When you buy properties as a landlord, you begin building net worth.
When you buy properties to fix up and sell, you begin generating cash.
I bought $10 million in income-generating property within 4 years, and became a multi-millionaire. My CPA computed my
net worth from my financial statement.
But my net worth was ON PAPER, not IN-HAND!
Have you ever tried to eat paper? Have you ever tried to stuff paper into your bank account?
Owning and managing $10 million worth of income-producing properties generates a lot of cash. In fact, I had over $1
million a year going through my checking account. And the high-volume cash flow was sufficient for living like a king.
I bought a 5000 square foot house in prestigious Green Hills of Nashville. I drove a late model car, and owned a sharp
little red 1952 MG replica convertible. I had money to eat out at the best restaurants in town. I flew to business
meetings around the country. I took a couple of cruises. I enjoyed an affluent lifestyle.
But it was not what it could have been, if only I had had better advice.
Here’s how to do it
(the advice I wish someone had given me)
The real immediate cash-in-hand from real estate investments for the little guy is
buying and
fixing up cheap little houses - not for rentals -
but for resale.
Fixing up property for the explicit purpose of re-selling it generates instant cash. Yes, it's hard work. Yes,
it requires know-how for investing in just the right fix-up cost and no more. Yes, the intangible judgment factors
are more difficult to access. Yes, it is harder to sell the finished product than to rent to a renter. But it is the
way to go if you want cash.
Don't be fooled by the books and seminars and info commercials that teach you to be a landlord. The
immediate cash flow is small. Even if you own millions of dollars in rentals, as I did, the ratio of cash flow
is small. Later, after building up your bank account, you can buy rental property for long-term asset growth.
If you need cash, find a cheap little house and fix it up for re-sale!
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