Shawn Gorham
@shawngorham
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Following
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Value add real estate buyer. I buy the worst of the worst properties in most asset classes. DMs open for distress opportunities.
Southern California
Joined October 2009
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Send us removal request.
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What do you actually do: Most asked question I get
I move with the market
From 1998-2017 I owned a roof removal company
That was our constant/steady income over 20 years
We bought our 1st house in 2000 - a full gut fixer
Purchased for $190k sold for $360k in 24 months - we…
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One meeting, one phone call can change the trajectory of your life
In 2000 I had a brand new wife (less than 6 months) who was 18 years old and a 6 month old son
I owned a roof removal business/demoltion company with 8 employees. I was 21
It was an El Niño year = a lot of…
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Lots of talk about SQUATTER on X recently
Oh the stories I can tell: Ive had it happen so many times.
Here is the game in CA - they know when a house is vacant or vacant for sale, your house is being watched.
A day before they "squat" they order an amazon package with their…
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So you want to be a landlord...
$8000 in repairs on a tenant turnover on a $1400 a month rental - AFTER they didn't pay rent for 16 months and would not cooperate for rent assistance.
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My friend cleans pools.
Maintenance only.
90-100 accounts - no employees
Married, kid, single income, late 30’s
He just asked me if he should pay off his $300k mortgage at sub 3% (house is with $1mm+)
I asked: how much do you have saved?
Him: $1.1 MILLION in a regular…
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How to buy a plumbing company:
Meet Frank
Frank is 76 and he has been plumbing since the 70’s and licensed since 1984
Frank is 76 and still working
Frank really wants to retire
I just met Frank this morning while grabbing my morning coffee
Tip 1: always go to the same…
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My neighbor sold his house 18 mo ago for $642k because he promised me the market was going to crash.
He had grand plan to re buy the market at 50% discount.
He rented a house for $3500 a mo.
His house is now $1.1mm
Market timing is tough
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Cold Calling: Spoke to an 83 year old women with an 11 unit in an A+ area. All garden style with 2 bed and 2 car garages
She charges $1600 for rent. Market is $2600+
She knows it
“Son I have more money than I can spend, I have zero tenant turnover and my tenants are so happy”
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This is literally $100,000
Company I talked to today has 34 installs going
Must be a good business
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Ive never understood getting an electric car to "save on gas"
Friend has a $35k car (paid off) BUT is complaining about gas prices
So they ordered a $60k Tesla
Maybe Im not bright... but $25k is A LOT of gas
What am I missing?
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Look - I know I’ve been a jerk today…
But I am super proud of my wife.
She has 3 calls today
This is all new to her - she’s been a stay at home mom for 20+ years
It’s hard to reinvent yourself at 42
This is what courage looks like
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Let me just add - they can change utilities into their name WITHOUT you knowing or your consent with one phone call.
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My pro salesman just sold this deck job for $31,400 -
took 2 guys 1 day
$600 in material
Massive margin - sign up for my course - link in profile
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My Ford dealer called and said he has F150’s on the lot and my Mortgage Broker called to “check in”
Haven’t heard from either in 18 months
Hope it’s nothing.
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My painter - I call him K-Paul
10 crews - always booked
His Hyundai has 400,000 miles
7 figure income
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This is so bad…
But I hope 09 repeats itself. I know, terrible thought
Seriously - it’s $3500 to change a water heater
AC guys are quoting $30k for systems
General labor is $40+ an hour and they suck
The market has rewarded to many people
In 09 I went from 80 guys to 10…
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I have a couple friends who are trust fund kids
Not stupid rich. But a 1 time gift of $2mm to buy a house and $40k a month income ($500k a year)
This is So Cal, it’s not a crazy amount of money.
I’ll be honest - looks like a pretty good lifestyle to me.
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This “kid” under 40 inherited $30-40mm of So Cal real estate
Collects $150-200k in rents PER MONTH on free and clear assets
His dad built the real estate
Here he is at Home Depot buying glacier bay faucets he’s changing himself at a property
***yes I know him, went to…
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This might be the most important thing I write:
Right now the 20 and 30 year olds are the do no wrong darlings of business
Don’t believe me?
Ask them they will tell you
I get it. I was the most arrogant 18-35 year old there was
I had one goal, Get Rich!
