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Grant Cardone is in trouble

THE BIG SPLASH
Grant Cardone is in trouble

The booming world of financial influencers has a dark underbelly, as exemplified by Grant Cardone, an ostentatious “influencer” with a penchant for brash advice and a celebrity facade. Cardone's promise of passive income and real estate riches has attracted an eager following, but a class-action lawsuit now questions the legitimacy of his investment scheme.
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Cardone's modus operandi involves enticing everyday individuals, often struggling to make ends meet, to invest as little as $1,000 in his Cardone Capital real estate funds. These funds, structured as Reg A+ offerings, promise access to the world of property ownership and passive income, making real estate investments seemingly accessible to the masses.
However, allegations within the lawsuit claim that Cardone has misled investors with inflated promises of returns, contrasting with regulatory warnings. His charismatic videos and social media posts, flaunting a lavish lifestyle, have been instrumental in this strategy. Cardone's audience is drawn in by the allure of real estate investments while potentially ignoring the complexities and risks involved.
Cardone's business model relies on debt-laden real estate purchases, leveraged by funds from his followers. His aggressive rent hikes and frequent evictions indicate a pursuit of profits at the expense of tenant well-being.
Despite his public persona as a savior for the middle class, Cardone's tactics might perpetuate housing affordability challenges and, as some experts warn, contribute to the potential for a housing market crash.
While the lawsuit will determine the extent of Cardone's misleading practices, it underscores the broader issue of financial influencers exploiting their popularity to draw unsuspecting individuals into investment ventures.
This phenomenon raises questions about the ethical boundaries of financial advice and the responsibility influencers bear in guiding their audience towards genuine financial success.
A SCOOP OF ANALYSIS
The real estate landscape is shifting again, favoring well-established neighborhoods near major cities. In a departure from the recent "Zoom town" trend, where remote work led to an exodus to rural areas, homebuyers are now seeking affordability and city proximity as workplaces reopen.
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For the first time in five years, suburban areas around major cities like Boston, New York, Chicago, Detroit, and St. Louis have made Realtor.com's annual Hottest ZIP Codes list. This signifies a resurgence of interest in homes with manageable commutes as employees head back to physical offices.
The appeal lies in areas offering more bang for the buck – either homes that are competitively priced or larger than average. These top 10 ZIP codes have homes with prices at or below the U.S. median and larger-than-average sizes. Listings in these ZIP codes garner about 3.6 more views per property compared to the national average, selling approximately one month faster in 2023.
The top 10 hottest ZIP codes this year are:
1. 43230, Gahanna, Ohio
2. 06489, Southington, Connecticut
3. 07450, Ridgewood, New Jersey
4. 01810, Andover, Massachusetts
5. 18064, Nazareth, Pennsylvania
6. 46322, Highland, Indiana
7. 48183, Trenton, Michigan
8. 06851, Norwalk, Connecticut
9. 14534, Pittsford, New York
10. 63021, Ballwin, Missouri
These locations are capturing the attention of homebuyers, either due to competitive pricing, larger homes, or appealing urban adjacency. As remote work winds down, home seekers are once again banking on the convenience and lifestyle advantages offered by established cities and their suburbs.
A SCOOP OF CELEBRITIES
Celebrities like Kendrick Lamar, Zendaya, and Ed Sheeran are choosing to call the Brooklyn waterfront their new home. The trend is noticeable in the choices of apartment purchases and rentals made by these stars.
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Kendrick Lamar, for instance, opted for an $8.99 million triplex at the Pierhouse, while Zendaya purchased a $4.95 million three-bedroom unit at the Quay. Ed Sheeran, on the other hand, is shelling out $36,000 a month to rent an over 4,000-square-foot apartment at the same Pierhouse building.
What's drawing these celebrities to the Brooklyn waterfront? According to industry experts, the allure comes from not only the stunning waterfront views and lavish amenities but also the scale of these residences.
The new glassy, high-rise condos offer spacious living areas, a luxury often difficult to find in Brooklyn. The convenience and privacy are also appealing factors, with many of these buildings offering private elevators, secure garages, and exclusive access to avoid paparazzi.
These residential choices also hold a statement for celebrities. Opting for Brooklyn's waterfront instead of traditional celebrity hideaways in Manhattan showcases a preference for a unique and luxurious lifestyle.
This trend not only reflects the changing real estate dynamics of the Brooklyn area but also signals a shift in how celebrities view urban living.
A SCOOP OF CRAZY LISTING
A house listed for just $1 in Pontiac, Michigan has triggered a wave of offers, thanks to its humorous and candid listing description. The listing, created by agent Chris Hubel, boldly declares the home as the "world's cheapest home" and invites buyers to embrace the adventure of a lifetime.
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The description humorously points out the property's flaws, including a floor hole art installation next to the furnace and an avant-garde "open floor plan" due to a missing subfloor. The 724-square-foot home, built in 1956, requires substantial renovation, estimated at $30,000 to $40,000.
Hubel's approach seems to be a hit, as the listing has generated over 100 offers and thousands of phone calls within days.
The area, experiencing a renaissance, has attracted investor interest, making the $1 home a surprising opportunity.
Offers are due by August 23, and despite the initial comical tone, the house seems to have sparked genuine interest among potential buyers willing to turn the fixer-upper into a viable investment.
This light-hearted yet lucrative approach to selling a distressed property underscores the power of humor in capturing attention and turning it into tangible interest.
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