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 Joan Johannes-Hicklin on December 13, 2008 at 12:00 AM

About Joan Johannes-Hicklin
Joan Johannes-Hicklin is affliated with Black and White Real Estate, Inc., which is located in Walsenburg, CO. For further assistance please use the contact information located on the right.

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Local Information for Walsenburg, CO

Latitude: 37.626634 -- Longitude: -104.783795

ZIP Codes for Walsenburg, Colorado	81089
Area Code for Walsenburg, Colorado	719
Time zone for Walsenburg, Colorado	MST

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The City of Walsenburg is a Statutory City that is the county seat and the most populous city of Huerfano County, Colorado, United States. The city population was 4,182 at the 2000 census. Robert Ford, the assassin of outlaw Jesse James, operated a combination saloon and gambling house in Walsenburg; his home at 320 West 7th Street still stands. Lathrop State Park, located 2 miles (3.2 km) west of the city limits of Walsenburg, is the State of Colorado's first State Park and is over 1,600 acres in size. Two lakes, Martin Lake and Horseshoe Lake offer fishing, stocked by the State of Colorado water skiing, boating, jet skiing, hiking, camping and is the only State Park in Colorado with a golf course. The nearby Spanish Peaks are a national landmark and named one of Colorado's Seven Wonders by the Denver Post. The City opened a two-million dollar water park, "Walsenburg Wild Waters" after efforts by former mayor Maurice Brau and the City Council, on May 27, 2007. -- Source: Wikipedia.com

Colorado 2000 Census Population Profile Map

	Walsenburg	Colorado	United States
Population	4,182	4,301,261	281,421,906
Median age	37.9	34.3	35.3
Median age for Male	35.9	33.2	34
Median age for Female	42.7	35.4	36.5
Households	1,497	1,658,238	105,480,101
Household population	3,362	4,198,306	273,643,273
Average household size	2.25	2.53	2.59
Families	882	1,084,461	71,787,347
Average family size	2.95	3.09	3.14
Housing units	1,723	1,808,037	115,904,641
Occupied units	1,497	1,658,238	105,480,101
Vacant units	226	149,799	10,424,540

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Towards Property Millionaire

Local Information for Walsenburg, CO

Latitude: 37.626634 -- Longitude: -104.783795

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

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