Graham Stephan selling 100% of rental portfolio

追加: 2026-05-30

[00:00:01]Welcome back to the channel. My name is Stephen. I'm a pharmacist and I've been investing in real estate for 8 years.

[00:00:07]So, I want to talk about a post I saw from Graham Stephan talking about how he wants to pay off or sell off 100% of his real estate portfolio.

[00:00:19]And he he's making it a little bit more dramatic because, you know, negative news, negative video headlines tend to get more views.

[00:00:28]So, I think he's kind of like phrasing it as, you know, screw California.

[00:00:33]You know, why I'm selling all my rentals.

[00:00:36]And I just want to kind of give my thoughts, you know, as a real estate investor. You know, I own well, just my primary in LA.

[00:00:44]Um but Graham Stephan, he owns most of his portfolio in LA County or San Bernardino County.

[00:00:52]So, I think his investing career got started back when he was a realtor.

[00:00:57]And he used to work for a real estate broker.

[00:01:01]And I think he was making like at his peak, probably like half a million dollars a year, which is really good.

[00:01:08]And he just started buying like rental real estate because he realized that his uh income as a realtor was very inconsistent. So, you know, there's some months you do really well.

[00:01:23]Some months you, you know, don't have any sales.

[00:01:27]So, your your income is so variable. So, this is typical of like a 1099 of someone in business versus W-2. W-2, you get a paycheck every single 2 weeks and you know exactly what you're getting, the same thing every single 2 weeks.

[00:01:40]But when you're a realtor, you have to hunt for your money.

[00:01:45]And, you know, one month you could sell a bunch of high-end properties, get a lot of commission. The other month you sell nothing and you get nothing, but um you know, overall, I think he was a decent realtor. I think he sold luxury real estate and was probably averaging close to that like I don't even know, 300 to 500 thousand dollars. So, I think he did well, but you know, obviously he started at 18 and I'm sure he had um you know, some type of great broker um that mentored him to do that. So, he was looking at buying real estate. I think it was like around 2010, 2011. So, I think he started you know, in hindsight at a really good time.

[00:02:25]And I think he was buying like duplexes, triplexes, or fourplexes in San Bernardino County, I think, or single family homes, like some some type of residential real estate in San Bernardino County because you know, it's cheaper. I think he was able to pick up these properties for jeez, I think like 150k. It It's been so long. Like this is like old school Graham content and I haven't really watched his content um probably since 2019 when he started becoming more news-based cuz that was making him more money.

[00:03:00]But I think he bought like a like a a single family home or triplex or one of the two and he bought it significantly cheap. I I think it was like around 100 thousand dollars.

[00:03:12]And he bought it from a bank cuz back then foreclosures were a thing and it were very rampant and I I think he ended up buying another triplex uh from another bank and he kind of scaled his portfolio there and then he basically started house hacking properties in you know, kind of like West LA. I think he was like Century City or Mid-City.

[00:03:35]Um and he just bought in the path of progress cuz I think he he grew up in Santa Monica, so he just went above which is um you know, Century City or Culver City.

[00:03:46]Um so, he just kind of kept on going up, right? So, I think it's Mid-City and Century City. Some That's where he bought.

[00:03:52]And what he did was he actually house hacked his his properties. So, he actually lived in a duplex, uh Spanish Spanish style duplex built in the 1950s, I think.

[00:04:05]And I think they were like two-bedroom, one bath. So, he lived in one side, rent out the other side, and then when the other tenant would leave the other side, he'd renovate the unit, and then he would actually coordinate the renovations himself as a general contractor, and he would coordinate it, and then renovate it, and then, you know, raise it up to uh you know, market rents.

[00:04:25]So, you know, he he house hacked um I think one or two properties. So, I think he got like one or two duplexes.

[00:04:33]And then he moved into a Santa Monica house.

[00:04:36]Um I used to live in Santa Monica, so I don't think he was that far. I think he was like probably seven eight blocks away from me uh or away from the beach. And even the house he had in Santa Monica was a duplex.

[00:04:50]So, he was house hacking that property as well.

[00:04:53]So, I I think Graham was really big on the house hacking. And he bought the thing with, you know, 10% down, live in one side, rent out the other side, and that'd cover his living expenses. And that's how he was able to, you know, save a lot of money as a realtor and as he was building up his YouTube channel.

