Rick Thompson: If you want to be a millionaire by the time you are 35, learn how to do this. Hell, if you want to be a millionaire by the time you’re 30, do this. If you do this and you do it well, you will be a millionaire by the time you were 35, maybe 30, maybe. It’s super simple process. You can turn 7,500 bucks at 21 into 75 grand by the time you’re 23 if you buy new home construction real estate and this is how you do it, okay? This is how you’re going to do it.
You’re going to go find a new home construction neighborhood. You’re going to go find a new home construction neighborhood, and you’re going to be one of the first people in that neighborhood. Make sure it’s in a good area, make sure it’s in a good school district, make sure it’s a place you would want to live. If you have no idea where those places are, just DM me, I can show you.
Second thing you want to do, take your 7,500 bucks that you saved up, you worked hard for, you hustled for, all right. And what you’re going to do is you’re going to put some earnest money down and put a home under contract out of your 7,500 bucks. Most builders will let you do it like around 1000 bucks, some require a little bit more, some, a little less. Put earnest money down, put a home under contract, that’s step two.
Step three, you going to move into this guy and when you move into it, you’re going to rent it out to your buddies. It’s a four bedroom house, charge your buddies 500 bucks a room. You will live there rent-free and then you wait. What do you mean, Rick? What do you mean? What do you mean you’re going to wait? Well, let me explain.
Two years, two years is typically what it takes for a builder to finish the neighborhood as long as there’s no hiccups along the way. Most builders, your big builders, your cookie cutter builders, which is what you want to aim for here, you’re DR Hortons, your Century Communities, Cal Atlantic, Pulte Homes, all these big builders, that’s what you’re looking for. And the reason you’re looking for them is because on average, every three to five home sells and it depends on the neighborhood, sometimes it’s a little bit more, sometimes it’s a little bit less, these numbers could be off a little bit, but every three to five home sells, these builders typically raise prices about two grand. So that means if you’re the very first person in the neighborhood and there’s 200 homes in that neighborhood, man, you were collecting some serious equity by the time you, you move out and your two years is up. Five into 200, that’s 40, that’s 80 grand. That’s how you turn 7,500 into 75,000 in two years, living in your home mortgage free.
Then the process is simple. Right after that, right after you do it, once you rinse and repeat, rinse and repeat. You want to be a millionaire by the time you’re 35? Learn to do this. You want to be a millionaire by the time you’re 30? Learned to do. Do it well, you can be a millionaire by 30, do it semi-well, probably be closer to 33 to 35 if you’re 21.
Anybody can be a millionaire in this country doing it through real estate. Anybody, anybody. You just have to have the right mindset and you got to have the right plan. Part of having the right plan is working with the right realtor. I’m going to have a video coming out here shortly on what exactly you should ask a realtor in the interview process. Make sure that you’re working with the right one for you. You need to be working with a realtor who understands this. If they don’t understand this, you’re working with the wrong person.
If you need me, reach out to me. Be sure to like share, subscribe, smash that like button, it truly helps us out here, and if you need anything at all in regards to real estate or anything else or otherwise reach out to me.