Does Cardone Have Investor Money Forever? (Attention Meet Kevin)
I have a couple of Grant Cardone books on audible. I like his approach on mindset, sales, etc. I've also watched a couple of Meet Kevin videos 'exposing' cardone's lack of actual real estate background and I wasn't too surprised. He is definitely more carnival barker midwit selling to bozos than harvard mba hedge funder selling to blue bloods.
That said: I know there are discussions about Cardone having stopped paying dividend payments. Again, not too surprising. But I was curious about how his process works, so I watched a few of his videos on the Cardone Capital FAQ page. To see the most interesting video, which I can't link directly to, start here:
https://cardonecapital.com/faq...
then scroll down underneath to "How Long is the Term of the Fund?
So first, the term of the fund is 10 years! Are you kidding me? This term is for everyone, un-accredited and accredited. But I can't imagine anyone with 200k single/300k joint income or 1million net worth would wrap up money for 10 years with Grant. But anyway, moving on, it gets better. Start watching again at the 1 minute mark. He actually says it may not be 10 years; at his discretion it might 12, or 14 or 16 years. The way he words it, he doesn't put a cap on the time limit, which may not rule out "forever."
Also, even more interestingly, there are two edits: at just after 1:01 there is an edit, where Grant seems to have added this statement about the ten year term. Then another edit at about 1:06 where Cardone goes into the fact it may be 12, 14, 16 or whatever.
An obvious edit isn't so surprising in general, except for the fact that the content added in the edit is so surprising and Grant is pretty much as smooth as they come, basically he's 'one take Grant' who doesn't need a lot of edits.
So the questions are:
1. Did investors know Grant might keep there money for up to 16 years (or more*)?
2. Most importantly, how long can Cardone keep your money? Is it 16 years, the final number he mentioned, or is it forever? Note at no point did he ever say it 'would be no more than 16,' that is just the last number he tossed out.
Obviously this is point is moot if Cardone goes bust in the upcoming multifamily crash. But it probably is important to see if unsaavy, un-accredited investors were roped into something they didn't understand.