He buys real estate that does double duty: generates cash flow and gives him something to use. A ski condo in Winter Park and a hotel in Silverton both rent out but let him ski with his family. He optimizes for what each dollar gives him in enjoyment and protection, not just rental income.
Anytime I make an investment in real estate, primarily that is building the foundation of my portfolio and hedging risk. I am not looking to build a giant portfolio of cash-flowing properties. I want any real estate investment that I make to be dual use, meaning I'm also getting a return on fun. Currently right now, I'm investing in a ski condo in Winter Park, which is an hour away from my house. That way, anytime it's not rented, I can go up there and enjoy that property with my family. So not only am I growing my wealth and increasing my cash flow, I also have an outlet that is incredibly fun to use. And that's how thinking about real estate right now. Anytime we're looking at investments, I think it's really important to say, hey, where can I get some extra marginal utility out of these dollars? I've invested in a hotel in Silverton, Colorado, because I wanted to go skiing there. That investment has absolutely knocked it out of the park, but that's not the primary reason I did it. I did it because I wanted to have access to that facility when I go skiing.
