#1 Way to Get Rich with Real Estate (While Keeping Your Day Job!)
“Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.”
- Andrew Carnegie, billionaire industrialist
I read this quote for the first time when I started my real estate investment journey over 4 years ago. It has stuck with me ever since. In fact, it’s a quote that I often read back to myself whenever I was discouraged.
But then I got thinking…
What percent of those millionaires already had wealth when they started investing in real estate? How many already had a leg up?
Most people have a different starting point. Most didn’t inherit money, nor do they have daddy footing the bill for their investments. In fact, the vast majority of beginner investors I’ve worked with have had to build their portfolios while working their day jobs.
Good news: This is easier than it sounds- if you invest strategically by delegating your deal finding to wholesalers.
Real estate wholesalers are people who scout properties, secure a deal with the seller and then send that deal to you, the investor.
Here’s how it works:
The wholesaler finds a high-quality property for sale
The wholesaler handles the property evaluation and comes to a deal with the seller
The wholesaler looks for motivated buyers (i.e. property investors!) who would like to purchase the property
The wholesaler contracts the home with the seller and then signs the contract over to you, the buyer
The wholesaler does all of this work. All you do is sign the contract and add another property to your portfolio. Delegating your deal finding can help you close on high-quality properties with little to no effort needed on your end except a small assignment fee.
After being in the real estate investment industry for several years, the most valuable lesson I’ve learned is this: you can either work smart or you can work hard.
So, is it possible to become a millionaire through real estate investment if you start with nothing and try to do everything yourself?
Yes. But it’s hard.
It’s a lot easier to build wealth through real estate investment when you outsource some of the work.