In this episode of Money Rehab with Nicole Lapin, real estate investor and TV personality Tarek El Moussa shares how making 50 cold calls daily transformed his career from struggling newcomer to substantial financial success. El Moussa discusses his approach to sales, emphasizing conversation volume over talent, emotional detachment from rejection, and consistent practice as the foundation of his wealth-building strategy.
Beyond sales tactics, El Moussa covers his real estate investment philosophy—flipping distressed properties at significant discounts—and the importance of maintaining financial reserves through market downturns. The conversation also explores wealth mindset, including the different stresses of poverty versus abundance, raising disciplined children in affluent environments, and the balance between pursuing passion and building practical skills. Throughout, El Moussa and Lapin emphasize taking immediate action over endless planning, arguing that confidence and success come from doing rather than preparing.

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Tarek El Moussa shares how prioritizing high conversation volume, emotional detachment, and consistent practice transformed his real estate career from struggling novice to significant financial success.
At 20 years old with no experience, El Moussa struggled for six months in real estate before investing in coaching. His coach recommended 20 daily conversations with homeowners, but El Moussa doubled it to 50, committing to a 90-day sprint. Within three weeks, he built a $100,000 commission pipeline. After 90 days, he bought a nearly million-dollar house and grossed about $300,000 from cold calling alone.
El Moussa's key insight was reframing rejection as progress—if his 50th call ended in a hang-up, he celebrated reaching his goal. This perspective made every interaction a step forward, not a judgment on his abilities.
El Moussa spent a decade cold calling, learning not to take rejection personally. He gamified the process, focusing on reaching his contact metric rather than outcomes like commissions. By ignoring insults and celebrating his 50th daily call regardless of how it ended, he maintained discipline and steadily built wealth.
He concludes that practice from high-volume activity naturally creates sales mastery. Rather than perfecting a pitch, El Moussa urges aspiring salespeople to seek environments that maximize client exposure and conversation frequency.
El Moussa explains his wealth-building approach: buying distressed properties at significant discounts, renovating them, and reselling for profit. He emphasizes that even properties with disturbing histories—including triple homicides—can be marketable at the right price. "Dead bodies, cockroaches, the worst, the nastier, the better," he says, since there's always a buyer. However, he cautions against very low-end properties ($20,000-$70,000), where renovation costs often exceed final value.
El Moussa stresses keeping at least a year's worth of business expense reserves. In 2022, he bought 90 houses in the first quarter, but when rates doubled overnight, he was forced to hold properties through a bad market, resulting in near-universal losses. He likens real estate investing to gambling in Vegas: "If I can win 9 out of 10 years, well, shit, that's not so bad." Capital reserves prevent catastrophic failure during inevitable downturns.
If he lost everything, El Moussa is confident he could rebuild within a year using his network and deal-sourcing abilities. He would identify highly distressed properties in the $50-$100 million range, pitch wealthy investors on deals where they'd make $20-$30 million, and claim a $5 million broker/operator fee. His confidence stems from his ability to source opportunities and connect them with capital.
El Moussa discusses experiencing both poverty and wealth, noting that each brings distinct challenges. "The stress of not having money is different than the stress of having money and obligations," he explains. Poverty centers on basic needs, while wealth brings stress from maintaining obligations and empire. He concludes, "They're both hard. You just pick your hard."
Early in his success, El Moussa bought luxury items like a Lamborghini to impress others, purchasing things he didn't even like for external validation. Over time, his perspective shifted—he no longer owns those cars and finds them to be "more headaches and more stress" than they're worth. His focus now is on building businesses, particularly in AI, and investing time in family.
El Moussa believes the true reward wasn't financial but "the confidence and the belief that I could accomplish things" as an entrepreneur. His excitement lies in building, not having money. If he lost everything, he could "very easily be back in a year" by leveraging his deal-sourcing skills and network. This fearlessness, rooted in hard-earned confidence, underpins his approach to wealth.
El Moussa discusses raising hardworking children despite abundant wealth. He believes discipline and responsibility are possible with intentional, accountable parenting focused on character.
El Moussa bought his daughter a $150,000 BMW for her 16th birthday, but emphasizes she earned it with a 4.2 GPA and soccer MVP status. His primary concern was safety—the car is "built like a tank" with tracking technology for peace of mind. The purchase may also offer Section 179 tax advantages, and his daughter is already invested in stocks and real estate for her future.