I was always…
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In 2000 my very very frugal in-laws bought a small piece of land in Lake Havasu to build a vacation home
They paid I think $8000 for the lot
Right when they started building the lot behind them came up for sale
It was a "steep" lot, not very desirable AND the owner wanted…
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After 28 year at Wells Fargo...
THEY CLOSED MY ACCOUNTS?
What the... ya you read that right, they closed my accounts
The story:
A couple month back they asked me to provide a physical address vs a mailbox address.
I immediately logged in a did so
Got a letter Friday that…
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Being an attractive female in sales is a cheat code
I don’t make the rules
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I just witnessed a theft at Home Depot - the workers literally watched him.
I said “WTF”
Worker “it’s under $1000 we aren’t allowed to do anything”
What have we come too?
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SMB Searchers are Procrastinators:
How to buy a business of OFFER UP in 1 week -
Lets Go
1. Pick a business that interests you.
I love Demolition, so lets start there
2. Pick a tool or piece of equipment you know the business uses. In demolition we use trash carts
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Artem was my friend
Brand new on twitter id would ask Artem a question and the dude would respond with a Dropbox link with every spreadsheet or information you needed
I would chat with him for hours late into the night
I knew Artem was in a dark place
I called or text him…
Am writing w incredibly sad news:
Our friend
@ArtemTepler
is no longer w us.
Will post a link to GoFundMe below to help his partner & young daughter. Hope you will join me in giving what you can.
Pls like, RTs, etc. for distribution, so we can raise as much $ as possible.
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A friend of mine inherited a $100mm++ Free & Clear Real Estate portfolio. Brings in over $1mm a month in income
I can't even imagine...
Also - his lifestyle hasn't changed at all. No big house, no vacation home, no exotic cars. You'd never ever know.
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“Fix your fu$
@ed
up teeth”
“All your money and those teeth”
“Spend your money to fix your teeth”
The internet can be cruel
I’m a pretty thick skin dude and the comments get to me
Imagine being a teenager on instagram or TikTok - has to be damaging
I’ve had a “dead” black…
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Had a tenant during Covid NOT pay rent for 24 months.
Half way through we got a water bill for $1400 (owner responsibility)
Called her said WTF - she says “sorry I got the kids an above ground pool”
She then disappeared when evictions started. (SB county)
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CA sucks - politics are insane. Don’t come here. It’s also February :)
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18 pregnant and getting married my friends called me dumb.
43 still married, kids away at college, almost empty nesters… my friends think I’m a genius. (All their kids are under 10 yr old)
Life is funny.
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Unpopular option:
If you are a real estate agent/broker you should have a nice car
If one agent arrives in a Camry and the other a G Wagon or Rover - the latter is getting the deal.
I don’t make the rules, but it’s true
People want to do business with perceived success ppl
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I know Hustle culture is popular
BUT my goal is to make as much money as possible working as little few of hours
The real flex is making $1mm a year and working 30 hours a week
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He had so much life ahead of him… permanent solution to what was a temp problem.
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IDGAF what anyone says... Its slowing down out there.
Retail is slowing, Real Estate is slowing, consumers are price checking
You might still have work, you might still be busy BUT it is 100% slowing down
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This is what most FLIPPERS do to a house (ruin it)
This is my competition - the problem is this work is so cheap and no permits I cant compete
I know this house, I made an offer on it.
They removed weight bearing walls to make an "open concept" and in doing so ruined the…
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I have NEVER put a down payment on a personal primary residence
I knew at 21 I’d never be able to “save” my way to 20% down and family wasn’t going to help
In 2000 we found our 1st house
It was a 4/2 in a good area and it was absolutely trashed - bad
We got any loan we get…
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Went to a Ford dealer yesterday
They had 95 Mach E electric cars on the lot
The manager said they can’t give them away
They also cost more than a Tesla
@GuyDealership
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@girdley
I have 20+ real life stories that would make your head spin. Example, I had a flip listed for sale. It was staged. In the middle of the day a rented Uhaul came and removed all my staging and moved in all new furniture. neighbors all watched as they thought the house sold. I…
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I bought a house in So Cal
I paid $415,000 or 55% of after repair value
It is worth $750,000 after repairs
The repairs are $120,000
The house would rent for $3000 mo
At 71% of market value
THE HOUSE LOSES MONEY AS A RENTAL
A loan of $415k at 7% is $2750 mo
Property…
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Sunday FAITH Post: Feel free to ignore
On a random Sunday morning in November of 2007 I woke up and told my wife
"get dressed, we are going to church"
I had not been in 10+ years, she had not been in 7+ years
We had 3 kids and everything in life was on the rocks
Three…
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Imagine choosing where you live based on taxes…
Suffer in the Florida/Texas heat to save 13%?
