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Ask Philip: Is There a Right Path to Buying Property?

Bold TV’s Philip Michael is back to answer all of your questions, from tips on standing out to potential employers to real estate investing advice. What is the thing employers value the most? How can you start becoming a real estate investor? Is there a right path to buying property? For the full responses, check out the video above, and feel welcome to submit your questions!

Q. With the rising numbers of skilled people, how do you differentiate yourself in the market and with clients?

A. When you’re going to school, you’re taught that if you get this education, you can get this job, and you can make this money. No one bothers to tell you that you earn money by adding value to an employer. The employer is not there to bankroll your lifestyle; the employer is there to make money for the enterprise … So, you’ve got to figure out how you fit into that larger motivation of the enterprise. There could be someone way smarter than you, way better than you and way more skilled than you. But if they’re only “me me me me” all the time, they’re not going to last long.

Q. I own a duplex in Massachusetts using FHA, but I’m trying to figure out how to get the second property. How can I get on the right path? My dream is to own multiple 8+ unit apartment buildings.

A. One of the things I see a lot of times is people tend to skip steps. I use this example all the time: When we’re in school, we go to first grade, second grade, third grade, fourth grade. It’s the natural course of things; you have to follow in order. A lot of people approach life with an absence of patience … And whenever you try to move too fast, life will reset you just how school would if you tried to skip grades.

So, just get one. Then, get another; you can refinance that one. Take the equity, and you can use that as a down payment for a new property.

Q. How can we buy our dream home in 2 years and continue to generate income?

A. Anything that you have to pay money to hold is probably not too good. So, what I’m seeing here is that you got that (home) sold, paid off your debt, and now you’re really well-positioned to go out there and buy a multi-family property. Then, through that, you can unlock equity that you can use to go get your dream home … I call it dinner before dessert, and that’s a perfect example.


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Want more from Philip? Check this out.

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