A mate of mine has made about $10 million in real estate.
And he’s got a development pipeline that could 10x his net worth over the next 5 years.
What’s his secret?
“Not eating smashed avocado”, he joked last night.
This was in reference to Bernard’s Salt’s comment a while back that the reason youngsters couldn’t get on the property ladder…
Is because they spent too much money on Latte’s and smashed avo etc.
Because, here’s the thing.
Sure, living frugally is good.
And saving money is better than not saving money.
It may even help you live comfortably in retirement, if you invest it well.
But unless you’ve got a high paying job, it’s unlikely to make you wealthy.
For many folk’s their mortgage takes 40% of their money, tax takes 30% and then there’s only 30% left over to cover the necessities.
Those numbers don’t leave a lot to build a real estate fortune, especially when you’ve got kids.
So, if it’s not denying yourself life’s luxuries, what is the secret to my friend’s riches.
- He’s demanding. He’ll look at 100 deals before settling on a deal. He wants a big discount on the market value, and he’ll keep looking till he gets it.
- He uses “Other People’s Money’. You see, he’s got a pipeline of about 500 lots of land in Melbourne – and he’s only young – about 30.
You could not eat smashed avocados for the next 1,000 years, and still not have enough to buy this amount of land.
You could maybe buy a few square metres of it and plant an avocado tree on it.
So, instead he learnt how to use other people’s money to get ahead, and get rich.
Finding deals…and raising money.
These are the two skills to master if you want to get rich in real estate (not just comfortable).
That’s the whole game.
Now, Nhan Nguyen is a master of this. He’s done around 100 property deals – mostly without using his own money.
And now he’s going to show you how to do it this way too.
If you’re keen to skyrocket your income, then spend some time with him and let him show you how to do it.