In this episode of In Search of Excellence, Randall Kaplan sits down with Rick Caruso, the billionaire real estate developer and former Los Angeles Mayoral candidate who revolutionized the retail industry. From the iconic Grove to the Rosewood Miramar Beach, Caruso’s properties attract more visitors annually than Disneyland. But his journey wasn't a straight line to success. Rick opens up about his father’s legal troubles and prison time, the power of resilience, and why he believes "shit work" is essential for young entrepreneurs. We also dive deep into his controversial but effective views on solving homelessness in Los Angeles and the specific business strategies that allow his properties to outperform the national average by 3x.
Timestamps:
00:00 - Intro: Why doesn't a billionaire solve homelessness?
01:42 - Rick’s family roots & the rubber band on his money clip
03:59 - Dealing with his father’s legal trouble and prison sentence
07:23 - The "Dollar Rent A Car" comeback story
10:49 - Rick’s plan to fix the homeless crisis in LA
14:40 - Why you need to do the "shit work" to succeed
17:37 - Is college necessary today? (USC & Marshall School)
22:34 - Rick’s first real estate deal: The Midvale Duplex
24:05 - The "Parking Lot Strategy" and 100% financing
31:43 - The vision behind The Grove & the famous trolley
35:39 - The art of Cold Calling & Networking
38:17 - Why Caruso properties earn 3x the national average
41:34 - Building the Rosewood Miramar Beach & defying NIMBYs
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About the Guest
Rick Caruso is the Founder and Executive Chairman of Caruso, one of the largest and most admired privately held real estate and hospitality companies in the United States. A visionary developer, Rick is known for creating community-centric destinations like The Grove, The Americana at Brand, and Palisades Village that have redefined the retail experience. He served as the President of the Los Angeles Police Commission and the President of the USC Board of Trustees, and in 2022, he ran for Mayor of Los Angeles.
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