I was terrified, but my desire to be financially free over took my natural inclinations to avoid risk at all costs.
My wife and I are both engineers. We have good paying jobs, and love what we do. We wanted our kids to go to a good school, and so bought a home in Rancho Palos Verdes 15 years ago.
I started thinking about real estate investing after taking Athena’s investment class at the local adult school. Athena planted seeds about all the ways we could become financially free with real estate investing. I liked the class because there were no sales gimmicks. Just the nuts and bolts of investing. Like I said, I’m naturally risk adverse so it took me two years after the class to actually call her and take her up on her free 90-minute consultation.
After meeting with her, I decided I was ready to invest. Since I had limited cash, I decided to refinance my nearly paid-off home.
What happened though amazed me! My first purchase was on a 4 unit building in Hawthorne, California. Eight months after that, I bought another 4 units in Redondo Beach. Finally, I bought yet another 4 units for $995,000 with $200,000 down. The Hawthorne Property is now worth $500,000 more than when I bought it and cash flows over $2500 per month. The Redondo Beach property is now worth $1.5 million, and the cash flow is up $1000 per month more than when I bought it. When rents go up (and they will) I will have even better cash flow.
I am very happy that I no longer have to rely on social security for my retirement, because now I am exchanging my 4 units in Hawthorne for better cash flow and more units. Now I am officially a paper millionaire.
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