I often tell people that a simple way to get wealthy in real estate is to buy one solid house a year for ten years. At the end of ten years, you can have millions of dollars in real estate. Then, depending on how old you are, spend the next ten to 20 years paying off these properties. If you're older or more ambitious, buy two or three houses a year for five years and then focus on paying them off. When retirement comes, sell off the properties that don't work and keep the good rentals for residual income. If you need cash to pay your kids' college expenses or take a vacation around the world with your spouse, you can borrow against the increased equity. I've helped several people over the past 30 years become millionaires with this simple formula—and it will work for you.
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