Codie Sanchez warns against starting luxury rental businesses like Swimply. She predicts they'll collapse in a recession as consumers cut spending on extras, even though some pool renters have made $177,000.
I think this business is going to completely disappear in the next 12 to 24 months. You want to know what business it is? This one? It's called swimply. Basically you rent out your swimming pools. I think in a bear market and a recession renting out your swimming pools is not going to happen. This guy says he made $177,000 renting out a swimming pool to other people. No shame in his game. I think that's awesome if he was able to do it. But in the future these businesses that are like I'm the.
Airbnb of pools, I'm the Airbnb of renting out your luxury car.
All of those work during a bull market when people have a bunch of money to throw around. I think coming into this next rece companies like swimpli are not going to work. I think these luxury businesses are not going to work and I think everybody should start thinking about what do you need because that's where people going to spend.
He wouldn't give you the dream if he didn't believe you had what it takes. You have what it takes.
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