Buy 10 rental houses before your 30 years old. If you can buy 10 rental houses before your 30 and you own those 10 rental houses at the age of 30 and you don’t buy another piece of real estate for the next 25 years when you’re 55. More likely all of those properties are gonna be paid for.
Well, duh, why didn’t I think of that? Of course, if you own 10 rental properties by the age of 30, you’re gonna be a millionaire by 55. 5. It might sound impossible, but it’s actually very easy to accomplish this with minimal down payments in a short timeframe.
Let me show you how. First, you’re gonna purchase a four plex property like the one behind me, utilizing an FHA loan. FHA allows you to put 3.5% down on a two to four unit property and live in one of the units. And it’s not that hard to qualify for because you can use the income from the other units to qualify. After purchasing that first four plex, you’re gonna be able to stack more money because you’re gonna be collecting rents from all of the other units. And a year after purchasing that first 4 plex, you’re gonna buy another four plex on a conventional loan as a new primary residence. Conventional is now allowing 5% down on two to four units. So you’ll be able to qualify for this one, rent out that additional unit that was with the FHA property. So now you have four rentals plus the three in this one. And now I’m up to seven Reynolds and a primary residence unit after living in that next 4 plex for a year, you’re gonna buy a new primary residence as a single family home with 5% down and you’re going to rent out that fourth unit in the second four plex, which is gonna give you 8 rental units plus your primary residence. And you can see how this starts to become possible in a very short amount of time.