My First Million

Quote · My First Million

Howard Marks: how I make money while you worry about a market crash

Explore episode Jul 15, 2026

In basketball, there's a saying, you can't coach height. And I think there's something called insight. And I think some people have it.

Howard Marks

Howard Marks: how I make money while yo…

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House flipping didn't suddenly stop working. The easy version of it did.

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Bad flippers are kinda being exposed with the current state of the market and have been for the last two years because you literally can barely make a mistake on a deal without losing money or breaking even.

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I'm not trying to underwrite deals so it tells me to buy it. I'm trying to talk myself out of buying deals. I'm underwriting so conservatively that I wanna talk myself out of it. And then if it still says I'm gonna make money, then it's probably a really good deal.

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Buyers are just getting so so picky. So you have to be just as picky when you're looking at the comps.

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Money now is way better than potential money later.

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There's one thing to say there's always a surprise that's $10,000. That sounds crazy. There's another thing to say that's very predictable.

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I am underwriting now at the ARV that falls somewhere in the mid to low end of that sale. Because that way, if I go and I list my property, when I go to run my comps again before we sell, if it's gone up a little bit, I may adjust, but I'm never trying to get the tippy top most money possible.

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