On the last post, I wrote about why women make better investors. This is another example to back this up. Jenny was able to double her equity in 3 years and cash out tax-free simply by planting veggie. Ok ok..lets back off, my point here is that if you buy real estate right, it does not really matter what you do to it afterward. You could do all sort of creative way to increase the value and maximize the return, or just do garden work, plant some veggie and still be able to reap the reward that real estate has to offer.
We can all learn from her:
- Sacrificed: Instead of putting of putting all the saving into a down payment for a fancy home. She and her families are willing to stay at a class C area. She bought it right, wait for the equity to go up, then sells it for tax-free through Homestead.
- Always carried a loaded (financial) gun. If Jenny didn’t have enough capital buy the house at that time, Someone else would take the deal. Good deal doesn’t come and stay on the market for long. Most great deals happened off-market and the great real estate agent/investor is the one that you never heard off. They work only with a handful of clients for repeated business and simply have no need to advertise. People come to these agents and ask to be on the wait list, not the other way around
- Hang out with the right people: You are the average of the 5 people you hang out with. If Jenny didn’t hang out with me enough, she would never get the deal (Sound funny but true). If I didn’t hang out with David enough, I would never get this deal. Be selective in the top 5 people who you spend time the most with. I am not saying that if your mom is negative, you are going to kick her out of your house. It just that if you want to become a better you and a better son or daughter, you need to spend more time with the people who could help you. then you can become better and in a better position to help your mom or dad