Vincent Orr is building wealth the old-fashioned way: scrimping, saving, and sweating. A Detroiter and Fiat Chrysler production supervisor, Orr made his first big investment in 2017, when he bought a brick house with a caved-in roof at auction for $2,100. After months of renovations, it was ready for his mother to move in to. In 2019, he paid $1,200 for the place next door for himself and started all over again.
In addition to countless hours of labor, Orr invested $100,000 of his own money for the materials needed to rebuild his little corner of the Motor City. Taking out a loan wasn’t really an option. As he told the Wall Street Journal, “cash is king because nobody can deny you. The houses that require a mortgage, a lot of people are reluctant.”
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