Hello BiggerPockets my name is paul

[Paul Tejeda]

Hello bigger pockets I currently am self employed and a small business owner net income of 71k a year on paper,50k saved up and 700 credit score.

Im 29 years old I want to crest a net worth of 1 million by 38 years old .

what is the best way getting into real estate to hit my goal ion 10 years

[John Meza]

Hello Paul.

My name is John. It's good to see you're concerned about your financial future. You've selected a viable investment vehicle to potentially reach your goal. One million dollars in ten years will not be the same as it is today. Wealth is built on buying and holding real estate and earning on appreciation and passive income. Of course there are other strategies in investing in real estate. There is wholesaling, there is no residual income. When you stop wholesaling, the money stops. You don't want that. There is buying vacant properties and rehabbing them to move in condition and sell it to retail buyers. You don't want to spend your time rehabbing properties. It takes up too much time. One of my best real estate investing strategies is, wholesaling lease options. With this strategy, I control the property with out owning it. You, the owner, will not be responsible for repairs. (It's in the contract) Money is made in three ways. First, collect the non refundable option consideration when the applicant qualifies to be your tenant/buyer. Second, a portion of the monthly rent is collected and you keep it. Third, when to property is sold you collect the difference between what you had it for in the purchase contract between you and the seller and the new buyer, which is the tenant. You can research the subject. When do you plan to begin your journey? I hope this helped.