I know it's been a long time but no worries, I'm back and will be reviewing my list to see what I can do next.
One thing I did do that's huge is buy my first real estate investment property! That's right, and that fits right into my "Have enough money to do everything on the list" goal of 1.2Mil.
How? Well, I started listening to this podcast on Real Estate on http://www.success.org/. It promoted a very simple 2-step process to become rich and financially independent:
- Buy 6 properties
- Love your tenants
Sounds simple and it really is.
He figures if you buy 6 rental properties at 200K or less, they still increase in value to about 300K. And 300K X 6 = 1.8Mil!! That 's right. And the best part - your tenants pay your mortgage!!
The trick is to get save the down for that first property. I got an FHA mortgage loan and only had to put down 3% or 5K to get it. Once you get that first property you can build equity for a few years then use that leverage to buy another one. Saving money is key, so you don't over leverage yourself when you get your 2nd mortgage, and so on. So yes, you need to get out of debt first, then save, then invest. I know, I know...but you have to do this stuff anyway, so get started to get that first property and believe me, it'll change your life.
I'll share more on this method later, and how you can do the same. I'll even share how I found my first deal and have already earned 8K in equity in the deal itself.
So stay tuned and maybe we could get rich together!! :)
Abrazos,
Pablo
No comments:
Post a Comment