I wouldnt call that all sweat equity. Two other things happened that need to be pointed out lest we end up with an inflated hawk. He bought very well because he was a “waiting hawk”, educated himself and got a good property at a below market price at the time. Second, he bought at a time when the psychology was at its all time worst and things have gotten a bit better. In summary, in addition to benefiting from “street smarts” he also benefited from some luck and good timing. Not that there is anything wrong with that.
