Host Philip Michael is back with answers to your questions about business and economics. This week, he shares tips for growing your real estate portfolio and how to become a millionaire. For the full responses, check out the video!
Q. I recently purchased my first property. I am a veteran and would like to buy land, build houses and put them on the market. What kind of loan do I need to apply for?
A. What I would do is probably refinance the existing property. Let’s say you rehab that one, and then you refinance and take out the equity. You can use that equity as a downpayment towards your next piece of land.
I call it “wealth hacking” – where you leverage your assets and the good position you’re in by having access to good loan programs. All in all, you’re in a perfect position.
Q. How are you planning to create 100K millionaires?
A. When I first made that goal, I thought, “Wow, what the hell am I thinking?”
I just create and generate awareness as much as I can every single day. Number one: giving people access. Number two: raising awareness. Number three: having a community where it’s okay to normalize talking about these things. It’s just part of an everyday lifestyle of creating 100,000 millionaires. It’s the application of repetition and discipline, and before you know it, you can have a million dollars.
Q: How do I become a millionaire?
A: Here’s how to become a millionaire. You set a goal: Just invest every single month. You can put it into S&P 500 index funds with steady returns, so even when the stock market dips, it will eventually recover.
So you’ve got to start investing. Do that every single month from your paycheck. Try and buy a property, and before you know it, boom, you’re there.
If you want to hear your question answered live, make sure to follow us on social media. Ask us a question on Facebook, Twitter or Instagram @Bold TV, and you may be featured in our Bold Business show.
Want more from Philip? Check this out.