Money Rehab with Nicole Lapin

Episode: Heather Dubrow on Real Estate Wins and Fails, First-Date Refunds and Financial Red Flags

Date: November 10, 2025
Guest: Heather Dubrow
Host: Nicole Lapin

Episode Overview

This episode features reality TV star, entrepreneur, and real estate investor Heather Dubrow returning to Money Rehab. With her signature candor, Heather discusses her biggest real estate setback—a multi-million dollar loss on a luxury property sale—and the hard-earned lessons that anyone (regardless of budget) can use. The conversation covers flipping houses, contractor pitfalls, how she and her husband divide financial roles, being scammed out of $2 million, and warning signs to watch for when it comes to money management in relationships and business. Heather’s comedic take on viral money stories, including “first-date refunds” and birthday dinner etiquette, keeps the episode lively and relatable.

Key Discussion Points & Insights

1. Lessons from a Real Estate “Fail”

Heather’s $16.1M to $16.5M Sale (07:10–09:42)

• Heather and her husband, Terry, bought a Beverly Hills property for $16.1 million and sold it for $16.5 million, but ended up losing $5 million due to excessive renovation costs and market dynamics.
• The initial renovation budget was $15M; a contractor’s overages ballooned it to $24M, and unexpected events (e.g., fires, insurance challenges) compounded the issue.
• Heather: “If you’re well known, sometimes the prices go up. If you live in a certain zip code, the prices go up… I know what things cost, and I don’t even mind…paying a premium for great builders…but it was gouging.” (07:13)
• She emphasized the importance of getting multiple bids, clear budgets, and not allowing contractor drift:
  • “With any kind of renovation, you need a very clear budget from day one. And you have to make sure they stick with the budget. You have to participate. And it’s all the hidden costs, too, that really add up.” (10:01)
• Listen to the “universe”—when things keep derailing a project, it’s sometimes best to walk away.
  • “There have been a few times in our lives that we didn’t listen to the universe… and we didn’t listen. And then… the real estate market crashed.” (08:58)

2. The Flipping Myth and Real Estate Advice

On Flipping Luxury Properties (13:21–14:56)

• Heather cautions that the “flipping” market is oversaturated and hard to break into.
  • “There’s really not a lot of deals out there anymore… I don’t think it’s the best business to get into, to be honest.” (13:21)
• Her biggest home-buying tip: Focus on good bones and floor plan; keep big features neutral so resale is easier.
  • “Don’t do anything that’s so weird that will turn people off… If you like color, do that with your wallpaper… but not in things that are hard to change.” (14:20)
• Avoid marble for surfaces prone to stains; consider porcelain or high-quality vinyl for beautiful, practical effects. (16:11–16:43)

3. Highs, Lows, and Evolving Real Estate Goals

Done with Big Houses? (17:03–19:17)

• After years of constant moves, Heather and Terry moved into an apartment, with Heather declaring, “I don’t want a blade of grass again.” (17:19)
• She described the logic of only buying if it’s worth it—even in luxury markets:
  • “I could overpay for it and just get it and do it. Would my life change? No, it’s not a huge amount of money…but it doesn’t make sense to me.” (18:08)
• Most of their house sales were accidents:
  • “Every time it happened was a knock on the door…It literally every time it happened was a knock on the door.” (19:13)

4. Crime, Scams, and Financial Caution

Selling to Criminals and a $2M Scam (11:44–13:05; 23:15–26:42)

• Heather tells the story of unknowingly selling a home to criminals, who ended up in jail after throwing lavish parties in her former house.
• She and Terry once lost $2 million in a financial scam:
  • “We had a really bad situation where Terry made an investment…It was $2 million…But I swear I told you then…I know for a fact that there’s a reason that happened—because if that had not happened, we would have made a bigger mistake somewhere down the line.” (23:15)
  • This led to them taking more active control and ultimately gaining more wealth afterwards: “The majority of our wealth was born from that moment.” (24:02)
• How they handle money now:
  • Don’t hand over power blindly, even to assistants or managers. “Just the notion of being blind or allowing someone to sign your checks is so crazy to me.” (24:24)
  • Recommendations aren’t enough—vet professionals, verify credentials (CFP, FINRA/SEC registration for financial advisors), and never relinquish oversight.

