So You Want To Be A Millionaire

[Ehab Shoukry]

Hi all!

I received this advice in my early 20's that has stuck with me to this day (I'm 44 now).  I was having a conversation with an experienced investor and I emphatically told him that I wanted to be a millionaire one day. I was in my 20's so what do you expect?! His advice was simple and foolproof and it went like this.

He said, "Ehab, save your money and over the next few years go buy 10 affordable houses (under $100k) and finance them with 15 year mortgages and rent them.  By the time you are 40, these houses will be paid off and you will have over a million dollars worth of real estate FREE AND CLEAR."

It was so simple yet so ingenious and I'm happy to say that I am already there.  I think many people put unnecessary pressure on themselves to get financially free quickly or learn all these different strategies that they forget that just buying and holding a handful of properties will create a ton of equity one day when they are all paid off.  If where you live has higher home prices then maybe you just need five $200k homes or three $350k homes.  

The moral of the story is JUST GET STARTED and it's okay to start simple.

Good luck!

Ehab