Scott Minerd's Big Money Mistake: Real Estate Doesn't Always Go Up

Scott Minerd shares his experience of making a significant investment mistake early in his career. He invested in a Florida condominium during a real estate boom, only to realize the market was volatile. Despite holding onto the property for over 20 years, he eventually sold it at a loss. This experience taught him the importance of questioning conventional wisdom and understanding market cycles. He reflects on the lessons learned, emphasizing prudence in investing and the value of historical context.

What was the interest rate on Scott Minerd's mortgage for the condominium?

• 9 7/8%

• 14%

• 12%

• 16%

What was the main reason Scott Minerd started having second thoughts about his real estate investment?

• The property was in a bad location

• He realized the market was declining

• He found a better investment opportunity

• The interest rates increased

What was the outcome of the auction held by Cadillac Fairview?

• The auction was canceled

• Prices dropped significantly during the auction

• All units were sold at a profit

• Only a few units were sold

How long did Scott Minerd hold onto the condominium before selling it?

• 10 years

• 5 years

• 20 years

• 25 years

What was Scott Minerd's emotional state when he finally sold the condominium?

• Excited

• Relieved

• Indifferent

• Regretful

What lesson did Scott Minerd learn about real estate from his experience?

• Real estate always appreciates

• Real estate is a stable investment

• Real estate can be volatile

• Real estate is risk-free

What does Scott Minerd suggest about following conventional wisdom in investments?

• Follow it only in real estate

• Ignore it completely

• Challenge it and be skeptical

• Always follow it