During a debate on fractional property co-ownership with friends, Sam Parr explains his operating rule against mixing business ventures with personal friendships.
“I have like a rule. I generally, generally try not to do business with buddies because I'd rather have the relationship over like the outcome of what, whatever that is. So I actually prefer strangers because it's easier to like tell them I don't like what they're doing.”
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More from Sam Parr
PredictionNot checkable as stated
Sam Parr bets money that fractional ownership startup Pacaso will succeed
“I'll bet you money that this company's wildly successful.”
Sam ParrDec 3, 2021▶ 35:01Reinventing Home Ownership and Concierge Businesses With Sam Parr | Where It Happens
AssertionSupported
Sam Parr: Residential real estate barely beats inflation, returning 3.5% annually
“I believe the trailing hundred years, homes have grown something like three and a half percent a year, so they barely keep up with inflation, so I think homes are a wonderful place to Store value that keep up with inflation and they cause forced savings, but i…”
Sam ParrDec 3, 2021▶ 39:16Reinventing Home Ownership and Concierge Businesses With Sam Parr | Where It Happens
Insight
Sam Parr: Do not invest in homes unless they generate cash flow
“If you want to generate income, you should invest typically in public equities, which is like seven and a half, eight percent a year. You should not invest in a home unless it is cash flowing.”
Sam ParrDec 3, 2021▶ 39:36Reinventing Home Ownership and Concierge Businesses With Sam Parr | Where It Happens
Insight
Sam Parr: Home inspections should be interactive platforms, not static PDFs
“Inspectors, but I've always wanted a more of a digital component for my home inspection. And then I was like, cause I thought about this idea a lot. And then I'm like, I wish I had this Alfred, hello, Alfred component where I could very quickly hire X vendors …”
Sam ParrDec 3, 2021▶ 25:10Reinventing Home Ownership and Concierge Businesses With Sam Parr | Where It Happens
Insight
Sam Parr: Marginal service upgrades create massive advantages in legacy industries
“I've always been fascinated by business like that, of which inspections is one of them. And I like to think of things like what's something that you actually use one time. If you just improve the service just a little bit, it actually could be a significantly …”
Sam ParrDec 3, 2021▶ 28:59Reinventing Home Ownership and Concierge Businesses With Sam Parr | Where It Happens
Disclosure
Sam Parr nets $5,000 monthly renting his Texas home to fund Airbnbs
“So I rent out my home in Texas to a long-term renter, typically for eight to 9000 dollars a month, And I, my fixed payment, including taxes, is like 4000 a month, and so I profit 5000 dollars a month, and I use that money to rent Airbnbs in New York.”
Sam ParrDec 3, 2021▶ 31:23Reinventing Home Ownership and Concierge Businesses With Sam Parr | Where It Happens
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