This week I had a great talk with four guys at Second Cup. By the end of the conversation they were so excited with the possibilities that they decided they should buy all of Red Deer and turn it into a "rent only city". They understood how to generate wealth!
We originally met because they had questions and wanted to learn information to move them towards their goals. They wanted to learn how to invest in real estate, what neighborhoods appreciate faster than others, and most importantly, where to begin.
I shared the basic steps with them. First, start by owning your own home that has a rental built into it; a legally suited house.
We originally met because they had questions and wanted to learn information to move them towards their goals. They wanted to learn how to invest in real estate, what neighborhoods appreciate faster than others, and most importantly, where to begin.
I shared the basic steps with them. First, start by owning your own home that has a rental built into it; a legally suited house.
If all you ever did was buy 4 legally suited homes, in 25 years you would have a net worth of approximately $1.2 million with $8000 liquid cash flow coming in every month.
Buying a suited house often seems scary to first-time buyers but in fact buying a single-family home can be more risky. If you buy a single-family house you have to pay for all of it yourself. For example, my brother wanted to buy his first home and had his eye on a condo. My mom said, "you can buy this lovely condo and pay $1300 per month or you can buy a legally suited home and end up paying only $300 per month."
He chose the suited house and still has cash flow from it seven years later.
Buy the legally suited house first! Live upstairs; rent out the basement. Then buy another, and another, and another, and you'll be set!
Two units are better than one!
Two units are better than one!
Two people paying towards the mortgage are better than one!
Don't be afraid to do things differently.
Don't be afraid to do things differently.
It is good to grow.
Change your mindset.
Have a growth mindset.
Ask questions!
If you want to know more, feel free to give me a call and I'll see you at Second Cup!
If you want to know more, feel free to give me a call and I'll see you at Second Cup!
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