Source: The Millionaire Real Estate Investor by Gary Keller
The path of the millionaire Real Estate Investor is a progression through four stages.First, you must learn to THINK a Million (think like a Millionaire Real Estate Investor) before you make your first move.How you think matters.Whether this strikes you as a cliché or as a timeless truth, my experience has taught me that the bigger I think, the more I can accomplish. I’ve learned that what I hold in my mind is what shows up in my life.Learning to think like a Millionaire Real Estate Investor will give you the greatest chance of becoming one.
The next step is to BUY a Million, in which you’ll get a through understanding of the best models for investing in real estate and, more fundamentally, an understanding of money: the ways it is made and the ways it is lost.The goal is to equip you with the working models you need to purchase investment properties with the market value of a million dollars or more.Believe it or not, this is not the huge leap for you might imagine, and many investors reach this mark long before they ever expected they would.Buy a Million is about the fundamentals of acquiring properties, holding them, and in some cases selling them.Buy a Million applies the power of Criteria, Terms, and Network to launch your career in investing.
After you Buy a Million, you’ll set your sights on having an equity position of a million dollars or more in your properties.We call this stage OWN a Million. This is when you will realize that the investing you have done has blossomed into a bona fide business.With that transformation come a set of issues specific to that level of ownership.Acquiring properties through credit potentially becomes more difficult, cash becomes a commodity, and managing your investments could require help from several quarters.This stage involves dealing with and often balancing cash flow with asset or equity buildup.It may involve selling, trading up, or exchanging.It certainly involves understanding the surprisingly simple realities of tax and ownership entity issues.The good news is that by understanding these issues from the beginning you can plan for them.
The last stage of growth for a Millionaire Real Estate Investor is RECEIVE a million.Think of it as the summit, a place where only the best have gone.Receive a Million is when you are in a position to receive an annual income of a million dollars from your investments.Pivotal to this stage is that your investment business be designed so that you can choose to get out of the day-today- work and enjoy the benefits of what you’ve created.Although you can step out at any point along the way, it is my hope that you will set your sights on a big goal.
MOVING FORWARD
I believe that everyone has a chance to be financially wealthy.It begins with a state of mind, a way of looking at the world, and ultimately evolves into a way of life.Financially wealthy people think differently from the rest and as a result make different choices and enjoy more freedom in their lives.It’s about living a large life.It’s about having greater choices.
The biggest obstacles most people face are their own doubts and fears.Building financial wealth can seem both daunting and dangerous.But as we have said, opportunity, especially great opportunity, always lives on the other side of fear.
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