have something to do with payroll office and there was nothing about payroll when it first came out but I saw an article the other day somebody sent me where they're saying now that you get up to one thousand per employee of that ten thousand but yet nobody CD you said you have some inside or at least take a gut feeling about that I'm see what time we got it we got one minute left do you have a short answer to that what you think happened that long why just disappeared right yeah and you touched on it tell it really got down to the they didn't hide it back to the number of employees and so a lot of property entities that do not have employees filed for this one and so now that it's tied to the number of employees in payroll which seems to duplicate the PPP alone that left a lot of real estate entities out of that the others the other thing with that is that is with the applications that you had to provide a number of your financial loss this came out late March and we and most of us in the real estate business with rent due on the first had no losses at the end of March we kind of knew it was coming attention away but we didn't have an exact number well that's a good point that you have never even thought about that with you right that's how do you get a second everybody's made up numbers and threw him in there we take a short break we'll be right back with Johnny.

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