@Alvin Uy I appreciate this look into your life. What you described seems like it would have been so stressful!! I'm glad you made it and are here on BP to tell the tale. It's also interesting how you describe the OOS stuff, and how your experience shaped your mindset toward them. (I'm from a state that gets a lot of OOS capital because of the stable rental market.) I think when I first was learning about REI spent about 10k haha. I feel that! Would you do anything different?
@Lee Bell It's so cool that you saw the rising appreciation rates and knew something was off... Also, I've heard the "it will be different" thought around the next correction for sure... Idk, maybe has to do with so much consumer debt. :P Thank you Lee for sharing, is there anything you regret?
@Mike Dymski you hit it right on the money! I think the panic and stress and fear in the news etc may have had more of an impact on OKC's economy than the collapsing "rubble" around the country. Almost like a weird, localized correction. (and unnecessary) When it happens again I'll be ready! How did you decide what market conditions you would expand your portfolio under?
@John Teachout I'm so excited for your financial freedom journey man! So cool to hear that you did those things and became $$ stable. (btw I don't know how hogs are in Michigan, but here every Oklahoma county is considered "infested" so we get free reign all year to go hog-huntin'!) You made such a great choice to go full-time into real estate. I'm sure you'll find that that means dedicating a relatively "short" time to ensure your time is never attached to hourly work if you don't want it to be. I don't even know you, but I'm proud of you haha! :D Do you regret anything?
@Brian Ploszay Brother this is exactly why I am making sure I am fully aware NOW because all the same markers and indicators that kinda foreshadowed the last "crash" are their again. They have been for a long time and are even more severe!
I just want to encourage you Brian because you can equip yourself with millions in private money, ready to deploy next time the dust is in the air and come out as one of those people that has seemingly "unlimited" money.
I love how you touched on the subprimes... "Bad mortgages were being written, because there was high demand to buy falsely rated securities." That is Exactly Right! I'm just glad I finally (and recently, phew) understand that. I'm glad you do too. :D Is there anything specifically that you regret or would do over?
@Nick Gann Happy to hear things have changed for you and it seems you are much more educated about the economic workings at play. I love watching entrepreneurs and investors take responsibility by being responsible! So cool.
Do you feel like you want to be more heavily involved in real estate now that you know what you do?
@Account Closed Daaaaaang, you certainly had a bumpy road during that time. And is it awful I have heard of your Amaknak island xD. (my father lived in Alaska for a few years)
It's interesting how your journey more or less started with you being misinformed from the start...about college etc. (me too) It gave you a false pretense on which to build your life, not really fair but it sounds like you made it and are hear now on BP to tell me about it haha. What landed you in the REI circles?
@Andrey Y. Haha I love the raw honesty of the what your life was like at the time. Most people would want to maybe omit certain things, or phrase things in a euphemistic way but nope! You're just like "Here was my life at the time, I barely knew about bonds and was in med school buying a fancy car!" My story is pretty similar hehe, I was in something like 2nd grade and had waaaay more "ignorance" of the global market collapsing around me. What have you learned since then?
@Max T. You got it exactly right when you said "buying at a reasonable price". That is why they say you make money when you buy. It's at that point where you have the greatest control... If you can keep yourself somewhat protected for the next go-around you will have the opportunity to buy when everyone else runs! You got this! Are you ready for your first downturn?
@Ian Walsh What made you decide it was a good time to invest? Most people were running.
@Michaela G. I abosolutely love that you just sound like a super cool person for being bold and brave amidst the crazy, and "zagging". ;) I think people grossly underestimate the power of going the opposite direction of the crowd. Which clearly you've done and of course people are gonna thing you're nuts haha!
I definitely don't think you are nuts for moving away from the "bleh" Seattle weather. XD That didn't seem to take long. I was just in your current state a little while ago! (in Atlanta)
I really appreciate you taking the time to go into such detail about your life story since '08. :D Anything you'd go back and do over?
@Kristopher Kyzar I don't have much to reply other than it makes me happy to see how smart you are about realizing your key takeaways. Some people would freak out and some could even leave the game permanently because of the troubles they had. You weathered them instead and are here now. You are in the perfect position to capitalize on buying properties or being a private lender. Do you want to buy more property in the future?
@Luke Sanderson I'm sensing a theme of people just being right in the middle of the chaos, noticing people struggle and lose their jobs and houses etc right in front of them. But most don't know what happened at the time as wall street took a fall and pawned the consequences off to US taxpayers.
What got you into real estate and here on the BP community?
@Jay Hinrichs Thank you for taking the time to share some of your wisdom. From what I'm learning I would certainly agree that the ups and downs certainly seem perfectly natural. I think being aware, like you are now is the problem. (lack of awareness that is) That sounds like an especially brutal time for you. Glad you didn't just quit! Is there anything you'd go back and change?
I appreciate you all for deciding to spend some of your valuable time on sharing your 08 experiences with me! Y'all are strong people!