[00:05:10]Um and um it's interesting. I think he made it he converted his garage, his detached garage, into his studio, I believe. And um and you know, actually nowadays you can convert that into a uh ADU. Right? You can get convert the You can have a duplex that you can convert the detached garage into an ADU to have an additional unit. Um so, you know, I think he house hacked um a property in Century City, a property in Culver City, and then he moved to Santa Monica, and lived in this nice, I think, $2 million plus house.

[00:05:45]And it actually had a a granny suite that was grandfathered in.

[00:05:49]And he had a tenant living there as well. So, he even house hacked his property in Santa Monica.

[00:05:53]But I think we're after, you know, he lived in Santa Monica.

[00:05:57]Um he he you know, I lived there, too.

[00:06:00]And apparently he said that like Santa Monica declined, especially during COVID, you know, more homeless people.

[00:06:05]Um I think Santa Monica has the highest I think prevalence of fentanyl use, unfortunately. So, fentanyl is a strong opioid, strong painkiller.

[00:06:18]And if you take it, a little bit of it, it's enough to it's called respiratory depression. So, it's enough to make you stop breathing, and then you basically will die from it unless someone can give you Narcan or some type of rescue therapy um to save you.

[00:06:33]So, he basically I think just saw Santa Monica decline.

[00:06:37]And I think at that point, on top of that, he his YouTube channel really I think blew up during COVID.

[00:06:45]As a lot of, you know, YouTube channels did where, you know, ad revenue was crazy.

[00:06:50]Um you all forget, but I think Graham was getting paid by FTX.

[00:06:55]You know, I think FTX was paying all the the financial influencers six figures and to get them to promote it. And I think Graham Stephan was one of them.

[00:07:04]And then once, you know, FTX became a pyramid scheme, him, just like all the other YouTubers that took FTX money, sent apology videos. And And now people forgot about it, right? But I don't forget. I'm just kidding.

[00:07:17]Whatever.

[00:07:18]Um but yeah, he basically was getting paid six figures from FTX.

[00:07:23]Um I think ad revenue was crazy, sponsorships was crazy, people are blowing up. And I heard back then, you know, YouTube revenue was 78% higher than it was, you know, compared to present day.

[00:07:36]So, I remember people like Meet Kevin was pulling in like $10 million a year between sponsorships, between uh ad revenue, and me Kevin was posting like literally three four videos a day and his was more news reactionary based videos. So, um you know, I I I feel like if I go down the YouTube rabbit hole still, that's the natural progression for me.

[00:08:02]Um So, we'll see, but I like to talk more about my experience versus just kind of like talking about news. Like like if I were to do it, I'd probably talk about the news and just kind of share my experience and what I do, right? Um versus just being a news station, cuz that's at least not right now it's not not my passion, I would say.

[00:08:23]Um so, I I think at that point he maybe was making way more money through YouTube.

[00:08:30]Wasn't being a realtor as much or or started weaning off becoming a realtor, cuz obviously he can spend his time doing a YouTube video and and I'm sure Graham was probably making close to six, seven, eight million dollars doing sponsors. You know, back then course sales were really popular, uh sponsorships, and uh ad revenue. So, you know, I'm sure he was doing very well.

[00:08:54]So, it wasn't worth it to become a realtor and then, you know, obviously as I mentioned earlier, Santa Monica more homeless. Like like literally in Santa Monica they give homeless people suitcases and shoes so that they're not pushing around shopping carts. And I remember going to Santa Monica there's like a a Target on like I think third or fourth street or fifth street.

[00:09:14]Yeah, every time I was in that Target I'd see like a homeless person go in there and they would just like steal something and then just run out or walk out and then like they were the workers were trying not to chase them.

[00:09:25]And there's like no consequences. So, if you went into like a CVS or or Walgreens or Target, like every all the toiletries were locked up behind like a glass shelf. So, you literally had to ask like, someone to open the lock to get you, um, you know, whatever toiletries you needed because the robbing was bad.

[00:09:46]Um, and, you know, you just saw like a lot of people tweaking on on drugs.

[00:09:53]And you go to the park, like, in Santa Monica, right on Ocean Avenue, there's like a nice park.

[00:09:58]Kind of near the, uh, pier. And like, I remember when I first start I moved to Santa Monica, I was like, oh, wow, there's a bunch of people sitting here suitcases.

[00:10:05]And I thought they were waiting for a shuttle for LAX.

[00:10:08]But turns out that they're just homeless people cuz they give homeless people suitcases in Santa Monica.

[00:10:13]Um, and, you know, there's a homeless, I think, shelter or something like on 4th Street and they actually allow the homeless people to, like, so there's something called 3rd Street Promenade.

