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.
$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.