Dan didn’t have a mentor in real estate investing, but he had a keen eye and made note of something very important in his community as he grew up. The more successful small business owners always purchased the property that housed their store. But, just as importantly, they began buying the properties next to and across from their store. The lesson he learned was to leverage his job to create wealth. While running his video store business, Dan began buying properties. His method looked like this: Buy fix and flips to make cash. Use that cash to buy properties to hold and rent. Use the cash flow to buy more properties. He believes that when an investor uses fix and flips as their sole strategy, they are essentially buying themselves a job. The real wealth comes from asset appreciation and cash flow. One great example comes from his very first purchase. He bought a 2-family structure for $72,000 in 1989 and spent $30,000 in renovations. Since that time, he has rented out these two units creating a cash flow of $7,500/month, and on top of that, the property is now worth $2.6 million.
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