Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

The Moment Leka Learned How To REALLY Build Wealth!

18 May 2023 · 1 min

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In this YouTube video, the narrator recounts a pivotal conversation with a mentor named Thatch, who challenges the narrator’s focus on house flipping as a path to wealth. Thatch argues that repeatedly buying and flipping homes generates cash but does not create lasting wealth, emphasizing the need for time, patience, and a different investment mindset. The narrator reflects on the 2017 real‑estate market—a period marked by extreme demand, inflated prices, and sellers often listing homes far above asking. This context prompted the narrator to reassess every deal, treating each property with greater respect and a long‑term perspective rather than merely seeking quick flips. The story illustrates a shift from short‑term profit tactics to a more sustainable wealth‑building strategy in real‑estate investing.

Chapters

And so Thatch said, look, you're kind of doing this all wrong. You keep buying homes, you keep flipping homes, you make great money, and then what? You just put it back in your business and you're not really building any long-term wealth. And building wealth takes time. Like, you've got to give it the time and the love that it needs. And I was like, interesting. So that sent me off a path on analyzing every deal I found differently. This is 2017, and if you remember the 2017 market, it was hot. It was like red hot. Everybody wanted to be an investor. There were no deals. Sellers would just put homes on the market and sell it for $200K over asking. So like, why is anyone selling off-market properties to flippers anymore? So I decided to— every deal that I got, I would treat it with the ultimate respect.