Freeze in Utah, Michigan or most the east coast to save 13%?
It’s was 78 and sunny all day yesterday
Glorious
Maybe because I’ve been here my entire life… but I’ve never…
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I need to get something off my chest:
I have HATED the market the last 3 years
I have been anxious, felt left behind and well OUT of the Arena. The most optimistic have won huge bets
But I do my best work when there is chaos in the market. I call it "calm in chaos" I thrive…
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Today, one of my best friends celebrates 1 year sober - for the first time since he was 16
My friend has been married over 20 years, 3 kids and same job for 20 years
High functioning on drugs and alcohol
He’s tried so many times to get sober. It’s never survived a year…
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I made a post how I don’t sit on a couch… and all the comments are about my Eames chair
This is an Eames Chair
Mine is a 1978 I bought used - I sit in it every morning (at 5am)
Here is my candid - non staged pic
I will own this chair the rest of my life, then my kids…
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I can’t stop thinking about that $425 drain clear yesterday
Took 1 guy about an hour
His office was 6 miles away
Equipment was under $5000
Seriously is there a higher ROI business than plumbing?
I can’t think of another service I’ve paid $425 an hour before (beside attny)
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Jeff Bezos ex wife Mackenzie is better looking than Lauren Sanchez
That was a downgrade IMO
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$50,000 later.. I learned about the business of Private Credit
Let me back up… a story of hard money and private credit, a business
I’ve used hard money loans to flip real estate for over 15 years - its a great product for flipping houses
Hard money is usually non owner…
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It is SO EASY to buy a business/job
Yesterday I was sent 2 referrals for 2 different trades (thank you)
Called the first company while I was on their webesite. Says in business for 40 years. I checked his contractors license while on the phone and it matched up.
He sounded…
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Earning $2000 per day will change your life.
What service business, with the least number of employees, is the fastest route to earning $2000 per day?
I think it’s sewer line inspections to real estate agents
What do you think?
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Today, I make my FINAL college payment (until if/when my youngest, a cyclist, decides on college)
My oldest graduates with a masters in June
My middle graduates with her undergrad in June (talking a gap year before deciding on grad school)
Both have zero student loans - both…
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Im back and I missed you
Thank you so much to those who text, called and emailed to check on me
Here is the deal... a moment of vulnerability
I was in my head and I need a break to re-calibrate
See, Ive been an entrepreneur my entire life. Ive never had another person sign…
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I bought 60+ pieces of land during Covid
I used this postcard:
4000 mailed out
over 300 calls
60+ purchase (and 40 sales)
No fancy offer letter. No call system (used my cell phone) Never sorted or scrubbed the list.
Wife made the postcard on Canva
Action is what matters
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Just CLOSED on a 10 unit in PHX
1 unit is empty
3 non payers
6 paying below market rents
A true value add. In place rents are $2700. After a big Capex I expect rents at $11,000+
Deal sourced from Twitter
Lender from Twitter
LLC Attorney from Twitter
I’m still a Buyer!
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Notice abnormalities around you:
This house was on a street I drove frequently
I noticed the house falling further into disrepair for year - I mailed to it once a month, no response
Then one day I noticed an RV pull up with Montana license plates
I pulled my car over…
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How I find subcontractors…
At Home Depot
*** I don’t know any of the companies in these pics ***
1. I go early. The best subs are there before 7am
2. Look for average vans. Nothing new, shiny or wrapped
3. Take pics and database the trades
4. Call (or talk to them at…
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My neighbor has 2 new $50k+ cars -
They are renters… complain they can’t afford to buy a home.
Ok.
