Lessons Learned in My Real Estate Journey | Investor 101
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The speaker shares their journey to financial freedom through real estate investing. They own $40 million worth of real estate that was bought without using any of their own money. The speaker discusses their fourth rental property, which was an inflection point in their career. The property was bought for $82,000 and did not require much work. The speaker emphasizes the importance of connecting with wholesalers and companies that do many deals per year to bring in discounted properties. However, the contractor did not share the speaker's vision for a nice rental property, and the property failed inspection twice. The speaker had to convince their wife to get on board with their real estate investment plan, and they created PowerPoint presentations to show what they had done and what they were planning to do. Despite all the effort they had put in, they were questioning whether it was worth it, especially since they were missing time with their new daughter. However, the property was eventually appraised for over $140,000, which allowed the speaker to use the Burrs method. They received a loan for 80% of the property's value, which was enough to pay back the hard money lender and themselves. The lesson learned from this experience is that persistence can beat resistance. The speaker emphasizes the importance of treating rental properties as flips or nice properties, rather than doing the bare minimum. They recommend making the property a little bit nicer, which can lead to longer tenant stays, higher rent, and a higher appraisal value. The speaker encourages viewers to see the power of real estate over time and to invest in any type of property.
The speaker shares their journey to financial freedom through real estate investing. They own $40 mi