El Moussa observes that children raised in wealthy environments can become indifferent to luxury. His daughter has flown private since infancy, making luxury unremarkable. This removes novelty and reduces materialism. Her academic and athletic achievements reflect character despite privilege.
He stresses demonstrating hard work, holding kids accountable, teaching discipline, and showing consequences. His children understand their lifestyle requires hard work from parents. Privileges are tied to performance—failing expectations means removal of privileges.
Nicole Lapin reflects that having "no Plan B" drove her success. El Moussa agrees his success came from a do-or-die mentality. However, he doesn't want his children to endure his past hardships—he wants them to enjoy life while pursuing meaningful careers. Both agree with Warren Buffett's philosophy: give children "enough so they can do anything, but not enough that they can do nothing."
El Moussa reflects on years of miserable work done solely for money, which taught valuable skills he now uses to pursue exciting projects. He warns against choosing careers only for money, arguing that pursuing what you love leads to greater success because passion sustains commitment and excellence.
Lapin shares that, coming from a background without wealth, she initially wanted to pursue poetry but entered finance instead. After gaining skill, she began to enjoy it. El Moussa argues that even unconventional passions like poetry can become successful ventures with dedication and creativity—building an online platform, community, and business around the interest.
Both stress that initial success builds the self-confidence necessary for long-term fulfillment. Lapin recounts how mastery transformed her attitude from dislike to enthusiasm. El Moussa uses the metaphor of teaching children to kick a soccer ball harder—when kids see their powerful kick, confidence soars. By building skills in one area first, individuals gain transferable self-belief.
El Moussa believes early career focus is vital; mastering one area creates a foundation for broader success. No one can be great at many things at once, so young professionals should develop expertise in a single field first. Early mastery makes subsequent transitions smoother and more rewarding.
Lapin highlights how merging core interests with practical opportunities leads to deep fulfillment. Though she started in finance, she eventually integrated her passion for writing by authoring books about money. El Moussa and Lapin agree that excellence, confidence, and opportunity converge when practical skills combine with passion and values.
El Moussa emphasizes taking immediate action rather than getting stuck in endless preparation. He encourages aspiring real estate investors to stop reading books and instead negotiate directly with property owners, insisting that practical experience is how he achieved success.
He shares how, four days after purchasing his first house to flip, he pitched the TV show "Flip or Flop"—admitting he had no concrete idea of what the content would be. He simply Googled Hollywood production companies and began pitching despite having no connections or experience. El Moussa credits his achievements to always implementing ideas without delay, which consistently delivers tangible results.
He urges others to adopt his mindset of "going for broke" and fully committing to ambitious goals. Through complete commitment and action, El Moussa insists anyone can achieve what they want, just as he did.
1-Page Summary
Tarek El Moussa describes how prioritizing conversation volume, emotional detachment, and consistent practice transformed his career, starting from a novice in real estate at 20 to significant financial success.
At 20 years old, Tarek El Moussa entered real estate with no prior experience and struggled during his first six months, making almost no money despite trying open houses and various events. Everything changed after he attended a free training event, where he invested in one-on-one coaching by charging $1,000 a month to his credit card while living in his mom’s garage. The coach advised speaking to 20 homeowners a day. Instead, El Moussa set his target at 50 conversations daily, despite his coach’s claim that nobody does that. Unfazed by the seemingly impossible goal, he dedicated himself to a 90-day sprint, promising to either remain in real estate or return to college depending on his results.
Within three weeks, El Moussa had already built a commission pipeline worth $100,000. After 90 days, he bought nearly a million-dollar house and grossed about $300,000 from cold calling alone. He attributes this extraordinary outcome not to talent, but to high-volume outreach and relentless consistency.
El Moussa’s key insight was to treat every interaction as a step toward his contact goal, not as a judgment on his abilities. If his 50th call of the day led to a hang-up, he celebrated reaching his daily target—he could finally go home. This perspective reframed rejection as positive progress, not failure.
El Moussa spent a decade cold calling, building his resilience to daily rejection. He learned early not to take negative responses personally, ignoring his ego and focusing solely on the process.
He trained himself to feel satisfaction upon reaching his 50th call, regardless of whether it ended positively or with a harsh response. Emotional detachment grew as he ignored insults and negati ...
How Cold Calling Changed His Life
Tarek El Moussa shares a practical approach to building wealth by buying and flipping distressed properties, emphasizing the importance of strategic buying, careful risk management, and having access to capital and a strong network.
