Unlocking Hidden Goldmines: Why Now Is the Perfect Time to Dive Headfirst Into Multifamily Investments (We’ve Already Started)
Kathy:
And all you have to do is do it once to learn that very, very hard lesson, which is why I didn’t do it over the last four years when everybody else was, because I did it in 2008, so I know how much that hurts.
Dave:
You had a variable rate?
Kathy:
Well, yeah. I wrote about it in my book, my first book Retire Rich with Rentals that I got a great deal and a growth market right outside of Knoxville, right? Pigeon Forge.
Speaker 3:
Yeah.
Kathy:
We could see that massive growth 20 years ago, 25 years ago happening in that area. So Rich and I got three homes on the way that I think we paid one 50. I mean they’re probably half a million today, maybe more. And we got into construction loans and I wrote about it in the book, so I’ll just say it here. I was a mortgage broker at the time. I didn’t read the fine print. I thought I got a construction to perm, which means that it would automatically turn into a permanent loan. I didn’t. I just got a construction loan. So when 2008 happened, those loans, they became due. They balloon, they’re due.
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