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 Bill Artman on December 13, 2008 at 12:00 AM

About Bill Artman
Bill Artman is affliated with BAC Inc Real Estate Brokerage, which is located in Albuquerque, NM. For further assistance please use the contact information located on the right.

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Local Information for Albuquerque, NM

Latitude: 35.110703 -- Longitude: -106.609991

ZIP Codes for Albuquerque, New Mexico	87101 87102 87103 87104 87105 87106 87107 87108 87109 87110 87111 87112 87113 87114 87115 87116 87117 87119 87120 87121 87122 87123 87124 87125 87131 87144 87151 87153 87154 87158 87174 87176 87181 87184 87185 87187 87190 87191 87192 87193 87194 87195 87196 87197 87198 87199
Area Code for Albuquerque, New Mexico	505
Time zone for Albuquerque, New Mexico	MST

Other Area Cities: Albuquerque, NM Rio Rancho, NM Los Lunas, NM Corrales, NM

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The city was founded in 1706 as the Spanish colonial outpost of Alburquerque; present-day Albuquerque retains much Spanish cultural and historical heritage.Alburquerque was a farming community and strategically located military outpost along the Camino Real. The town of Alburquerque was built in the traditional Spanish village pattern: a central plaza surrounded by government buildings, homes, and a church. This central plaza area has been preserved and is open to the public as a museum, cultural area, and center of commerce. It is referred to as "Old Town Albuquerque" or simply "Old Town."Recently, government leaders and many citizens in the city have actively pursued urban projects taken on by cities many times larger. A huge push has resulted in the somewhat successful revitalization of downtown, creating restaurants, offices, and residential lofts. The strip of Central Avenue between First and Eighth streets has become a hub of urban life, with a big-city feel. -- Source: Wikipedia.com

New Mexico 2000 Census Population Profile Map

	Albuquerque	New Mexico	United States
Population	448,607	1,819,046	281,421,906
Median age	34.9	34.6	35.3
Median age for Male	33.6	33.4	34
Median age for Female	36.1	35.6	36.5
Households	183,236	677,971	105,480,101
Household population	439,263	1,782,739	273,643,273
Average household size	2.4	2.63	2.59
Families	112,623	466,515	71,787,347
Average family size	3.02	3.18	3.14
Housing units	198,465	780,579	115,904,641
Occupied units	183,236	677,971	105,480,101
Vacant units	15,229	102,608	10,424,540

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Towards Property Millionaire

Local Information for Albuquerque, NM

Latitude: 35.110703 -- Longitude: -106.609991

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