Hello Rent to Retirement readers! In today’s blog we’re talking about how you are going to become a millionaire through real estate. Yes YOU! Someone is going to become a millionaire in real estate regardless so why not make that person you?
Develop Your “Why”
To become a real estate millionaire, you have to have a strong reason to do so. If you don’t, you’ll give up a few months in. So WHY are you going into real estate? If you want to buy your time back through passive income, this may be the industry for you! Real estate takes a while to make people rich, so be ready to be patient and grow your wealth slowly with a strong reason behind what you’re doing.
In order to invest in real estate, you’ll need to find properties to buy! There are so many good websites out there like Realtor.com, Zillow, Redfin, and more to find properties for sale. These sites should give you all the information you need to determine if the properties you’re looking at are a good deal or not.
Rent to Retirement has created an easy to use spreadsheet tool for this, but use your own tool too if you want! Creating your own spreadsheet can help you feel extra confident in evaluating a property because you understand how the math and formulas all work.
You’ll want to be persistent about analyzing properties! In this market right now, it’s no secret that it’s hard to find good deals! It’s going to take a lot of searching to find that deal that makes sense for you! As Stephen Covey’s 7th habit describes, we must continually “sharpen the saw”. With practice, analyzing a deal will become automatic. If you know how to recognize a good deal, you’ll be able to pull the trigger on it right away instead of waiting around and losing out on a good opportunity. At Rent to Retirement, we add value to your life by finding some good deals for you and doing the numbers for you ahead of time, so you can simply browse investment properties on our inventory page and see which flavor of investment you like the best!
When you’re doing your numbers, make sure you analyze the properties conservatively with realistic numbers and margin of error built in, then when you find those properties in your strike zone, invest aggressively! Did I mention to be persistent? I analyzed 2 properties on Zillow each day for months before finding my first deal.
Whether it’s your banker or your real estate agent, you need to know a network of people to make real estate investing work! Nobody gets rich in real estate alone. The members of the real estate community are all in on the secret that real estate is the best investment going, so everyone is willing to help each other out. It’s just so much fun building wealth with your friends! Don’t be afraid to make connections! And remember, your network is your net worth.
Step 1: Buy a house with a loan
Step 2: Pay down the loan with monthly mortgage payments
Step 3: The property you own will go up in value due to inflation
Step 4: Collect cash flow
Step 5: Let real estate do its thing. Trust the process as they say. Real estate has been making people wealthy for hundreds of years.
Have you noticed a general theme in this blog? Be patient, be persistent. Success isn’t created overnight, it’s created little by little every single day. The same goes for becoming a real estate millionaire. It only takes a few properties and holding them for a long time to become wealthy in real estate! But to do that you must stay persistent and focused. When you start rolling that snowball of properties down the hill, the momentum of it will start to carry itself and before you know it you’ll have exponential growth in your net worth.
How Can We Help?
Where does Rent to Retirement come into play in all of this? Well the team here at Rent to Retirement wants to work alongside you in your journey to becoming a millionaire! We want to develop a relationship and friendship over time. Ask any of our existing clients how this has gone! Hopefully we can get you started with your first property or scale it up to 5, 10, or more! Those properties will someday be able to turn into apartment buildings and maybe even skyscrapers if you play your cards right!
To learn more about investing in real estate and specifically in turnkey rentals, check out our YouTube Channel – there’s a lot of good content we’ve put out! Now get out there and become a real estate millionaire! The sooner you start, the sooner you get there!