• August 2, 2021

How to invest in real estate: How to pick the right property for your budget

I’m the guy who bought a condo for $1.9 million. 

I’ve never bought anything more expensive. 

I’ve never invested in anything more speculative. 

In fact, I’ve almost never bought real estate in my life. 

But this week, I bought a 2,000-square-foot, one-bedroom, two-bathroom apartment for $2,895,000. 

That’s right. 

$2,888,000 more than my first purchase. 

My first purchase was for a condo. 

When I bought it, I didn’t know how much the rent would be. 

So I went to my agent and told him what I thought about the condo.

He told me I could borrow the money from my family and pay it off over a couple of years.

I did that. 

Then, when I was about to move in, I went in and paid off the mortgage, bought the condo, and got it on the market.

I paid $1,900,000 in cash for it. 

The rest of the money I paid off over the next couple of months, because I knew I was going to be paying for the condo over a period of time. 

At first, it was kind of weird. 

There was this feeling of anxiety about buying a condo because I thought, “How am I going to make money off of this?” 

But once I got it in my hands, I figured out that the money went to pay down the mortgage. 

As the years went by, I learned a lot more about real estate. 

It was the only investment I could do in my time in real life that I actually got to enjoy. 

If you want to know more about what I do, read about my journey to investing with a real estate broker here.

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