This is the Worst Real Estate Investment You Can Possibly Make | Mikey Taylor E281

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5 • 910 Ratings

🗓️ 14 December 2024

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to avoid one of the worst real estate mistakes you could make? In this episode, Rich Somers and Mikey Taylor on “Life with Mikey” dive deep into the biggest real estate blunders that could cost you big time. Mikey shares his journey, from navigating the complexities of high-stakes deals to realizing the importance of location and timing.They break down the risks of overpaying in a hot market and why many investors, including top players, are finding themselves underwater due to aggressiv...

Transcript

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0:00.0	A high-res condo is probably the worst investment that you could possibly make.
0:03.0	And I'll tell you why.
0:04.0	The value in owning real estate is owning the dirt.
0:06.8	You know this better than anyone.
0:08.3	And so you go buy that high-res condo that has an HOA.
0:11.1	Most these buildings have HOAs.
0:12.5	I know by the way those HOAs go up every single month.
0:15.4	And as those HOAs go up every single year, the amount of people that actually are willing to buy into that condo goes down.
0:21.5	And so at the same rate, a single family home in San Diego or whatever market that you live
0:25.8	in in the country went up by 50%. That condo now went up by probably a fraction. That may be 15%.
0:32.1	You and I talked about this about me going carnivore. I am so, this has nothing to the real estate right now, but this will make sense.
0:41.3	I'm so gung-ho on carnivore because I saw such a big, like, difference in energy once I
0:46.8	started eating that way that I've been trying to get the whole staff on board, right?
0:50.6	Hannah is really, what would be the right word?
0:54.3	What would be the right word?
0:56.1	Resistance.
0:56.8	She's really resistant to becoming carnivore, right?
0:59.6	So she made me a bet.
1:01.2	Okay, what was the bet?
1:02.0	The bet is that the housing market is going to crash in California in the next two years.
1:06.6	And if it does, I have to stop talking carnivore.
1:09.9	It's over.
	...

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