Be A Millionaire

Dated: 01/11/2020

Views: 300

Most of us want to be one right?  

The rat race isn't helping us get there.  Get rich quick schemes aren't helping us get there.  So, how do we do it?

Real estate.  Ninety percent (90%) of the world's millionaires created their wealth by investing in real estate.

There are quite a few ways to get  there, but I'll discuss 2 here.

1.  Buy your own home

2.  Buy rental properties

Your first step is to buy your primary home.  If you're hesitate about buying a home, remember that you can rent or sell it if you need to move.  Let your Realtor know when home shopping that you need a home that will also be rent-able.  What does that mean?  Inquire about the rental price ranges in the area you're home searching in and obtain a mortgage loan that will not exceed your expected rental income.  The difference between your monthly mortgage payment and the amount you charge for rent is profit, but you will need to budget for repairs.  

The next step is to duplicate the process above of buying a home, except this will not be your primary home.  It will be your rental property.  

References:

Yates, Jonathan, et al. “90% Of the World's Millionaires Do This to Create Wealth.” The College Investor, 27 Dec. 2017, https://thecollegeinvestor.com/11300/90-percent-worlds-millionaires-do-this/.

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