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This is an $80mm a year contractor (retired)
He was a convicted felon in the 70s - drugs - only job he could get after release was cleaning porta potties
He turned that into a 400 employee company building sewage treatment facilities for the city/county/govt
I need to learn…
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I’m 45 - I have friends starting to retire
How?
Their parents are passing away and leaving them real estate
Friend 1 - $30k a mo in paid off RE
Friend 2 - sold his (inherited) RE got $5mm
Both worked trade jobs prior
I think we will continue to see this trend of my age…
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Costco Gas: 8 lines minimum 20 cars in each line.
I cannot for the life of me understand the motivation to wait in long ass lines to save pennies.
I shake my head every time I pass by Costco
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We are so pumped. This is our son, he’s a first generation college graduate.
Neither my wife and I or either of our parents went to college
Graduating with a degree in education (+ teaching credential) he’s off to get his Masters at UofO
We are so proud. Huge milestone
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Tip options on the iPad handed to me
25%
30%
35%
Remember when 10-15% was normal?
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I dont want to post this: but I feel its important
I have over 80 DMs of people in tough situations
In 2009 multiple very successful business owners took their lives because they felt hopeless
They believed they would never recover financially and their families were better…
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I do too good of work for the price point of houses we flip at!
Look at this shower - walls are floated, no hardibacker ever
Notice the tile installer - he checks level on every row, including the face
It’s literally a perfect shower
We deliver a far superior product to…
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My wife and I never split the household or kid duties
My wife carried the majority of the household responsibility and I carried the majority of the income needs
I’ve never done a load of laundry since we married 24 years ago
She has never paid a household bill
It wasn’t…
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“What would I do with another $11k a mo she asked me”
“Son my kids can do what they please when I die - im happy with what I have and my tenants”
Note: the property is impeccable and maintenance is top notch
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I’m not one to comment on gas prices and inflation…
But my F-150 just took $200 to fill up
at $6.29 a gallon in so cal
I don’t usually get a week out of a tank
I’m fine - don’t feel bad for me
I think about the lower income hard workers who are driving to work daily.…
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Gas Bill last month $112
Gas Bill this month $272
Gas bill last January $86
We keep our house at 67 degrees
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How to make $10,000 in 24 hours Flipping Land.
Preface: I have a real estate brokers license BUT I am sure the same data can be found on Redin, Zillow. (+google)
Let’s Go:
1. Find an area where builders are building one off single homes, not tracts. Infill or Rural usually
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An easier path the financial freedom:
10 houses free and clear in good areas with rents over $2000 a mo
For most $200k a year income is enough and it buys Freedom… which is what most really want
Buy 1 house a year for 10 years. Rent them out and use all your extra money to…
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What happened (to me) in 2017?
The elevator pitch: I lost a 20 year old (profitable) business, found out my identity was wrapped up in my work, began to have panic attacks (3x ER visits) and became agoraphobic for 9 months and was forced to take a year off of work
Rewind -…
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The 1st house my wife and I bought we paid $190k in 2000
We sold it in 2002 for $350k
It just sold again for $800k
Lesson - don’t sell CA real estate. Long term holders win
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What? You were cheating the whole time?
You got away with that for 25 yrs?
I spent 20 yrs in the roof removal industry
I had a competitor that was always 10-15% lower than me and we competed for the same clients
After 25 years he retired and closed his business
I went to…
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I’m a car guy, unlike
@GuyDealership
I’ve bought and sold over 70 cars personally 😬
Toyota Landcruiser > G Wagon
Lexus GX 460 > Range Rover
F150 is the perfect truck period
Dodge has the best diesel ever
Tacomas last forever
Prius is the most utilitarian car made
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Sent out $100 rent increases (rents still 50% below market) and 3 tenants called the city on me.
How is your Wednesday going?
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I get paid to be a cyclist - seriously
I ride over 100 miles a week. It equals 8-12 hours a week of actual riding time (plus all the prep)
How is it possible a 45 yr old gets paid?
I hunt for deals while I’m riding!
1. I buy cars. As I ride through neighborhoods I look for…
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Holy Sh&$ Friends:
I called an electrician out yesterday for a service call (never used them before)
They came out within 2 hours
Dude pulled up in a $100k truck, told me about leaving for the desert today and all the toys he has
I knew in that moment I was going pay for…
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My wife turned in her first paid design presentation.
