Matt was a 24 year old longshoreman who decided to take advantage of the many benefits that real estate has to offer.
Making “good money” he found himself being taxed heavily and wanted to find a way to keep his money in his own pocket. He would soon find out real estate was a doorway into a very lucrative and secure future.
Matt needed to find a way to qualify for and obtain financing while using as little money possible for a down payment. He was working with $25,000.
He was renting a room and living with other friends but he wanted his own space and a place to work on his hobby of restoring cars. He also wanted to avoid the “payment shock” of a big new house payment.
Matt attended a Wealth Academy ‘Set for Life” event in March of 2016. He decided that he wanted to purchase a duplex so that his share of the mortgage payment would be “cut in half”. His plan was to hold this property for one year and then purchase a single family house - while still keeping the duplex AND the rental income, appreciation, principal pay down, and the tax advantage.
Results, Return on Investment and Future Plans
By May of 2016 Matt had acquired a “Two on a Lot” for $600,000. His payment is $4,300. He rented the front unit out for $2,000 and rented out a room to a friend for $800. His total out of pocket each month is just $1500 and yet he controls an asset worth $600K!
In May of 2017 he will begin his search for a single family home and upon his next purchase his assets will total over $1,000,000 at the ripe old age of 25!
“I realized that my 401k would amount to nothing but “beer money” compared to what a few smart real estate investments would bring”. -Matt H. of Long Beach