How do you become a millionaire through real estate? I’ve been a real estate investor for over 45 years, and today I will tell you my secrets. First, there are three types of investments: buy and hold, flipping, and vacation rentals.
I’m a big believer in buy and hold. You can trade into larger or more, but you have to sell it. Many people that sell their real estate without getting proper advice wind up with a large capital gain problem.
“This investment method will help you become not just a millionaire, but a multi-millionaire.”
With flipping, you need a team of contractors and people that have this specific experience. Many people don’t realize that you don’t make money if the property you’re flipping keeps getting delayed. The idea is that you get in and out in 90 days for the best ROI. Lastly, you can look into vacation rentals.
My friend coined the term “15 and out” to best describe how to go about the buy-and-hold method. Simply put, here’s how it works: First, you buy your first investment property and move into that. In year two or three, you buy another house. At the end of 15 years, you can extract the equity in house No. 1 and it will still bring in cash flow because of inflation and other economic factors.
This will create a perpetual motion of money coming in that you can now diversify and continue to build your real estate portfolio with, ultimately becoming not just a millionaire but a multi-millionaire.
If you have any questions about how you can invest in real estate, please call or email me. I’m always happy to help.
