An $83.5 million land deal. No down payment.

From Infinite Upside, by Vijay Sheth

After considerable back and forth, we agreed on a price of $1.25 million. I financed it with two specialty loans, one for $1 million and another for $250,000. At the existing rate of loss, I had enough capital to support the company for about two months.

The vehicles were the reason I thought the opportunity was worth taking. Exotic car prices had risen enormously during the pandemic. Some models had doubled in value. A calculation that began with what a car had originally cost and subtracted normal depreciation could produce a very different answer from what that car could sell for in 2022.

Across the fleet, the equity was nearly $4 million after the vehicle loans. That made a $1.25 million acquisition price compelling. I could sell some cars, release money tied up in them, and use it to support the turnaround. I also saw expenses I believed the rental company could do without.

An excerpt from Chapter 6

From Infinite Upside, by Vijay Sheth

Then I found One Manhattan Square, a new luxury residential high-rise. At the time, it was struggling to attract the clientele it needed for apartments commanding approximately $8,000 a month for a one-bedroom. The owner wanted people willing to pay for a particular kind of lifestyle. We had cars those people would notice.

I proposed keeping our exotic and ultra-luxury cars in the building's garage and paying for the agreed liability insurance, with no parking rent. Prospective residents and visitors would see those cars coming into and leaving the building. The owner would get a visible part of the atmosphere it wanted to create, and we would get a physical Manhattan location without a monthly charge for each space. We would also avoid some of the tolls from repeatedly bringing vehicles into the city.

We signed the agreement. My effective monthly cost for the parking arrangement was just over $1,150 in total for sixteen cars, covering the agreed insurance expense. We still had the vehicles' financing, maintenance, and other operating and insurance costs to cover. Compared with the parking costs we otherwise faced, the arrangement saved over $80,000 a month.

An excerpt from Chapter 6

From Infinite Upside, by Vijay Sheth

Our San Diego director of operations found out what had happened and drove to Los Angeles. He took responsibility for it. He also told the team not to contact me about it or bother me while I was recovering.

I remained in the hospital for the next three weeks. The situation involving the Cullinan continued over the following weeks, and he handled the aftermath throughout that period. I did not learn about the accident until nearly a month after it happened.

A half-million-dollar car had been crashed while I was having surgery, and somebody else had carried the problem far enough that I could recover without being pulled into it.

That employee is now the highest-paid person in my company. He runs our Miami yacht fleet.

An excerpt from Chapter 10