A guy sold his car in his twenties to buy a house right before the 2000s crash. He meant to flip it but rented it out instead. Low mortgage rates and appreciation gave him equity to buy more properties and build serious cash flow.
So while all my buddies were buying cars and motorcycles and stuff like that, I actually sold all of mine and I went and bought a house. Really? They thought I was crazy because like, what are you gonna do with the house? You don't have a family. I said, no, I want to build a portfolio. So, and that was right as the market was about to tank back in the early 2000s. Okay. I kind of got stuck into this position where I was gonna flip it and then turned out to be the best long-term investment I've had throughout the whole portfolio. So do you still have it? I still own that property.
Do you live in it?
I do not live in that property. Okay. I rent that out and actually do short and midterm rentals, and it's a cash cow right now.
Really? Is it? It's probably because you got it so long ago, the payment's probably super low compared to like right now with interest rates being so high, right?
Yeah, and I've been able to leverage that property too because, you know, I had so much equity from the growth in the market as well as having it for so long. And then so I've been able to get other properties through that property.
Why Traditional Wholesaling Keeps Failing You (Use This Pre-Flip Method Instead)
