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Who wants to be a millionaire?



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By : Patrick Esposito    99 or more times read
Most people, if not everyone would love to win the lottery. Everyone loves the thrill of having money to spend or give away. It is nice to sit back and think about who you would give money to, or what you would buy for someone or yourself. Most people really need the money now, so maybe they would imagine paying off bills, or buying a new well needed car, or house. It would be nice just to get rid of the financial stress. Yes, in this day and age, when the middle class is slowly eroding, and you are either well off or struggling, most people would want to be a millionaire, if not just well off.

Now the big question is: “How do we get there, and is it really still possible?” It is still possible, and there are a number of ways to get there. Many fortunes have been made in rough economic times. There are people right at this moment starting businesses that you will hear about years down the road and they will go on to become very successful. You may be one of those people or you may know of someone. The chances of becoming a millionaire are slim and none if you don’t have the desire to start with, and the game plan and persistence to see a venture through to its completion. Decide here and now that you still believe in this country and the opportunities it has to offer. Reassess and confirm your desire to be successful. Develop a plan to reach your desired destination.

Start with a goal, and develop a plan. Here is one plan out of many that you may want to consider:
Goal is to build a small portfolio of rental properties that one day will be able to support your lifestyle.

  1. You would purchase at least one property a year for the next 15 years. These properties will cash flow at a 15 year amortization. You will put down a minimum of 20% on each property. In fifteen years and every year after that, a property would be paid off. At that point, you can refinance, have tax free money to use (remember, this would be a loan, not income) and start the process all over again.

  2. You can also sell a property each year, and Keep some money for yourself, and continue to purchase at least one property a year.

  3. You can keep things as they are and just enjoy the increased cash flow. You can continue to purchase at least one property a year, or just look forward to the day when they are all paid off, and you have a nice cash flow, a ton of equity, and a comfortable retirement to look forward to.

In today’s market, it is possible to find wonderful investment properties that you would be proud to call your own, and also have generous cash flows. If you cannot find this type of investment property close to home, remember that there are many foreclosures, distressed sellers, and short sale opportunities in many parts of the country. At the right price, the cash flow would support a property manager. The opportunities are out there. The question is, “where do you want to be in 15 years, and do you want to be a millionaire?” Remember to always be an informed investor.
Pat Esposito has been involved in real estate for 28 years as an investor, trainer, and consultant. He is the author of The Best Investment You Can Make, and The Informed Real Estate Investor and is the founder of www.TheInformedRealEstateInvestor.com

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