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Case Study: How To Become A Real Estate Millionaire

This story is not meant to impress, but rather inspire. To show you that it's possible for a millennial to build wealth through real estate during a period of all-time highs in prices. Was the path perfect? No. Was it easy? no. It took a lot of hard work, belief and living below your means. But this is proof that it can be done and you can do it too. Here's a list of the steps and acquisitions made over the course of several years:

1. Get Your Foot In The Door Property

2016 - Purchased pre-construction condo for $315,000

20% down payment over several years ($63,000)

Rented for $1900/month

2023 Value - $650,000 + Cash Flow Positive

2. Out Of Momma's House Property

2017 - Purchased Principal Residence for $800,000

20% down payment ($200,000)

Monthly Mortgage Cost $2500

2023 Value - $1,200,000

3. Heading Up North Property

2018 - Purchased Vacation Property for $350,000

30% down payment (105,000)

Mortgage Payment - $1,100

Rented for $2500/month

2023 Value - $650,000 + Cash Flow Positive

4. Downtown Rental Property

2021 - Purchased Rental Condo $485,000

30% Down - $145,000

Rented for $2300/month

2023 Value - $600,000 + Cash Flow Positive

5. Moving On Up Property

2021 - Purchased Larger Family Home For $1,500,000

33% Down Payment (500,000)

2023 Value - $1,800,000

{Sold Property #2}.

6. Local Investment Property

2023 - Purchased pre-construction property for (400,000)

100% Downpayment

Rented for $2500/month

2023 Value $600,000 + Cash Flow Positive

In a few years, once all these properties are paid off, I will have a real estate portfolio in excess of $4,000,000 with a gross monthly income of over $9,000/month. This does not account for investments in the stock market/index funds which I recommend to contribute 15% of every pay check towards.

The beauty behind rental properties is that you get paid in 3 ways:

Debt Reduction - Tenant pays for your mortgage and a portion goes towards the principal amount borrowed.

Appreciation - Real estate prices go up historically.

Cash Flow - You get an income every month after all your expenses are paid.

A few lessons I learned along the way to building my multi-million dollar real estate portfolio:

Work hard to grow your income

Pay Cash and Borrow Less

Never Sell, unless you absolutely need to

Fixed Rate = Better Sleep

Always go for the best location, they are recession proof

Buy land

To start building your multi-million dollar real estate portfolio, connect with Andrew Mizzoni through the "Realtor Connect" form.

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