Freediver
I can go full Karen
If that 23 year old only owns 25% of what he holds that still makes him a millionaire at 23. As the properties go up in price it's the owner that gets the gains, not the bank. For a long time houses have been going up in value at more than the interest rate.Increasing debt isn't equal to wealth but it seems to be interpreted that way. You see these news stories occasionally about some 23 year old that has lived on beans and now has 8 investment properties with a value of $4 million+.
Makes a nice story but the amount of $$$ they really have on hand opposed to having a chunk of debt serviced by rental income is usually left out. The total of the asset value which is would have to be mostly debt is only mentioned.