Let’s face it; there are so many get-rich-quick schemes out there that it makes your head spin. This is a practical way to achieve millionaire status and stay rich forever–the same way that countless others have gotten rich.
The time frame will probably take at least 36 months. But it could be shorter if you have the time and dedication to work this plan full time.
- Understand that wealth is generated by owning “income producing assets”. Assets are things like: rental houses, rental apartments, businesses, trademarks, copyrights, intellectual property, land, commercial real estate, and the list goes on and on. Just drive around. All the businesses you see and use, the apartment you rent, etc etc…they’re all making some guy or gal rich. Who? The one who owns them. So embed that in your mind. No lotto, no mlm, no get rich quick crap, lets get real. You get income producing assets and you will get rich plain and simple. So now that you’ve pinned up that saying lets get the assets, here’s how…
- Get yourself a place to live, a computer with Internet access, a job, or a source of basic income to get you by on (such as a job, any job!) and if possible a car, even a junker is good. If you’re not at this point yet, that’s okay. You can still use this plan. However, ideally you should be at least living in your own apartment and having the basic foundations in place.
- Check your credit score. Go online to some of these places like Equifax or other places that can provide your credit score and find out what it’s at? If it’s bad, consult with a company from the yellow pages or back of the newspaper or on this site on how to “repair your credit”. However, never declare bankruptcy. If you don’t have much credit at all and need to establish credit then begin by trying to get a department store card. Get several of them. Use them to buy your shopping items from that store for a while, and then just pay off the department store cards. Do not keep any balance on the card. Then do the same for a credit card. Get a credit card, such as from Capital One, or any other credit card company you see out there advertising cards. Start to use it, but never max out the card. In order to best improve your credit score, try to maintain about a 30% balance at any given time. This shows that you know how to properly use credit.
- Go from “renting” to “owning”. It’s a mental barrier for some that needs to be broken, just as much as it is a practical step in this formula to becoming a millionaire. So if you’re renting a home or apartment, chances are you’re making enough money and have good enough credit to qualify to move into a home. Call up some realtors and let them know your situation. Tell them how much you pay in rent and tell them that you now want to own. Even if you need to downsize to a smaller condo or whatever, just do it. The key is, you need to own.
- Know that you may have to take what you can get. This often means buying a home from a seller who perhaps owns the home free and clear and will allow you to do perhaps a lease option, or carry the mortgage for you. Alternatively you get the seller of the home to carry 25% of the equity in the form of a second mortgage and then go to your bank to get the “first mortgage”. Alternatively you put down 5%, get an insured mortgage and borrow the remaining 95%. The 5% can be borrowed from multiple sources such as, a bank, the realtor, a friend, your boss, so explore you options before dismissing it. Now, all this might sound complicated. But a good realtor who knows the ropes will “get you into home ownership”. If they can’t, you’re simply talking to the wrong realtor. The right realtor will have all the connections to get you into the home.
- Try and find a good deal. That means you’re getting into a home that the seller is desperate to get out of it, and will sell to you at a discount, perhaps 10% of a discount of what the property is really worth.
- Highly leveraged properties are some of the higher risk properties. Do all the research you can to determine if leveraging your properties is the best strategy for you.
- Consider the housing market in your location BEFORE you begin this plan. Currently the housing market is slowing (to a near standstill) in many locations and properties listed in them are sitting on the market for months. If your location is one of these slowing markets you’ll have a GREAT opportunity to buy a house at a bargain, but you’ll have a tough time trying to sell it at all and forget about making a quick $100,000. on it.
- Read and study all the courses you can on flipping homes and buying apartments with little to no money down. Maybe you can get starting in even buying rental properties sooner than you think.
- To sit around and not do this means: You could work 9 to 5 for the rest of your life just to get by. Be dead broke or dead at age 65. With no equity to help your kids in life. And you’ll be stuck in that 1 bedroom apartment forever. So don’t get stuck in the mold. Break free from it by building up Income Producing Assets starting today by getting into a home and using it as a springboard to buying and selling, and then eventually buying and holding real estate assets.
Things You’ll Need
- Desire to have more in life
- A basic foundation laid: IE: job, car, apartment, computer
- 1 hour a day to work on this
- Start to improve your credit if it’s not very good.
- Carlton Sheets has a great course called “No Money Down Real Estate”. Also Dolf Deros has a course as well which is very good which you can pick up at Chapters or any online books store.