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Real estate is a great option if you’re looking to build wealth. There’s no superior alternative to generating passive income than through rental properties. But how many properties do you need to own to achieve a million-dollar net worth? Andrew Shader of ACS Properties has the answer.
Keep reading for his expert advice on becoming a millionaire via real estate.
How Many Rental Properties Are Needed to Have a Million-Dollar Net Worth?
The number of rentals you need to own to have a million-dollar net worth depends on a few factors, such as:
- The value of the properties
- The amount of debt you’re carrying
But as a general rule, you’ll need to own at least 20 rental properties worth $50,000 each to reach a million-dollar net worth.
Of course, the property you buy will also affect how quickly you achieve millionaire status. For example, if you can purchase high-end properties that rent for $2000 per month, you’ll reach your goal much sooner than if you’re only able to buy lower-priced properties that rent for $500 per month.
Irrespective of the type of property you’re looking to purchase, it’s important to remember that building a diversified portfolio is key to creating wealth in real estate. By owning multiple properties in different areas, you’ll be able to weather any downturn in the market and continue growing your wealth.
Getting Started on Your Journey
You don’t need millions to invest in rental properties. You can get started with a few thousand dollars. The secret is to find the right property and finance it responsibly.
This approach means finding a property you believe will appreciate over time and taking out a loan with terms you can afford. If you can do this, you’ll be quickly on your way to becoming a millionaire by investing in real estate.
Tips On Achieving Millionaire Status
If you intend to become a millionaire through real estate investing, you can do a few things to increase your chances of success:
Be Smart with Your Finances
Make sure you’re being smart with your finances and taking out loans with terms you can afford. This approach will enable you to avoid financial difficulties down the road.
Save, Save, Save
Another important thing to remember is to save as much money as possible. The more cash you have, the more effortless it will be to make investments and reach your goals.
Have Patience
Finally, remember to be patient. Rome wasn’t constructed in a day, and neither is a million-dollar net worth. It takes time to purchase the right properties and grow your wealth.
So there you have it. These are a few tips to help you build wealth and achieve a million-dollar net worth through real estate investing.
However, it takes time and patience to reach a million-dollar net worth. By focusing on what a property will be and not what it currently is — like Andrew Shader — you can make a rental property portfolio that will set you up for long-term success.
Insight from Andrew Shader
Andrew Shader is a real estate investor and developer who specializes in scouting value-added properties and applying his foresight toward discovering their future potential. Mr. Shader started out in the health insurance industry after receiving his B.S. in Business, Marketing, and Management from Florida State University.
While working in insurance, Andrew catapulted himself from phone sales to management — picking up the basics of technology, training, accounting, and leadership — before moving into real estate.