El Moussa’s philosophy is straightforward: buy distressed properties at a significant discount, renovate them, and resell for profit. He gives several examples, stating, “I’ve bought houses, triple homicides, and they sell. Oh my God. I might sell it for 50 grand less, but I'll pay 50 grand less.” He describes properties with even the most disturbing histories still being marketable—for example, homes where multiple deaths have occurred, including one where three people died and their bodies remained for an extended period. Even with such stigmas, these homes are purchased for less, renovated, and then sold at a discount relative to the unaffected market, but the margin remains profitable. El Moussa emphasizes, “dead bodies, cockroaches, the worst, the nastier, the better,” since there is always a buyer at the right price.
However, he cautions against investing in very low-end properties in the $20,000 to $70,000 range, stating that renovating these is often costlier than the property’s final value. “Sometimes it’s more expensive to fix the house than it’s going to be worth when it’s done,” he notes, making these unprofitable investments.
El Moussa stresses the importance of financial preparation, especially for bad market years. He advocates keeping at least a year’s worth of reserves for business expenses. Drawing from his own experience in 2022, he explains, “I ended up buying, I think it was 90 houses or 91 houses first quarter of 2022. The hard money mortgages…were, I think, 700,000 a month. And the rates doubled overnight.” Despite market conditions shifting dramatically and mortgage costs doubling, he was forced to hold and renovate these properties, resulting in nearly universal losses for that year, including a $700,000 loss in Laguna Beach and $683,000 in Los Angeles, with many other properties losing $50,000–$100,000 each.
He likens real estate investing to gambling in Vegas: “If I told you you can go to Vegas and win 18 out of 20 times…that’s my analogy with real estate. If I can win 9 out of 10 years, well, shit, that’s not so bad.” The critical safeguar ...
Real Estate Strategy: Flipping Distressed Properties to Build Wealth
Tarek El Moussa discusses the realities of experiencing both wealth and poverty, highlighting the unique stresses that come with each, and reflects on how his motivations have transformed throughout his journey of success.
El Moussa shares that he has lived at both extremes—coming from nothing and later attaining significant wealth. He explains that each condition presents distinct difficulties: “The stress of not having money is different than the stress of having money and obligations.” While poverty centers on anxiety over basic needs, wealth brings stress related to maintaining financial obligations and managing a broader empire. El Moussa summarizes, “They’re both hard. You just pick your hard.” Having been both broke and rich, he finds that neither state is inherently easier than the other, making it misleading to claim one is better.
El Moussa candidly describes how, early in his success, he purchased luxury items like a Lamborghini and even bought a Ferrari for Heather, his partner, on their second date after asking her about her dream car. These early purchases were often intended more as displays of accomplishment than for personal satisfaction. “When you first got money, you bought things to impress people,” he admits, sometimes acquiring possessions he didn’t even like for the sake of external validation.
Over time, his perspective shifted. El Moussa no longer owns those luxury cars and says he finds such things to be “more headaches and more stress” than they’re worth. Now, his focus is on building businesses and meaningful projects—particularly in AI—and investing time in his family. He no longer seeks validation through possessions, remarking, “I’m excited about building, so if I lost everything today building what I love, it was worth it.”
El Moussa believes that the true reward of his journey isn’t the financial windfall, but the confidence and belief he gained from accomplishing difficult things as an entrepreneur. He affirms, “It was not because of the financial win, but because of what it gave me as an entrepreneur—which is the confidence and the belief that I could acc ...
Wealth Mindset: Differences Between Rich and Poor, and Rebuilding From Nothing
Tarek El Moussa discusses the complexities of raising disciplined, driven children when wealth is abundant. He believes it's possible to encourage hard work and responsibility, even with privileges such as expensive cars and early exposure to investments, as long as parenting remains intentional, accountable, and focused on character.
Tarek El Moussa confirms he bought his daughter a $150,000 BMW, but emphasizes that it was earned. She achieved a 4.2 GPA and was named MVP on her freshman soccer team, in addition to dedicating herself to extra coaching. He notes she didn't ask for the car—it was a reward and a surprise for her commitment and accomplishment. El Moussa is clear that had she been "a spoiled brat," she wouldn't have achieved her accolades or received the car; this is his way of recognizing her hard work.
El Moussa’s primary concern in purchasing the BMW is safety. He describes the car as “built like a tank” and highlights its robust features, offering parental peace of mind. He tracks her speed and location with technology like Life360 to further ensure her wellbeing, emphasizing that having a safe, dependable vehicle was the biggest priority for him.
