Terry actually bought his first investment property in Saginaw, Michigan, even though he from New Orleans. He uses a line of credit to rehab homes and then refinances the home with the banks and pays back his line of credit after a "second close."
Terry has also partnered with a property manager, who uses his business to get the inside scoop on potential investment opportunities. He also explained that he has expanded his social circle to include other investment professions. He quoted, "The more I manage my money, the more money I have to manage." The statement means that the more he understands his finances the more money he obtains to manage.
Here are some other interesting points from the interview:
- He invests in duplexes, 4-plexes, and 8-plexes.
- You must have courage and take risk
- You don't know everything about real estate, so go find someone who has done it before
- He can add $30,000 to his net worth per home
- If you want to save, open a separate account specifically for investment properties
- Have a millionaire mindset
Terry has one a few medals in the ESPN X Games, but I much more impressed with his real estate ventures.