[00:10:23]It's like a really popular walking area.

[00:10:25]It's unfortunately in decline.

[00:10:27]But like, it's a really nice walkway, um, some decent food and and some shopping, but it's kind of like the one of the main attractions. Like, you go to the pier, you go to the boardwalk, you go to the 3rd Street Promenade.

[00:10:38]And like, in the mid they allow homeless people to sleep there. So, once the business close at like 8:00 9:00 p.m., they actually allow homeless people to sleep on 3rd Street Promenade. And then they would, you know, pee there, it'd smell like urine. And so, if you walk out early in the morning before the business like just opens, they're like power washing the sidewalk uh, to get rid of the pee smell. So, you know, very unfortunate. Santa Monica's really prime area and it's, you know, just taken over by homeless people.

[00:11:06]Um, and, you know, they're they're like tweaking and, you know, whatnot.

[00:11:11]So, you know, a lot of drug use, you you can definitely tell.

[00:11:15]So, I think that combined with, um, yeah, I think Graham, he um, when he he ended up moving to Vegas cuz he he wanted I think a bigger house, obviously no state income tax at that point. Um, you know, he's a YouTuber, so he can work anywhere.

[00:11:32]And he just wanted like a better I guess quality of life for his dollar.

[00:11:37]And you know, I think well, the nice advantage of LA is there's a lot of great you know, Asian food.

[00:11:44]And I And I think Graham doesn't really eat He didn't really seem that adventurous in terms of what he ate. I remember he made a video, he just eats like a sandwich and bagels.

[00:11:53]Um so maybe he didn't really care so much for like the Asian food scene, but like you know, Vegas has some Asian food as well, but I think he just didn't really care for that.

[00:12:03]And he was able to get his his bigger current house that he lives in right now. And I think he had bought it for like a million dollars.

[00:12:11]Which is like relatively speaking inexpensive compared to like LA. And then I think what Graham Stephan did as well is that his house in Santa Monica, he basically didn't rent out his house that he was living in.

[00:12:24]Uh but instead had the uh in-law granny unit. Um I I I think he rented it out, but I think once the tenant left, he just left that whole property vacant.

[00:12:34]And you know, Graham was making a lot of money, so he can afford to just cover the mortgage on his Santa Monica house.

[00:12:39]Um but he didn't want to rent it out because I think the tenant laws are even crazier in Santa Monica to the point where you're better off just renting. That's why I rented in Santa Monica because like it was only 2,300 bucks a month.

[00:12:51]And if you just own a condo in Santa Monica, just the HOA because you have to valet park is like 1,500 bucks. I think I was looking at some listings in Santa Monica for condos near Ocean Avenue.

[00:13:01]HOA is like 1,500 2,000 bucks. And that was literally just my rent. Was like 2,300.

[00:13:07]So you know, it it's pretty interesting, you know, kind of seeing that. And I didn't know, but I think one of the laws was that you basically were at the mercy of the tenant. Like if um you wanted to move back in, you had to like give the tenant like a huge notice.

[00:13:26]I I I forgot the laws, but I think Graham listed in his video, but it was like pretty crazy laws where like pretty much it gave you no control of your real estate asset and the tenant had more control of the asset. So, Graham just didn't want to deal with that headache, so he decided not to rent out his Santa Monica home and just leave it vacant and just cover the expense.

[00:13:45]And so So, anyways, what What I give the high-level as to why he wants to sell 100% of his portfolio. So, I think what he said was that anytime a tenant moves out, he's basically going to sell his portfolio and maybe he wants to exit the process and just move out the tenants and at that point just list his properties for sale.

[00:14:06]So, you know, I I think he sold his house in Santa Monica, made some money on that, and I think his other duplexes that he owns, when it becomes vacant, he's probably just going to list it for sale and to offload these rentals.

[00:14:19]Um so, he had to move out, you know, both sides and and maybe he's doing a a slow and steady process. So, the moment they move out, they're sell it, but it might take a while.

[00:14:27]So, let me kind of share my thoughts of of Graham's real estate experience.

[00:14:32]Um as somebody owns real estate myself. So, number one, he bought he owns in LA County, and LA County's probably the most challenging city to work with. It's very tenant-friendly. That's why I don't I wouldn't want to own any real estate in LA. So, I just have my primary.

[00:14:49]And if I were to move out of this primary, I would probably just sell it and then take the money and dump it into my next primary and not deal with owning a rental in Los Angeles.

[00:14:58]Right? Um So, basically would sell it and trade up to my my future house.

