In 2007, I met Carol at our local REIA. She was 63 years old, living in a $1500 a month apartment in downtown Minneapolis, and beginning to fade financially. She had spent around $30k on getting a "eduction" in Real Estate. I am not a big believer in the bootcamps and "gurus" that often sell their systems like they are doing some sort of highly secret business. So, I felt bad for her, and asked how I could help.
I coached her on buying a duplex and living in one side and keeping her expenses low by renting the other side. She has since done an outstanding job "house hacking" before the term was even invented. She Airbnb's the unit she lives in for a meager $56 a day, and has a "roommate" in her unit for about 10 days a month. She lives in a great property, across from a park, and has saved tens of thousand of dollars over what she would have paid to stay in the apartment, since her initial purchase.
When you picture a Grandma, that is doing what many first-time investors fear, you have it right. Sure, she has had struggles like any investor, but the courage she had to make the initial jump is what a lot of people lack. Don't fear making mistakes, be ready to laugh at yourself, and know that the number one thing that 80 year olds say they regret is not taking more chances in life.
Gotta love it! The house hack is one of my favorite investment strategies and it makes great financial sense. Kudos to her for having the courage and taking the action to better her life.
I love that story Jason! Thanks for sharing. Like the old saying goes it's never to late to start. Great reminder to take ourselves lightly / not too seriously. My wife and I are getting after the house hack right now. Very excited to be on this journey.
@Jason Reed great to hear. I met an 80-year-old investor recently. He was spry and outworking most anyone I see. It's never too late to make good financial choices.
Good for you for taking the time to help her out. The investment of your time has changed her life forever.
Good luck to you and your wife! RE is the best way to grow your wealth! Enjoy the journey.
Thank you! That is exactly why I love what I do. I can have a positive influence on people's future. I just wish I could have convinced more people to buy in 2008-2012. It was amazing how many people said "prices might go lower"...
@Jason Reed: Great Story, this should be an inspiration for all of us. Everyone needs second chances, by you helping out you were instrumental in bringing the sparkle back in the eyes this 64-year young investor.
The satisfaction you get watching it is priceless!
Keep up the Good Work.