23 May Real Estate Investing with Richard Anderson – #CREPN 46
Richard Anderson and his wife started investing in real estate with a duplex and grew to thousands of square feet in commercial real estate. [x_audio_embed][/x_audio_embed] Subscribe: itunes Before real estate, Richard learned from his grandfather who suffered some significant losses in the stock market crash. He taught Richard about investing in the stock market and specifically about two stocks: Disney & Woolworth.
The first real estate investmentIn a few years Richard had enough for a downpayment on Seattle duplex with owner financing. The duplex needed some work, but he and his new bride were now invested in real estate. They lived in one unit and rented out the other. They were thrifty. Richard did all of the construction work, electrical, plumbing, carpentry and his wife, tended to all of the landscape and gardening. The sale price was $10,000, and the seller carried a note for $9,000. Four and a half years later they had saved some money and sold the duplex for $15,500. Not a bad return almost 50% return in less than five years.
The Next DealThe next property was a 13 unit townhouse style apartment building with a courtyard. He and his wife now had two small children, so he converted two units into one unit for additional living space. The property needed work, but that was something he could do.
- Purchased for $100,000
- $ 10,000 down