The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 87 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Kuno Refuses to Prescribe GLP-1 Drugs Citing Long-Term Unknowns
“So we do use medications. I don't use GLP-I's. I mean, I'm a bit again, there's still some unknowns and long-term issues that I have with them, but we use traditional weight loss medications.”
Morris avoids office real estate, citing 83% delinquency on matured loans
“83% of office loans that matured are showing delinquencies, and I'm not touching office space for that reason.”
Morris Plans to Invest in Los Angeles in 2026 Despite Low Yields
“When I invest dollars in 2026, I personally will not be investing in the three cities that I mentioned. I will be investing in Los Angeles”
David Bailey bought a Los Feliz property at a $1M COVID discount
“So when COVID hit in early 2020, prior to, just prior to it hitting, there was a building that came on the market in Los Feliz, and I was one of three people, I think, who had looked at it and walked some of the units. Anyway, we ended up in a multiple offer s…”
David Bailey is writing off a 6,000-pound exotic car in year one
“Yeah, we just purchased an exotic car for a significant amount of dollars, and we're writing the entire thing off year one.”
Morris never underwrites market appreciation into real estate deals
“When I look at a deal, I don't build in appreciation.”
Morris removed a Joshua Tree property from a fund to protect returns
“We pulled it out of the portfolio with the investors because we knew that, like, we're just going to sit on this one, and when you sit on one, it's going to drive the rate of return for the portfolio down a lot. So when we're looking at, hey, you know, we want…”
Go: Spent $100,000 on slab stone for her primary bathroom shower
“We spent a 100,000 dollars on the shower slab.”
Baucom: Clear Art Reserve targets $10M to $100M monthly capital inflows
“Because we're having these conversations now, 10 and a hundred million dollars a month.”
Baucom: Clear Art Reserve Is Not Registered with the SEC
“So we don't call it fund because we're not, the way we've structured it is we are not registered with in the States as SEC, the Ontario, like Ontario and Canadian securities commissions.”
Baucom: Clear Art Reserve portfolio currently valued at $1.5M to $2M
“I believe we're in the 1.5 to two million at least present day.”
Baucom: Clear Art Reserve takes approximately 10% of artwork sale upside
“Yeah, it'll be about 10% of the upside depending on the piece. Yeah. But yeah, call it 10. So, and I know hedge funds a lot of times, again, because I come from the hedge fund world, they'll take a 22, right? So, it could go to 20, but more likely on, it'll mo…”
Morris: I refuse to buy deals that rely on future market appreciation
“When I look at pro formas they're looking at appreciation. I never look at appreciation. So it's possible. The market goes up. It's possible the market goes down. So I don't even think I'm being that conservative by just saying no appreciation. We know over ti…”
Morris: I avoid new buildings because they lack upside potential
“I'm not buying brand new buildings because it doesn't have that great upside in it.”
Morris: I pay higher interest for 30-year fixed debt to avoid refinance risk
“And if it, you, my numbers, you know, if my numbers are tight, I don't buy the deal just to begin with. And so, you know, usually I'm paying a bit more, and I'm taking the longer term, and I gotta tell you, I say it a thousand times on this podcast, I do not h…”
Paul Morris discloses he has never lost money on any investment deal
“I haven't lost any money in any deal ever, which is, you know, it might be that I'm not far enough out on my skis.”
Lee: $17M in Floating Construction Debt Jumped From 4% to 10.5%
“Okay. So I, and they were on construction loans and construction loans are adjustable. They're floating loans. They went from four percent and I almost It was about seventeen million in debt. It went from four percent to 10 and a half percent very, very quickl…”
Muller faked newspaper credentials for four years to access concerts
“I lied, and for four years I went to all, every concert that came through Northern California in the Bay Area I, if I wanted to go to, I went to it, and got the laminate, and I called and I said I was shooting for the Contra Costa Times, or the Contra Costa Su…”
Chris Safferis pays tradesmen full asking rates for demanding craft standards
“No, in fact, I give them exactly what they want to because I'm demanding. I like it to turn out the way I want it to turn out, and they're already, I'm paying them exactly what they want, and they still kind of Don't want to stick around sometimes because I'm …”
Morris: Deal analysis must assume zero future real estate appreciation
“I count no appreciation in a deal. When I analyze a deal, future appreciation is, is not counted. I need to know. With the market staying the same or getting worse, how am I going to do better with this deal?”
Johnson: Avoids Airbnb investments smaller than four to five bedrooms
“I personally steer away from now anything lower than a four to five bedroom because the value proposition of Airbnb is a collective experience in my opinion, and you can't really provide that in a one to two bedroom and the one to two bedroom and three bedroom…”
Stepp: Indiana real estate properties regularly yield 12% to 13% returns
“The like say in Indiana, I get 12%, 13% returns regularly.”
