How to become a millionaire real estate investor?
Well, Noelle is a certified millionaire through real estate. But there were
definitely some rough patches. And I fell down a lot in my journey and I
spent a lot of money learning all of the stuff that i'm teaching you guys today.
However, it is possible, it is awesome and i want to make sure that I tell you
everything to do, everything that you need to know and
help you to avoid the traps that caught me
really good. Let's go.
Okay. So, everybody is telling you they're a millionaire. I know, I hear all the time
I see some of these guys out here saying that they're a millionaire and this
person is a millionaire. But let's first talk about what a millionaire real
estate investor is. Because quite frankly, it's nowhere near
as sexy as you think. It is actually not that hard to become a
millionaire in real estate. Just because the way that they do the
formula usually is based on your amount of properties
that you own, the equity that you have in them versus
how much you owe on those properties. So, you can take the equity that you have
and you can be a real estate millionaire by that definition or you can make a
million dollars per year annually. About 83,000 per month
and then you will be a real estate millionaire. Or third, you could have
assets or ownership or stocks or or investments and even a trust and they
have a million dollars worth of assets and you are tied to that and you would
be considered a real estate millionaire. So again, it's nowhere near, doesn't mean
you have a million dollars, it doesn't mean you're just sitting on
cash and you're just like, "I got all this money got money to spend. I'm on
a boat and all this other stuff, in a private plane."
That's probably not... Ignore just one million dollars in real estate is going to
get you. But let you know that it is a very
comfortable life and usually if you can get at least $20,000 per
month in real estate, you are doing really really well and you
don't necessarily need to be a millionaire to be comfortable.
But I wanted to let you know it's probably not as sexy as you think and
they probably don't have a million dollars in cash.
So, let's talk about how you become a real estate millionaire.
Step one... And this is the most important step and I know it's gonna sound super
easy. And you're going to be like, "Duh?" But the first step is decide. You have to
decide that this is what you want to do and that you want to make a million
dollars. Nothing is ever accomplished without a
decision. Whether you're a millionaire or you're
not a millionaire, it is based on your decision.
The reason that noel became a millionaire is because noel
said that was her goal. I literally wrote it down. I thought about it. I broke down
the numbers. I knew how much properties I needed. I knew what the equity needed to
be. I knew how many properties it would take.
I knew how many deals it would take. I broke it down. I decided this is what i
was going to do and i started moving towards it. So, if
you ever want to become a millionaire in anything, you have to make the decision,
you have to say it and that has to be your goal.
First step first, decide. Step 2 and this is super easy.
Again, this is not required but this is Noelle's step. You got to get a business.
I know I say this all the time. If you watch my videos and listen to my podcast
and you read my books and blah, blah blah. You already know
that I'm going to tell you you need a business. You got to go to get your LLC,
your S corp, your C Corp. You need a professional phone
number, a professional email and a website. You need
an actual business. You need an EIN number,
okay? This is no fun in games. You're not going to ever get to that millionaire
status and get as many properties and get things going the way you want to
using your own money. The easiest, fastest way to real estate millionaire is start
building your business credit and get some business funding
so you can get more properties than you could ever get
with your own name. Step 3, you need to go ahead and start. I suggest
starting the way that I started. Now of course, I'm giving you a caveat that I
didn't do with the setting up the business and getting business credit and
things like that. But one of the first things that I did
to start getting some cash flow so I can get some money in my pocket
was I started by wholesaling. I found people that have property problems, I
marketed to those people and I started flipping contracts and
getting checks of 5, 10, 20 thousand dollars a pop. The
minimum i would get was probably like 3 or 4 thousand dollars.
And I could quickly do a lot of those deals even if it was just 2 or 3
deals a month, okay? Just think about that for a second.
If you could do two deals per month where you get $5,000,
that's $10,000 per month. You are now in the top 5% of
income earners, okay? Being in the top 5% is where
you at least need to go. This is not hard to do but most people
don't even think that they can. But it really only takes about 120 or
150 thousand dollars per year to be in the top
5 percent of income earners in the world. So, this is what you want to do:
Start by wholesaling, get some cash flow going and then move
on to the next step. And this is how you'll get to millionaire status.
Step 4, once you have the cash flow going, you need to start deal compounding.
So, once you do the wholesaling, you may move to fix and flipping,
you got to start getting some appreciation. You need to own
properties that are increasing in value. So, you need some rental properties that
you can get. Keep for a little bit and then sell and
get those lump sums of cash. So, there was a time when I was getting
rental properties, I would keep them for a couple of years.
I would fix them up a little bit before I put the tenant in or when the tenant
moved out. And then I would sell those
properties and walk away with seventy eighty thousand dollars at least,
okay? And this is what's going to get you big
numbers where you can start really buying more properties. Just think about
this. You're just going to reinvest all the
money that you get. But appreciation, whether it's just normal appreciation
from the value going up on the property or forced appreciation
where you did renovations to make it worth more and then sold the property.
But you're going to need to get appreciation.
And then step 5 when we are talking about becoming a real estate millionaire
--scale, baby, scale. You need to get more properties. I know you keep just like, you
get a property and then you do the wholesale, do you do another deal. Yes,
you do not stop. Don't just get $5,000 and think that you've
made it. Don't just get a check for $15,000 and think that
you've made it and stop. You cannot stop. You have to keep going.
Trust me on this one. The reason why I ended up losing everything and ended
up in my parents basement bankrupt with multiple foreclosures
is because i was not thinking big enough. One, I had not made the decision that I
was going to be a millionaire. I literally was trying to fix and flip
houses while working a job. So, I wasn't committed to real estate
investing. Number 2, I didn't get a bunch of properties. I only had like 4
properties, okay? And I'm telling you, 1 and 2 and
3 properties, that's a headache. But 8, 10, 20, 100
properties, that's a business. Stop thinking so small,
stop trying to get 1 or 2 properties and think
big. Scale, baby, scale. So, if you love this video, please make sure that you go ahead
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just for you. This is Noelle. To your success.