To see how I got to this point, read this; Beginning point You’ll see that I used almost no money just skills that I had picked up along the way. I discuss your most important asset. I show how one of my students went from homeless and no job to owning two properties side by side. I show what his plans are for the properties.
Next, I take part of the profits and buy an empty lot in Downtown San Luis Obispo. I went to the bank and asked them to give me a construction loan so that I can build three units on the property. A two story duplex in the front and an owners unit in the back.
One of our many vacations. This is obviously Hawaii. We took a cruise through the islands, then stayed a few days to visit one of our friends.
The resulting property turned out so nice that it had an instant equity that the bank was willing to loan to me. So, I bought another triplex using this equity through a second mortgage. So, I was able to buy this property without any of my own cash.
Now I have 2 triplexes, with a positive cash flow plus a free place to live, in the owners unit of the first property. The recession of 1973 hit and people were losing their jobs, their homes and hard times hit but didn’t hit me because of my real estate.
Of course, this isn’t the property or location. It can lead to this with proper guidance.
A local builder heard what I was doing and approached me with an interesting proposal. He had been hired to build a fourplex a couple of blocks from my first property. The guy lost his job and wasn’t able to qualify for a permanent loan on this property anymore.
He told me that if I would take over the payments, I could have the property. You’ll find that as people find out what you are doing, many opportunities will present themselves.
This is actually the point where things can really take off. This has taken two years, in three more years I am a millionaire. I continue collecting rent and planning my next move. Owning rental real estate is a wonderful way to create wealth. Nothing more needs to be done. If you were to continue buying properties and collecting the rents, you are home free. An aggressive schedule would be to buy anywhere from every other year up to two or three per year. Within just a few more years, you can retire.
I decided to open a store, this made my profits jump considerably. I moved to Laguna Beach, California and opened a men’s sportswear and beachwear store. It was wildly successful, I continued buying real estate, in addition to two houses I bought a commercial strip center.
If you’re paying attention, it wasn’t until my 4th real estate purchase that I actually bought a house for me to live in. This is the way I always recommend my students who don’t own a home do it. Always start with investment real estate, it is a quicker way to wealth.
Now, I am living the life of my dreams. I am not a car guy but I am buying a used cadillac every other year. I live in my own home in Laguna Beach, one of the premier beach towns in California. I have an amazing view that includes more than a hundred miles to the north, an equivalent distance out to sea, including Catalina Island and the lights of Avalon. It’s cool to see the fireworks displays all the way up the coast. I can’t tell you how wonderful it was. A boy raised in Los Angeles right on the edge of poverty, some nights without dinner. To a man in command of his own destiny. I want all of you to know that all of this is available to you too.
The ingredients are; a drive to make it happen. Education to make it happen, a person or persons to help you walk the steps. I didn’t go into this in enough detail for you to see that I had multiple mentors to help me along the way. Yes, I did pay them well, I found out that you really do get what you pay for at this point of your success story. It’s also important to know that just because you are paying a lot, doesn’t mean they are the right fit for you to make it. It is important for you to interview them to make sure they can help get you to that next level.
Interesting, one man asked me why I bought a used cadillac instead of a new chevy or something. I’m not buying used cadillacs because I can’t afford new. I can afford a new one every month. I don’t like the depreciation that you get as you drive it off the lot.
If you want a free consultation with me to see if you can do this same thing,fill out the form on this page.