Quote:
Originally Posted by vintageogauge
Not to worry, I've been doing this for decades and haven't lost yet. Realestate by far has been the best investments of my entire life. Even when the economy goes down, unlike some other investments, you still own the property and it will eventually go back up.
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A friend of mine was in the USAF stationed at SAMSO in the Los Angeles area and bought a house on the Palos Verdes Peninsula around 1970. He was a First Lieutenant and worked with another First Lieutenant with the last name of Marvel. Marvel had been stationed there prior to my friend and had bought a house for $40K the year before which was now worth $70K. Marvel then refinanced the house and bought another. Using this technique over several years he acquired 19 rental houses in the area. When the fellow made Captain he wore to the office a Captain Marvel outfit his wife had made. Lol. After a few years he resigned his commission as his houses had become worth about $650K each. Bet they are maybe $1.5M houses today!
My friend, now 80 years old, went on to obtain about half a dozen rental houses (although not in that area) which he still owns.
Residential real estate can make one a multimillionaire.
I wonder how many residents in The Villages have acquired multiple rental properties in TV over time? More than a few I will wager!