Today for Wealth Wednesday, we’re going to talk about how to become a millionaire. Let me tell you something: a million isn’t what it used to be! So why not be a multi-millionaire? Sounds impossible? In the video above, I talked about exactly how I made it happen for me, and how YOU can do it too!
To become a millionaire, you’re required to have a game plan.
What is a game plan?
A game plan for me is where we map out over 5-10 years exactly the steps you’re going to need to take in real estate to get where you want to be. Getting to be a millionaire in REAL ESTATE honestly doesn’t take a lot. Why?
Because you’re dealing with the most expensive consumable item that the average consumer can purchase! Think about it!
A car is a $50,000 item.
A pencil is a 10 cent item.
But a house is a $200,000 item if you buy below the median.
So if you can walk into a house with a $50,000 of equity, if you can walk in with cash flow, if you can walk in with tax benefits, and if you have a chance in the right markets to bank on some appreciation, then you put all that together, and after holding a home for 3-10 years, then you can make $70,000. And that’s just ONE house!
To actually become a millionaire, how many houses do you need?
You might need 13 houses bought correctly over a 10-year period of time.
What if you don’t have the money to buy 13 houses today? THAT’s the challenge! How do you buy 13 houses today and wait for them to mature so that you can have the millionaire status?
This is why you need a game plan!
You have an option to reach out and request a free custom game plan, but I want to help you understand the concept of what a game plan is first and how it works. I’ll show you MY own personal game plan of how I achieved millionaire status in a short period of time.
The first and most important thing for you to do is to find a way to buy a house. If you buy it with equity without using YOUR money, and you buy it the right way and use the best strategy I’ve always talked to you about, then within a short period of time of seasoning, pull some of the equity out and move it into Home #2.
After two years, what do you do with these two home you now have? Pull some equity out from both houses and turn them into a bunch more houses!
All of a sudden you’ll see the number starts growing. They start expanding. And over a 10-year period of time, your first few years, you might just be buying one home that slowly grows into two homes, maybe three homes, but then wait a few more years, and then there it is – 3 homes turn into 5! I sold 3 of my 5 homes and now have 8 with the money that I made.
Soon you’ll see it turns into 12! And then 12 turns to 20. Before you know it, you fit the millionaire status and you have a residual income that you may be able to become financially free and retired from.
That’s what a game plan is!
There’s going to be a different game plan for every one on this planet. Although you can base yours on a proven and effective strategy, game plans need to be customized. YOU have a unique game plan!
In the video, I showed my own personal game plan. I can say that you can retire in 10 years or less. I’ll show you how I did it in less than five years:
I was 23 years old, super poor, no money, but I had a mentor. And my mentor said “Kris, do these three things: establish credit, state your job that you’re thinking of leaving so that it’ll help you qualify, and they need you to put five grand in the bank.”.
I did that for 14 months and I’ve got shortcuts today where no one has to wait that length of time, but this was how I got my start. And after that period of time, it came time for me to buy my first house. My first house was a special property because it came with a basement apartment that ended up covering my mortgage, so I didn’t have to pay for my mortgage on this house!
Over that 14-month period of time, the $5,000 I saved up ended up being roughly my $3,335 down payment to get into home. That was ALL I needed to get into this first home.
Now here’s kind of the cool thing about it:
I purchased this house for $110,000.
It was valued at $150,000.
After 12 months of living in this house, my mentor said “Kris, the property has seasoned. Go to the bank in a home equity line of credit aka pull some equity out of it.”. So I did that. I got myself a small line of credit of $18,000 and I USED THAT TO BUY A SECOND HOUSE, a much nicer 3,000 square foot house in the neighboring city of Pleasant Grove.
What’s awesome is that while I’m renting out my basement in my first house, I’m renting out this whole second house and I’m picking up a $500/month cash flow. So between living for free and getting paid $500 a month, this was a good game plan! The other thing that happened here was on this particular house, I had a chance to purchase it significantly below market.
My wife has gotten used to living mortgage-free. At one point she surprised me when she spoke to suggest “Hey Kris, we moved into our house you know, with a very small amount of money. Why don’t we do that again?”. So then I found a nicer, newer home with a basement apartment. I think by now you can guess what we did with that. Yes, we rented it out and helped pay for the mortgage! This is one of the cool benefits of real estate.
THIS is MY game plan.
My net worth on just these four houses alone increased my net worth to over $200,000. I was living for free and I was cash flowing over $1,500 a month. That’s almost as much as I made salary-wise with my first job! And so having my real estate pay for my livelihood, let me live for FREE, and increase my net worth, led me to the next phase.
That next phase is called PARTNERING.
The fastest way to become a millionaire really is to attract people that have BOTH the money and the credit. The first person I approached was my father-in-law. I went to several others and I put in all my expertise and we became 50-50 partners on all the deals that we started doing. If you could use their money and credit, you could start buying real estate at the speed of light!
With my ROI and cash flow looking good, I built a team doing all the the deals FOR me. Essentially, I was able to build a portfolio of 25 homes within 4 and a half years that were producing over $10,000 a month. And at that point, I had all the confidence in the world that with that dependable, predictable check that came in no matter what, that it was time to quit my job.
THAT’s how I became financially free through real estate.
Other people’s game plans involve leveraging other people’s money, maybe it’s a 401k and annuity IRA, maybe it’s some own home equity, leveraging the bank’s money. It’s a basically “Come on and get your start’.
Real estate done right is an INCREDIBLE vehicle. Now there are ways that you can go faster like what I shown here. And today I know how to go way more aggressive than this because I got to the point where hundreds of properties was the right speed, but in the beginning, just focus on getting that first property or that next property and do it RIGHT.
So what is your first step? Well, it’s to go get a game plan! I got a team of people trained up who will offer you a FREE game plan. They’ll basically stand in your shoes and say:
“Alright, knowing everything we know, the half a billion dollars worth of real estate we’ve done, if we were you Bob, if we were you Susan, and we were starting all over based on where you’re at – no matter how good, no matter how bad, good credit, bad credit, lot of money, no money… how would we create a game plan to create financial freedom?“
And they’re going to start by asking you this question: “What’s your number?”.
There is a monthly residual income amount that will free you. It could be $3,000 a month, it could be $13,000 a month. There’s an amount of money that is greater than all of your bills and when that residually comes in, you do become financially free. THAT is your number!
If you click the link on the video above, you’ve got an opportunity to cash in on a free game plan at no cost to get a different perspective from someone that has a very unique perspective on financing life. And so I recommend that you take us up on that offer to create some value for you.
There are ways to become a millionaire before you get to that old age where it would become physically challenging for you to enjoy all your money! You just have to have a good mentor as I did when I was 23 years old, struggling, but sustained by big dreams.
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