She also attached a spreadsheet for the client with links to purchase, quantities, colors - all of it
All the client had to was click “order”
How do you think she did?
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On a random Sunday morning in November 2007, I woke up and told my family:
“Get dressed, we are going to church”
My wife and I had not been to church in 12 years
We googled a local pastors name who we met on the side of a soccer field and showed up
That was 17 years ago…
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How to buy floors (at a discount)
Step 1: go to the local businesses and get prices at $5.50-6.00 a foot
Step 2: google search the brand name and color and find the wholesaler
Step 3: drive to LA (bad area) and enter into a sketchy warehouse next to a dispensary
Price?…
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Confession:
I unfollowed the work of Huberman yesterday (podcast + socials)
The piece was a hit piece. It was gossip.
However it also revealed he’s morally bankrupt, not a great friend and socially inconsistent.
Huberman is incredibly intelligent. His work is deep and…
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A 1200-1600 sq foot single story home WITH A GREAT layout is all most people need. Energy efficient and high design.
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The nicest places to live are the most expensive places to live
End of story
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I want to start a Podcast
But not any podcast
I’d call it “Faith in Business”
I’ll interview Christian business owners and have them tell One story of Gods faithfulness in their business
Something only explained by Faith in God
Short episodes - 10 minutes
Faith Stories…
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Wasn’t long ago this was a $1mm home in Joshua Tree and it sold with multiple offers
Now it’s a $600k-700k home - below replacement cost
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It was a hard week:
I lost out on deal that would have made me $85k in days
I lost $15k on a transaction
Im way over budget on a project
I have a $13k college payment due this week
My wife made more money than me this month, which I am absolutely stoked for... but it's…
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A friend just sold his company and got a $20mm payday.
Drives a 10 year old truck and lives in a $600k house
Said he has No Plans to upgrade either.
I personally would have a brand new Ford Raptor before the money hit my account :)
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Every morning before 7am, on my way to the office, I pass by a plumbing company
20 vans - all beat to hell
All the employees are either ex cons or in “the program” (rehab/ 12 step)
No wrapped vans
Dickies and company T shirts for uniforms
They charge half the branded…
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My 17 year old son is working for a high end furniture rental co (was at a $20mm home today) he tells me:
"Dad the richer they appear to be the worse they tip"
Today - no tip.
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Public Admission:
I made a bet with my wife that Walmart was cheaper than Target for household consumables
We made a list of 31 items and compared each
Target was cheaper (by pennies) but still cheaper
Walmart has good marketing :)
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My electrician can’t believe I spend $5 a day on coffee
I can’t believe he just spent $16,000 for a hunting trip
It’s called “personal finance” for a reason
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@cplee123
yep. then they can get a higher cash pay out quicker as the owners/agent try and salvage escrows. Ive had to pay $10k
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Flipping houses is a massive dopamine hit.
It’s sexy.
Sounds cool when people ask what you do.
Transformation is rewarding
BUT - it’s a hard/risky way to make money
There is more money in the content of flipping than the actual flipping
Made $100k on this one
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Youngest is pursuing professional cycling
My advice…
Learn to create content and build an audience
You will become much more valuable to sponsors and brands if you can drive traffic/ influence to them
So he made his first video today
I think it came out sick
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So you want to be a Landlord...
I have an empty house in San Bernadino (waiting on plans) House had no floors
Squatters moved in. They freaking had carpet installed
Also ran up a $240 gas bill in 9 days
Police actually got them to leave - $80k Jeep in the driveway
OMG
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If your good…
Being a real estate agent is the highest pay, lowest risk, least amount of education required (to be licensed) job on the planet.
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If you started in RE after 2011 you have zero idea what can actually happen in real estate.
You only know a market that appreciates
I was naive like that once too
I entered real estate in 2000
From 2000-2008 I thought RE only went up
2008-2011 taught some lessons
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A friend of mine just filed for divorce after 20 yr of marriage
Says “wife and I haven’t had sex in 10+ years”
PSA: if you are NOT having consistent sex with your spouse/partner there is a red flag
Don’t wait 10+ years - there is a problem in the relationship -
deal with it
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