Stepp: Deal sourcers receive an automatic 10% equity partnership stake
“We also incentivize, incentivize someone to bring us a deal. They immediately become a 10% partner.”
David Bailey never sells real estate, only buying when seeing opportunity
“And then I never sell. Agents call me all the time. And one of the things is that I'm not interested in selling. I'm always interested in buying if I see opportunity.”
David Bailey caps his 400-unit real estate portfolio leverage at 20%
“I don't think my leverage on my overall portfolio exceeds 17 or 20%.”
David Bailey took $1.7M cost segregation write-off on $7M Malibu rental
“I bought a Malibu beach house back in 21 for seven million. And I think I ended up with a cost seg right off of about a 1,000,007 because they use as a rental.”
David Bailey expects a $1.4M first-year write-off from two acquisitions
“I've already done a preliminary study, and the one building I'm buying for approximately 4.7 million, that one is gonna throw a write-off off of about 800,000 year one. The second building, which I'm doing the reverse, 10 31 tax free exchange, due to the fact …”
Raffae: Targets 10% gross yield to achieve 6–7% net ROI
“I, I'd like to get 10% gross. So I can end up with six to seven percent return on my investment.”
Raffae buys properties sight unseen based on local market familiarity
“Being familiar with the area and the neighborhood, I bought houses without even seeing them.”
Morris completely liquidated his public stock portfolio into a self-directed IRA
“But when I, you know, was in a heated moment of the stock market, and I watched my stock portfolio cross an important number for me, I'm like, you know what, I'm out. And I sold everything, and I put it in what's called a self-directed IRA.”
Morris: LA properties cash flow only after months of cosmetic renovations
“I always, whenever I buy in LA, it never cash flows. Okay. So, so I buy something that I know I can make some cosmetic changes that I can turn it around in, in three or four months and that it then will cash flow.”
Morris avoids being a first mover in emerging real estate markets
“And I don't, I really actually don't want to be the first mover because I never know how long it's going to take.”
Romanesco bought a new construction property to pay off in 15 years
“We have one property that we, for, you know, we knew that we would pay it off in 15 years. It's in a great location. It was brand new construction, and that we would break even, right? So as long as we kept at least, even if it was down for a month, you know, …”
Romanesco targets hospital and university tenants for reliable turnover
“Location-wise for us is something that's very rentable, right? Close to, so like if it's close to university, if it's close to hospital, those kinds of things, and those are often the tenants that we're looking for. We don't want someone that's necessarily You…”
Morris renovated a $2.1M Santa Monica home and sold for $6.2M
“I bought it for 2.1. I would put like seven or 800,000 dollars in it through the market crash. I bought it for 2.1. In six months, it was worth 1.6. You know, that was my entire down payment. Yeah. You know, flushed. So I still put the money in it, you know, I…”
Lane: Bought latest rental property in unincorporated rural Georgia to avoid regulation
“Where I bought my most recent property it's in an unincorporated part of a county in rural Georgia where I talked with my realtor who was the
mayor of the town and essentially put the likelihood of regulation in an unincorporated part of the county was as cl…”
Go: Passed on 800-square-foot ADU on $20M project to maintain privacy
“On the project that we're doing that we're targeting twenty million, we had an option to maximize square footage and build an ADU. And I said, it's gonna completely invade your backyard, and it's going to ruin that kind of feeling of having this estate-style p…”
Owen: Earned An Extra $800,000 Selling Properties Initially Intended As Holds
“I made an extra 800 grand last year just from stuff like that.”
Owen: Current Real Estate Portfolio Stands At $10 Million
“Ten million total in real estate holdings, which is like a fraction of what it could have been. And that's purely because I keep taking these deals. And take, keep taking these exits and I keep deploying into something else, or I did the short term, you know, …”
Owen: $10M Real Estate Portfolio Yields Only $4,300 In Monthly Net Cash Flow
“It's about 40 to 4300 a month. I'm like net cash flow right now.”
Morris: Made Nearly $1M Profit Flipping A West Hollywood Fourplex
“It was a very healthy profit, and I did, Ted and 31 the money, because I didn't want to, you know, it was like close to a million dollars in profit.”
Baucom: Clear Art Reserve has not yet sold any artwork
“No. I'm not, I don't want to yet. We're too new and I, and they're honestly every piece that people want is because they're so desirable.”
Baucom: Clear Art Reserve acquired a blue-chip artwork for $20,000
“We just acquired a piece of blue chip that is a smaller work and it's like 20,000.”
Baucom: Clear Art Reserve charges a 1.5% annual management fee
“We take a one and a half percent fee per year, which basically pays for storage insurance any moving around of the pieces or anything.”
Morris: Tenants across his 600 units consistently paid rent during COVID
“And that's why, you know, with 600 units, my people were paying the rent.”