Fun Feasibility: How would you go upon making 1 million in 5 years

[Ran Iarovich]

Your profile: 

- no assets

- no liabilities

- $10,000 in your bank account 

- $20 minimum wage 9 - 5 job 

- Location: Seattle, Washington

- connections already established with vendors, education, lenders, and agents 

Your goal:

You must find a way to generate $1 million in total net worth within the next 5 years. All your friends and family members think you are crazy but you have a burning passion and $10,000 to your name. How would you spin together creative real estate financing to make this dream a reality within Seattle, Washington?

[Jaron Walling]

First, I'd find a better job and find a bigger shovel to pile cash. $20 per hr. in Settle isn't cutting it. $40 per hour should be the goal. The cost of living is crazy and the ability to invest in ____ would only ever be an after thought. 

Second, growth that $10K and at least BEAT INFLATION. Learn to invest in value companies, stocks, bonds, or mutual funds. Max out your retirement accounts. Take advantage of employer matched $$$. This is base level investing in my opinion. If someone isn't doing these things they shouldn't be buying real estate; especially investment properties. 

Third, network and market research. Spend 6-months researching the market and continue saving money. Target neighborhoods and understand what a deal looks like. By this time (1-2 years realistically) said person would be in a great position to buy real estate, house-hack, partner, or flip a property. Get things out of order and you're most likely putting the cart before the horse. If this ground work is laid out correctly you can rinse and repeat, buy and hold, and repeatedly growth the net worth.