How to go from renter to owner on Long Beach Island?Located on the North End in Harvey Cedars, this three - bedroom, two bath duplex shares ownership with other members of a homeowner
Automatic Home Owner Millionaire 2
So fellows, Here are the couple steps to become a homeowner millionaire. I said it is only couple steps. But i didn't say it only needs couple years. If you don't have couple hundred thousand cash or equity you can use, and you prefer to do it in a safe and steady way, here is the deal:
Step 1 Shopping for a home as first time home buyer
Step 2 Live in the property at least for 2 years
Step 3 Looking for a second home to buy
Step 4 After closing the second home, rent the first home immediately
Step 5 Collecting rent and making payment for both the properties
Step 6 Sell or refinance the rental property when the market is a hot market, pulling equity out from the rental property
Step 7 Using the Equity built in the first bought property to buy a third property.
Step 8 Rent out your third property and collecting rent
It is a monopoly Game. It is easy.But each step needs careful planing. I know you may start frowning. You are going to say, i am not a real estate pros, i have my job. While, the good news is you don't need to be a real estate pro, you just need to know what resource you need and where you can get the help. Do you need to be a pilot when you need to fly from Chicago to Boston? The answer is no. And i will explain the planing you need for each steps. It is very simple! Just like baking cookies!