[00:15:04]And you know, cuz cuz the tenant laws are are really ridiculous, and I think like if you want to do a permitting process, uh it I heard, you know, horror stories like it's a pain in the butt. I think that's what Graham Stephan went through.

[00:15:17]And like he was trying to convert, I think, his detached garage in one of his duplexes into an ADU and just going through all the hoops and hurdles of of do dealing with LA County and like you know, they want you to fix everything up and and it just got frustrating and took longer. So, he thought that he just could invest, you know, maybe quickly $200,000 to build it convert that garage to an ADU and then he can rent it out for $3,000, but by going through that process he um just didn't enjoy anymore.

[00:15:45]Didn't want to deal with it anymore.

[00:15:46]But, I think one thing uh that I noticed with Graham is that he served as his own general contractor because he was trying to save that 5 or 10% uh on construction costs by coordinating himself. And I think because he was much more hands-on and maybe like if he spent more time vetting a good contractor or general contractor, it would have made the process a little bit more smooth hopefully. Like you never know, right? You could hire someone completely incompetent. Um anyways, but yeah, I've just heard a lot of stories where he would coordinate a lot of it himself and then maybe he would pick contractors who you know, knowing Graham, maybe on the cheaper end and maybe they didn't know what they're doing and um you know, it just burned him a few times. So, he just got really sick of it and you know, I'm sure dealing with LA County is a pain in the butt honestly. Like versus Orange County, like they're just so much easier to work with.

[00:16:36]Um like they actually want you to build ADUs, but in LA it just seems like they're they're creating a lot of hoops and hurdles to build stuff and I imagine it's going to be very similar with San Francisco, which is why I want to sell my rental in San Francisco um eventually uh when the tenant moves out as well.

[00:16:52]And so, it's just not it's just very tenant-friendly.

[00:16:56]It's not very landlord-friendly and if you want to like build ADUs or something, it's probably way more difficult than it needs to be.

[00:17:02]And then Graham Stephan at his level, if I'm being honest, um he makes way more money doing a YouTube video on his main channel, his second channel, or even his podcast Iced Coffee Hour than he than real estate would ever do for him, right? So, so literally I think I saw it cuz I have VidIQ. On average, Graham ranges between 250k to 750k a month from his Ice Coffee Hour podcast. At least that's according to VidIQ. Not sure how accurate it is, but you can say he's making six figures a month through making his his YouTube video.

[00:17:40]And you know, I think Graham, because he's happy if he has a great tenant, I think he wasn't really as aggressive with pushing up the rents because, you know, he's self-managing himself.

[00:17:51]Maybe he has a property manager at this point. I forgot, but he was self-managing a lot for himself. So, I don't think he was that aggressive pushing up the rents cuz he just wanted consistent tenants and he bought it at a cheaper basis with a low interest rate.

[00:18:04]So, I'm sure he was able to make just enough money from that.

[00:18:07]Um So, you know, I think he wasn't as motivated to raise rents, but even if he were to raise rents, like I think LA is rent capped. Um so, you know, he probably wasn't really pushing his rents as aggressively. And you know, like I said, he he coordinated a lot of the the self-management himself cuz he still thinks very frugally.

[00:18:25]He still thinks of scarcity despite being worth, I'd say, 20, 30 million dollars plus.

[00:18:30]Like he still will like hire do like some sting himself if it's 400 bucks instead of just pay someone to do it.

[00:18:37]Um so, basically you know, I think like he number one was in a hard area of LA. Number two, he just can make so much more money doing YouTube investing time in his business than he would ever with like rentals in in LA.

[00:18:54]And number three is like, you know, LA is a tougher area to deal with. If he like owned in Oklahoma, like out of state, like what I do or or Huntsville, it's way easier to evict people. That's why I I choose states like Oklahoma, like Huntsville, because So, the tenant doesn't pay, I want to be able to evict the tenant without much headache.

[00:19:14]Um which I have been able to do.

[00:19:17]Um So, that that's that's been easier, nice versus LA. You you hear those horror stories where you have to do cash for keys or it takes like 6 months to evict the tenant and, you know, it's just it's just like not worth it for him to deal with that.

[00:19:32]So, um you know, so because of that, like don't get me wrong, if I was in that situation where I was making six figures a month from my you know, YouTube channel, like I wouldn't want to deal with like that headache as well. He's He's better off probably cuz he built up so much equity in his rentals.

[00:19:51]His return on equity was probably very weak. Most people who bought pre-COVID have a weak return on equity.

