The old saying “it takes money to make money” has expired.
I’m coining a new one… “it takes other people’s money to make money.”
That’s exactly what this newly-minted property guru did. She went from nothing to making $5 million deals with somebody else’s money…
As you’ll soon see, you have every opportunity in front of you to make a pile of cash from one simple real estate deal.
Multi-millionaire property guru Kemi Egan went from being homeless to completing two $5 million deals at the same time… and she did it all with somebody else’s money.
I’m going to reveal her secrets that led her to the riches she’s been piling up over the years so you can find yourself in the same position as her in the near future…
There’s money to be borrowed.
The biggest factor to Egan’s wealth comes from using barely any of her own money to build her real estate empire.
It’s important to understand the difference between bad debt and good debt.
Bad debt: credit cards, car loans, personal loans, etc.
Good debt: money borrowed for investment purposes, mortgage for a rental property, etc.
You see, as long as you’re careful, good debt can springboard you into residual cash flow.
Taking out a mortgage for a rental property is a great idea most of the time.
Think about it… your total monthly mortgage payments could be around $500 on a house you charge your renters $1,500 a month to live in. There’s an extra $1,000 a month of residual income.
Of course, there’s risk involved in borrowing money to invest with, but it’s risk that can be managed well.
A lot of multi-millionaire’s will attribute their wealth to a bit of risk taking, and that’s exactly what Egan did.
But her risk was hedged by the fact that she had the following two secrets to fall back on…
Build your network before you need it.
Creating wealth has everything to do with the way you treat other people. It’s near impossible to become rich by being disrespectful to those around you.
As they always say: “It’s about who you know, not what you know.”
The trick to this is doing favors for other people who may be able to help you out in the future.
I’m not talking about sucking up to anyone, but if you can offer any value to their products or ideas without asking for anything in return, you’ll have made a great connection.
Nobody will ever help you out if the first point of contact involves you asking them to do something for you.
Build a tight network of powerful people and remain relevant.
Help them out wherever you can, and when you feel comfortable, you can then ask them for a favor.
This could include an investment in you…
Specialize in one strategy.
There’s millions of real estate strategies available, which can be your biggest downfall.
Pick a strategy and stick to it. This could be something like buying apartment units to rent out.
If you’re buying rental units, don’t expect to flip them for cash a year from now. Doing so will find you at the mercy of the market and your renters won’t be happy if they’re kicked out after a year.
When you get a reliable renter in, hold on to them forever.
These 3 secrets are the key to any successes you could wish to have in the world of real estate investing.
If used exactly how I’ve outlined, you could follow Egan’s story step by step and start conducting $5 million deals before you know it.