Jul 4, 2024
For anyone questioning the continued relevance of the American dream, the story of Sammy Poori serves as a powerful testament.
Poori arrived in America as a refugee from Iran in the late 1990s, supported by a church that sponsored him and helped him get a job as a janitor at a Nashville hospital.
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With limited financial means, Poori says he managed to save $1,000, which he used to purchase a 1989 Toyota Camry. The car became his home.
“I parked at Wal-Mart, which was the only place at the time that was open 24 hours. I parked where employees parked, so I could sleep safely. I went to a gym to take a shower and clean up and go to work,” he told USA Today via The Tennessean.
Subsequently, Poori ventured into the food service industry, taking on various roles at establishments such as Burger King and Subway.
Starting his own business
Poori met his wife, Ana, who was also an Iranian refugee, in May of 2000. When she became pregnant, he decided to become his own boss.
Partnering with his brother-in-law, Poori says he bought a “junk tow truck” and started his own business. He went to car dealerships to find work moving cars, working grueling 14- to 15-hour days.
This entrepreneurial spirit paved the way for further opportunities. In 2005, Poori launched BBB Auto Sales.
Earnings from the car dealership enabled Poori to venture into real estate investments.
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He says that he now allocates 60% of his time toward real estate and 40% managing the dealership.
Poori has also amassed an impressive multimillion-dollar roster of exotic sports cars, featuring prestigious brands such as Porsche, Ferrari, Lamborghini, Pagani and Bugatti.
For example, the 2022 Bugatti Chiron Pur Sport in his collection starts at well over $3 million, according to Car and Driver. Many of these vehicles can be viewed on social media.
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Better ROI than real estate?
Reflecting on his passion for exotic cars, Poori remarked to USA Today, “I don't do drugs, I don't gamble, I don't do anything.
“My only hobby is cars.”
His investment in this hobby surpasses that of the typical car enthusiast.
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“Eleven years ago, we had a house in Brentwood that we bought for $350,000, and at the time, my car collection was over $2 million,” he recounted.
While cars are generally seen as depreciating assets, Poori claims the exotic models in his collection have proven to be financially advantageous.
“A lot of my cars have a better return on investment than my real estate or my business,” he said. “I don't think I have a car in my entire collection I have ever lost money on.”
However, it's important to recognize that, for the average individual, vehicles are unlikely to appreciate in value. According to Kelley Blue Book, most vehicles lose about 20% of their value in the first year and are often worth only about 40% of their original purchase price after five years.
What stands out in Poori’s story, beyond his car collection, is his work ethic.
“The biggest thing for me was never give up. Never quit. Keep working. Be driven. Write down all your goals. I write down everything I want to do, and I work very hard,” he explained.
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Jing is an investment reporter for Moneywise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.