5. Managing Money as a Couple

Dividing Financial Roles (22:31–32:27)

• Heather handles day-to-day finances, while Terry oversees investments.
  • “He tends to find real estate. I build the houses. But what Terry does is invest our money…That’s his clear lane.” (22:31)
• Key to their success: clarity of roles, frequent communication, and learning from mistakes.
• On budgeting and lifestyle:
  • “We don’t have a budget. I spend what we need on our family, and everything else gets invested…We are not reckless people. I don’t like debt except for debt that makes sense. We are very into buy, borrow, die.” (31:04)

6. Money Conversations in Relationships

Addressing Financial Red Flags Before Marriage (32:47–34:13)

• Heather stresses the importance of talking money before marriage (“That’s a total red flag” not to engage).
  • “You’ve got to know what you’re getting into financially before you make a contract, a marital contract with another person… then that’s your debt too.” (33:31)
• She applauds financial independence: “Gretchen is very impressive. If she owns her house, she is a breadwinner… It’s something to celebrate.” (34:02)

7. Hot Takes on Viral Money Stories (34:39–43:59)

• Charging Wedding Guests a Dining Fee: Tacky. “You do what you can afford, and that’s it. I don’t even like a cash bar.” (35:52)
• First-Date Refunds via Venmo: Equally tacky. “When you meet someone, you go on a date, that person might not be for you, but you never know who anyone knows…so bad, so tacky.” (36:38)
• Does Spending More on a Date Lead to Success?—No. Connection matters more than price tag. (37:13)
• Would Heather Date Someone with a Low Credit Score? No; credit shows responsibility. (38:07)
• Birthday Dinner Etiquette: “I always threw my own party and always paid…I think the birthday person should pay.” (40:31)
• Suing for a Bad Date: She jokes, “Someone should be held accountable.” (41:30)
• Paying for Broke Siblings on Vacation: Context matters—if it’s due to income differences or career, chip in; if not (e.g., spendthrift behavior), maybe leave them out. (43:24)

8. Memorable Quotes & Moments

• “There’s a price for everything when Josh Altman knocks on the door with billionaire.” (20:50)
• “To me, it’s brick and mortar. I’m not sentimental about things like that.” (21:07)
• Heather’s humor on home décor: “I was looking at houses, and I went into Shaq's home, and the bathroom was purple. The marble was purple…Because he's Shaq…But, like, you don't want a purple marble, larger bath.” (14:13)
• On the importance of verifying professionals: “You have got to vet them, verify their certificate. You must verify it.” (28:16)

Important Segment Timestamps

• Real Estate Failure—$16M House: 07:10–10:56
• Lessons on Renovating/Flipping: 13:05–16:43
• Changing Home Ownership Philosophy: 17:03–19:44
• Crime & Being Scammed: 23:15–26:42
• Handling Money as a Couple: 22:31–32:27
• Money Red Flags in Relationships: 32:47–34:13
• Dubrow Knows Dough (Lightning Round on Viral Money Stories): 34:39–43:59
• Final Investment Tip (Nvidia, Diversification): 44:16–44:57

Final Tips

Diversification is key (44:51–44:57):

• “It’s such an antiquated saying, but you can’t have all your eggs in one basket. You have to diversify, a little real estate and stocks, and…some maybe, like, bonds. Crypto—we have crypto.” (44:57, Heather)

Tone, Language, and Humor

• The episode is packed with Heather’s direct, self-deprecating style and Nicole’s fast-paced, practical approach.
• The conversation is peppered with levity—Heather on purple marble bathrooms, towel-drawer demos for billionaires, and love connections gone wrong—making financial lessons surprisingly fun.

For Listeners Who Missed the Episode

This episode is packed with actionable, relatable money advice even if you don’t have mansion-sized problems. Learn how to spot red flags in renovations and investments, navigate the financial side of relationships, and why it always pays to verify your “experts.” Plus, get Heather’s takes on viral money news and etiquette dilemmas, all with candor and humor.