A Closed Mouth Doesn’t Get Fed!!!
When it comes to building wealth, I felt like I've tried everything! I did t-shirts, photography, wrote a book, and even finessed my way into starting my cities first non tobacco hookah lounge. None of those endeavors panned our. I always heard people talk about real estate but coming from the inner city I didn't think people that looked like me was big into it. I came across an interview with a gentleman by the name of MG the Mortgage guy. An African American male who was saying how easy it was to get into real estate. He also said make sure your first property is a multi family property and if you can't really afford it FHA will allow you to leverage your tenants rents so you could afford it and live rent free. At that time I've never heard of a multi family or fha so immediately started researching because I wanted to live rent free. I get on Zillow and I see this completely remodeled beautiful triplex listed for $265,000. This is the type of property I would dream of owning but knowing I couldn't. Right away I knew I didn't make enough money to purchase that property. I was hoping to find something in the 60k to 80k range to be safe. I then thought about the rich dad poor dad book and asked myself how can I purchase this house. It suddenly hit me what MG the mortgage guy said about leveraging the tenants rent to qualify. I reached out to the owner and asked him one question. "Do you have tenants in that building?" I told him I'm a first time homebuyer and I'm trying to leverage tenants rent to buy his property. We met the very next day and he said he'll put two tenants in the property for me to purchase it! I went from looking at 60k properties to now owning a $250,000 booming downtown completely remodeled triplex with no money down, that's cash flowing and allowing me to live for free!!!! All because I asked one question from a interview I just watched. I used a first time homebuyers program for the down payment and seller paid all closing cost! I can't believe building wealth is this easy.
P.S
I would love to be on bigger pockets rookie!