Eric Spofford
speaker
102 appearances
1 recordings
1 series
first heard Jan 2025
last heard Jan 2025
Eric Spofford’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
It really isn't. Like, the money's the scoreboard, but you play the game because you love the fucking game. And you want to win, but you still love to play.
I just like it.
I know it inside and out. I understand the business intimately. It's, you know, for me, I had this conversation recently with the addiction treatment business. That is as much of an entrepreneurship and the sport of business journey as it is...
spiritual journey for me right like you go back into I come off of heroin and all these other drugs you know more than 18 years ago and I'm confronted with you know some guys in 12-step recovery Alcoholics Anonymous Narcotics Anonymous I get I get put into that process which changed my life Right?
And part of that process is you actually make a decision and it's a prayer that you turn your will and your life over to the God. It's the third step in the 12 steps. People obviously probably wouldn't know much about this, but it's a contractual process between you and God that says, left to my own devices, I have destroyed my life. This is my best thinking got me here.
Fucking, you know, not in a good spot. Right? And so... Um, I need some help. And so the deal you cut with God is that, you know, he's got a job for you and it's your job to do that job. And in turn, if you do the job and the work that he's assigned to you, that he'll take care of you. And so when I sold my company. The next day we were busy, but my phone was just silent.
And over the coming months, it left this like void of like, I'd spent 13 years every day doing something that had a meaningful impact on other people. And all of a sudden like real estate's cool and I've made a lot of money in real estate, but like you're not really helping anyone. You know what I mean? And it's not, and so it just, it felt like a labor of love and I kind of got called back to it
The target's a billion, but also understanding market cycles, the world changes. There's a lot of things that we know in 2025 that in 2027 are going to be different. Sure. You know, interest rates come down, the multiples go up. So there's a lot of things that you can't perfectly plan that process, but it's $500 million at a minimum.
It is a much different grind this time because it's much more about a roll-up strategy, acquiring businesses, not building them organically. It's much faster.
We're buying businesses. We're buying existing addiction treatment facilities. Yeah, and so we bought two. I bought one in October of last year, 2024. I bought another one in November. And right now we are ramping up with the target of buying four additional businesses facilities this year. We'd like to close and integrate one per quarter. So every three months we'll be acquiring a new one.
That's the other information that I have to consider when I think about selling the next time, right? It left me so fucking bored. And so it's like you give it like, okay, now you have an enormous pile of cash. But the day to day of what I'm doing right now is so fun. It's gonna be hard to let that go again, knowing that I've already had the experience of selling a business once.
I've already experienced the void. Like this is the stuff that they don't talk about in, everyone wants to talk about the exit and selling their company. And I mean, how common in the business world is that conversation? We don't talk about the void after. How close are you with the people that you work and grind and build with every day? Because you just divorced all of them. You left.
You packed. They're on another mission with another leader, with another group, and you're off on a fucking island alone with a bunch of money. You know? And so... What am I, I always have to do something, right? And so I don't know if it's back into this or too far to tell.
Very few, very few. That's one of the reasons why I got into social media was I looked out at the landscape and saw a bunch of people that I thought were fake. I looked at them and I was like, you're talking all this business and entrepreneurship, but you haven't actually built it. You're only good at making content and using buzzwords that sound good to get attention.
But in the world of Instagram and social media influencers, the amount of people that have actually built a real business is a small fraction. Kind of on our hands. And of that, the amount of people that have actually sold one to a successful exit is a fraction of that. So it's a small minority.
I love Section 8 housing because, one, I love third-party payer reimbursement systems and understanding that the government, if you can cut through the red tape, will actually pay you significantly more to provide quality low-income housing to the people that are in their program over and above market rate tenants because they know that they need to incentivize landlords to overcome the stigma of Section 8.
and deal with their government bureaucracy, paperwork, and red tape. And so once you can kind of figure all of that out, the ability to make money in it is astronomical.
And it's the one thing that I've found in recent times that cash flows at such a rate that it overcomes the objection of the high interest rates and the cost of capital destroying cash on cash returns in traditional real estate investing.
Three-bedroom and higher homes because Section 8 doesn't reimburse on square footage. It reimburses on bedroom count. So the more bedrooms, the higher the rent you're going to get. It doesn't matter if it's a 10,000-square-foot mansion or an 1,800-square-foot four-bedroom home. And then just solid bones to the property. You want to get something that's in decent condition.
One of the main... There's a couple... There's a couple pain points within it. One is screening the tenants and making sure that you're bringing in quality tenants and that'll pay off in dividends over time. And the other is looking at properties and overcoming a lot of the deferred maintenance.
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