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Real estate has been an important part of my life. When I was a teenager, I read a book about investing and building wealth. At the end of the book there was a simple idea, an easy way to become a millionaire. That was a big deal for me.
What I found was that one of the simplest ways to become a millionaire is to buy 10 houses worth $100,000 each and by the time 15 or 30 years have passed, you will own those homes and their combined equity will make you a millionaire. It’s a simple method, and you don’t have to put a ton of money down.
When I first started, I bought houses and the system worked quite flawlessly. The idea of forced savings is brilliant. If you don’t force yourself to save, you might not save at all. You have to pay the mortgage each month and when you do, you’re investing in the future.
The idea of forced savings is brilliant.
Owning real estate offers a ton of different benefits, including tax breaks. You can write off depreciation on your taxes, as well as your mortgage insurance. Combine that with the recent spike in home appreciation, and your $1 million investment could easily be worth $2 million in the coming years.
If you’re looking for a good way to save money for your kids to go to college, real estate can help with that too. Buy your child a house, rent it out, and by the time they are 18, you can sell the home and reap all the equity. You could also refinance and use that money for college.
That’s just a quick overview of how to become a millionaire and how to save for college. This is a great idea as building wealth through real estate doesn’t have to be difficult.
If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.