To become wealthy, you do not have to invent a product, become CEO of a major corporation, hit the lottery or marry an heiress. As a Master of Success, you can buy six properties and love your tenants. What sixty percent of ordinary people do once, buy a house, you will do six or more times. You will buy and sell to keep improving your portfolio. When you own six well located and well maintained properties, you can change your strategy to debt reduction. If you have twenty year mortgages, that will be in twenty years. If you keep buying and selling, you can reduce this time considerably. When you own your six properties, free of debt, you are well positioned to retire early. You certainly will be able to live more comfortably.
Buy six properties and love your tenants. This will be a good life. This will be your life. And, future generations will thank you.
Your six properties could be your own home and traditional income producing real estate: two-family, four-family, twelve-unit apartment buildings. You may have twenty or more tenants. If you are guided by the Golden Rule, managing tenants is not an arduous undertaking. Conceivably, you could own six properties without any non-family tenants by owning your own home, a summer home, a condo for your daughter, another for your parents, and a retail location and warehouse for your businesses.
How do you buy six properties? You buy one property at a time. You make improvements, raise rents, cut expenses and pay down debt until you have a positive cash flow. Then, you buy another property.
In your capital raising phase, when you are buying and may be reselling, the types of properties and locations don’t matter. You buy and sell for price. However, for you six permanent properties, you want the best properties in the best locations
