What will you do to get wealthy during the next financial crisis? by @MAMcConnell

Answer by Andrew Mcconnell:

An owner sold this Pebble Beach (CA) home in August 2016 for $4.45 million more than the price they purchased it in April 2008 during the housing crisis. That’s over 7 times the amount of a 20% down payment of $580K on the initial purchase price.

An owner sold this Destin (FL) home in October 2013 for $2.5 million more than the price they purchased it in November 2010 during the housing crisis. That’s over 10 times the amount of a 20% down payment of $240K on the initial purchase price.

An owner sold this Scottsdale (AZ) home in January 2011 for $3.9 million more than the price they purchased it in April 2007 during the housing crisis. That’s over 6 times the amount of a 20% down payment of $620K on the initial purchase price.

An owner sold this Las Vegas (NV) home in June 2014 for $2.7 million more than the price they purchased it in June 2010 during the housing crisis. That’s over 27 times the amount of a 20% down payment of $100K on the initial purchase price.

An owner sold this Pacific Beach (CA) home in July 2014 for $800K more than the price they purchased it in April 2011 during the housing crisis. That’s over 5 times the amount of a 20% down payment of $160K on the initial purchase price.

I want to go dumpster diving for cheap, discounted high-end destination residential properties in the most heavily affected locations of the crisis and cover my monthly/annual expenses (mortgage, property taxes, maintenance, etc.) by renting out the property as a short-term rental (more information here in this utlimate guide to short-term rentals that I recently helped collaborate on with some other professionals in the industry) while I bide my time for prices to rise once again.

What will you do to get wealthy during the next financial crisis?