Would You Sell Your Home To Buy The Dip?

West Point graduate Mickey Koss did just that and goes into the whys in this editorial piece:


Back in 2018, my wife and I decided to leverage our VA home loan benefit to purchase a home at our new duty station. The home was in a nice pocket of a low-income area, so the price would allow us to rent the home after leaving to try and build some wealth and cash flow.

Fast forward two years: We were met with an unconscionable black swan event, and I’m not talking about COVID-19. The event I’m alluding to were the eviction moratoriums that were passed hastily during that period.

Through luck and happenstance, our tenant remained in place and kept paying rent, but had they stopped, it could have meant financial disaster. The message was clear and the precedent was set: I no longer had rights to my own property. We worked diligently to sell the home, eventually offloading it through an off-market deal to another investor, and we used the proceeds to buy that beautiful, glorious bitcoin price dip in 2021.

Like many in the military and the middle class alike, home ownership is an essential piece to building long-term wealth for me. For military folks especially, the frequent moves makes this difficult to do without choosing properties that can be rented out after you move.

I see the risks, however, as having increased exponentially after what happened in 2020. I don’t think it’s a viable strategy anymore.

Furthermore, even if we were to pay off properties and own them outright, we would still owe taxes every year, and what’s to stop another rent moratorium from going into effect? Or worse, a wealth tax? It really got me thinking: Do we already own nothing and just don’t know it yet?

It took me a while to understand this, but bitcoin is the only thing that I truly own. The talks of wealth taxes and eating the rich has been causing me to reevaluate this lesson.

Full article here: https://bitcoinmagazine.com/culture/why-i-sold-my-house-to-buy-more-bitcoin


Master Asked on March 1, 2023 in Bitcoin.
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