008: Building Multiple Million Dollar Companies with Pejman Ghadimi (Part Two)
Welcome to part 2 of my recent podcast with Pejman (PJ) Ghadimi. In part one we discussed how he came to the United States from Iran and then France. We also discussed how he became very successful at a very young age with very little help from anyone. Pejman has built multiple multi-million dollar businesses and he discusses much more about how he has done that in part 2 of this episode of the InvestFourMore Podcast.
The economic downturn of the 2000’s was bad, but PJ saw it coming…
PJ saw a downturn coming in 2004 and exactly how he saw it coming demonstrates his insight (or maybe common sense) into the type of things that cause economic collapses. At the time he was working with a bank and noticed two people trying to get a loan for a flip. The two were cab drivers and together wanted to purchase a 1.2 million dollar house. PJ knew they shouldn’t be able to purchase a home of that value based on their income, but within 15 minutes they were approved for the loan (this was in a bank he directed!). When he realized that people all over the U.S. were getting similar loans, he knew it would only be a matter of time before things collapsed. Listen in to see how PJ completely adjusted his investing and real estate strategies prior to the crash on this episode.
How does today’s economy compare to the failing economies of the past?
Though PJ Ghadimi accurately predicted the financial collapse of the 2000’s, he’s not so quick to make the same prediction in our current economy. Many people are saying our economy and housing market will crumble in short order. PJ says the issues are different now, and center mainly around the country’s debt load rather than consumer debt. You simply cannot get the loans you could back before the collapse. PJ is quick to remind us the system is set up for many ups and downs because we are a country that wants growth. It is only a matter of time before we see another downturn, but it may be years into the future and who knows how severe it will be. Listen in to hear PJ explain his thinking on current economic conditions.
How exotic cars can be more affordable than owning a Honda
Exotic cars are a passion for PJ Ghadimi and there’s a very interesting story behind why that is. After buying his first exotic car he realized that because of the way rare exotic cars appreciate in value, he’s actually better off owning exotic cars than he is typical consumer-level cars. He makes the disclaimer that you have to be able to support the car once you buy it, in terms of maintenance, but believes that his exotic cars are actually a better investment than any other vehicle he could own. Hear more about PJ’s passion for exotic cars in this episode of The InvestFourMore Podcast.
What is “Secret Entourage?”
As PJ Ghadimi became successful and began rubbing shoulders with other people who were very successful, he knew those were the people who should be sharing their expertise and knowledge. The problem was many successful people were hesitant to share their knowledge and how much money they had made. Why? Partly out of fear of being judged for having made it big. PJ created his “Secret Entourage” website to highlight those successful people and other in a format and platform where they can honestly share the mindsets, struggles, and opportunities that have lead them to success. You can find out more about Secret Entourage at SecretEntourage.com.
Funding programs to help teens in need of business mentoring
The success of PJ’s “Secret Entourage” website has led him to use the profits from it to build into those who need a hand up. He uses the profits from the site to fund his speaking and mentoring engagements aimed toward young people who never get the chance to hear from successful business people. PJ speaks and mentors kids personally, he doesn’t just donate to a charity. It’s a great way this ultra-successful entrepreneur and business owner is giving back.