How to be a RE millionaire...

[Mason Anderson]

Hello everyone,

Im a young investor with big ambitions. Im currently involved in wholesaling but it occured to me that many wholesalers are not where I want to be in 5 years. So I thought to myself, who are the Real estate millionaires? What are they doing to make big profits? Are there any millionaire wholesalers? Landlords? Rehabbers? What are they involved in? 

If you can elaborate on this discussion I appreciate it 100%. Thank you for your time.

[James Park]

Mason Anderson

There is a what I call income statement wealth (flipping, transacting, wholesaling etc. and what I call balance sheet wealth (buy and hold income properties.) You must focus on the balance sheet wealth.

There are three type of tax bracelets:

1) Earned Income : Flipping, Transacting, and Wholesaling (taxed up to 50%) (Income Statement Wealth)

2) Portfolio Income : Taxed at 20%

3) Passive Income : This number can be potentially be 0 depending on how smart you are understanding the tax code. (Balance Sheet Wealth)

 Again, short term you can flip, wholesale, do whatever it takes to build the capital you need to invest in long term rentals, however your end game to become a RE millionaire must be to own free and clear income properties that generates passive income for life.