Here’s how you can become a millionaire through real estate investing.
How can you become a millionaire through real estate? Whether you’re an agent or not, the easiest path to achieving millionaire status through real estate is by investing in $1 million worth of properties and holding onto them for 11 years.
The hardest part will be getting the initial investment for your properties. You can create a solid plan to gradually acquire $1 million worth of real estate. I recommend starting by building your real estate portfolio step by step. Begin by finding a property, then move on to acquiring another, and another, etc.
The key is to take it one property at a time. I’m not suggesting that you go out and buy $1 million worth of real estate next week. Instead, commit to purchasing a property within the next month, two months, or however long it takes to achieve that goal. Once you have your first property, set a new goal to acquire another until you reach $1 million worth of real estate.
“I encourage everyone to take advantage of this opportunity.”
When you’ve accumulated $1 million worth of real estate and held onto it for at least 11 years, your net worth will be $1 million from your real estate portfolio. This increase in net worth is due to the property values appreciating over the 11 years, while you also pay down the principal on the loan.
After 11 years, the difference between the amount you owe and the property’s value will be approximately $1 million, excluding the initial down payment. The most effective strategy to acquire these properties is known as the BRRRR method. It involves buying a property, rehabilitating it, renting it, refinancing the property, and recouping your investment. Then, you can repeat the process by purchasing another property.
For real estate agents, having access to the best data and information gives you no excuse not to build a $1 million portfolio. I encourage you to take advantage of this opportunity, as it can be one of the most beneficial retirement strategies for your life, especially in your line of work.
If you’re interested in a one-hour coaching call, click the link below. I’d love to have a conversation with you and discuss how we can grow your business.