Updated: Oct 29, 2020
This isn't just a post about how to get rich quick, I see unrealistic commercials out there that have a get rich fast mentality. I'm not going to run through with you how to get rich in a blog, I just want to emphasise that this is real life, and this IS something you can do, something we can teach you!
I'm going to run you through the basics, I had a bit of money sitting in my bank account.
With the mentality that we learn in school most people once they get ahold of money, they don't want to let it go.
For me? I see it as an opportunity If I were to leave that money sitting in my bank account with an interest rate of 0.2% that would make me approx. $400 a year...
While that might seem good, it doesn't get me to where I want to be. It's just not enough for me!
I choose to invest that money in bricks and the results... you truly can't make this up, this is real life!
Let me run it through with you
I bought a property for = $100,000
The rehab cost was = $75,000
We spent $175,000 overall on this property!
We just sold this property for $320,000 in 9 months.
We used the money that was sitting in our bank accounts (the money that we have accumulated from investing in real estate) to buy this property!
But for most people... This isn't the case...
It's actually a lot easier if you don't have the money because you borrow OPM (Other People's Money)
YOU ONLY NEED TO COME UP WITH 10% OF THAT AMOUNT ...
$17,500!! In some cases, it might be 20% depending on who you go through, and what your credit looks like. But that is as MUCH as it will be!!
So let me run this through with you again...
You only have to come up with $17,500 and the bank will lend you the rest.
As I always say.. Have a purpose for every property, our purpose was to make money so in this case, you have to remember to be patient. This happened in 9 months!
I had someone say to me "why didn't you finish it in 4 months". I couldn't help myself I said, you do your life for 20 years without complaining... I'm not complaining on 9 months.
SO... After all the closing costs, I was written a check of $260,000
I don't want to brag, this is not what I want to do... I just want to show you that this is possible I can guarantee that you are smart enough to do this, if I can do it, you can do it.
Anyway, If you had that money in your bank account you would make approx. $400 annually
This house not only gave me $100,000+ in equity it now gives me a passive income of $2,000 MONTHLY!