The purchase may also provide financial advantages. Nicole Lapin suggests that, as a heavy car, the BMW could be written off as a business asset under section 179 of the tax code—El Moussa is “a smart dude.” Beyond the car, he’s already helped his daughter invest in stocks and real estate, securing her long-term future and exposing her to responsible asset management from a young age.
El Moussa observes that children raised in wealthy environments can become indifferent to luxury. He notes his daughter has traveled by private jet since infancy and that growing up surrounded by luxury items removes their novelty. Unlike those who attain wealth after knowing scarcity, children like his may not fixate on material things because “they don't even care about it” and “it’s nothing unique.”
He points out that because luxury is never withheld, these children are less likely to be materialistic or develop entitlement. For example, when asked if his daughter would appreciate being picked up in an old Toyota, he’s confident she would love it—proving comfort with simplicity despite privilege.
El Moussa argues that true character in wealthy kids shows through their achievements and discipline, not just in what they’re given. His daughter's academic success and athletic leadership are results of her personal drive, not of being spoiled.
El Moussa stresses that consistency and example are crucial. He advocates for “good parenting”: demonstrating hard work, holding kids accountable, teaching discipline, and showing the consequences of unmet expectations.
He asserts that his children understand their lifestyle is possible because of his, their mother's, and Heath ...
Parenting: Raising Disciplined, Hardworking Children in Wealthy Environment
Tarek El Moussa reflects on the years he spent doing miserable work solely for money, explaining that those experiences taught him a host of valuable skills. Now, he is able to use those skills to pursue projects that excite him. Moussa warns against choosing a career only for financial reasons, arguing instead that pursuing what you love leads to greater success. If people choose careers based on their true interests, he believes they are more likely to achieve excellence, and the financial rewards will naturally follow. Passion, he says, sustains commitment and leads to outstanding results, which are then rewarded with higher pay.
Nicole Lapin shares a similar but nuanced perspective. Coming from a background without wealth, she wanted to pursue poetry but felt the need to enter a more lucrative field to pay the bills. She says she initially disliked finance, but after committing to her role and gaining skill, she began to appreciate and enjoy it. El Moussa argues that even unconventional passions, like poetry, can turn into successful ventures if approached with dedication and creativity—for instance, by creating an online platform, building a community, and developing a business around that interest. Building competence and confidence, he suggests, is key to making even unlikely passions financially viable.
Both Moussa and Lapin stress that initial success builds the self-confidence necessary for long-term satisfaction and fulfillment. Lapin recounts how mastery in her finance job transformed her attitude from dislike to authentic enthusiasm. Success not only brings financial rewards but also fosters real interest in the work.
Moussa uses the metaphor of teaching children to kick a soccer ball harder; when kids see their powerful kick outpaces others, their confidence soars, encouraging them to thrive. By focusing on building skills and confidence in one area first, individuals gain a transferable sense of self-belief that empowers them to approach new challenges with assurance. Lapin affirms that as she became better in her chosen field and started to enjoy success, she liked her work even more, and her career continued to flourish because of the confidence that competence brings.
Moussa believes early career focus is vital; mastering one area creates a foundation for broader success. He notes that no one can be great at many things at once, so young professionals should develop expertise and confidence in a single field first. He uses not only his soccer practice example but also his own career path—had he started directly in house flipping rather than delaying with unrelated jobs, he believes he would have gotten further, faster.
Mous ...
Passion vs. Practicality: Confidence From Success Before Fulfillment in Career
Tarek El Moussa emphasizes the importance of taking immediate action rather than getting stuck in endless preparation or study. He believes success comes to those who actually engage with their ambitions rather than overanalyzing.
El Moussa encourages aspiring real estate investors to stop reading books and instead interact directly with property owners, trying to negotiate and make real deals. He insists that practical experience is how he has achieved all his success.
For those who want to get started in real estate, El Moussa's advice is simple: skip the extended research phase, talk to people who actually own properties, and try to purchase them. This hands-on approach, he argues, leads to meaningful learning and progress.
El Moussa shares the story of how, right after purchasing his very first house to flip, he decided to pitch a TV show having no concrete idea of what the content would be. He and his ex-wife, Christine, brainstormed and settled on the concept of “Flip or Flop”—successful if they made money, a flop if they didn’t. He admits that his idea sounded crazy and that Christine laughed at it, but he went ahead regardless.
Immediate pursuit of his ideas is a constant theme in El Moussa’s career. He credits his achievements to always implementing his ideas without delay, which consistently opens up new opportunities and delivers tangible results.
Final Principle: Action Triumphs Over Planning
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