How to Make Your First One Million Dollars
Is the concept of real estate investing so daunting you avoid the concept?
Learn these FOUR simple concepts in order for you to reach your financial freedom faster then you thought possible!
1) Your First Property is The Key
Never sell houses, you should only buy them. Remortgage, buy new and rent out.
The stability and compound growth of investing in real estate is a no brainer. For David he made he first million dollars without even realizing it because of his property. When he sold his first company he hired an account which was able to find money that they hadn’t claimed that helped them to buy their first property.
12 years later that house doubled in price and David decided to take full advantage of all the lessons he learned from his family and mentors. He desided to remortgaged and take part of that money out to put a down payment on a new house.
From that point he could now have a renter help pay off his mortage and start building his realestate value.
2) Don’t Bet on Property Evaluation Alone
What a property is evaluated for verses what you can get for it are two very different concepts. Instead of betting on the value, use the rental income to create a balanced or positive cashflow. With this concept alone David was able to become financially free since 2014.
3) Cashflow is King
Make sure you are always in a positive cashflow state. Or never go more then you can support with your stable source of income. There is no such thing as passive income. Even if you delegate 100% of the work to a management company you still need to keep focus to assure you are staying cash flow positive.
Where focus goes, energy flows. Therefore always keep focus on your passive income investments and they will stay cashflow positive.
4) Balance Between Mortgage and Cashflow
Mortgages are compounding, so when the evaluation of your home increases you can apply for a home line of credit to accelerate your mortgage payments and pay off your property faster. When you do this the interest of your mortgage will decrease and you will make more money faster.
Conclusion:
If you can balance taking risk, staying cashflow positive, and live under your means you will be able reach your first million dollars faster then you thought possible.
“Knowledge is not power. Applied knowledge is power. So I encourage you to start looking for your financial freedom now by learning, applying, and investing.”