Your real estate riches are waiting for you, and all you have to do to receive them is follow this secret 3-step formula.
The world of real estate wealth seems to be out of reach for most people, but all you need is a simple passageway into the realm of property fortunes, and I’m here to walk you through it.
You’ll soon be on your way to closing the sametype of multi-million-dollar deals I frequently handle.
I would argue that real estate is probably the most profitable investment avenue you could choose.
But it all comes down to you taking your first step.
Before I became the real estate aficionado that I am today, I saw the same daunting barriers in front of me.
Until I realized this 3-step formula was all I needed to get started. Now I’m going to walk you down the same exact path that I took…
Every real estate dreamer starts off with a single quandary…
I don’t have any capital to invest.
That’s a fair point to make, but you’re going to have to change that mindset if you really want to dig up your property wealth.
First things first, you need to turn that statement into a productive question: “Where can I get the capital to invest?”
That’s where my formula comes in…
Your capital is going to come from a mixture of saving, borrowing, and equity.
Alone, these three things will struggle to get you your first mortgage, but, combined, they’ll lead you straight to that financially free life you seek.
Here’s how each ingredient of this formula breaks down:
I think this part speaks for itself. Most potential investors become stuck, struggling to save up enough for that 20% down-payment on a mortgage.
But that doesn’t mean you should dismiss this vital step.
The best way to handle this step is to save as much as you possibly can.
Every time you’re close to buying something that isn’t absolutely necessary, think of a single aspect of your dream property and how that property will remain a dream if you keep up your spending.
This step could range anywhere from borrowing from friends and family to taking out a mortgage or personal loan.
I know what you’re thinking… borrowing from friends and family? That doesn’t sound like a good idea.
I’ll be blunt: if you don’t think you could ever pay them back, then you probably won’t.
But if you treat that borrowed money the same way you’d treat the money from a lender, it’ll only have positive consequences.
Paying them back (and some) builds your trust even stronger, while providing them with a small piece of your asset mountain you’re working toward.
The most professional way you can handle borrowing—whether it’s family/friends or a bank—is by compiling a complete and easy-to-read loan package.
This would consist of a business plan, repayment schedule, profit expectations, etc.
It’s going to seem funny to provide this to those close to you, but it’ll make their end of the transaction a lot less stressful.
This loan package is your quick-ticket to professionalism.
If you’ve lived in your current home for a little while, and you’ve been paying your mortgage, there’s a good chance you’re sitting on a nice pile of equity.
With the current healthy valuation of home prices, it might be worth it to consider having your home appraised to see how much your equity is worth—and how much you can use as credit.
If your home is completely paid off, you could be looking at a couple hundred thousand dollars to invest in your real estate investment.
This can be done through various mediums—one of the easiest being with a Home Equity Line of Credit (HELOC), which your bank should be happy to help you out with.
This will most likely serve as the biggest piece of the pie when bringing all three of these steps together, but they are all equally as important for various reasons.
Productively combing these 3 simple ingredients will provide you with the secret formula to reaching those luxurious real estate riches.