[00:19:57]Um so, yeah, like his return equity is probably like 2 3% and if you just were to sell it, pay taxes, and then dump it into like S&P 500, um he'd average a 7% return on his money.

[00:20:11]Um or if you were to buy Treasury T-bills, I think which are offering like 5%, like yeah, that's already a better return equity. Um better return on equity for Graham.

[00:20:25]Um and it's less headache, right?

[00:20:33]So, you know, for him it it didn't become worth it because he's his return equity is probably not strong. He's making six figures a month from his YouTube channel and, you know, I think for him it was just stressing him out to deal with all these expenses because I think he is so he still has kind of a broke mindset even though he's worth $30 million plus.

[00:20:52]Cuz he's he views money as scarce. So, like he like would get stressed for like a $800 um fridge bill and he don't he just want to make sure he didn't get ripped off so that he'd get like three four quotes.

[00:21:03]Um so, I think that part of his personality, like real estate's not for him. I I mean I'm sure he's made great money from it, but like now it's not worth it cuz like it just stresses him out. You know, he gets frustrated. He loses He's frustrated for a day or two and then he can be producing a YouTube video and making way more money.

[00:21:20]So for him it just wasn't worth it, right? Because that that was stressing him out versus you know, if he was the type where he was going to approve a bill fast or you know, I get it LA is not as you know, friendly just just sell it. Maybe LA prices are maxed out in terms of their value.

[00:21:38]But I would I would if it was me, I would 1031 exchange these LA assets into something like Huntsville or Oklahoma where it's more landlord friendly. You can get some new construction properties. You can you know, own a lot of them cash out right.

[00:21:53]So you have no debt on it. And you just get a good property manager that manages it and you just manage your property manager, right? And let them do their thing.

[00:22:00]Um but you know, I get maybe real estate's just not for him anymore because he has a consistent income stream of YouTube. You know, YouTube can be taken away anytime which creates fear for him.

[00:22:11]So that that's probably another reason why. So um you know, to kind of summarize this it's pretty much Graham's investing in a tough market of LA that's rent controlled and very tenant friendly.

[00:22:23]Um so and it's it's hard to like build any ADUs, do any construction. So it's probably not just worth the headache and he was probably trying to be a GC himself.

[00:22:31]Um and maybe he didn't vet um contractors well. Maybe he was going for the cheapest contractor not saying that the best contractor um with a track record, right? So I don't really know about that. I would assume he'd do his due diligence and then pick a contractor that does a good job. But I'm not too sure. So that might have led to his frustration of LA.

[00:22:48]Uh number two is that he makes way more money through creating YouTube videos like six figures a month that's more liquid. So yeah, his probably two three percent return equity on his portfolio that you know, probably grew a lot during of appreciation during COVID. And you know, that's that's you know, that's that's what happens as as you build up equity and your rents don't really keep up with the equity appreciation. So, you have a poor return equity. Like I have probably a poor return equity on my my rentals because they appreciate by $600,000, but the rents went up by like 400 bucks, right? Over the span of like 6 years.

[00:23:26]Um so, that's probably um something that he's been looking at and so, he's just thinking, well, I can dump it in in treasury bills, earn 5%.

[00:23:36]It's easier, it's more passive or dump it in SP 500 index fund, easier, more passive, right? Um so, that's another reason. Another reason is he um was probably I think he's self-managing a lot of the rentals himself and you know, he wasn't really aggressive in pushing his rents.

[00:23:53]Uh pretty sure he doesn't really shop around for his insurance and it makes sense he shouldn't. Like he makes way more money with his business. Why spend the time? Why would I spend the effort?

[00:24:01]It's not worth it for him. And another reason is I think he just gets really stressed easily for like bills. So, like you know, you know, when you own real estate, especially enough units, like you you you deal with bills every single day.

[00:24:10]And yes, you want to make sure you don't get ripped off, but that's part of the business, unfortunately. Like you're going to get ripped off by a contractor, you're going to get ripped off by your property manager. Your property manager is going to steal from you. That's just baked in to the cost of doing business with real estate. So, he um you know, if it if it if it keeps you up at night that you have to pay for a new stove, then maybe real estate's not for you, right? Like for me, I just go to Costco, order a stove, and then they ship it, they'll install it, haul off the other one, call it a day, right? I don't really lose sleep over that.

[00:24:41]Um but, you know, if he's losing his sleep over it, then yeah, it maybe he just doesn't like dealing with real estate and if it stresses him out too much, then it's not worth it anymore.

[00:24:49]Um so, that's another reason.

