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Meet The Software Engineer Who Used Crypto To Buy His $650,000 Dream Home

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When Terrance Leonard first started seriously investing in the cryptocurrency space in 2019, his original goal was to achieve financial independence.

The long-term plan was to invest enough in crypto that he could cash out of some of those investments, purchase real-estate assets and rent those out to earn additional income. That way he wouldn’t necessarily need to a work a traditional job to make ends meet.

But then his ideal home came on the market. Leonard, who works as a software engineer in Washington, D.C., already owned a row-home. But he wanted a home with a larger yard for his dog to play in and a garage.

“I thought, ‘This is exactly what I want,’” Leonard said. “And I’m ready to pull the trigger right now.”

To afford the $650,000 home, Leonard opted to use his cryptocurrency investments to cover a down payment and as proof of funds for the mortgage he took out to buy the home — he opted for a mortgage, rather than buying the home outright, because of the low interest-rate environment.

The process, as he would find out, wasn’t as simple as transferring his cryptocurrency holdings to the relevant parties. “There was back and forth between the lender and the title company making sure that was OK,” Leonard said.

The winning crypto strategy: Think of the dot-com bubble

Around two years ago, Leonard went all-in on crypto, taking a big bet on the relatively new asset class. “When I realized the potential of crypto — and I realized how well it was doing for me in the beginning — I sold all of my stocks, my 401(k), everything and moved it all into crypto,” Leonard said.

Today, he attributes his ability to purchase his “perfect” home to the success of the investing strategy he adopted. “Without investing in crypto there would have been no way that I would have been able to buy this at the time when it came on the market,” he said.

Source: https://www.marketwatch.com/story/this-software-engineer-used-cryptocurrency-to-buy-his-dream-home-but-the-process-wasnt-entirely-straightforward-11619662003?mod=cryptocurrencies

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