Grant Cardone is less than pleased with the ruling against former Donald Trump, in which Trump has been ordered to pay $355 million in penalties plus interest. If Trump were to pay the full amount of the penalty today, it would cost him roughly $450 million.
In a post on X, formerly Twitter, Grant Cardone said, “Dear Cardone Capital team, Immediately discontinue ALL underwriting on New York City real estate. The risk outweigh the opportunities at this time. Recent political decisions will continue to deteriorate price and benefit states that don’t have these challenges. Focus on Texas & Florida.”
Don’t Miss:
-
Investing in real estate just got a whole lot simpler. This Dara Khosrowshahi-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.
-
Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus & Millichap is changing that, allowing individuals to invest in commercial real estate with as little as $5,000.
Cardone’s comments echo what Kevin O’Leary said in a recent interview, calling the decision to fine Trump “unjust,” “appalling,” and “Un-American.”
“That fact that he was found guilty, you might as well find guilty every real estate developer on Earth,” O’Leary said.
New York Governor Kathy Hochul has tried to calm the fear that has come from the ruling, insisting that “law-abiding, rule-following New Yorkers who are businesspeople have nothing to worry about because they’re very different from Donald Trump and his behavior,” according to the New York Post.
O’Leary believes that the ruling against Trump will likely be overturned on appeal, but the consequences of the decision may hurt New York going forward, including the threat by truckers to boycott loads to New York City, as reported by the New York Post.
Read Next:
-
Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus & Millichap is changing that, allowing individuals to invest in commercial real estate with as little as $5,000.
-
Collecting passive income from real estate just got a whole lot simpler. A new real estate fund backed by Dara Khosrowshahi gives you instant access to a diversified portfolio of rental properties, and you only need $100 to get started.
Image Credit: YouTube
“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Grant Cardone to Team: “Immediately Discontinue All Underwriting on New York City Real Estate” originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
