A group of real-estate beginners pooled $50,000 to flip an abandoned property using hard-money financing. They completed the rehab in eight to nine months and made a 40% return on their investment.
So the goal was, because we were all newbies educating ourselves through just quick speakers coming in and teaching us about stuff, what they were trying to do was learn with minimal risk. So I think the pot, we leveraged it with hard money. I think the pot that we put together was, I cannot remember, maybe it was like $50,000. Some people put in $2,000, some people put in $10,000. And then we took that money, leveraged it with hard money. Bought a rehab, a Bando rehab, and flipped it. So at the end of the day, our return on it, we were only in the deal for maybe like 8 or 9 months. Our return was 40%.
Episode 575: Redefining Retirement as the Day All Your Choices Open Up with Doug Bennett
