Towards Property Millionaire

One of my strategy to become a millionaire is through properties. I wanted to accumulate a net worth of 1 million in properties. My strategy is to get 5 properties with good rental yield (8% and above). I will be living in one of this property. So if one property is average 200K, 5 property will be 1 million.

I will be able to generate income from the property. So my estimated income generated from rental will be 200K X 4 X 0.08 = 64K per year (X 4 because only 4 property will be rented out). However in the initial stage I will not be able to put the rental income into my pocket because the income will need to be used to offset the installment.

I plan to accumulate all my 5 properties within 5 years time, 1 per year. Right now I own 2 properties. One of the property that I lived in, and another one is rented out. So I have another 3 to go. My strategy is to settle the property that I lived in as fast as possible. I am targeting to settle that in less than 5 years time. For the rented properties I plan not to settle if fast at the moment as I need to focus on the property that I lived in first.

Sounds easy huh. Actually not as easy though. First you need to have enough monthly income for you to eligible to get loan from the bank. The bank will only borrow you money when you don?t need it. Then you may need certain amount of down payment when you buy each properties. You also need to do a lot of research and familiar with the area that you are targeting for before you decide to get the property. Buying a property is a life long serious commitment as it may takes you years to pay back the installment. So don?t act bluntly. Another problem can be, what if you cannot get rental? So hot location is the main concern here. What if your tenants quit rents? You will need certain amount of emergency fund to cater for this.

Although not that simple, but it is definitely a workable way to millionaire. It may seems a little bit slow, but its a surer way. Set the target, plan accordingly, action and work hard, then you will achieve it one day.

Posted by Candace B Kyle on May 05, 2009 at 01:05 PM

About Candace B Kyle
Candace B Kyle is affliated with Advantage Realty LLC, which is located in Covington, AL. For further assistance please use the contact information located on the right.

As of 05/17/12 the Candace B Kyle RePage is ranked at 2,676 with 430 points.

Local Information for Covington, AL

Latitude: 31.309321 -- Longitude: -86.479468

ZIP Codes for Andalusia, Alabama	36420 36421
Area Code for Andalusia, Alabama	334
Time zone for Andalusia, Alabama	CST

Enter our Photo Sweepstakes and Win $200 for your Andalusia photos!

To see random photos for other cities Click Here.

Submit your photos of Andalusia and become eligible to win $200. Click Here for details.

Andalusia is a city in and the county seat of Covington County, Alabama, United States. At the 2000 census the population was 8,794.[2] According to the 2007 U.S. Census estimates, the city had a population of 8,705. It is also the home of the World Domino Tournament. Andalusia was first settled in 1841 after flooding of the Conecuh River and the surrounding lowlands forced citizens to move to higher ground. The county seat was moved from Montezuma to Andalusia in 1844. The new town was originally called "New Site" but was known as Andalusia by the time a post office was established in 1846. Andalusia was incorporated as a town in 1901. -- Source: Wikipedia.com

Alabama 2000 Census Population Profile Map

	Andalusia	Alabama	United States
Population	8,794	4,447,100	281,421,906
Median age	40.2	35.8	35.3
Median age for Male	37.1	34.4	34
Median age for Female	43.1	37.2	36.5
Households	3,707	1,737,080	105,480,101
Household population	8,475	4,332,380	273,643,273
Average household size	2.29	2.49	2.59
Families	2,376	1,215,968	71,787,347
Average family size	2.91	3.01	3.14
Housing units	4,279	1,963,711	115,904,641
Occupied units	3,707	1,737,080	105,480,101
Vacant units	572	226,631	10,424,540

Visit US Census

Towards Property Millionaire

Local Information for Covington, AL

Latitude: 31.309321 -- Longitude: -86.479468

Enter our Photo Sweepstakes and Win $200 for your Andalusia photos!

The Leader Spanish Real Estate

ATF Forex Trading

Lingerie & Perfumes

Wedding Singer

QROPS