Apr 13, 2023
The world has been through many financial crises, but people have learned from them. The 2008 market crash is an example of how diversifying your portfolio can protect you from the inevitable ups and downs. In addition to being in mobile homes, you should also be investing in rentals, home flipping, and multifamily investing. Lee Arnold joins us in today’s conversation to share the story of how he lost all his investments in the 2008 market crash and how that provided a learning opportunity to be a better investor in the preceding recessions.
Lee grew up in a lower-middle-class family with a stay-at-home mom and a dad who was an HR manager. He had no real estate background, but at 18 years old, a TV infomercial that promised to teach people how to become rich through real estate started his long journey of investing. Being naive, he gave in to a 2hr seminar, and at the end, he was ready to give out all of his money and mortgage his trucks.
In his first deal, Lee made three years' worth of income while working on a W2 job, which informed his career path to financial freedom through real estate. He began well on an upward trajectory. He was at the top of the world, enjoying the life of his dreams, until the market crash happened. At that time, he had over 40 million dollars of ground-up construction on luxury homes. Within 30 days, all the banks that provided him with loans literally became bankrupt. He lost everything.
Lee learned valuable lessons in investing, and that is what has kept him on the winning side since resuming back in 2009. The market crash could have been painful, but it was the best thing that happened to him in terms of education. He became wiser to keep making money in any market situation. This episode has it all if you want to get some of his tips.
Tune in!
Highlights from the Interview
- A quick bio of the guest; Lee Arnold
- Why Lee is passionate about real estate
- Lee’s journey into real estate and how the 2008 market crash taught him lessons
- Key takeaways from the crash that has helped Lee navigate the present time
- Challenges of the current market and what he is doing to pivot
- How is the market predicted to behave?
- The note investing
- A bit about Lee’s book, The Millionaire Shoes
- Eddie’s experiences in the real estate note investing
- Golden nuggets and best ways you can reach out and link up with Lee
- Episode wrap-up and call-to-action