Investor and craftsman Chris Safferis explains his approach to managing and compensating tradespeople on high-end renovation projects to host Paul Morris.
Disclosure
Safferis: Bought Venice Beach house using $7,000 FHA loan
“I had like 7000 dollars from my father's... It was nothing, you know, and I took all that money and did a FHA loan. I bought the house.”
Assertion Partly supported
Safferis: Venice Beach homes were $150K in 1994
“All day long now, but back then you could get them for a 150.”
Assertion Contradicted
Safferis: Venice Beach home sold for $980K in one day
“And I go, if I can get nine 80, I'm leaving. And he goes, you're getting more than 30% what anyone else has ever got in your, in this area. And I go, well, that's what it's going to take for me to leave. And I sold it in a day.”
Assertion Not checkable as stated
Safferis: Live-in home renovations built more wealth than chiropractic career
“Every single time, Except for Joshua Tree, I have lived in the house that I am working on, and I don't know if that's a good thing, you know way better than me, but it has grown my wealth way more than chiropractic”
Assertion Not checkable as stated
Safferis: Venice Beach home build cost under $100,000 using DIY labor
“I remember I told the building department I was going to build the whole house for under a 100,000, because they wanted to tax me all this, and I'm like, and they laughed at me, and I'm like, you can't laugh at me. I could, that's, I can do, I'm building this …”
Disclosure
Chris Safferis hand-scrapes floors and remills reclaimed wood for his renovations
“Hardwood floors, I hand scrape them. I will drive to the end of the world to find something interesting that no one else has. I'll do used floors, and I'll remill them all, and I can't afford to do it, so I just do it myself.”