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The Rich Somers Report

What Not to Buy if You Want to Make Money in Real Estate | Mikey Taylor E374

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5910 Ratings

🗓️ 19 July 2025

⏱️ 12 minutes

🧾️ Download transcript

Summary

Want to build wealth in real estate? Start by knowing what not to buy. In this episode, Rich links up with Mikey Taylor to expose the most common mistakes investors make when chasing deals—and why owning the wrong type of real estate can quietly kill your returns. From high-rise condos and HOAs to the myth of the “dream home,” Mikey breaks down the numbers, the opportunity costs, and what the wealthy do differently. They dive into: Why high-rise condos are the worst-performing asset class in ...

Transcript

Click on a timestamp to play from that location

0:00.0

A high-rise condo is probably the worst investment that you could possibly make.

0:03.1

And I'll tell you why. The value in owning real estate is owning the dirt. You know this better than anyone. And so you go buy that high-res condo that has an HOA. Most these buildings have HOA. And oh, by the way, those HOAs go up every single month. And as those HOAs go up every single year, the amount of people that actually are willing to buy into that condo goes

0:20.9

down. And so at the same rate, a single family home in San Diego or whatever market that you

0:25.7

live 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.

0:41.0

I am so, this has nothing to the real estate right now, but this will make sense.

0:47.0

I'm so gung-ho on carnivore because I saw such a big, like, difference in energy once I 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?

0:56.2

Resistance.

0:56.9

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.

1:06.7

And if it does, I have to stop talking carnivore.

1:09.9

It's over.

1:10.7

But if it doesn't, she's jumping on board. Okay. You got to get it at a born and raise. You and your wife are there after our last meetup down in San Diego. What did you think of born and raised? Because I go there like three times a week. Unbelievable. Oh my gosh. The restaurant, if anybody's visiting San Diego, born and raised was one of the best experience restaurants we have been to.

1:29.2

Like old, like it felt like almost like a 19, like what, early 1900 vibes?

1:34.7

1920s.

1:35.4

Boom.

1:36.1

1920s.

1:36.7

Food was insane.

...

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