Mike Ferry warned this investor in November 2006 that the housing market would collapse. He owned 13 properties with little down payment and none were cash-flowing. He ignored the principles he now teaches, but says those mistakes qualify him to educate others.
I had a really good mentor, a guy named Mike Ferry, and he had warned me the market was going to tank. So November of '06, he warned me. I had 13 homes at the time. I mean, I was super aggressive back then. You could buy a house with nothing down. And so I just keep buying houses, but they weren't cash flowing. They were— I wasn't doing it the right way. Right. It's like all the things we teach people now, I did all of them the wrong way. That's the only reason I'm qualified to teach people all this stuff is because I did it all the wrong way. Yeah. On my own.
