Quote:
Originally Posted by Vegas69
How do you think I've bought the 11+ properties I've owned? Using other peoples money. I read Rich Dad/Poor Dad as a young man. You aren't pulling the wool from my eyes. That's a big part of my financial success.
This reminds me of a good buddy in Phoenix. He always told me that he hated money in the bank and he leveraged it all out. He did extremely well and then went broke in 2008 including losing his primary residence. I'm talking from baller status to zero in no time flat plus a BK.
I know you are likely more conservative and have far better income stream than my buddy, but poor economies do come and so do bad streaks stocks and real estate. We've all been flourishing and riding a giant wave for a long time. Sounds kind of familiar.....
|
Bummer about your buddy. You shoulda had him call me in 2007 .. woulda told him to sell his RE like I did. Greed is a b!tch.
Rich Dad / Poor Dad was a decent read .... in sophomore year of college. 😂
Not sure I’d consider myself a conservative investor, but we’re a dual income family now and my wife’s niche is like death and taxes ... it knows no economic cycle. So that’s nice.
While a 30-40% drop in local RE values (or rents) would suck in theory, it wouldn’t cause me to lose sleep at night. We’re not very leveraged.
We also drive 12 year old and 5 year old vehicles. So no baller status here.