[00:24:51]And um you know, I think another reason, too, is I I think he has uh some rentals in San Bernardino. Um Um it's a rougher area.

[00:25:01]Um in general, rents are a little bit lower.

[00:25:03]Appreciation is a little bit weaker.

[00:25:05]Um so that's how he got started. But, you know, maybe it became not worth it when, you know, you get the evict tenants and deal with that and, you know, it's just as hard to evict people in San Bernardino as well as LA.

[00:25:15]So, I I think overall his portfolio probably was slightly cash flow negative.

[00:25:21]Um he's factoring the fact that he had to pay for his Santa Monica house. Um yeah, probably overall was cash flow negative. Um but, you know, he was probably just trying to hold on to it long term and and stabilize it. But, now he's probably just sick of it and and wants to just sell it. Um as tenants move out, he's going to sell it. I know he sold his Santa Monica house. Um I think he sold one in San Bernardino. And maybe he's maybe he's going to be a more aggressive and just give tenants notice.

[00:25:43]And then try to sell the house a little bit faster so that he just can focus more on his business and just dump it into S&P 500 cuz I think that at this point, I mean you do the math, I think Graham is his net worth um if especially when he sells his rentals, it's going to be mostly pretty liquid. You know, probably 2 million or 20 million to 30 million liquid. Um if index funds.

[00:26:05]Um and his primary residence, which doesn't really count. But, like if we do like the 4% rule was if a 20 million dollar net worth, I mean, jeez, like you're living a really good life, right?

[00:26:16]At that point, like just off the 4% rule so Graham never has to work again and he can pretty much retire.

[00:26:22]Um so it it's really insane, you know, what what he's doing. I think I think you know, why can't I do math right now?

[00:26:31]But, um so 10% of 20 million would be 2 million.

[00:26:36]Um so you cut that in half to let's say 5%. So, that's a million dollars a year that he can live off of. And he's like super frugal so I think he can do it.

[00:26:45]But, it's basically a million dollars a year, which is 80k a month um of passive income that he can live off of for the rest of his life, and um he can probably pay off his primary residence, um and 80k a month is way more than he'd ever need.

[00:26:59]So, he basically end game. So, I get it, right? Like at this point, you know, Graham needs to optimize for return on stress, return on peace of mind, return on easiness, and not be as focused on um you know, dealing with these rentals that that give him a headache is not worth it at this point in his career.

[00:27:18]So, I get it, right? You're not always focused on ROI, you're not always optimized on building wealth, but you're just focused on having an easier life.

[00:27:26]Um you know, and I don't I'm sure his wife is in his ear, you know, behind every great man is a greater woman. So, I'm sure like she's in his ear saying like why are you dealing with this stress? Just get rid of it.

[00:27:38]Dump it into index fund that's more passive and make it easier cuz I'm I'm sure you know, he got married and and he's around my age, so like thinking about kids, right? In the picture, so I think he wants to uh optimize his lifestyle to be easier and less stressful. So, for him offloading real estate is easier for him, right? And it makes more sense.

[00:27:57]Instead of dealing with this headache, um as real estate doesn't become worth it. And you know, even for me, I I might get to that point where you know, you want to own the least amount of rentals to get your cash flow goal. So, like even me, I want to offload my 20 unit. I want to offload my San Francisco property. I definitely want to pay off my primary. I want to build some ADUs cuz they're going to be a more of a cash flow play. And I'll continue to optimize and trim my portfolio as needed to make it easier, to make it simpler, to make it less stressful for me as I, you know, optimize towards, you know, early retirement, financial freedom cuz that's the reason why I bought real estate, right? So, real estate has served the purpose for Graham early on to provide consistent income and build wealth for him early on, but now that he's built wealth through YouTube, um it doesn't serve its purpose for him anymore. So, he wants to offload it, right? Cuz he doesn't want to deal with it anymore, right? So, um you know, for me like I said, I still would tend to want to exchange into like out of state like Huntsville I'll just buy a bunch of these new constructions mostly cash it's more landlord friendly and basically you won't have to pay depreciation recapture get to pay capital gains long term capital gains and then you just own these cash flowing assets just get like 10 of them free and clear at 2000 bucks a month and each one would net around 1500 after your property management your HOA your property tax etc. So you know he could just go down that route and you know guarantee 15k a month just from real estate rental income if he wants to go down that route but it doesn't seem like it seems like he's just done with real estate. So anyways let me know your thoughts would you do what Grant would do if you're in his situation I think I would be tempted if I was in his situation.

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