Watch Barbara Corcoran react to a 24-year-old who earns $120,000 and owns 3 rental properties. (via CNBCMakeIt)
The first chip you have on the board gives you the right to play the game.Even though most people don't have access to military benefits like Ramela, they can copy his strategy of leveraging the properties he already owns in order to buy more, Corcoran says. "It is an opportunity that is available to everyone…The first chip you have on the board gives you the right to play the game."
Long-term, Ramela views rental properties as a way to generate a steady stream of passive income, which Cocoran agrees is a clever move. "The tenant is paying off your mortgage, and that's the golden ticket," she says. "You just have to take the risk — the tenant pays off your mortgage and you're getting income all along the way."
Corcoran is concerned with Ramela's goal to buy properties all across the U.S., however. She recommends he continue to buy in areas he's already familiar with. "Everybody I know who lost money in real estate lost it in somebody's else's ball park," she says. "If you know your neck of the woods, stay with it until you've saturated it."Watch Corcoran's full reaction to Ramela's spending and savings habits.
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